Document:

Exhibit 4.1

 

FORM OF STOCK PURCHASE AGREEMENT

 

This Stock Purchase Agreement (this “Agreement”), is made effective as of July __, 2014, between Siguler Guff Small Business Credit Opportunities Fund, Inc., a Maryland corporation (“Seller”), and Siguler Guff Small Business Credit Opportunities Fund, LP, a Delaware limited partnership (“Buyer”).

 

RECITALS

 

Seller was incorporated effective July 7, 2014 and, thus far, Seller has issued no shares of its capital stock.  Now, Seller wishes to issue and sell to Buyer, and Buyer wishes to purchase from Seller, 100,000 shares (the “Shares”) of Seller’s common stock, $0.001 par value per share (the “Common Stock”), all on the terms and conditions herein set forth, and all with the result that, after consummation of the transaction contemplated hereunder, Buyer will be the sole stockholder of Seller. Buyer intends to hold the Shares as its primary, but not necessarily its only, asset.  Buyer also intends to offer and sell (the “Offering”) ownership interests in Buyer (“Partnership Interests”) to investors (“Limited Partners”), who shall be both “qualified purchasers” within the meaning of Section 2(a)(51)(A) of the Investment Company Act of 1940, as amended, and “accredited investors” within the meaning of the Securities Act of 1933, as amended (the “Act”), in an offering exempt from the registration requirements of the Act pursuant to Regulation D promulgated thereunder.

 

NOW, THEREFORE, the parties hereto hereby agree as follows:

 

1.                   Purchase and Sale.  Seller hereby sells to Buyer, and Buyer hereby purchases from Seller, the Shares.

 

2.                   Purchase Price and Certificates:  The purchase price for the Shares is $25,000 (the “Purchase Price”), or $0.25 per Share.  Seller hereby acknowledges its receipt of the full Purchase Price in the form of a transfer of funds, made contemporaneously herewith, to the account designated, and pursuant to the instructions provided, by Seller.  Buyer hereby acknowledges receipt of a certificate for the Shares.

 

3.                   Capital Contributions.  Buyer, from time to time, may make contributions to Seller’s capital (“Capital Contributions”) to pay expenses (“Expenses”) or fund investments which Seller proposes to make (“Proposed Investments”).  In connection with any requested Capital Contribution, Seller shall furnish Buyer, to the extent requested by Buyer (i) in the case of an Expense, with invoices or other documentation relating to such Expense or (ii) in the case of a Proposed Investment, with such materials as are reasonably sufficient to allow Buyer to evaluate the Proposed Investment (in either case, the “Materials”).  Buyer, in a reasonably timely manner, then shall review any such Materials and may, in its sole and absolute discretion, but in no case shall it be required to, make the Capital Contribution requested by Seller.  Notwithstanding the foregoing, in no event shall Capital Contributions exceed, in the aggregate, the Limited Partners’ aggregate amount of subscription obligations for the purchase of Partnership Interests in Buyer.

 

4.                   Buyer’s Representations and Warranties.  Buyer represents and warrants to, and covenants with, Seller as follows:

4.1.            Investment Purposes.  Except in connection with the Offering, (i) the Shares are being acquired for investment for Buyer’s own account, not as a nominee or agent, and not with a view to the sale or distribution of any part thereof, (ii) Buyer has no intention of selling, granting any participation in, or otherwise distributing the Shares and (iii) Buyer does not have any contract, undertaking, agreement or arrangement to sell, transfer or grant participations to any person with respect to any of the Shares.

 

4.2.            Lack of Registration.  Buyer understands and acknowledges that the Shares have not been registered under either the Act or under the applicable securities laws of any state (“State Acts”) by reason of specific exemptions therefrom.  Buyer must bear the economic risk of its investment for an indefinite period of time since the sale of the Shares has not been registered under the Act or State Acts and the Shares cannot be transferred by Buyer unless such transfer either (i) is registered under the Act and qualified under the State Acts or (ii) is exempt from such registration or qualification.  Seller has made no agreement, covenant or undertaking whatsoever to register or qualify the transfer by Buyer of any of the Shares under the Act or State Acts or qualify for an exemption therefor.  Buyer acknowledges that there is no market for the Shares and none will develop.

