Document:

GALE-2013.12.31-EX4.9

 

REGISTRATION RIGHTS AGREEMENT
THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), is made and entered into as of January 12, 2014, by and among the members of Mills Pharmaceuticals, LLC, a Delaware limited liability company (the “Company”), as identified on the signature pages attached to this Agreement (each such party, an  “Owner” and collectively, the “Owners”), and Galena Biopharma, Inc., a Delaware corporation (“Buyer”).  The Owners and Buyer may be referred to individually as a “Party” and collectively as the “Parties.   Capitalized terms used but not defined in this Agreement shall have the meanings provided in that certain Unit Purchase Agreement (the “Purchase Agreement”) by and among the Parties hereto and the Company and dated as of the date hereof.
WHEREAS, the Parties have entered into the Purchase Agreement, pursuant to which Buyer is acquiring from the Owners all of the issued and outstanding membership interests of the Company (the “Units”);
WHEREAS, in partial consideration for the Units acquired by Buyer under the Purchase Agreement, Buyer has agreed to issue shares of its Common Stock upon achievement of the First Milestone and upon achievement of the Second Milestone (collectively, the “Shares”); and
WHEREAS, Buyer has agreed to provide certain registration rights to the Owners with respect to any Shares issued under the Purchase Agreement.
NOW, THEREFORE, in consideration of the mutual representations, warranties, covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Buyer and the Owners agree as follows: 
1.Definitions.  As used in this Agreement, the following terms shall have the respective meanings set forth in this Section 1:
“Commission” means the United States Securities and Exchange Commission. 
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Excluded Form” means a Form S-4 or Form S-8, pursuant to the Securities Act or any similar or successor form then in effect.
“Majority in Interest” means Owners holding a majority of the Registrable Securities.
“Register, registered and registration” means a registration effected by preparing and filing a registration statement on a form approved by the Commission other than an Excluded Form in compliance with the Securities Act and the declaration of effectiveness ordering the effectiveness of such registration statement.
“Registrable Securities” means the Shares and all shares of Common Stock issued or issuable in respect of the Shares by virtue of any stock split, stock dividend, recapitalization or similar event, excluding shares which have been (a) registered under the Securities Act pursuant to an effective registration statement filed thereunder and disposed of in accordance 

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with the registration statement covering them or (b) publicly sold pursuant to Rule 144 promulgated under the Securities Act. 
“Registration Expenses” shall have the meaning set forth in Section 5.
“Securities Act” means the Securities Act of 1933, as amended. 
“Staff” means the staff of the Commission’s Division of Corporation Finance.
“Violation” shall have the meaning set forth in Section 6(a).
2.    Registration.
(a)    Subject to the terms, conditions and limitations set forth herein, Buyer shall use commercially reasonable efforts to file with the Commission within 90 days following the date of this Agreement (the “Initial Filing Date”), and thereafter use its commercially reasonable efforts to cause to be declared effective no later than the earlier of (i) 180 days following the date of this Agreement and (ii) the date on which the First Milestone is achieved (such applicable date, the “Initial Effective Date”) a registration statement (the “Initial Registration Statement”) on an appropriate form under the Securities Act relating to the offer and sale of the maximum amount of Registrable Securities by the Owners thereof from time to time in accordance with the methods of distribution set forth in the Initial Registration Statement and Rule 415 under the Securities Act (hereinafter, the “Initial Resale Registration”). For purposes of this Section 2(a), to the extent that the Initial Filing Date or the Initial Effective Date falls on a weekend or other date that the Commission is closed, the Initial Filing Date or Effective Date shall be extended to the next day the Commission is open for business.
(b)    If any Registrable Securities are not covered by, or are not permitted by the Commission to be covered by, the Initial Registration Statement or if there is not otherwise then an effective registration statement under the Securities Act covering the resale of the Shares by the Owners, then subject to the terms, conditions and limitations set forth herein, Buyer shall use commercially reasonable efforts to file with the Commission within 21 days following the achievement of each of the First Milestone and Second Milestone (provided that Shares are issued to the Owners in connection with such Milestone Payments), respectively (the “Additional Filing Date”), and thereafter use its commercially reasonable efforts to cause to be declared effective a registration statement (an “Additional Registration Statement,” and together with the Initial Registration Statement, a “Registration Statement”) no later than the earlier of (i) 60 days following the achievement of such applicable milestone and (ii) 3 business days after the Staff tells Buyer the Staff is not, or is done, reviewing the Additional Registration Statement (such applicable date, the “Additional Effective Date”), on an appropriate form under the Securities Act relating to the offer and sale from time to time by the Owners of the Registrable Securities issued in connection with such milestone achievement in accordance with the methods of distribution set forth in the Additional Registration Statement and Rule 415 under the Securities Act (hereinafter, the “Additional Resale Registration” and together with the Initial Resale Registration, a “Resale 

