Document:

Exhibit

EXHIBIT 10.76
NON-EMPLOYEE DIRECTORS 
RESTRICTED STOCK AGREEMENT
PURSUANT TO THE
THE ANDERSONS, INC. 2014 LONG-TERM INCENTIVE COMPENSATION PLAN
*  *  *  *  *
Participant:  <participant name>
Grant Date:  <grant date>
Number of Shares of Restricted Stock Granted:  <number of awards granted>
*  *  *  *  *
THIS RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”), dated as of the Grant Date specified above, is entered into by and between The Andersons, Inc., a corporation organized in the State of Ohio (the “Company”), and the Participant specified above, pursuant to the The Andersons, Inc. 2014 Long-Term Incentive Compensation Plan, as in effect and as amended from time to time (the “Plan”), which is administered by the Committee; and
WHEREAS, it has been determined under the Plan that it would be in the best interests of the Company to grant the shares of Restricted Stock provided herein to the Participant.
NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth and for other good and valuable consideration, the parties hereto hereby mutually covenant and agree as follows:
1.Incorporation By Reference; Plan Document Receipt.  This Agreement is subject in all respects to the terms and provisions of the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time unless such amendments are expressly intended not to apply to the Restricted Stock Award provided hereunder), all of which terms and provisions are made a part of and incorporated in this Agreement as if they were each expressly set forth herein.  Any capitalized term not defined in this Agreement shall have the same meaning as is ascribed thereto in the Plan.  The Participant hereby acknowledges receipt of a true copy of the Plan and that the Participant has read the Plan carefully and fully understands its content.  In the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control.
2.Grant of Restricted Stock Award.  The Company hereby grants to the Participant, as of the Grant Date specified above, the number of shares of Restricted Stock specified above.  Except as otherwise provided by the Plan, the Participant agrees and understands that nothing contained in this Agreement provides, or is intended to provide, the Participant with any protection against potential future dilution of the Participant’s interest in the Company for any reason, and no adjustments shall be made for dividends in cash or other property, distributions or other rights in respect of any such shares, except as otherwise specifically provided for in the Plan or this Agreement.  Subject to Section 4 hereof, the Participant shall not have the rights of a stockholder in respect of the shares underlying this Award until unrestricted shares are delivered to the Participant in accordance with Section 4 hereof.

3.Vesting.

(a)Subject to the provisions of Sections 3(b), 3(c), and 3(d) hereof, the Restricted Stock subject to this grant shall become unrestricted and vested as follows:
	
					
	 
