Document:

Stock Purchase Agreement - BioMed Realty, L.P.

 EXHIBIT 10.1 
 STOCK PURCHASE AGREEMENT 
 THIS STOCK PURCHASE AGREEMENT (this “Agreement”) is executed and
effective as of April 8, 2009 by and between Cell Genesys, Inc., a Delaware corp oration (the “Company”), and BioMed Realty, L.P., a Maryland limited partnership (“BioMed”). 
 RECITALS 
 WHEREAS, pursuant to the terms of that
certain Agreement for Termination of Lease and Voluntary Surrender of Premises between the Company and BMR-Bridgeview Technology Park II LLC, a Delaware limited liability company (the “Landlord”), dated as of March 6, 2009 (the
“Termination Agreement”), the Company and the Landlord terminated the Lease Agreement dated as of January 7, 2002 between the Landlord (as successor in interest to F & S Hayward II, LLC, a Delaware limited liability
company) and the Company, subject to the satisfaction of certain Termination Conditions, as defined in the Termination Agreement; and 
 WHEREAS, in
accordance with Section 4 of the Termination Agreement, the Company and BioMed, the sole member of Landlord, enter into this Agreement pursuant to which the Company shall issue to BioMed, and BioMed acquire from the Company, an aggregate of One
Million (1,000,000) shares (the “Shares”) of the Company’s Common Stock, par value $0.001 per share (the “Common Stock”), on the terms and subject to the conditions specified herein. 
 NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the parties hereto hereby agree as follows: 
 1. Issuance of Shares. 
 1.1
Issuance of Shares. On the date hereof and subject to the terms and conditions of this Agreement, in consideration of entering into the Termination Agreement and for other good and valuable consideration the sufficiency of which is hereby
recognized, the Company agrees to issue to BioMed, and BioMed agrees to acquire from the Company, the Shares. 
 1.2 Delivery of
Shares. No later than two (2) business days following the date hereof, the Company shall deliver to BioMed or cause to be delivered to BioMed, a share certificate registered in BioMed’s name representing the Shares that BioMed is to
receive from the Company. 
 2. Representations and Warranties of the Company. The Company hereby represents and warrants to BioMed as
of the date hereof, and with respect to Sections 2.7, 2.8, 2.9 and 2.10 for so long as BioMed holds the Shares, as follows: 
 2.1
Organization; Good Standing. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as presently
conducted and as proposed to be conducted, and is qualified to do business as a foreign corporation in good standing in all other jurisdictions in which the conduct of its business requires such qualification. 

 2.2 Authorization. All corporate action on the part of the Company, its respective officers,
directors and shareholders necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company hereunder, and the authorization, issuance and delivery of the Shares has been taken, and this
Agreement constitutes a valid and legally binding obligation of the Company, enforceable in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application
affecting enforcement of creditors’ rights generally and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies. The Shares being purchased by BioMed hereunder, when
issued, sold and delivered in accordance with the terms of this Agreement for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable, and not subject to preemptive or other similar rights of the
Company’s stockholders or others. 
 2.3 Percentage of Outstanding Stock. The Shares represent less than five percent
(5.0%) of the voting interest and less than five percent (5.0%) of the value of the outstanding stock of the Company. 
 2.4
Securities Laws. Subject to the accuracy of the representations and warranties of BioMed set forth in Section 3 below, the offering, issuance and sale of the Shares to BioMed is exempt from the registration requirements of
Section 5 of the Securities Act of 1933, as amended (“Securities Act”) by virtue of Rule 506 of Regulation D promulgated by the Securities Act, and no consent, approval, qualification, registration or filing under any federal
or state securities law is required in connection therewith, except for the filing of a Form D, which shall be filed with the Securities and Exchange Commission after the Shares are issued and which the Company agrees to file in a timely manner
whenever required. Rule 506 of Regulation D is available to the offering, issuance, sale and delivery of the Shares to BioMed because, among other things, (1) there has been no general solicitation or general advertisement in connection with
such offering, issuance and sale to BioMed, and (2) there are no other offerings of securities of the Company which could be integrated with the offering, issuance and sale of the Shares contemplated by this Agreement. 
 2.5 Restrictions. The Shares will be free of restrictions on transfer other than restrictions on transfer set forth in this Agreement. 