 

4.3.            Buyer’s Covenants.  Buyer shall not dispose of any of the Shares unless and until (i) Buyer shall have notified Seller of the proposed disposition and shall have furnished Seller with a statement of the circumstances surrounding the proposed disposition and (ii) Buyer shall have furnished Seller with an opinion of counsel, satisfactory in form and substance to Seller and Seller’s counsel, to the effect that such disposition will not require registration under the Act or qualification under the State Acts and that appropriate action necessary for compliance with the Act and the State Acts and any other applicable local or foreign law has been taken.  Buyer recognizes and acknowledges that the certificate for the Shares, if any, shall contain the following legend:

 

THESE SECURITIES HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE.  THEY MAY BE OFFERED AND SOLD ONLY IF REGISTERED OR QUALIFIED PURSUANT TO THE RELEVANT PROVISIONS OF FEDERAL AND STATE SECURITIES LAWS OR IF AN EXEMPTION FROM SUCH REGISTRATION OR QUALIFICATION IS AVAILABLE.

 

4.4.            Access to Information.  Buyer has had the opportunity to ask questions of, and to receive answers from, Seller with respect to the terms and conditions of the transactions contemplated hereunder and with respect to the Seller’s proposed investments, business affairs and operations.  Buyer has had access to such financial and other information as is necessary in order for it to make a fully-informed decision as to an investment in Seller by way of purchase of the Shares, and has had the opportunity to obtain any additional information necessary to verify any of such information to which it has had access.

 

5.                   Representations and Warranties of Seller.  Seller represents and warrants to, and covenants with, Buyer as follows:

-2-

5.1.            Organization and Authority; Articles and Bylaws.  Seller is a corporation duly organized, validly existing and in good standing under the laws of Maryland and has the corporate power and authority to own and operate its properties and to carry on its business as it does now and as it proposes to do in the future.  Seller has furnished Buyer with copies of its charter and its bylaws and such copies are true, correct and complete and contain all amendments through the date hereof.

 

5.2.            Capitalization.  Immediately prior to consummation of the transaction contemplated hereunder, the authorized capital stock of Seller consisted of 10,000,000 shares of Common Stock, none of which had been issued and none of which were outstanding, such that, immediately after consummation of the transaction contemplated hereunder, Buyer shall be the sole stockholder of Seller.  There are no outstanding warrants, options or conversion privileges, or other rights or agreements to purchase or otherwise acquire or issue any shares of common stock of Seller.

 

6.            Miscellaneous Provisions.

 

6.1.            Survival of Representations and Warranties.  The representations and warranties herein made shall survive consummation of the transaction contemplated hereunder.

 

6.2.            Entire Agreement; Modification; Waiver.  This Agreement constitutes the entire agreement between the parties pertaining to the subject matter herein contained and supersedes all prior and contemporaneous agreements and understandings of the parties.  Each party hereto represents that, in entering into this Agreement, such party has relied solely upon the express provisions of this Agreement and has not relied upon any other party’s inducements, promises, representations or obligations to make any disclosures.  No amendment of this Agreement shall be binding unless executed in writing by both parties.  No waiver of any of the provisions of this Agreement shall be deemed, or shall constitute, a waiver of any other provision, whether or not similar, nor shall any waiver constitute a continuing waiver.  No waiver shall be binding unless executed in writing by the party making the waiver.

 

6.3.            Assignment.  This Agreement shall be binding on and, subject to the provisions of Section 4, hereof, shall inure to the benefit of the parties’ respective successors and assigns, each of whom, subject to the provisions of Section 4 hereof and the requirement that the written consent of the other party be first obtained, which consent may be withheld for any reason whatsoever or no reason at all, shall have the right to assign and otherwise transfer all or any portion of this Agreement or the benefits thereof.

 

6.4.            Effect of Headings.  The subject headings of the sections and subsections of this Agreement are included for convenience only and shall not affect the construction or interpretation of any of its provisions.

 

6.5.            Counterparts.  This Agreement may be executed in one or more counterparts and by facsimile with the same effect as if the parties had all signed the same document in ink.  All counterparts shall be construed together and shall constitute one agreement.

-3-

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

 

“SELLER”

 

SIGULER GUFF SMALL BUSINESS CREDIT OPPORTUNITIES FUND, INC.,

a Maryland corporation

 

	
 

	
Dated: July __, 2014

 

	
By:

	
Terri Liftin

	
Its:

	
Authorized Signatory

 

“BUYER”

 

SIGULER GUFF SMALL BUSINESS CREDIT OPPORTUNITIES FUND, LP,

a Delaware limited partnership

 

	
 

	
Dated: July __, 2014

 

	
By:

	
Terri Liftin

	
Its:

	
Authorized Signatory

 

 

-4-RELEASE
AND COVENANT NOT TO SUE

 

THIS
RELEASE AND COVENANT NOT TO SUE (this “Release”) is made as of July 15, 2014, by Honeywood, LLC, a California
limited liability company and the other Members from time to time party to the Merger Agreement as defined below (each a “Releasor”
and together the “Releasors”), in favor of Tauriga Sciences, Inc., a Florida corporation (“Tauriga”)
and Doc Greene’s Acquisition Sub, LLC, a California limited liability company (“Acquisition Sub” and
together with the Tauriga, the “Releasees”). The Releasors and Releasees are collectively referred to as “Parties”
and each a “Party”.

