Document:

Exhibit 10.4

Form of Lock-Up Agreement

 

May 2, 2019

 

New Misonix, Inc.

1938 New Highway

Farmingdale, NY 11735

 

Re: New Misonix, Inc. Lock-Up Agreement

 

Ladies and Gentlemen:

 

The undersigned understands
that New Misonix, Inc., a New York corporation and a direct, wholly owned subsidiary of Misonix, Inc. (“ParentCo”),
has entered into an Agreement and Plan of Merger with Solsys Medical, LLC, a Delaware limited liability company (“Surge”)
and the other parties thereto, in the form attached hereto as Exhibit A (the “Merger Agreement”), providing
for, among other things, the issuance of ParentCo Common Stock as Surge Closing Merger Consideration to the undersigned (collectively
the “Undersigned’s Lock-Up Securities”), and that such Lock-Up Securities shall be subject to a Registration
Statement on Form S-4 filed with the Securities and Exchange Commission (the “SEC”). Capitalized terms
used and not defined in this Lock-Up Agreement shall have the meaning given to such terms in the Merger Agreement.

 

In consideration of
the agreement by ParentCo to consummate the transactions contemplated by the Merger Agreement, including the issuance of the Lock-Up
Securities, and of other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the undersigned
hereby agrees that, with respect to the Undersigned’s Lock-Up Securities, during the period beginning from the Closing Date
and continuing to and including the 12 month anniversary of the Closing Date (the “Lock-Up Period”), the undersigned
will not, directly or indirectly, (a) pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option
or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly,
any of the Undersigned’s Lock-Up Securities, (b) enter into any swap or other arrangement that transfers to another, in whole
or in part, any of the economic consequences of ownership of any of the Undersigned’s Lock-Up Securities, whether any such
transaction is to be settled by delivery of such Lock-Up Shares, in cash or otherwise or (c) publicly disclose the intention to
make any offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement relating to any
of the Undersigned’s Lock-Up Securities. The foregoing restrictions are expressly agreed to preclude the undersigned from
engaging in any hedging or other transaction which is designed to or which reasonably could be expected to lead to or result in
a sale or disposition of the Undersigned’s Lock-Up Securities even if such Lock-Up Securities would be disposed of by someone
other than the undersigned. Such prohibited hedging or other transactions would include any short sale or any purchase, sale or
grant of any right (including without limitation any put or call option) with respect to any of the Undersigned’s Lock-Up
Securities or with respect to any security that includes, relates to, or derives any significant part of its value from such Undersigned’s
Lock-Up Securities.

 

    1

     

    

 

Notwithstanding the
foregoing, the undersigned may transfer or otherwise dispose of the Undersigned’s Lock-Up Securities:

 

		(i)	a sale of up to thirty percent (30%) of the shares of ParentCo Common Stock received by the undersigned
solely in connection with the settlement of EARs pursuant to Section 1.7(f) of the Merger Agreement;

 

		(ii)	to any trust solely for the direct or indirect benefit of the undersigned or the immediate family
of the undersigned, provided that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein,
and provided further that any such transfer shall not involve a disposition for value;

 

		(iii)	to any immediate family member, any investment fund, family partnership, family limited liability
company or other entity controlled or managed by the undersigned;

 

		(iv)	by will or intestacy, provided that the legatee, heir or other transferee, as the case may be,
agrees to be bound in writing by the restrictions set forth herein;

 

		(v)	pursuant to a court order or settlement agreement related to the distribution of assets in connection
with the dissolution of a marriage or civil union; provided that the recipient agrees to be bound in writing by the restrictions
set forth herein;

 

		(vi)	to ParentCo pursuant to agreements under which ParentCo, or one of its Subsidiaries, has the option
to repurchase such Lock-Up Securities or in connection with a cancellation of such Lock-Up Securities by ParentCo pursuant to agreements
of the undersigned governing the payment of Surge Closing Merger Consideration;

 

		(vii)	as part of a distribution, transfer or disposition without consideration by the undersigned to
its limited or general partners, members, stockholders or affiliates (as defined under Rule 12b-2 of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”)), provided that each transferee agrees to be bound in writing by the
restrictions set forth herein;

 

		(viii)	pursuant to a bona fide third-party merger, consolidation, tender offer or other similar transaction
involving a Change of Control of ParentCo that is approved by ParentCo’s board of directors and made to all holders of ParentCo
Common Stock, provided that, in the event that such Change of Control is not completed, the Undersigned’s Lock-Up Securities
shall remain subject to the restrictions contained in this Lock-Up Agreement and title to the Undersigned’s Lock-Up Securities
shall remain with the undersigned;

 

		(ix)	to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible
under foregoing clauses (i) through (viii); or

 

		(x)	with the prior written consent of ParentCo (to be granted or withheld in ParentCo’s sole
and absolute discretion).

