Document:

EX-10.21

 Exhibit 10.21 

NON-COMPETITION AGREEMENT 

NON-COMPETITION AGREEMENT, dated as of January 6, 2017 (“Agreement”), by
and among RXi Pharmaceuticals Corporation, a Delaware corporation (“Parent”), RXi Merger Sub, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Parent (“Merger Sub”), and Alexey Eliseev (the
“Shareholder”), a shareholder of MirImmune Inc., a Delaware corporation (the “Company” or the “Surviving Corporation”). 

WHEREAS, Parent, Merger Sub, and the Company have entered into, simultaneously herewith, a Stock Purchase Agreement (the “Purchase
Agreement”; terms used but not defined in this Agreement shall have the meanings ascribed to them in the Purchase Agreement), which provides, upon the terms and subject to the conditions thereof, for the merger of Merger Sub with and into
the Company, with the Company surviving the Merger as a wholly-owned subsidiary of Parent; and 
 WHEREAS, Shareholder is a significant
shareholder of the Company and will receive substantial consideration for Shares as a result of the transactions set forth in the Purchase Agreement; and 

WHEREAS, as a condition and inducement to Parent’s willingness to enter into the Purchase Agreement, Shareholder is entering into this
Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein and in the
Purchase Agreement, and intending to be legally bound hereby, Shareholder hereby agrees as follows: 
 1.    Non-Competition. In consideration of Parent entering into the Purchase Agreement and in order that Parent may enjoy the full benefit of the Company’s Business, including the related Business goodwill, for a
period of three (3) years from and after the Closing Date (the “Non-Compete Period”), Shareholder shall not, directly or indirectly: (a) engage, own, manage, operate, finance, render
services or otherwise participate in any Business that competes with Parent and its subsidiaries, affiliates, successors and assigns, including, without limitation, the Company and its subsidiaries (the “Company Group”); or
(b) interfere with, disrupt or damage or attempt to interfere with, disrupt or damage the Business of the Company Group, or the relationships between the Company Group, and its customers, clients, vendors, or other Business relationships, in
either the case of (a) or (b) anywhere in the Restricted Territory. For purposes of this Agreement, “Business” shall mean the use of oligonucleotides in cell based immunotherapies for cancer. For purposes of this Agreement,
“Restricted Territory” shall mean each and every county, province, state, city, or other political subdivision of the United States, and anywhere else in North America or any other place in which any member of the Company Group is
currently engaged or actively has plans to be engaged in doing Business. 

2.    Non-Solicitation of Employees. Shareholder agrees that Parent and
the Company have made a significant investment in their employees and independent contractors and that Shareholder will and/or has received nonpublic or proprietary information regarding such individuals. Shareholder therefore agrees that, unless he
receives prior written consent 

 
from Parent’s Chief Executive Officer or Board of Directors, for the entire Non-Compete Period, he will not directly or indirectly solicit, recruit,
induce, or attempt to influence any person employed by or working with the Company Group or independent contractor to terminate his employment or contract with the Company Group or work for another employer or person. 

3.    Non-Solicitation of Business Contacts. Shareholder agrees that, for
the entire Non-Compete Period, he will not directly or indirectly solicit or encourage any client, customer, bona fide prospective client or customer, consultant, supplier, licensee, licensor, landlord or
other business relation of any member of the Company Group (each a “Business Contact”) to terminate or diminish or otherwise change in a manner adverse to the Company Group its relationship with any member of the Company Group nor
will he seek to persuade any such Business Contact to conduct with anyone else any business or activity that such Business Contact conducts or could conduct with any member of the Company Group. 