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Registration”). For purposes of this Section 2(b), to the extent that the Additional Filing Date or the Additional Effective Date falls on a weekend or other date that the Commission is closed, the Initial Filing Date or Additional Effective Date shall be extended to the next day the Commission is open for business.  
(c)    If (i) Buyer fails to file a Registration Statement with the Commission on or before the Initial Filing Date or Additional Filing Date, as applicable, (ii) an Additional Registration Statement is not declared effective by the Commission by the applicable Additional Effective Date, (iii) the Owners cannot sell their Registrable Securities under a Registration Statement because the Commission has issued a stop order or taken similar action with respect to such Registration Statement, or (iv) an event described in Section 3(g) hereof occurs and remains uncured for more than five business days (each, an “Event”), then on the date such Event occurs (an “Event Date”) and on each monthly anniversary of each such Event Date (if the applicable Event shall not have been cured by such date) until the applicable Event is cured, Buyer shall pay to each Owner an amount in cash, as liquidated damages and not as a penalty, equal to 1.0% of the aggregate value of the Registrable Securities (based on the Average Closing Price of the Shares when issued) required to be covered by the applicable Registration Statement (the “Subject Shares”). Notwithstanding anything to the contrary contained herein, (A) no liquidated damages shall be payable by Buyer in connection with any Event to the extent the applicable Subject Shares may be resold pursuant to Rule 144 during the Event period, and (B) the maximum payment to an Owner associated with all Events with respect to a Registration Statement in the aggregate shall not exceed 6% of the aggregate value of the Subject Shares as determined in accordance with the Purchase Agreement.
3.    Registration Procedures
If and whenever Buyer is required by the provisions hereof to effect the registration of any Registrable Securities under the Securities Act as provided herein, Buyer shall, as expeditiously as possible:
(a)    prepare and file with the Commission a registration statement with respect to such Registrable Securities and use commercially reasonable efforts to cause such registration statement to become effective within the time described in Section 2 hereof and remain effective until the earlier of (i) the sale of all Registrable Securities covered thereby and (ii) the date upon which the Owners may sell the Registrable Securities pursuant to Rule 144 promulgated under the Securities Act (the “Registration Period”);
(b)    register the resale of the Registrable Securities on Commission Form S-3 (“Form S-3”) or, if Buyer is not eligible to register the resale of the Registrable Securities on Form S-3, then on such other form of registration statement as is available to effect registration of the resale of the Registrable Securities;
(c)    ensure that any registration statement filed with respect to the Registrable Securities (including any amendments or supplements thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state a material 

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fact required to be stated therein, or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, provided that the Owners acknowledge and agree that Buyer will rely on each Owner with respect to information relating to such Owner that has been provided by such Owner to Buyer; 
(d)    prepare and file with the Commission such amendments (including post-effective amendments) and supplements to any registration statement referred to in Section 3(a) hereof and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for the period specified by Section 3(a) hereof and to comply with the provisions of the Securities Act with respect to the sale of all Registrable Securities covered by such registration statement during such period in accordance with the intended methods of disposition by the Holders in such registration statement;
(e)    submit to the Commission, within one (1) business day after Buyer learns that no review of a Registration Statement will be made by Staff or that the Staff has no further comments on any such previously filed Registration Statement, as the case may be, a request for acceleration of effectiveness of the Registration Statement to a time and date not later than the second business day following the submission of such request;
(f)    upon request from any Owner, furnish (including in an electronic form or in written form if requested by an Owner) to such Owner (i) promptly after the same is prepared and filed with the Commission, at least one copy of each Registration Statement and any amendment(s) thereto, including all financial statements and schedules, all documents incorporated therein by reference, all exhibits and each preliminary prospectus, and (ii) upon effectiveness of any such registration statement, at least one copy of the prospectus included in such registration statement and all amendments and supplements thereto (or such other number of copies as such Owner may reasonably request), and (iii) such other documents as such Owner may reasonably request, each as reasonably required by such Owner in order to facilitate the public sale or other disposition of the Registrable Securities covered by such registration statement;
(g)    as promptly as practicable after becoming aware of such event at any time when a prospectus relating to the Registrable Securities is required to be delivered under the Securities Act, (i) notify the Owners of Buyer’s becoming aware that the prospectus included in the related Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing, (ii) prepare a supplement or amendment to such registration statement and corresponding prospectus as required to correct such untrue statement or omission, and (iii) prepare and furnish to each Owner a reasonable number of copies (including in an electronic form or in written form if requested by an Owner) of a prospectus supplemented or amended so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; 

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(h)    notify each Owner, at any time when a prospectus relating thereto is required to be delivered under the Securities Act: (i) when the Registration Statement or any post-effective amendment and supplement thereto has become effective; (ii) of the issuance by the Commission of any stop order or the initiation of proceedings for that purpose (in which event Buyer shall make every effort to obtain the withdrawal of any order suspending effectiveness of the Registration Statement at the earliest possible time or prevent the entry thereof); and (iii) of the receipt by Buyer of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose;
(i)    otherwise use its best efforts to comply with all applicable rules and regulations of the Commission;
(j)    use commercially reasonable efforts to prevent the issuance of any stop order or any other suspension of effectiveness or any Registration Statement and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment and to notify the Owners (and, in the event of an underwritten offering, the managing underwriters) of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose; 
(k)    use its best efforts to cause all such Registrable Securities registered hereunder to be listed on the Nasdaq Capital Market, or such other stock exchange or over-the-counter electronic market system on which the Common Stock is then principally listed or eligible for trading or quotation;  and
(l)    promptly after any registration statement is ordered effective by the Commission, notify Buyer’s transfer agent that a registration statement covering the Registrable Securities has been declared effective by the Commission and instruct Buyer’s transfer agent to remove the restrictive legend on the stock certificates evidencing any Registrable Securities that have been sold pursuant to a Registration Statement and provide, with the cooperation of the Owners, any required legal opinions at Buyer’s sole expense.
4.    Furnish Information.  It shall be a condition precedent to the obligation of Buyer to take any action pursuant to Sections 2 and 3 with respect to the Registrable Securities that the Owners shall furnish to Buyer such information regarding the Owners, the Registrable Securities, and the intended method of disposition of such securities as shall be reasonably required by Buyer to effect the registration of the Registrable Securities.
5.    Registration Expenses.  Buyer shall bear and pay all expenses incurred in connection with any registration, filing or qualification of Registrable Securities with respect to registrations pursuant to this Agreement, including (without limitation) all registration, filing, and qualification fees, printer and accounting fees relating or apportionable thereto (the “Registration Expenses”), but excluding underwriting discounts and commissions relating to Registrable Securities and excluding any professional fees or costs of accounting, financial or legal advisors to the Owners other than the reasonable fees not to exceed an aggregate of $5,000 of a single legal advisor of the 

