Document:

ex_177094.htm

Exhibit 10.17

 

2020 Cash Bonus Plan Summary

 

Target bonuses for named executive officers of AcelRx Pharmaceuticals, Inc. (the “Company”) under the 2020 Cash Bonus Plan (the “Plan”) will range from 35% to 60% of such executive’s 2020 base salary. The amount of cash bonus, if any, for each named executive officer will be based on both the named executive officer achieving his or her individual performance goals and on the Company meeting the 2020 corporate objectives to be approved by the Board. The target bonuses for the Company’s named executive officers for 2020 are as follows:

 

	
			Name

				
			Position

				
			Bonus %

			
	
			Vincent Angotti

				
			Chief Executive Officer

				
			60%

			
	
			Pamela Palmer, M.D., Ph.D.

				
			Chief Medical Officer

				
			40%

			
	
			Raffi Asadorian

				
			Chief Financial Officer

				
			40%

			
	
			Badri Dasu

				
			Chief Engineering Officer

				
			35%

			
	
			Lawrence Hamel

				
			Chief Development Officer

				
			35%

			

 

Mr. Angotti’s cash bonus under the Plan shall be based 100% on the achievement of the 2020 corporate objectives.  The cash bonuses under the Plan for all other named executive officers shall be based 40% on the achievement of his or her individual performance goals, as determined by the Board, and 60% on the achievement of the 2020 corporate objectives. The named executive officers’ actual bonuses may exceed 100% of target in the event performance exceeds the predetermined goals.Exhibit
4.4

 

DESCRIPTION
OF ABEONA THERAPEUTICS INC.’S SECURITIES

REGISTERED
UNDER

SECTION
12 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

As
of December 31, 2019, Abeona Therapeutics Inc. (“Abeona,” “we,” or “our”) had one class of
securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): our
common stock, $.01 par value per share (the “Common Stock”).

 

DESCRIPTION
OF COMMON STOCK

 

The
following description of our Common Stock is a summary, does not purport to be complete and is subject to the provisions of our
Restated Certificate of Incorporation (the “Certificate of Incorporation”) and our Amended and Restated Bylaws (the
“Bylaws”). For the complete terms of our Common Stock, please refer to our Certificate of Incorporation and our Bylaws.

 

Under
our Certificate of Incorporation, we are authorized to issue 200,000,000 shares of Common Stock, and 2,000,000 shares of preferred
stock, par value $0.01 per share (the “Preferred Stock”).

 

Dividends

 

Holders
of our Common Stock are entitled to receive ratably such dividends, if any, as may be declared by our Board of Directors (the
“Board”) out of funds legally available therefor, subject to any preferential dividend rights for our outstanding
Preferred Stock.

 

Conversion
Rights

 

The
shares of Common Stock are not convertible into other securities.

 

Sinking
Fund Provisions

 

Our
Common Stock does not have any sinking fund provisions.

 

Redemption
Provisions

 

Our
Common Stock has no right to redemption.

 

Voting
Rights

 

Holders
of our Common Stock are entitled to one vote for each share held on all matters submitted to a vote of stockholders and have the
right to vote cumulatively for the election of directors. This means that in the voting at our annual meeting, each stockholder
or their proxy may multiply the number of his or her shares by the number of directors to be elected then cast the resulting total
number of votes for a single nominee, or distribute such votes on the ballot among the nominees as desired.

 

Classification
of the Board

 

Our
Certificate of Incorporation provides that our Board shall be divided into three classes as nearly equal in number as possible,
with the three-year terms of each class to expire on different years.

 

    	 	 	 

     

    

 

Liquidation
Rights

 

Upon
our liquidation, dissolution or winding up, holders of our Common Stock are entitled to receive ratably our net assets available
after the payment of all debts and other liabilities and subject to the prior rights of any of our outstanding Preferred Stock.
Holders of our Common Stock may not receive any assets or funds until our creditors have been paid in full and the preferential
or participating rights of holders of our Preferred Stock have been satisfied. If we participate in a corporate merger, consolidation,
purchase or acquisition of property or stock, or other reorganization, any payments or shares of stock allocated to holders of
our Common Stock will be distributed pro rata to holders of our Common Stock on a per share basis. If we redeem, repurchase or
otherwise acquire for payment any shares of our Common Stock, we will treat each share of Common Stock identically.