 

RECITALS

 

WHEREAS,
the Parties are parties to that certain Agreement and Plan of Merger, dated as of as of March 10, 2014, as amended.

 

WHEREAS,
Daniel Kosmal, Ramona Rubin and Elie Green are each members and officers of Honeywood, LLC.

 

WHEREAS,
pursuant to Section 4.2(h) of the Merger Agreement, the Releasors are required to enter into this Release as a condition to the
consummation of the transactions set forth in the Merger Agreement.

 

WHEREAS,
capitalized terms used herein without definition shall have the respective meanings set forth in the Merger Agreement.

 

NOW,
THEREFORE, in consideration of the premises and mutual promises herein made, and in consideration of the representations,
warranties and covenants herein contained, the receipt and sufficiency of which are hereby acknowledged, intending to be legally
bound hereby, the Releasors hereby covenant and agree as follows:

 

RELEASE

 

1.
General Release. Each of the Releasors, for itself and its legal representatives, members, managers, employees, successors,
assigns and each and every individual, entity or other person having any right or claim through, under or by reason of its relationship
with the Releasor, does hereby irrevocably and unconditionally: (A) release, remise, acquit, and forever discharge: (i) the Releasees
and each of their respective managers, directors, officers, shareholders, members, employees, agents and representatives, and
(ii) the respective estates, legal and personal representatives, executors, administrators, heirs, successors and assigns of the
Persons referred to in the preceding clause (A)(i) (with the Persons referred to in the preceding clauses (A)(i) and (ii) being
collectively included within the definition of the “Releasees”) of and from any and all claims, demands, actions,
causes of action, suits, costs, debts, damages, losses, compensation, contracts, agreements, controversies, penalties, setoff
or similar rights and other liabilities and obligations of any kind or nature whatsoever, which such Releasor has or has ever
had against or with respect to any of the Releasees, other than the rights set forth in the Merger Agreement (collectively, the
“Claims”), and (B) waive, release, settle and disclaim any rights or other interest it may have with respect
to the Claims, from the beginning of time to and including the date of this Release.

 

    	 

    	 

    

 

2.
Complete Release. Notwithstanding any other provision of this Release to the contrary, each Releasor hereby acknowledges
and agrees that this Release is intended to include in its effect, without limitation, all Claims that are subject to Section
1 of this Release of any kind or nature whatsoever which have arisen, known and unknown, contingent or otherwise, including without
limitation those of which the Releasor knows or does not know, should have known, had reason to know or suspects to exist in such
Releasor’s favor at the time of execution hereof, and that this Release will be effective as a bar to all Claims released
by this Release.

 

3.
Covenant Not To Sue. Each Releasor, for itself and its legal representatives, members, managers, shareholders, directors,
officers, employees, successors, assigns and each and every Person having any right or claim through, under or by reason of its
relationship with such Releasor, does hereby covenant not to initiate, continue or maintain any Proceeding against any Releasee
before any court, Governmental Entity or other forum by reason of any Claims released by this Release. If any court, Governmental
Entity or other forum assumes jurisdiction over any Claim against any Releasee released by this Release, then such Releasor will
promptly direct such court, Governmental Entity or forum to withdraw from or dismiss the matter with prejudice. If such Releasor
violates this Release by initiating any Proceeding against any Releasee before any court, Governmental Entity or other forum by
reason of any Claims released by this Release, then such Releasor will pay all Costs (including attorney’s fees and Costs)
incurred by such Released Party in defending against such Proceeding.

 

4.
Binding Effect. This Release shall be binding upon each Releasor and its respective successors, heirs, personal representatives
and assigns and shall be enforceable and inure to the benefit of the Releasees and their respective successors, heirs, personal
representatives, and assigns. After the date of this Release, such Releasor may discover facts different from or in addition to
those now known or believed to be true regarding the subject matter of this Release, but this Release will remain in full force
and effect, notwithstanding the existence of any different or additional facts.

 

5.
No Rule of Construction. The Parties acknowledge that each Party has been represented by counsel and all Parties have read
and negotiated the language used in this Release. The Parties agree that, because all Parties participated in negotiating and
drafting this Release, no rule of construction shall apply to this Release which construes ambiguous language in favor of or against
any Party by reason of that Party’s role in drafting this Release.

 

6.
Governing Law. This Release shall be construed and enforced in accordance with and governed by the laws of the State of
Delaware without regard to principles of conflicts of laws.

