Document:

Exhbit
10.2

 

form
of STOCK PLEDGE AGREEMENT

 

THIS
STOCK PLEDGE AGREEMENT (as may be amended, restated or modified from time to time, this “Pledge Agreement”),
dated as of July ___, 2016 made by and between [__], as pledgor (the “Pledgor”), and R & T Sports
Marketing, Inc., a Florida corporation, as pledgee (the “Pledgee”).

 

W
I T N E S S E T H:

 

WHEREAS,
PF Hospitality Group, Inc., a Nevada corporation (the “Company”) sold to R & T Sports Marketing, Inc. a $200,000.00
principal amount Convertible Debenture Due July 20, 2021 at par value (the “Convertible Debenture”); and

 

WHEREAS,
as of the date hereof, the Pledgor is the direct registered and beneficial owner of [__] shares of common stock of the Company
(the “Shares”), of which Pledgor seeks to pledge [__] Shares pursuant to the terms of this Stock Pledge Agreement
(the “Pledged Shares”); and

 

WHEREAS,
in order to induce the Pledgee to purchase the Convertible Debenture, the Pledgor has agreed to execute and deliver to the Pledgee,
as security for the obligations of the Company to the Pledgee as set forth in the Convertible Debentures, a pledge of all of the
Pledgor’s right, title and interest in and to the Pledged Shares.

 

NOW,
THEREFORE, in consideration of the premises set forth above, the covenants and agreements hereinafter set forth, and other good
and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Pledgor and the Pledgee agree as set
forth below:

 

SECTION
1. Defined Terms. Except as otherwise defined
herein, terms defined in the Convertible Debentures shall have the same meaning when used herein.

 

Grant
of Security. (a) As security for the Obligations, the Pledgor hereby pledges, assigns, transfers and delivers to the Pledgee the
Pledged Shares and hereby grants to the Pledgee a first priority lien on and a first priority security interest in the following
(collectively, the “Pledged Collateral”):

 

(i)
the Pledged Shares and all capital, revenue, profit, income, gain or other property or proceeds, return on contribution or otherwise
with respect to the Pledged Shares;

 

(ii)
all other payments due or to become due to the Pledgor in respect of the Pledged Shares whether under any organizational document
or otherwise, whether as contractual obligations, damages or otherwise;

 

(iii)
all other property hereafter delivered in substitution for or in addition to any of the foregoing, all certificates and instruments
representing or evidencing such other property and all cash, securities, interest, dividends, rights and other property at any
time and from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all thereof.

 

SECTION
2. Representations and Warranties.
The Pledgor represents and warrants that:

 

(a)
it is the legal and beneficial owner of, and has good and marketable title to, the Pledged Collateral, subject to no pledge, lien,
mortgage, hypothecation, security interest, charge, option or other encumbrance whatsoever, except the lien and security interest
created and contemplated by this Pledge Agreement;

 

    	 		 

    	 		 

    

 

(b)
it has full power, authority and legal right to execute, deliver and perform its obligations under this Pledge Agreement and to
create the lien and security interest contemplated by this Pledge Agreement;

 

(c)
the Pledged Shares are “securities” governed by Article 8 of the UCC;

 

(d)
this Pledge Agreement constitutes a valid obligation of the Pledgor, legally binding upon it and enforceable in accordance with
its terms;

 

(e)
no consent of any other party (including equity interest holders of the Pledgor) is required in connection with the execution,
delivery, performance, validity, enforceability or enforcement of this Pledge Agreement, and no consent, license, approval or
authorization of, or registration or declaration with, any governmental authority, bureau or agency is required in connection
with the execution, delivery, performance, validity, enforceability or enforcement of this Pledge Agreement; and

 

(f)
the execution, delivery and performance of this Pledge Agreement will not violate or contravene any provision of any existing
law or regulation or decree of any court, governmental authority, bureau or agency having jurisdiction in the premises or of the
organizational documents of the Pledgor or of any mortgage, indenture, security agreement, contract, undertaking or other agreement
to which the Pledgor is a party or which purports to be binding upon it or any of its properties or assets and will not result
in the creation or imposition of any lien, charge or encumbrance on, or security interest in, any of its properties or assets
pursuant to the provisions of any such mortgage, indenture, security agreement, contract, undertaking or other agreement.