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Owners to review the Registration Statement(s), any Commission correspondence, and related amendments, supplements or other Commission or Nasdaq filings.
6.    Indemnification.  In the event that any Registrable Securities are included in a registration statement under Section 2:
(a)    To the extent permitted by law, Buyer will indemnify and hold harmless each Owner, any underwriter (as defined in the Securities Act) for the Owners and each person, if any, who controls any Owner or such underwriter within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages, liabilities or expenses (joint or several) which arise out of any failure by Buyer to perform its obligations under this Agreement or to fulfill any covenant or undertaking included in any Registration Statement to which any of them may become subject under the Securities Act, the Exchange Act or any other federal or state law, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (each a “Violation”): (i) any untrue statement or alleged untrue statement of a material fact contained in such Registration Statement, including any preliminary prospectus or final prospectus contained therein or any exhibits, amendments or supplements thereto and all documents filed as a part thereof and information deemed to be a part thereof; (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; or (iii) any violation or alleged violation by Buyer of the Securities Act, the Exchange Act, any other federal or state law or any rule or regulation promulgated under the Securities Act or the Exchange Act in connection with the offering covered by such Registration Statement, and Buyer will pay to the Owner, underwriter or controlling person, as incurred, any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, or action; provided, however, that the indemnity agreement contained in this Section 6(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or expense (or action in respect thereto) if such settlement is effected without the consent of Buyer, which consent shall not be unreasonably withheld or delayed  and that Buyer shall not be liable in any such case for any such loss, claim, damage, liability or action to the extent that it (A) arises out of or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by the Owners, underwriter or controlling person or (B) is directly caused by an Owner’s, underwriter’s or controlling person’s failure to deliver a copy of the registration statement or prospectus, or any amendments or supplements thereto, after Buyer has furnished such Owner, underwriter or controlling person with a sufficient number of copies of the same. 
(b)    To the extent permitted by law, each Owner will indemnify and hold harmless, severally and not jointly, Buyer, each of its directors, each of its officers, each person, if any, who controls Buyer within the meaning of the Securities Act, any underwriter, any other holder selling securities in such Registration Statement and any controlling person of any such underwriter or other holder, against any losses, claims, damages, or liabilities (joint or 

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several) to which any of the foregoing persons may become subject, under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages liabilities or expenses (or actions in respect thereto) arise out of or are based upon any Violation by an Owner, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Owner expressly for use in connection with such registration; and such Owner will pay, as incurred, any legal or other expenses reasonably incurred by any person intended to be indemnified pursuant to this Section 6(b), in connection with investigating or defending any such loss, claim, damage, liability, or expense (or action in respect thereto); provided, however, that the indemnity agreement contained in this Section 6(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or expense (or action in respect thereto) if such settlement is effected without the consent of such Owner, which consent shall not be unreasonably withheld or delayed; provided, further, that, in no event shall such Owner be liable for any indemnification obligation under this Section 6(b) in excess of the aggregate amount of net proceeds received by such Owner from the sale of its Registrable Securities pursuant to the applicable Registration Statement.
(c)    Promptly after receipt by an indemnified party under this Section 6 of notice of the commencement of any action (including any governmental action), such indemnified party shall, if a claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly notified, to assume the defense thereof with counsel selected by the indemnifying party and approved by the indemnified party (whose approval shall not be unreasonably withheld or delayed); provided, however, that an indemnified party (together with all other indemnified parties which may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding.  The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 6, expect to the extent that the indemnifying party has been materially prejudiced.
(d)    If the indemnification provided for in this Section 6 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense (or action in respect thereto) referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense (or action in respect thereto) in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the Violation(s) that resulted in such loss, liability, claim, damage or expense (or action in respect thereto) as well as any other relevant 

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equitable considerations.  The relative fault of the indemnifying party and of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the alleged omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission.  
(e)    The indemnity and contribution provisions contained in this Section 6 shall remain operative and in full force regardless of (i) the termination of this Agreement and (ii) the sale of Registrable Securities pursuant to any registration statement.  No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified party, consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 
7.    Rule 144 Reporting.  With a view to making available to the Owners the benefits of Rule 144 and any other rule or regulation of the Commission that may at any time permit the Owners to sell securities of Buyer to the public without registration or pursuant to a registration statement, Buyer agrees to: 
(a)    make and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act; 
(b)    file with the Commission in a timely manner all reports and other documents required of Buyer under the Securities Act and the Exchange Act; and 
(c)    furnish to each Owner, so long as such Owner owns any Registrable Securities, forthwith upon request (i) a written statement by Buyer as to its compliance with the reporting requirements the Exchange Act, (ii) a copy of the most recent annual or quarterly report of Buyer and such other reports and documents so filed by Buyer with the Commission, (iii) a legal opinion with respect to resale under Rule 144, if required by the Buyer or its transfer agent, and (iv) such other information as may be reasonably requested in availing the Owner of any rule or regulation of the Commission which permits the selling of any such securities without registration or pursuant to such form; provided, however, that Buyer shall have no obligation to furnish any report or other document filed with the Commission via the Commission’s EDGAR system.
8.    Permitted Transferees.  Except to the extent the Purchase Agreement permits an Owner to transfer its right to receive Shares, the rights of the Owners with respect to Registrable Securities as set out herein shall not be transferable to any other Person, and any attempted transfer by and Owner in contravention of the terms of this Agreement shall cause all rights of such Owner therein to be forfeited.  
9.    Termination of Registration Rights. Buyer’s obligation to file or obtain and maintain the effectiveness of any Registration Statement shall terminate as to any Registrable Securities to the extent such Registrable Securities held by a given Owner may immediately be sold under Rule 

