Document:

ex_153746.htm

Exhibit 10.31

 

SUBLEASE

 

THIS SUBLEASE (this “Sublease”) is made and entered as of this 8th day of February, 2016 (the “Effective Date”) by and between REC AMERICAS LLC, a Delaware limited liability company (“Sublandlord”), and ADYNXX, INC., a Delaware corporation (“Subtenant”).

 

RECITALS

 

A.         Sublandlord is the current tenant of certain premises, depicted on the floor plan attached hereto as Exhibit A, consisting of 3,659 rentable square feet located at 100 Pine Street, Suite 500, San Francisco, California (the “Master Premises”), pursuant to that certain Office Lease (the “Master Lease”) dated as of October 27, 2014, by and between 100 Pine Street Investment Group, L.L.C., a Delaware limited liability company, as landlord (the “Master Lessor”), and Sublessor as tenant. A true, correct and complete copy of the Master Lease is attached hereto as Exhibit B.

 

B.         Sublandlord desires to sublease the entire Master Premises to Subtenant, and Subtenant desires to sublease the entire Premises from Sublandlord, on the terms and conditions contained in this Sublease. Hereinafter, the Master Premises are sometimes referred to as the “Premises.”

 

NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are acknowledged, the parties agree as follows:

 

1.           Sublease of Premises.

 

1.1     Sublease. Subject to receipt of Landlord’s Consent (as defined below), Sublandlord leases the Premises to Subtenant, and Subtenant leases the Premises from Sublandlord for the term, at the rentals and upon the terms and conditions set forth below. Any capitalized terms not otherwise defined herein shall be as defined in the Master Lease.

 

1.2     Condition of Premises. Sublandlord shall provide the Premises in their “as is” condition as of the date of this Sublease (but (a) with the benefit of any representations and warranties set forth in the Master Lease and (b) vacant, broom clean and free of all waste, equipment, fixtures and personal property except for the furniture and fixtures listed in Schedule A to that certain Bill of Sale dated on or about the date hereof (the “Bill of Sale”)), and Sublandlord shall have no obligation to install any tenant improvements, renovate or remodel the Premises, or otherwise prepare the Premises for occupancy by Subtenant. Except as expressly set forth in Sections 5.4 and 12.5 of this Sublease, Sublandlord makes no representations or warranties, whether express or implied, with respect to the Premises or the equipment, furniture and systems used in connection with the Premises (including without limitation any representation or warranty of habitability or of fitness for any particular purpose); provided however that notwithstanding the foregoing (x) Sublandlord does represent and warrant that it has no knowledge of any material defects in the Premises (or its equipment, furniture, systems or fixtures) and (y) Sublandlord shall be responsible for, and shall promptly repair, any damage to the Premises and the Building caused by Sublandlord moving out of the Premises and the Building.

 

2.           Term.

 

2.1     Term and Commencement Date. The term of this Sublease (the “Term”) shall commence on the later of (a) March 1, 2016, (b) the date the Sublease is fully executed, (c) the date of receipt by Subtenant of Master Lessor’s executed written consent to this Sublease, in a form reasonably acceptable to Subtenant and including the non-disturbance provision described in Section 12.2 below (the “Landlord’s Consent”), or (d) the date upon which Sublandlord shall deliver the Premises to Subtenant in the condition required by Section 1.2 (the “Commencement Date”), and shall continue in effect until December 31, 2019, unless earlier terminated pursuant to the terms of this Sublease. In the event Master Lessor shall not have provided the Landlord’s Consent on or before thirty (30) days following the Effective Date, then Subtenant shall have the right, in its sole discretion, to terminate this Sublease, in which event Sublandlord shall promptly return to Subtenant any security deposit, rent and other amounts paid by Subtenant and the parties shall be released of all obligations under this Sublease. Sublandlord agrees to use commercially reasonable efforts to expeditiously obtain the Landlord’s Consent and to pay whatever review (and other) fees Master Lessor shall properly assess in accordance with the Master Lease in connection with its review of this Sublease and its issuance of the Landlord’s Consent.

 

1.

 

 

2.2     Early Access. As long as Subtenant has delivered to Sublandlord the prepaid rent, security deposit and certificates of insurance required by this Sublease, Subtenant shall have the right to access the Premises from and after the later of (a) February 15, 2016, or (b) the date that Master Lessor delivers its Landlord’s Consent (the “Early Access Date”), for the limited purposes, of installing trade fixtures, equipment, cabling, furniture and conducting other customary pre-commencement activities, but not for the purpose of conducting its business from the Premises. If Subtenant totally or partially occupies the Premises after the Early Access Date but prior to the Commencement Date for such limited purposes, Subtenant shall have no obligation to pay Base Rent or Additional Rent during such period, but all other terms of this Sublease (including but not limited to the insurance obligations set forth in Article 9) shall be in effect during such period. Any such early possession shall not affect or advance the Commencement Date or the Term. During any such early possession, (a) Subtenant shall not commence the operation of business, and (b) Subtenant shall at all times comply with Master Lessor’s rules and regulations regarding tenant move-in procedures. If Subtenant breaches of any of the foregoing conditions, and if such breach continues after notice and a three-day grace period, Sublandlord may, in addition to exercising any of its other rights and remedies set forth in this Sublease, revoke Subtenant’s right to early access to the Premises upon written notice to Subtenant.

 

3.           Rent.

 

3.1     Base Rent. During the Term, Subtenant shall pay Sublandlord monthly base rent (“Base Rent”) as follows:

 

	
			Period of Time

				
			Annual Base Rent

				
			Monthly Base Rent

				
			Annual Rent per RSF

			
	
			3/1/16 — 2/28/17*

				
			$219,540.00*

				
			$18,295.00*

				
			$60.00

			
	
			3/1/17 — 2/28/18

				
			$226,126.20

				
			$18,843.85

				
			$61.80

			
	
			3/1/18 — 2/28/19

				
			$232,909.99

				
			$19,409.17

				
			$63.65

			
	
			3/1/19 — 12/31/19

				
			$239,897.29**

				
			$19,991.44

				
			$65.56

			

 

*To be reduced pro rata, on a daily basis, to the extent that the Commencement Date is delayed beyond March 1, 2016.

 

**The parties agree that this “annual base rent” for the 3/1/19-12/31/19 period shall not be fully payable, but only 10 months multiplied by the monthly rent of $19,991.44, or $199,914.40.