 

    2

     

    

 

For purposes of this
Lock-Up Agreement, “immediate family” shall mean any relationship by blood, marriage or adoption, not more remote
than first cousin. In addition, notwithstanding the foregoing, if the undersigned is a corporation, partnership, limited liability
company, trust or other business entity, the undersigned may transfer the Undersigned’s Lock-Up Securities by transfer to
any corporation, partnership, limited liability company or other legal entity that, directly or indirectly, controls, is controlled
by, or is under common control with, the undersigned; provided, however, that in any such case, it shall be a condition
to the transfer that the transferee execute an agreement stating that the transferee is receiving and holding such capital stock
subject to the provisions of this agreement and there shall be no further transfer of such capital stock except in accordance with
this agreement, and provided further that any such transfer shall not involve a disposition for value. Notwithstanding anything
to the contrary, in the case of clauses (i) through (vi) above, no filing under the Exchange Act or any other public filing or
disclosure of such transfer by or on behalf of the undersigned shall be required or voluntarily made during the Lock-up Period
(other than a filing on a Form 5 and other than a required filing on Schedule 13G, Schedule 13G/A or Form 13F). For the purposes
of clause (ix) above, “Change of Control” shall mean the transfer (whether by tender offer, merger, consolidation
or other similar transaction), in one transaction or a series of related transactions, to a person or group of affiliated persons,
of ParentCo’s voting securities if, after such transfer, such person or group of affiliated persons would hold more than
50% of the outstanding voting securities of ParentCo (or the surviving entity), and in each case excluding the issuance of shares
of ParentCo Common Stock pursuant to the terms of the Merger Agreement.

 

 Notwithstanding the foregoing, the
undersigned may establish a trading plan pursuant to Rule 10b5-1 under the Exchange Act, provided, that (i) no public report or
filing under Section 16 of the Exchange Act shall be required during the Lock-Up Period, (ii) the undersigned does not otherwise
voluntarily effect any public filing or report regarding the establishment of such plan during the Lock-Up Period and (iii) no
sales are made during the Lock-Up Period pursuant to such plan. 

 

The undersigned hereby
represents and warrants that the undersigned has full power and authority to enter into this agreement.

 

The undersigned also
agrees and consents to the entry of stop transfer instructions with ParentCo’s transfer agent and registrar against the transfer
of the Undersigned’s Lock-Up Securities except in compliance with the foregoing restrictions.

 

This agreement and
any claim, controversy or dispute arising under or related to this agreement shall be governed by and construed in accordance with
the laws of the State of Delaware, without regard to the conflict of laws principles thereof and the undersigned hereby irrevocably
submits to the exclusive jurisdiction in the U.S. District Court for the District of Delaware for any action or proceeding arising
out of or relating to this agreement or the transactions contemplated hereby.

 

[Signature Page Follows]

 

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The undersigned understands
that ParentCo is relying upon this Lock-Up Agreement in proceeding toward consummation of the transactions contemplated by the
Merger Agreement, including the issuance of the Undersigned’s Lock-Up Securities. The undersigned further understands that
this Lock-Up Agreement is irrevocable and shall be binding upon the undersigned’s heirs, legal representatives, successors,
and assigns. This Lock-Up Agreement may be delivered via facsimile, electronic mail (including pdf or any electronic signature
complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com or www.echosign.com) or other transmission method
and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

This Lock-Up Agreement
(and for the avoidance of doubt, the Lock-Up Period described herein) and related restrictions shall automatically terminate upon
the termination of the Merger Agreement pursuant to Section 6.1 thereof.