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144 (or any successor rule thereto) of the Securities Act, but shall continue with respect to all other Registrable Securities that may not be immediately sold under Rule 144.  Further, this Agreement shall automatically terminate upon the effective time of a merger, consolidation, tender offer or other similar business combination transaction pursuant to which all of the outstanding shares of Buyer Common Stock are purchased or otherwise acquired by a third party pursuant to such merger, consolidation, tender offer or other business combination transaction.
10.    Miscellaneous
(a)    This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by any other Person.  Buyer may not assign its rights or obligations hereunder without the prior written consent of a Majority in Interest.  Owner may assign its rights and obligations in the manner permitted hereunder.
(b)    All notices, requests and other communications under this Agreement shall be in writing, and shall be sufficiently given if delivered to the addressees in person or by recognized overnight courier, mailed by certified or registered mail, return receipt requested, or by facsimile or e-mail delivery followed by a copy sent by recognized overnight delivery, as follows:  
		
	If to Buyer:
	Galena Biopharma, Inc.

4640 SW Macadam, Ste. 270
Portland, OR 97239
Facsimile: (855) 883-7422
Attn: President & CEO
Email: mahn@galenabiopharma.com

		
	With a copy to:
	Fredrikson & Byron, P.A.

200 South Sixth Street
Suite 4000
Minneapolis, Minnesota  55402
Attn:  Christopher J. Melsha, Esq.

		
	If to the Owners:
	To the address set forth with each Owner’s name on the signature pages attached hereto.

		
	With a copy to:
	Wyrick Robbins Yates & Ponton LLP

4101 Lake Boone Trail, Suite 300
Raleigh, North Carolina 27607
Attn:  Thomas A. Allen, Esq
The parties may designate such other addresses in writing hereafter in the same manner as notice is to be given under this Section 10(b).

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(c)    This Agreement shall be governed by, and construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law rules of such state.  
(d)    THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER THIS AGREEMENT.  
(e)    This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.  
(f)    If any provision of this Agreement is held by a court of competent jurisdiction or other authority to be invalid or unenforceable, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement, and the parties shall negotiate in good faith to modify this Agreement and to preserve each party’s anticipated benefits under this Agreement.  
(g)    The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.
(h)    This Agreement may not be amended or modified, and no provision hereof may be waived, without the written consent of Buyer and a Majority in Interest.  
(i)    The failure of any party hereto to exercise any right or remedy under this Agreement or otherwise, or delay by any party hereto in exercising such right or remedy, shall not operate as a waiver thereof.
(j)    Each party agrees to execute such other documents, instruments, agreements and consents, and take such other actions as may be reasonable requested by the other parties hereto to effectuate the purposes of this Agreement.
(k)    This Agreement contains the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; 
SIGNATURE PAGE TO FOLLOW]

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IN WITNESS WHEREOF, the undersigned has executed this Registration Rights Agreement as of the date first written above.
Buyer:

GALENA BIOPHARMA, INC.

By:  /s/ Mark J. Ahn         
Name:    Mark J. Ahn, Ph.D.
Title:      

Owners:

/s/ Peter Barber        
Name:    Peter H. Barber
Address:
 

/s/ Daniel DiPietro            
Name:    Daniel DiPietro
Address:
 

/s/ John Liatos                
Name:    John Liatos
Address:
 

/s/ Matthew G. Wyckoff            
Name:    Matthew G. Wyckoff, M.D.
Address:
 

/s/ Paul Glidden                
Name:    Paul Glidden
Address:
 

26951067        Registration Rights Agreement
-  .GALE-2013.12.31-EX10.2

Exhibit 10.2

EMPLOYMENT AGREEMENT
This Employment Agreement (this “Agreement”) is made and entered into as of November, 7, 2013 (the “Effective Date”) by and between Galena Biopharma, Inc., a Delaware corporation (the “Company”, or “Employer”), and Brian L. Hamilton, M.D., Ph.D. an individual and resident of the State of (Massachusetts).

WHEREAS, Employer and Employee desire to enter into an employment agreement under which Employee shall serve on a full-time basis as the Company’s Executive Vice  President and Chief Medical Officer on the terms set forth in this Agreement, with the term of this Agreement to commence on the Effective Date.
NOW, THEREFORE, upon the above premises, and in consideration of the mutual covenants and agreements hereinafter contained, the parties hereto agree as follows.
1.Engagement.  Effective as of the Effective Date, Employer shall employ Employee, and Employee shall serve, as the Company’s Executive Vice President and Chief Medical Officer.  Employee understands that his duties as Executive Vice President and Chief Medical Officer may change from time to time during the Term (as herewith defined) in the discretion of Employer’s Board of Directors (hereinafter the “Board”), but such duties shall be consistent with the duties customarily assigned to the Executive Vice President and Chief Medical Officer of a company substantially comparable as of the Effective Date to Employer. As a condition to the Employee’s employment by the Employer, Employee and Employer shall execute the Employee Confidentiality, Non-Competition, and Proprietary Information Agreement, attached hereto as Exhibit 1 and made a part hereof (the “Confidentiality Agreement”).
2.    Duties.  Employee shall perform faithfully, diligently and to the best of his ability all duties assigned to him by the Board.  Employee shall perform the services contemplated under this Agreement in accordance with the policies established by and under the direction of the Board.  Employee shall have such corporate power and authority as shall reasonably be required to enable him to discharge his duties under this Agreement.  Employee’s services hereunder shall be rendered at Employee’s home office in 35 Gatehouse Drive Waltham, MA 02451, except for travel to the Company’s offices and elsewhere when and as required in the performance of Employee’s duties hereunder.
3.    Time and Efforts.  Employee shall devote all of his business time, efforts, attention and energies to Employer’s business and the discharge of his duties hereunder.  Notwithstanding the foregoing, except as otherwise agreed to in writing, Employee shall have the right to perform such incidental services as are necessary in connection with (a) his private, passive investments, (b) charitable or community activities, (c) participation in trade or professional organizations and (d) service on the board of directors (or comparable body) of not more than one third-party entity or organization that does not compete with the Company Business (as defined in the Confidentiality Agreement), so long as the foregoing do not interfere 

