Document:

Blueprint

Exhibit 10.10

 

SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase Agreement (this “Agreement”), dated as of July 10, 2013, is by and between PureTech Ventures, LLC, a Delaware limited liability corporation (the “Seller”), and each purchaser identified on Schedule
A hereto (each, including its successors and assigns, a “Purchaser” and collectively, the “Purchasers”).

RECITALS

 

A.           Seller owns 1,956,414 shares of Common Stock, $0.001 par value (“Common Stock”) (“Shares”), and a warrant to purchase 1,706,593 shares of
Common Stock, (“Warrant”), issued by Endra, Inc. (the “Company”). The Shares and the Warrant are collectively referred to herein as the “Securities”);

B.           Seller desires to sell to the Purchasers such Securities, and Purchasers, severally and not jointly, desire to purchase the Securities from Seller, in each case upon the terms and subject to the conditions set forth herein; and

C.           Simultaneously with the execution and delivery of this Agreement, the Purchasers are purchasing from the Company certain senior promissory notes in the aggregate principal amount of $115,000 (the “Notes”)
(the “Note Financing”).

AGREEMENT

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained in this Agreement, and other good and valuable consideration, the receipt and sufficient of which are hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows:

ARTICLE I  - THE SECURITIES

Section 1.1 Sale
and Purchase of the Securities. In reliance upon the representations and warranties made herein, Seller agrees to sell the Securities to Purchasers, and Purchasers agree, severally and not jointly, to purchase the Securities from Seller.

Section 1.2 Purchase Price. The aggregate purchase price for the Securities (the “Purchase
Price”) shall be $180.00, which Purchase Price shall be allocated to the Purchasers as set forth on Schedule A hereto.

Section 1.3 Closing. The closing of the purchase and sale of the Securities (the “Closing”)
shall be held concurrently with the execution and delivery of this Agreement. At the Closing, Seller will deliver to the Purchaser and the Company (i) the original Warrant, together with a written assignment thereof assigning the Warrant to Purchaser; (ii) irrevocable notice of the transfer of the Securities from Seller to Purchasers; and (iii) confirmation from the Company acknowledging the transfer of the Securities, and Purchasers will deliver the Purchase Price (in the amounts set forth on Schedule
A hereto, to Seller by wire transfer of immediately available funds to the account specified by Seller.

ARTICLE II - REPRESENTATIONS AND WARRANTIES OF SELLER

Seller represents and warrants to Purchaser as follows:

Section 2.1 Title to Securities. Seller holds record and beneficial ownership of the Securities, free and clear of any and all security
interests, pledges, mortgages, liens, charges, encumbrances, adverse claims, restrictions, or other burdens or encumbrances of any kind (“Liens”), other than those restrictions arising from applicable federal and state securities laws or the Articles of Incorporation of the Company, and the delivery of the Securities to Purchaser at the Closing pursuant to this Agreement will transfer to Purchaser valid legal
and beneficial ownership thereto free and clear of all Liens, other than those restrictions arising from applicable federal and state securities laws or otherwise described in this Section 2.1.

 

 

 

Section 2.2 Power and Authority of Seller. Seller has all requisite power and authority to execute, deliver and perform this Agreement
and to execute and deliver the Shares, Warrants, certificates or instruments to be executed and delivered pursuant hereto by Seller and to consummate the transactions contemplated hereby. This Agreement has been duly and validly authorized, executed, and delivered by Seller and constitutes the valid and binding obligation of Seller, enforceable against Seller in accordance with its terms, except to the extent that such enforceability (i) may be limited by bankruptcy, insolvency, reorganization, moratorium, or
other similar laws relating to creditors’ rights generally, and (ii) is subject to general principles of equity.

Section 2.3 Absence of Conflicting Agreements. The execution, delivery, and performance of this Agreement and the consummation of the
transactions contemplated hereby do not with or without the giving of notice, the lapse of time, or both: (i) contravene or conflict with, or constitute a violation of, any judgment, injunction, order, or decree binding upon or applicable to Seller, (ii) require any consent, approval, or other action by any third party, (iii) contravene or conflict with, or constitute a violation of, any agreement to which Seller is a party or by which Seller is bound, or (iv) result in the creation or imposition of any Lien
on the Securities.

Section 2.4 Broker’s Fees. Seller does not have any liability or obligation to pay any fees or commissions to any broker, finder
or agent with respect to the transactions contemplated hereby, or based in any way upon arrangements, agreements, or understandings made by or on behalf of Seller hereunder.

