Document:

Exhibit 10.67

 

CORGENIX MEDICAL CORPORATION HAS REQUESTED THAT THE PORTIONS OF THIS DOCUMENT DENOTED BY BRACKETS AND ASTERISKS BE ACCORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934.

 

SUPPLY AGREEMENT

 

THIS SUPPLY AGREEMENT, together with exhibits attached hereto (“Agreement”) is entered into as of July 1, 2011 (the “Effective Date”) by and between DIADEXUS, INC., organized under the laws of Delaware and having its principal place of business at 343 Oyster Point Boulevard, South San Francisco, California 94080 (“diaDexus”), and CORGENIX, INC., organized under the laws of Delaware and having its principal place of business at 11575 Main Street, Suite 400, Broomfield, CO 80020 (“Corgenix”).  diaDexus and Corgenix may each be referred to herein individually as a “Party” or, collectively, as “Parties.”

 

RECITALS

 

WHEREAS, diaDexus has technology and intellectual property related to certain analyte specific reagents and diagnostic test kits;  and

 

WHEREAS, Corgenix has expertise in the manufacture of diagnostic assays, including without limitation microtiter plate ELISA in vitro diagnostic test kits for diaDexus; and

 

WHEREAS, diaDexus and Corgenix wish to enter into an agreement under which Corgenix will manufacture and supply diaDexus, or its designees, with certain diagnostic test kits, calibrators and controls as set forth in more detail herein.

 

NOW, THEREFORE, in consideration of the promises and undertakings set forth herein, the Parties agree as follows:

 

ARTICLE 1

 

DEFINITIONS

 

Capitalized terms not otherwise defined herein will have the meaning set forth below:

 

1.1                               “Acceptance” shall mean completion of manufacture of Product Lot according to Specifications and written acceptance by diaDexus whereby title transfers to diaDexus allowing for invoice by Corgenix.

 

1.2                               “Certificate of Nonconformance” shall mean a certificate of analysis signed and dated by a diaDexus employee qualified and duly authorized to certify that the results of assays conducted on an indicated shipment of Products hereunder do not conform to the Specifications therefor and indicating the reason(s) for non-conformance.  The Certificate of Nonconformance shall include without limitation a description of the pertinent assay(s) conducted, the date on which it was (they were) conducted, and the results of the assay(s).

 

1.3                               “Confidential Information” shall mean any proprietary information, technical data, trade secrets or know-how, including, but not limited to, research, product plans, products, services, customers, customer lists, markets, software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information, marketing, finances or other business information disclosed by the disclosing party directly or indirectly in writing, orally, or by drawings.

 

 

1.4                               “Corgenix Technology” means the Corgenix Patent Rights and Corgenix Know-How, as defined below:

 

(a)                                 “Corgenix Patent Rights” means any and all Patent Rights covering the Corgenix Know-How.

 

(b)                                 “Corgenix Know-How” means the information, data, skills, processes, methods, know-how, trade secrets and experience, including, without limitation, formulas and specifications, whether patentable or not, that are controlled by Corgenix at any time during the Term and that are necessary for diaDexus to use, transfer, distribute, sell or offer for sale Products.

 

1.5                               “diaDexus Technology” means the diaDexus Patent Rights and diaDexus Know-How, as defined below:

 

(a)                                 “diaDexus Patent Rights” means any and all Patent Rights covering the diaDexus Know-How.

 

(b)                                 “diaDexus Know-How” means the information, data, skills, processes, methods, know-how, trade secrets and experience, including, without limitation, formulas and specifications, whether patentable or not, that are controlled by diaDexus at any time during the Term and that are necessary for Supplier to use diaDexus Manufacturing Materials solely in the manufacture of Products under this Agreement.

 

1.6                               “Lot” means a particular manufacturing run used to make Products.

 

1.7                               “Patent Right” means: (a) all issued and existing patents, including any extensions, supplemental protection certificates, registrations, confirmations, reissues, reexaminations or renewals thereof; and (b) all pending applications, including any provisional applications, converted provisional applications, continuing prosecution applications and continuation, divisional, or continuation-in-part applications thereof, for any of the foregoing.

 

1.8                               “Products” shall mean the items set forth on Exhibit A, as may be amended from time to time in writing by the parties, to be supplied by Corgenix under this Agreement.

 

1.9                               “Specification” means the written specifications for the Products to be manufactured and supplied under this Agreement, as set forth in Exhibit B, as such specifications are modified solely by mutual written agreement of the Parties in accordance with this Agreement.

 

1.10                        “Term” shall have the meaning set forth in Section 7.1.

 

1.11                        “Transfer Price” shall mean with respect to each Product, including manufacture, kitting, storage and shipment of Product, the price set forth in Exhibit C, as subsequently modified solely in accordance with this Agreement.

 

ARTICLE 2

 

SUPPLY

 

2.1                               Terms and Conditions.  All supply of Products by Corgenix to diaDexus or its designees shall be subject to the terms and conditions of this Agreement.  ANY TERMS OR CONDITIONS OF ANY

 

2

 

PURCHASE ORDER OR INVENTORY RELEASE ORDER OR ACKNOWLEDGMENT GIVEN OR RECEIVED WHICH ARE ADDITIONAL TO OR INCONSISTENT WITH THIS AGREEMENT SHALL HAVE NO EFFECT AND SUCH TERMS AND CONDITIONS ARE HEREBY EXCLUDED AND REJECTED.

 

2.2                               Supply.

 

(a)                                 diaDexus Manufacturing Materials.  diaDexus shall supply Corgenix with a quantity of manufacturing materials set forth in Exhibit D (the “diaDexus Manufacturing Materials”) that diaDexus, in its sole good faith estimation, believes will be sufficient to meet Corgenix’s needs under this Agreement. Corgenix shall request supplies of diaDexus Manufacturing Materials in writing from diaDexus with enough lead time to fulfill diaDexus’ orders for Products.  If diaDexus fails to receive a notice from Corgenix of deficiencies or defects in such diaDexus Manufacturing Materials based on diaDexus receipt of testing Specifications within thirty (30) days after Corgenix’s receipt of diaDexus Manufacturing Materials, then such diaDexus Manufacturing Materials shall be conclusively deemed acceptable for use by Corgenix in the manufacture of Products under this Agreement, and Corgenix shall have no recourse or other remedy against diaDexus arising from any failure, deficiency, or defect, of any kind or nature, relating to such diaDexus Manufacturing Materials. Any such notice of defects of deficiency shall include, without limitation, a detailed description of such deficiencies or defects and the identity of the specific diaDexus Manufacturing Materials with such deficiencies or defects. Corgenix shall use any and all such diaDexus Manufacturing Materials solely in the supply by Corgenix of Products under this Agreement, and shall keep written records of the amounts used for each Lot.  diaDexus shall have the right to audit Corgenix’s use of diaDexus Manufacturing Materials supplied under this Agreement.

 

(b)                                 Corgenix Manufacturing Materials.  Corgenix shall supply all materials and components required to meet Corgenix’s obligations under this Agreement that are not diaDexus Manufacturing Materials (the “Corgenix Manufacturing Materials”).  Corgenix shall stock supplies of Corgenix Manufacturing Materials in sufficient quantities to fulfill diaDexus’ orders for Products.  Upon receipt by Corgenix of Corgenix Manufacturing Materials, Corgenix shall perform sufficient incoming quality control (“iQC”) procedures on such Corgenix Manufacturing Materials to evaluate their suitability for use by Corgenix under this Agreement.  Corgenix shall use protocols for iQC standard operating procedures provided by diaDexus. If there are any deficiencies or defects in such Corgenix Manufacturing Materials, Corgenix shall notify diaDexus in writing with an iQC notice including, without limitation, a detailed description of such deficiencies or defects and the identity of the specific Corgenix Manufacturing Materials with such deficiencies or defects.  Corgenix shall at its own expense replace such Corgenix Manufacturing Materials within three (3) business days after discovery of such deficiencies or defects.  Corgenix shall have no recourse or other remedy against diaDexus arising from any failure, deficiency, or defect, of any kind or nature, relating to Corgenix Manufacturing Materials.  diaDexus shall have the right to audit Corgenix’s use of Corgenix Manufacturing Materials under this Agreement.

