Document:

Document

Exhibit 10.24

GRI BIO, INC.
NONQUALIFIED STOCK OPTION AGREEMENT
Signature Page
GRI Bio, Inc., a Delaware corporation (the “Company”), hereby grants to you (the “Optionee”) the following option (the “Option”) to purchase shares of Common Stock, par value $0.01 per share (“Common Stock”), of the Company:
						
	Name of Optionee:	Gerald Yakatan
	Total Number of Shares Subject to this Option:	136,707
	Exercise Price per Share:	$0.73
	Grant Date:	11/04/2016
	Number of Vested Options on Grant Date:	45,569
	Number of Shares Subject to Vesting Schedule	91,138
	Vesting Schedule	See Exhibit A
	Date Fully Vested:	11/04/2018
	Expiration Date:	11/04/2026

By your signature and the signature of the Company’s representative below, you and the Company agree that this Option is granted under and governed by the terms of the Company’s 2015 Equity Incentive Plan (the “Plan”) and this Nonqualified Stock Option Agreement (this “Agreement”), which includes the incorporated terms and conditions attached to and made a part of this Agreement.  This Agreement is an Award Agreement issued under the Plan.
									
	Optionee:		GRI Bio, Inc.
			
			
	/s/ Gerald Yakatan		/s/ W. Marc Hertz
			
	Address:		Print Name:  W. Marc Hertz 
			Title: CEO 

GRI Bio, Inc.
Nonqualified Stock Option Agreement
under the 2015 Equity Incentive Plan
Incorporated Terms and Conditions
1.    Grant of Option.  On the terms and conditions set forth in this Agreement, the Company grants to the Optionee on the Grant Date set forth on the Signature Page of this Agreement (the “Grant Date”) this Option to purchase at the exercise price per share set forth on the Signature Page of this Agreement (the “Exercise Price”) the number of shares of Common Stock set forth on said Signature Page (the “Shares”).  This Option is granted pursuant to and is governed by the Plan, the terms of which are incorporated into this Agreement by this reference.  Unless the context otherwise requires, capitalized terms used herein without definitions shall have the respective meanings assigned to them in the Plan.  By signing this Agreement, the Optionee acknowledges receipt of a copy of the Plan.
2.    Type of Option.  This Option is intended to qualify as an Nonqualified Stock Option.  No portion of the Option is intended to be an incentive stock option within the meaning of Section 422 of the Code.  It is agreed that the Exercise Price is at least one hundred percent (100%) of the Fair Market Value per Share on the Grant Date.
3.    Exercisability Schedule.  If the Optionee’s service with the Company has continued through the periods set forth in the Vesting Schedule set forth on the Signature Page of this Agreement, the Optionee may exercise the Option for such number of Shares as have become exercisable pursuant to such Vesting Schedule.  Notwithstanding the foregoing, upon the consummation of a Change in Control (as defined in the Plan), the Board, in its sole discretion, may (i) accelerate the exercisability, prior to the effective date of such Change in Control, of all or a portion of this Option, (ii) upon written notice, provide that this Option must be exercised, to the extent then exercisable, within a specified number of days after the date of such notice, at the end of which period such Option shall terminate, (iii) if there is a surviving or acquiring entity, and subject to the consummation of such Change in Control, cause that entity or a subsidiary of that entity to grant replacement awards having such terms and conditions as the Board determines to be appropriate in its sole discretion, upon which replacement this replaced Option shall be terminated or cancelled, as the case may be, (iv) terminate this Option and make such payments, if any, therefor (or cause the surviving or acquiring entity to make such payments, if any, therefor) as the Board determines to be appropriate in its sole discretion (including, without limitation, with respect to only the then exercisable portion of this Option based on the Fair Market Value of the underlying shares as determined by the Board in good faith), upon which termination this Option shall immediately cease to have any further force or effect, which, for such purposes, shall include a payment of zero for any outstanding Options in such cases where the exercise price of the relevant Options is exceeded by the Fair Market Value or per share consideration in the Change in Control, or (v) take any combination (or none) of the foregoing actions.  The foregoing rights are cumulative and may be exercised only before the expiration date set forth on the Signature Page of this Agreement.
4.    Exercise.
(a)    General.  Within the limits set forth in Section 3 above and the Plan, the Option may be exercised from time to time with respect to all or any part of the Shares as to which it is exercisable at the time.  No fractional Shares may be purchased except in combination with a fraction or fractions under another currently exercisable option or options granted under the Plan, and then only to the extent that such combination equals a full Share.  In addition, the exercise of the Option shall be subject to satisfaction of all conditions the Board may impose on the exercise of the Option pursuant to this Agreement or the Plan, and any such exercise shall be effective only after all such conditions have been satisfied.

