Document:

ex4_12.htm

 EXHIBIT 4.12 

 

 

	
 NUMBER 

	

	
 SHARES 

	   
	
 INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE 

 

 AUTHORIZED:  100,000,000 COMMON SHARES, 

 $0.01 PAR VALUE PER SHARE 

	    	    	    	    	    
	    	    	    	    	
 CUSIP 83084T 30 9 

 SEE REVERSE FOR 

 CERTAIN DEFINITIONS 

 

 THIS CERTIFIES that 

 

 SPECIMEN 

 

 is the owner of 

 

 Fully Paid and Non-Assessable Common Stock, $0.01 Par Value of 

 SKYLINE MEDICAL INC. 

 

 transferable on the books of the Corporation in person or by attorney upon surrender of this Certificate duly endorsed or assigned.  This Certificate and the shares represented hereby are subject to the laws of the State of Delaware, and to the Articles of Incorporation and the Bylaws of the Corporation, as now or hereafter amended.  This Certificate is not valid until countersigned by the Transfer Agent. 

 

 IN WITNESS WHEREOF, the Corporation has caused this Certificate to be signed by the facsimile signatures of its duly authorized officers and to be sealed with the facsimile seal of the Corporation. 

 

 Dated: 

 

	    	    	    
	

 President 

	
 [SEAL] 

	

 Secretary 

 

 Countersigned: 

 CORPORATE STOCK TRANSFER, INC. 

 3200 Cherry Creek South Drive, Suite 430 

 Denver, CO  80209 

 

	 BY 	   
	   	
 Transfer Agent and Registrar Authorized Officer 

 

  

  

  

 SKYLINE MEDICAL INC. 

 CORPORATE STOCK TRANSFER, INC. 

 TRANSFER FEE:  AS REQUIRED 

 

 The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 

	
 TEN COM 

	
 -as tenants in common 

	
 UNIF GIFT MIN ACT - 

	   	
 Custodian  

	
 TEN ENT 

	
 -as tenants by the entireties 

	    	   	 (Cust)  	
 (Minor) 

	
 JT TEN 

	
 -as joint tenants with right of survivorship and not as tenants in common 

	    	   	
 Under Uniform Gifts to Minors Act 

	   	   	   	   	   
	    	    	    	   	
 (State) 

	    	    	    	   	    

	
 Additional abbreviations may also be used though not in the above list. 

	    
	   

 PLEASE INSERT SOCIAL SECURITY OR OTHER 

       IDENTIFYING NUMBER OF ASSIGNEE      

 

	
 

 

 

 FOR VALUE RECEIVED, ____________________________ hereby sell, assign and transfer unto 

	    
	
 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE 

	    
	   
	   
	   
	   
	   
	    
	    
	   	
 Shares  

	
 of the Common Stock represented by the within Certificate, and do hereby irrevocably constitute and appoint 

	   
	   	
 Attorney to transfer  

	 the said stock on the books of the within-named Corporation, with full power of substitution in the premises. 

 

 Dated: _______________________, 20____. 

	    	    	   	    
	    	
 Signature: 

	
 X 

	
 

	   	   	   	   
	

 Signature(s) Guaranteed: 

	   	   	   
	 	    	   	    
	    	
 Signature: 

	 X  	
 

 

 THE SIGNATURE(S) TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME(S) AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.  THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (Banks, Stockbrokers, Savings and Loan Associations and Credit Unions) WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15.Exhibit 10.1

 

Execution Copy

 

SEPARATION AGREEMENT

 

SEPARATION AGREEMENT
by and among MDC PARTNERS INC. (“MDC” or the “Company”) and MILES NADAL (“Nadal”),
dated as of July 20, 2015 (this “Agreement”).

 

WHEREAS, NADAL
MANAGEMENT LIMITED (formerly Stallion Investments Limited), a corporation in which Miles Nadal is the sole indirect shareholder
(“NML”), NADAL FINANCIAL CORPORATION, a corporation in which Miles Nadal is the
sole shareholder (“NFC”), and Nadal provide services to the Company pursuant to the terms and conditions of
that certain Amended and Restated Management Services Agreement, dated as of May 6, 2013 as amended on April 30, 2015 (the “Services
Agreement”), pursuant to which Nadal served as the Chief Executive Officer and President of the Company;

 

WHEREAS, NML, Nadal
and the Company are parties to nine (9) Incentive Retention Agreements, dated as of November 5, 2012, February 14, 2012, February
14, 2013, March 11, 2013, April 10, 2013, October 30, 2013, February 20, 2014, November 3, 2014 and April 27, 2015, respectively
(collectively, the “Incentive/Retention Agreements”), in each case, which provided for the payment of incentive
compensation previously made by the Company to NML and Nadal;

 

WHEREAS, Nadal has
agreed to repay the Company certain amounts paid to the him during the Term of the Services Agreement, as described below, which
when paid will represent, together with other amounts previously paid by Nadal to the Company, repayment by Nadal of all amounts
that the Company has requested be repaid to it; and

 

WHEREAS, capitalized
terms used in this Agreement and not otherwise defined shall have the meaning given to such terms in the Services Agreement.