 

3.2     Additional Rent. In addition to Base Rent, Subtenant shall pay Sublandlord an amount equal to the “Additional Rent” payable by Sublandlord under the Master Lease to the extent incurred during the Term of this Sublease, excluding any amounts arising from defaults by Sublandlord under the Master Lease (the “Additional Rent”); provided, however, (a) the Additional Rent payable by Subtenant hereunder shall be calculated based upon a “Base Year (as defined in the Master Lease) of calendar year 2016, and (b) Sublandlord shall be solely liable and responsible for all payments of Additional Rent under the Master Lease other than the Additional Rent payable by Subtenant hereunder, whether arising prior to, during or after the end of the Term.

 

3.3     Rent. Base Rent, Additional Rent and any other amounts payable under this Sublease are referred to collectively as “Rent.”

 

3.4     Payment of Rent. Upon execution of this Sublease, Subtenant shall pay to Sublandlord Base Rent in an amount equal to Base Rent for the first full calendar month of the Term (i.e., $18,295.00), which shall be applied toward the Base Rent first due under this Sublease. Following such payment, all Base Rent and Additional Rent payable under this Sublease shall be due and payable in advance, without off-set or deduction (except as otherwise set forth in this Sublease or the Master Lease), on the first day of each month during the Term of this Sublease. If any month during the Term is not a full month, Base Rent and Additional Rent for such month shall be prorated based on the actual number of days in that month.

 

2.

 

 

3.5     Late Charges. If any Rent is not paid within five (5) days of the date when due, Subtenant shall pay a late charge to Sublandlord equal to five percent (5%) of the delinquent amount. Neither demand for, nor receipt of, any late charge called for under this Sublease shall (a) operate to waive any default by Subtenant or provide a substitute for Subtenant’s full and timely performance of the obligation to pay Rent, or (b) limit the exercise of any other right or remedy Sublandlord may have under this Sublease in case of Subtenant’s default. If any payment of Rent is returned for insufficient funds, Sublandlord shall have the right to require future payments to be paid by cashiers check, ACH or other electronic means.

 

4.           Security Deposit.

 

4.1     Upon the execution of this Sublease, Subtenant shall pay to Sublandlord a security deposit in the amount of $73,180.00 (the “Security Deposit”). If Subtenant has not been in default under this Sublease as of the end of the first year of the Term, Landlord agrees to reduce the Security Deposit, effective as of the first day of the second year of the Term, to $54,885, and shall return to Subtenant $18,295.00 of the Security Deposit then held by Sublandlord; provided, however, if Subtenant has been in default under this Sublease during the first year of the Term, the Security Deposit will not be so reduced. Upon expiration of the Term, as long as Subtenant is not in default under this Sublease Sublandlord shall return the Security Deposit to Subtenant not later than 30 days thereafter, after deducting in good faith the reasonable amounts needed to make good any default by Subtenant. Sublandlord shall have the right, but not the obligation, after five days prior notice to Subtenant, to apply all or any portion of the Security Deposit to cure any Subtenant default at any time, in which case Subtenant shall be obligated to restore the Security Deposit to its original amount within ten (10) business days. Subtenant waives the provisions of Section 1950.7 of the California Civil Code, and all other provisions of law, now or hereafter in force, which provide that Sublandlord may claim from a security deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Subtenant or to clean the Premises, it being agreed that Sublandlord may, in addition, claim those sums reasonably necessary to compensate Sublandlord for any defaults of Subtenant under this Sublease.

 

4.2     Sublandlord agrees that Subtenant shall deliver $18,295.00 of the Security Deposit in the form of a cash deposit concurrently with the execution of this Sublease, and within five (5) business days following execution of this Sublease, Subtenant shall deliver $54,885.00 of the Security Deposit in the form of an unconditional and irrevocable letter of credit (the “Letter of Credit”). The Letter of Credit shall (a) be in the amount of $54,885.00, (b) be in form and substance reasonably satisfactory to Sublandlord, (c) name Sublandlord as its beneficiary, (d) expressly allow Sublandlord to draw upon it at any time or from time to time following an event of default in the amount of the applicable default by delivering to the issuer written notice, (e) be drawn on an FDIC-insured financial institution reasonably satisfactory to Sublandlord with a branch office in San Francisco, CA, (f) be freely transferable by Sublandlord, and (g) have an expiration date of not earlier than the expiration date of this Sublease, or provides for automatic renewals through the expiration date of this Sublease. If Sublandlord is not provided with a substitute Letter of Credit complying with all of the requirements hereof at least ten (10) days before the applicable expiration date of the existing Letter of Credit, then Sublandlord shall have the right to draw under such Letter of Credit then held by Sublandlord and hold such funds as a cash security deposit in accordance with the terms of this Article 4.

 

4.3     Sublandlord shall keep the $18,295 of the Security Deposit that will be delivered in the form of a cash deposit in a separate account from its general accounts. Unless otherwise expressly agreed in writing by Sublandlord, no part of the Security Deposit shall be considered to be held in trust, to bear interest, or to be prepayment for any monies to be paid by Subtenant under this Sublease. If Sublandlord keeps the Security Deposit in an interest bearing account, all interest shall accrue for the benefit of Sublandlord.

 

3.

 

 

5.           Use.

 

5.1     Permitted Use. Subtenant will use and occupy the Premises solely for general office uses and for no other use.

 

5.2     Access. Throughout the Term of this Sublease, Subtenant and its employees shall have access to the Premises twenty-four (24) hours per day, seven (7) days per week, subject to any contrary provisions stated in the Master Lease. Sublandlord shall furnish Subtenant with keys or key cards to the Premises upon receipt of request from Subtenant. Subtenant agrees to comply with all requirements of the Master Landlord relating to the keys or key cards, and shall pay Sublandlord any charges incurred with respect to providing such keys or key cards to Subtenant or replacing any lost keys or key cards. Upon the expiration or earlier termination of this Sublease, Subtenant will deliver to Sublandlord all keys and key cards that were previously provided to it.

 

5.3     Compliance with Master Lease.

 

(a)     Neither Sublandlord nor Subtenant will conduct any activity that would be prohibited under the terms of the Master Lease, and neither shall take any action that would cause Sublandlord to be in default under the Master Lease.