(b)    Deliveries.  To exercise the Option, the Optionee (or other person exercising the Option) must deliver to the Company the following:
(i)    a completed and signed Notice of Stock Option Exercise, in the form of Attachment A hereto (the “Exercise Notice”) specifying the number of Shares with respect to which the Option is being exercised.  If the Option is being exercised by a person other than the Optionee, the Exercise Notice must be accompanied by proof of the right of such person to exercise the Option and such other pertinent information as the Company deems necessary;
(ii)    payment in full of the aggregate Exercise Price of the Shares being purchased:
(A)    by check made payable to the order of the Company;
(B)    subject to Section 4(c), below, if previously approved by the Board, by delivery of shares of Common Stock having an aggregate Fair Market Value on the date of exercise equal to the aggregate Exercise Price;
(C)    if previously approved by the Board, by delivery of a full recourse promissory note;
(D)    if the Common Stock is then traded on a national securities exchange or on the Nasdaq National Market (or successor trading system) and if previously approved by the Board, by delivery of an irrevocable undertaking, satisfactory in form and substance to the Company, by a creditworthy securities broker to sell such Shares and to deliver promptly to the Company sufficient funds to pay the aggregate Exercise Price and any applicable withholding taxes, or delivery by the Optionee to the Company of a copy of irrevocable instructions, satisfactory in form and substance to the Company, to a creditworthy securities broker to sell such Shares and to deliver promptly to the Company sufficient funds to pay the aggregate Exercise Price and any applicable withholding taxes;
(E)    if the Common Stock is then traded on a national securities exchange) and if previously approved by the Board, by delivery by the Optionee to the Company of a copy of irrevocable instructions, satisfactory in form and substance to the Company, to pledge such Shares to a securities broker or lender approved by the Company as security for a loan, and to deliver promptly to the Company sufficient funds to pay the aggregate Exercise Price and any applicable withholding taxes; or
(F)    subject to Section 4(c), if applicable, if previously approved by the Board, by any combination of payment provided by (A) through (E) above in accordance with the terms of the Plan; and
(iii)    a stock transfer power, satisfactory in form and substance to the Company and duly executed in blank by the Optionee, sufficient to transfer the Shares.
(c)    Limitations on Payment by Delivery of Common Stock.  If clauses (B) or (F) of Section 4(b)(ii), above, is applicable, and if the Optionee wishes to deliver shares of Common Stock held by the Optionee (“Old Stock”) to the Company in full or partial payment of the aggregate Exercise Price, then:
(i)    the certificate or certificates representing such Old Stock shall be duly endorsed for transfer to the Company and such Old Stock shall be free of all transfer restrictions, liens, encumbrances and other legal or equitable interests;
(ii)    if the Old Stock so delivered is subject to restrictions or limitations imposed by agreement between the Optionee and the Company, an equivalent number of Shares shall be subject to all 
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restrictions and limitations applicable to the Old Stock to the extent that the Optionee paid for the Shares by delivery of Old Stock, in addition to any restrictions or limitations imposed by this Agreement; and
(iii)    notwithstanding any provision of this Agreement to the contrary, the Optionee may not pay any part of the aggregate Exercise Price hereof by transferring Old Stock to the Company unless the Board determines that payment of the aggregate Exercise Price by delivery of such Old Stock will not result in a charge to earnings for financial accounting purposes.
(d)    Legal and Regulatory Matters.  The Plan, this Agreement, this Option and the obligation of the Company to sell and deliver the Shares upon exercise of this Option are and shall be subject to (i) all applicable laws, government regulations and rules and (ii) all applicable regulations and rules adopted by the Board in accordance with the Plan.  Without limiting the generality of the foregoing, no Shares shall be issued upon the exercise of this Option unless and until the Company has determined in its sole discretion that:  (i) the Company and the Optionee have taken all actions required to register the Shares under the Securities Act of 1933, as amended, or any successor statute (the “Securities Act”), or to perfect an exemption from the registration requirements of the Securities Act; (ii) any applicable listing requirements of any stock exchange or other securities market on which the Common Stock is listed have been satisfied; and (iii) all other applicable provisions of federal and state law have been satisfied.
5.    Option Not Transferable.  Neither this Option nor any interest therein is transferable or assignable, by operation of law or otherwise, except by will or by the laws of descent and distribution.  During the Optionee’s lifetime only the Optionee can exercise this Option, and this Option shall not be subject to sale under execution, attachment, levy or similar process.  Any such transfer, assignment or sale in violation of this Agreement shall be void.
6.    Termination of Option. 
(a)    Termination of Service.  Except as otherwise determined by the Board, upon the termination of the service of the Optionee to the Company (or to an affiliate), this Option shall expire on the earliest of the following occasions:
(i)    the date that is ninety (90) days after the termination of the Optionee’s service other than for Cause (as defined below) or by reason of death or disability;
(ii)    the date of the termination of the Optionee’s service by the Company for Cause;
(iii)    the date one (1) year after the termination of the Optionee’s service by reason of Disability;
(iv)    the date one (1) year after the termination of the Optionee’s service by reason of the Optionee’s death; or
(v)    the specified expiration date of the Option, as set forth on the Signature Page of this Agreement.
The Optionee may exercise all or any part of this Option at any time before the expiration of this Option under this Section 6, but only to the extent that this Option had become exercisable before the Optionee’s service terminated and the underlying Shares had vested before the Optionee’s service terminated.  The balance of this Option shall lapse when the Optionee’s service terminates.  In the event that the Optionee dies during the Optionee’s service, or after the termination of the Optionee’s service but before the expiration of this Option, all or part of this Option may be exercised (prior to expiration) by the executors or administrators of the Optionee’s estate or by any person who has acquired such Option directly from the Optionee by beneficiary designation, bequest or inheritance, 
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but only to the extent that this Option had become exercisable before the Optionee’s service terminated and the underlying Shares had vested before the Optionee’s service terminated.
“Cause” is conduct by the Optionee, as determined by the Board, constituting one or more of the following:  (A) the commission of an act in deliberate disregard of the rules or policies of the Company whether or not it results in loss, damage or injury to the Company or any of its subsidiaries or adversely affects the business activities, reputation, goodwill or image of the Company or any of its subsidiaries; or (B) the commission of any material act of disloyalty, dishonesty or breach of fiduciary duty to the Company, or (C) the commission of an act of embezzlement or fraud; or (D) the unauthorized disclosure of any trade secret or confidential information of the Company or any third party who has a business relationship with the Company or the violation of any noncompetition covenant or assignment of inventions obligations with the Company; or (E) the commission of any act which induces any customer or prospective customer of the Company to break a contract with the Company or to decline to do business with the Company; or (F) the charge by indictment or information with the commission of a felony involving charges of dishonesty or moral turpitude or the conviction of a felony of any kind; or (G) the failure to perform in a material respect his or her service obligations without proper cause or otherwise materially breach any service, consulting or independent contractor agreement between the Company and Optionee.
(b)    Termination on Change in Control.  Except as otherwise determined by the Board, but subject to Section 3 of this Agreement, in the case of a Change in Control, this Option shall terminate on the effective date of such transaction or event, unless provision is made in such transaction in the sole discretion of the parties thereto for the assumption of this Option or the substitution for this Option of a new stock option of the successor person or entity or a parent or subsidiary thereof, with appropriate adjustment as to the number and kind of shares and the per share exercise price, as provided in Section 13 of this Agreement.  In the event of any transaction that will result in such termination, the Company shall give to the Optionee written notice thereof at least ten (10) days prior to the effective date of such transaction.  Until such effective date, the Optionee may exercise any portion of this Option that is or becomes vested on or prior to such effective date, but after such effective date the Optionee may not exercise this Option unless it is assumed or substituted by the successor entity (or a parent or subsidiary thereof) as provided above.
(c)    Cancellation Pursuant to Plan.  This Option may also be cancelled and terminated by the Board or the Committee pursuant to the Plan.
(d)    Expiration.  Unless terminated earlier under Section 6(a), (b) or (c), this Option shall expire on the expiration date of the Option, as set forth on the Signature Page of this Agreement, which in no event shall be more than ten (10) years from the date the Option was granted.
7.    No Rights as Stockholder.  The Optionee (or any other person entitled to exercise this Option) shall not be entitled to any rights as a stockholder of the Company with respect to any Shares issuable upon exercise of this Option until such Shares shall have been registered on the stock transfer books of the Company in the name of the Optionee (or such other person).
8.    Right of Repurchase by the Company of Stock Held by the Optionee. 
(a)    Right to Purchase upon Termination other than for Cause.  If the Optionee’s service is terminated for any reason other than for Cause, the Company or its designee(s) (collectively, the “Buyer”) shall have the right to purchase, for a period of three (3) months after such event, from the Optionee and his transferees (collectively, the “Seller”) free and clear of all liens and encumbrances other than liens securing indebtedness of the Company, all or any portion of the Shares owned by the Seller (collectively, the “Seller's Securities”) for a price equal to the Fair Market Value of such Seller's Securities being so purchased.  If the Buyer elects to so purchase such Seller’s Securities, then upon thirty (30) days’ prior notification of the Seller, the Seller shall sell and the Buyer shall purchase such Shares.  The closing of such purchase and sale shall take place on a date designated by the Buyer, which shall not be more than thirty (30) days following the date of notification to the Seller.
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(b)    Right to Purchase upon Termination for Cause or Violation of Non-Competition, Non-Solicitation or Confidentiality Obligations.  If (i) the Company terminates the Optionee’s service with the Company for Cause or (ii) the Optionee breaches any confidentiality, noncompetition or nonsolicitation obligation to the Company, including any such obligation contained in any other service, consulting or independent contractor agreement between the Optionee and the Company, then in any such event the Buyer shall have the right to purchase, for a period of three (3) months after such event, from the Optionee free and clear of all liens and encumbrances other than liens securing indebtedness of the Company, all or any portion of the Seller's Securities at a price per share equal the lesser of (x) the cost with respect to each such Share and (y) the Fair Market Value of each such Share on the date of termination of service.  If the Buyer elects to so purchase such Shares, then upon thirty (30) days’ prior notification of the Seller, the Seller shall sell and the Buyer shall purchase such Shares.  The closing of such purchase and sale shall take place on a date designated by the Buyer, which shall not be more than thirty (30) days following the date of notification to the Seller.