2.6 No Violation. Neither the execution, delivery and performance of this Agreement by the Company nor the issuance, sale and delivery of the
Shares contemplated hereby will violate, conflict with or result in any breach of any of the terms, conditions or provisions of, constitute a default under, or require any consent not obtained as of the date hereof under, (1) the certificate of
incorporation or by-laws of the Company, (2) any agreement, contract, arrangement or understanding to which the Company is a party (including, but not limited to, any shareholders’ or similar agreements), or (3) any statute or any
rule, regulation, order, judgment or decree of any court or other governmental body applicable to the Company. 
 2.7 Health Care /
Lodging Facilities. The Company does not operate or manage any health care facilities (including a congregate care facility or assisted living facility) or lodging facilities or provide any person, under a franchise, license or otherwise, rights
to any brand name under which any lodging facility or health care facility is operated. 
  

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 2.8 Annual Reports. The Company shall furnish to BioMed, as soon as practicable and in any event
within 90 days after the end of each fiscal year of the Company, audited, consolidated annual financial statements certified by an independent certified public accountant and prepared in accordance with U.S. GAAP; provided, however, that so long as
the Company remains subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Company may satisfy this requirement by the timely filing of such financial statements with the
Securities and Exchange Commission. 
 2.9 Quarterly Information. The Company shall furnish to BioMed, as soon as practicable and in
any event within 15 days after the end of each calendar quarter, (i) a capitalization table setting forth all of the capital stock issued and outstanding or issuable by the Company, including the value of such capital stock, the voting power of
such capital stock and the rights of such capital stock to appoint directors of the Company; provided, however, that so long as the Company remains subject to the reporting requirements of the Exchange Act, the Company may satisfy this requirement
by timely filing its quarterly reports on Form 10-Q and annual report on Form 10-K with the Securities and Exchange Commission; and (ii) such other information as is reasonably requested by BioMed to be necessary or helpful to monitor
BioMed’s compliance with the requirements relating to the status of BioMed or its affiliates as a real estate investment trust for federal income tax purposes. 
 2.10 Notification. In the event that the Company becomes aware of any event which has resulted or which may result in the Shares held by BioMed constituting greater than five percent (5.0%) of the voting
interest and/or greater than five percent (5.0%) of the value of the outstanding stock of the Company, the Company shall immediately notify BioMed, and in no event later than five (5) days after the occurrence of such event. 
 3. Representations and Warranties of BioMed to the Company. BioMed hereby represents and warrants to the Company as of the date hereof that:

 3.1 Authorization. All corporate action on the part of BioMed, its respective officers, directors, members and shareholders
necessary for the authorization, execution and delivery of this Agreement, and the performance of all obligations of BioMed hereunder, has been taken, and such Agreement constitutes a valid and legally binding obligation of BioMed, enforceable in
accordance with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, and (ii) as limited by laws
relating to the availability or specific performance, injunctive relief, or other equitable remedies. 
 3.2 No Violation. Neither the
execution, delivery and performance of this Agreement by BioMed nor the acquisition by BioMed of the Shares will violate, conflict with or result in any breach of any of the terms, conditions or provisions of, constitute a default under, or require
any consent not obtained as of the date hereof under, (1) the certificate of incorporation or by-laws of BioMed, (2) any agreement, contract, arrangement or understanding to which BioMed is a party (including, but not limited to, any
shareholders’ or similar agreements), or (3) any statute or any rule, regulation, order, judgment or decree of any court or other governmental body applicable to BioMed. 
  

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 3.3 Purchase Entirely for Own Account. This Agreement is made with BioMed in reliance upon
BioMed’s representation to the Company, which by BioMed’s execution of this Agreement BioMed hereby confirms, that the Shares to be received by BioMed will be acquired for investment for BioMed’s own account, not as a nominee or
agent, and not with a view to the resale or distribution of any part thereof, and that BioMed has no present intention of selling, granting any participation in, or otherwise distributing the same. By executing this Agreement, BioMed further
represents that BioMed does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participation to such person or to any third person, with respect to any of the Shares. 
 3.4 Investment Experience. BioMed is an “accredited investor” within the meaning of Rule 501 of Regulation D under the Securities Act.
BioMed acknowledges that it can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Shares. BioMed also
represents it has not been organized solely for the purpose of acquiring the Shares. 
 3.5 Restricted Securities. BioMed understands
that the Shares it is purchasing are characterized as “restricted securities” under the Securities Act inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws
and applicable regulations such securities may be resold without registration under the Securities Act only in certain limited circumstances. In addition, BioMed represents that it is familiar with Rule 144 under the Securities Act, as presently in
effect, and understands the resale limitations imposed thereby and by the Securities Act. 
 3.6 Legends. It is understood that the
certificate(s) evidencing the Shares shall bear the following legend: 
 THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). SUCH SHARES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION UNLESS THE COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO IT STATING THAT SUCH SALE OR TRANSFER
IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT OR UNLESS SOLD PURSUANT TO RULE 144 OF THE ACT. 
 4.
Notification. BioMed agrees to promptly notify the Company after it disposes of all of the Shares issued to BioMed hereunder. 
 5.
Lock-Up. BioMed will not, during the period ending 90 days after the date of issuance of the Shares, (i) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any
option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any of the Shares, or any securities convertible into or exercisable or exchangeable for the Shares or
(ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Shares, whether any such transaction described in clause (i) or (ii) above is to be settled by
delivery of the Shares or such other securities, in cash or otherwise. In furtherance of the foregoing, the Company and any duly appointed transfer agent for the registration or transfer of the securities described herein are hereby authorized to
decline to make any transfer of securities if such transfer would constitute a violation or breach of this Agreement. 
  