Section 2.5 Ownership. The Securities represent the only securities issued by the Company that are beneficially owned, controlled or under
common control of Seller. Seller owns no securities issued by the Company that may be converted into, exercisable for, or otherwise exchanged for Common Stock or other securities of the Company. Notwithstanding the foregoing, Purchasers acknowledge that Seller owns a membership interest in Endra Holdings, LLC (“Endra Holdings”), and
that Endra Holdings owns 4,528,594 shares of Common Stock in the Company, which shares are subject to an irrevocable proxy issued to Purchaser or a representative thereof.

Section 2.6 Absence of Certain Information. To the best of Seller’s knowledge, no contract or other agreement to which the Company
is a party or by which the Company is bound would be triggered or otherwise affected as a result of consummation of the transactions contemplated by this Agreement, or the Note Financing. Notwithstanding the generality of the foregoing, to the best of Seller’s knowledge, no party has the right to accelerate performance by the Company, or terminate any agreement to which the Company is a party, as a result of the consummation of the transactions contemplated by this Agreement or the Note Financing.

ARTICLE III - REPRESENTATIONS AND WARRANTIES OF PURCHASER

Purchasers represent and warrant, severally and not jointly, to Seller as follows:

Section 3.1 Accredited Investor and investment Purpose. Purchaser is an “accredited investor” as that term is defined in Rule
50l(a) of the Securities Act. The Securities will be acquired for investment for Purchaser’s own account. not as a nominee or agent, and not with a view to the resale or distribution or any part thereof in violation of the Securities Act, and Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same in violation of the Securities Act.

Section 3.2 Power and Authority. Purchaser has all requisite power and authority to execute, deliver and perform this Agreement and to
consummate the transactions contemplated hereby. This Agreement has been duly and validly authorized, executed and delivered by Purchaser and constitutes the valid and binding obligation of Purchaser, enforceable in accordance with its terms, except to the extent that such enforceability (i) may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to creditors’ rights generally and (ii) is subject to general principles or equity.

Section 3.3 Broker’s Fees. Purchaser does not have any liability or obligation to pay any fees or commissions to any broker, finder
or agent with respect to the transactions contemplated hereby or based in any way upon agreements, arrangements or understandings made by or on behalf or Purchaser hereunder.

 

 

 

Section 3.4 Absence of Conflicting Agreements. The
execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby, do not, with or without the giving of notice, the lapse of lime or both: (i) contravene or conflict with, or constitute a violation of, any judgment, injunction, order or decree binding upon or applicable to Purchaser; (ii) require any consent, approval or other action by any third party; or (iii) contravene or conflict with, or constitute a violation of, any agreement to which Purchaser is a party
or by which Purchaser is bound.

Section 3.5 Purchaser (i) is a sophisticated investor and has such knowledge and experience in financial and business matters as to be capable of evaluating independently the merits, risks and suitability of entering
into this Agreement and the transactions contemplated hereby; (ii) has conducted its own analysis and due diligence and independently obtained such information as it deems necessary in order to make an informed investment decision with respect to the Securities; (iii) is able to hear the risks attendant to the transactions contemplated hereby; and (iv) acknowledges that (a) no public market exists for the Securities, (b) the Securities are being sold hereunder in a private transaction, and (c) the Purchase Price
was negotiated privately between the parties hereto.

ARTICLE IV - COVENANTS OF THE PARTIES

Section 4.1 Subsequent Financings.
In the event on or before two (2) years from the date of this Agreement the Company enters into a securities purchase agreement or similar agreement to issue securities to any Purchaser in a financing, or series of financings, Seller shall have the right, but not the obligation, to purchase up to 20% of the securities proposed to be issued to such Purchaser under the same terms and conditions as offered to Purchasers (“Purchase Right”).
In the event any Purchaser is obligated to offer the Purchase Right to Seller hereunder, such Purchaser shall provide written notice of such Purchase Right to Seller setting forth the terms and conditions of the Purchase Right (“Option Notice”). Seller shall have three (3) business days following receipt of the Option Notice to notify the Purchaser, in writing, of Seller’s election to exercise the Purchase
Right. In the event Seller exercises the Purchase Right by delivering written notice of such election to the Purchaser with three (3) business days following receipt of the Option Notice, Purchaser shall assign its right to acquire the securities to Seller or otherwise assign the Purchase Right to the Seller, consistent with the terms and conditions set forth in this Section 4.1. In the event the Purchaser does not receive written notice from Seller of its election to exercise the Purchase Right, the Purchaser
shall have the right to consummate the purchase of the securities from the Company, in whole or in part on substantially the terms and conditions set forth in the Option Notice. In the event the Purchaser fails to provide Seller with the Option Notice, Seller’s sole remedy shall be to provide written notice to the Purchaser of such Purchaser’s failure to provide the required Option Notice, and to immediately tender payment for such purchase to the Purchaser. Failure to pay the purchase price for the
exercise of the Purchase Right within five (5) business days following Seller’s receipt of actual or constructive notice of the financing or series of financings giving rise to the Purchase Right shall constitute a waiver of Seller’s right to exercise the Purchase Right. The Purchasers agree and covenant not to enter into any agreement with the Company to purchase securities unless such agreement is assignable to Seller and/or such agreement includes reference to the Purchase Right granted to Seller
hereunder.