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements set forth in this Agreement, and for other good and valuable consideration,
the parties hereby agree as follows:

 

1.           Resignation
and Termination of Term under Services Agreement. Nadal hereby resigns from his position as Chief Executive Officer of
the Company. Each of NML, NFC and Nadal agree that Nadal’s resignation shall be treated as a voluntary separation from service
without Good Reason under the Services Agreement and shall be treated as a voluntary resignation (that does not qualify for “retirement”
treatment) for purposes of any outstanding incentive compensation agreements, and give irrevocable notice to the Company that the
Term of the Services Agreement shall terminate, effective July 20, 2015 at 9 a.m. (EDT) (the “Termination Date”).
In addition, Nadal hereby resigns as Chairman and as a member of the Board of Directors of the Company and any of its subsidiaries
and affiliates (together, the “Company Group”) and from all other officer and other positions with the Company
Group, effective as of the Termination Date.

 

    	 

    	 

    

  

2.           No
Severance Payment. In accordance with the terms and conditions of Section 8(a) of the Services Agreement, NML shall be
entitled to payment of the unpaid amount of the Annual Retainer Fee through the Termination Date in full satisfaction of any and
all severance compensation and benefits or any other claims for compensation and benefits (including, but not limited to, under
the 2014 and 2015 LTIP Cash Incentive Agreements) which NML, NFC and/or Nadal may have or allege against the Company Group, other
than (x) reimbursement for unreimbursed business expenses incurred prior to the date hereof for which NML, NFC or Nadal are entitled
to reimbursement under applicable policies of the Company, (y) any benefits to which Nadal may be entitled by operation of law
and (z) any indemnification, advancement of expense, contribution or similar rights to which NML, NFC or Nadal may be or become
entitled, including without limitation pursuant and subject to the Company’s By-Laws and Nadal’s undertaking letter
agreement with the Company dated January 6, 2015 (the “Undertaking Agreement”). The Company will continue to
provide to the Executive indemnification and director and officer insurance coverage substantially identical to that which the
Company provides to its directors and officers, subject to the terms of the Company’s By-Laws and the relevant insurance
policies.

 

3.            Repayment
under Incentive/Retention Agreements. NML, NFC and Nadal hereby covenant and agree to repay an amount equal to $10,581,605
in respect of the Incentive/Retention Agreements (the “Retention Repayment Amount”) to the Company, representing
the amounts NML and Nadal are required to repay to the Company as a result of his resignation, as described in Section 1 above.
The Retention Repayment Amount shall be paid by NML and Nadal in accordance with the following payment schedule:

 

		(i)	an amount equal to $1 million shall be paid to the Company on or prior to September 30,
2015;

		(ii)	an amount equal to $1.5 million shall be paid to the Company on or prior to December
31, 2015;

		(iii)	an amount equal to $2 million shall be paid to the Company on or prior to December 31,
2016; 

		(iv)	an amount equal to $4 million shall be paid to the Company
on or prior to June 30, 2017; and 

		(v)	the remaining balance of $2,081,605 shall be paid to the Company on or prior to December
31, 2017.

 

Notwithstanding the foregoing,
in the event of a “Change in Control” of the Company (as such term is defined in Section 2(b)(i) or 2(b)(iii)(A) or
(C) of the Company’s 2011 Stock Incentive Plan, a “Change in Control”), the remaining unpaid balance of
the Retention Repayment Amount shall become immediately due and payable to the Company and such amounts shall be paid to the Company
no later than ten (10) days after the consummation of the Change in Control, and the
parties shall exchange mutual general releases, the terms of which shall be negotiated by the parties in good faith. The Company
agrees that payment of the Retention Repayment Amount as provided in this Section 3 shall fully satisfy any and all obligations
that Nadal, NFC or NML may have to repay any amounts paid to them under the Incentive/Retention Agreements. 

 

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4.           Repayment
of Specified Expenses. NML, NFC and Nadal acknowledge and confirm their agreement to repay an amount equal to $1,877,000
(the “Expense Repayment Amount”) to the Company, representing the return by them of certain amounts paid by
the Company to or on behalf of Nadal and NML during the Term of the Services Agreement, in four (4) equal installments on or prior
to each of August 31, 2015, September 30, 2015, October 31, 2015 and November 30, 2015.