 

SECTION
3. Covenants. The Pledgor hereby covenants
that during the continuance of this Pledge Agreement:

 

(a)
it shall warrant and defend the right and title of the Pledgee conferred by this Pledge Agreement in and to the Pledged Collateral
at the cost of the Pledgor against the claims and demands of all persons whomsoever;

 

(b)
it shall not sell, assign, transfer, charge, pledge or encumber in any manner any part of the Pledged Collateral or suffer to
exist any encumbrance on the Pledged Collateral

 

(c)
it shall not amend or modify any organizational document of the Company;

 

(d)
it shall not vote the Pledged Shares of the Company in favor of the consolidation, merger, dissolution, liquidation or any other
corporate reorganization of the Company;

 

(e)
it shall furnish to Pledgee from time to time statements and schedules further identifying and describing the Pledged Collateral
as Pledgee reasonably requests, all in reasonable detail; and

 

(f)
it shall indemnify the Pledgee from, and hold it harmless against, any and all liabilities with respect to, or resulting from
any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable with respect
to any of the Pledged Collateral or in connection with the transaction contemplated by this Pledge Agreement.

 

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SECTION
4. Delivery of Additional Collateral;
Reduction of Pledged Shares.

 

(a)
If the Pledgor shall become entitled to receive or shall receive any equity interests, option or rights, whether as an addition
to, in substitution of, or in exchange for any of the Pledged Shares, the Pledgor agrees to accept the same as the agent of the
Pledgee and to hold the same in trust for the benefit of the Pledgee and to deliver the same forthwith to the Pledgee in the exact
form received, with the endorsement of the Pledgor when necessary and/or appropriate undated Instruments of Transfer duly executed
in blank, and Irrevocable Proxies for any shares of capital stock so received, in substantially the forms attached hereto to be
held by the Pledgee, subject to the terms hereof, as additional collateral security for the Obligations.

 

(b)
Reduction of Pledged Shares. The number of Pledged Shares shall be subject to reduction in an amount equal to the reduction
in the principal amount of the Convertible Debentures held by Pledgee divided by $200,000.00 (plus interest on such amount which
accrues commencing on the date of this Agreement) and multiplying the result by the number of Pledged Shares until the number
of Pledged Shares is zero (the “Pledged Share Reduction”). The Pledged Share Reduction shall be computed no less frequently
than within 30 days after the last day of each fiscal quarter.

 

SECTION
5. Intentionally deleted.

 

SECTION
6. General Authority. The Pledgor
hereby consents that, without the necessity of any reservation of rights against the Pledgor, and without notice to or further
assent by the Pledgor, any demand for payment of any of the Obligations made by the Pledgee may be rescinded by the Pledgee and
any of the Obligations continued, and the Obligations, or the liability of the Pledgor and/or the Company upon or for any part
thereof, or any other collateral security (including, without limitation, any collateral security held pursuant to any of the
other Convertible Debentures) or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed,
extended, modified, accelerated, compromised, waived, surrendered, or released by the Pledgee, and the Convertible Debentures,
any guarantees and any other collateral security documents executed and delivered by the Pledgor and/or the Company any or any
other obligors in respect of the Obligations may be amended, modified, supplemented or terminated, in whole or in part, as the
Pledgee may deem advisable, from time to time, and any other collateral security at any time held by the Pledgee for the payment
of the Obligations (including, without limitation, any collateral security held pursuant to any other collateral security document
executed and delivered pursuant to the Convertible Debentures) may be sold, exchanged, waived, surrendered or released, all without
notice to or further assent by the Pledgor or the Company, which shall remain bound hereunder, notwithstanding any such renewal,
extension, modification, acceleration, compromise, amendment, supplement, termination, sale, exchange, waiver, surrender or release.
The Pledgor waives any and all notices of the creation, renewal, extension or accrual of any of the Obligations and notice of
or proof of reliance by the Pledgee upon this Pledge Agreement, and the Obligations, and any of them, shall conclusively be deemed
to have been created, contracted or incurred in reliance upon this Pledge Agreement, and all dealings between the Pledged Company
and the Pledgee shall likewise be conclusively presumed to have been had or consummated in reliance upon this Pledge Agreement.
The Pledgor waives diligence, presentment, protest, demand for payment and notice of default or non-payment to or upon the Pledgor
or the Pledged Company with respect to the Obligations.

 

SECTION
7. UCC Filings. The Pledgor does hereby
authorize the Pledgee to do all things the Pledgee may reasonably deem to be necessary or advisable in order to perfect or maintain
the security interest granted by this Pledge Agreement including, but not limited to, filing any and all Uniform Commercial Code
financing statements or renewals thereof.