Section 4.2 Liquidity Event.

(a) In the event (i) the Company files a registration statement with the Securities and Exchange Commission (“Commission”),
which registration statement registers any of the Securities for sale to the public under the Securities Act of 1933, as amended, and such registration statement is declared effective by the Commission (an “IPO”) and any Purchaser sells any or part of the Securities in the public market; (ii) the Purchasers sell any or part of their Securities to a subsequent purchaser in a private transaction (a “Covered
Sale”); or (iii) the Company is acquired by, combines or merges with another company in which (A) the Company is not the surviving entity, and (B) such transaction results in the Purchasers receiving cash or other consideration for its interest in the Securities; and/or (C) the Purchasers are required or elect to tender their Securities for or in consideration for cash or other consideration (each of the events described in Section 4.2(a)(i) through (iii) are “Covered
Transactions”), such Purchaser shall pay to Seller, within ten (10) business days following consummation of the Covered Transaction, an amount equal to six percent (6%) of the cash amount or other consideration actually received by such Purchaser in connection with such Covered Transaction. The parties agree and acknowledge that (i) the Shares shall bear a legend referencing the terms and conditions set forth in this Section 4.2, and prohibiting their transfer except
in compliance with the terms and conditions hereof; and (ii) the term “Covered Sale” shall not include any transfer of the Securities to a party or person controlling, controlled by, or under common control of, Purchaser. The parties further agree and acknowledge that Seller has no other right to receive any cash or other consideration from a Purchaser, or any rights to any capital stock in the Company (or
voting or other rights therein) in the event of the consummation of a Covered Transaction other than as specifically set forth in this Section 4.2 or as a result of the exercise of Seller’s Purchase Right set forth in Section 4.1.

 

 

 

(b) The parties agree and acknowledge that the Seller is entering into the transaction contemplated by this Agreement with the understanding that the Purchaser will exercise its rights as a shareholder of the Company
to increase shareholder value for all shareholders. Without limiting the generality of the foregoing, and while no assurances can be given and without any obligation whatsoever to directly or indirectly provide financing or otherwise engage directly or indirectly in a financing or other transaction, assuming Purchaser owns in excess of fifty percent (50%) of the issued and outstanding voting securities of the Company, Purchaser will use its reasonable efforts to obtain from third party sources capital necessary
to fund the Company’s continued operations.

Section 4.3 Inspection Rights. So long as Purchasers own at least fifty percent (50%) of the Shares, and provided such access is not in
violation of the laws of the Company’s state of incorporation or any agreement by and between the Purchaser and the Company, Purchaser shall provide Seller with quarterly financial information and other business or other summaries made available to Purchaser by the Company (“Confidential Data”). The parties agree and acknowledge that, as a condition to making the Confidential Data available to Seller,
Seller shall execute a confidentiality agreement restricting the disclosure or use of the Confidential Data of the Company by Seller.

Section 4.4 Further Assurances. At any time or from time to time after the Closing, each of Seller and Purchaser shall, at the reasonable
request and expense of the other party or its counsel (unless such request is occasioned by the breach of a representation, warranty or covenant of the other party, in which case it shall be at the expense of such breaching party), execute and deliver any further instruments or documents and take all such further action in order to evidence or otherwise facilitate the consummation of the transactions contemplated hereby.

Section 4.5 No Other Representations or Warranties. Except as set forth in this Agreement, no party is making, or is relying on, any express
or implied representations or warranties relating to any party or to the consummation of the transactions contemplated hereby. Each party is making its decision to consummate the purchase and sale of the Securities described herein on the basis of its due diligence investigation of the Company and not on any representation warranty, statement or information made or communicated (orally or in writing) to by the other party or any affiliate, representative or agent thereof, other than as set forth in this Agreement.
The representations and warranties made by Seller and Purchaser in Articles II and III, respectively, shall survive the Closing and the delivery of the Securities.