 

(c)                                  Products.  Subject to the terms and conditions of this Agreement, Corgenix shall supply Products to diaDexus or its designees.  All such Products shall comply with all applicable Specifications.

 

2.3                               Forecasts.  diaDexus shall provide Corgenix with a written twelve month rolling forecast updated at least quarterly (“Forecast”) of the quantities of each Product estimated by diaDexus to be ordered from Corgenix under this Agreement.

 

3

 

2.4                               Orders.

 

(a)                                 Purchase Orders. During the Term diaDexus shall, from time to time, place its firm purchase orders with Corgenix for the manufacture and production of Products (a “Purchase Order”). Such Purchase Order shall be placed with minimum sixty (60)-day lead time for Products for Corgenix to complete an order by the due date and shall set forth the number of Products to be manufactured/kitted and placed in storage in anticipation of shipment. Corgenix shall accept such Purchase Order from diaDexus for each Product, subject to the remaining terms and conditions of this Agreement. Corgenix shall notify diaDexus within three (3) business days from receipt of a Purchase Order of its ability or inability to fill any amount(s) or anticipated shipment or delivery date(s) of such Purchase Order, provided that such notice will not waive any of the supply obligations of Corgenix hereunder.

 

(b)                                 Inventory Release Orders. During the Term diaDexus shall, from time to time, place its firm inventory order with Corgenix, setting forth number of Products, trade units, delivery dates and shipping instructions with respect to each shipment of Product (an “Inventory Release Order”).  Corgenix shall accept such Inventory Release Order from diaDexus, subject to the remaining terms and conditions of this Agreement. All of diaDexus’ Inventory Release Orders shall provide for shipment in compliance with Section 2.6.  Corgenix shall notify diaDexus within one (1) business day from receipt of an Inventory Release Order of its ability or inability to fill any amount(s) and delivery date(s) of such Inventory Release Order, provided that such notice will not waive any of the supply obligations of Corgenix hereunder.

 

(c)                                  Specifications. The Parties may amend the Specifications for any particular Product hereunder from time to time by mutual written agreement.

 

(d)                                 Miscellaneous Services. From time-to-time, at the written request of diaDexus, Corgenix may perform miscellaneous services as described in Exhibit C (“Miscellaneous Services”) to assist diaDexus with other administrative activities related to the Products.  These services will be performed by Corgenix on a time and materials basis at the rates specified in Exhibit C.

 

2.5                               Transfer Prices.  diaDexus shall pay to Corgenix the Transfer Price for each Product supplied by Corgenix under this Agreement, as set forth in Article 3. Upon written notice by one Party to the other at least ninety (90) days before an anniversary of the Effective Date an annual review of Transfer Prices will be conducted as necessary due to Corgenix Manufacturing Material changes and upon mutual written agreement Transfer Prices will be adjusted on the anniversary of the Effective Date.

 

2.6                               Delivery.  All diaDexus Manufacturing Materials and Product delivered pursuant to the terms of this Agreement shall be suitably packed for shipment in accordance with the applicable Specifications, marked for shipment to the destination point indicated in the Inventory Release Order, and shipped FOB (as defined under the Uniform Commercial Code) point of shipment.  Such packing, and the manner of shipment, shall be sufficient to prevent damage, contamination, or degradation during shipment and during unpacking at the destination. All freight, insurance and other shipping expenses from the point of shipment shall be borne by diaDexus.  The carrier shall be selected by diaDexus.  Corgenix shall use all reasonable commercial efforts to ship quantities of Product for delivery on the dates specified in the applicable Inventory Release Order submitted in accordance with this Agreement.

 

2.7                               Invoicing.  Corgenix shall submit monthly invoices to diaDexus, in accordance with applicable Transfer Prices and fees, for (i) completed Purchase Orders with diaDexus Acceptance of the Product Lot (ii)

 

4

 

completed Inventory Release Orders and (iii) Miscellaneous Services performed during such month.  All invoices shall be sent to diaDexus’ address for notices hereunder or such other address as designated by diaDexus in writing, and each such invoice shall state the aggregate and unit prices for the Products, and shall separately itemize any insurance, taxes or other costs incident to the transfer or shipment initially paid by Corgenix but to be borne by diaDexus hereunder.

 

2.8                               Product Inspection.

 

(a)                                 Specifications.  Corgenix shall release Product per diaDexus’ Specifications.

 

(b)                                 Storage.  Corgenix shall store all Lots and Products under proper conditions to maximize the life span and prevent spoilage, including, without limitation, any storage criteria set forth in the Specifications, until such time as such Lots or Products expire or are shipped, whichever occurs earlier.

 

(c)                                  Replacement Product. If either Corgenix or diaDexus determine, pursuant to Section 2.8(a), that a Lot or Product does not comply with the applicable Specifications, then Corgenix shall replace such Lot or Product at no cost or expense to diaDexus; provided, however, that if a Product that has been properly stored by Corgenix expires before shipment, diaDexus shall pay the cost of replacing it if it desires to do so.

 

(d)                                 Labeling.  Corgenix shall clearly label, in accordance with the Specifications, each Product for supply hereunder with a unique Lot number, part number, description of contents and other identifying information, as applicable.

 

(e)                                  Good Manufacturing Practices.  Corgenix shall manufacture Products for supply hereunder in accordance with applicable current Good Manufacturing Practices, as defined by the United States Food and Drug Administration.

 

(f)                                   Inspection of Corgenix Facilities.  diaDexus shall have the right, at reasonable times during normal business hours and upon request made upon reasonable prior notice to Corgenix, not more than three (3) times per calendar year, inspect Corgenix’s specific facilities used for manufacturing the Products for diaDexus, and Corgenix’s batch records, work-in-progress, raw materials, and production records for the Products supplied to diaDexus under this Agreement.  Corgenix shall cooperate in good faith with all requests for inspection or information from the United States Food and Drug Administration.

 

(g)                                 Technical Contacts.  Within thirty (30) days of the Effective Date, each Party shall notify the other Party in writing of the names, telephone number, fax numbers, and e-mail addresses of at least one person to serve as the Party’s technical contact under this Agreement and at least one person to serve as the Party’s business contact under this Agreement.  A Party may change its business or technical contacts at any time with written notice to the other Party.

 

2.9                               Inspection and Rejection.

 

(a)                                 Warranties.  Subject to the terms and conditions of this Agreement, Corgenix warrants that the Products supplied by Corgenix hereunder will conform to the applicable Specifications at the time of delivery of the Products by Corgenix to the carrier.  Subject to the terms and conditions of this Agreement, Corgenix further represents and warrants that title to all Product supplied by Corgenix hereunder shall pass to

 

5

 

diaDexus or its designee upon Acceptance of a completed Product Lot free and clear of all security interests, liens and other encumbrances.

 

(b)                                 Non-Conforming Shipments.  If within thirty (30) days from receipt of a shipment of Product, diaDexus or its customer finds that the Product does not comply with the applicable Specifications, diaDexus or its customer shall provide Corgenix with a Certificate of Nonconformance for said shipment, such Certificate of Nonconformance to include a written statement specifying the nature and basis for the claim.  diaDexus or its customer shall also return such non-conforming Product in accordance with Corgenix’s reasonable instructions, at Corgenix’s expense; provided that diaDexus or its customer may retain a reasonable sample thereof solely for further testing, including for example, testing pursuant to Section 2.9(d). Corgenix shall cooperate to solve such a claim in good faith as quickly as possible.

 

(c)                                  Third Party Verification.  If, within a period of thirty (30) days after Corgenix’s receipt of a Certificate of Nonconformance, Corgenix is unable to verify that the applicable Product failed to conform to the Specifications at the time of original delivery by Corgenix to the carrier, then the matter shall be submitted to and be finally decided by a nationally recognized independent testing laboratory if requested by either Party.  This laboratory shall be selected by Corgenix and approved in writing by diaDexus, such approval not to be unreasonably withheld and not to be delayed more than ten (10) days, if not otherwise agreed in writing by both parties within five (5) days of either Party’s request.