	
			
	 
	 
	 

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materially with Employee’s performance of his duties hereunder as determined in good faith by the Board or the President and Chief Executive Officer of the Company
4.    Term.  Employee’s employment shall commence on the Effective Date and shall terminate on November, 7, 2016 (the “Term”), unless sooner terminated in accordance with Section 6.  Notwithstanding any other provision of this Agreement, following the expiration of the Term, Employee’s employment shall continue on the terms and provisions hereof on an “at will” basis; as such, Employee’s employment may be terminated by Employer for any reason at any time upon written notice to Employee, or by Employee for any reason at any time upon not less than 30 days’ prior written notice to Employer, subject to Section 6.2(b) of this Agreement.
5.    Compensation.  As the total consideration for Employee’s services rendered under this Agreement, Employer shall pay or provide Employee the following compensation and benefits:
5.1    Salary.  Employee shall initially be entitled to receive an annual base salary of $385,000 (hereinafter the “Base Salary”), payable in accordance with the usual payroll practices of Employer as established from time to time.
5.2    Bonus.  Employee shall receive a one-time sign on bonus of $50,000.
5.3    Discretionary Bonus.  Employee shall be eligible to receive during each calendar year, commencing in 2014, an annual target performance bonus of 30% of base salary, the determination of the amount of any annual performance bonus earned by Employee to be made by the Board upon the recommendation of the Compensation Committee of the Board and in its sole discretion.
5.4    Stock Option.  As soon as practicable on or after the Effective Date, the Company shall grant Employee under the Company’s Amended and Restated 2007 Incentive Plan (the “Plan”) a stock option (“Option”) to purchase 300,000 shares of the Company’s common stock.  The Option shall vest in equal quarterly installments over three years beginning on the first quarterly anniversary of the Effective Date, provided, in each case, that Employee remains in the continuous employ of Employer through such quarterly anniversary date.  The Option shall (a) be exercisable at an exercise price per share equal to the closing market price of the Company common stock on the date of the grant, (b) have a term of ten years, and (c) be on such other terms as shall be determined by the Board (or the Compensation Committee of the Board) and set forth in a customary form of stock option agreement under the Plan evidencing the Option.
5.5    Expense Reimbursement.  Employer shall reimburse Employee for reasonable business expenses incurred by Employee in connection with the performance of Employee’s duties in accordance with Employer’s usual practices and policies in effect from time to time Any reimbursements hereunder shall be paid to Employee in accordance with the Company’s expense reimbursement policies and procedures from time to time in effect.

	
			
	 
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5.6    Vacation.  Employee shall be entitled to 20 days of paid “time off’ (vacation days plus sick time/personal time) for each full calendar year in accordance with the Company’s policies from time to time in effect, in addition to holidays observed by the Company (for partial calendar years, the Employee’s paid time off’ will be pro-rated).  Paid time off may be taken at such times and intervals as the Employee shall determine, subject to the business needs of the Company, and otherwise shall be subject to the policies of the Company, as in effect from time to time.  The number of paid “time off’ days will accrue per pay period and will stop accruing once 20 days have been reached.
5.7    Employee Benefits.  The Company shall provide Employee and his dependents, if any, with coverage under any and all medical, dental and vision plans and other benefit programs available generally to the Company’s senior executives and their dependents, to the extent Employee and his dependents satisfy the applicable eligibility requirements, and the Company shall pay, directly or indirectly, the premiums associated with any such medical plans to the same extent the Company pays such premiums for other senior executives of the Company.  Employee shall be eligible to participate in any medical insurance and other employee benefits made available generally by Employer to all senior executives under Employer’s plans and employment policies in effect during the Term. Employee acknowledges and agrees that, any such plans or policies now or hereafter in effect may be modified or terminated by Employer at any time in its discretion.
5.8    Payroll Taxes.  Employer shall have the right to deduct from the compensation and benefits due to Employee hereunder any and all sums required for social security and withholding taxes and for any other federal, state, or local tax or charge which may be in effect or hereafter enacted or required as a charge on the compensation or benefits of Employee.
6.    Termination.  This Agreement and Employee’s employment may be terminated as set forth in the Section 6.
6.1    Termination by Employer for Cause; Termination by Employee.  Employer may terminate Employee’s employment hereunder for “Cause” upon notice to Employee, and Employee may terminate his employment hereunder, for any reason or no reason, upon notice to Employer.  “Cause” for the purpose of this Agreement shall mean any of the following:
(a)    Employee’s breach of any material term of this Agreement, including its Exhibits; provided that the first occasion of any particular breach shall not constitute Cause unless Employee shall have previously received written notice from Employer stating the nature of such breach and affording Employee at least ten (10) days to correct such breach;
(b)    Employee s conviction of, or plea of guilty or nolo contendere to, any felony or other crime of moral turpitude;

	
			