 

5.           Intellectual
Property Rights. Nadal acknowledges and agrees that all concepts, writings
and proposals submitted to and accepted by MDC (“Intellectual Property”)
which relate to the business of MDC and which have been conceived or made by him during the period of his engagement under the
Services Agreement, either alone or with others, are the sole and exclusive property of MDC. As of the date hereof, Nadal hereby
assigns in favor of MDC all the Intellectual Property covered hereby. On or subsequent to the date hereof, Nadal shall execute
any and all other papers and lawful documents required or necessary to vest sole rights, title and interest in the MDC or its
nominee of the Intellectual Property.

 

6.           Non-Disparagement
and Communications with Company Employees, Business Partners and Clients.  Nadal agrees to refrain from any disparagement,
defamation, libel, or slander of the Company Group or any of the directors, officers or agents of the Company Group, and agrees
to refrain from any tortious interference with the contracts and relationships of the Company Group. Executive further agrees
that he will refrain from discussing Company Group confidential business or financial information with third parties, including
the Company Group’s actual and potential clients or business partners. Executive further agrees that he will not
discuss the Company Group’s business with Company Group employees, clients, or business partners without the written consent
of the Company’s Chief Executive Officer or his designee. The Company agrees to take commercially reasonable efforts
to cause its directors and executive officers to refrain from any disparagement, defamation,
libel, or slander regarding Nadal, NML or NFC or any of their affiliates. Notwithstanding
the foregoing, nothing in this Section 6 shall limit (and none of the following shall be deemed a breach of this Section 6)
(x) Nadal or any director or executive officer of the Company from making any truthful statement, or having any communication of
any type with any other person, to the extent Nadal, or any such director or executive officer, respectively, determines in good
faith that such statement or communication is (i) necessary with respect to any litigation, arbitration or mediation involving
this Agreement, including, but not limited to, the enforcement of this Agreement, or (ii) or reasonably necessary in the view
of counsel in the defense or prosecution of any actual or reasonably anticipated administrative or court action or claim or (y)
Nadal or any director or executive officer of the Company from communicating truthful information to any governmental, regulatory
or quasi-regulatory authority. Nothing contained in this Agreement shall be construed as a waiver by any of the parties hereto
of their attorney-client or joint defense privilege or work product protection or any other privilege or protection belonging to
such party, and the parties acknowledge their continuing obligations to maintain each such privilege.

 

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7.           No
Third Party Cooperation. Executive agrees that he will not knowingly encourage, counsel, or assist any attorneys or their
clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third
party against the Company Group, other than pursuant to facially valid legal process. Executive agrees both to immediately notify
the Company upon receipt of any such process, and to promptly furnish to the Company a copy of any written documentation evidencing
such process.

  

8.           Press
Release. The Company agrees that it will share an advance draft of the press
release (or portion thereof) it intends to issue on July 20, 2015, regarding Executive’s resignation from the Company. The
Company shall be under no obligation to revise or modify any press release it intends to issue.

 

9.           Confidentiality;
Return of Company Property.

 

(a)         Nadal
acknowledges that he has had access to confidential, proprietary business information of MDC as a result of employment, and Nadal
hereby agrees not to use such information personally or for the benefit of others. Nadal also agrees not to disclose to anyone
any confidential information at any time in the future so long as it remains confidential.
Nothing in this Section 9 is intended or shall be construed to limit Nadal from using or disclosing any information to the extent
that he determines in good faith to be (i) necessary with respect to any litigation,
arbitration or mediation involving this Agreement, including, but not limited to, the enforcement of this Agreement, or (ii) or
reasonably necessary in the view of counsel in the defense or prosecution of any actual or reasonably anticipated administrative
or court action or claim.

 

(b)         Nadal
covenants that he will promptly return all Company Group property in his possession to MDC.
The Company agrees that it will, and it will cause members of the Company Group to, promptly return to Nadal any property of Nadal,
NFC or NML or their affiliates in its possession. The parties mutually agree to reasonably cooperate in the identification of property
required to be returned to the other party, and in arranging for forwarding of mail, messages, telephone and other communications
to Nadal, NML or NFC.

 

10.         Confirmation
of Restrictive Covenants. Nadal hereby acknowledges and reaffirms all of his restrictive covenants set forth in Section
9 of the Services Agreement, which covenants shall remain in full force and effect in accordance with their express terms and conditions
following the Termination Date. 