 

(d)                                 Third Party Testing.  diaDexus or its designee shall send a sample of the non-conforming shipment and a copy of the Certificate of Nonconformance to said testing laboratory within ten (10) days of either Party’s written request.  Said testing laboratory shall be requested by the Parties to complete its testing and to render its written decision, supported by its description of procedures and basis for its findings within thirty (30) days after being engaged to perform said testing.  Each Party, at its own expense, shall reasonably assist and cooperate with such laboratory in performing such testing by making available such documentation, facilities, reagents and other materials as the laboratory may request of the Party.  The Parties agree that the written decision of said testing laboratory shall be accepted as final and binding.  In case the laboratory test proves that the relevant Product did not comply with the Specifications at the time of delivery by Corgenix to the carrier, then all cost and expense of transportation, shipping, insurance, and the like related to the testing shall be paid by Corgenix.

 

(e)                                  Credit or Refund.  In the event that Products supplied by Corgenix under the terms of this Agreement is determined to be non-conforming Product, Corgenix shall reimburse diaDexus for the full purchase paid to Corgenix, if any, for such non-conforming Product if it is determined that Product failure is due to materials provided by or activities performed by Corgenix.  If Product failure is due to failure of diaDexus Manufacturing Materials, diaDexus shall be responsible to pay for diaDexus Manufacturing Materials necessary for replacement Product or Lot.

 

2.10                        Process Guidelines.  Corgenix shall comply with guidelines for various processes as set forth in Exhibit E.

 

6

 

ARTICLE 3

 

PAYMENT PROVISIONS

 

3.1                               Payment.  diaDexus shall make full payment to Corgenix for all Products and Miscellaneous Services within thirty (30) days after date of invoice provided Products meet the provisions of Sections 2.9(a) and (b).

 

3.2                               Mode of Payment.  All payments shall be made by check or direct wire transfer of United States Dollars in immediately available funds in the requisite amount to such bank account as Corgenix may from time to time designate by written notice to diaDexus.

 

3.3                               Late Payment.  Any payments or portions thereof due hereunder which are not paid when due shall bear interest equal to the lesser of the prime rate as reported by the Chase Manhattan Bank, New York, New York, on the date such payment is due, plus an additional two percent (2%), or the maximum rate permitted by law, calculated on the number of days after Corgenix provides diaDexus with written notice that the payment is past due.  This Section 3.3 shall in no way limit any other remedies available to either Party.

 

ARTICLE 4

 

LICENSE

 

4.1                               Grant to Corgenix.  diaDexus hereby grants Corgenix a non-exclusive license, without the right to sublicense, under the diaDexus Technology, to use the diaDexus Manufacturing Materials solely within the United States in the manufacture and supply of Products as set forth herein.

 

4.2                               Grant to diaDexus.  Corgenix hereby grants diaDexus a non-exclusive, worldwide license, with the right to sublicense, under the Corgenix Technology, for the purposes of using, selling, transferring and distributing Products supplied by Corgenix and only to the extent required for diaDexus to use, transfer, distribute, sell or offer for sale Products.

 

4.3                               Technology Transfer.  Each Party shall, in good faith, promptly and completely transfer whatever Corgenix Know-How or diaDexus Know-How, as applicable, to the other Party that is required in order to enable such other Party to exercise its rights and fulfill its obligations under this Agreement.

 

4.4                               No Other Rights.  Except for the rights expressly granted under this Agreement, no right, title or interest of any nature whatsoever is granted by either Party. For the avoidance of doubt, Corgenix has no right under the diaDexus Technology to (a) make, have made, sell or offer to sell diaDexus Manufacturing Materials anywhere in the world or (b) sell or offer to sell Products anywhere in the world.  Nothing in this Agreement grants diaDexus any right under the Corgenix Technology for any purpose other than the sale of Products.

 

ARTICLE 5

 

CONFIDENTIALITY

 

5.1                               Confidentiality Obligations.  Each Party agrees that, for the term of this Agreement and for five (5) years thereafter, such Party will keep, and will ensure that its officers, directors, employees and agents keep, completely confidential and will not publish or otherwise disclose and will not use for any purpose except as permitted hereunder any Confidential Information furnished to it by the other Party pursuant to this Agreement (including, without limitation, know-how of the disclosing Party).  The foregoing obligations will not apply to any information to the extent that it can be established by such receiving Party that such information:

 

7

 

(a)                                 was already known to the receiving Party as evidenced by its written records, other than under an obligation of confidentiality, at the time of disclosure;

 

(b)                                 was generally available to the public or was otherwise part of the public domain at the time of its disclosure to the receiving Party;

 

(c)                                  became generally available to the public or otherwise becomes part of the public domain after its disclosure and other than through any act or omission of the receiving Party in breach of this Agreement;

 

(d)                                 was subsequently lawfully disclosed to the receiving Party by a Third Party other than in contravention of a confidentiality obligation of such Third Party to the disclosing Party; or

 

(e)                                  was developed or discovered by employees of the receiving Party or its affiliates who had no access to the Confidential Information of the disclosing Party.

 

5.2                               Permitted Disclosures.  Each Party may disclose the other’s Confidential Information to the extent such disclosure is reasonably necessary in filing or prosecuting patent applications, prosecuting or defending litigation, advising investors and the investment community of the results of the activities hereunder (subject to the prior written consent of the other Party, which consent will not be unreasonably withheld or delayed), complying with applicable governmental regulations, granting a permitted sublicense hereunder or conducting clinical trials or otherwise in performing its obligations or exercising its rights hereunder.  If a Party is required to make any such disclosure of the other Party’s Confidential Information, it will give reasonable advance notice to that other Party of such disclosure requirement, will cooperate with the other Party in its efforts to secure confidential treatment of such Confidential Information prior to its disclosure, and, save to the extent inappropriate in the case of patent applications, will use all reasonable efforts to secure confidential treatment of such information prior to its disclosure (whether through protective orders or confidentiality agreements or otherwise).

 

ARTICLE 6

 

REPRESENTATIONS AND WARRANTIES

 

6.1                               Representations by Corgenix.  Corgenix represents and warrants that as of the Effective Date: (i) it is duly organized and validly existing under the laws of the jurisdiction of its incorporation and has full corporate power and authority to enter into this Agreement; (ii) it has taken all corporate actions necessary to authorize the execution and delivery of this Agreement and the performance of its obligations under this Agreement; and (iii) the performance of its obligations under this Agreement do not conflict with, or constitute a default under its charter documents, any contractual obligation of Corgenix or any court or administrative order.

 

6.2                               Representations by diaDexus.  diaDexus represents and warrants that, as of the Effective Date: (i) it is duly organized and validly existing under the laws of the jurisdiction of its incorporation and has full corporate power and authority to enter into this Agreement; (ii) it has taken all corporate actions necessary to authorize the execution and delivery of this Agreement and the performance of its obligations under this Agreement; and (iii) the performance of its obligations under this Agreement do not conflict with, or constitute a default under its charter documents, any contractual obligation of diaDexus or any court order.

 

8

 

6.3                               Disclaimer of Warranties.  EXCEPT AS SPECIFICALLY SET FORTH IN THIS ARTICLE 6 OR SECTION 2.9(a), NO PARTY MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, INCLUDING ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, NON-INFRINGEMENT, AND ANY OTHER STATUTORY WARRANTY.

 

6.4                               Insurance.  Corgenix shall carry sufficient insurance (no less than $1,000,000) for Products and diaDexus Manufacturing Materials in Corgenix inventory to cover a complete loss of value to all diaDexus inventory at Corgenix.

 

ARTICLE 7

 

TERM AND TERMINATION

 

7.1                               Term.  This Agreement will commence upon the Effective Date and, unless earlier terminated, shall continue in effect until five (5) years after the Effective Date (the “Term”).

 

7.2                               Termination for Convenience.  diaDexus shall have the right, upon thirty (30) days written notice to Corgenix, to terminate this Agreement for any reason or no reason.

 

7.3                               Termination for Cause.  Either party shall have the right to terminate this Agreement if the other party has materially breached the Agreement.  Such terminating party shall notify the breaching party in writing of such breach and, if such breach remains uncured thirty (30) days after the date such notice was sent, the breaching party shall have a right to terminate the Agreement immediately by sending a written termination notice to the breaching party.