9.    Restrictions on Transfer. 
(a)    No Transfer.  The Optionee shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise (collectively “transfer”), any of the Shares, or any interest therein, unless such transfer is made in compliance with the provisions of this Agreement.
(b)    Prohibited Transfers.  The Optionee shall not transfer any Shares if such transfer:
(i)    Violates state or Federal securities law; or
(ii)    Is made to a competitor of the Company as determined by the Board.
(c)    Lock-Up Agreement.  The Optionee agrees, if requested by the Company (or a representative of the underwriters) in connection with an underwritten registration of the offering of any securities of the Company, not to sell or otherwise transfer or dispose of any Shares or other securities of the Company during such period as may be requested by the Company or the representative of the underwriters; provided, however, that such period shall not exceed one hundred eighty (180) days from the effective date of the registration statement to be filed in connection with such public offering.  The Optionee agrees to enter into any agreement reasonably required by the underwriters to implement the foregoing within a reasonable timeframe if so requested by the Company.  The Company may impose stop transfer restrictions with respect to securities subject to the foregoing restrictions until the end of such period.
(d)    Effect of Prohibited Transfer.  Any transfer of Options or Shares in violation of this Agreement shall be void.  The Company shall not be required (i) to transfer on its books any of the Shares which shall have been transferred in violation of this Agreement, or (ii) to treat as the owner of such Shares or pay dividends to any transferee to whom any such Shares shall have been so transferred.
10.    Investment Representations.  In connection with the purchase and sale of the Shares contemplated by this Agreement, the Optionee hereby represents and warrants to the Company as follows:
(a)    The Optionee is purchasing the Shares for the Optionee’s own account for investment only, and not with a view to, or for sale in connection with, any distribution of the Shares in violation of the Securities Act, or any rule or regulation under the Securities Act.
(b)    The Optionee has had such an opportunity as he or she has deemed adequate to obtain from the Company such information as is necessary to permit him or her to evaluate the merits and risks of the Optionee’s investment in the Company and has consulted with the Optionee’s own advisers with respect to the Optionee’s investment in the Company.
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(c)    The Optionee has sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in the purchase of the Shares and to make an informed investment decision with respect to such purchase.
(d)    The Optionee can afford a complete loss of the value of the Shares and is able to bear the economic risk of holding such Shares for an indefinite period.
(e)    The Optionee understands that the Shares are not registered under the Securities Act (it being understood that the Shares are being issued and sold in reliance on the exemption provided in Rule 701 thereunder) or any applicable state securities or “blue sky” laws and may not be sold or otherwise transferred or disposed of in the absence of an effective registration statement under the Act and under any applicable state securities or “blue sky” laws (or exemptions from the registration requirements thereof).  The Optionee further acknowledges that certificates representing the Shares will bear restrictive legends reflecting the foregoing.
11.    Legends.
(a)    Legends on Certificates.  Unless the Shares issued hereunder have been registered under the Securities Act, each certificate evidencing any of such Shares shall bear a legend referring to the restrictions on transfer imposed by the Securities Act, and any applicable state securities laws, as well as the following legend:
“THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS UPON TRANSFER AND MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT IN ACCORDANCE WITH AND SUBJECT TO ALL OF THE TERMS AND CONDITIONS OF A CERTAIN STOCK OPTION AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED OWNER OF THIS CERTIFICATE.  THE COMPANY WILL FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER OF THIS CERTIFICATE UPON WRITTEN REQUEST AND WITHOUT CHARGE.”
(b)    Removal of Legends.  If, in the opinion of counsel to the Company, any legend placed on a stock certificate representing Shares issued under this Agreement is no longer required, then the holder of such certificate shall be entitled to exchange such certificate for a certificate representing the same number of Shares but without such legend.
12.    No Retention Rights.  Nothing in the Plan or this Agreement confers upon the Optionee any right to continue to provide services to the Company for any period of specific duration or shall be construed to interfere with or otherwise restrict in any way the rights of the Company or of the Optionee, which rights are expressly reserved by each, to terminate the Optionee’s service at any time and for any reason, with or without Cause.
13.    Adjustments for Stock Splits, Stock Dividends, Etc.  If from time to time while this Agreement remains in force and effect there is any stock split-up, stock dividend, stock distribution or other reclassification of the Common Stock of the Company, (a) any and all new, substituted or additional securities to which the Optionee is entitled by reason of his ownership of Shares shall be immediately subject to the restrictions on transfer and other provisions of this Agreement in the same manner and to the same extent as such Shares and (b) appropriate adjustment shall be made to the Exercise Price.  Except as is expressly provided in the Plan with respect to certain changes in the capitalization of the Company, no adjustment shall be made for dividends or similar rights for which the record date is prior to such date of exercise.
14.    Taxes.  As a condition to the issuance of Shares upon exercise of this Option, the Optionee hereby agrees that, if the Company in its discretion determines that it is or could be obligated to withhold any tax in connection with the exercise of this Option, or in connection with the transfer of, or the lapse of restrictions on, any 
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such Shares or other property acquired pursuant to the Option, the Company may, in its discretion, withhold the appropriate amount of tax (a) in cash from the Optionee’s wages or other remuneration or (b) in kind from such Shares or other property otherwise deliverable to the Optionee on exercise of this Option.  The Optionee further agrees that, if the Company does not withhold an amount sufficient to satisfy the withholding obligation of the Company, the Optionee will on demand, and as a condition to the issuance of such Shares upon the exercise of this Option, make reimbursement in cash for the amount underwithheld or, if permitted by the Board, provide such cash or other security as the Board deems adequate to meet the liability or potential liability of the Company for the withholding of tax, and to augment such cash or other security from time to time in any amount reasonably deemed necessary by the Board to preserve the adequacy of such cash or other security.
15.    Amendments.  The Board may at any time or times amend the Plan or this Agreement for the purpose of satisfying the requirements of any changes in applicable laws or regulations or for any other purpose which at the time may be permitted by law.  No termination, amendment of the Plan or amendment of this Agreement shall, without the Optionee’s consent, materially adversely affect the Optionee’s rights under this Agreement.
16.    Consistency with Plan.  If there is any inconsistency between the provisions of this Agreement and the provisions of the Plan, the latter shall control.
17.    Miscellaneous.
(a)    Severability; Governing Law.  If any provisions of this Agreement shall be determined to be illegal or unenforceable by any court of law, the remaining provisions shall be severable and enforceable in accordance with their terms.  This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of Delaware, without giving effect to the principles of the conflicts of laws thereof.
(b)    Injunctive Relief.  It is acknowledged that it will be impossible to measure the damages that would be suffered by the Company if the Optionee fails to comply with the provisions of this Agreement and that, in the event of any such failure, the Company will not have an adequate remedy at law.  The Company shall, therefore, be entitled to obtain specific performance of each of the Optionee’s obligations hereunder and to obtain immediate injunctive relief.  The Optionee shall not urge, as a defense to any proceeding for such specific performance or injunctive relief, that the Company has an adequate remedy at law.
(c)    Binding Effect.  This Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, executors, administrators, successors and permitted assigns.
(d)    Notices.  All notices required or permitted hereunder shall be in writing and be effective upon personal delivery, upon deposit with the United States Post Office, by registered or certified mail, postage prepaid, or upon deposit with a recognized express overnight courier service, addressed, if to the Company, to its principal executive office at the time, Attention:  President, and if to the Optionee, to the address shown beneath his or her signature on the Signature Page of this Agreement, or at such other address or addresses as either party shall designate to the other in accordance with this Section 17(d).
(e)    Entire Agreement.  This Agreement, together with the Plan, constitutes the entire agreement between the parties hereto pertaining to the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings, whether oral or written, of the parties hereto concerning the subject matter hereof.
(f)    Waivers.  Any provision contained in this Agreement may be waived, either generally or in any particular instance, by the Board, but no such waiver shall operate to the detriment of the Optionee without the Optionee’s consent.
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(g)    Administration.  The Committee shall have full authority and discretion to decide all matters relating to the administration and interpretation of this Agreement.  The Committee shall have full power and authority to pass and decide upon cases in conformity with the objectives of this Agreement under such rules as the Board may establish.  Any decision made or action taken by the Company, the Board, or the Committee arising out of, or in connection with, the administration, interpretation, and effect of this Agreement shall be at their absolute discretion and will be conclusive and binding on all parties.  No member of the Board, the Committee, or employee of the Company shall be liable for any act or action hereunder, whether of omission or commission, by the Optionee, or by any agent to whom duties in connection with the administration of this Agreement have been delegated in accordance with the provision of this Agreement.
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Attachment A
Notice of Stock Option Exercise
(To be completed and signed only on exercise of Option)
I hereby exercise the stock option (the “Option”) granted by GRI Bio, Inc. DBA GRI Bio, Inc. (the “Company”) to me on ____________, subject to all the terms and provisions thereof as contained in the Nonqualified Stock Option Agreement of the same date signed by me concerning such Option (the “Agreement”) and in the Company’s 2015 Equity Incentive Plan referred to therein (the “Plan”), and notify you of my desire to purchase __________ Shares pursuant to the Option.
Enclosed is my check in the sum of $____________ in full payment for such Shares and applicable withholding taxes.*
I hereby confirm to the Company each of my representations, covenants and agreements in the Agreement.
All capitalized terms in this Notice of Stock Option Exercise have the meanings set forth in the Agreement or in the Plan, as the case may be.
																					