 

SECTION
8. Remedies. At any time after the
occurrence of an Event of Default that has not yet been cured or in the event any of the security created by or pursuant to this
Pledge Agreement shall be imperiled or jeopardized in a manner deemed material by the Pledgee in its sole and reasonable discretion,
the Pledgee shall be entitled, without further notice to the Pledgor:

 

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(a)
subject to the limitations of the UCC (to the extent applicable), to sell, assign, transfer and deliver at any time the whole,
or from time to time any part, of the Pledged Collateral or any rights or interests therein, at public or private sale or in any
other manner, at such price or prices and on such terms as the Pledgee may deem appropriate, and either for cash, on credit, for
other property or for future delivery, at the option of the Pledgee, upon not less than 10 days’ written notice (which 10
day notice is hereby acknowledged by the Pledgor to be reasonable) addressed to the Pledgor at its last address provided to the
Pledgee pursuant to this Pledge Agreement, but without demand, advertisement or other notice of any kind (all of which are hereby
expressly waived by the Pledgor). If any of the Pledged Collateral or any rights or interests thereon are to be disposed of at
a public sale, the Pledgee may, without notice or publication, adjourn any such sale or cause the same to be adjourned from time
to time by announcement at the time and place fixed for sale, and such sale may, without further notice, occur at the time and
place identified in such announcement. If any of the Pledged Collateral or any rights or interests therein shall be disposed of
at a private sale, the Pledgee shall be relieved from all liability or claim for inadequacy of price. At any such public sale
the Pledgee may purchase the whole or any part of the Pledged Collateral or any rights or interests therein so sold. Each purchaser,
including the Pledgee should it acquire the Pledged Collateral, at any public or private sale, shall hold the property sold free
from any claim or right of redemption, stay, appraisal or reclamation on the part of the Pledgor which are hereby expressly waived
and released to the extent permitted by applicable law. If any of the Pledged Collateral or any rights or interests therein shall
be sold on credit or for future delivery, the Pledged Collateral or rights or interests so sold may be retained by the Pledgee
until the selling price thereof shall be paid by the purchaser, but the Pledgee shall not incur any liability in case of failure
of the purchaser to take up and pay for the Pledged Collateral or rights or interests therein so sold. In case of any such failure,
the Pledged Collateral or rights or interests therein may again be sold on not less than 10 days’ written notice as aforesaid;
and

 

(b)
to exercise all voting and other equity interest rights at any meeting of any Pledged Company and exercise any and all rights
of conversion, exchange, subscription or any other rights, privileges or options pertaining to the Pledged Shares of the Pledged
Company as if it was the absolute owner thereof, including, without limitation, the right to exchange at its discretion, such
Pledged Shares upon the merger, consolidation, reorganization, recapitalization or other readjustment of the Company or, upon
the exercise by the Company or the Pledgee of any right, privilege or option pertaining to such Pledged Shares, and in connection
therewith, to deposit and deliver such Pledged Shares with any committee, depository, transfer agent, registrar or other designated
agency upon such terms and conditions as it may determine, all without liability except to account for property actually received
by it.

 

SECTION
9. No Duty on Pledgee. The Pledgee
shall have no duty to exercise any of the aforesaid rights, privileges or options and shall not be responsible for any failure
to do so or delay in so doing.

 

SECTION
10. Application of Proceeds. All moneys
collected or received by the Pledgee pursuant to this Pledge Agreement shall be applied to satisfy the Obligations in the manner
determined by the Pledgee.

 

SECTION
11. Miscellaneous.

 

11.1
Further Assurances. The Pledgor agrees that if this Pledge Agreement shall, in the reasonable opinion of the Pledgee, at
any time be deemed by the Pledgee, for any reason, insufficient in whole or in part to carry out the true intent and spirit hereof,
it shall execute or cause to be executed such other documents or deliver or cause to be delivered such further assurances as in
the opinion of the Pledgee may be required in order to more effectively accomplish the purposes of this Pledge Agreement including,
without limitation, an alternative pledge or such other alternative security as the Pledgee shall reasonably require.

 

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11.2
Remedies Cumulative and Not Exclusive; No Waiver. Each and every right, power and remedy herein given to the Pledgee shall
be cumulative and shall be in addition to every other right, power and remedy of the Pledgee now or hereafter existing at law,
in equity or by statute, and each and every right, power and remedy, whether herein given or otherwise existing, may be exercised
from time to time, in whole or in part, and as often and in such order as may be deemed expedient by the Pledgee, and the exercise
or the beginning of the exercise of any right, power or remedy shall not be construed to be a waiver of the right to exercise
at the same time or thereafter any other right, power or remedy. No failure, delay or omission by the Pledgee in the exercise
of any right or power or in the pursuance of any remedy accruing upon any breach or default by the Pledgor shall impair any such
right, power or remedy or be construed to be a waiver of any such right, power or remedy or to be an acquiescence therein; nor
shall the acceptance by the Pledgee of any security or of any payment of or on account of any of the amounts due from the Pledgor
to the Pledgee and maturing after any breach or default or of any payment on account of any past breach or default be construed
to be a waiver of any right with respect to any future breach or default or of any past breach or default not completely cured
thereby. In addition to the rights and remedies granted to it in this Pledge Agreement and in any other instrument or agreement
securing, evidencing or relating to any of the Obligations, the Pledgee shall have rights and remedies of a secured party under
the UCC.