 

(b)     Sublandlord will not terminate (and will not permit the termination of) the Master Lease for any reason, and Sublandlord hereby assigns, sublets and conveys to Subtenant all of Sublandlord’s right, title and interest in Sublandlord’s right of early termination as set forth in the Master Lease at Section 52(b). In furtherance of the foregoing, (a) Sublandlord shall take all appropriate action so that the Master Lease is and shall remain in full force and effect and (b) upon notice from Subtenant, Sublandlord shall take all appropriate action to cooperate with Subtenant in the exercise of the early termination option set forth in Section 52(b) of the Master Lease.

 

(c)     Sublandlord shall promptly send to Subtenant any notices it receives from Master Lessor.

 

(d)     At expiration of this Sublease, Sublandlord shall remove all Alterations it has previously made (including cabling) unless such removal is not required by the terms of the Master Lease, except Sublandlord shall not be required to remove any Alterations that are included in the property conveyed to Subtenant pursuant to the Bill of Sale.

 

5.4     Compliance With Laws. Subtenant shall comply with all governmental laws, ordinances, rules, regulations and orders applicable to the use by Subtenant of the Premises and shall promptly comply with all governmental orders and directives for the correction, prevention and abatement of any public or private nuisance under California law or unpermitted use in or at the Premises, all at Subtenant’s sole expense, Without limiting the foregoing, Subtenant shall be solely responsible for ensuring that the Premises and Subtenant’s use of the Premises comply with the requirements of Section 8 of the Master Lease (including, without limitation, with respect to compliance with the Disabilities Acts, as defined therein). At Sublandlord’s written request, Subtenant shall furnish Sublandlord with evidence of all required licenses and permits for operation of Subtenant’s business at the Premises. Subtenant shall not permit any action that would constitute a public or private nuisance under California law.

 

6.     Parking. Subtenant acknowledges that, except as set forth in Section 52(a) of the Master Lease, parking is not provided under the Master Lease and, accordingly, except as set forth in Section 52(a) of the Master Lease, this Sublease provides Subtenant with no parking rights. If Subtenant otherwise wishes to park in the building, Subtenant shall arrange for parking directly with the parking company that provides parking in the Building.

 

7.     Alterations. Subtenant shall not have the right to install any alterations or improvements in the Premises without complying with the provisions of Section 6 of the Master Lease. Alterations shall be constructed and installed in accordance with and shall be subject to all relevant provisions of the Master Lease, including without limitation Sections 6, 7 and 8 of the Master Lease.

 

4.

 

 

8.     Assignment or Subletting. Subtenant shall not have the right to assign this Sublease or further sublet any portion of the Premises without complying with the provisions of Section 15 of the Master Lease. Any assignment or subletting will be subject to the requirements, terms and conditions of the Master Lease. It is understood and agreed that Sublandlord shall be solely responsible for full compliance with the provisions of Section 15(f) of the Master Lease with respect to this Sublease, and shall promptly pay to Master Lessor any Transfer Consideration and/or Transfer Premium due to Master Lessor with respect to this Sublease.

 

9.     Insurance.

 

9.1     Insurance Requirements. Prior to the Commencement Date or any earlier entry onto the Premises, Subtenant shall provide Sublandlord with evidence that Subtenant has obtained and maintains the same policies of insurance that Tenant is required to carry under the Master Lease, in the amounts and subject to the requirements stated therein. Subtenant shall maintain all such policies in effect throughout the entire Term. The liability coverage provided by such policies shall in no way limit Subtenant’s liability for claims in excess of Subtenant’s policy limits. Such policies obtained by Subtenant shall name both Sublandlord and Master Landlord as additional insureds (and any other parties required by the Master Lease to be named as additional insureds).

 

9.2     Waiver of Subrogation. Sublandlord hereby waives all rights of recovery against Subtenant on account of loss and damage occasioned to Sublandlord for its property or the property of others under its control to the extent that such loss or damage is insured against under any insurance policies which may be in force at the time of such loss or damage, or which are required to be maintained by Sublandlord, even if Sublandlord fails to obtain and maintain such coverage. Subtenant hereby waives all rights of recovery against Sublandlord on account of loss and damage occasioned to Subtenant or its property or the property of others under its control to the extent that such loss or damage is insured against under any insurance policies which may be in force at the time of such loss or damage, or which are required to be maintained by Subtenant, even if Subtenant fails to obtain and maintain such coverage. Subtenant and Sublandlord shall, upon obtaining policies of insurance required hereunder or under the Master Lease, give notice to the insurance carrier that the foregoing mutual waiver of subrogation is contained in this Sublease and Subtenant and Sublandlord shall cause each insurance policy obtained by such party to provide that the insurance company waives all right of recovery by way of subrogation against either Sublandlord or Subtenant in connection with any damage covered by such policy.

 

10.     Surrender. Upon the expiration or earlier termination of this Sublease, Subtenant shall surrender and deliver up the Premises in the condition required by Sections 5(c) and 6(c) of the Master Lease, with all of Subtenant’s personal furniture, fixtures and equipment (including, without limitation, all furniture, fixtures and equipment conveyed to Subtenant pursuant to the Bill of Sale), and all Alterations made by or on behalf of Subtenant, removed from the Premises (to the extent required by the Master Lease), provided however, that Sublandlord shall continue to be obligated to remove any Alterations (if any) made by or on behalf of Sublandlord prior to the Effective Date of this Sublease (to the extent required by the Master Lease) and to repair any damage to the Premises caused by such removal. Subtenant shall repair any damage to the Premises caused by the removal of its furniture, fixtures and equipment (including, without limitation, all furniture, fixtures and equipment conveyed to Subtenant pursuant to the Bill of Sale), and the removal of any Alterations made by or on behalf of Subtenant. If Subtenant fails to remove any items of furniture, fixtures or equipment on or before the expiration or earlier termination of this Sublease, Sublandlord may, at its option, deem such items to be abandoned and may, at its option, remove the same (and repair any damage occasioned thereby and restore the Premises as aforesaid at Subtenant’s cost) and dispose of or warehouse such items or warehouse, and Subtenant shall pay the cost of such removal, repair, restoration, disposal or warehousing to Sublandlord on demand, or Sublandlord may treat such items as having been conveyed to Sublandlord with this Sublease acting as a bill of sale therefor, without further payment or credit by Sublandlord to Subtenant.

 

5.

