Document:

exhibit4-1.htm

     

    EXHIBIT 4.1 

     

    COMMON STOCK PURCHASE AGREEMENT 

     

    THIS
COMMON STOCK PURCHASE AGREEMENT (“Agreement”) is made and entered into as of
January 22, 2010 (the “Effective Date”), by
and between GERON CORPORATION, a Delaware corporation having its principal place
of business at 230 Constitution Drive, Menlo Park, California 94025 (“Geron”),
and Samchully Pharm. Co., Ltd., having a principal place of business at 947-7,
Daechi-dong, Gangnam-gu, Seoul, Korea (“Manufacturer”). 

     

    
      	     	A.	     	Geron and Manufacturer are the parties to that certain Master
      Manufacturing Agreement dated as of March 9, 2005 (the “Manufacturing Agreement”), and related Addendum Agreements (“Addendum Agreement”) under which Geron has agreed to purchase certain products and
      services from Manufacturer and Manufacturer has agreed to supply such
      products and services to Geron on the terms set forth
therein.
	
            	 
	
            	B.	
            	Pursuant to the Amendment No. 1 to the Manufacturing Agreement,
      dated as of May 12, 2008, Geron is entitled to pay the purchase price of
      products and services by delivery of shares of Geron’s Common Stock (the
      “Shares”).

    

     

    THE PARTIES AGREE AS FOLLOWS: 

     

    
      	1.	    
      	ISSUANCE OF SHARES;
ADJUSTMENTS

    

     

         As payment of the costs for
activities to be performed pursuant to Addendum Agreement No. 12, Geron will
issue and deliver certificates for 287,401 Shares. Upon issuance and delivery of
the certificate(s) for the Shares, all Shares shall be duly authorized and
validly issued and represent fully paid shares of Geron’s Common
Stock.

     

    
      	2.	     	CLOSING; DELIVERY
	 
	 	
            	2.1	     	The consummation of the transaction contemplated by this Agreement
      (a “Closing”) shall be held at such time and place as is mutually agreed upon
      between the parties, but in any event Geron shall make commercially
      reasonable efforts to accomplish the Closing no later than five (5)
      business days after the Effective Date hereof (the “Closing Date”). At the Closing, Geron shall deliver to Manufacturer one or more
      certificates representing all of the Shares, which Shares shall be issued
      in the name of Manufacturer or its designee and in such denominations as
      Manufacturer shall specify.
	 
	 	
            	2.2	
            	Geron’s obligations to issue and deliver the stock certificate(s)
      representing the Shares to Manufacturer at the Closing shall be subject to
      the following conditions, which may be waived by Geron:
	 
	 	
            	 	
            	2.2.1	     	the covenants and obligations that Manufacturer is required to
      perform or to comply with pursuant to this Agreement, at or prior to the
      Closing, must have been duly performed and complied with in all material
      respects; and
	 
	 	
            	 	
            	2.2.2	
            	the representations and warranties made by Manufacturer herein
      shall be true and correct in all material respects as of the Closing
      Date.
	 
	 	
            	2.3	
            	Manufacturer’s obligation to accept delivery of the stock
      certificate(s) representing the Shares at the Closing shall be subject to
      the following conditions, any one or more of which may be waived by
      Manufacturer:
	 
	 	
            	 	
            	2.3.1	
            	the covenants and obligations that Geron is required to perform or
      to comply with pursuant to this Agreement, at or prior to the Closing,
      must have been duly performed and complied with in all material
      respects;
	
            	
            	
            	
            	
            	
            	 
	
            	
            	
            	
            	2.3.2	
            	Geron shall have available under
      its Certificate of Incorporation sufficient authorized shares of Common
      Stock to issue the Shares to Manufacturer; and
	
            	
            	
            	
            	
            	
            	 
	
            	
            	
            	
            	2.3.3	
            	the representation and warranties
      made by Geron herein shall be true and correct in all material respects as
      of the Closing Date.