	Vesting Date
	 
	Percent of Shares
	 

	 
	March 1, 2017
	 
	100%
	 

There shall be no proportionate or partial vesting in the period prior to the vesting date and all vesting shall occur only on the appropriate vesting date, subject to the Participant’s continued service on the Board on the applicable vesting date.
(b)Certain Terminations Prior to Vesting. The Participant’s right to vest in any of the Restricted Stock shall terminate in full and be immediately forfeited upon the Participant’s Termination for any reason; provided however, that in the event of the Participant’s Termination due to Participant’s death or Disability (each a “Special Termination”), the Restricted Stock shall immediately become unrestricted and vested.
(c)Change in Control Prior to Vesting. The Participant’s right to vest in the Restricted Stock following a Change in Control shall depend on whether the Restricted Stock is assumed, converted or replaced by the continuing entity as follows:
(i)In the event that the Restricted Stock is not assumed, converted, or replaced by the continuing entity following the Change in Control (as determined by the Committee), the Restricted Stock shall immediately become unrestricted and vested.
(ii)In the event that the Restricted Stock is assumed, converted, or replaced by the continuing entity following the Change in Control (as determined by the Committee), the Restricted Stock shall not immediately vest and shall instead continue to vest in accordance with Section 3(a).
(d)Committee Discretion to Accelerate Vesting. Notwithstanding the foregoing, the Committee may, in its sole discretion, provide for accelerated vesting of the Restricted Stock at any time and for any reason.
(e)Forfeiture.  Subject to the Committee’s discretion to accelerate vesting hereunder, all unvested shares of Restricted Stock shall be immediately forfeited upon the Participant’s Termination for any reason other than a Special Termination.
4.Dividends and Other Distributions; Voting. If any dividends or other distributions are paid with respect to the Common Stock of the Company while the Participant holds the Restricted Stock and prior to the time that the Restricted Stock becomes vested in accordance with the terms of this Agreement, the Participant shall be entitled to receive such dividends and other distributions attributable to the Restricted Stock in the form of additional shares of Common Stock, provided that any such dividends or other distributions will be subject to the same vesting requirements as the underlying Restricted Stock.  Additional shares of Common Stock attributable to dividends or other distributions will be issued to the Participant as soon as administratively feasible immediately following the time the Restricted Stock become vested in accordance with the terms of the Agreement, but in no event later than March 15 of the calendar year following the calendar year in which the Restricted Stock became vested.  The amount of such additional shares of Common Stock will be determined by multiplying (i) the total amount of dividends actually paid on a share of Common Stock prior to the date that the Restricted Stock become vested in accordance with the terms of the Agreement, by (ii) the number of shares of Restricted Stock that become vested in accordance with the terms of this Agreement, and then dividing such total by the Fair Market Value of the Common Stock on the last trading day prior to the applicable vesting date, as determined by the Committee. If any dividends or distributions are paid in shares, the shares shall be deposited with the Company and shall be subject to the same restrictions on transferability and forfeitability as the Restricted Stock with respect to which they were paid.  The Participant may exercise full voting rights with respect to the Restricted Stock granted hereunder.

5.Non-Transferability. The shares of Restricted Stock, and any rights and interests with respect thereto, issued under this Agreement and the Plan shall not, prior to vesting, be sold, exchanged, transferred, assigned or otherwise disposed of in any way by the Participant (or any beneficiary of the Participant), other than by testamentary disposition by the Participant or the laws of descent and distribution and other than to the Company as a result of forfeiture of the Restricted Stock as provided herein.  Any attempt to sell, exchange, transfer, assign, pledge, encumber or otherwise dispose of or hypothecate in any way any of the Restricted Stock, or the levy of any execution, attachment or similar legal process upon the Restricted Stock, contrary to the terms and provisions of this Agreement and/or the Plan shall be null and void and without legal force or effect.
6.Governing Law. All questions concerning the construction, validity and interpretation of this Agreement shall be governed by, and construed in accordance with, the laws of the State of Ohio, without regard to the choice of law principles thereof.
7.Section 83(b). If the Participant properly elects (as required by Section 83(b) of the Code) within 30 days after the issuance of the Restricted Stock to include in gross income for federal income tax purposes in the year of issuance the Fair Market Value of such shares of Restricted Stock, the Participant shall pay to the Company or make arrangements satisfactory to the Company to pay to the Company upon such election, any federal, state or local taxes required to be withheld with respect to the Restricted Stock.  If the Participant shall fail to make such payment, the Company shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due to the Participant any federal, state or local taxes of any kind required by law to be withheld with respect to the Restricted Stock, as well as the rights set forth in Section 1 hereof.  The Participant acknowledges that it is the Participant’s sole responsibility, and not the Company’s, to file timely and properly the election under Section 83(b) of the Code and any corresponding provisions of state tax laws if the Participant elects to make such election, and the Participant agrees to timely provide the Company with a copy of any such election.
8.Limited Power of Attorney to Transfer Unvested Shares Upon Termination. In order to facilitate the transfer to the Company of any Shares in which Participant forfeits vesting rights pursuant to the terms of this Agreement, Participant agrees to hereby appoint the Treasurer of the Company Participant’s attorney in fact with full power of substitution, to act for Participant in Participant’s name and place to sell, assign, and transfer Shares of the Company registered in Participant’s name on the books of the Company as represented by the Company’s Registrar and Transfer Agent, in book entry form, and to receive the consideration for the Shares. Such power of attorney is irrevocable and coupled with an interest. By accepting this Agreement, Participant hereby ratifies all acts which Participant’s attorney in fact or the Treasurer of the Company substitute lawfully performs pursuant to the power conferred by this instrument.
9.Entire Agreement; Amendment. This Agreement, together with the Plan and any severance or change in control agreement, contains the entire agreement between the parties hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between the parties relating to such subject matter.  The Committee shall have the right, in its sole discretion, to modify or amend this Agreement from time to time in accordance with and as provided in the Plan.  This Agreement may also be modified or amended by a writing signed by both the Company and the Participant.  The Company shall give written notice to the Participant of any such modification or amendment of this Agreement as soon as practicable after the adoption thereof.
10.Notices. Any notice hereunder by the Participant shall be given to the Company in writing and such notice shall be deemed duly given only upon receipt thereof by the General Counsel, the Head of Human Resources, or any other administrative agent designated by the Committee.  Any notice hereunder by the Company shall be given to the Participant in writing and such notice shall be deemed duly given only upon receipt thereof at such address as the Participant may have on file with the Company.
11.Acceptance. As required by Section 8.2 of the Plan, the Participant may forfeit the Restricted Stock if the Participant does not execute this Agreement within a period of ninety (90) days from the date that the Participant receives this Agreement (or such other period as the Committee shall provide).