 

7.4                               Consequences of Termination or Expiration.

 

(a)                                 Return of Materials.  Upon termination or expiration of this Agreement each Party will promptly return all records and materials in its possession or control containing or comprising the other Party’s know-how or other Confidential Information to which the former Party does not expressly retain rights hereunder or under the License Agreement.

 

(b)                                 Compensation for unused Corgenix Manufacturing Materials.  If diaDexus terminates the Agreement prior to the expiration date of this Agreement and Corgenix is holding Corgenix Manufacturing Materials purchased by Corgenix specifically for supply of Product to diaDexus, diaDexus will compensate Corgenix for the cost of those Corgenix Manufacturing Materials held by Corgenix required for supply of Product for six (6) months past the date of termination by diaDexus according to the Forecast.  Corgenix will send such Corgenix Manufacturing Materials to diaDexus. All Purchase Orders and Inventory Release Orders placed by diaDexus prior to termination will be completed and invoiced to diaDexus.

 

(c)                                  Accrued Liability.  Termination or expiration of this Agreement for any reason shall not release either Party hereto from any liability which at the time of such termination or expiration has already accrued to the other Party prior to such time.  Such termination or expiration will not relieve a Party from accrued payment obligations or from obligations which are expressly indicated in this Agreement to survive termination or expiration of this Agreement.

 

9

 

(d)                                 Survival.  The following Articles and Sections of this Agreement shall survive its termination or expiration:  Articles 1, 5 (as set forth therein), 6, and 8 and Sections 4.2, 7.4.

 

ARTICLE 8

 

GENERAL PROVISIONS

 

8.1                               Relationship of the Parties.  The Parties are independent contractors.  Nothing in this Agreement is intended or will be deemed to constitute a partnership, agency or employer-employee relationship between the Parties.  Neither Party will incur any debts or make any commitments for the other Party.

 

8.2                               Assignments.  Except as expressly provided herein, neither this Agreement nor any interest hereunder will be assignable, nor any other obligation delegable, by a Party without the prior written consent of the other Party; provided, however, that a Party shall have the right to assign and otherwise transfer this Agreement as a whole without consent to any successor that acquires all or substantially all of the business or assets of such Party by way of merger, consolidation, other business reorganization, or the sale of stock or assets, provided that the assigning Party notifies the other Party in writing of such assignment.  This Agreement shall be binding upon successors and permitted assigns of the Parties.  Any assignment not in accordance with this Section 8.2 will be null and void.

 

8.3                               Force Majeure.  Except with respect to payment of money, no Party shall be liable to the other for failure or delay in the performance of any of its obligations under this Agreement for the time and to the extent such failure or delay is caused by earthquake, riot, civil commotion, war, terrorist acts, strike, flood, or governmental acts or restriction, or other cause that is beyond the reasonable control of the respective Party.  The excused Party shall be excused for a time period reasonably sufficient to remedy the effects of such an event.  The Party affected by such force majeure will provide the other Party with full particulars thereof as soon as it becomes aware of the same (including its best estimate of the likely extent and duration of the interference with its activities), and will use commercially reasonable efforts to overcome the difficulties created thereby and to resume performance of its obligations as soon as practicable.  If the performance of any such obligation under this Agreement is delayed owing to such a force majeure for any continuous period of more than one hundred eighty (180) days, the Parties hereto will consult with respect to an equitable solution, including the possibility of the mutual termination of this Agreement.

 

8.4                               Entire Agreement of the Parties; Amendments.  This Agreement constitutes and contains the entire understanding and agreement of the Parties respecting the subject matter hereof and cancels and supersedes any and all prior and contemporaneous negotiations, correspondence, understandings and agreements between the Parties, whether oral or written, regarding such subject matter.  No waiver, modification or amendment of any provision of this Agreement will be valid or effective unless made in writing and signed by the Parties.

 

8.5                               Captions.  The captions to this Agreement are for convenience only, and are to be of no force or effect in construing or interpreting any of the provisions of this Agreement.

 

8.6                               Governing Law; Dispute Resolution.  This Agreement will be governed by and interpreted in accordance with the laws of the State of California, applicable to contracts entered into and to be performed wholly within the State of California, excluding conflict of laws principles.  Any and all disputes related to this Agreement shall be heard in the Superior Court of California, County of San Mateo, or in the United States District Court for the Northern District of California.

 

10

 

8.7                               Notices and Deliveries.  Any notice, request, delivery, approval or consent required or permitted to be given under this Agreement will be in writing and will be deemed to have been sufficiently given if delivered in person, transmitted by telecopier (receipt verified) or by express courier service (signature required) or five (5) days after it was sent by registered letter, return receipt requested (or its equivalent), provided that no postal strike or other disruption is then in effect or comes into effect within two (2) days after such mailing, to the Party to which it is directed at its address or facsimile number shown below or such other address or facsimile number as such Party will have last given by notice to the other Party.

 

If to Corgenix, addressed to:

 

Corgenix, Inc.

11575 Main Street, Suite 400

Broomfield, CO 80020

Attn.: Chief Executive Officer

Fax:                       (303) 453-8896

 

If to diaDexus, addressed to:

 

diaDexus, Inc.

343 Oyster Point Boulevard

South San Francisco, California 94080

Attn.: Chief Executive Officer

Fax:                       (650) 246-6499

 

8.8                               No Consequential Damages.  EXCEPT WITH RESPECT TO UNAUTHORIZED EXPLOITATION OF THE OTHER PARTY’S INTELLECTUAL PROPERTY RIGHTS, BREACH OF CONFIDENTIALITY OR THE INDEMNITY OBLIGATIONS UNDER SECTION 8.9, IN NO EVENT WILL ANY PARTY OR ANY OF ITS RESPECTIVE AFFILIATES BE LIABLE TO THE ANY OTHER PARTY OR ANY OF ITS AFFILIATES FOR SPECIAL, INDIRECT, CONSEQUENTIAL, INCIDENTAL, EXEMPLARY, OR PUNITIVE DAMAGES, WHETHER IN CONTRACT, WARRANTY, TORT, NEGLIGENCE, STRICT LIABILITY OR OTHERWISE, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS OR REVENUE OR CLAIMS OF CUSTOMERS OF ANY OF THEM OR OTHER THIRD PARTIES FOR SUCH DAMAGES.

 

8.9                               Indemnity.  Corgenix shall indemnify, defend and hold diaDexus and its affiliates, agents, employees, officers and directors (the “diaDexus Indemnitees”) harmless from and against any and all liability, damage, loss, cost or expense (including reasonable attorneys’ fees) arising out of third party claims or suits related to: (i) Corgenix’s performance of, or failure to perform, its obligations under this Agreement; (ii) breach by Corgenix of any of its representations and warranties under this Agreement; and (iii) product liability claims arising from Product produced pursuant to this Agreement; provided, however, that Corgenix’s obligations pursuant to this Section 8.9 will not apply to the extent such claims or suits result from the gross negligence or willful misconduct of any of the diaDexus Indemnitees.

 

8.10                        Waiver.  A waiver by any Party of any of the terms and conditions of this Agreement in any instance will not be deemed or construed to be a waiver of such term or condition for the future, or of any subsequent breach hereof.  All rights, remedies, undertakings, obligations and agreements contained in this

 

11

 

Agreement will be cumulative and none of them will be in limitation of any other remedy, right, undertaking, obligation or agreement of either Party.

 

8.11                        Severability.  When possible, each provision of this Agreement will be interpreted in such manner as to be effective, valid, and enforceable under applicable law.  The Parties will make a good faith effort to replace the applicable provision with a valid one, which the Parties agree has effect that is consistent with the original provision.

 

8.12                        Compliance with Laws.  Notwithstanding anything to the contrary contained herein, all rights and obligations of diaDexus and Corgenix are subject to prior compliance with, and each Party shall comply with, all United States and foreign export and import laws, regulations, and orders, and such other United States and foreign laws, regulations, and orders as may be applicable, including obtaining all necessary approvals required by the applicable agencies of the governments of the United States and foreign jurisdictions.