 

 

	 	Very truly yours,
	 	 
	 	Name of Security Holder (Print exact name)
	 	 
	 	By:	 
			Signature
	 	 
	 	If not signing in an individual capacity:
	 	 
	 	Name of Authorized Signatory (Print)
	 	 
	 	Title of Authorized Signatory (Print)
	 	 
	 	(indicate capacity of person
signing if signing as custodian, trustee, or on behalf of an entity))

 

[Signature Page to Lock-Up Agreement]EX-10.1

 Exhibit 10.1 

REDEMPTION AGREEMENT 

REDEMPTION AGREEMENT (this “Agreement”), dated as of the 2nd day of May,
2019, by and between M&N Group Holdings, LLC, a Delaware limited liability company having an address at 290 Woodcliff Drive, Fairport, New York 14450 (“Group Holdings”), and Manning & Napier Group, LLC, a Delaware
Limited Liability Company having an address at 290 Woodcliff Drive, Fairport, New York 14450 (the “Company”). 
 W
I T N E S S E T H: 
 WHEREAS, in connection with a series of reorganization
transactions, including the reorganization of the capital structure of a group of privately-held, affiliated companies comprised of MNA Advisors, Inc. (f/k/a Manning & Napier Advisors, Inc., “MNA”), M&N Advisory Advantage
Corporation (f/k/a Manning & Napier Advisory Advantage Corporation), M&N Alternative Opportunities, Inc. (f/k/a Manning & Napier Alternative Opportunities, Inc.) and Manning & Napier Capital Company, LLC (collectively,
the “Affiliated Companies”), certain ownership interests of the Company held by the shareholders of the Company (the “Shareholders”) will vest and be eligible for sale; 

WHEREAS, subject to the terms and conditions set forth in those certain Redemption Agreements entered into concurrently with this Agreement
between some or all of the Shareholders and MNA (collectively, the “Company Redemption Agreements”), the Shareholders are redeeming shares of common stock of MNA in exchange for the redemption price specified in such Company
Redemption Agreements. 
 WHEREAS, subject to the terms and conditions set forth herein, Group Holdings desires to irrevocably have redeemed
by the Company, and the Company desires to redeem, 1,312,979.0000 of the Class A Units, which amount corresponds to the ownership percentage of the Company that is being redeemed pursuant to the Company Redemption Agreements (the
“Redeemed Interests”), in exchange for the Redemption Price (as defined below). 
 NOW, THEREFORE, in consideration of the
foregoing premises, the respective covenants and agreements set forth in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound
hereby, hereby agree as follows: 
 ARTICLE I 

REDEMPTION 
 SECTION 1.01.
Redemption of the Securities. Subject to the terms and conditions set forth in this Agreement, on the Closing Date (as defined below), Group Holdings hereby irrevocably submits for redemption and transfers, assigns and delivers to the
Company, and the Company hereby redeems and accepts all right, title and interest in and to, the Redeemed Interests, free and clear of all liens and encumbrances of any kind, for the Redemption Price. On the Closing Date (or thereafter pursuant to
Section 5.01), the Group Holdings shall deliver to the Company all instruments necessary to effect the transfer of the Redeemed Interests from Group Holdings to the Company. 

 SECTION 1.02. Redemption Price. The redemption price for the Redeemed Interests shall
be $3,046,111.28 in cash (the “Redemption Price”). On or as promptly after the Closing Date as is practicable, Company shall pay the Redemption Price by check or wire transfer of immediately available funds to an account specified in
writing by Group Holdings. 
 SECTION 1.03. Closing. The closing of the redemption of the Redeemed Interests (the
“Closing”) shall take place immediately following the execution of this Agreement on the date hereof (the “Closing Date”). The Closing shall take place at the offices of Group Holdings, or at such other location as
may be mutually agreed to by the parties hereto. 
 ARTICLE II 

REPRESENTATIONS AND WARRANTIES OF GROUP HOLDINGS 

Group Holdings hereby represents and warrants to the Company as follows: 

SECTION 2.01. Authorization and Validity of Agreement. Group Holdings is a limited liability company duly organized, validly existing
and in good standing under the laws of the State of Delaware. Group Holdings has full legal capacity and authority to execute this Agreement and to carry out its obligations hereunder. To the extent applicable, the execution and delivery of this
Agreement and the performance of the Group Holdings’ obligations hereunder have been duly authorized by all necessary action on behalf of the Group Holdings. This Agreement has been duly executed by the Group Holdings, and, assuming due
authorization, execution and delivery by the Company, this Agreement constitutes the legal, valid and binding obligations of Group Holdings, enforceable against Group Holdings’ in accordance with its terms. Each document and instrument of
transfer contemplated by this Agreement (including pursuant to Section 5.01 hereof) is valid and legally binding upon Group Holdings in accordance with its terms. 