 

11.3
Successors and Assigns. This Pledge Agreement and all obligations of the Pledgor hereunder shall be binding upon the successors
and assigns of the Pledgor and shall, together with the rights and remedies of the Pledgee hereunder, inure to the benefit of
the Pledgee, its respective successors and assigns.

 

11.4
Waiver; Amendment. None of the terms and conditions of this Pledge Agreement may be changed, waived, modified or varied
in any manner whatsoever unless in writing duly signed by the Pledgor and the Pledgee.

 

11.5
Invalidity. If any provision of this Pledge Agreement shall at any time, for any reason, be declared invalid, void or otherwise
inoperative by a court of competent jurisdiction, such declaration or decision shall not affect the validity of any other provision
or provisions of this Pledge Agreement, or the validity of this Pledge Agreement as a whole and, to the fullest extent permitted
by law, the other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed
in favor of the Pledgee in order to carry out the intentions of the parties hereto as nearly as may be possible. The invalidity
and unenforceability of any provision hereof in any jurisdiction shall not affect the validity or enforceability of such provision
in any other jurisdiction.

 

11.6
Notices. All notices of request, demand and other communications hereunder shall be addressed, sent and deemed delivered
in accordance with the Convertible Debentures, including delivery of any such notices or communications to the Company on behalf
of the Pledgor, which Pledgor hereby agrees and acknowledges shall be valid and effective notice to the Pledgor hereunder.

 

11.7
Counterparts; Electronic Delivery. This Pledge Agreement may be executed in any number of counterparts, each of which shall
be deemed an original, but all such counterparts together shall constitute one and the same instrument. Delivery of an executed
counterpart of this Pledge Agreement by facsimile or electronic transmission shall be deemed as effective as delivery of an originally
executed counterpart. In the event that the Pledgor delivers an executed counterpart of this Pledge Agreement by facsimile or
electronic transmission, the Pledgor shall also deliver an originally executed counterpart as soon as practicable, but the failure
of the Pledgor to deliver an originally executed counterpart of this Pledge Agreement shall not affect the validity or effectiveness
of this Pledge Agreement.

 

11.8
References. References herein to Sections, Exhibits and Schedules are to be construed as references to sections of, exhibits
to, and schedules to, this Pledge Agreement, unless the context otherwise requires.

 

11.9
Headings. In this Pledge Agreement, Section headings are inserted for convenience of reference only and shall not be taken
into account in the interpretation of this Pledge Agreement.

 

11.10
Termination. When all of the Obligations shall have been fully satisfied, the Pledgee agrees that it shall forthwith release
the Pledgor from its Obligations hereunder and the Pledgee shall promptly execute and deliver to the Pledgor a proper instrument
or instruments acknowledging the satisfaction and termination of this Pledge Agreement, and the Irrevocable Proxies shall terminate
forthwith and be delivered to the Pledgor forthwith together with the other items furnished to the Pledgee pursuant to this Pledge
Agreement.

 

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SECTION
12. Applicable Law, Jurisdiction and Waivers.

 

12.1
Governing Law. Except in the case of the Mandatory Forum Selection clause set forth in Section 14.2 hereof, this
Pledge Agreement shall be governed by and construed in accordance with the laws of the Florida, without regard to principles of
conflicts of laws thereof.

 

12.2
MANDATORY FORUM SELECTION. Any dispute arising under, relating to, or in connection
with the Agreement or related to any matter which is the subject of or incidental to the Agreement (whether or not such claim
is based upon breach of contract or tort) shall be subject to the exclusive jurisdiction and venue of the state and/or federal
courts located in Broward County, FLOrida; provided, however, PLEDGEE may, at its sole option, elect to bring any action in any
other jurisdiction. This provision is intended to be a “mandatory” forum selection clause and governed by and interpreted
consistent with Florida law.