 

 

11.     Default and Remedies. Subtenant shall be in default under this Sublease if Subtenant fails to pay any amount or perform any other obligation required by this Sublease when due, subject to the same notice and expiration of grace or cure periods as are applicable to Sublandlord under the Master Lease (“default”). Upon any such default, Sublandlord shall have the same remedies that Master Landlord has under the Master Lease with respect to defaults thereunder by Sublandlord, in addition to any rights or remedies available at law or in equity, and all such remedies shall be cumulative. Without limiting the generality of the foregoing, Sublandlord may exercise the damage remedies available under California Civil Code Sections 1951.2 and 1951.4 or any similar or successor statute which provides that a lessor may continue a lease in effect and recover damages as they become due.

 

12.     Provisions Regarding Master Lease.

 

12.1     Consent of Master Landlord. This Sublease is conditioned upon the Master Landlord delivering its executed Landlord’s Consent. Subject to the provisions of Section 2.1, if the Master Landlord does not consent to this Sublease, neither party hereunder shall have any rights or obligations under this Sublease.

 

12.2     Subordination to Master Lease. This Sublease is subject and subordinate to the Master Lease.

 

12.3     Incorporation of Terms of Master Lease.

 

(a)     The parties acknowledge that it is not practical in this Sublease to enumerate all of the rights and obligations of the various parties under the Master Lease and specifically to allocate those rights and obligations in this Sublease. Accordingly, in order to afford to Subtenant the benefits of this Sublease and of those provisions of the Master Lease which by their nature are intended to benefit the party in possession of the Premises, and in order to protect Sublandlord against a default by Subtenant which causes a default by Sublandlord under the Master Lease, all of the terms and conditions contained in the Master Lease are incorporated as the terms and conditions of this Sublease, except the following provisions which do not have any application to this Sublease: (a) any provisions relating to Sublandlord’s payment of Rent to Master Landlord; (b) any provisions relating to the term of the Master Lease (except that if the term of the Master Lease is terminated prior to the expiration of this Sublease, this Sublease shall terminate (unless Subtenant otherwise agrees with Master Lessor and except as otherwise set forth in the Landlord’s Consent), and if such termination arises in connection with any default, breach, failure, act or omission of Sublandlord, then (i) Sublandlord shall be liable to Subtenant for all damages, losses, liabilities, costs and expenses arising therefrom, including without limitation reasonable attorney’s fees (collectively, “Losses”) and (ii) Sublandlord hereby agrees to indemnify, protect, defend and hold Subtenant harmless from all such Losses); (c) any options to expand the Master Premises or to extend the term of the Master Lease; (d) any rights of first refusal or rights of first offer that may be stated in the Master Lease; (e) intentionally deleted; (f) any signage rights (except(i) Subtenant shall have the same signage rights as set forth in Section 45 of the Master Lease, (ii) Sublandlord shall remove its sign adjacent to the main entrance of the Premises and install (or cause Master Lessor to install, at Sublandlord’s sole cost and expense) Subtenant’s Building standard sign no later than ________, 2016); (g) any rights to receive tenant improvement allowances or similar allowances; (h) any provisions that conflict with the terms and conditions stated in this Sublease; (i) Basic Lease Provisions 4,5,9, 10, 11, and 14; and (j) Lease Provisions 2, 4, 19(a) and (b), 33 All incorporated provisions of the Master Lease (the “Incorporated Provisions”) shall be deemed to operate prospectively from and after the Commencement Date of this Sublease.

 

6.

 

 

(b)     All provisions of the Master Lease that require the “Tenant” to seek the prior approval or consent of the “Landlord” shall require Subtenant to seek the prior approval or consent of each of Sublandlord and the Master Lessor, which, in the case of Sublandlord, shall not be unreasonably withheld, conditioned or delayed, and in the case of Master Lessor, shall be governed by the same standards applicable as between Tenant and Master Lessor under the Master Lease. All notices required to be given by the “Tenant” to the “Landlord” under the Master Lease shall require Subtenant to provide such notices to each of Sublandlord and the Master Lessor. All notices to be provided to Subtenant, Sublandlord or the Master Lessor shall be given in the manner set forth in the Master Lease, to the following addresses:

 

If to the Master Lessor:

100 Pine Street Investment Group, L.L.C.

100 Pine Street, Suite 325

San Francisco, CA 94111

Attn: Property Manager

Fax: 415-986-3735

 

If to Sublandlord:

REC Americas LLC

3592 Sacramento Drive, Suite 170

San Luis Obispo, CA 93401

Attn: ____________________

 

If to Subtenant:

Rick Orr, President

Adynxx, Inc.

100 Pine Street, Suite 500

San Francisco, CA 94111

 

(c)     Each reference in Incorporated Provisions of the Master Lease to the “Lease” shall mean this Sublease, and each reference in Incorporated Provisions of the Master Lease to “Landlord” and “Tenant” shall refer in this Sublease to Sublandlord and Subtenant, respectively.

 

12.4     Interpretation of Lease. The Incorporated Provisions of the Master Lease, along with all of the terms and conditions set forth in full in the text of this Sublease, shall constitute the terms and conditions of this Sublease. In the event of any conflict between the Incorporated Provisions and the text of this Sublease concerning the rights, duties or obligations of the parties under this Sublease, the terms set forth in full herein shall control.

 

12.5     Sublandlord Representations and Warranties. Sublandlord hereby represents and warrants as follows:

 

(a)     The Master Lease is not modified or amended and is in full force and effect;

 

(b)     Sublandlord has not sublet the Premises or assigned the Master Lease and has full and complete authority to enter into this Sublease:

 

(c)     Sublandlord has not filed (and has no present intention to file) any petition or debtor’s claim under Federal or state bankruptcy or insolvency laws, and no such action has been filed against Sublandlord; and

 

(d)     the Commencement Date of the Master Lease is November 21, 2014 and the Expiration Date of the Master Lease is December 31, 2019.

 

13.         Indemnification.

 

13.1     Except to the extent caused by the negligence or willful misconduct of Sublandlord or Sublandlord’s agents, employees or contractors, Sublandlord’s breach of the Master Lease or this Sublease, or Sublandlord’s acts on the Premises, Subtenant agrees to indemnify, protect and defend Sublandlord against and hold Sublandlord harmless from any and all loss, cost, liability, damage and expense, including, without limitation, penalties, fines and counsel fees and disbursements, and any claims by any persons by reason of injury or death to persons or damage to property occasioned by any use, occupancy, condition, occurrence, happening, act, omission or negligence, incurred in connection with or arising from (a) any default by Subtenant in the observance or performance of any of the terms, covenants or conditions of this Sublease; and/or (b) the use or occupancy or manner of use or occupancy of the Premises by Subtenant or any person claiming through or under Subtenant, or of the employees, agents, licensees or invitees of Subtenant, in, on, or about the Premises during the term of this Sublease, including, without limitation, any act, omission or negligence in the making or performing of any alterations.