 

Preemption
Rights

 

Holders
of our common stock have no preemptive, subscription, redemption or conversion rights. The rights, preferences and privileges
of holders of our Common Stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series
of our Preferred Stock that we may designate and issue in the future.

 

Anti-Takeover
Provisions

 

We
are subject to the provisions of Section 203 of the General Corporation Law of Delaware. Section 203 prohibits certain publicly
held Delaware corporations from engaging in a “business combination” with an “interested stockholder,”
for a period of three years after the date of the transaction in which the person became an “interested stockholder,”
unless the business combination is approved in a prescribed manner. A “business combination” includes mergers, asset
sales and other transactions resulting in a financial benefit to the interested stockholder. Subject to certain exceptions, an
“interested stockholder” is a person or entity who, together with affiliates and associates, owns (or within the preceding
three years, did own) 15% or more of the corporation’s voting stock. The statute contains provisions enabling a corporation
to avoid the statute’s restrictions if the stockholders holding a majority of the corporation’s voting stock approve
the transaction.

 

In
addition, our Certificate of Incorporation, in order to combat “greenmail,” provides in general that any direct or
indirect purchase by us of any of our voting stock or rights to acquire voting stock known to be beneficially owned by any person
or group which holds more than five percent of a class of our voting stock and which has owned the securities being purchased
for less than two years must be approved by the affirmative vote of at least two-thirds of the votes entitled to be cast by the
holders of voting stock, subject to certain exceptions. The prohibition of  “greenmail” may tend to discourage
or foreclose certain acquisitions of our securities which might temporarily increase the price of our securities. Discouraging
the acquisition of a large block of our securities by an outside party may also have a potential negative effect on takeovers.
Parties seeking control of us through large acquisitions of its securities will not be able to resort to “greenmail”
should their bid fail, thus making such a bid less attractive to persons seeking to initiate a takeover effort.

 

Registration
Rights

 

Two
of our stockholders, SCO Capital Partners LLC, and its affiliate, Beach Capital LLC (collectively, “SCO Capital”),
are entitled to certain rights with respect to registration of certain of their shares of Common Stock under the Securities Act
of 1933, as amended (the “Securities Act”), pursuant to the terms of an investor rights agreement, dated as of October
25, 2012 (the “Rights Agreement”). SCO Capital has the right to demand that we file a registration statement under
the Securities Act covering registrable securities then outstanding subject to SEC rules and certain specified exceptions. If
we register any securities for public sale, SCO Capital will be entitled to notice of the registration and will have the right
to include its shares in the registration statement. These piggyback registration rights are subject to specified conditions and
limitations, including the right of the underwriters of any underwritten offering to limit the number of shares with registration
rights to be included in the registration statement. We will pay all expenses relating to any demand or piggyback, other than
underwriting discounts and commissions, subject to specified conditions and limitations.

 

Stock
Exchange Listing

 

Our
Common Stock is listed on the Nasdaq Global Select Market under the symbol “ABEO.”

 

Transfer
Agent and Registrar

 

The
transfer agent and registrar for our Common Stock is American Stock Transfer & Trust Company, New York, New York.Exhibit
4.1

 

NEW
AGE BEVERAGES CORPORATION

 

DESCRIPTION
OF SECURITIES

REGISTERED
PURSUANT TO SECTION 12 OF

THE
SECURITIES EXCHANGE ACT OF 1934

 

New
Age Beverages Corporation (the “Company”) has one class of securities, its common stock, registered under Section
12 of the Securities Exchange Act of 1934, as amended.

 

The
description of the Company’s common stock set forth below does not purport to be complete and is subject to and qualified
by reference to the Company’s Amended Articles of Incorporation, as amended (the “Amended Articles”) and Amended
Bylaws (“Amended Bylaws,” and together with the Amended Articles, the “Charter Documents”), each of which
is attached as an exhibit to the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange
Commission. For additional information, please read the Company’s Charter Documents and the applicable provisions of the
Washington Business Corporation Act (the “WBCA”).