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 6. Piggyback Registration. If at any time prior to 90 days after the date of issuance of the
Shares (but without any obligation to do so) the Company proposes to register any additional shares of its Common Stock or other securities under the Securities Act in connection with the public offering of such securities (other than (a) a
registration statement relating to the sale of securities to employees of the Company pursuant to a stock option, stock purchase or similar plan, (b) a registration statement on Form S-4, or (c) a registration statement on a form not
available for registering the Shares), the Company shall, at such time, promptly give BioMed written notice of such registration. Upon the written request of BioMed given within five (5) days after mailing of such notice by the Company, the
Company shall use its commercially reasonable efforts to cause to be registered under the Securities Act all of the Shares that BioMed has requested to be registered (subject to any limitations or cutbacks that may be required by an underwriter if
such public offering is an underwritten public offering); provided, however, that the Company shall have the right to postpone or withdraw any registration statement pursuant to this Section 6 without obligation to BioMed. 
 7. Miscellaneous. 
 7.1 Successors
and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns 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 and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 7.2 Governing Law. This Agreement shall be governed by and construed under the laws of the State of California as applied to
agreements among California residents entered into and to be performed entirely within California. 
 7.3 Counterparts. This Agreement
may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 7.4 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. 
 7.5 Notices. All notices and other communications required or permitted hereunder shall be in writing, shall be effective when given, and shall in
any event be deemed to be given upon receipt or, if earlier, (a) five (5) days after deposit with the U.S. Postal Service or other applicable postal service, if delivered by first class mail, postage prepaid, (b) upon delivery, if
delivered by hand, (c) one (1) business day after the business day of deposit with Federal Express or similar overnight courier, freight prepaid or (d) one (1) business day after the business day of facsimile transmission (with
confirmation), if delivered by facsimile transmission with copy by first class mail, postage prepaid, and shall be addressed (i) if to BioMed, at 17190 Bernardo Center Drive, San Diego, CA 92128, Attn: General Counsel/Corporate Legal; and
(ii) if to the Company, at the address or facsimile number of the Company’s principal corporate offices, or at such other address as a party may designate by ten days’ advance written notice to the other party pursuant to the
provisions above. 
  

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 7.6 Costs and Expenses. Each party shall pay its respective expenses in connection with the
preparation, execution and delivery of this Agreement and the transactions contemplated hereby, including the fees and out-of-pocket expenses of legal counsel. 
 7.7 Amendment and Waivers. Any term of this Agreement may be amended and the severance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or
prospectively) only with the written consent of the parties hereto. 
 7.8 Severability. If one or more provisions of this Agreement
are held to be unenforceable under applicable law, such provision shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its
terms. 
 7.9 Entire Agreement. This Agreement and the documents referred to herein constitute the entire agreement among the parties
and no party shall be liable or bound to any other party in any manner by any warranties, representations, or covenants except as specifically set forth herein or therein. 
 [Remainder of page intentionally left blank.] 
  

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 The parties have executed this Stock Purchase Agreement as of the date first above written. 

 

			
	CELL GENESYS, INC.
		
	By:	 	/s/ Sharon E. Tetlow
	Name:	 	Sharon E. Tetlow
	Title:	 	Chief Financial Officer
	
	BIOMED REALTY, L.P.
		
	By:	 	/s/ Kent Griffin
	Name:	 	Kent Griffin
	Title:	 	President

 [SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT] 
  

 -7-Retention Bonus Agreement - Stephen A. Sherwin, M.D.