 

12.3
WAIVER OF IMMUNITY. TO THE EXTENT THAT THE PLEDGOR HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM SUIT, JURISDICTION OF
ANY COURT OR ANY LEGAL PROCESS (WHETHER THROUGH ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION, EXECUTION OF A JUDGMENT,
OR FROM ANY OTHER LEGAL PROCESS OR REMEDY) WITH RESPECT TO ITSELF OR ITS PROPERTY, THE PLEDGOR HEREBY IRREVOCABLY WAIVES SUCH
IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS PLEDGE AGREEMENT.

 

12.4
WAIVER OF JURY TRIAL. EACH OF THE PLEDGOR AND THE PLEDGEE HEREBY WAIVES TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
BROUGHT BY ANY PARTY HERETO OR ANY BENEFICIARY HEREOF ON ANY MATTER WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS
PLEDGE AGREEMENT.

 

[-signature
page follows-]

 

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IN
WITNESS WHEREOF, the parties hereto have caused this Pledge Agreement to be duly executed the day and year first above written.

 

	 	PLEDGOR:
	 	 
	 	 
	 	[__]Exhibit 4.1

 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

WARRANT TO PURCHASE STOCK

 

	
Company:
    	
TROVAGENE, INC., a   Delaware corporation
    
	
Number of Shares:
    	
15,496
    
	
Type/Series of   Stock:
    	
Common Stock
    
	
Warrant Price:
    	
$4.84 per share
    
	
Issue Date:
    	
July 20, 2016
    
	
Expiration Date:
    	
July 20, 2026 See   also Section 5.1(b).
    
	
Credit Facility:
    	
This Warrant to   Purchase Stock (“Warrant”) is   issued in connection with that certain Loan and Security Agreement dated as   of June 30, 2014, among Oxford Finance LLC, as Lender and Collateral   Agent, the Lenders from time to time party thereto, including Silicon Valley   Bank and the Company (as modified, amended and/or restated from time to time,   the “Loan Agreement”).
    

 

THIS WARRANT CERTIFIES THAT, for good and valuable consideration,                             (“            ” and, together with any successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”) is entitled to purchase the number of fully paid and non-assessable shares (the “Shares”) of the above-stated Type/Series of Stock (the “Class”) of the above-named company (the “Company”) at the above-stated Warrant Price, all as set forth above and as adjusted pursuant to Section 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant.

 

SECTION 1.                            EXERCISE.

 

1.1                               Method of Exercise.  Holder may at any time and from time to time exercise this Warrant, in whole or in part, by delivering to the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto as Appendix 1 and, unless Holder is exercising this Warrant pursuant to a cashless exercise set forth in Section 1.2, a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the Shares being purchased.

 

1.2                               Cashless Exercise.  On any exercise of this Warrant, in lieu of payment of the aggregate Warrant Price in the manner as specified in Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares equal to the value of this Warrant, or portion hereof as to which this Warrant is being exercised.  Thereupon, the Company shall issue to the Holder such number of fully paid and non-assessable Shares as are computed using the following formula:

 

X = Y(A-B)/A

 

where:

 

X =                             the number of Shares to be issued to the Holder;

 

Y =                             the number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares surrendered to the Company in payment of the aggregate Warrant Price);

 

1

 

A =                             the Fair Market Value (as determined pursuant to Section 1.3 below) of one Share; and

 

B =                             the Warrant Price.

 

1.3                               Fair Market Value.  If the Company’s common stock is then traded or quoted on a nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market (a “Trading Market”) and the Class is common stock, the fair market value of a Share shall be the closing price or last sale price of a share of common stock reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company.  If the Company’s common stock is not traded in a Trading Market, the Board of Directors of the Company shall determine the fair market value of a Share in its reasonable good faith judgment.

 

1.4                               Delivery of Certificate and New Warrant.  Within a reasonable time after Holder exercises this Warrant in the manner set forth in Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder upon such exercise and, if this Warrant has not been fully exercised and has not expired, a new warrant of like tenor representing the Shares not so acquired.

 

1.5                               Replacement of Warrant.  On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form, substance and amount to the Company or, in the case of mutilation, on surrender of this Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor and amount.

 

1.6                               Treatment of Warrant Upon Acquisition of Company.

 

(a)                                 Acquisition.  For the purpose of this Warrant, “Acquisition” means any transaction or series of related transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company (ii) any merger or consolidation of the Company into or with another person or entity (other than a merger or consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company in their capacity as such immediately prior to such merger, consolidation or reorganization, own less than a majority of the Company’s (or the surviving or successor entity’s) outstanding voting power immediately after such merger, consolidation or reorganization (or, if such Company stockholders beneficially own a majority of the outstanding voting power of the surviving or successor entity as of immediately after such merger, consolidation or reorganization, such surviving or successor entity is not the Company); or (iii) any sale or other transfer by the stockholders of the Company of shares representing at least a majority of the Company’s then-total outstanding combined voting power.