	DATED:						
							
				Signature:	
							
							
				Name:		

_________________________
*    Alternative payment methods may be permitted pursuant to the Plan.  Please inquire of the Company if you are interested in such alternatives.

Exhibit A
VESTING SCHEDULE
Gerald Yakatan
45,569 shares vest and become exercisable immediately upon the date of grant.
The remaining shares vest and become exercisable in 24 consecutive monthly installments beginning one month after the date of grant (3,797 shares per month for 23 months and 3,807 shares in month 24), provided the recipient has remained an employee or director of, or consultant to, the Company through each such date.Document

Exhibit 10.25

GLYCOREGIMMUNE, INC.
RESTRICTED STOCK PURCHASE AGREEMENT
Albert Agro
THIS RESTRICTED STOCK PURCHASE AGREEMENT (this “Agreement”) is made as of November 1, 2009 by and between Glycoregimmune, Inc., a Delaware corporation (the “Company”), and Albert Agro, an individual (the “Purchaser”).
THE PARTIES HEREBY AGREE AS FOLLOWS:
1.Purchase of Shares.
1.1Purchase.  The Purchaser hereby purchases, and the Company hereby sells to the Purchaser, Three Thousand Five Hundred (3,500) shares (the “Shares”) of the Company’s Common Stock (the “Common Stock”) at a cash purchase price of $0.01 per Share (the “Cash Purchase Price”) plus the additional consideration set forth in Section 1.2 below.
1.2Consideration.  Concurrently with the execution of this Agreement, the Purchaser shall, in exchange for the Shares:
(a)pay, in cash, to the Company the total Cash Purchase Price of Thirty Five Dollars ($35.00);
(b)assign to the Company certain intellectual property rights, pursuant to that certain Assignment of Intellectual Property, Know-How and Inventions Agreement dated as of the date hereof between the Company and the Purchaser and in the form attached hereto as Exhibit A (the “Assignment Agreement”);
(c)execute, in favor of the Company (with the Purchaser’s status as a Service Provider (as defined below) deemed to constitute a consulting relationship (or, when applicable, an employment relationship) with the Company), that certain Proprietary Information and Inventions Agreement dated as of the date hereof and in the form attached hereto as Exhibit B (the “PI&I Agreement”); and
(d)deliver to the Secretary of the Company a duly executed blank Assignment Separate from Certificate in the form attached hereto as Exhibit C and any additional documents required by the Company as a condition for the purchase of the Shares.
The Company and the Purchaser agree that (i) the fair market value of the intellectual property rights assigned by the Purchaser to the Company (as well as any other consideration or value received by the Company) pursuant to the Assignment Agreement and the PI&I Agreement is currently negligible, such that the value of the consideration received by the Company for the Shares effectively amounts to the Cash Purchase Price of $0.01 per Share, and (ii) the total purchase price is agreed to be at least 100% of the fair market value of the Shares.
1.3Delivery of Certificates.  The certificates representing the Shares purchased hereunder and subject to the Company’s Repurchase Right (as defined in Article 5 below) shall be held in escrow by the Secretary of the Company (as provided in Article 6 below).
2.Securities Law Compliance.
2.1Exemption From Registration.  The Shares have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), and are being issued to the Purchaser in reliance upon the exemption from such registration provided by Section 4(2) of the 1933 Act based on the representations and warranties made by the Purchaser herein.