 EXHIBIT 10.2 
 [Cell Genesys, Inc. Letterhead] 
 April __, 2009 
 Stephen A. Sherwin 
 c/o Cell Genesys, Inc. 
 400 Oyster Point Boulevard, Suite 525 
 South San Francisco, CA 94080 
 Dear Steve: 
 This letter sets forth the agreement between you and Cell
Genesys, Inc. (the “Company”) regarding the terms of your retention payment opportunity. 
 1. If you continue to be employed with
the Company through the twelve-month period commencing on May 1, 2009 and ending on April 30, 2010 (the “Retention Period”) and a Change of Control does not occur at any time during the Retention Period, you will be entitled to
receive a retention payment of One Million Four Hundred Thousand Dollars ($1,400,000) (the “Payment Amount”), such payment to be made, subject to applicable withholding, in a lump sum within five business days after the end of the
Retention Period. If, during the Retention Period, your employment terminates for any reason or a Change of Control of the Company occurs, you will not be entitled to a retention payment under this paragraph 1, although you may be entitled to a
payment under either paragraph 2 or paragraph 3 below, as applicable in the circumstances. 
 2. If your employment is terminated during the
Retention Period either by the Company without Cause (as defined in the attached Exhibit A) or as a result of an Involuntary Termination (as defined in the attached Exhibit A), and in either case other than due to your death or Disability, you will
be entitled to receive an amount equal to the Payment Amount, subject to applicable withholding, in a lump sum within 30 calendar days after the date on which your employment terminates; provided, however, that your right to receive such payment
shall be contingent upon your execution and delivery to the Company of a release of claims in a form acceptable to the Company promptly following your termination and your not revoking such release within any revocation period provided under
applicable law. You hereby acknowledge that, solely for purposes of this letter agreement, no event that has occurred prior to the date of this letter agreement shall constitute grounds for an Involuntary Termination of your employment under this
letter agreement. 
 3. If a Change of Control (as defined in the attached Exhibit A) occurs during the Retention Period and you continue to
be employed with the Company through the date of the Change of Control, you will be entitled to receive an amount equal to (1) the Payment Amount, multiplied by (2) a fraction (not greater than one), the numerator of which shall be the
number of days during the Retention Period through the date of the Change of Control, and the denominator of which shall be 365, such payment to be made, subject to applicable withholding, in a lump sum within five business days after the Change of
Control date. 

 4. In no event will you be entitled to receive a payment under more than one of the foregoing three
paragraphs. 
 5. Notwithstanding the foregoing provisions of this letter agreement, in the event any payment that becomes payable to you
under this agreement, together with any other compensation or benefits payable to you by the Company, (i) constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the
“Code”) and (ii) but for this paragraph 5, would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the payment payable to you hereunder shall be either (a) delivered in
full, or (b) delivered as to such lesser extent which would result in no portion of such severance benefits being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local income
taxes and the Excise Tax, results in the receipt by you on an after-tax basis, of the greatest amount of such payment, notwithstanding that all or some portion of such payment may be taxable under Section 4999 of the Code. Unless the Company
and you otherwise agree in writing, any determination required under this paragraph 5 shall be made in writing in good faith by the accounting firm serving as the Company’s independent public accountants immediately prior to the event that
triggers the payment (the “Accountants”). In the event of a reduction in benefits hereunder, you shall be given the choice of which benefits to reduce. For purposes of making the calculations required by this paragraph 5, the
Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and you shall furnish to
the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this paragraph. The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations
contemplated by this paragraph 5. The parties agree that Section 5 of your Change of Control Severance Agreement with the Company dated as of October 30, 2007 (your “Change of Control Agreement”) shall not apply if all or
any portion of any payment payable to you hereunder would be subject to the Excise Tax. For the avoidance of doubt, Section 5 of your Change of Control Severance Agreement shall continue in effect in accordance with its terms if at the relevant time
any payment payable to you hereunder would not be subject to the Excise Tax. 
 6. To secure the obligations of the Company herein, the
Company agrees to enter into a letter of credit agreement with you substantially in the form of Exhibit B hereto (“Letter of Credit Agreement”). The Company and you agree that any obligations of the Company under this letter agreement may
be satisfied in full by payment to you pursuant to the terms and conditions set forth in the Letter of Credit Agreement. 
 7. Nothing
contained in this letter agreement constitutes an employment or service commitment by the Company (or any of its affiliates), affects your status as an employee at will who is subject to termination without cause at any time, or interferes in any
way with the Company’s right (or the right of its affiliates) to change your compensation or other terms of employment at any time. This letter agreement may be amended only by a written agreement, signed by an authorized officer of the Company
other than you, that expressly refers to this letter 

  

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agreement. This letter agreement and the Letter of Credit Agreement contain all of the terms and conditions of your retention payment opportunity under this
letter agreement and supersede all prior understandings and agreements, written or oral, between you and the Company with respect to your retention payment opportunity. For purposes of clarity, your Change of Control Agreement (except as expressly
set forth in paragraph 5 above), your indemnification agreement with the Company dated as of October 30, 2007 and any other agreements you may have with the Company are outside the scope of the foregoing integration provision and continue in
effect in accordance with their terms. 
 If this letter accurately sets forth our understanding and agreement as to the foregoing matters, please
acknowledge your agreement with the foregoing by signing the enclosed copy of this letter and returning it to me. 
  