ARTICLE V -- MISCELLANEOUS

Section 5.1 Expenses. Each
party hereto shall pay its own expenses in connection with the transactions contemplated hereby, whether or not such transactions shall be consummated.

Section 5.2 Notices. All notices, requests, demands, waivers and other communications required or permitted to be given under this Agreement
shall be in writing and shall be deemed to have been duly given if (i) delivered personally; (ii) mailed, certified or registered mail with postage prepaid; or (iii) sent by next-day or overnight mail or delivery or sent by telecopy or electronic mail to the address listed below each party’s name on the signature page hereto or at such other address as may be specified in writing to the other parties hereto. All such notices, requests, demands, waivers and other communications shall be deemed to have been
received (i) if by personal delivery on the day after such delivery, (ii) if by certified or registered mail, on the fifth business day after the mailing thereof, (iii) if by next-day or overnight mail or delivery, on the day delivered and (iv) if by telecopy or electronic mail on the next day following the day on which such telecopy was sent, provided that a copy is also sent by certified or registered mail.

Section 5.3 Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the State of California applicable
to agreements made and to be performed wholly within such jurisdiction.

 

 

 

Section 5.4 Binding Effect; Assignment. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. No party hereto may assign either this Agreement or any of its rights, interests or obligations hereunder without the prior written approval or each or the other parties hereto.

Section 5.5 No Third Party Beneficiaries. Nothing in this Agreement shall confer any rights upon any person or entity other than the parties
hereto and their respective successors and permitted assigns.

Section 5.6 Amendment; Waivers; Etc. No amendment, modification or discharge of this Agreement, and no waiver hereunder, shall be valid
or binding unless set forth in writing and duly executed by the party against whom enforcement of the amendment, modification, discharge or waiver is sought. Any such waiver shall constitute a waiver only with respect to the specific matter described in such writing and shall in no way impair the rights of the party granting such waiver in any other respect or at any other time. Neither the waiver by any of the parties hereto of a breach of or a default under any of the provisions of this Agreement, nor the failure
by any of the parties. on one or more occasions, to enforce any of the provisions of this Agreement or to exercise any right or privilege hereunder, shall be construed as a waiver of any other breach or default of a similar nature, or as a waiver of any of such provisions, rights or privileges hereunder.

Section 5.7 Entire Agreement; Confidentiality. This Agreement constitutes the entire agreement and supersedes all prior agreements and
understandings, both written and oral, between the parties with respect to the subject matter hereof. Each of Purchaser and Seller shall maintain the confidentiality of the terms of the transaction described herein unless otherwise required by law or regulatory authority, or other legal process, except that the parties may disclose the terms of the transaction to their respective affiliates, attorneys, accountants and other professionals and in connection with the enforcement of the parties respective rights
and obligations hereunder.

Section 5.8 Counterparts; Facsimile. This Agreement may be executed in several counterparts, each of which shall be deemed an original
and all of which shall together constitute one and the same instrument. The reproduction of signatures by means of telecopying or electronic device shall be treated as though such reproductions arc executed originals.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

[SIGNATURE PAGE FOR SELLER FOLLOWS]

 

 

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed their respective authorized signatories as of the date first indicated above.

 

	
  
	
SELLER:
	
  

	
  
	
  
	
  

	
  
	
PURETECH VENTURES, LLC
	
  

	
  
	
  
	
  
	
  

	
 
	
By:   
	
/s/  Daphne Zohar
	
  

	
  
	Name:	
Daphne Zohar
	
  

	
  
	Title:	
Managing Partner
	
  

	
  
	  	
  
	
  

 

	
  
	Number of Shares of Common Stock Sold:

	1,956,414	
  

	
  
	Number of Warrants Sold:

	1,706,593	
  

	
  
	Purchase Price:	$180.00	
  

	
  
	  	
  
	
  

	
  
	  	
  
	
  

	
  
	  	
  
	
  

 

[SIGNATURE PAGES FOR PURCHASERS FOLLOWS]

 

[SELLER SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

Name of Purchaser: Kevin M. Cotter                                                                              
                                                       

Signature of Authorized Signatory of Purchaser: /s/ Kevin M. Cotter                                                                         
   

Name of Authorized Signatory: Kevin M. Cotter                                                                                                            

Title of Authorized Signatory :                                                                                                                                         

Email Address of Authorized Signatory:                                                                                                                                           

Facsimile Number of Authorized Signatory:                                                                                                                                          