2.2Restricted Securities.
(a)The Purchaser hereby confirms that the Purchaser has been informed that the Shares are “restricted securities” under the 1933 Act and may not be resold or transferred unless the Shares are first registered under the federal securities laws or unless an exemption from such registration is available. Accordingly, the Purchaser hereby acknowledges that the Purchaser is prepared to hold the Shares for an indefinite period of time.
(b)The Purchaser is aware of the adoption of Rule 144 by the Commission, promulgated under the 1933 Act (“Rule 144”), which permits limited public resales of securities acquired in a nonpublic offering, subject to the satisfaction of certain conditions, including, among other things, the following: (i) the availability of certain current public information about the issuer; (ii) the sale being through a broker in an unsolicited “broker’s transaction”; and (iii) the amount of securities being sold during any three (3) month period not exceeding specified limitations.  The Purchaser is aware that Rule 144 is not presently available to exempt the sale of the Shares from the registration requirements of the 1933 Act. The Purchaser further represents that the Purchaser understands that at the time the Purchaser wishes to sell the Shares there may be no public market upon which to make such a sale, and that, even if such a public market exists for the Common Stock, the Company may not satisfy the current public information requirement of Rule 144 or other conditions under Rule 144 which are required of the Company.  As a result of the foregoing, the Purchaser understands that the Purchaser may be precluded from selling the Shares under Rule 144.
(c)The Purchaser represents that (i) prior to acquisition of the Shares, the Purchaser acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Shares; (ii) the Purchaser has such knowledge and experience in fmancial and business matters as to make the Purchaser capable of evaluating the risks of the prospective investment and to make an informed investment decision; and (iii) the Purchaser is able to bear the economic risk of the Purchaser’s investment in the Shares. The Purchaser agrees not to make, without the prior written consent of the Company, any public offering or sale of the Shares although permitted to do so pursuant to Rule 144(k) promulgated under the 1933 Act, until the earlier of the date on which the Company effects its initial registered public offering pursuant to the 1933 Act or the date on which it becomes a registered company pursuant to section 12(g) of the Securities and Exchange Act of 1934, as amended.
2.3Disposition of Shares.  The Purchaser hereby agrees that the Purchaser shall not make any disposition of the Shares (other than a permitted transfer under Section 4.1 below) unless and until:
(a)the Purchaser shall have notified the Company of the proposed disposition and provided a written summary of the terms and conditions of the proposed disposition;
(b)the Purchaser shall have complied with all requirements of this Agreement applicable to the disposition of the Shares; and
(c)the Purchaser, if requested by the Company, shall have provided the Company with an opinion of counsel in form and substance satisfactory to the Company, that
(i)the proposed disposition does not require registration of the Shares under the 1933 Act or
(ii)all appropriate action necessary for compliance with the registration requirements of the 1933 Act or the requirements of any exemption from registration available under the 1933 Act (including Rule 144) have been taken.
The Company shall not be required (x) to transfer on its books any Shares that have been sold or transferred in violation of the provisions of this Article 2 nor (y) to treat as the owner of the Shares, or otherwise to accord voting or dividend rights to, any transferee to whom the Shares have been transferred in contravention of this Agreement.
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2.4Restrictive Legends.  In order to reflect the restrictions on the disposition of the Shares, the stock certificates for the Shares will be endorsed with restrictive legends, including the following legends as applicable:
(a)“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE, AND MAY BE OFFERED AND SOLD ONLY IF REGISTERED AND QUALIFIED PURSUANT TO FEDERAL AND STATE SECURITIES LAWS OR IF THE COMPANY IS PROVIDED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION AND QUALIFICATION UNDER FEDERAL AND STATE SECURITIES LAWS IS NOT REQUIRED.”
(b)The legend set forth in Article 5 below.
(c)Any legend(s) required by the authorities of any state in connection with the issuance of the Shares.
3.Special Provisions.
3.1Stockholder Rights.  Until such time as the Company actually exercises its repurchase rights under this Agreement, the Purchaser (or any successor in interest) shall have all the rights of a stockholder (including voting and dividend rights) with respect to the Shares, including the Shares held in escrow under Article 6 below, subject, however, to the transfer restrictions of Article 4 below.
3.2Section 83(b) Election.  The Purchaser understands that under Section 83 of the Internal Revenue Code of 1986, as amended (the “Code”), the difference between the purchase price paid for the Shares and the fair market value of such Shares on the date any forfeiture restrictions applicable to such Shares lapse will be reportable as ordinary income at that time. For this purpose, the term “forfeiture restrictions” includes the right of the Company to repurchase the Shares under Article 5 below.  The Purchaser understands that the Purchaser may elect to be taxed at the time the Shares are acquired hereunder (which would result in a tax on the amount by which the fair market value of the Shares is in excess of the purchase price, if any), rather than when such Shares cease to be subject to such forfeiture restrictions, by filing an election under Section 83(b) of the Code with the U.S. Internal Revenue Service within thirty (30) days after the date of purchase hereunder.  The form for making this election is attached hereto as Exhibit D.  The Purchaser understands that failure to make this filing within such thirty (30) day period will result in the recognition of ordinary income by Purchaser (in the event the fair market value of the Shares increases after the date of purchase) as the forfeiture restrictions lapse (notwithstanding, for example and without limitation, the absence of any ability by the Purchaser to sell the Shares at such time).
3.3Market Stand-Off.
(a)In connection with any underwritten public offering by the Company of its equity securities pursuant to an effective registration statement filed under the 1933 Act (including, without limitation, the Company’s initial public offering), the Purchaser shall not sell, make any short sale of, loan, hypothecate, pledge, grant any option for the purchase of, or otherwise dispose or transfer for value or agree to engage in any of the foregoing transactions with respect to any Shares without the prior written consent of the Company or its underwriters, for such period of time after the effective date of such registration statement as may be requested by the Company or such underwriters (not to exceed one hundred eighty (180) days).
(b)The Purchaser shall be subject to the market stand-off provisions of this Section 3.3 with respect to underwritten public offerings of the Company’s equity securities following the initial such offering only if the officers and directors of the Company are also subject to similar arrangements.
(c)In the event of any stock dividend, stock split, recapitalization, or other change affecting the Common Stock effected without receipt of consideration, then any new, substituted, or additional 
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securities distributed with respect to the Shares shall be immediately subject to the provisions of this Section 3.3, to the same extent the Shares are at such time covered by such provisions.
3.4Stop Transfer.  In order to enforce the provisions of Section 3.3 above, the Company may impose stop-transfer instructions with respect to the Shares until the end of the applicable stand-off period.
4.Transfer Restrictions.
4.1Restriction on Transfer.  The Purchaser shall not transfer, assign, encumber or otherwise dispose of any of the Shares that are subject to the Company’s Repurchase Right under Article 5 below; provided, however, that such restriction on transfer shall not be applicable if the Purchaser receives prior written consent from the Company to (i) a gratuitous transfer of the Shares made to the Purchaser’s spouse or issue, including adopted children, or to a trust for the exclusive benefit of the Purchaser or the Purchaser’s spouse or issue; or (ii) a transfer of title to the Shares effected pursuant to the Purchaser’s will or the laws of intestate succession.
4.2Transferee Obligations.  Each person (other than the Company) to whom the Shares are transferred (including, as applicable, by means of one of the permitted transfers specified in Section 4.1 above) must, as a condition precedent to such transfer, acknowledge in writing to the Company that such person is bound by the provisions of this Agreement and that the transferred Shares are subject to (i) the Company’s Repurchase Right granted hereunder (as applicable - i.e., to the extent that the transferred Shares are not vested free of such Repurchase Right) and (ii) the market stand-off provisions of Section 3.3 above, to the same extent such Shares would be so subject if retained by the Purchaser.
4.3Definition of Owner.  For purposes of Articles 5 and 6 below, the term “Owner” shall include the Purchaser and all subsequent holders of the Shares who derive their chain of ownership through a permitted transfer from the Purchaser (including, as applicable, in accordance with Section 4.1 above).
5.Repurchase Right.
5.1Grant.  The Company is hereby granted the right (the “Repurchase Right”), exercisable at any time during the ninety (90) day period following the date the Purchaser ceases (the “Cessation Date”) for any reason to be a Service Provider (as defined below) to the Company, to repurchase at the Cash Purchase Price all or (at the discretion of the Company) any portion of the Shares in which the Purchaser has not acquired a vested interest in accordance with Section 5.3 or Section 5.6 below as of the Cessation Date (the “Unvested Shares”); provided, however, that in no event shall such 90-day period terminate until at least ninety (90) days following such date upon which either (i) the Purchaser shall have provided written notice to the Company that the Purchaser is no longer a Service Provider (including, without limitation, in connection with notice of a Constructive Termination (defined below)) or (ii) the Company shall have provided the Purchaser with notice of a Board Determination (defined below) or a Termination for Convenience (defined below).  For purposes of this Agreement, the Purchaser shall be deemed to be a “Service Provider” to the Company for so long as the Purchaser either (x) is rendering services to the Company or one or more of its parent or subsidiary corporations as an employee, director or consultant or (y) remains willing and able, if requested by the Company, to render such services on such terms as the Company may reasonably specify (including, without limitation, on a full-time basis and free of competitive or capacity-oriented restrictions which would prevent the Purchaser’s reasonable ability to render such services); provided, however, that:
(a)if the Company’s Board of Directors shall conclude (following notice to the Purchaser and an opportunity for the Purchaser to provide input to the Company’s Board of Directors), in its reasonable discretion, that either (x) the Purchaser is not (or has not been) performing services for the Company in a reasonably satisfactory manner or (y) the Purchaser is not (or has not been) reasonably willing and able to perform appropriate services for the Company on reasonable terms, then the Purchaser’s status as a Service Provider to the Company shall be deemed to have terminated upon (and the Cessation Date shall be the date of) the Company’s delivery of any notice to the Purchaser of such a conclusion by the Company’s Board of Directors (a “Board Determination”);
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(b)if the Company’s Board of Directors shall conclude, in its sole discretion and for any reason (or no reason), that the Company no longer requires the Purchaser’s services, then the Purchaser’s status as a Service Provider to the Company shall be deemed to have terminated upon (and the Cessation Date shall be the date of) the Company’s delivery of any notice to the Purchaser of such a conclusion by the Company’s Board of Directors (a “Termination for Convenience”), although in such an instance (as opposed to the foregoing clause (a)) the Purchaser shall be entitled to certain accelerated vesting as set forth in Section  5.6(a) below; and
(c)in the instance of a Constructive Termination, then the Purchaser’s status as a Service Provider to the Company shall be deemed to have terminated upon (and the Cessation Date shall be the date of) the Company’s receipt of the required notice from the Purchaser thereof, although in such an instance (like the foregoing clause (b) and as opposed to the foregoing clause (a)) the Purchaser shall be entitled to certain accelerated vesting as set forth in Section 5.6(a) below.
5.2Exercise of the Repurchase Right.  The Repurchase Right shall be exercisable by written notice delivered to the Owner of the Unvested Shares prior to the expiration of the ninety (90) day period specified in Section 5.1 above.  The notice shall indicate the number of Unvested Shares to be repurchased and the date on which the repurchase is to be effected, such date to be not more than thirty (30) days after the date of notice.  To the extent one or more certificates representing the Unvested Shares may have been previously delivered out of escrow to the Owner, then the Owner shall, prior to the close of business on the date specified for the repurchase, deliver to the Secretary of the Company the certificates representing the Unvested Shares to be repurchased, properly endorsed for transfer.  The Company shall, concurrently with the receipt of such stock certificates, pay to the Owner in cash or cash equivalents (including the cancellation of any purchase-money indebtedness), an amount equal to the Cash Purchase Price previously paid for the Unvested Shares that are to be repurchased.
5.3Termination of the Repurchase Right.
(a)The Repurchase Right shall terminate with respect to any Unvested Shares for which it is not timely exercised under Section 5.2 above.  In addition, the Repurchase Right shall terminate with respect to any and all Shares in which the Purchaser vests in accordance with the schedule set forth in Section 5.3(b) below.  Accordingly, provided the Purchaser continues to be a Service Provider to the Company, the Purchaser shall acquire a vested interest in, and the Repurchase Right shall lapse with respect to, the Shares in accordance with the vesting schedule set forth in Section 5.3(b) below.
(b)Measured from June 15, 2009, the Purchaser shall acquire a vested interest in the Shares, and the Repurchase Right shall lapse, as follows (provided the Purchaser continues to be a Service Provider to the Company):
(i)an amount equal to 25% of the total Shares shall vest on June 15, 2010 (the “First Vesting Date”); and
(ii)an amount equal to 1/48th of the total Shares shall vest on the last day of each successive month after the First Vesting Date until the Shares are vested in full.
All Shares as to which the Repurchase Right lapses shall, however, continue to be subject to the market stand-off provisions of Section 3.3 above.
5.4Fractional Shares.  No fractional shares shall be repurchased by the Company. Accordingly, should the Repurchase Right extend to a fractional share at the time the Purchaser ceases to be a Service Provider, then such fractional share shall be added to any fractional share in which the Purchaser is at such time vested in order to make one whole vested share no longer subject to the Repurchase Right.
5.5Additional Shares or Substituted Securities.  In the event of any stock dividend, stock split, recapitalization or other change affecting the Common Stock effected without receipt of consideration, then any new, substituted or additional securities or other property (including money paid other than as a regular cash 
5