	 
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(c)    Employee’s act of fraud or dishonesty injurious to Employer or its reputation;
(d)    Employee s continual failure or refusal to perform his material duties as required under this Agreement after written notice from Employer stating the nature of such failure or refusal and affording Employee at least ten (10) days to correct the same;
(e)    Employee’s act or omission that, in the reasonable determination of Employer’s Board (or a Committee of the Board), indicates alcohol or drug abuse by Employee; or
(f)    Employee’s act or personal conduct that, in the judgment of the Board (or a Committee of the Board), gives rise to a material risk of liability of Employee or Employer under federal or applicable state law for discrimination, or sexual or other forms of harassment, or other similar liabilities to subordinate employees.
Upon termination of Employee’s employment by Employer for Cause or by Employee for any reason, all compensation and benefits to Employee hereunder shall cease except that Employee shall be entitled to payment, not later than three days after the date of termination, of (i) any accrued but unpaid salary and unused paid time off (only as accrued during the then-current year of employment, and (ii) reimbursement of business expenses accrued but unpaid as of the date of termination. In addition, Employer’s indemnification obligations shall remain in effect in accordance with the terms thereof.
6.2    Termination by Employer without Cause.  Employer may also terminate Employee’s employment without Cause; provided, however, that Employer shall remain obligated to continue paying in accordance with Section 5.1 Employee’s Base Salary at the time of termination for a period of six months following the termination.  Upon any termination pursuant to this Section 6.2, Employee shall, not later than three days after the date of termination, be entitled to payment of any unused vacation time (only as accrued as of the date of such termination as provided in this Agreement and in accordance with applicable law) and reimbursement of business expenses accrued but unpaid as of the date of termination.  If, in the event of a change of control of Employer during the Term, the compensation, benefits, title or duties of Employee under this Agreement are reduced.  Employee shall be considered terminated by Employer without Cause, with all of the benefits and payments due Employee as set forth in this Section 6.2.
7.    Equitable Remedies; Injunctive Relief.  Employee hereby acknowledges and agrees that monetary damages are inadequate to fully compensate Employer for the damages that would result from a breach or threatened breach of any of the provisions of the Confidentiality Agreement and, accordingly, that Employer shall be entitled to equitable remedies, including, without limitation, specific performance, temporary restraining orders, and preliminary injunctions and permanent injunctions, to enforce the Confidentiality Agreement without the necessity of proving actual damages in connection therewith. The provision shall not, however, 

	
			
	 
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diminish Employer’s right to claim and recover damages or enforce any other of its legal or equitable rights or defenses.
8.    Indemnification.  Employer and Employee acknowledge that, as the Executive Vice President and Chief Medical Officer, Employee shall be a corporate officer of Employer and, as such, Employee shall be entitled to indemnification to the full extent mandated by Employer to its officers under the Employer’s Amended and Restated Certificate of Incorporation and Amended and Restated By-laws as in effect as of the date of this Agreement.
9.    Severable Provisions.  The provisions of this Agreement are severable and if any one or more provisions is determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions, and any partially unenforceable provisions to the extent enforceable, shall nevertheless be binding and enforceable.
10.    Successors and Assigns.  This Agreement shall inure to the benefit of and shall be binding upon and enforceable by the parties and their respective successors, assigns, heirs and representatives; provided, however, that neither party may assign this Agreement without the prior written consent of the other party; and, provided further, that this Agreement may be assigned by the Company to a successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of Employer, and Employee shall cause any such successor to assume expressly and agree to perform this Agreement in the same manner and to the same extent that Employer would have been required to perform it.
11.    Entire Agreement.  This Agreement, including the Confidentiality Agreement, contains the entire agreement of the parties relating to the subject matter hereof, and the parties hereto have made no agreements, representations or warranties relating to the subject matter of this Agreement that are not set forth otherwise therein or herein.  Except as expressly provided herein, this Agreement (including the Confidentiality Agreement) supersedes any and all prior or contemporaneous agreements, written or oral, between Employee and Employer relating to the subject matter hereof.
12.    Amendment.  No modification of this Agreement shall be valid unless made in writing, approved by the Board (or a committee of the Board) and signed by the parties hereto and unless such writing is made by an executive officer of Employer (other than Employee).  The parties hereto agree that in no event shall an oral modification of this Agreement be enforceable or valid.
13.    Governing Law: Arbitration.  This Agreement is and shall be governed and construed in accordance with the laws of the State of Delaware without giving effect to the choice-of-law rules of Delaware.  Except to the extent a remedy is sought as described in Section 7, above, any dispute arising out of, or relating to, this Agreement or the breach thereof, or regarding the interpretation thereof, shall be exclusively decided by binding arbitration conducted in Portland, Oregon in accordance with the rules of the American Arbitration 

	
			
	 
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Association (the “AAA”) then in effect before a single arbitrator appointed in accordance with such rules.  Judgment upon any award rendered therein may be entered and enforcement obtained thereon in any court having jurisdiction.  Each of the parties agrees that service of process in such arbitration proceedings shall be satisfactorily made upon it if sent by registered mail addressed to it at the address referred to in Section 14, below.  The costs of such arbitration shall be borne proportionate to the finding of fault as determined by the arbitrator. Judgment on the arbitration award may be entered by any court of competent jurisdiction.
14.    Notice.  All notices and other communications under this Agreement shall be in writing and mailed, electronically mailed, telecopied (in case of notice to Employer only) or delivered by hand or by a nationally recognized courier service guaranteeing overnight delivery to a party at the following:
If to Employer:
Galena Biopharma, Inc. 
Attention: Chief Executive Officer 
4640 Macadam Avenue, Suite 270 
Lake Oswego, Oregon 97239 
Phone: 503-961-4466
If to Employee:
Through the Company e-mail rdunlap@galenabiopharma.com, or if Employee shall not longer be employed:
_____________________ 
_____________________ 
_____________________
15.    Survival.  Sections 7 through 16 shall survive the expiration or termination of this Agreement.
16.    Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same agreement.
17.    Attorney’s Fees.  In any action or proceeding to construe or enforce any provision of this Agreement the prevailing party shall be entitled to recover its or his reasonable attorneys’ fees and other costs of suit in addition to any other recoveries.
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IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.
	