4.    Miscellaneous. 

(a)    Ownership of Shares; Authority; Acknowledgements. Shareholder represents and warrants that Shareholder:
(i) is the record and beneficial owner of and has the right to vote the Shares set forth opposite Shareholder’s name on Exhibit A hereto, which at the date hereof are free and clear of any liens; (ii) has the power and
authority to make, enter into and carry out the terms of this Agreement; (iii) the covenants in Sections 1, 2 and 3 hereof are supported by good and adequate consideration; (iv) the geographic scope of the covenants herein is reasonable
and necessary; (v) the goodwill associated with the existing business, customers, employees, consultants and assets of the Company prior to the Merger is an integral component of the value of the Company to Parent and is reflected in the
consideration payable to Shareholder; and (v) the duration, geography and activities precluded by the covenants herein are reasonable and necessary to protect the legitimate business interests of Parent and to protect and preserve Parent’s
benefit of the bargain in the purchase of the Company and the goodwill of the business combination that will result from the Merger. 

(b)    Enforcement. The Shareholder acknowledges that Shareholder has read and considered all the terms and
conditions of this Agreement, including the restraints imposed upon Shareholder pursuant to the covenants contained herein. The Shareholder agrees that each of the restraints contained herein are necessary for the protection of the goodwill,
confidential information and other legitimate interests of the Company Group; that each and every one of these restraints is reasonable in respect to subject matter, length of time and geographic area; and that these restraints, individually or in
the aggregate, will not prevent Shareholder from obtaining other suitable employment during the period in which the Shareholder is bound by such restraints. The Shareholder further acknowledges that, were Shareholder or any of Shareholder’s
affiliates to breach any of the covenants contained herein, the damage to the Company Group would be irreparable. The Shareholder therefore agrees that the Company Group, in addition to any other remedies available to them, shall be entitled to seek
and obtain injunctive relief against any breach or threatened breach by the Shareholder or any of Shareholder’s affiliates of any of said covenants, without having to post bond. The Shareholder further agrees that he or she shall not plead
adequacy of any relief at law available to Parent or its successors or assigns (as applicable) (including monetary damages) as a defense to any petition, claim or motion for preliminary or final injunctive relief to enforce any provision of this
Agreement. The parties 

 
agree that it is their intention that all of the restraints imposed under Sections 1, 2 and 3 hereof be enforced in accordance with their terms to the maximum extent possible under applicable
law. The parties further agree that, in the event that any provision of Section 1, 2 or 3 hereof shall be determined by any court of competent jurisdiction to be unenforceable for any reason (including, but not limited to, by reason of its
being extended over too great a time, too large a geographic area or too great a range of activities), such provision shall be deemed to be modified, a new enforceable term shall be deemed to be provided, or such court shall reform such provision,
such that the intent of the parties in agreeing to the provisions of this Agreement will not be impaired and the provision will be enforceable to the maximum extent permitted by applicable law. In the event of any dispute or controversy arising out
of or relating to or seeking to enforce this Agreement, the prevailing party in such action shall be entitled to recover from the other party all costs and expenses of the action, including reasonable attorneys’ fees and costs incurred in
bringing and prosecuting or defending such action and/or enforcing any judgment, order, ruling or award granted therein, all of which shall be deemed to have accrued on the commencement of such action and shall be paid whether or not such action is
prosecuted to a decision. 
 (c)    Purchase Agreement. Shareholder acknowledges that he has received, read and
reviewed with his counsel and advisors copies of the Purchase Agreement and that he fully understands and agrees to the terms and conditions thereof. 

(d)    Notices. All notices, demands and other communications hereunder shall be in writing, and shall be deemed
to have been duly given if delivered personally, by facsimile or by overnight courier or if mailed by certified mail, return receipt requested, and postage prepaid, as follows: 

If to Parent or the Company, to: 

RXi Pharmaceuticals Corporation 

257 Simarano Drive, Suite 101 

Marlborough, MA 01752 
 Attention:
Director of Finance 
 Facsimile: 508-303-3400 

E-mail: ckontulis@rxipharma.com 

If to Shareholder, to the address set forth on the signature page hereto, with a copy that shall not constitute notice to: 

Rubin and Rudman LLP 
 50 Rowes
Wharf, Boston, MA 02110 
 Attn: Peter B. Finn, Esq. 