dividend) which is by reason of any such transaction distributed with respect to the Shares shall be immediately subject to the Repurchase Right, but only to the extent the Shares are at the time covered by the Repurchase Right. Appropriate adjustments to reflect the distribution of such securities or property shall be made to the number of Shares hereunder and to the price per share to be paid upon the exercise of the Repurchase Right in order to reflect the effect of any such transaction upon the Company’s capital structure; provided, however, that the aggregate Cash Purchase Price shall remain the same.
5.6Vesting Acceleration Events.
(a)Termination for Convenience or Constructive Termination.  In the event of the occurrence of any Termination for Convenience or any Constructive Termination (defined below), then the Repurchase Right shall automatically terminate as of the related Cessation Date as to, and the Purchaser shall acquire a vested interest in, an amount of the then Unvested Shares equal to twenty-five percent (25%) of the Shares; provided, however, that if the Termination for Convenience or Constructive Termination occurs following a Corporate Transaction (as defined below), the Purchaser shall acquire a vested interest in one hundred percent (100%) of the Shares.
(b)For purposes of this Agreement:
(i)“Constructive Termination” means the Purchaser’s election in a written notice to the Company to terminate the Purchaser’s status as a Service Provider delivered to the Company within thirty (30) days of any of the following:
(1)a material reduction in the Purchaser’s level of duties or responsibilities or the nature of the Purchaser’s functions;
(2)if Purchaser is a full-time employee of the Company, a material reduction in the Purchaser’s base salary or potential total cash compensation (consisting of base salary and target bonus) so long as a similar reduction is not imposed on substantially all other similarly situated employees of the Company; or
(3)if Purchaser is a full-time employee of the Company, a relocation of the Purchaser’s principal place of employment by more than seventy-five (75) miles, if the new location is both (A) more than seventy-five (75) miles from the Purchaser’s principal residence and (B) farther from the Purchaser’s principal residence than the Purchaser’s principal place of employment immediately before such relocation.
(ii)A “Corporate Transaction” is defined as any of the following:
(1)the acquisition of the Company by another entity by means of any transaction or series of related transactions (including, without limitation, any reorganization, merger or consolidation, but excluding any merger effected exclusively for the purpose of changing the domicile of the Company) unless, following the consummation thereof, the Company’s stockholders of record immediately prior thereto hold more than fifty percent (50%) of the voting power of the surviving or acquiring entity or any direct or indirect parent entity of any such entity (with reference to the provisions of Section 7.2 below for determining such status);
(2)the sale, transfer or other disposition of all or substantially all of the assets of the Company by means of any transaction or series of related transactions unless, following the consummation thereof, the Company’s stockholders of record immediately prior thereto hold more than fifty percent (50%) of the voting power of the acquiring entity or any direct or indirect parent entity of any such entity (with reference to the provisions of Section 7.2 below for determining such status); or
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(3)a sale of all or substantially all of the capital stock of the Company unless, following the consummation thereof, the Company’s stockholders of record immediately prior thereto hold more than fifty percent (50%) of the voting power of the acquiring entity or any direct or indirect parent entity of any such entity (with reference to the provisions of Section 7.2 below for determining such status);
provided, however, that notwithstanding the foregoing, a Corporate Transaction shall not include any sale of securities by the Company the primary purpose of which is to generate financing for the Company.
5.7Legend.  In addition to the legends required by Section 2.4 above, all certificates representing Shares subject to the Company’s Right of Repurchase shall be endorsed with the following legend:
“THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF A WRITTEN AGREEMENT BETWEEN THE COMPANY AND THE INITIAL HOLDER HEREOF. SUCH AGREEMENT PROVIDES FOR CERTAIN RESTRICTIONS ON TRANSFER OF THE SECURITIES, INCLUDING CERTAIN REPURCHASE RIGHTS IN FAVOR OF THE COMPANY UPON TERMINATION OF SERVICE WITH THE COMPANY. THE SECRETARY OF THE COMPANY WILL UPON WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE.”
6.Escrow.
6.1Deposit.  Upon issuance, the certificates for the Shares shall be deposited in escrow with the Secretary of the Company to be held in accordance with the provisions of this Article 6.  Each deposited certificate shall be accompanied by a duly executed Assignment Separate from Certificate in the form of Exhibit C, attached hereto.  The deposited certificates, together with any other assets or securities from time to time deposited with the Company pursuant to the requirements of this Agreement, shall remain in escrow until such time or times as the certificates (or other assets and securities) are to be released or otherwise surrendered for cancellation in accordance with Section 6.3 below.  Upon delivery of the certificates (or other assets and securities) to the Company, the Owner shall be issued an instrument of deposit acknowledging the number of Shares (or other assets and securities) delivered in escrow to the Secretary of the Company.
6.2Recapitalization.  All regular cash dividends on the Shares (or other securities at the time held in escrow) shall be paid directly to the Owner and shall not be held in escrow. However, in the event of any stock dividend, stock split, recapitalization or other change affecting the Company’s outstanding Common Stock as a class effected without receipt of consideration or in the event of any corporate reorganization, any new, substituted or additional securities or other property which is by reason of such transaction distributed with respect to the Shares shall be immediately delivered to the Secretary of the Company to be held in escrow under this Article 6, but only to the extent the Shares are at the time subject to the escrow requirements of Section 6.1 above.
6.3Release/Surrender.  The Shares, together with any other assets or securities held in escrow hereunder, shall be subject to the following terms and conditions relating to their release from escrow or their surrender to the Company for repurchase and cancellation:
(a)Should the Company exercise the Repurchase Right under Article 5 above with respect to any Unvested Shares, then the escrowed certificates for such Unvested Shares (together with any other assets or securities issued with respect thereto) shall be delivered to the Company for cancellation, concurrently with the payment to the Owner, in cash or cash equivalent (including the cancellation of any purchase-money indebtedness), of an amount equal to the aggregate Cash Purchase Price for such Unvested Shares, and the Owner shall have no further rights with respect to such Unvested Shares (or other assets or securities).
(b)As the interest of Purchaser in the Shares (or any other assets or securities issued with respect thereto) vests in accordance with the provisions of Article 5 above, the certificates for such vested 
7