 

8.13                        Counterparts.  This Agreement may be executed simultaneously in any number of counterparts, any one of which need not contain the signature of more than one Party but all such counterparts taken together will constitute one and the same agreement.

 

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their respective duly authorized officers as of the Effective Date, each copy of which will for all purposes be deemed to be an original.

 

	
DIADEXUS, INC.
    	
 
    	
CORGENIX,   INC.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
By:
    	
s/   Brian E. Ward, PhD
    	
 
    	
By:
    	
s/   Douglass T. Simpson
    
	
Name:
    	
Brian   E. Ward, PhD
    	
 
    	
Name:
    	
Douglass   T. Simpson
    
	
Title:
    	
COO
    	
 
    	
Title:
    	
President   and CEO
    
	
Date:
    	
July   27, 2011
    	
 
    	
Date:
    	
July   27, 2011
    

 

12

 

EXHIBIT A

 

PRODUCTS

 

	
PRODUCT
    	
 
    	
COMPONENTS
    	
 
    
	
PLAC® Test ELISA Kit
    	
 
    	
· [*]
    	
 
    

 

CORGENIX MEDICAL CORPORATION HAS REQUESTED THAT THE PORTIONS OF THIS DOCUMENT DENOTED BY BRACKETS AND ASTERISKS BE ACCORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934.

 

13

 

EXHIBIT B

 

SPECIFICATIONS

 

PLAC® Test ELISA Kit

 

In-process and final release specifications as per test methods listed below:

 

[*]

[*]

[*]

[*]

[*]

 

CORGENIX MEDICAL CORPORATION HAS REQUESTED THAT THE PORTIONS OF THIS DOCUMENT DENOTED BY BRACKETS AND ASTERISKS BE ACCORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934.

 

14

 

EXHIBIT C

 

TRANSFER PRICES

 

Product Manufacture and Kitting

 

Table 1.

 

	
Product
    	
 
    	
Number of Products
   manufactured in Lot
    	
 
    	
Transfer Price
    
	
PLAC® Test ELISA Kit
   Including Calibrators and Controls (PILOT Lots)
    	
 
    	
[*]
    	
 
    	
[$*] per kit
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
PLAC® Test ELISA Kit
   Including Calibrators and Controls (Commercial Lots)
    	
 
    	
[*]
   [*]
   [*]
   [*]
    	
 
    	
[$*] per kit
 [$*] per kit
 [$*] per kit
 [$*] per kit
    

 

Product Handling and Order Processing Fees

 

For handling, order processing, warehousing, Drop-Shipping Product to diaDexus’ customers on diaDexus’ FedEx or customer account and all packaging materials (box, tape, foam insert, blue ice, shipping popcorn, required labels, and shipping labor) are set forth below. In the event that the Blue Ice packaging requirement is eliminated, the parties agree to modify the box fee accordingly.

 

Table 2.

 

	
Box
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Ice Packs/Box
    
	
Description
    	
 
    	
Size
    	
 
    	
Kits/Box
    	
 
    	
Box Fee
    	
 
    	
(includes Blue Ice)
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
[*]
    	
 
    	
[*]
    	
 
    	
[*]
    	
 
    	
$
    	
[*]
    	
 
    	
[*]
    
	
[*]
    	
 
    	
[*]
    	
 
    	
[*]
    	
 
    	
$
    	
[*]
    	
 
    	
[*]
    
	
[*]
    	
 
    	
[*]
    	
 
    	
[*]
    	
 
    	
$
    	
[*]
    	
 
    	
[*]
    
	
[*]
    	
 
    	
[*]
    	
 
    	
[*]
    	
 
    	
$
    	
[*]
    	
 
    	
[*]
    
	
[*]
    	
 
    	
[*]
    	
 
    	
[*]
    	
 
    	
$
    	
[*]
    	
 
    	
[*]
    

 

 

From time-to-time, Corgenix may be requested to perform miscellaneous services that are within the scope of this Agreement at the agreed Hourly Labor Rate schedule below based on the functional individual performing requested services.

 

Hourly Labor Rates - Corgenix Personnel

 

	
[*]
    	
 
    	
$
    	
[*]
    	
 
    
	
[*]
    	
 
    	
$
    	
[*]
    	
 
    
	
[*]
    	
 
    	
$
    	
[*]
    	
 
    
	
[*]
    	
 
    	
$
    	
[*]
    	
 
    
	
[*]
    	
 
    	
$
    	
[*]
    	
 
    
	
[*]
    	
 
    	
$
    	
[*]
    	
 
    
	
[*]
    	
 
    	
$
    	
[*]
    	
 
    

 

CORGENIX MEDICAL CORPORATION HAS REQUESTED THAT THE PORTIONS OF THIS DOCUMENT DENOTED BY BRACKETS AND ASTERISKS BE ACCORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934.

 

15

 

EXHIBIT D

 

DIADEXUS MANUFACTURING MATERIALS

 

diaDexus Manufacturing Materials for PLAC® Test ELISA Kit Supplied by diaDexus

 

	
diaDexus Catalog # 90123   (Gen3 ELISA Kit)
    	
 
    
	
Part Number
    	
 
    	
Description
    	
 
    	
Units
    	
 
    	
Qty
    	
 
    
	
[*]
    	
 
    	
[*]
    	
 
    	
[*]
    	
 
    	
[*]
    	
 
    
	
[*]
    	
 
    	
[*]
    	
 
    	
[*]
    	
 
    	
[*]
    	
 
    
	
[*]
    	
 
    	
[*]
    	
 
    	
[*]
    	
 
    	
[*]
    	
 
    

 

CORGENIX MEDICAL CORPORATION HAS REQUESTED THAT THE PORTIONS OF THIS DOCUMENT DENOTED BY BRACKETS AND ASTERISKS BE ACCORDED CONFIDENTIAL TREATMENT PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934.

 

16

 

EXHIBIT E

 

PROCESS GUIDELINES

 

Inventory Management

 

1.              Corgenix shall implement the process of receiving Inventory Release Orders from diaDexus.

2.              Corgenix shall provide an inventory update of finished kitted Product to diaDexus on a weekly basis via email to diaDexus’ Materials group of what has been shipped and what remains in inventory by Lot and expiration date.

3.              Inventory shall be held at 2-8° C with appropriate temperature control and backup (generator or other method to insure continuous refrigeration).

 

Shipping

 

4.              Upon receipt of an Inventory Release Order for diaDexus via fax or other agreed means, Corgenix shall drop ship Products to customers the same day for such orders received up until 12pm that day.

5.              Inventory Release Orders received after 12:00pm will ship the following day.

6.              Products shall be drop shipped Monday through Thursday for domestic shipments and Monday-Tuesday and Friday for international shipments, in all cases per diaDexus instructions within the Inventory Release Order.

7.              diaDexus shall supply appropriate freight carrier information including shipping number to Corgenix if appropriate.

8.              Corgenix shall over-pack the Products with the appropriate quantity of frozen ice packs within an insulated shipping carton as outlined in the diaDexus shipping SOP.

9.              Over-packing shall be sufficient enough to remain intact and functional during the transport to customers.

10.       Corgenix shall follow this shipping sequence:

a.              Type packing list.

b.              Schedule a shipment pick-up by carrier.

c.               Generate shipping documents (For international shipments: Corgenix shall prepare appropriate FedEx labels).

d.              Upon shipment, provide diaDexus via email, confirmation and tracking of shipment.

11.       Corgenix shall supply all Corgenix materials required for shipping and invoice diaDexus according to schedule in Exhibit C.

 

Miscellaneous

 

12.       Corgenix shall comply with Good Manufacturing Practice provisions for all activities under this agreement.

13.       All manufacturing procedures and SOPs for receiving diaDexus Manufacturing materials, inventory management, kitting and shipping Products shall be provided by diaDexus.

14.       All sales, marketing and technical support for Products shall solely be managed by diaDexus.

 

17Exhibit 4.2

 

SHUTTERSTOCK, INC.

 

FORM OF REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of                        , 2012, by and among Shutterstock, Inc., a Delaware corporation (the “Company”), and the holders the Company’s capital stock listed on Schedule 1 hereto (the “Investors”).