Email: pfinn@rubinrudman.com 

Any such notice shall be effective (i) if delivered personally, when received, (ii) if sent by facsimile, upon confirmation of
receipt, (iii) if sent by overnight courier, upon the earlier of actual receipt or two (2) Business Days after delivery against waybill, or (iv) if mailed, five days after being mailed as described above. 

 (e)    Entire Agreement. This Agreement, the Purchase Agreement and
any employment agreement entered into in connection with the Purchase Agreement constitute the entire agreement among the parties hereto with respect to the transactions contemplated hereby and supersede all prior agreements, understandings,
negotiations and discussions, both written and oral, among the parties hereto with respect thereto. 

(f)    Amendment and Waiver; Termination. Any provision of this Agreement may be amended or waived if, and only
if, such amendment or waiver is in writing and signed, in the case of an amendment, by Parent and Shareholder, or in the case of a waiver, by the party against whom the waiver is to be effective. No failure or delay by any party in exercising any
right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 

(g)    Benefits; Binding Effect; Assignment. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective heirs, successors and permitted assigns. Except as set forth below, neither this Agreement nor the obligations of any party hereunder shall be assignable or transferable by such party without the prior written
consent of the other parties hereto. 
 (h)    Severability. It is the desire and intent of the parties hereto
that the provisions of this Agreement be enforced to the fullest extent permissible under the Laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this Agreement shall be
adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable for any reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting
the validity or enforceability of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not to be invalid,
prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other
jurisdiction. 
 (i)    Expenses. The parties shall bear their own respective expenses (including all
compensation and expenses of counsel, financial advisors, consultants, actuaries and independent accountants) incurred in connection with the preparation, execution and consummation of this Agreement and of the transactions contemplated hereby. 

(j)    Counterparts and Delivery. This Agreement may be executed in any number of counterparts and by the several
parties hereto in separate counterparts, and delivered by facsimile or other means of electronic transmission (including scanning and emailing), each of which shall be deemed to be one and the same instrument and an original document. 

(k)    Remedies Cumulative. No remedy made available by any of the provisions of this Agreement is intended to be
exclusive of any other remedy, and each and every remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity. 

 (l)    Governing Law; Waiver of Jury Trial. THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE DOMESTIC LAWS OF THE COMMONWEALTH OF MASSACHUSETTS, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING PROVISION OR RULE (WHETHER OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD
CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE COMMONWEALTH OF MASSACHUSETTS TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE STATE OF MASSACHUSETTS WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS AGREEMENT, EVEN
IF UNDER SUCH JURISDICTION’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT SUCH PARTY MAY
LEGALLY AND EFFECTIVELY DO SO, TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING ARISING HEREUNDER. 
 (m)    Consent
to Jurisdiction. EACH PARTY HERETO AGREES AND CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY COURT SITTING IN THE CITY OF BOSTON, MASSACHUSETTS AND ANY UNITED STATES DISTRICT COURT IN THE CITY OF BOSTON, MASSACHUSETTS, AND ANY APPLICABLE
APPELLATE COURTS, WITH RESPECT TO ALL MATTERS RELATING TO THIS AGREEMENT AND TO THE TRANSACTIONS CONTEMPLATED HEREBY, WAIVES ALL OBJECTIONS BASED ON LACK OF VENUE AND FORUM NON CONVENIENS, AND IRREVOCABLY CONSENTS TO THE PERSONAL JURISDICTION OF ALL
SUCH COURTS. 
 SIGNATURE PAGE FOLLOWS 

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

  

			
	RXI PHARMACEUTICALS CORPORATION
	
	 /s/ Geert Cauwenbergh

	Name:	 	Geert Cauwenbergh
	Title:	 	Chief Executive Officer
	
	MIRIMMUNE INC.
	