Address for Notice to Purchaser:                                                                                                                
                                     

 

 

Address for Delivery of Securities to Purchaser (if not same as address for notice):

 

[PURCHASER SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

Name of Purchaser: Sanford Greenberg                                                                              
                                                                                                                                                                                      

Signature of Authorized Signatory of Purchaser: /s/ Sanford Greenberg                                                          
                                                                                                                                                                        

Name of Authorized Signatory:Sanford Greenberg                                                                            
                           

Title of Authorized Signatory :                                                                                                                                         

Email Address of Authorized Signatory:                                                                                                                                           

Facsimile Number of Authorized Signatory:                                                                                                                                          

Address for Notice to Purchaser:                                                                                                                
                           

 

 

 

 

Address for Delivery of Securities to Purchaser (if not same as address for notice):

 

 

[PURCHASER SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

Name of Purchaser: Ankur and Carolyn Desai JTWROS                                                                          
                                                                                                                                                              

Signature of Authorized Signatory of Purchaser: /s/ Ankur Desai                                                            
                                                                                                                                                               

Name of Authorized Signatory: Ankur Desai                                                                            
                                        

 
Title of Authorized Signatory :                                                                                                                                         

Email Address of Authorized Signatory:                                                                                                                                           

Facsimile Number of Authorized Signatory:                                                                                                                                          

Address for Notice to Purchaser:                                                                                                                
                           
                                                                                                                                     

 

 

Address for Delivery of Securities to Purchaser (if not same as address for notice):

 

 

[PURCHASER SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

Name of Purchaser: 1999 Clifford Family Trust, dated 12/22/1999 Robert C. Clifford and Rachel L. Clifford Co-trustees 

Signature of Authorized Signatory of Purchaser: /s/ Robert C. Clifford                                                          
                                                                                                                                                         

Name of Authorized Signatory: Robert C. Clifford                                                                          
                                                                                                                                                                                             

 
Title of Authorized Signatory :                                                                                                                                         

Email Address of Authorized Signatory:                                                                                                                                           

Facsimile Number of Authorized Signatory:                                                                                                                                          

Address for Notice to Purchaser:                                                                                                                
                           
  

 

Address for Delivery of Securities to Purchaser (if not same as address for notice):

 

 

[PURCHASER SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

Name of Purchaser: George and Ruth Brandon JTWROS                                                                                                                                           

Signature of Authorized Signatory of Purchaser: /s/ George Brandon                                                          
                                                                                                                                                           

                                                                              /s/
Ruth Brandon                                                                                                                                                                                                                           

Name of Authorized Signatory: George Brandon and Ruth Brandon                                                                        
                                                                                                                                                

 
Title of Authorized Signatory :                                                                                                                                         

Email Address of Authorized Signatory:                                                                                                                                           

Facsimile Number of Authorized Signatory:                                                                                                                                          

Address for Notice to Purchaser:                                                                                                                
                           

 

 

Address for Delivery of Securities to Purchaser (if not same as address for notice):

 

 

[PURCHASER SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

Name of Purchaser: Daniel Landry                                                                                
                                                                                                                                                                                           

Signature of Authorized Signatory of Purchaser: /s/ Daniel Landry                                                          
                                                                                                                                                              

Name of Authorized Signatory: Daniel Landry                                                                            
                                                                                                                                                                             

 
Title of Authorized Signatory :                                                                                                                                         

Email Address of Authorized Signatory:                                                                                                                                           

Facsimile Number of Authorized Signatory:                                                                                                                                          

Address for Notice to Purchaser:                                                                                                                
                           

 

 

Address for Delivery of Securities to Purchaser (if not same as address for notice):

 

 

[PURCHASER SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

Name of Purchaser: Anthony DiGiandomenico                                                                            
                                                                                                                                                                           

Signature of Authorized Signatory of Purchaser: /s/ Anthony DiGiandomenico                                                        
                                                                                                                                              

Name of Authorized Signatory: Anthony DiGiandomenico                                                                          
                                                                                                                                                          

 
Title of Authorized Signatory :                                                                                                                                         

Email Address of Authorized Signatory:                                                                                                                                           

Facsimile Number of Authorized Signatory:                                                                                                                                          

Address for Notice to Purchaser:                                                                                                                
                           

 

 

Address for Delivery of Securities to Purchaser (if not same as address for notice):

 

 