12.Transfer of Personal Data. The Participant authorizes, agrees and unambiguously consents to the transmission by the Company (or any Subsidiary) of any personal data information related to the Restricted Stock awarded under this Agreement for legitimate business purposes.  This authorization and consent is freely given by the Participant. 
13.Compliance with Laws. The issuance of the Restricted Stock or unrestricted shares pursuant to this Agreement shall be subject to, and shall comply with, any applicable requirements of any foreign and U.S. federal and state securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act, the Exchange Act and in each case any respective rules and regulations promulgated thereunder) and any other law, rule, regulation or exchange requirement applicable thereto.  The Company shall not be obligated to issue the Restricted Stock or any of the shares pursuant to this Agreement if any such issuance would violate any such requirements.  As a condition to settlement of the Restricted Stock, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate to evidence compliance with any applicable law or regulation.
14.Section 409A.  Notwithstanding anything herein or in the Plan to the contrary, the shares of Restricted Stock are intended to be exempt from the applicable requirements of Section 409A of the Code and shall be limited, construed and interpreted in accordance with such intent.  
15.Binding Agreement; Assignment.  This Agreement shall inure to the benefit of, be binding upon, and be enforceable by the Company and its successors and assigns.  The Participant shall not assign (except in accordance with Section 5 hereof) any part of this Agreement without the prior express written consent of the Company.
16.Headings.  The titles and headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement.
17.Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument.
18.Further Assurances.  Each party hereto shall do and perform (or shall cause to be done and performed) all such further acts and shall execute and deliver all such other agreements, certificates, instruments and documents as either party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan and the consummation of the transactions contemplated thereunder.
19.Severability.  The invalidity or unenforceability of any provisions of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.
20.Acquired Rights.  The Participant acknowledges and agrees that:  (a) the Company may terminate or amend the Plan at any time subject to the limitations contained in the Plan or this Agreement; (b) the grant of Restricted Stock made under this Agreement is completely independent of any other award or grant and is made at the sole discretion of the Company; and (c) no past grants or awards (including, without limitation, the Restricted Stock granted hereunder) give the Participant any right to any grants or awards in the future whatsoever.  
*  *  *  *  *

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

THE ANDERSONS, INC.
By:      
Name: Valerie Blanchett    
Title: Vice President, Human Resources    
Date: March 1, 2016    

PARTICIPANT
Name:  <electronic signature>
Acceptance Date: <acceptance date>Exhibit 10.1

 

 

ASSIGNMENT AND ASSUMPTION AGREEMENT

THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this "Assignment") is entered into on this 6th day of May, 2016 by and among PROGENICS PHARMACEUTICALS, INC., a Delaware corporation ("Assignor") and REGENERON PHARMACEUTICALS, INC., a New York corporation ("Assignee").