	 /s/ Alexey Eliseev

	Name:	 	Alexey Eliseev
	Title:	 	CEO
	
	SHAREHOLDER
	
	 /s/ Alexey Eliseev

	Name:	 	Alexey Eliseev
	Address:	 	 24 Cummings Road
 Boston, MA
02135ex10-10.htm

Exhibit 10.10

 

 

HOMETOWN BANK

“SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN”

 

 

PARTICIPATION AGREEMENT

 

For

Vance W. Adkins

 

THIS AGREEMENT is entered into by and between the undersigned Vance W. Adkins (the “Participant”) and HomeTown Bank (the “Plan Sponsor”). The Plan Sponsor and Participant hereby agree, for good and valuable consideration, the value of which is hereby acknowledged, that Participant shall become a Participant in the Supplemental Executive Retirement Plan (the “Plan”) with an effective date of October 1, 2013 and as the same may hereafter be modified or amended. The Participant does hereby acknowledge that he has been provided with a copy of the Plan as currently in effect and agrees to the terms and conditions thereof. In consideration of his designation as a Participant, the undersigned hereby agrees to the following terms and conditions:

 

1.     I agree to be bound by all of the terms and conditions of the Plan, this Participation Agreement, and to perform any and all acts required by me thereunder and hereunder. Capitalized terms used herein but not defined herein shall have the meanings ascribed to such terms in the Plan.

 

2.      I have the right to designate the Beneficiary or Beneficiaries, and thereafter to change the Beneficiary or Beneficiaries, of any survivor benefit payable under the Plan, by completing and delivering to the Plan Administrator a Beneficiary Designation Form.

 

3.      I understand that my Plan benefits are subject to the claims of the Plan Sponsor’s creditors should the Plan Sponsor become bankrupt or insolvent.

 

4.      I understand that my participation in the Plan can have tax and financial consequences for me and my beneficiaries, and acknowledge that I have had the opportunity to consult with my own tax, financial and legal advisors before deciding to participate in the Plan.

 

5.       I understand that “Normal Retirement Age” shall be the date I attain age sixty-seven (67). I further understand that my Normal Retirement Date shall be the later of: (a) my Normal Retirement Age, or (b) the date I Separate from Service.

 

6.       I understand that the following benefits are being provided to me and/or my Beneficiaries under the terms of the Plan:

 

	 	☐	
			A Normal Retirement Benefit of 20% of final average 5 years base salary, paid for lifetime, guaranteed. The benefit will be paid in equal monthly installments beginning the first day of the month following attained Normal Retirement Age 67. (subject to paragraph 9 below if I am determined by the plan administrator to be a Specified Employee).

			

 

	 	☐	
			An Incentive Benefit of up to an additional 20% final average 5 years base salary, paid for lifetime, guaranteed. The incentive payment amount, if any, is determined by the provisions in the incentive formula described in Exhibit A of this Participation Agreement. The formula is based on performance objectives on Return on Equity of the Bank. The Incentive Benefit will be earned in equal increments over the 32 year period from 2016 to 2047 based upon achieving the annual performance objectives described in Exhibit A. As each objective is achieved, one-thirty second (1/32) of the Incentive Benefit will be earned. The benefit amount will be paid in equal monthly installments beginning the first day of the month following attained retirement age 67. (subject to paragraph 9 below if I am determined by the plan administrator to be a Specified Employee). The Normal Retirement Benefit and the Incentive Retirement Benefit are hereinafter collectively referred to as the “Retirement Benefit.”

			

 

 

 

 

	 	☐	
			If My Death Occurs Prior to My Normal Retirement Age, regardless of the employment status of the Participant, the same formula shall apply, and my named beneficiary shall be entitled to 180 monthly Retirement Benefit payments, and they shall be paid to my named beneficiary in 180 equal monthly installments beginning the first day of the third month following my death.

			

 

	 	☐	
			If My Death Occurs After Commencement of Retirement Benefit Payments but prior to my receiving at least 180 such payments due and owing hereunder, the unpaid balance of the payments shall continue to be paid to my Beneficiary for the remainder of the certain payout period of 180 months.