SECTION 2.02. Ownership of Redeemed Interests. Group Holdings is the lawful owner of record and beneficially owns, and has good and
marketable title to, the Redeemed Interests, free and clear of any security interest, pledge, mortgage, lien, call, option, charge, encumbrance, adverse claim, preferential arrangement or restriction of any kind, including, without limitation, any
restriction on the use, voting, transfer, receipt of income or other exercise of any attributes of ownership (collectively, “Encumbrances”). Upon the consummation of the transaction contemplated by this Agreement and payment of the
Redemption Price, the Company will own the Redeemed Interests free and clear of any Encumbrance. 
 SECTION 2.03. No Conflict or
Violation. The execution and delivery of this Agreement by Group Holdings and the consummation of the transactions contemplated hereby do not and will not (a) with or without the giving of notice or the passage of time or both, violate,
conflict with, result in the breach or termination of, constitute a default under, or result in the right to accelerate or loss of rights under or the creation of any Encumbrance upon any assets or property of Group Holdings, pursuant to the terms
or provisions of any contract, agreement, commitment, indenture, mortgage, deed of trust, pledge, security agreement, note, lease, license, covenant, understanding or other instrument or obligation to which Group Holdings is a party or by which it
or any of its properties or assets may be bound or affected, (b) violate or conflict with any provision of the organizational documents of Group Holdings or (c) violate any provision of law or any order, writ, injunction, judgment or
decree of any court, administrative agency or governmental body binding upon Group Holdings. 

 SECTION 2.04. No Consent. No consent, approval or authorization of or declaration or
filing with any governmental authority or other persons or entities on the part of Group Holdings is required in connection with execution or delivery of this Agreement or the consummation of the transactions contemplated hereby. 

SECTION 2.05. Sufficient Knowledge. Group Holdings acknowledges that it has (a) been provided access to or been furnished with
sufficient facts and information to evaluate and make an informed decision with respect to the redemption of the Redeemed Interests pursuant to the terms of this Agreement, (b) read and understands all of such information, (c) been
provided sufficient opportunity to ask questions and all of such questions have been answered to its full satisfaction, (d) not relied on any oral or written representations made by or on behalf of Group Holdings or any of its affiliates (other
than as set forth in this Agreement) and shall not construe or rely on any communication or documentation from or on behalf of Group Holdings or any of its affiliates as investment, legal or tax advice and (e) obtained such advice (including
without limitation the advice of counsel of the Company’s choosing) as it deemed appropriate in order to make an informed decision with respect to the redemption of the Redeemed Interests pursuant to the terms of this Agreement. The Company
acknowledges and agrees that the Redemption Price represents the fair market value of the Redeemed Interests. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

The Company hereby represents and warrants to Group Holdings as follows: 

SECTION 3.01. Organization; Authorization and Validity of Agreement. The Company is a limited liability company duly organized, validly
existing and in good standing under the laws of the State of Delaware. The Company has all requisite power and authority to enter into this Agreement and to carry out its obligations hereunder. The execution and delivery of this Agreement and the
performance of The Company’s obligations hereunder have been duly authorized by all necessary action, and no other proceedings on the part of the Company is necessary to authorize such execution, delivery and performance. This Agreement has
been duly executed by the Company and, assuming due execution by Group Holdings, constitutes legal, valid and binding obligations of the Company, enforceable against the Company in accordance with its terms, except as may be limited by applicable
bankruptcy, insolvency, moratorium or similar laws of general application relating to or affecting creditors’ rights generally and except for the limitations imposed by general principles of equity. 

SECTION 3.02. No Conflict or Violation. The execution, delivery and performance by the Company of this Agreement does not and will not
(i) violate or conflict with any provision of the organizational documents of the Company or (ii) violate any provision of law, or any order, judgment or decree of any court or other governmental entity. 