 

RECITALS

 

The Company and Shutterstock Images LLC have entered into an Agreement and Plan of Merger, dated of even date herewith, pursuant to which the Company was reorganized from a New York limited liability company to a Delaware corporation (the “Conversion”) and the Investors were issued shares of the Company’s Common Stock (as defined below) in exchange for membership interests held by the Investors in the predecessor limited liability company.

 

AGREEMENT

 

The parties agree as follows:

 

1.             Registration Rights.

 

1.1          Definitions.  For purposes of this Section 1:

 

(a)           The term “Affiliate” has the meaning set forth in Section 3.5.

 

(b)           The term “Affiliated Fund” has the meaning set forth in Section 1.12.

 

(c)           The term “Board” has the meaning set forth in Section 1.2(c).

 

(d)           The term “Common Stock” means the Company’s Common Stock, par value $0.01 per share.

 

(e)           The term “Exchange Act” means the Securities Exchange Act of 1934, as amended (and any successor thereto) and the rules and regulations promulgated thereunder.

 

(f)            The term “Form S-3” means such form under the Securities Act as in effect on the date hereof or any successor form under the Securities Act that permits significant incorporation by reference of the Company’s subsequent  public filings under the Exchange Act.

 

(g)           The term “Holder” means any person owning or having the right to acquire Registrable Securities or any assignee thereof in accordance with Section 1.12 of this Agreement.

 

(h)           The term “Immediate Family Member” has the meaning set forth in Section 1.12.

 

 

(i)            The term “Initiating Holders” has the meaning set forth in Section 1.2(b).

 

(j)            The terms “register,” “registered,” and “registration” refer to a registration effected by preparing and filing a registration statement or similar document in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration statement or document.

 

(k)           The term “Registrable Securities” means (i) the shares of Common Stock issued to the Investors in connection with the Conversion and (ii) any other shares of Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares listed in (i); provided, however, that the foregoing definition shall exclude in all cases any Registrable Securities sold by a person in a transaction in which such person’s rights under this Agreement are not assigned.  Notwithstanding the foregoing, Common Stock or other securities shall only be treated as Registrable Securities if and so long as (A) they have not been sold to or through a broker or dealer or underwriter in a public distribution or a public securities transaction, (B) they have not been sold in a transaction exempt from the registration and prospectus delivery requirements of the Securities Act under Section 4(1) thereof so that all transfer restrictions, and restrictive legends with respect thereto, if any, are removed upon the consummation of such sale, or (C) the Holder thereof is entitled to exercise any right provided in Section 1 in accordance with Section 1.12 below.

 

(l)            The term “Registration Expenses” means all expenses (other than Selling Expenses) arising from or incident to the performance of, or compliance with, Section 1.2, 1.3 and 1.4 including, without limitation, (i) SEC, stock exchange, Financial Industry Regulatory Authority and other registration, qualification and filing fees, (ii) all fees and expenses incurred in connection with complying with any securities or blue sky laws, (iii) all printing, messenger and delivery expenses, (iv) the fees, charges and disbursements of counsel to the Company and of its independent public accountants and any other accounting and legal fees, charges and expenses incurred by the Company (including, without limitation, any expenses arising from any special audits or “comfort letters” required in connection with or incident to any registration), (v) the fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange and (vi) Securities Act liability insurance (if the Company elects to obtain such insurance), regardless of whether any registration statement filed in connection with such registration is declared effective. “Registration Expenses” shall also include the fees, charges and disbursements of one (1) counsel to all of the Holders participating in any underwritten public offering pursuant to Sections 1.2, 1.3 or 1.4 (which shall be selected by a majority, based on the number of Registrable Securities to be sold, of the participating Holders); provided, however, that such fees, charges and disbursements of counsel to the participating Holders shall not exceed $75,000.

 

(m)          The term “SEC” means the U.S. Securities and Exchange Commission.

 

(n)           The term “Securities Act” means the U.S. Securities Act of 1933, as amended (and any successor thereto) and the rules and regulations promulgated thereunder.

 

2

 

(o)           The term “Selling Expenses” means all underwriting discounts, selling commissions and stock transfer taxes applicable to the securities registered by the participating Holders and any expenses of counsel or other advisors to the participating Holders which are not covered under, or are in excess of the limits set forth in, the definition of Registration Expenses.

 

(p)           The term “selling security holder” has the meaning set forth in Section 1.8.

 

(q)           The term “Violation” has the meaning set forth in Section 1.10(a).

 

1.2          Demand Registration.

 

(a)           If the Company shall receive at any time after the date that is six months after the effective date of the first registration statement for a public offering of securities of the Company (other than a registration statement relating either to the sale of securities to employees of the Company pursuant to a stock option, stock purchase or similar plan or an SEC Rule 145 transaction), a written request from the Holders of at least fifteen percent (15%) of the Registrable Securities then outstanding that the Company file a registration statement under the Securities Act covering the registration of at least such number of the Registrable Securities having an anticipated aggregate offering price, net of underwriting discounts and commissions, of at least $10,000,000, then the Company shall, within 10 days of the receipt thereof, give written notice of such request to all Holders and shall, subject to the limitations of subsection 1.2(b), use its best efforts to file as soon as practicable, and in any event within 90 days of the receipt of such request, a registration statement under the Securities Act covering all Registrable Securities which the Holders request to be registered within 20 days of the mailing of such notice by the Company.

 

(b)           If the Holders initiating the registration request hereunder (“Initiating Holders”) intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 1.2 and the Company shall include such information in the written notice referred to in subsection 1.2(a).  The underwriter will be selected by a majority in interest of the Initiating Holders and shall be reasonably acceptable to the Company.  In such event, the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the Initiating Holders and such Holder) to the extent provided herein.  All Holders proposing to distribute their securities through such underwriting shall (together with the Company as provided in subsection 1.5(e)) enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting.  Notwithstanding any other provision of this Section 1.2, if the underwriter advises the Initiating Holders in writing that marketing factors require a limitation of the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the underwriting shall be allocated among all participating Holders thereof, including the Initiating Holders, in proportion (as nearly as practicable) to the amount of Registrable Securities of the Company owned by each participating Holder; provided, however, that the number of shares of

 

3

 

Registrable Securities to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting.

 

(c)           Notwithstanding the foregoing, if the Company shall furnish to Holders requesting a registration statement pursuant to this Section 1.2, a certificate signed by the President of the Company stating that in the good faith judgment of the Board of Directors of the Company (the “Board”), it would be seriously detrimental to the Company and its holders of capital stock for such registration statement to be filed and it is therefore essential to defer the filing of such registration statement, the Company shall have the right to defer such filing; provided, however, that the right to delay a demand request under this Section 1.2(c) shall be exercised by the Company not more than twice in any twelve (12) month period and the Company shall only have the right to delay a demand request on each occasion for a period not to exceed ninety (90) days individually, or one hundred and twenty (120) days in the aggregate.

 

(d)           In addition, the Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to this Section 1.2:

 

(i)            after the Company has effected three (3) registrations pursuant to this Section 1.2 and such registrations have been declared or ordered effective;

 

(ii)           during the period starting with the date 90 days prior to the Company’s good faith estimate of the date of filing of, and ending on a date 90 days after the effective date of, a registration subject to Section 1.3 unless such offering is the initial public offering of the Company’s securities, in which case, ending on a date 180 days after the effective date of such registration subject to Section 1.3; provided that the Company is actively employing in good faith all reasonable efforts to cause such registration statement to become effective; or

 

(iii)          if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Section 1.4.

 

1.3          Piggyback Registration.  If (but without any obligation to do so) the Company proposes to register (including for this purpose a registration effected by the Company for holders of capital stock other than the Holders) any of its stock under the Securities Act in connection with the public offering of such securities solely for cash (other than a registration relating solely to the sale of securities to participants in a Company stock plan or a transaction covered by Rule 145 under the Securities Act, a registration in which the only stock being registered is Common Stock issuable upon conversion of debt securities which are also being registered, or any registration on any form which does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities), the Company shall, at such time, promptly give each Holder written notice of such registration.  Upon the written request of each Holder given within 20 days after mailing of such notice by the Company in accordance with Section 3.4, the Company shall, subject to the cut back provisions of Section 1.8, cause to be registered under the Securities Act all of the Registrable Securities that each such Holder has requested to be registered.