 

7.

 

 

13.2     Except to the extent caused by the negligence or willful misconduct of Subtenant or Subtenant’s agents, employees or contractors, Subtenant’s breach of the Master Lease or this Sublease, or Subtenant’s acts on the Premises, Sublandlord agrees to indemnify, protect and defend Subtenant against and hold Subtenant harmless from any and all loss, cost, liability, damage and expense, including, without limitation, penalties, fines and counsel fees and disbursements, and any claims by any persons by reason of injury or death to persons or damage to property occasioned by any use, occupancy, condition, occurrence, happening, act, omission or negligence, incurred in connection with or arising from (a) any default by Sublandlord in the observance or performance of any of the terms, covenants or conditions of this Sublease and/or (b) the use or occupancy or manner of use or occupancy of the Premises by Sublandlord (prior to the Commencement Date) or any person claiming through or under Sublandlord, or of the employees, agents, licensees or invitees of Sublandlord, in, on, or about the Premises, including, without limitation, any act, omission or negligence in the making or performing of any alterations.

 

14.     Brokers. Sublandlord and Subtenant warrant to each other that they have had no dealings with any real estate broker or agent in connection with the negotiation of this Sublease other than CM Commercial Real Estate Inc. representing Subtenant and Cushman & Wakefield of California, Inc: representing Sublandlord (collectively, the “Brokers”), and that they know of no real estate brokers or agents other than the Brokers who are entitled to a commission in connection with this Sublease. Sublandlord shall pay a commission to the Brokers pursuant to a separate agreement. Each party agrees to indemnify and defend the other party against and hold the other party harmless from any and all claims, demands, losses, liabilities, lawsuits, judgments, and costs and expenses (including without limitation reasonable attorneys’ fees) with respect to any leasing commission or equivalent compensation alleged to be owing on account of the indemnifying party’s dealings with any real estate broker or agent.

 

15.     USA Patriot Act and Anti-Terrorism Laws. Each party represents and warrants to, and covenants with, the other party that neither it nor any of its respective constituent owners or affiliates currently are, or shall be at any time during the term of the Lease, as extended hereby, in violation of any laws relating to terrorism or money laundering (collectively, the “Anti-Terrorism Laws”), including without limitation Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 and relating to Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (the “Executive Order”), the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56) (the “USA Patriot Act”), and/or the Uniting and Strengthening America by Fulfilling Rights and Ending Eavesdropping, Dragnet collection and Online Monitoring Act of 2015 (the “USA Freedom Act”). Each party covenants with the other party that neither it nor any of its respective constituent owners or affiliates is or shall be during the term of the Lease, as extended hereby, a “Prohibited Person,” which is defined as follows: (i) a person or entity that is listed in the Annex to, or is otherwise subject to, the provisions of the Executive Order; (ii) a person or entity owned or controlled by, or acting for or on behalf of, any person or entity that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive Order; (iii) a person or entity with whom Sublandlord is prohibited from dealing with or otherwise engaging in any transaction by any Anti-Terrorism Law, including without limitation the Executive Order, the USA Patriot Act and the USA Freedom Act; (iv) a person or entity who commits, threatens or conspires to commit or support “terrorism” as defined in Section 3(d) of the Executive Order; (v) a person or entity that is named as a “specially designated national and blocked person” on the then-most current list published by the U.S. Treasury Department Office of Foreign Assets Control at its official website, http://www.treas.gov/offices/eofffc/ofac/sdn/t11sdn.pdf, or at any replacement website or other replacement official publication of such list; and (vi) a person or entity who is affiliated with a person or entity listed in items (i) through (v), above. At any time and from time-to-time during the Term, either party shall deliver to the other party, within ten (10) days after receipt of a written request therefor, a written certification or such other evidence reasonably acceptable to the other party evidencing and confirming a party’s compliance with this Section.

 

8.

 

 

16.     Civil Code § 1938 Advisory. Sublandlord hereby notifies Subtenant that Master Landlord has advised Sublandlord that the Building has not undergone inspection by a Certified Access Specialist (CASp) (as defined in California Civil Code § 55.52(a)(3)), and Sublandlord refers Subtenant to Exhibit F of the Master Lease attached hereto relating to disability access obligations under San Francisco Administrative Code Chapter 38.

 

17.     Miscellaneous Provisions. This Sublease shall be governed by and construed in accordance with the laws of the State of California. This Sublease, together with the Master Lease, constitutes the entire agreement among the parties relating to the subject hereof and supersedes all prior understandings between the parties relating to the subject hereof, whether written or oral. No waiver of any rights or remedies by any party to this Sublease shall constitute a waiver of any future or other right or remedy by that party. If any provision of this Sublease shall be held to be invalid, void or unenforceable, the remainder of this Sublease shall remain in full force and effect without being affected, impaired or invalidated thereby. Nothing contained in this Sublease shall result in any party being the agent or legal representative of any other party for any purpose whatsoever, nor shall this Sublease be deemed to create any form of business organization among the parties hereto. Time is of the essence of this Sublease. This Sublease may be signed in two or more counterparts, each of which shall be deemed an original but all of which shall together constitute one and the same instrument. In the event of any litigation involving the parties to this Sublease to enforce any provision of this Sublease, to enforce any remedy available upon default under this Sublease, or seeking a declaration of the rights of either party under this Sublease, the prevailing party shall be entitled to recover from the other such attorneys’ fees and costs as may be reasonably incurred.

 

[SIGNATURES APPEAR ON THE FOLLOWING PAGE]

 

9.

 

 

IN WITNESS WHEREOF, this Sublease is executed as of the date first written above.

 

 

	SUBLANDLORD:	 	SUBTENANT:
	 	 	 	 	 
	REC AMERICAS LLC,	 	ADYNXX, INC.,
	Delaware limited liability company	 	a Delaware corporation
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ Dye-Zone Chen	 	By:	/s/ Rick Orr
	 	 	 	 	 
	Name:	Dye-Zone Chen	 	Name:	Rick Orr
	 	 	 	 	 
	Title:	VP, Global Market Intelligence & US Business Development	 	Title:	CEO
	 	 	 	 	 
	Date:	February 8, 2016	 	Date:	February 5, 2016

 

10.