RECITALS

Assignor and BMR-Landmark at Eastview LLC ("Landlord") are parties to that certain Amended and Restated Agreement of Lease dated as of October 28, 2009 between Landlord and Assignor for premises at 771 Old Saw Mill River Road, Tarrytown, New York, as amended by that certain First Amendment to Amended and Restated Agreement of Lease dated as of June 1, 2010 between Landlord and Assignor, by that certain Second Amendment to Amended and Restated Agreement of Lease dated as of November 19, 2010 between Landlord and Assignor, that certain Third Amendment to Amended and Restated Lease dated as of January 23, 2012 between Landlord and Assignor, that certain Letter Agreement dated as of February 6, 2012 between Landlord and Assignor, and that certain Fourth Amendment to Amended and Restated Agreement of Lease dated as of May 30, 2013 between Landlord and Assignor, as amended by Subordination, Non-Disturbance and Attornment Agreement dated January 27, 2016 by and among Citigroup Global Markets Realty Corp. (together with its successors and/or assigns, "Citi") and Goldman Sachs Mortgage Company (together with its successors and/or assigns, "GS" and together with Citi, collectively, "Lender"), Assignor, Landlord and Lender (collectively, the "Lease"), with respect to approximately 72,894 square feet of rentable area in the premises at 771 Old Saw Mill River Road, Tarrytown, New York (the "Premises"), located on (a) the first floor of the Building, containing approximately 52,420 square feet of rentable area (the "771 First Floor Premises"), and (b) the lower level of the Building, containing approximately 20,474 square feet of rentable area (the "771 Lower Level Premises", and, together with the 771 First Floor Premises, collectively, the "Premises").  Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Lease.

1.    Assignment.  Subject to the consent of Landlord ("Landlord's Consent"), in consideration of the mutual promises and covenants set forth herein, Assignor hereby assigns and transfers to Assignee, effective as of the Commencement Date (as hereinafter defined) all right, title and interest of Assignee, as Tenant in and to the Lease, and Assignee accepts from Assignor, effective as of the Commencement Date, all right, title, and interest of Assignor in and to the Lease.

2.    Assumption of Lease Obligations.  Assignee hereby assumes and agrees to fulfill, from and after the Commencement Date, all of the terms, covenants, conditions and obligations required to be performed and fulfilled by the Assignor, as Tenant under the Lease, including, without limitation, the making, from and after the Commencement Date, of all payments due or payable on behalf of Tenant under the Lease that first accrue or arise and are due and payable from and after the Commencement Date, as such payments become due and payable.  Assignor and Assignee acknowledge and agree that Assignee is paying no consideration for the assignment of the Lease or the Included Property (as hereinafter defined) other than assuming Assignor's obligations under the Lease as set forth herein.

 

3.    Commencement Date.  Assignor has entered into a lease of space in New York, New York (the "New Progenics Lease") as to which Assignor anticipates the demised premises thereunder (the "New Progenics Headquarters") will be available for occupancy on or about August 1, 2016.  The effective date of this Assignment will be the date (the "Commencement Date") which is the latest to occur of (a) ten (10) days after notice from Assignor to Assignee of the date on which possession of the space under Progenics New Lease is delivered to Assignor, (b) the date vacant, broom clean possession of the Premises is delivered by Assignor to Assignee free of all occupants and tenancies and with the conditions for the occurrence of the Commencement Date under this Assignment satisfied in full, (c) Landlord's consent to this Assignment and (d) Landlord entering into the Modification with Assignee.  Assignor will use commercially reasonable efforts to cause the space under Progenics New Lease to be delivered at the earliest practicable date.  Assignor agrees to give Assignee thirty (30) days' prior notice of its relocation to the space under the Progenics New Lease.

4.    Modification of Certain Lease Terms.   As a condition to the effectiveness of this Assignment, the "Effective Date" under a modification of lease in the form attached hereto as Exhibit A has occurred (the "Modification").