    

     

    

    
    

    
      	3.	     	RESTRICTIONS ON RESALE OF SHARES
	 
	 	
            	3.1	     	Legends. Manufacturer understands and acknowledges that the Shares are not
      registered under the Securities Act of 1933 (the “Act”), and that under the Act and other applicable laws Manufacturer
      may be required to hold such Shares for an indefinite period of time. Each
      stock certificate representing Shares shall bear the following
      legends:
	 
	 	
            	 	
            	“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER
      THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). ANY TRANSFER OF SUCH
      SECURITIES SHALL BE INVALID UNLESS A REGISTRATION STATEMENT UNDER THE ACT
      IS IN EFFECT AS TO SUCH TRANSFER OR, IN THE OPINION OF COUNSEL REASONABLY
      ACCEPTABLE TO GERON, SUCH REGISTRATION IS UNNECESSARY FOR SUCH TRANSFER TO
      COMPLY WITH THE ACT. THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO THE
      TERMS OF THE COMMON STOCK PURCHASE AGREEMENT BY AND BETWEEN GERON AND
      MANUFACTURER DATED AS OF JANUARY 22, 2010. A COPY OF THE AGREEMENT CAN BE
      OBTAINED FROM THE SECRETARY OF GERON.”
	 
	 	
            	3.2	
            	Limits on Sales. Manufacturer agrees that if it decides to resell some or all of
      the Shares, it will do so only through orderly sales executed through a
      top-tier brokerage house, and in an appropriate manner based upon whether
      the shares are registered or unregistered, i.e., on the Nasdaq Global Market or in a Rule 144 compliant transaction.
      Manufacturer further agrees that it will not engage in short selling with
      respect to the Shares.
	 
	 	
            	3.3	
            	Further Limitations. Geron shall not be required (i) to transfer on its books any
      Shares that have been sold or otherwise transferred in violation of any of
      the provisions of this Agreement or applicable securities laws; or (ii) to
      treat as owner of such Shares or to accord the right to vote or pay
      dividends to any purchaser or other transferee to whom such Shares shall
      have been so transferred in violation of any of the provisions of this
      Agreement or applicable securities laws.
	 
	4.	
            	REGISTRATION RIGHTS
	 
	 	
            	4.1	
            	Geron agrees to make commercially reasonable efforts to file with
      the Securities and Exchange Commission (the “Commission”) within ten (10) business days after the Closing Date, a
      registration statement under the Act (the “Registration Statement”), on Form S-3 or other appropriate form, so as to permit a
      non-underwritten public offering and resale of the Shares under the Act by
      Manufacturer. Geron agrees to diligently pursue making the Registration
      Statement effective. Geron will make commercially reasonable efforts to
      notify Manufacturer of the effectiveness of the Registration Statement
      within one (1) business day of receiving notice from the Commission
      declaring the registration statement effective.
	 
	 	
            	4.2	
            	
              Geron will make commercially reasonable efforts to maintain the
      Registration Statement and any post-effective amendment thereto filed
      under this Section 4 effective under the Act until the earliest of (i) the
      date that none of the Shares covered by such Registration Statement are
      issued and outstanding, (ii) the date that all of the Shares have been
      sold pursuant to such Registration Statement, (iii) the date Manufacturer
      receives an opinion of counsel from Geron, which counsel shall be
      reasonably acceptable to Manufacturer, that the Shares may be sold under
      the provisions of Rule 144 or any similar provision then in effect under
      the Act without limitation as to volume, or (iv) the date that all Shares
      have been otherwise transferred to persons who may trade such shares without
      restriction under the Act, and Geron has delivered a new certificate or
      other evidence of ownership for such securities not bearing a restrictive
      legend.

            

    

     

    

    
    

    
      	   	     	4.3	     	Geron, at its expense, shall furnish to Manufacturer with respect
      to the Shares registered under the Registration Statement such reasonable
      number of copies of the Registration Statement, prospectuses and
      preliminary prospectuses in conformity with the requirements of the Act
      and such other documents as Manufacturer may reasonably request, in order
      to facilitate the public sale or other disposition of all or any of the
      Shares by Manufacturer, provided, however, that the obligation of Geron to
      deliver copies of prospectuses or preliminary prospectuses to Manufacturer
      shall be subject to the receipt by Geron of reasonable assurances from
      Manufacturer that Manufacturer will comply with the applicable provisions
      of the Act and of such other securities or blue sky laws as may be
      applicable in connection with any use of such prospectuses or preliminary
      prospectuses.
	 