[PURCHASER SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

Name of Purchaser: Mark L. Baum Trust dated May 17, 2011                                                                        
                                                                                                                                                        

Signature of Authorized Signatory of Purchaser: /s/ Mark L. Baum                                                          
                                                                                                                                                              

Name of Authorized Signatory: Mark L. Baum                                                                            
                                                                                                                                                                           

Title of Authorized Signatory: Trustee                                                                              
                                                                                                                                                                                        

Email Address of Authorized Signatory:                                                                                                                                           

Facsimile Number of Authorized Signatory:                                                                                                                                          

Address for Notice to Purchaser:                                                                                                                
                           

 

 

Address for Delivery of Securities to Purchaser (if not same as address for notice):

 

 

 

[PURCHASER SIGNATURE PAGE TO SECURITIES PURCHASE AGREEMENT]

 

Schedule A

Purchasers

	
Purchaser
	
  
Total Purchase 

Amount
  
	
  
Total Common Stock 

Shares Purchased
  
	
  
Total Warrants 

Purchased
  

	
Mark L. Baum Trust dated May 17, 2011, Mark L. Baum Trustee

 
	
  $39.60  
	
    430,412  
	
    375,450  

	
Daniel Landry

 
	
  $31.50  
	
    342,372  
	
    298,654  

	
Anthony DiGiandomenico

 
	
  $31.50  
	
    342,372  
	
    298,654  

	
1999 Clifford Family Trust, Dated 12/22/1999, Robert C. Clifford & Rachel L. Clifford Co-Trustees

 
	
  $31.50  
	
    342,372  
	
    298,654  

	
Sanford Greenberg

 
	
  $16.74  
	
    181,948  
	
    158,713  

	
Ankur & Carolyn Desai JTWROS

 
	
  $9.72  
	
    105,646  
	
    92,156  

	
George & Ruth Brandon JTWROS

 
	
  $9.72  
	
    105,646  
	
    92,156  

	
Kevin M. Cotter

 
	
  $9.72  
	
    105,646  
	
    92,156  

	
TOTAL

 
	
  $180.00  
	
    1,956,414  
	
    1,706,593Blueprint

Exhibit 10.11

 

EXCHANGE AGREEMENT

 

This Agreement (“Agreement”) is entered into as of September __, 2014, by and between Endra, Inc., a Delaware corporation (the “Company”), and ______________ (the “Investor”).

RECITALS

 

WHEREAS, the Investor holds a senior promissory note (the “Note”) in the original principal amount of $_________ and warrants (the “Warrants”) to purchase _________ shares of the Company’s
common stock (the “Warrant Shares”) for $0.30 per share; and

WHEREAS, the Company and the Investor now desire to exchange the Note and all interest accrued thereunder and the Warrants for _________ shares of the Company’s common stock, par value $0.0001 per share (“Common Stock”).

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby agreed and acknowledged, the parties hereby agree as follows:

AGREEMENT

 

1.

Exchange.

1.1           Terms. In reliance upon the representations, warranties, covenants, terms and conditions of this Agreement, both the Note and the Warrants shall
terminate and be of no further force and effect for and in consideration for the issuance to the Investor of _________ shares of Common Stock (the “Exchange”, with such shares of Common Stock being issued,
the “Exchange Shares”).

1.2           Closing. The Exchange shall be effective on the date first set forth above (the “Effective
Date”). On the Effective Date, all rights of the Investor as a holder of the Note and Warrants shall cease and terminate, including the accrual of all interest with respect to the Note, without further notice, excepting only the right to receive the Exchange Shares as set forth in Section 1.4 below.

1.3           Surrender of Note and Warrants. On the Effective Date, the Investor shall deliver to the Company the Note and Warrants, marked cancelled, or an indemnification undertaking with respect to the Note and/or Warrants, as the case may be, in the event of the loss, theft
or destruction of the Note and/or Warrants.

 

1.4           Issuance of Exchange Shares. Upon receipt of the surrendered Note and Warrants, the Company shall deliver to its transfer agent irrevocable instructions to issue to the Investor the Exchange Shares.

 

2.           Representations and Warranties of the Investors. The Investor makes the following representations and warranties to the Company:

 

2.1           Execution; Binding Agreement. This Agreement has been duly authorized, validly executed and delivered by the Investor and is a valid and binding
agreement and obligation of the Investor, enforceable against the Investor in accordance with its terms, and the Investor has full power and authority to execute and deliver the Agreement and the documents contemplated hereby and to perform his obligations hereunder and thereunder.

2.2           Securities Laws. The Investor understands the Exchange Shares are being offered and sold to in reliance on specific provisions of federal and
state securities laws and that the Company is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings of the Investor set forth herein for purposes of qualifying for exemptions from registration under the Securities Act of 1933, as amended (the “Securities Act”) and applicable state securities laws.