			

 

	 	☐	
			If I Become Disabled (as defined in the Plan) prior to the commencement of Retirement Benefits hereunder I shall be paid my vested Retirement Benefit in approximately equal monthly installments for lifetime with payments commencing at my otherwise Normal Retirement Age 67. If my death occurs after commencement of Retirement Benefit payments hereunder but prior to my receiving at least 180 such payments due and owing hereunder, the unpaid balance of the payments shall continue to be paid to my Beneficiary for the remainder of the certain payout period of 180 months.

			

 

	 	☐	
			If I Separate from Service (as defined in the Plan) prior to my Normal Retirement Date voluntarily, I shall be paid my vested Retirement Benefit in approximately equal monthly installments for lifetime with payments commencing at my otherwise Normal Retirement Age 67.

			

 

	 	☐	
			If a Change in Control (as defined in the Plan) event occurs prior to the commencement of Retirement Benefits hereunder I shall be paid my vested Retirement Benefit in approximately equal monthly installments for lifetime with payments commencing at my otherwise Normal Retirement Age 67. However, notwithstanding anything to the contrary herein, if I am terminated or leave voluntarily within twenty-four months after the Change of Control, payments shall commence the first day of the third month after Separation from Service.

			

 

7.         I understand that I shall become vested in my Retirement Benefit (including both the Normal Retirement Benefit and the Incentive Retirement Benefit) based on the following table: 

 

 

	Years of Plan Participation Percent	 	Percent Vested	 
	Immediate	 	 	20.00	%
	Attained Age 40 	 	 	40.00	%
	Attained Age 50	 	 	60.00	%
	Attained Age 60	 	 	80.00	%
	Attained Age 67	 	 	100.00	%

 

8.         I understand that my vesting will be accelerated following the occurrence of the following events: 

 

	Specified Event  	 	Percent Vested	 
	Attaining a Specified Age of  (67)	 	 	100.00	%
	Change in Control	 	 	100.00	%
	Death while remaining employed with Plan Sponsor	 	 	100.00	%
	Disability	 	70.00% or Retirement Benefit Amount vested if greater.	 

   

 

 

 

          

9.    I understand that my “Benefit Eligibility Date” shall be defined as the later of: (i) the first day of the month following the month in which I reach my Normal Retirement Age 67, or (ii) the first day following the month in which I Separate from Service with the Plan Sponsor. Notwithstanding the as defined in the Plan, the first six (6) months benefit payments (if payments are scheduled to be made in installments) shall be delayed, aggregated, and paid commencing on the first day of the seventh month following my Separation from Service, after which all installment payments shall be made on their regular schedule. Notwithstanding anything to the contrary herein, in the event of disability, the Benefit Eligibility Date shall be the first day of the month following the month in which I reach my Normal Retirement Age. In the event of a Change in Control the Benefit Eligibility Date shall be the first day of the third month following my Normal Retirement Date. However, if I am terminated or leave voluntarily within twenty-four (24) months after the Change of Control, payments shall commence the first day of the third month after Separation of Service.

 

10.  I understand that the Plan, this Participation Agreement, and any accompanying forms shall be interpreted in accordance with, and incorporate the terms and conditions required by Section 409A of the Internal Revenue Code of 1986, as amended (together with any Department of Treasury regulations and other interpretive guidance issued thereunder, including, without limitation, any such regulations or other guidance that may be issued after the date hereof, “Section 409A”). I further understand that the Plan Administrator (as defined in the Plan Agreement) may, in its discretion, adopt such amendments to the Plan and any accompanying forms or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the Plan Administrator determines are necessary or appropriate to comply with the requirements of Section 409A. Finally, I understand that the time or form of distributions that I may be allowed to elect (if any) may not be accelerated except as otherwise permitted by Section 409A.

 

 

 

AGREED AND ACCEPTED BY THE PARTICIPANT

 

/S/ Vance W. Adkins                                                 09/20/2016

 

               (Signature of Participant)                                       (Date)

 

AGREED AND ACCEPTED BY THE PLAN SPONSOR

 

 /S/ George B. Cartledge, Jr.                                                  09/20/2016

 

     George B Cartledge, Jr., Chairman                                  (Date)

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