	 	
            	4.4	
            	All fees, disbursements and out-of-pocket expenses and costs
      incurred by Geron in connection with the preparation and filing of the
      Registration Statement under Section 4.1 and in complying with applicable
      securities and Blue Sky laws (including, without limitation, all
      attorneys' fees of Geron) shall be borne by Geron. Manufacturer shall bear
      the cost of all fees and expenses of Manufacturer’s counsel.
	 
	 	
            	4.5	
            	Geron will advise Manufacturer promptly after it shall receive
      notice or obtain knowledge of the issuance of any stop order by the
      Commission delaying or suspending the effectiveness of the Registration
      Statement or of the initiation of any proceeding for that purpose, and
      Geron will use its commercially reasonable efforts to prevent the issuance
      of any stop order or to obtain its withdrawal at the earliest possible
      moment if such stop order should be issued.
	 
	 	
            	4.6	
            	With a view to making available to Manufacturer the benefits of
      Rule 144 (or its successor rule) and any other rule or regulation of the
      Commission that may at the time permit Manufacturer to sell the Shares to
      the public without registration, Geron covenants and agrees to make
      commercially reasonable efforts to: (i) make and keep public information
      available, as those terms are understood and defined in Rule 144, until
      the earliest of (A) such date as all of the Shares may be resold pursuant
      to Rule 144 or any other rule of similar effect or (B) such date as all of
      the Shares shall have been resold; and (ii) file with the Commission in a
      timely manner all reports and other documents required of Geron under the
      Act and under the Securities Exchange Act of 1934, as amended (the
      “Exchange
      Act”).
	 
	 	
            	4.7	
            	Manufacturer will cooperate with Geron in all respects in
      connection with this Agreement, including timely supplying all information
      reasonably requested by Geron (which shall include all information
      regarding Manufacturer and proposed manner of sale of the Shares required
      to be disclosed in any Registration Statement) and executing and returning
      all documents reasonably requested in connection with the registration and
      sale of the Shares and entering into and performing their obligations
      under any underwriting agreement, if the offering is an underwritten
      offering, in usual and customary form, with the managing underwriter or
      underwriters of such underwritten offering. Nothing in this Agreement
      shall obligate Manufacturer to consent to be named as an underwriter in
      any Registration Statement.

    

     

    

    
    

    
      	5.	     	INDEMNIFICATION
	
            	
            	
            	
            	 
	
            	
            	5.1	
            	
              Geron agrees to indemnify and hold harmless Manufacturer
      (and each person, if any, who controls Manufacturer within the meaning of
      Section 15 of the Act, and each officer and director of Manufacturer)
      against any and all losses, claims, damages or liabilities (or actions or
      proceedings in respect thereof), joint or several, directly or indirectly
      based upon or arising out of (i) any untrue statement or alleged untrue
      statement of any material fact contained in the Registration Statement,
      any preliminary prospectus, final prospectus or summary prospectus contained therein or used in connection with the
      offering of the Shares, or any amendment or supplement thereto, or (ii)
      any omission or alleged omission to state a material fact required to be
      stated therein or necessary to make the statements therein not misleading;
      and Geron will reimburse each such indemnified party for any legal or any
      other expenses reasonably incurred by them in connection with
      investigating, preparing, pursuing or defending any such loss, claim,
      damage, liability, action or proceeding, except insofar as any such loss,
      claim, damage, liability, action, proceeding or expense arises out of or
      is based upon (A) an untrue statement or alleged untrue statement or
      omission or alleged omission made in the Registration Statement, any such
      preliminary prospectus, final prospectus, summary prospectus, amendment or
      supplement in reliance upon and in conformity with written information
      furnished to Geron by or on behalf of Manufacturer or such other person
      expressly for use in the preparation thereof, (B) the failure of
      Manufacturer to comply with its covenants and agreements contained in
      Sections 7.1 or 7.5.3 hereof or (C) any misstatement or omission in any
      prospectus that is corrected in any subsequent prospectus that was
      delivered to Manufacturer prior to the pertinent sale or sales by
      Manufacturer. Such indemnity shall remain in full force and effect,
      regardless of any investigation made by such indemnified party and shall
      survive the transfer of the Shares by Manufacturer.