 

 

EXHIBIT A

 

FLOOR PLAN SHOWING THE PREMISES

 

 

11.

 

 

EXHIBIT B

 

COPY OF THE MASTER LEASE

 

[See attached]

 

 

 

12.ex_154195.htm

Exhibit 10.32

 

Indemnity Agreement

 

This Indemnity Agreement (the “Agreement”) is made and entered into as of                    , 20 , between Adynxx, Inc., a Delaware corporation (the “Company”), and                                 (“Indemnitee”).

 

RECITALS

 

A.     Highly competent persons have become more reluctant to serve corporations as directors or officers or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation;

 

B.     Although the furnishing of such insurance to protect persons serving a corporation and its subsidiaries from certain liabilities has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself. The Bylaws and Certificate of Incorporation of the Company require indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (“DGCL”). The Bylaws, Certificate of Incorporation and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the Board, officers and other persons with respect to indemnification;

 

C.     The uncertainties relating to such liability insurance and to indemnification have increased the difficulty of attracting and retaining such persons;

 

D.     The Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company's stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;

 

E.     It is reasonable, prudent and necessary for the Company to contractually obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified;

 

F.     This Agreement is a supplement to and in furtherance of the Bylaws and Certificate of Incorporation of the Company and any resolutions adopted pursuant thereto and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;

 

G.     Indemnitee does not regard the protection available under the Company’s Bylaws and Certificate of Incorporation and insurance as adequate in the present circumstances, and may not be willing to serve as an officer or director without adequate protection, and the Company desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that he or she be so indemnified;

 

H.     Indemnitee may have certain rights to indemnification and/or insurance provided by other entities and/or organizations which Indemnitee and such other entities and/or organizations intend to be secondary to the primary obligation of the Company to indemnify Indemnitee as provided herein, with the Company’s acknowledgement and agreement to the foregoing being a material condition to Indemnitee’s willingness to serve on the Board; and

 

 

Adopted August 13, 2019

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I.     This Agreement supersedes and replaces in its entirety any previous Indemnification Agreement entered into between the Company and the Indemnitee.

 

Now, Therefore, in consideration of Indemnitee’s agreement to serve as an officer or a director from and after the date hereof, the parties hereto agree as follows:

 

1.     Indemnity of Indemnitee. The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent permitted by law, as such may be amended from time to time pursuant to, and in accordance with, the terms of this Agreement. In furtherance of the foregoing indemnification, and without limiting the generality thereof:

 

(a)     Proceedings Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 1(a) if, by reason of his or her Corporate Status, the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding other than a Proceeding by or in the right of the Company. Pursuant to this Section 1(a), Indemnitee shall be indemnified against all Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him or her, or on his or her behalf, in connection with such Proceeding or any claim, issue or matter therein, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe the Indemnitee’s conduct was unlawful.

 

(b)     Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 1(b) if, by reason of his Corporate Status, the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the right of the Company. Pursuant to this Section 1(b), Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee, or on the Indemnitee’s behalf, in connection with such Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Company; provided, however, if applicable law so provides, no indemnification against such Expenses shall be made in respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been adjudged to be liable to the Company unless and to the extent that the Court of Chancery of the State of Delaware shall determine that such indemnification may be made.

 

(c)     Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his or her Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, he or she shall be indemnified to the maximum extent permitted by law, as such may be amended from time to time, against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

2.     Additional Indemnity. In addition to, and without regard to any limitations on, the indemnification provided for in Section 1 of this Agreement, the Company shall and hereby does indemnify and hold harmless Indemnitee against all Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him or her or on his or her behalf if, by reason of his or her Corporate Status, he or she is, or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding by or in the right of the Company), including, without limitation, any and all liability arising out of the negligence or active or passive wrongdoing of Indemnitee. The only limitation that shall exist upon the Company’s obligations pursuant to this Agreement shall be that the Company shall not be obligated to make any payment to Indemnitee that is finally determined (under the procedures, and subject to the presumptions, set forth in Sections 6 and 7 hereof) to be unlawful.

 

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3.     Contribution.

 

(a)     Whether or not the indemnification provided in Sections 1 and 2 hereof is available, in respect of any threatened, pending or completed action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such action, suit or proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have against Indemnitee. The Company shall not enter into any settlement of any action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee. The Company shall not settle any action or claim in a manner that would impose any penalty or admission of guilt or liability on Indemnitee without Indemnitee’s written consent.

 

(b)     Without diminishing or impairing the obligations of the Company set forth in the preceding subparagraph, if, for any reason, Indemnitee shall elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), the Company shall contribute to the amount of Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion to the relative benefits received by the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction from which such action, suit or proceeding arose; provided, however, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted by reference to the relative fault of the Company and all officers, directors or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the events that resulted in such expenses, judgments, fines or settlement amounts, as well as any other equitable considerations which the applicable law may require to be considered. The relative fault of the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary and the degree to which their respective conduct is active or passive.

 

(c)     The Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought by officers, directors or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee.

 

(d)     To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

 

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4.     Indemnification for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his or her Corporate Status, a witness, or is made (or asked) to respond to discovery requests, in any Proceeding to which Indemnitee is not a party, he or she shall be indemnified against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection therewith.

 

5.     Advancement of Expenses. Notwithstanding any other provision of this Agreement, the Company shall advance all Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate Status within 30 days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it shall ultimately be determined that Indemnitee is not entitled to be indemnified against such Expenses. Any advances and undertakings to repay pursuant to this Section 5 shall be unsecured and interest free.

 

6.     Procedures and Presumptions for Determination of Entitlement to Indemnification. It is the intent of this Agreement to secure for Indemnitee rights of indemnity that are as favorable as may be permitted under the DGCL and public policy of the State of Delaware. Accordingly, the parties agree that the following procedures and presumptions shall apply in the event of any question as to whether Indemnitee is entitled to indemnification under this Agreement:

 

(a)     To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification. Notwithstanding the foregoing, any failure of Indemnitee to provide such a request to the Company, or to provide such a request in a timely fashion, shall not relieve the Company of any liability that it may have to Indemnitee unless, and to the extent that, such failure actually and materially prejudices the interests of the Company.