shares (as well as all other vested assets and securities) shall be released from escrow and delivered to the Owner, if requested by the Owner, in accordance with the following schedule:
(i)Releases of vested shares (or other vested assets and securities) from escrow shall be effected at annual intervals, with the first such annual release to occur following the First Vesting Date;
(ii)Upon Purchaser’s cessation of Service Provider status, any escrowed Shares (or other assets or securities) in which Purchaser is at the time vested shall be promptly released from escrow; and
(iii)Upon any earlier termination of the Repurchase Right in accordance with the applicable provisions of Article 5 above, the Shares (or other assets or securities) at the time held in escrow hereunder shall promptly be released to the Owner as fully vested shares or other property.
(c)All Shares (or other assets or securities) released from escrow in accordance with the provisions of subsection (b) above shall nevertheless remain subject to the market stand-off provisions of Section 3.3 above until such provisions terminate in accordance herewith.
7.General Provisions.
7.1Assignment.  The Company may assign its Repurchase Rights under Article 5 above to any person or entity selected by the Company’s Board of Directors, including one or more stockholders of the Company.
7.2Definitions.  For purposes of this Agreement, the following provisions shall be applicable in determining the parent and subsidiary corporations of the Company:
(a)Any corporation (other than the Company) in an unbroken chain of corporations ending with the Company shall be considered to be a parent corporation of the Company, provided each such corporation in the unbroken chain (other than the Company) owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.
(b)Each corporation (other than the Company) in an unbroken chain of corporations beginning with the Company shall be considered to be a subsidiary of the Company, provided each such corporation (other than the last corporation) in the unbroken chain owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.
7.3No Employment or Service Contract.  Nothing in this Agreement shall confer upon Purchaser any right to continue in the service of the Company (or any parent or subsidiary corporation of the Company) for any period of time or restrict in any way the rights of the Company (or any parent or subsidiary corporation of the Company) or Purchaser to terminate the Service Provider status of Purchaser at any time for any reason whatsoever, with or without cause.
7.4Notices.  Any notice required in connection with (i) the Repurchase Right or (ii) the disposition of any Shares covered thereby shall be given in writing and shall be deemed effective upon personal delivery, upon deposit with a nationally recognized courier service, or upon deposit in the United States mail, registered or certified, postage prepaid and addressed to the party entitled to such notice at the address indicated below such party’s signature line on this Agreement or at such other address as such party may designate by ten (10) days advance written notice under this Section 7.4 to all other parties to this Agreement.
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7.5No Waiver.  The failure of the Company (or its assignees) in any instance to exercise the Repurchase Right granted under Article 5 above shall not constitute a waiver of any other repurchase rights that may subsequently arise under the provisions of this Agreement or any other agreement between the Company and the Purchaser.  No waiver of any breach or condition of this Agreement shall be deemed to be a waiver of any other or subsequent breach or condition, whether of like or different nature.
7.6Cancellation of Shares.  If the Company (or its assignees) shall make available, at the time and place and in the amount and form provided in this Agreement, the consideration for the Shares to be repurchased in accordance with the provisions of this Agreement, then from and after such time, the person from whom such Shares are to be repurchased shall no longer have any rights as a holder of such Shares (other than the right to receive payment of such consideration in accordance with this Agreement), and such Shares shall be deemed purchased in accordance with the applicable provisions hereof and the Company (or its assignees) shall be deemed the owner and holder of such Shares, whether or not the certificates therefor have been delivered as required by this Agreement.
7.7Purchaser Undertaking.  The Purchaser hereby agrees to take whatever additional action and execute whatever additional documents the Company may in its judgment deem necessary or advisable in order to carry out the obligations or restrictions imposed on the Purchaser under this Agreement.
7.8Agreement Is Entire Contract.  This Agreement constitutes the entire contract between the parties hereto with regard to the subject matter hereof.
7.9Governing Law.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of California, as such laws are applied to contracts entered into and performed in such State.
7.10Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.
7.11Successors and Assigns.  The provisions of this Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and the Purchaser and the Purchaser’s legal representatives, heirs, legatees, distributees, assigns and transferees by operation of law, whether or not any such person shall have become a party to this Agreement and have agreed in writing to join herein and be bound by the terms and conditions hereof.

IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first indicated above.
									
	GLYCOREGIMMUNE, INC.
			
	By:	/s/ W. Marc Hertz
	Title:	President and CEO

			
	PURCHASER:*
	
	
	/s/ Albert Agro
	Albert Agro

9

___________________________
*        I have received and retained the Code Section 83(b) election that was attached hereto as Exhibit D. As set forth in Section 3.2, I understand that I, and not the Company, will be responsible for completing the form and filing the election with the U.S. Internal Revenue Service and that if such filing is not completed within thirty (30) days after the date of this Agreement, I will forfeit the potentially significant tax benefits of Section 83(b) of the Code. I understand further that such filing should be made by registered or certified mail, return receipt requested, and that I must retain two (2) copies of the completed form for filing with my state and federal tax returns for the current tax year and an additional copy for my records.
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EXHIBIT A
Assignment of Intellectual Property, Know-How and Inventions Agreement
[attached]

EXHIBIT B
Proprietary Information and Inventions Agreement
[attached]

Spousal Consent
Adriane Valerie David (Purchaser’s spouse) indicates by the execution of this Agreement such spouse’s consent to be bound by the terms herein as to such spouse’s interests, whether as community property or otherwise, if any, in the Shares.
			
	/s/ Adriane Valerie David
	(Signature)
	
	
	Adriane Valerie David

EXHIBIT C
Assignment Separate From Certificate
FOR VALUE RECEIVED Albert Agro (“Stockholder”) hereby sells, assigns and transfers unto GLYCOREGIMMUNE, INC., a Delaware corporation (the “Company”), Three Thousand Five Hundred (3,500) shares of Common Stock of the Company represented by Certificate No. _____ herewith and does hereby irrevocably constitute and appoint ___________________ Attorney to transfer the said stock on the books of the Company with full power of substitution in the premises.
									
	Dated:  _________________, 20__.		
			
			
			(Signature)

Spousal Consent
Adriane Valerie David (Stockholder’s spouse) indicates by the execution of this Assignment such spouse’s consent to be bound by the terms herein as to such, ouse’s interests, whether as community property or otherwise, if any, in the Shares. 
			
	
	(Signature)
	
	
	Adriane Valerie David

INSTRUCTIONS: PLEASE DO NOT FILL IN ANY BLANKS OTHER THN THE SIGNATURE LINE. THE PURPOSE OF THIS ASSIGNMENT IS TO ENABLE THE COMPANY TO EXERCISE ITS “REPURCHASE OPTION” SET FORTH IN THE AGREEMENT WITHOUT REQUIRING ADDITIONAL SIGNATURES ON THE PART OF PURCHASER.

EXHIBIT D
ELECTION UNDER SECTION 83(b) OF 
THE INTERNAL REVENUE CODE
The undersigned hereby makes an election pursuant to Section 83(b) of the Internal Revenue Code with respect to the property described below and supplies the following information in accordance with the regulations promulgated thereunder:
(A)    The name, address and social security number of the undersigned:
									
		Albert Agro	
			
			
		Social Security No.:	

(B)    Description of property with respect to which the election is being made:
						
		3,500 shares of Common Stock of Glycoregimmune, Inc. (the “Company”).

(C)    The date on which the property was transferred is November 1, 2009
(D)    The taxable year to which this election relates is calendar year 2009.
(E)    Nature of restrictions to which the property is subject:  The shares of stock transferred to the undersigned taxpayer are subject to the provisions of a Restricted Stock Purchase Agreement between the undersigned and the Company.  Under the provisions of the Agreement, the Company will have the right to repurchase the stock at a price which may be less than the fair market value of the shares in the event of the undersigned’s termination of employment with the Company.  This right will lapse over a period of up to Forty Eight (48) months.
(F)    The fair market value of the property at the time of transfer (determined without regard to any restriction other than any restriction which by its terms will never lapse) was $0.01 per share, for a total of $35.00.
(G)    The amount paid by taxpayer for the property was $35.00.
(H)    A copy of this statement has been furnished to the Company.

						
	Dated:  November 1, 2009
	
		
		
		(Signature)

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