 

7.
Counterparts; Signatures; Section Headings. This Release may be executed by the Parties in separate counterparts, each
of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and
the same instrument. A facsimile signature shall bind the signatory in the same way that an original signature would bind the
signatory. The headings of each section, subsection or other subdivision of this Agreement are for reference only and shall not
limit or control the meaning thereof.

 

    	 

    	 

    

 

8.
Submission to Jurisdiction. All actions or proceedings arising in connection with this Release shall be tried and litigated
exclusively in Chancery Court of the State of Delaware. The aforementioned choice of venue is intended by the Parties to be mandatory
and not permissive in nature, thereby precluding the possibility of litigation between the Parties with respect to or arising
out of this Release. Each Party hereby waives: (i) any right it may have to assert the doctrine of forum non conveniens or
similar doctrine or to object to venue with respect to any proceeding brought in accordance with this paragraph, and (ii) the
right each may have to a trial by jury. Each Party stipulates that the Chancery Court of the State of Delaware shall have in personam
jurisdiction over each of them for the purpose of litigating any such dispute, controversy or proceeding. Each Party hereby authorizes
and accepts service of process sufficient for personal jurisdiction in any action against it as contemplated by this paragraph
by registered or certified mail, return receipt requested, postage prepaid, to its address for the giving of notices as set forth
in this Release. Nothing herein shall affect the right of any party to serve process in any other manner permitted by law.

 

9.
Notices. All notices, consents, directions, approvals, instructions, requests and other communications required or permitted
by the terms of this Release shall be in writing, and shall be sent to the applicable Party at the following addresses or facsimile
numbers, as applicable:

 

If
to any Releasee:

 

c/o
Tauriga Sciences, Inc.

39
Old Ridgebury Road, Suite C4

Danbury,
CT 06180

Attn:
Seth M. Shaw

Telephone:
(514) 840-3697

Fax:
(514) 221-3336

 

With
a copy to:

 

Nixon
Peabody LLP

437
Madison Avenue

New
York, New York 10014

Attn:
Theodore J. Ghorra, Esq.

Telephone:
(212) 940-3072

Fax:
(855) 856-7298

 

If
to any Releasor:

 

c/o
Honeywood, LLC

1999
Harrison Street

Suite
1800

Oakland
CA 94707

Attn:
Daniel Kosmal

 

    	 

    	 

    

 

With
a copy to:

 

Buchalter
Nemer, PC

1000
Wilshire Boulevard

Suite
1500

Los
Angeles, CA 90017

Attn:
Jeremy Weitz, Esq. and Tanya Viner, Esq.

Tel:
(213) 891-0700

Fax:
(213) 630-5793

 

or
to such other address or facsimile number as any Party may have furnished to each other Party in writing in accordance herewith.
All notices, consents, directions, approvals, instructions, requests and other communications hereunder shall be sent and effective
as follows: (i) on the business day delivered, when delivered personally, (ii) five (5) business days after mailing
if mailed by registered or certified mail, return receipt requested (postage prepaid), (iii) on the next business day if
sent by a nationally recognized overnight express courier service with all costs prepaid and provided evidence of delivery is
available, or (iv) on the business day of a facsimile transmission if received on a business day before 5:00 p.m., local
time, or on the next business day if received after that time, in each case provided that an automatic machine confirmation indicating
the time of receipt is generated.

 

10.
Severability. Any provision of this Release that is invalid, illegal or unenforceable in any jurisdiction shall, as to
that jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability, without affecting in any way
the remaining provisions hereof in such jurisdiction or rendering that or any other provision of this Release invalid, illegal
or unenforceable in any other jurisdiction.

 

[Remainder
of page intentionally left blank]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the undersigned Releasor has executed this Release as of the date first above written.

 

	RELEASOR:	HONEYWOOD,
    LLC
	 	 	 
	 	By:	/s/
                                         Daniel Kosmal

	 	Name:	Daniel Kosmal 
	 	Title:	President
	 	 	 
	 	/s/
    Daniel Kosmal
	 	Daniel Kosmal

	 
	 	 	 
	 	/s/
    Elie Green
	 	Elie Green	 
	 	 	 
	 	/s/ Ramona
    Rubin
	 	Ramona Rubin

	 

 

[Signature
page to Release and Covenant Not to Sue]

 

    	 

    	 

    

 

	RELEASEE:	TAURIGA
    SCIENCES, INC.
	 	 	 
	 	By:	/s/
                                         Stella M. Sung

	 	Name:	Stella
    Sung, Ph.D
	 	Title:	CEO/President
	 	 	 
	 	DOC
    GREEN’S ACQUISITION SUB, LLC
	 	 	 
	 	By:	/s/
                                         Stella M. Sung

	 	Name:	Stella Sung, Ph.D
	 	Title:	President and CEO of Tauriga Sciences, Inc., sole
                                         member

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