 

4

 

1.4          Form S-3 Registration.  In case the Company shall receive from any Holder or Holders of at least fifteen percent (15%) of the Registrable Securities then outstanding a written request or requests that the Company effect a registration on Form S-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, the Company will:

 

(a)           promptly give written notice of the proposed registration, and any related qualification or compliance, to all other Holders; and

 

(b)           as soon as practicable, effect such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holder’s or Holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given within 15 days after receipt of such written notice from the Company; provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance, pursuant to this Section 1.4:  (i) if Form S-3 is not available for such offering by the Holders; (ii) if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public (net of any underwriters’ discounts or commissions) of less than $5,000,000; (iii) if the Company shall furnish to the Holders a certificate signed by the President of the Company stating that in the good faith judgment of the Board, it would be seriously detrimental to the Company and its holders of capital stock for such Form S-3 registration to be effected at such time, in which event  the Company shall have the right to defer such filing; provided, however, that the right to delay a Form S-3 request under this Section 1.4(b) shall be exercised by the Company not more than twice in any twelve (12) month period and the Company shall only have the right to delay a Form S-3 request on each occasion for a period not to exceed ninety (90) days individually, or one hundred and twenty (120) days in the aggregate; (iv) if the Company has, within the 12-month period preceding the date of such request, already effected two registrations on Form S-3 for the Holders pursuant to this Section 1.4; (v) in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance; or (vi) during the period ending 180 days after the effective date of a registration statement subject to Section 1.3.

 

(c)           Subject to the foregoing, the Company shall file a registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the request or requests of the Holders.  Registrations effected pursuant to this Section 1.4 shall not be counted as demands for registration or piggyback registrations effected pursuant to Sections 1.2 or 1.3, respectively.

 

1.5          Obligations of the Company.  Whenever required under this Section 1 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible:

 

(a)           Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its best efforts to cause such registration statement to become

 

5

 

effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for up to 120 days, or until the distribution described in such registration statement is completed, if earlier.

 

(b)           Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for up to 120 days, or until the distribution described in such registration statement is completed, if earlier.

 

(c)           Furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them.

 

(d)           Use its best efforts to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions.

 

(e)           In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering.  Each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement.

 

(f)            Notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits 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, such obligation to continue for 120 days.

 

(g)           Cause all such Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which similar securities issued by the Company are then listed.

 

(h)           Provide a transfer agent and registrar for all Registrable Securities registered pursuant hereunder and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration.

 

(i)            Use its best efforts to furnish, at the request of any Holder requesting registration of Registrable Securities pursuant to this Section 1, on the date that such Registrable Securities are delivered to the underwriters for sale in connection with a registration pursuant to this Section 1, if such securities are being sold through underwriters, (i) an opinion, dated such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to

 

6

 

the underwriters and (ii) a letter dated such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters.

 

1.6          Furnish Information.  It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 1 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as shall be required to effect the registration of such Holder’s Registrable Securities.  The Company shall have no obligation with respect to any registration requested pursuant to Section 1.2 or Section 1.4 of this Agreement if, as a result of the application of the preceding sentence, the number of shares or the anticipated aggregate offering price of the Registrable Securities to be included in the registration does not equal or exceed the number of shares or the anticipated aggregate offering price required to originally trigger the Company’s obligation to initiate such registration as specified in subsection 1.2(a) or subsection 1.4(b), whichever is applicable.

 

1.7          Expenses of Registration.

 

(a)           Demand Registration.  All Registration Expenses incurred pursuant to Section 1.2 shall be borne by the Company; provided, however, that the Company shall not be required to pay for any Registration Expenses incurred pursuant to Section 1.2 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all participating Holders shall bear such expenses), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one demand registration pursuant to Section 1.2; provided further, however, that if at the time of such withdrawal, the Holders (i) have learned of a material adverse change in the condition, business, or prospects of the Company that was not known to the Holders at the time of their request and (ii) have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change, then the Holders shall not be required to pay any of such expenses and shall not forfeit their rights pursuant to Section 1.2.

 

(b)           Piggyback Registration.  All Registration Expenses incurred pursuant to Section 1.3 for each Holder shall be borne by the Company.

 

(c)           Registration on Form S-3.  All Registration Expenses incurred pursuant to Section 1.4 for each Holder shall be borne by the Company.

 

1.8          Underwriting Requirements.  In connection with any offering involving an underwriting of shares of the Company’s capital stock, the Company shall not be required under Section 1.3 to include any of the Holders’ securities in such underwriting unless they accept the terms of the underwriting as agreed upon between the Company and the underwriters selected by it (or by other persons entitled to select the underwriters), and then only in such quantity as the underwriters determine in their sole discretion will not jeopardize the success of the offering by the Company.  If the total amount of securities, including Registrable Securities, requested by holders of capital stock to be included in such offering exceeds the amount of securities sold

 

7

 

other than by the Company that the underwriters determine in their sole discretion is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters determine in their sole discretion will not jeopardize the success of the offering (the securities so included to be apportioned pro rata among the selling security holders according to the total amount of securities entitled to be included therein owned by each selling security holder or in such other proportions as shall mutually be agreed to by such selling security holders) but in no event shall the amount of securities of the selling Holders included in the offering be reduced below 20% of the total amount of securities included in such offering.  For purposes of the preceding parenthetical concerning apportionment, for any selling security holder which is a holder of Registrable Securities and which is a partnership or corporation, the partners, retired partners and holders of capital stock of such holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single “selling security holder,” and any pro-rata reduction with respect to such “selling security holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such “selling security holder,” as defined in this sentence.

 

1.9          Delay of Registration.  No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 1.

 

1.10        Indemnification.  In the event any Registrable Securities are included in a registration statement under this Section 1:

 

(a)           To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners, officers, directors and security holders of each Holder, legal counsel and accountants for each Holder, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively 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 amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law; and the Company will pay to each such Holder, 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 subsection 1.10(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable to any Holder, underwriter or controlling person for any such loss,

 

8

 

claim, damage, liability, or action to the extent that it 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 any such Holder, underwriter or controlling person.

 

(b)           To the extent permitted by law, each selling Holder will indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the registration statement, each person, if any, who controls the Company 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 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, or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, 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 Holder expressly for use in connection with such registration; and each such Holder will pay, as incurred, any legal or other expenses reasonably incurred by any person intended to be indemnified pursuant to this subsection 1.10(b), in connection with investigating or defending any such loss, claim, damage, liability, or action; provided, however, that the indemnity agreement contained in this subsection 1.10(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; provided that in no event shall any indemnity under this subsection 1.10(b) exceed the net proceeds from the offering received by such Holder, except in the case of willful fraud by such Holder.

 

(c)           Promptly after receipt by an indemnified party under this Section 1.10 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 1.10, 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 noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; 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 reasonable 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, if prejudicial to its ability to defend such action, shall relieve such indemnifying party of any liability to the indemnified party under this Section 1.10, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 1.10.

 

(d)           If the indemnification provided for in this Section 1.10 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 referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable

 

9

 

by such indemnified party as a result of such loss, liability, claim, damage, or expense 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 statements or omissions that resulted in such loss, liability, claim, damage or expense as well as any other relevant equitable considerations; provided that in no event shall any contribution by a Holder under this Subsection 1.10(d) exceed the net proceeds from the offering received by such Holder, except in the case of willful fraud by such Holder.  The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the 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)           Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control.

 

(f)            The obligations of the Company and Holders under this Section 1.10 shall survive the completion of any offering of Registrable Securities in a registration statement under this Section 1, and otherwise.