 

(b)                                 Treatment of Warrant at Acquisition.  In the event of an Acquisition in which the consideration to be received by the Company’s stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a “Cash/Public Acquisition”), either (i) Holder shall exercise this Warrant pursuant to Section 1.1 and/or 1.2 and such exercise will be deemed effective immediately prior to and contingent upon the consummation of such Acquisition or (ii) if Holder elects not to exercise the Warrant, this Warrant will expire immediately prior to the consummation of such Acquisition.

 

(c)                                  The Company shall provide Holder with written notice of its request relating to the Cash/Public Acquisition (together with such reasonable information as Holder may reasonably require regarding the treatment of this Warrant in connection with such contemplated Cash/Public Acquisition giving rise to such notice), which is to be delivered to Holder not less than seven (7) Business Days prior to the closing of the proposed Cash/Public Acquisition.  In the event the Company does not provide such notice, then if, immediately prior to the Cash/Public Acquisition, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above would be greater than the Warrant Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised, and the Company shall promptly notify the Holder of the number of Shares (or such other securities) issued upon such exercise to the

 

2

 

Holder and Holder shall be deemed to have restated each of the representations and warranties in Section 4 of the Warrant as the date thereof.

 

(d)                                 Upon the closing of any Acquisition other than a Cash/Public Acquisition defined above, the acquiring, surviving or successor entity shall assume the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property as would have been paid for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the provisions of this Warrant.

 

(e)                                  As used in this Warrant, “Marketable Securities” means securities meeting all of the following requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is then current in its filing of all required reports and other information under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received by Holder in connection with the Acquisition were Holder to exercise this Warrant on or prior to the closing thereof is then traded in Trading Market, and (iii) following the closing of such Acquisition, Holder would not be restricted from publicly re-selling all of the issuer’s shares and/or other securities that would be received by Holder in such Acquisition were Holder to exercise or convert this Warrant in full on or prior to the closing of such Acquisition, except to the extent that any such restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such Acquisition.

 

SECTION 2.                            ADJUSTMENTS TO THE SHARES AND WARRANT PRICE.

 

2.1                               Stock Dividends, Splits, Etc.  If the Company declares or pays a dividend or distribution on the outstanding shares of the Class payable in common stock or other securities or property (other than cash), then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities and property which Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution occurred.  If the Company subdivides the outstanding shares of the Class by reclassification or otherwise into a greater number of shares, the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased.  If the outstanding shares of the Class are combined or consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased.

 

2.2                               Reclassification, Exchange, Combinations or Substitution.  Upon any event whereby all of the outstanding shares of the Class are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and after the consummation of such event, this Warrant will be exercisable for the number, class and series of Company securities that Holder would have received had the Shares been outstanding on and as of the consummation of such event, and subject to further adjustment thereafter from time to time in accordance with the provisions of this Warrant.  The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations substitutions, replacements or other similar events.

 

2.3                               No Fractional Share.  No fractional Share shall be issuable upon exercise of this Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share.  If a fractional Share interest arises upon any exercise of the Warrant, the Company shall eliminate such fractional Share interest by paying Holder in cash the amount computed by multiplying the fractional interest by (i) the fair market value (as determined in accordance with Section 1.3 above) of a full Share, less (ii) the then-effective Warrant Price.

 

2.4                               Notice/Certificate as to Adjustments.  Upon each adjustment of the Warrant Price, Class and/or number of Shares, the Company, at the Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant Price, Class and/or number of Shares and facts upon which such adjustment is based.  The Company shall, upon written request from Holder, furnish Holder with a certificate of its Chief Financial Officer, including computations of such adjustment and the Warrant Price, Class and number of Shares in effect upon the date of such adjustment.

 

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SECTION 3.                            REPRESENTATIONS AND COVENANTS OF THE COMPANY.

 

3.1                               Representations and Warranties.  The Company represents and warrants to, and agrees with, the Holder as follows:

 

(a)                                 The initial Warrant Price referenced on the first page of this Warrant is not greater than the price per share at which shares of the Class were last sold and issued prior to the Issue Date hereof in an arms-length transaction in which at least Five Hundred Thousand Dollars ($500,000.00) of such shares were sold.

 

(b)                                 All Shares which may be issued upon the exercise of this Warrant, and all securities, if any, issuable upon conversion of the Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable federal and state securities laws.  The Company covenants that it shall at all times cause to be reserved and kept available out of its authorized and unissued capital stock such number of shares of the Class, common stock and other securities as will be sufficient to permit the exercise in full of this Warrant and the conversion of the Shares into common stock or such other securities.