 ARTICLE IV 

INDEMNIFICATION 
 SECTION 4.01.
Company Indemnity. The Company covenants and agrees to indemnify and hold Group Holdings and its officers, directors and stockholders, harmless from and against, and to reimburse such indemnitees for, any claim for any losses, damages,
liabilities, deficiencies and expenses (including reasonable counsel fees and expenses) (a “Claim”) incurred by Group Holdings or any such indemnitee after the date hereof by reason of, or arising from, (a) any
misrepresentation or breach of any representation or warranty contained in this Agreement or in any instrument or document executed by the Company and delivered to Group Holdings pursuant to the terms hereof or (b) any failure by the Company to
perform any obligation or covenant required to be performed by it under any provision of this Agreement. 
 SECTION 4.02. Group Holdings
Indemnity. Group Holdings covenants and agrees to indemnify and hold the Company and its officers, directors and stockholders, harmless from and against, and to reimburse such indemnitees for, any claim for any losses, damages, liabilities,
deficiencies and expenses (including reasonable counsel fees and expenses) incurred by the Company or any such indemnitee after the date hereof by reason of, or arising from, (a) any misrepresentation or breach of any representation or warranty
contained in this Agreement or in any instrument or document executed by Group Holdings and delivered to the Company pursuant to the terms hereof or, (b) any failure by Group Holdings to perform any obligation or covenant required to be
performed by it under any provision of this Agreement. 
 ARTICLE V 

MISCELLANEOUS 
 SECTION 5.01.
Further Assurances. Each party hereto shall execute, deliver, file and record, or cause to be executed, delivered, filed and recorded, such further agreements, instruments and other documents, and take, or cause to be taken, such further
actions, as any other party hereto may reasonably request as being necessary or advisable to effect or evidence the transactions contemplated by this Agreement. 

SECTION 5.02. Entire Agreement. This Agreement constitutes the entire agreement and understanding between the parties with regard to
the subject matter hereof. 
 SECTION 5.03. Amendments; Waivers. This Agreement may be amended, modified or superseded, and any of
the terms, covenants, representations, warranties or conditions hereof may be waived, only by a written instrument executed by parties hereto. No waiver of any provision of this Agreement shall be valid unless in writing and signed by the party
against whom enforcement is sought. The failure of any party at any time or times to require performance of any provisions hereof will in no manner affect the right at a later time to enforce the same. No waiver by any party of any condition, or of
any breach of any term, covenant, representation or warranty contained in this Agreement, in any one or more instances, will be deemed to be or construed as a further or continuing waiver of any such condition or breach or a waiver of any other
condition or of any breach of any other term, covenant, representation or warranty. 
 SECTION 5.04. Successors and Assigns. All of
the terms, covenants, representations, warranties and conditions of this Agreement will be binding upon, and inure to the benefit of, and be enforceable by, the parties hereto and their respective successors and assigns. 

 SECTION 5.05. Governing Law. This Agreement shall be governed by and construed in
accordance with the domestic laws of the State of New York, without giving effect to any choice of law or conflict of law provisions or rule that would cause the application of the laws of any jurisdiction other than the State of New York. 

SECTION 5.06. Severability. If any provision of this Agreement shall become illegal, invalid, unenforceable or against public policy
for any reason, or shall be held by any court of competent jurisdiction to be illegal, invalid, unenforceable or against public policy, then such provision shall be severed from this Agreement and the remaining provisions of this Agreement shall not
be affected thereby and shall remain in full force and effect. In lieu of each provision that becomes or is held to be illegal, invalid, unenforceable or against public policy, there shall be automatically added to this Agreement a provision as
similar in substance to the objectionable provision as may be possible and still be legal, valid, enforceable and in compliance with public policy. 

SECTION 5.07. Section and Paragraph Headings. The section and paragraph headings in this Agreement are for reference purposes only and
shall not affect the meaning or interpretation of this Agreement. 
 SECTION 5.08. Counterparts. This Agreement may be executed in
any number of counterparts with the same effect as if all parties hereto had executed the same document. All such counterparts shall be construed together and shall constitute one instrument. 

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

 

			
	M&N GROUP HOLDINGS, LLC
		
	By:	 	 /s/ Sarah Turner

	Name:	 	Sarah Turner
	Title:	 	Authorized Signatory
	
	MANNING & NAPIER GROUP, LLC:
		
	By:	 	 /s/ Sarah Turner

	Name:	 	Sarah Turner
	Title:	 	Authorized Signatory

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