 

(b)     Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a) hereof, a determination with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following four methods, which shall be at the election of the Board: (i) unless a Change in Control has occurred: (1) by a majority vote of the Disinterested Directors, even though less than a quorum, (2) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum, (3) if there are no Disinterested Directors or if the Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to the Indemnitee, or (4) if so directed by the Board, by the stockholders of the Company; and (ii) if a Change in Control has occurred, then by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to the Indemnitee. For purposes hereof, Disinterested Directors are those members of the Board who are not parties to the action, suit or proceeding in respect of which indemnification is sought by Indemnitee.

 

(c)     If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 6(b) hereof, the Independent Counsel shall be selected as provided in this Section 6(c). The Independent Counsel shall be selected by the Board. Indemnitee may, within 10 days after such written notice of selection shall have been given, deliver to the Company a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 13 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If, within 20 days after submission by Indemnitee of a written request for indemnification pursuant to Section 6(a) hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Court of Chancery of the State of Delaware or other court of competent jurisdiction for resolution of any objection which shall have been made by the Indemnitee to the Company’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 6(b) hereof. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to Section 6(b) hereof, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section 6(c), regardless of the manner in which such Independent Counsel was selected or appointed. In no event shall Indemnitee be liable for fees and expenses incurred by such Independent Counsel, subject to the limitations on indemnification set forth herein.

 

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(d)     In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company (including by its Board or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its Board or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

(e)     Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or not the foregoing provisions of this Section 6(e) are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner he reasonably believed to be in, or not opposed to, the best interests of the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

 

(f)     If the person, persons or entity empowered or selected under Section 6 to determine whether Indemnitee is entitled to indemnification shall not have made a determination within 60 days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made, and Indemnitee shall be entitled to such indemnification absent (i) a misstatement by Indemnitee of a material fact or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading in connection with the request for indemnification or (ii) a prohibition of such indemnification under applicable law; provided, however, that such 60 day period may be extended for a reasonable time, not to exceed an additional 30 days, if the person, persons or entity making such determination with respect to entitlement to indemnification in good faith requires such additional time to obtain or evaluate documentation and/or information relating thereto; and provided, further, that the foregoing provisions of this Section 6(f) shall not apply if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 6(b) of this Agreement and if (A) within 15 days after receipt by the Company of the request for such determination, the Board or the Disinterested Directors, if appropriate, resolve to submit such determination to the stockholders for their consideration at an annual meeting thereof to be held within 75 days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within 15 days after such receipt for the purpose of making such determination, such meeting is held for such purpose within 60 days after having been so called and such determination is made thereat.

 

5

 

 

(g)     Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any Independent Counsel, member of the Board or stockholder of the Company shall act reasonably and in good faith in making a determination regarding the Indemnitee’s entitlement to indemnification under this Agreement. Any costs or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification), and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

(h)     The Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any action, claim or proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise in such action, suit or proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

 

(i)     The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

 

7.     Remedies of Indemnitee.

 

(a)     In the event that (i) a determination is made pursuant to Section 6 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5 of this Agreement, (iii) no determination of entitlement to indemnification is made pursuant to Section 6(b) of this Agreement within 90 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to this Agreement within 10 days after receipt by the Company of a written request therefor or (v) payment of indemnification is not made within 10 days after a determination has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to Section 6 of this Agreement, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Delaware, or in any other court of competent jurisdiction, of Indemnitee’s entitlement to such indemnification. Indemnitee shall commence such proceeding seeking an adjudication within 1 year following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 7(a). The Company shall not oppose Indemnitee’s right to seek any such adjudication.

 

(b)     In the event that a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding commenced pursuant to this Section 7 shall be conducted in all respects as a de novo trial on the merits, and Indemnitee shall not be prejudiced by reason of the adverse determination under Section 6(b).

 

(c)     If a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 7, absent (i) a misstatement by Indemnitee of a material fact or an omission of a material fact necessary to make Indemnitee’s misstatement not materially misleading in connection with the application for indemnification or (ii) a prohibition of such indemnification under applicable law.

 

(d)     In the event that Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of his or her rights under, or to recover damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance policies maintained by the Company, the Company shall pay on his or her behalf, in advance, any and all expenses (of the types described in the definition of Expenses in Section 13 of this Agreement) actually and reasonably incurred by him or her in such judicial adjudication, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of expenses or insurance recovery.

 

6

 

 

(e)     The Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 7 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound by all the provisions of this Agreement. The Company shall indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within 10 days after receipt by the Company of a written request therefore) advance, to the extent not prohibited by law, such expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or under any directors' and officers' liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses or insurance recovery, as the case may be.

 

(f)     Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding.

 

8.     Non-Exclusivity; Survival of Rights; Insurance; Primacy of Indemnification; Subrogation.

 

(a)     The rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders, a resolution of Board or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in the DGCL, whether by statute or judicial decision, permits greater indemnification than would be afforded currently under the Certificate of Incorporation, Bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy all greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

 

(b)     To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person serves at the request of the Company, the Company shall procure such insurance policy or policies under which the Indemnitee shall be covered in accordance with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent or fiduciary under such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.

 

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(c)     The Company hereby acknowledges that Indemnitee has or may have in the future certain rights to indemnification, advancement of expenses and/or insurance provided by other entities and/or organizations (collectively, the “Secondary Indemnitors”). The Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation of the Secondary Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary), (ii) that it shall be required to advance the full amount of expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement and the Certificate of Incorporation or Bylaws of the Company (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Secondary Indemnitors, and (iii) that it irrevocably waives, relinquishes and releases the Secondary Indemnitors from any and all claims against the Secondary Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Secondary Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing and the Secondary Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company. The Company and Indemnitee agree that the Secondary Indemnitors are express third party beneficiaries of the terms of this Section 8(c).

 

(d)     Except as provided in paragraph (c) above, in the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee (other than against the Secondary Indemnitors), who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

(e)     Except as provided in paragraph (c) above, the Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

 

(f)     Except as provided in paragraph (c) above, the Company's obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of expenses from such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise.