2.3           Accredited Investor. The Investor is an “accredited investor” as defined under Rule 501 of Regulation D promulgated under the Securities
Act.

2.4           No Bad Actors. Neither the Investor nor, to the extent it has them, any of its shareholders, members, managers, general or limited partners, directors, affiliates or executive officers (collectively with the Investor, the “Covered
Persons”), are subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Investor has exercised reasonable care to determine whether any Covered Person is subject to a Disqualification Event. The receipt of the Exchange Shares by the Investor will not subject the Corporation
to any Disqualification Event.

 

 

 

2.5           Acquisition for Own Account. The Investor is and will be acquiring the Exchange Shares for his own account, for investment purposes, and not
with a view to any resale or distribution in whole or in part, in violation of the Securities Act or any applicable securities laws; provided, however, that notwithstanding the foregoing, the Investor does not covenant to hold the Exchange Shares for any minimum period of time other than as required by law.

2.6           Securities Act Exemption. The offer and sale of the Exchange Shares is intended to be exempt from registration under the Securities Act, by virtue of Section 3(a)(9) and/or Section
4(2) thereof and Regulation D promulgated thereunder. The Investor understands that the Exchange Shares received hereunder are “restricted securities,” as that term is defined in the Securities Act and the rules thereunder, have not been registered under the Securities Act, and that none of the Exchange Shares can be sold or transferred unless they are first registered under the Securities Act and such state and other securities laws as may be applicable or the Company receives an opinion of counsel
reasonably acceptable to the Company that an exemption from registration under the Securities Act is available (and then the Exchange Shares may be sold or transferred only in compliance with such exemption and all applicable state and other securities laws).

 

2.7           Ownership of Note and Warrants. The Investor has not assigned, conveyed or otherwise transferred any interest in and to the Note and Warrants beneficially owned by such Investor, as the case may be, to any third party, and owns and holds, beneficially and of record,
the entire right, title, and interest in and to the Note and Warrants free and clear of all rights and encumbrances.

3.           Representations, Warranties and Covenants of the Company. The Company makes the following representations and warranties to the Investor, and covenants as follows for the benefit of the Investor:

3.1           Incorporation. The Company has been duly incorporated and is validly existing and in good standing under the laws of the state of Delaware, with
full corporate power and authority to own, lease and operate its properties and to conduct its business as currently conducted, and is duly registered and qualified to conduct its business and is in good standing in each jurisdiction or place where the nature of its properties or the conduct of its business requires such registration or qualification, except where the failure to register or qualify would not have a Material Adverse Effect. For purposes of this Agreement, “Material
Adverse Effect” shall mean any material adverse effect on the business, operations, properties, prospects, or financial condition of the Company and its subsidiaries and/or any condition, circumstance, or situation that would prohibit or otherwise materially interfere with the ability of the Company to perform any of its obligations under this Agreement.

3.2           Authorization of Exchange Shares. The Exchange Shares have been duly authorized by all necessary corporate action and, pending shareholder approval
and implementation of a reverse split of the Company’s Common Stock, shall be validly issued, fully paid and non-assessable, free and clear of all liens, encumbrances and rights of refusal of any kind.

3.3           Execution; Binding Agreement. This Agreement has been duly authorized, validly executed and delivered on behalf of the Company and is a valid
and binding agreement and obligation of the Company enforceable against the Company in accordance with its terms, and the Company has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder and thereunder.

3.4           No Conflicts. The execution and delivery of the Agreement and the consummation of the transactions contemplated by this Agreement will not: (i)
conflict with or result in a breach of or a default under any of the terms or provisions of, (A) the Company's certificate of incorporation or by-laws, or (B) of any material provision of any indenture, mortgage, deed of trust or other material agreement or instrument to which the Company is a party or by which it or any of its material properties or assets is bound, (ii) result in a violation of any provision of any law, statute, rule, regulation, or any existing applicable decree, judgment or order by any court,
federal or state regulatory body, administrative agency, or other governmental body having jurisdiction over the Company, or any of its material properties or assets or (iii) result in the creation or imposition of any material lien, charge or encumbrance upon any material property or assets of the Company or any of its subsidiaries pursuant to the terms of any agreement or instrument to which any of them is a party or by which any of them may be bound or to which any of their property or any of them is subject
except in the case of clauses (i)(B), (ii) or (iii) for any such conflicts, breaches, or defaults or any liens, charges, or encumbrances which would not have a Material Adverse Effect.