 

11.         Entire
Agreement; No Other Promises. Each of the parties hereto acknowledges and represents that this Agreement contains the
entire agreement between Nadal, NML, NFC and MDC, and it supersedes any and all previous agreements concerning the subject matter
hereof. For the avoidance of doubt, (x) the restrictive covenants set forth in Section 9 of the Services Agreement shall remain
in force along with any other terms in the Services Agreement that are necessary to enforce such covenants and (y) nothing herein
is intended or should be construed to affect any rights in the nature of indemnification, contribution or similar rights
to which the Company, NML, NFC or Nadal may be or become entitled including without limitation pursuant and subject to the Company’s
By-Laws and the Undertaking Agreement. Each of the parties hereto further acknowledges and
represents that the none of the other parties hereto, nor any of their agents, representatives or employees have made any promise,
representation or warranty whatsoever, express, implied or statutory, not contained herein, concerning the subject matter hereof,
to induce them to execute this Agreement, and acknowledge that they have not executed this Agreement in reliance on any such promise,
representation or warranty. Nadal and the Company expressly acknowledge and agree that Section 1 above accurately represents and
describes the circumstances under which his services to the Company are ending. 

 

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12.         Equitable
Relief. The parties acknowledge that a remedy at law for any breach or attempted breach of this Agreement will be inadequate,
and agree that each of them shall be entitled to specific performance and injunctive and other equitable relief in the case of
any such breach or attempted breach. 

 

13.         Severability.
If any term or condition of this Agreement shall be held to be invalid, illegal or unenforceable in any respect by a court of competent
jurisdiction, this Agreement shall be construed without such term or condition. If at the time of enforcement of any provision
of this Agreement, a court shall hold that the duration, scope or area restriction of any provision hereof is unreasonable under
circumstances now or then existing, the parties hereto agree that the maximum duration, scope or area reasonable under the circumstances
shall be substituted by the court for the stated duration, scope or area. 

 

14.
       Choice of Law and Forum. This
Agreement shall be construed and enforced in accordance with, and governed by, the laws of the State of New York, without
regard to its choice of law provisions. Any dispute under this Agreement shall be adjudicated by a court of competent
jurisdiction in the city of New York.

 

15.
        Agreement of Nadal Affiliates. Nadal covenants
and agrees to cause NML and NFC to promptly execute counterparty signature pages to this Agreement with the purpose and effect
of such parties having entered into this Agreement as of the date hereof.

 

16.
       Amendment. This Agreement may not
be amended or modified in any way, except pursuant to a written instrument signed by all parties.

 

17.        Waiver.
Failure of any party hereto at any time to enforce any provision of this Agreement or to require performance by any other party
of any provisions hereof shall in no way affect the validity of this Agreement or any part hereof or the right of such party thereafter
to enforce its rights hereunder; nor shall it be taken to constitute a condonation or waiver by such party of that default or
any other or subsequent default or breach.

 

18.         Notices.
All notices or other communications hereunder shall not be binding on either party hereto unless in writing, and delivered to the
other party thereto at the following address:

 

	                                If to the Company:	MDC Partners Inc.
	 	745 Fifth Avenue
	 	New York, NY 10151
	 	Attention: General Counsel

 

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	                                With a copy to:	Paul C. Curnin
	 	Simpson Thacher & Bartlett LLP
	 	425 Lexington Avenue
	 	New York, NY  10017
	 	 
	                                If to Nadal, NFC or NML:	Miles S. Nadal
	 	PO Box N-1991, Paradise Island
	 	Nassau, Bahamas
	 	 
	                                With a copy to:	Arthur Kohn
	 	Cleary Gottlieb Steen & Hamilton LLP
	 	One Liberty Plaza
	 	New York, NY 10006
	 	 

 

Notices
shall be deemed duly delivered upon hand delivery thereof at the above addresses, one day after deposit with a nationally recognized
overnight delivery company, or three days after deposit thereof in the United States mails, postage prepaid, certified or registered
mail. Any party may change its address for notice by delivery of written notice thereof in the manner provided.

 

19.         Headings.
The headings in this Agreement are intended solely for convenience of reference and shall be given no effect in the construction
or interpretation of this Agreement.

 

***

 

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HAVING READ AND
UNDERSTOOD THIS AGREEMENT, CONSULTED COUNSEL OR VOLUNTARILY ELECTED NOT TO CONSULT COUNSEL, AND HAVING HAD SUFFICIENT TIME TO CONSIDER
WHETHER TO ENTER INTO THIS AGREEMENT, THE PARTIES HERETO HAVE EXECUTED THIS AGREEMENT AS OF THE DAY AND YEAR FIRST WRITTEN ABOVE.

 

	 	MDC Partners Inc.
	 	 	 
	 	By:	  /s/ Mitchell Gendel
	 	 	Name: Mitchell Gendel
	 	 	Title: General Counsel
	 	 	 
	 	Nadal Management Limited
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Miles Nadal
	 	 	 
	 	  /s/ Miles Nadal
	 	Miles Nadal
	 	 	 
	 	Nadal Financial Corporation
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

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