 

9.     Exceptions to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity in connection with any claim made against Indemnitee:

 

(a)     for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision, provided, that the foregoing shall not affect the rights of Indemnitee or the Secondary Indemnitors set forth in Section 8(c) above;

 

(b)     for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act, or similar provisions of state statutory law or common law;

 

(c)     in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law;

 

(d)     with respect to remuneration paid to Indemnitee if it is determined by final judgment or other final adjudication that such remuneration was in violation of law (and, in this respect, both the Company and Indemnitee have been advised that the Securities and Exchange Commission believes that indemnification for liabilities arising under the federal securities laws is against public policy and is, therefore, unenforceable and that claims for indemnification should be submitted to appropriate courts for adjudication, as indicated in the last paragraph of this Section 9 below);

 

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(e)      a final judgment or other final adjudication is made that Indemnitee’s conduct was in bad faith, knowingly fraudulent or deliberately dishonest or constituted willful misconduct (but only to the extent of such specific determination);

 

(f)     in connection with any claim for reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act, or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act), if Indemnitee is held liable therefor (including pursuant to any settlement); or

 

(g)     on account of conduct that is established by a final judgment as constituting a breach of Indemnitee’s duty of loyalty to the Company or resulting in any personal profit or advantage to which Indemnitee is not legally entitled.

 

For purposes of this Section 9, a final judgment or other adjudication may be reached in either the underlying proceeding or action in connection with which indemnification is sought or a separate proceeding or action to establish rights and liabilities under this Agreement.

 

Any provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement to indemnify Indemnitee or otherwise act in violation of any undertaking appearing in and required by the rules and regulations promulgated under the Securities Act, or in any registration statement filed with the SEC under the Securities Act. Indemnitee acknowledges that paragraph (h) of Item 512 of Regulation S-K promulgated under the Securities Act currently generally requires the Company to undertake, in connection with any registration statement filed under the Securities Act, to submit the issue of the enforceability of Indemnitee’s rights under this Agreement in connection with any liability under the Securities Act on public policy grounds to a court of appropriate jurisdiction and to be governed by any final adjudication of such issue. Indemnitee specifically agrees that any such undertaking shall supersede the provisions of this Agreement and to be bound by any such undertaking.

 

10.     Duration of Agreement. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is an officer or director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as Indemnitee shall be subject to any Proceeding (or any proceeding commenced under Section 7 hereof) by reason of his or her Corporate Status, whether or not he or she is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives.

 

11.     Security. To the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of the Indemnitee.

 

12.     Enforcement.

 

(a)     The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby in order to induce Indemnitee to serve as an officer or director of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as an officer or director of the Company.

 

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(b)     Other than as provided herein, this Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.

 

13.     Definitions. For purposes of this Agreement:

 

(a)     “Beneficial Owner” shall have the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however, that Beneficial Owner shall exclude any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company approving a merger of the Company with another entity.

 

(b)     “Board” means the Board of Directors of the Company.

 

(c)     “Change in Control” means the earliest to occur after the date of this Agreement of any of the following events:

 

(i)     Acquisition of Stock by Third Party.  Any Person is or becomes the Beneficial Owner (as defined above), directly or indirectly, of securities of the Company representing 25% or more of the combined voting power of the Company's then outstanding securities;

 

(ii)     Change in Board. During any period of 2 consecutive years (not including any period prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in clause (i), (ii) or (iv) of this definition of Change in control) whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a least a majority of the members of the Board;

 

(iii)     Corporate Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 51% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the Board or other governing body of such surviving entity;

 

(iv)     Liquidation. The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets; and

 

(v)     Other Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act, whether or not the Company is then subject to such reporting requirement.

 

(d)     “Corporate Status” describes the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving at the express written request of the Company.

 

(e)     “Disinterested Director” means a non-executive director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

 

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(f)     “Enterprise” shall mean the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that Indemnitee is or was serving at the express written request of the Company as a director, officer, employee, agent or fiduciary.

 

(g)     “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(h)     “Expenses” shall include all documented and reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness in a Proceeding, or responding to, or objecting to, a request to provide discovery in any Proceeding. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding and any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, including without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

(i)     “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

(j)     “Person” for purposes of the definition of Beneficial Owner and Change in Control set forth above, shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that Person shall exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

 

(k)     “Proceeding” includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise and whether civil, criminal, administrative or investigative, in which Indemnitee was, is or will be involved as a party or otherwise, by reason of the fact that Indemnitee is or was an officer or director of the Company, by reason of any action taken by him or her or of any inaction on his or her part while acting as an officer or director of the Company, or by reason of the fact that he or she is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, trust or other Enterprise; in each case whether or not he or she is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement; including one pending on or before the date of this Agreement, but excluding one initiated by an Indemnitee pursuant to Section 7 of this Agreement to enforce his or her rights under this Agreement.

 

(l)     “Sarbanes-Oxley Act” shall mean the Sarbanes-Oxley Act of 2002, as amended.

 

(m)     “SEC” shall mean the Securities and Exchange Commission.

 

(n)     “Securities Act” shall mean the Securities Act of 1933, as amended.

 

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14.     Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision. Further, the invalidity or unenforceability of any provision hereof as to the Indemnitee shall in no way affect the validity or enforceability of any provision hereof as to the other. Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to the fullest extent permitted by applicable laws. In the event any provision hereof conflicts with any applicable law, such provision shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict.

 

15.     Modification and Waiver. No supplement, modification, termination or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

16.     Notice By Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the Company.

 

17.     Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) 5 days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent:

 

(a)     To Indemnitee at the address set forth below Indemnitee’s signature hereto.

 

(b)     To the Company at:

 

Adynxx, Inc.

100 Pine Street, Suite 500

San Francisco, California 94111

Attention: Legal Department

 

or to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

 

18.     Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature, electronic mail (including .pdf or any electronic signature complying with the U.S. Federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument and be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

19.     Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

 

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20.     Governing Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. The Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”), and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) appoint, to the extent such party is not otherwise subject to service of process in the State of Delaware, irrevocably Corporation Service Company as its agent in the State of Delaware for acceptance of legal process in connection with any such action or proceeding against such party with the same legal force and validity as if served upon such party personally within the State of Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

 

[SIGNATURE PAGE TO FOLLOW]

 

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In Witness Whereof, the parties hereto have executed this Agreement on and as of the day and year first above written.

 

	
			 

				
			Adynxx, Inc.

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			 

				
			 

			
	
			 

				
			Name:

				
			 

				
			 

			
	
			 

				
			Title:

				
			 

				
			 

			
	 	 	 	 
	 	 	 	 
	 	INDEMNITEE	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	Name: 	 
	 	 	 
	 	Address:

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