5.    Decommissioning, Etc..  Prior to the Commencement Date (and as a condition thereof), Assignor shall (a) comply with the decommissioning requirements of Section 18 of the Third Amendment of the Lease, (b) decommission the rest of the labs, if any, located in the Premises from a chemical/biological safety perspective (including, without limitation, the cleaning of all lab surfaces, benches, inside cabinets, drawers, hoods and duct work and, if a sink is located in such labs, all sink traps must be swiped and tested during the decommissioning process) and (c) be responsible for all costs and remediation relating to the foregoing.  Promptly upon receipt thereof, Assignor will provide complete copies of all decommissioning reports to Assignee.  Without limiting the generality of Section 2, above, Assignee shall comply with such Section 18 with respect to any use of laboratories in the Premises arising from and after the Commencement Date.  Prior to the Commencement Date (and as a condition thereof) Assignor shall terminate any pending permits related to Assignor's particular operations (as opposed to certificates of occupancy required for the building and similar permits held by Landlord), if any, with respect to the Premises and provide evidence thereof to Assignee or represent and warrant that there are no such permits.  On or prior to the Commencement Date, Assignor, at Assignor's expense, shall remove all signage of Assignor to the condition required under the terms of the Lease (as if the expiration date under the Lease had occurred).  The parties' respective obligations under this Section shall survive the Commencement Date.

6.    Intentionally Omitted.

2

7.    Apportionments.  The following apportionments shall be made between the Assignor and Assignee as of the close of business on the day prior to the Commencement Date and paid on the Commencement Date: Fixed Rent, Tenant's Tax Payment and Tenant's Operating Payment.  Such apportionments shall be made based upon the actual number of days in the calendar month in which the Commencement Date shall occur, with Assignor entitled to a reimbursement for such amounts prepaid and Assignee entitled to payment for any such amounts in arrears owed to Landlord (the net amount of such reimbursement to Assignor or payment to Assignee. the "Apportionment Amount").  The apportionment amount may be paid by good corporate check of the party required to pay same.  Assignee shall, within ten (10) days of receipt, provide a copy of any notices from Landlord (i) adjusting Taxes or Tenant's Tax Payment which relate to Taxes for the Tax Year in which the Commencement Date occurs or (ii) related to an overpayment or underpayment of Taxes with respect to such Tax Year.  To the extent that there is an overpayment of Taxes to Landlord with respect to the Tax Year in which the Commencement Date occurs, the portion of any overpayment attributable to the period prior to the Commencement Date shall be paid by Assignee to Assignor promptly after receipt (whether in cash, by rent credit or otherwise) by Assignee.  To the extent that there is an underpayment of Taxes to Landlord with respect to the Tax Year in which the Commencement Date occurs, the portion of any underpayment attributable to the period prior to the Commencement Date shall be paid by Assignor to Assignee promptly after Assignee's delivery to Assignor of a copy of Landlord's demand therefor.  Assignee shall, within ten (10) days of receipt, provide to Assignor a copy of Landlord's Operating Statement with respect to the Operating Year in which the Commencement Date occurs.   To the extent that there is an overpayment of Tenant's Operating Payments to Landlord with respect to the Operating Year in which the Commencement Date occurs, the portion of any overpayment attributable to the period prior to the Commencement Date shall be paid by Assignee to Assignor promptly after receipt (whether in cash, by rent credit or otherwise) by Assignee.  To the extent that there is an underpayment of Tenant's Operating Payments to Landlord with respect to the Operating Year in which the Commencement Date occurs, the portion of any underpayment attributable to the period prior to the Commencement Date shall be paid by Assignor to Assignee promptly after Assignee's delivery to Assignor of a copy of Landlord's demand therefor.  If Assignee exercises its rights to audit Landlord's Operating Statement pursuant to Section 4.5 of the Lease for the year in which the Commencement Date occurs, Assignee shall promptly notify Assignor thereof.  To the extent that any such audit determines that there has been an overpayment or underpayment, such overpayment or underpayment shall also be apportioned by Assignor and Assignee in accordance with the foregoing provisions.  Any refund of overpayments payable to Assignor or Assignee received by the party not entitled to the same as provided in this Section shall be held in trust by the receiving party until paid to the party entitled to the same as provided in this Section.  The parties' respective obligations under this Section shall survive the Commencement Date.