            
	
            	
            	
            	
            	 
	
            	
            	5.2	
            	Manufacturer agrees to indemnify and hold harmless Geron (and each
      person, if any, who controls Geron within the meaning of Section 15 of the
      Act, and each officer and director of Geron) from and against losses,
      claims, damages or liabilities (or actions or proceedings in respect
      thereof), joint or several, directly or indirectly based upon or arising
      out of, (i) any failure of Manufacturer to comply with the covenants and
      agreements contained in Sections 7.1 and 7.5.3 hereof or (ii) any untrue
      statement of a material fact contained in the Registration Statement or
      any omission of a material fact required to be stated in the Registration
      Statement or necessary in order to make the statements in the Registration
      Statement not misleading if such untrue statement or omission was made in
      reliance upon and in conformity with written information furnished to
      Geron by or on behalf of Manufacturer specifically for use in preparation
      of the Registration Statement; provided, however, that Manufacturer shall
      not be liable in any such case for (A) any untrue statement or omission in
      the Registration Statement, prospectus, or other such document which
      statement is corrected by Manufacturer and delivered to Geron prior to the
      sale from which such loss occurred, (B) any untrue statement or omission
      in any prospectus which is corrected by Manufacturer in any subsequent
      prospectus, or supplement or amendment thereto, and delivered to Geron
      prior to the sale or sales from which a loss or liability arose, or (C)
      any failure by Geron to fulfill any of its obligations under Section 5.1
      hereof.
	
            	
            	
            	
            	 
	
            	
            	5.3	
            	Promptly after receipt by any indemnified person of a notice of a
      claim or the beginning of any action in respect of which indemnity is to
      be sought against an indemnifying person pursuant to this Section 5, such
      indemnified person shall notify the indemnifying person in writing of such
      claim or of the commencement of such action, but the omission to so notify
      the indemnifying party will not relieve it from any liability which it may
      have to any indemnified party under this Section 5 (except to the extent
      that such omission materially and adversely affects the indemnifying
      party’s ability to defend such action) or from any liability otherwise
      than under this Section 5. Subject to the provisions hereinafter stated,
      in case any such action shall be brought against an indemnified person,
      the indemnifying person shall be entitled to participate therein, and, to
      the extent that it shall elect by written notice delivered to the
      indemnified party promptly after receiving the aforesaid notice from such
      indemnified party, shall be entitled to assume the defense thereof, with
      counsel reasonably satisfactory to such indemnified person. After notice
      from the indemnifying person to such indemnified person of its election to
      assume the defense thereof, such indemnifying person shall not be liable
      to such indemnified person for any legal expense subsequently incurred by
      such indemnified person in connection with the defense thereof, provided,
      however, that if there exists or shall exist a conflict of interest that
      would make inappropriate, in the reasonable opinion of counsel to the
      indemnified person, for the same counsel to represent both the indemnified
      person and such indemnifying person or any affiliate or associate thereof,
      the indemnified person shall be entitled to retain its own counsel at the expense of such indemnifying person; provided,
      however, that no indemnifying person shall be responsible for the fees and
      expenses of more than one separate counsel (together with appropriate
      local counsel) for all indemnified parties. In no event shall any
      indemnifying person be liable in respect to any amounts paid in settlement
      of any action unless the indemnifying person shall have approved the terms
      of such settlement. No indemnifying person shall, without the prior
      written consent of the indemnified person, effect any settlement of any
      pending or threatened proceeding in respect of which any indemnified
      person is or could have been a party and indemnification could have been
      sought hereunder by such indemnified person, unless such settlement
      includes an unconditional release of such indemnified person from all
      liability on claims that are the subject matter of such
    proceeding.
	