 

Capital
Stock

 

The
Company is authorized to issue up to 200,000,000 shares of common stock, par value $0.001 per share (the “Common Stock”)
and 1,000,000 shares of preferred stock, par value $0.001 per share (the “Preferred Stock”). The Company’s board
of directors has the power and authority to fix by resolution any designation, series, voting power, preference, right, qualification,
limitation, restriction, dividend, time and price of redemption and conversion right with respect to the Preferred Stock. As of
December 31, 2019, 81,872,733 shares of the Company’s Common Stock were issued and outstanding and 43,804 shares of Series
D Preferred Stock were issued and outstanding.

 

Voting
Rights

 

The
holders of shares of the Company’s Common Stock are entitled to one vote for each share held of record on all matters submitted
to a vote of stockholders, including the election of directors. The Company’s Common Stock does not have cumulative voting
rights.

 

Dividend
Rights

 

The
holders of shares of Common Stock are entitled to receive such dividends, if any, as may be declared from time to time by the
Company’s board of directors in its discretion out of any funds legally available therefor and as permitted by the WBCA.

 

Liquidation
Rights

 

In
the event of the Company’s dissolution, liquidation or winding-up, the holders of shares of Common Stock are entitled to
receive the remaining assets of the Company, ratably according to the number of shares of Common Stock held, subject to the distribution
rights of shares of Preferred Stock, if any, then outstanding and as permitted by the WBCA.

 

No
Preemptive Rights

 

No
holder of Common Stock shall have any preemptive right to purchase or subscribe for any part of any issue of stock or of securities
of the Company convertible into stock of any class whatsoever.

 

Other
Rights

 

Holders
of Common Stock have no subscription or conversion rights and there are no redemption or sinking fund provisions or rights.

 

    	 

    	 

    

 

Listing

 

The
Company’s Common Stock is currently traded on the Nasdaq Capital Market under the symbol “NBEV.”

 

Warrants

 

As
of December 31, 2019, the Company had outstanding warrants to purchase an aggregate of 311,356 shares of Common Stock. The warrants
have the following exercise prices and expiration dates: warrants for 8,500 shares at $1.83 expiring in December 2020, warrants
for 102,856 shares at $4.38 expiring in February 2022, and warrants for 200,000 shares at $5.14 expiring in March 2029.

 

Anti-Takeover
Provisions

 

The
Charter Documents and the WBCA contain certain provisions that may discourage an unsolicited takeover of the Company or make an
unsolicited takeover of the Company more difficult. The following are some of the more significant anti-takeover provisions that
are applicable to the Company:

 

Washington
Anti-Takeover Statute

 

Washington
law imposes restrictions on certain transactions between a corporation and certain significant shareholders. Chapter 23B.19 of
the WBCA generally prohibits a “target corporation” from engaging in certain significant business transactions with
an “acquiring person,” which is defined as a person or group of persons that beneficially owns 10% or more of the
voting securities of the target corporation, for a period of five years after the date the acquiring person first became a 10%
beneficial owner of the voting securities of the target corporation, unless, among other options, the business transaction or
the acquisition of shares is approved by (i) a majority of the members of the target corporation’s board of directors prior
to the time the acquiring person first became a 10% beneficial owner of the target corporation’s voting securities or (ii)
a majority of the members of the target corporation’s board of directors and two-thirds of the outstanding voting shares
of the target corporation at the time of or subsequent to the business transaction. Such prohibited transactions include, among
other things:

 

	 	●	a
    merger or consolidation with, disposition of assets to, or issuance or redemption of stock to or from, the acquiring person;
	 	●	termination
    of 5% or more of the employees of the target corporation employed in the State of Washington as a result of the acquiring
    person’s acquisition of 10% or more of the shares; or
	 	●	receipt
    by the acquiring person of any disproportionate benefit as a shareholder.

 

After
the five-year period, a “significant business transaction” may occur if it complies with provisions specified in the
statute requiring that a shareholder receive a fair price. A corporation may not “opt out” of this statute. These
provisions may discourage or make more difficult an attempt by a shareholder or other entity to acquire control of the Company.

 

Authority
of the Board of Directors

 

Under
the Amended Articles, the Company’s board of directors has the power to issue any or all of the shares of the Company’s
capital stock, including the authority to establish one or more series of Preferred Stock and to fix the powers, preferences,
rights and limitations of such class or series, without seeking stockholder approval. In addition, under the Amended Bylaws, the
Company’s board of directors has the right to fill vacancies on the board of directors. Under the Amended Articles, the
Company’s board of directors has the authority to make, amend and repeal the Bylaws.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}]]