 

3.2                               Notice of Certain Events.  If the Company proposes at any time to:

 

(a)                                 declare any dividend or distribution upon the outstanding shares of the Class or common stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend;

 

(b)                                 offer for subscription or sale pro rata to the holders of the outstanding shares of the Class any additional shares of any class or series of the Company’s stock (other than pursuant to contractual pre-emptive rights);

 

(c)                                  effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding shares of the Class; or

 

(d)                                 effect an Acquisition or to liquidate, dissolve or wind up;

 

then, in connection with each such event, the Company shall give Holder:

 

(1)                                 at least seven (7) Business Days prior written notice of the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders of outstanding shares of the Class will be entitled thereto) or for determining rights to vote, if any, in respect of the matters referred to in (a) and (b) above; and

 

(2)                                 in the case of the matters referred to in (c) and (d) above at least seven (7) Business Days prior written notice of the date when the same will take place (and specifying the date on which the holders of outstanding shares of the Class will be entitled to exchange their shares for the securities or other property deliverable upon the occurrence of such event).

 

Reference is made to Section 1.6(c) whereby this Warrant will be deemed to be exercised pursuant to Section 1.2 hereof if the Company does not give written notice to Holder of a Cash/Public Acquisition as required by the terms hereof.  Company will also provide information requested by Holder that is reasonably necessary to enable Holder to comply with Holder’s accounting or reporting requirements.

 

SECTION 4.                            REPRESENTATIONS, WARRANTIES OF THE HOLDER.

 

The Holder represents and warrants to the Company as follows:

 

4.1                               Purchase for Own Account.  This Warrant and the securities to be acquired upon exercise of this Warrant by Holder are being acquired for investment for Holder’s account, not as a nominee or agent, and not

 

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with a view to the public resale or distribution within the meaning of the Act.  Holder also represents that it has not been formed for the specific purpose of acquiring this Warrant or the Shares.

 

4.2                               Disclosure of Information.  Holder is aware of the Company’s business affairs and financial condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities.  Holder further has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access.

 

4.3                               Investment Experience.  Holder understands that the purchase of this Warrant and its underlying securities involves substantial risk.  Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons.

 

4.4                               Accredited Investor Status.  Holder is an “accredited investor” within the meaning of Regulation D promulgated under the Act.

 

4.5                               The Act.  Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein.  Holder understands that this Warrant and the Shares issued upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless exemption from such registration and qualification are otherwise available.  Holder is aware of the provisions of Rule 144 promulgated under the Act.

 

4.6                               No Voting Rights.  Holder, as a Holder of this Warrant, will not have any voting rights until the exercise of this Warrant.

 

SECTION 5.                            MISCELLANEOUS.

 

5.1                               Term; Automatic Cashless Exercise Upon Expiration.

 

(a)                                 Term.  Subject to the provisions of Section 1.6 above, this Warrant is exercisable in whole or in part at any time and from time to time on or before 6:00 PM, Eastern Time, on the Expiration Date and shall be void thereafter.

 

(b)                                 Automatic Cashless Exercise upon Expiration.  In the event that, upon the Expiration Date, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised, and the Company shall, within a reasonable time, deliver a certificate representing the Shares (or such other securities) issued upon such exercise to Holder.

 

5.2                               Legends.  Each certificate evidencing Shares (and each certificate evidencing the securities issued upon conversion of any Shares, if any) shall be imprinted with a legend in substantially the following form:

 

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THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE ISSUER TO OXFORD FINANCE LLC DATED JULY 20, 2016, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

5.3                               Compliance with Securities Laws on Transfer.  This Warrant and the Shares issued upon exercise of this Warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part except in compliance with applicable federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company).  The Company shall not require Holder to provide an opinion of counsel if the transfer is to an affiliate of Holder, provided that any such transferee is an “accredited investor” as defined in Regulation D promulgated under the Act.  Additionally, the Company shall also not require an opinion of counsel if there is no material question as to the availability of Rule 144 promulgated under the Act.

 

5.4                               Transfer Procedure.  After receipt by Oxford of the executed Warrant, Oxford may transfer all or part of this Warrant to one or more of Oxford’s affiliates (each, an “Oxford Affiliate”), by execution of an Assignment substantially in the form of Appendix 2.  Subject to the provisions of Article 5.3 and upon providing the Company with written notice, Oxford, any such Oxford Affiliate and any subsequent Holder, may transfer all or part of this Warrant or the Shares issuable upon exercise of this Warrant (or the Shares issuable directly or indirectly, upon conversion of the Shares, if any) to any other transferee, provided, however, in connection with any such transfer, the Oxford Affiliate(s) or any subsequent Holder will give the Company notice of the portion of the Warrant being transferred with the name, address and taxpayer identification number of the transferee and Holder will surrender this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable).