		
	 
	EMPLOYER

	 
	 

	 
	Galena Biopharma, Inc.

	 
	 

	 
	 

	 
	By:  /s/ Mark J. Ahn

	 
	   Mark J. Ahn, Ph.D.

	 
	   President and Chief Executive Officer

	 
	 

	 
	 

	 
	EMPLOYEE

	 
	 

	 
	 

	 
	By:  /s/ Brian L. Hamilton

	 
	Brian L. Hamilton, M.D., Ph.D.

	 
	 

	
			
	 
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Exhibit 1 
Galena Biopharma, Inc.

EMPLOYEE CONFIDENTIALITY, NON-COMPETITION, AND 
PROPRIETARY INFORMATION AGREEMENT
AGREEMENT, effective as of 11, 7, 2013, between Galena Biopharma, Inc., a Delaware corporation (the “Company”), and Brian L. Hamilton, M.D., Ph.D. the “Employee”).
1.Employee will make full and prompt disclosure to the Company of all inventions, improvements, modifications, discoveries, methods, technologies, biological materials, and developments, and all other materials, items, techniques, and ideas related directly or indirectly to the business of the Company, whether patentable or not, made or conceived by Employee or under Employee’s direction during Employee’s employment with the Company, whether or not made or conceived during normal working hours, or on the premises of the Company (all of which are collectively termed “Intellectual Property” hereinafter).
2.    Employee agrees that all Intellectual Property, as defined above, shall be the sole property of the Company and its assigns, and the Company and its assigns shall be the sole owner of all patents and other rights in connection therewith. Employee hereby assigns to the Company any rights Employee may have or acquire in all Intellectual Property and all related patents, copyrights, trademarks, trade names, and other industrial and intellectual property rights and applications therefore, in the United States and elsewhere. Employee further agrees that with regard to all future developments of Intellectual Property, Employee will assist the Company in every way that may be reasonably required by the Company (and at the Company’s expense) to obtain and, from time to time, enforce patents on Intellectual Property in any and all countries that the Company may require, and to that end, Employee will execute all documents reasonably necessary for use in applying for and obtaining such patents thereon and enforcing the same, as the Company may desire, together with any assignment thereof to the Company or persons designated by the Company, and Employee hereby appoints the Company as Employee’s attorney to execute and deliver any such documents or assignments requested by the Company (but only for the purpose of executing and filing any such document). Employee’s obligation to assist the Company in obtaining and enforcing patents for Intellectual Property in any and all countries shall continue beyond the termination of Employee’s employment with the Company, but the Company shall compensate Employee at a reasonable, standard hourly rate following such termination for time directly spent by Employee at the Company’s request for such assistance.
3.    Employee hereby represents that Employee has no continuing obligation to assign to any former employer or any other person, corporation, institution, or firm any Intellectual Property as described above. Employee represents that Employee’s performance of all the terms of the Agreement and as an employee of the Company does not and will not breach any agreement to keep in confidence proprietary information acquired by Employee, in confidence or in trust, prior to Employee’s employment by the Company. Employee has not entered into, and Employee agrees not to enter into, any agreement (either written or oral), which would put Employee in conflict with the Agreement.

	
			
	 
	 
	 

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4.    Employee agrees to assign to the Company any and all copyrights and reproduction rights to any material prepared by Employee in connection with the Agreement and/or developed by Employee during Employee’s employment with the Company that are related directly or indirectly to the business of the Company.
5.    Employee understands and agrees that a condition of Employee’s employment and continued employment with the Company is that Employee has not brought and will not bring to the Company or use in the performance of Employee’s duties at the Company any materials or documents rightfully belonging to a former employer which are not generally available to the public.
6.    Employee recognizes that the services to be performed by Employee hereunder are special, unique, and extraordinary and that, by reason of Employee’s employment with the Company, Employee may acquire Confidential Information (as hereinafter defined) concerning the operation of the Company, the use or disclosure of which would cause the Company substantial loss and damage which could not be readily calculated and for which no remedy at law would be adequate. Accordingly, Employee agrees that Employee will not (directly or indirectly) at any time, whether during or for a period of seven (7) years after Employee’s employment with the Company:
(i)    knowingly use for personal benefit or for any other reason not authorized by the Company any Confidential Information that Employee may acquire or has acquired by reason of Employee’s employment with the Company. or;
(ii)    disclose any such Confidential Information to any person or entity except (A) in the performance of Employee obligations to the Company hereunder, (B) as required by a court of competent jurisdiction, (C) in connection with the enforcement of Employee rights under the Agreement, or (D) with the prior consent of the Board of Directors of the Company.
As used herein, “Confidential Information” includes proprietary and confidential information with respect to the facilities and methods of the Company, reagents, chemical compounds, cell lines or subcellular constituents, organisms, or other biological materials, trade secrets, and other Intellectual Property, systems, patent applications, procedures, manuals, confidential reports, financial information, business plans, prospects, or opportunities, personnel information, or lists of customers and suppliers which are generally known only to the Company provided, however, that Confidential Information shall not include any information that is known or becomes generally known or available publicly other than as a result of disclosure by Employee which is not permitted as described in clause (ii) above, or the Company discloses same to others without obtaining an agreement of confidentiality.
Employee confirms that all Confidential Information is the exclusive property of the Company. All business records, papers, documents and electronic materials kept or made by Employee relating to the business of the Company which comprise Confidential Information shall be and remain the property of the Company during the Employee’s employment and at all 