            	
            	
            	
            	 
	
            	
            	5.4	     	The provisions of this Section 5
      shall survive the termination of this
Agreement.

    

     

    

    
    

    
      	6.	
            	REPRESENTATIONS
      AND ACKNOWLEDGEMENT OF GERON
	
            	
            	 
	 	
            	Geron hereby represents, warrants and covenants to Manufacturer as
      follows:
	 
	 	
            	6.1	
            	Organization, Good Standing and Qualification. Geron is a corporation duly organized, validly existing and in
      good standing under the laws of the State of Delaware and has all
      requisite corporate power and authority to carry on its business as now
      conducted and as presently proposed to be conducted. Geron is duly
      qualified to transact business and is in good standing as a foreign
      corporation in each jurisdiction in which the failure to so qualify would
      have a material adverse effect on its business or properties.
	 
	 	
            	6.2	
            	Authorization. All corporate action on the part of Geron, its officers,
      directors and stockholders necessary for the authorization, execution and
      delivery of this Agreement, the performance of all obligations of Geron
      hereunder and the authorization, issuance and delivery of the Shares has
      been taken or will be taken prior to the Closing, and this Agreement, when
      executed and delivered will constitute valid and legally binding
      obligations of Geron, enforceable against Geron in accordance with its
      terms, except as limited by applicable bankruptcy, insolvency,
      reorganization, moratorium, fraudulent conveyance and other laws of
      general application affecting enforcement of creditors’ rights generally,
      as limited by laws relating to the availability of specific performance,
      injunctive relief or other equitable remedies.
	 
	 	
            	6.3	
            	Valid Issuance of Common Stock. The Shares, when issued, sold and delivered in accordance with
      the terms hereof for the consideration expressed herein, will be duly and
      validly authorized and issued, fully paid and nonassessable and free of
      restrictions on transfer other than restrictions on transfer under this
      Agreement and applicable state and federal securities laws.
	 
	 	
            	6.4	     	Legal Proceedings and Orders. There is no action, suit, proceeding or investigation pending or
      threatened against Geron that questions the validity of this Agreement or
      the right of Geron to enter into this Agreement or to consummate the
      transactions contemplated hereby, nor is Geron aware of any basis for any
      of the foregoing. Geron is neither a party nor subject to the provisions
      of any order, writ, injunction, judgment or decree of any court or
      government agency or instrumentality that would affect the ability of
      Geron to enter into this Agreement or to consummate the transactions
      contemplated hereby.
	 
	7.	     	REPRESENTATIONS AND ACKNOWLEDGEMENTS OF
    MANUFACTURER
	 
	
            	
            	Manufacturer hereby represents, warrants, acknowledges and agrees
      that:
	 
	 	
            	7.1	
            	Investment. Manufacturer is acquiring the Shares for Manufacturer’s own
      account, and not directly or indirectly for the account of any other
      person. Manufacturer is acquiring the Shares for investment and not with a
      view to distribution or resale thereof, except in compliance with the Act
      and any applicable state law regulating
securities.

    

     

    

    
    

    
      	
            	
            	7.2	
            	
              Access to Information. Manufacturer has consulted with its own attorney, accountant, or
      investment advisor as Manufacturer has deemed advisable with respect to
      the investment and has determined its suitability for Manufacturer.
      Manufacturer has had the opportunity to ask questions of, and to receive
      answers from, appropriate executive officers of Geron with respect to the
      terms and conditions of the transactions contemplated hereby and with
      respect to the business, affairs, financial condition and results of
      operations of Geron. Manufacturer has had access to
      such financial and other information as is necessary in order for
      Manufacturer to make a fully informed decision as to investment in Geron,
      and has had the opportunity to obtain any additional information necessary
      to verify any of such information to which Manufacturer has had access.
      Manufacturer acknowledges that neither Geron nor any of its officers,
      directors, employees, agents, representatives, or advisors have made any
      representation or warranty other than those specifically expressed
      herein.

            
	
            	
            	 
	
            	
            	7.3	
            	Business and Financial Expertise. Manufacturer further represents and warrants that it has such
      business or financial expertise as to be able to evaluate its investment
      in Geron and purchase of the Shares.
	
            	
            	 
	
            	
            	7.4	
            	Speculative Investment. Manufacturer acknowledges that the investment in Geron represented
      by the Shares is highly speculative in nature and is subject to a high
      degree of risk of loss in whole or in part; the amount of such investment
      is within Manufacturer’s risk capital means and is not so great in
      relation to Manufacturer’s total financial resources as would jeopardize
      the personal financial needs of Manufacturer in the event such investment
      were lost in whole or in part.
	