 

1.11        Reports Under the Exchange Act.  With a view to making available to the Holders the benefits of Rule 144 promulgated under the Securities Act and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company agrees to:

 

(a)           make and keep public information available, as those terms are understood and defined in SEC Rule 144, at all times after 90 days after the effective date of the first registration statement filed by the Company for the offering of its securities to the general public so long as the Company remains subject to the periodic reporting requirements under Sections 13 or 15(d) of the Exchange Act;

 

(b)           take such action, including the voluntary registration of its Common Stock under Section 12 of the Exchange Act, as is necessary to enable the Holders to utilize Form S-3 for the sale of their Registrable Securities, such action to be taken as soon as practicable after the end of the fiscal year in which the first registration statement filed by the Company for the offering of its securities to the general public is declared effective;

 

(c)           file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act; and

 

(d)           furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after 90 days after the effective date of the first registration statement filed by the Company), the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), or that it

 

10

 

qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC which permits the selling of any such securities without registration or pursuant to such form.

 

1.12        Assignment of Registration Rights.  The rights to cause the Company to register Registrable Securities pursuant to this Section 1 may be assigned (but only with all related obligations) by a Holder to a transferee or assignee (a) that is a subsidiary, parent, partner, limited partner, retired partner, member, retired member or holder of capital stock of a Holder, (b) that is an affiliated fund or entity of the Holder, which means with respect to a limited liability company or a limited partnership, a fund or entity managed by the same manager or managing member or general partner or management company or by an entity controlling, controlled by, or under common control with such manager or managing member or general partner or management company (such a fund or entity, an “Affiliated Fund”), (c) who is a Holder’s child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law (such a relation, a Holder’s “Immediate Family Member”, which term shall include adoptive relationships), or (d) that is a trust for the benefit of an individual Holder or such Holder’s Immediate Family Member, provided the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned; and provided, further, that such assignment shall be effective only if the transferee agrees to be bound by this Agreement and immediately following such transfer the further disposition of such securities by the transferee or assignee is restricted under the Securities Act.  For the purposes of determining the number of shares of Registrable Securities held by a transferee or assignee, the holdings of transferees and assignees of (i) a partnership who are partners or retired partners of such partnership or (ii) a limited liability company who are members or retired members of such limited liability company (including Immediate Family Members of such partners or members who acquire Registrable Securities by gift, will or intestate succession) shall be aggregated together and with the partnership or limited liability company; provided that all assignees and transferees who would not qualify individually for assignment of registration rights shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices or taking any action under Section 1.

 

1.13        Termination of Registration Rights.  The rights contained in Section 1 hereof shall terminate at the earlier of (a) five (5) years from the effective date of the Company’s first registration statement for a public offering of securities of the Company; (b) with respect to a Holder, at such time that, in the opinion of the Company’s counsel, all Registrable Securities held, or issuable upon conversion of securities then held, by such Holder may be sold in a three (3) month period without registration under the Securities Act pursuant to Rule 144 or another similar exemption under the Securities Act; or (c) upon termination of this Agreement, as provided in Section 2.

 

2.             Termination of Agreement.

 

2.1          Termination Events.  This Agreement shall terminate and have no further force or effect upon the earlier of:

 

11

 

(a)           the liquidation, dissolution or indefinite cessation of the business operations of the Company;

 

(b)           the execution by the Company of a general assignment for the benefit of creditors or the appointment of a receiver or trustee to take possession of the property and assets of the Company;

 

(c)           the consummation of a transaction or series of related transactions deemed to be a liquidation, dissolution or winding up of the Company pursuant to the Company’s Certificate of Incorporation; and

 

(d)           the termination of all Holders’ registration rights pursuant to Section 1.13.

 

3.             Miscellaneous.

 

3.1           Entire Agreement.  This Agreement constitutes the entire agreement between the parties hereto pertaining to the subject matter hereof, and supersedes any and all other written or oral agreements relating to the subject matter hereof existing between the parties hereto.

 

3.2           Successors and Assigns; No Third Party Beneficiaries.  Except as otherwise provided in this Agreement, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors, assigns and legal representatives of the parties.  Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors, assigns and legal representatives any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

3.3           Amendments and Waivers.  Any term of this Agreement may be amended or waived only with the written consent of (a) the Company and (b) the holders of at least a majority  of the Registrable Securities (or their respective successors, assigns and legal representatives). Any amendment or waiver effected in accordance with this Section 3.3 shall be binding upon the Company, the Investors, and each of their respective successors and assigns. Any Holder may waive his or her rights or the Company’s obligations to such Holder hereunder without obtaining the consent of any other person.

 

3.4           Notices.  All notices required or permitted hereunder shall be in writing and shall be deemed effectively given (i) upon personal delivery to the party to be notified, (ii) five days after deposit in the United States mail, by registered or certified mail, postage prepaid and properly addressed to the party to be notified, (iii) two days after deposit with an airborne or overnight courier, specifying priority delivery, with written verification of receipt and properly addressed to the party to be notified, or (iv) when received if transmitted by telecopy (to be followed by U.S. mail), electronic or digital transmission method. In each case, notice shall be sent to the addresses set forth on the signature page or on Schedule 1 hereto, or as subsequently modified by written notice to the other parties hereto.

 

3.5           Aggregation of Stock.  All shares of capital stock of the Company held or acquired by Affiliated entities or persons shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated persons may

 

12

 

apportion such rights as among themselves in any manner they deem appropriate.  As used herein, “Affiliate” means, with respect to any specified Investor, any other Investor who, directly or indirectly, controls, is controlled by or is under common control with such Investor, including, without limitation, any general partner, managing member, officer or director of such Investor, or any venture capital fund now or hereafter existing which is controlled by one or more general partners or managing members of, or shares the same management company with, such Investor.

 

3.6           Severability.  If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith.  In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of this Agreement shall be interpreted as if such provision were so excluded and (c) the balance of this Agreement shall be enforceable in accordance with its terms.

 

3.7           Governing Law.  This Agreement shall be governed by and construed under the laws of the State of New York, without giving effect to conflict of law principles thereof. The parties agree that any action brought by either party under or in relation to this Agreement, including without limitation to interpret or enforce any provision of this Agreement shall be brought in, and each party agrees to and does hereby submit to the jurisdiction and venue of any New York federal court sitting in the Borough of Manhattan of The City of New York or the New York State courts located in The City of New York.

 

3.8           Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.

 

3.9           Titles and Subtitles.  The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

 

[Signature Pages Follow]

 

13

 

The parties have executed this Registration Rights Agreement as of the date first written above.

 

	
 
    	
THE COMPANY:
    
	
 
    	
 
    
	
 
    	
SHUTTERSTOCK, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
(Signature)
    
	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
Address:
    
	
 
    	
60   Broad Street, 30th Floor
    
	
 
    	
New   York, NY 10004
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
INVESTORS:
    
	
 
    	
 
    
	
 
    	
PIXEL   HOLDINGS INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:   Jon Oringer
    
	
 
    	
 
    	
Title:   President and CEO
    

 

 

The parties have executed this Registration Rights Agreement as of the date first written above.

 

 

	
 
    	
INVESTORS:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
SHUTTERSTOCK   INVESTORS, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
SHUTTERSTOCK   INVESTORS I, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
SHUTTERSTOCK   INVESTORS II, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
SHUTTERSTOCK   INVESTORS III, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

 

 

The parties have executed this Registration Rights Agreement as of the date first written above.

 

 

	
 
    	
INVESTORS:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ADAM   RIGGS
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
DAN   MCCORMICK
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
THILO   SEMMELBAUER
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    

 

 

SCHEDULE 1

 

INVESTORS

 

Name and Address

 

Pixel Holdings Inc.

 

Address:

60 Broad Street, 30th Floor
 New York, NY  10004

 

Shutterstock Investors, LLC

Shutterstock Investors I, LLC

Shutterstock Investors II, Inc.

Shutterstock Investors III, Inc.

 

Address:

c/o Insight Venture Partners

680 Fifth Avenue, 8th Floor

New York, NY 10019

 

Adam Riggs

 

Address:

c/o The Nelson Law Firm, LLC

White Plains Plaza

One North Broadway

White Plains, New York 10601

 

Dan McCormick

 

Address:

c/o Shutterstock, Inc.

60 Broad Street, 30th Floor

New York, NY 10004

 

 

Name and Address

 

Thilo Semmelbauer

 

Address:

c/o Shutterstock, Inc.

60 Broad Street, 30th Floor

New York, NY 10004

 

2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00208-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00208-of-00352.parquet"}]]