	
			
	 
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times thereafter. Upon the termination, for any reason, of Employee’s employment with the Company, or upon the request of the Company at any time, Employee shall deliver to the Company, and shall retain no copies of any written or electronic materials, records and documents made by Employee or coming into Employee’s possession concerning the business or affairs of the Company and which comprise Confidential Information.
7.    During the term of Employee’s employment with the Company and for one (1) year thereafter (the “Restricted Period”), the Employee shall not directly or indirectly, for Employee’s own account or for the account of others, as an officer, director, stockholder (other than as the holder of less than 1% of the outstanding stock of any publicly traded company), owner, partner, employee, promoter, consultant, manager or otherwise participate in the promotion, financing, ownership, operation, or management of, or assist in or carry on through proprietorship, a corporation, partnership, or other form of business entity which is in competition with the Company in the field of the development of pharmaceutical vaccine products or vaccine product candidates for the treatment of HER2-positive breast cancer (the “Company Business”) within the United States or any other country in which the Company is conducting or is actively seeking or planning to conduct the Company Business as of the date of such termination. Notwithstanding the foregoing, except as otherwise agreed to in writing, Employee shall have the right to perform such incidental services as are necessary in connection with (a) his private passive investments, (b) his charitable or community activities,(c) his participation in trade or professional organizations, and (d) his service on the board of directors (or comparable body) of one third-party corporate entity that does not compete with the Company Business.
During the Restricted Period, the Employee shall not, whether for Employee’s own account or for the account of any other person (excluding the Company):
(i)    solicit or contact in an effort to do business with any person who was or is a customer of the Company during the Restricted Period, or any affiliate of any such person, if such solicitation or contact is for the purpose of competition in the field of cancer vaccines for HER2 positive breast cancer with the Company; or
(ii)    solicit or induce any of the Company’s employees to leave their employment with the Company or accept employment with anyone else, or hire any such employees or persons who were employed by the Company during the Restricted Period.
Nothing herein shall prohibit or preclude the Employee from performing any other types of services that are not precluded by the Section 7 for any other person.
The Employee shall give prompt notice to the Company of the Employee’s acceptance of employment or other fees for services relationship in the field of cancer vaccines for HER2 positive breast cancer during the Restricted Period, which notice shall include the name of, the business of, and the position that Employee shall hold with such other entity.

	
			
	 
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8.    In the event that Employee’s employment is transferred by the Company to a subsidiary, affiliated company, or acquiring company (as the case may be), Employee’s employment by such company will, for the purpose of the Confidentiality, Non-Competition, and Proprietary Information Agreement, be considered as continued employment with the Company, unless Employee executes an agreement, substantially similar in substance to the Agreement, and until the effective date of said agreement in any such company for which Employee becomes employed. It is further agreed that changes in Employee’s position or title or location unless expressly agreed to in writing will operate to terminate the Confidentiality, Non-Competition, and Proprietary Information Agreement without Cause.
9.    Upon termination of Employee’s employment for any reason, unless such employment is transferred to a subsidiary, affiliated or acquiring company of the Company, Employee agrees to leave with, or return to, the Company all records, drawings, notebooks, and other documents pertaining to the Company’s Confidential Information, whether prepared by Employee or others, as well as any equipment, tools or other devices owned by the Company, that are then in Employee’s possession, however such items were obtained, and Employee agrees not to reproduce or otherwise retain any document or data relating thereto.
10.    Employee obligations under the Agreement shall survive the termination of Employee’s employment with the Company for the respective periods specifically set forth herein regardless of the manner of. and reason for, such termination, and shall be binding upon Employee’s heirs, executors, and administrators.
11.    Employee understands and agrees that no license to any of the Company’s trademarks, patents, copyrights or other proprietary rights is either granted or implied by Employee’s access to and utilization of the Confidential Information or Intellectual Property.
12.    No delay or omission by the Company in exercising any right under the Agreement will operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion is effective only in that instance and will not be construed as a bar to or waiver of any right on any other occasion.
13.    Employee agrees that in addition to any other rights and remedies available to the Company for any breach or threatened breach by Employee of Employee’s obligations hereunder, the Company shall be entitled to enforcement of Employee’s obligations hereunder by whatever means are at the Company’s disposal, including court injunction.
14.    The Company may assign the Agreement to any other corporation or entity which acquires (whether by purchase, merger, consolidation or otherwise) all or substantially all of the business and/or assets of the Company. In the case of a change of control of the Company in which the compensation. title, duties are reduced, or requires the Employee to relocate more than 50 miles from his then current residence, the Employee is considered Terminated without Cause, with all of the benefits and payments due Employee under Section 6.2 of the Employee Agreement. Employee shall have no rights of assignment.

	
			
	 
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15.    If any provision of the Agreement shall be declared invalid, illegal, or unenforceable, then such provision shall be enforceable to the extent that a court deems it reasonable to enforce such provision. If such provision shall be unreasonable to enforce to any extent, such provision shall be severed and all remaining provisions shall continue in full force and effect.
16.    The Agreement shall be effective as of the date first written above.
17.    The Agreement shall be governed in all respects by the laws of the State of Delaware, without regard to principles of conflicts of law.
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IN WITNESS WHEREOF, Employee has executed the Agreement as of the date set forth above:
	
		
	 
	 

	 
	 

	 
	By:                  

	 
	 

	 
	Name of Employee:            

	 
	 

	 
	 

	 
	ACCEPTED AND AGREED TO:

	 
	 

	 
	Galena Biopharma, Inc.

	 
	 

	 
	 

	 
	By:                  

	 
	   Mark J. Ahn, Ph.D.

	 
	   President and Chief Executive Officer

	 
	 

	
			
	 
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