8.    Assignor Representations.  Assignor hereby represents and warrants to Assignee that:  (i) the copies of the Lease provided to Assignee by Assignor in connection herewith are true accurate and complete copies thereof and that the Lease has not been modified or amended except as set forth herein, (ii) to Assignor's knowledge, neither Assignor nor Landlord is presently in default under the Lease, (iii) Landlord did not give Assignor notice under Section 6.1(c) of the Lease reserving rights to require Assignor to remove alterations in the Premises, (iv) the Fixed Rent due under the Lease as of the date hereof is $1,934,214 per annum, (v) Tenant's Tax Payment under the Lease as of the date hereof is $18,645 per month, (vi) Tenant's Operating Payment under the Lease as of the date hereof is $164,597 per month, (vii) Assignor is the sole occupant of the Premises and the Premises is not subject to any sublease or any other occupancy agreement (written or oral) and (viii) Assignor has not disposed of any radioactive material to drains in violation of applicable law and that there have been no releases of hazardous materials by Assignor at the Premises in violation of applicable law.  The representations and warranties in this Section survive the Commencement Date but only as to claims thereon as to which the party claiming a breach thereof notifies the other party in writing prior to the one year anniversary of the Commencement Date.

3

9.    Entire Agreement.  All understandings and agreements heretofore had between Assignor and Assignee with respect to the Premises are merged in this Assignment, which alone fully and completely expresses the agreement of the parties.  Assignee acknowledges that it has inspected the Premises and that it accepts the same in its "as is" condition subject to use, ordinary wear and tear and natural deterioration and Assignor satisfying its obligations under Section 5 hereof.  Assignee further acknowledges that, except as expressly provided in this Assignment, neither Assignor nor any agent or representative of Assignor has made, and Assignor is not liable for or bound in any manner by, any express or implied warranties, guaranties, promises, statements, inducements, representations or information pertaining to the Premises.

 

10.    Personal Property.  The items of personal property and equipment of Assignor present in, or used in connection with, the Premises (the "FF&E") listed on Exhibit B attached hereto together with the FF&E in the locations within the Premises which are noted as "keep" on Exhibit C attached hereto (all of the foregoing, the "Included Property") will be left in the Premises on the Commencement Date and is hereby conveyed to Assignee as of the Commencement Date in "as‐is" condition.  Assignor represents and warrants that it is the sole owner of the Included Property and that the Included Property is not subject to any liens or encumbrances.  Assignor shall, on or prior to the Commencement Date (and as a condition thereof), remove all other personal property on the Premises and repair any damage to the Premises or the Building caused by such removal, which obligation shall survive the Commencement Date, provided that (i) representatives of Assignor and Assignee shall jointly do a "walk‐through" of the Premises after such personal property has been removed by Assignee in order to identify any such damage and (ii) either (x) Assignor and Assignee execute and deliver a written statement describing such damage or (y) Assignee notifies Assignor of any such damage no later than five (5) Business Days after such joint walk‐through.  On the Commencement Date Assignor shall deliver to Assignee a Bill of Sale in the form of Exhibit D attached hereto with respect to the Included Property.

11.    Indemnification.  Assignor hereby indemnifies Assignee from and against any loss, cost or expense, including attorney fees and court costs relating from the failure of the Assignor to fulfill the obligations of tenant under the Lease accruing prior to the Commencement Date.  Assignee hereby indemnifies Assignor from and against any loss, cost or expense, including attorney fees and court costs relating from the failure of the Assignor to fulfill the obligations of tenant under the Lease accruing from and after the Commencement Date.

4

12.    Intentionally Omitted.

13.    Outside Date.  If the Commencement Date has not occurred by February 1, 2017 for any reason whatsoever, Assignee shall have the right to terminate this Assignment without cost or expense upon notice exercising such right to terminate (a "Termination Notice") to Assignee and Landlord, provided that, if the conditions to the Commencement Date are satisfied prior to Assignee's delivery of at Termination Notice to Assignor, the aforesaid termination right shall be null and void.