 

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3.5           Securities Act Exemption. The delivery and issuance of the Exchange Shares in accordance with the terms of and in reliance on the accuracy of
the Investor’s representations and warranties set forth in this Agreement will be exempt from the registration requirements of the Securities Act.

3.6           Governmental Approvals. No consent, approval or authorization of or designation, declaration or filing with any governmental authority on the
part of the Company is required in connection with the valid execution and delivery of this Agreement or the offer, sale or issuance of the Exchange Shares or the consummation of any other transaction contemplated by this Agreement.

3.7           Compliance with Securities Laws. The Company has complied and will comply with all applicable federal and state securities laws in connection
with the offer, issuance and delivery of the Exchange Shares hereunder. Neither the Company nor anyone acting on its behalf, directly or indirectly, has or will sell, offer to sell or solicit offers to buy any of the Exchange Shares, or similar securities to, or solicit offers with respect thereto from, or enter into any preliminary conversations or negotiations relating thereto with, any person, or has taken or will take any action so as to bring the issuance and sale of any of the Exchange Shares under the
registration provisions of the Securities Act and applicable state securities laws. Neither the Company nor any of its affiliates, nor any person acting on its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities Act) in connection with the offer or sale of any of the Exchange Shares.

3.8           No Solicitation. The Company represents that it has not paid, and shall not pay, any commissions or other remuneration, directly or indirectly,
to any third party for the solicitation of the Exchange.

4.           Miscellaneous. 

4.1             Governing Law; Consent to Jurisdiction. This Agreement
shall be governed by and interpreted in accordance with the laws of the State of Delaware without giving effect conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The Investor and the Company consent to the exclusive jurisdiction of the federal courts whose districts encompass any part of the State of Delaware in connection with any dispute arising under this Agreement and hereby waives, to the maximum extent permitted by law, any objection, including
any objection based on forum non conveniens, to the bringing of any such proceeding in such jurisdictions. THE INVESTOR AND THE COMPANY HEREBY WAIVE ITS RIGHT TO A TRIAL BY JURY. The Investor and the Company irrevocably consent to the service of process in any such proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to such Party at its address set forth herein. Nothing herein
shall affect the right of the Investor or the Company to serve process in any other manner permitted by law.

4.2              Notices. All notices and other communications
provided for or permitted hereunder shall be made in writing by hand delivery, express overnight courier, registered first class mail, initially to the address set forth below, and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 4.2. All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; when receipt is acknowledged, if faxed; or when actually received or refused if sent by other
means.

If to the Company:

 

Endra, Inc.

35 Research Drive, Ste. 100

Ann Arbor, MI 48103

Attention: Michael Thornton, President

 

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with a copy to:

 

K&L Gates LLP

214 North Tryon Street, 47th Floor

Charlotte, North Carolina

Attention: Mark Busch

 

If to the Investor:

 

________________________

________________________

________________________

 

4.4               Entire Agreement. This Agreement constitute the entire understanding and agreement of the Investor and the Company with respect to the subject matter hereof and supersede all prior and/or contemporaneous oral or written proposals or agreements
relating thereto all of which are merged herein.

 

4.5               Amendments. This Agreement may not be amended or any provision hereof waived in whole or in part, except by a written
amendment signed by the Investor and the Company

4.6               Counterparts. This Agreement may be executed by facsimile signature and in counterparts, each of which shall be deemed
an original, and all of which together shall constitute one and the same instrument.

4.7               Assignments; Successors and Assigns. This Agreement shall be binding on and inure to the benefit of the successors and
assigns of the Investor and the Company. The Company may not assign its rights and obligations hereunder to any person or entity. The Investor may assign its rights and obligations hereunder to any affiliate of the Investor without the consent of the Company, and the Investor may assign any Exchange Shares to any person or entity without the consent of the Company.

 

[signature page follows]

 
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IN WITNESS WHEREOF, the parties have duly executed and delivered this Agreement as of the date first set forth above.

	
  
	
ENDRA, INC.
	
  

	
  
	
  
	
  
	
  

	
 
	
By:   
	
 
	
  

	
  
	Name:	
Michael Thornton
	
  

	
  
	
Title:

	
Chief Executive Officer
	
  

	
  
	
 

	
  
	
  

	
  
	
INVESTOR

	
  

	
  
	
   

	
  
	
  

	
  
	
   

	
  
	
  

	
  
	
   

	
  
	
  

	
  
	
   

	
  
	
  

	
  
	
   

	
  
	
  

	
  
	
   

	
  
	
  

 

 

 

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