							
	 	 	 	 	 	 	Sincerely,
				
		 		 		 	  

		 		 		 	Sharon E. Tetlow
		 		 		 	Senior Vice President and Chief Financial Officer
			
	 Agreed to and Accepted:
	 		 	
				
	 By:
	 	  
	 		 	
	 Name:
	 	Stephen A. Sherwin, M.D.	 		 	

  

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 Exhibit A 
 For purposes of this letter agreement, the following definitions shall apply: 
 “Cause” shall mean
either (i) any act of personal dishonesty taken by you in connection with your responsibilities as an employee and intended to result in your substantial personal enrichment, (ii) your conviction of, or plea of nolo contendere to, a
felony, (iii) a willful act by you which constitutes gross misconduct and which is injurious to the Company, or (iv) following delivery to you of a written demand for performance from the Company which describes the basis for the
Company’s belief that you have not substantially performed your duties, continued violations by you of your obligations to the Company which are demonstrably willful and deliberate on your part. 
 “Involuntary Termination” shall mean resignation within 180 days following: (i) without your express written consent, a material reduction
of your duties, title, authority or responsibilities relative to your duties, title, authority or responsibilities as in effect immediately prior to such reduction, or the assignment to you of such reduced duties, title, authority or
responsibilities; (ii) without your express written consent, a material reduction, without good business reasons, of the facilities and perquisites (including office space and location) available to you immediately prior to such reduction;
(iii) a material reduction by the Company in your compensation as in effect immediately prior to such reduction; (iv) a material reduction by the Company in the kind or level of employee benefits, including bonuses, to which you were
entitled immediately prior to such reduction with the result that your overall benefits package is materially reduced; (v) your relocation to a facility or location more than twenty-five (25) miles from your then present location, without
your express written consent; (vi) any purported termination of you by the Company which is not effected for Disability or for Cause, or any purported termination for which the grounds relied upon are not valid; (vii) the failure of the
Company to obtain the assumption of this agreement by any successor to the Company (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business
and/or assets; or (viii) any act or set of facts or circumstances which would, under California case law or statute constitute a constructive termination of you, provided, however, that none of the actions described above shall give rise to an
“Involuntary Termination” with respect to you if it was an isolated and inadvertent action not taken in bad faith by the company and if it is remedied by the Company within thirty (30) days after receipt of written notice thereof
given by you, which such notice must be delivered no later than sixty (60) days following the occurrence of such. For purposes of this definition, the Company and you agree that any reduction in base salary shall constitute a material reduction
in compensation. 
 “Change of Control” means the occurrence of any of the following events: 
 (i) Any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) becomes the
“beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company’s then outstanding
voting securities; 
  

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 (ii) A change in the composition of the Company’s Board of Directors (the “Board”)
occurring within a two-year period, as a result of which fewer than a majority of the directors are Incumbent Directors. “Incumbent Directors” shall mean directors who either (A) are directors of the Company as of the date hereof, or
(B) are elected, or nominated for election, to the Board with the affirmative votes (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for election as a director without
objection to such nomination) of at least a majority of the Incumbent Directors at the time of such election or nomination; 
 (iii) The
consummation of a merger or consolidation of the Company with any other corporation, other than the merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent
(either by remaining outstanding or by being converted into voting securities of the surviving entity or the entity that controls the Company or controls such surviving entity) at least fifty percent (50%) of the total voting power represented
by the voting securities of the Company or such surviving entity or the voting power represented by the voting securities of the Company or such surviving entity or the entity that controls the Company or controls such surviving entity outstanding
immediately after such merger or consolidation; or 
 (iv) The consummation of the sale or disposition by the Company of all or substantially
all the Company’s assets. 
 “Disability” shall mean you have been unable to perform the essential functions of your Company
duties, with or without reasonable accommodation, as a result of your incapacity due to physical or mental illness, and such inability, at least 26 weeks after its commencement, is determined to be total and permanent by a physician selected by the
Company or its insurers and acceptable to you or your legal representative (such agreement as to acceptability not to be unreasonably withheld). Termination resulting from Disability may only be effected after at least 30 days’ written notice
by the Company of its intention to terminate your employment. In the event that you resume the performance of substantially all of your duties before the termination of employment becomes effective, the notice of intent to terminate will be
automatically revoked. 
  

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 Exhibit B 
 Letter of Credit Agreement 
  

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