            	
            	 
	
            	
            	7.5	
            	Unregistered Securities. Manufacturer acknowledges that:
	
            	
            	 
	
            	
            	 	
            	7.5.1	     	Manufacturer must bear the economic risk of investment for an
      indefinite period of time because the Shares have not been registered
      under the Act and therefore cannot and will not be sold unless they are
      subsequently registered under the Act or an exemption from such
      registration is available. Geron has made no agreements, covenants or
      undertakings whatsoever to register any of the Shares under the Act,
      except as provided in Section 4 above. Geron has made no representations,
      warranties or covenants whatsoever as to whether any exemption from the
      Act, including, without limitation, any exemption for limited sales in
      routine brokers’ transactions pursuant to Rule 144 under the Act, will
      become available and any such exemption pursuant to Rule 144, if available
      at all, will not be available unless: (i) a public trading market then
      exists in Geron’s common stock, (ii) Geron has complied with the
      information requirements of Rule 144, and (iii) all other terms and
      conditions of Rule 144 have been satisfied.
	
            	
            	 
	
            	
            	 	
            	7.5.2	
            	Transfer of the Shares has not been registered or qualified under
      any applicable state law regulating securities and, therefore, the Shares
      cannot and will not be sold unless they are subsequently registered or
      qualified under any such act or an exemption therefrom is available. Geron
      has made no agreements, covenants or undertakings whatsoever to register
      or qualify any of the Shares under any such act. Geron has made no
      representations, warranties or covenants whatsoever as to whether any
      exemption from any such act will become available.
	
            	
            	 
	
            	
            	 	
            	7.5.3	     	Manufacturer hereby certifies that it is an “Accredited Investor” as that term is defined in Rule 501 under the Act.
	
            	
            	 
	  	     	7.6	     	
              Authorization. Manufacturer has full right, power, authority and capacity to
      enter into this Agreement and to consummate the transactions contemplated
      hereby and thereby and has taken all necessary action to authorize the
      execution, delivery and performance of this Agreement. Upon execution and
      delivery, this Agreement will constitute a valid and binding obligation of
      Manufacturer enforceable against Manufacturer in accordance with its
      terms, except as such enforceability may be limited by applicable
      bankruptcy, insolvency, reorganization, moratorium,
      fraudulent transfer, liquidation or similar laws relating to, or affecting
      generally, the enforcement of creditor's rights and remedies or by other
      equitable principles of general application from time to time in
      effect.

            

    

     

    

    
    

    
      	8.	     	TAX ADVICE. Manufacturer acknowledges that Manufacturer has not relied and
      will not rely upon Geron or Geron’s counsel with respect to any tax
      consequences related to the ownership, purchase, or disposition of the
      Shares. Manufacturer assumes full responsibility for all such consequences
      and for the preparation and filing of all tax returns and elections which
      may or must be filed in connection with the Shares.
	 
	9.	
            	NOTICES. Any notice or other communication required or permitted hereunder
      shall be in writing and shall be deemed to have been duly given on the
      date of delivery if delivered personally or by facsimile, or one day, not
      including Saturdays, Sundays, or national holidays, after sending if sent
      by national overnight delivery service, or five days, not including
      Saturdays, Sundays, or national holidays, after mailing if mailed by first
      class United States mail, certified or registered with return receipt
      requested, postage prepaid, and addressed as
follows:

    
 

    
      	To Geron at:	Geron Corporation
	
            	230 Constitution Drive
	
            	Menlo Park, California 94025
	
            	Attention: Senior Director, Legal
	
            	Telephone:	          (650)
      473-7700
	
            	Facsimile:	          (650)
      473-7750
	 
	To Manufacturer at:	Kris S. Choi
	
            	General Manager,
	
            	Marketing and Business Development
	
            	8F Samtan Bldg.
	
            	Samchully Pharm. Co., Ltd.
	
            	947-7, Daechi-dong, Gangnam-gu
	
            	Seoul, Korea 135-735
	
            	e-mail: choicsw@samchullypharm.com
	
            	Telephone:	+82 (0)2-527-6329
	
            	Facsimile:	+82 (0)2-561-6006

    

    
      	10.	     	BINDING EFFECT. This Agreement shall be binding upon the heirs, legal
      representatives and successors of Geron and of Manufacturer; provided,
      however, that Manufacturer may not assign any rights or obligations under
      this Agreement.
	 