 

5.5                               Notices.  All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed delivered and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered or certified mail, postage prepaid, (iii) upon actual receipt if given by facsimile or electronic mail and such receipt is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier fee prepaid, in any case at such address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 5.5.  All notices to Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a transfer or otherwise:

 

Oxford Finance LLC

133 N. Fairfax Street

Alexandria, VA 22314

Attn: Legal Department

Telephone: (703) 519-4900

Facsimile: (703) 519-5225
 Email: LegalDepartment@oxfordfinance.com

 

Notice to the Company shall be addressed as follows until Holder receives notice of a change in address:

 

Trovagene, Inc.

11055 Flintkote Avenue, Suite B

San Diego, CA 92121

 

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Attn: Stephen Zaniboni, Chief Financial Officer

Telephone: (858) 967-8014

Facsimile: (858) 952-7570

Email: szaniboni@trovagene.com

 

With a copy (which shall not constitute notice) to:

 

Sichenzia Ross Friedman Ference LLP

61 Broadway, 32nd Floor

New York, NY  10006

Attn: Jeffrey Fessler

Telephone: (212) 930-9700

Facsimile: (212) 930-9725

Email: jfessler@srff.com

 

5.6                               Waiver.  This Warrant and any term hereof may be changed, waived, discharged or terminated (either generally or in a particular instance and either retroactively or prospectively) only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought.

 

5.7                               Attorneys’ Fees.  In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees.

 

5.8                               Counterparts; Facsimile/Electronic Signatures.  This Warrant may be executed in counterparts, all of which together shall constitute one and the same agreement.  Any signature page delivered electronically or by facsimile shall be binding to the same extent as an original signature page with regards to any agreement subject to the terms hereof or any amendment thereto.

 

5.9                               Governing Law.  This Warrant shall be governed by and construed in accordance with the laws of the State of California, without giving effect to its principles regarding conflicts of law.

 

5.10                        Headings.  The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning of any provision of this Warrant.

 

5.11                        Business Days.  “Business Day” is any day that is not a Saturday, Sunday or a day on which banks in California are closed.

 

[Remainder of page left blank intentionally]

 

[Signature page follows]

 

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IN WITNESS WHEREOF, the parties have caused this Warrant to Purchase Stock to be executed by their duly authorized representatives effective as of the Issue Date written above.

 

	
“COMPANY”
    	
 
    
	
 
    	
 
    
	
TROVAGENE, INC.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    
	
 
    	
(Print)
    	
 
    
	
Title:
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
“HOLDER”
    	
 
    
	
 
    	
 
    
	
OXFORD FINANCE LLC
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    
	
 
    	
(Print)
    	
 
    
	
Title:
    	
 
    	
 
    

 

[Signature Page to Warrant to Purchase Stock]

 

 

APPENDIX 1

 

NOTICE OF EXERCISE

 

1.                                      The undersigned Holder hereby exercises its right purchase             shares of the Common Stock of Trovagene, Inc. (the “Company”) in accordance with the attached Warrant To Purchase Stock, and tenders payment of the aggregate Warrant Price for such shares as follows:

 

o                                    check in the amount of $         payable to order of the Company enclosed herewith

 

o                                    Wire transfer of immediately available funds to the Company’s account

 

o                                    Cashless Exercise pursuant to Section 1.2 of the Warrant

 

o                                    Other [Describe]

 

2.                                      Please issue a certificate or certificates representing the Shares in the name specified below:

	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Holder’s Name
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
(Address)
    	
 
    

 

3.                                      By its execution below and for the benefit of the Company, Holder hereby restates each of the representations and warranties in Section 4 of the Warrant to Purchase Stock as of the date hereof.

 

	
 
    	
HOLDER:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Date:
    	
 
    

 

 

APPENDIX 2

 

ASSIGNMENT

 

For value received,                  hereby sells, assigns and transfers unto

 

Name:

 

Address:

 

Tax ID:

 

that certain Warrant to Purchase Stock issued by Trovagene, Inc. (the “Company”), on July 20, 2016 (the “Warrant”) together with all rights, title and interest therein.

 

	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
Date:
    	
 
    	
 
    	
 
    
					

 

By its execution below, and for the benefit of the Company,                    makes each of the representations and warranties set forth in Article 4 of the Warrant and agrees to all other provisions of the Warrant as of the date hereof.

 

	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Title:

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