14.    Remedies.  Assignor and Assignee agree that each shall be entitled to specific performance of the obligations of the other hereunder, provided that same shall be non-exclusive and each party shall have all remedies available at law or in equity with respect to a breach of this Assignment by the other.

15.    Brokers.  Assignor and Assignee acknowledge that this Assignment was brought about by direct negotiation between Assignor and Assignee and that neither Assignor nor Assignee knows of any broker entitled to a commission in connection with this transaction.  Assignor and Assignee shall indemnify and defend each other against any costs, claims or expenses, including attorneys' fees, arising out of the breach on their respective parts of any representations, warranties or agreements contained in this Section.

16.    Notices. All notices, requests, demands or other communications required or permitted under this Assignment shall be in writing and delivered personally or by certified mail, return receipt requested, postage prepaid, or by overnight courier (such as Federal Express), addressed as follows below.  All notices given in accordance with the terms hereof shall be deemed given when received or upon refusal of delivery.  Either party hereto may change the address for receiving notices, requests, demands or other communication by notice sent in accordance with the terms of this Section.

If to Assignor:

Progenics Pharmaceuticals, Inc.

777 Old Saw Mill River Road

Tarrytown, New York 10591

Attention:                          Head of Operations

with a copy to:

Schiff Hardin LLP

666 Fifth Avenue, 17th Floor

New York, New York 10103

Attention:                          Paul G. Mackey, Esq.

5

 

If to Assignor (after the Commencement Date):

Progenics Pharmaceuticals, Inc.

One World Trade Center, 47th Floor

New York, New York 10007

Attention:                          Head of Operations

with a copy to:

Schiff Hardin LLP

666 Fifth Avenue, 17th Floor

New York, New York 10103

Attention:                          Paul G. Mackey, Esq.

If to Assignee:

Regeneron Pharmaceuticals, Inc.

777 Old Saw Mill River Road

Tarrytown, New York 10591

Attention:                          General Counsel

with a copy to:

Regeneron Pharmaceuticals, Inc.

777 Old Saw Mill River Road

Tarrytown, New York 10591

Attention:                          Vice President Facilities

and to:

Skadden, Arps, Slate, Meagher & Flom LLP

4 Times Square

New York, New York 10036

Attention:                          Neil L. Rock, Esq.

If to Landlord:

BMR-Landmark at Eastview LLC

17190 Bernardo Center Drive

San Diego, California 92128

Attention:                          Vice President, Real Estate Counsel

17.    Successors and Assigns.  Neither party may assign this Assignment without the prior written consent of the other, and of Landlord.  This Assignment shall be binding on and inure to the benefit of the parties hereto, their heirs, executors, administrators, successors and assigns.

6

18.    Survival.   The occurrence of the Commencement Date shall be deemed the full performance and discharge of every obligation on the part of Assignor to be performed hereunder, except for those obligations of Assignor which are expressly stated in this Assignment to survive the Closing.

 

19.    Governing Law.  This Assignment shall be governed by and construed in accordance with the laws of the State of New York.

20.    Authority.  Each person signing hereunder warrants that they have the capacity and the authority to sign this Assignment on behalf of the respective person or entity which is being represented.

21.    Counterparts.   This Assignment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original but all of which, taken together, shall constitute one and the same instrument.  Any signature page that is faxed or transmitted electronically shall be effective as an original signature page.  Any signature page to any counterpart may be detached from such counterpart without impairing the legal effect of the signatures thereon and thereafter attached to another counterpart identical thereto except having attached to it additional signature pages.

[Remainder of page intentionally left blank]

7

IN WITNESS WHEREOF, this Assignment has been duly executed and delivered by the parties hereto as of the day and year first above written.

PROGENICS PHARMACEUTICALS, 

INC., a Delaware corporation

By /s/ Mark R. Baker                                                                                    

     Name: Mark R. Baker

     Title: Chief Executive Officer

REGENERON PHARMACEUTICALS, 

INC., a New York corporation

By /s/ Robert E. Landry                                                                                    

     Name: Robert E. Landry            

     Title: SVP. Finance & CFO

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00258-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00258-of-00352.parquet"}]]