	11.	
            	GOVERNING LAW. This Agreement shall be governed by and construed in accordance
      with the laws of the State of California.
	 
	12.	
            	INVALID PROVISIONS. In the event that any provision of this Agreement is found to be
      invalid or otherwise unenforceable by a court or other tribunal of
      competent jurisdiction, such invalidity or unenforceability shall not be
      construed as rendering any other provision contained herein invalid or
      unenforceable, and all such other provisions shall be given full force and
      effect to the same extent as though the invalid and unenforceable
      provision was not contained herein.
	 
	13.	
            	COUNTERPARTS. This Agreement may be executed in any number of identical
      counterparts, each of which shall be deemed an original, but all of which
      together shall constitute one and the same instrument.
	 
	14.	
            	AMENDMENTS. This Agreement or any provision hereof may be changed, waived, or
      terminated only by a statement in writing signed by the party against whom
      such change, waiver or termination is sought to be enforced.
	 
	15.	
            	FUTURE COOPERATION. Each of the parties hereto agrees to cooperate at all times from
      and after the date hereof with respect to all of the matters described
      herein, and to execute such further assignments, releases, assumptions,
      amendments of the Agreement, notifications and other documents as may be
      reasonably requested for the purpose of giving effect to, or evidencing or
      giving notice of, the transactions contemplated by this
    Agreement.
	
            	
            	 
	16.	
            	ENTIRE AGREEMENT. This
      Agreement and the Manufacturing Agreement, including all Addenda thereto,
      constitute the entire agreement of the parties pertaining to the Shares
      and supersede all prior and contemporaneous agreements, representations,
      and understandings of the parties with respect
  thereto.

    

     

    *SIGNATURES BEGIN ON NEXT PAGE* 

     

    

    
    

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

     

    
      	
            	Geron Corporation
	
            	 
	
            	 
	
            	/s/ David L. Greenwood
	 	By:	     	David L. Greenwood
	
            	Title:	
            	Chief Financial Officer
	
            	
            	
            	 
	
            	Date:	
            	January 22, 2010
	
            	  
	
            	 
	
            	Samchully Pharm. Co., Ltd.
	
            	 
	
            	 
	
            	/s/ Moon-Hee Kim
	
            	By:	
            	Moon-Hee Kim
	
            	Title:	
            	Director, Business Development
	
            	
            	
            	 
	
            	Date:	
            	January 22, 2010f8k012610ex10i_nxt.htm

     

    Exhibit
10.1

     

    EMPLOYMENT
AGREEMENT

    
       

      THIS
EMPLOYMENT AGREEMENT (this "Agreement") is entered into this 26th day of
January, 2010, by and between NXT Nutritionals Holdings, Inc., (the "Company"),
and Mark A. Giresi (the "Executive") (collectively, the
“Parties”).

       

      WHEREAS,
the Company is a publicly traded company engaged in the sale and marketing of
healthier food products with its shares of common stock quoted on the OTC
Bulletin Board; and

       

      WHEREAS,
the Company wishes to employ the Executive as Chief Operating Officer and
General Counsel upon the terms and conditions set forth in this Agreement and
the Executive is willing to accept employment subject to the terms and
conditions set forth below.

       

      NOW,
THEREFORE, in consideration of the foregoing, of the mutual promises
contained herein and of other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties, intending to be
legally bound, hereby agree as follows:

       

      1.       Employment.

       

      (a) Position
and Duties.

       

      (i) Subject
to the terms and conditions hereof, the Company hereby employs the Executive
during the term of employment set forth in Section 2 to serve as Chief Operating
Officer and General Counsel of the Company. The Executive shall be responsible
for all operations of the Company, including finance, legal and commercial
relationships, and perform such other services and duties as are normally and
customarily associated with such position as well as such other associated
duties as the board of directors of the Company (the “Board”) shall determine.
The Executive shall report directly to the Chief Executive Officer of the
Company. The Executive shall obey the lawful direction of the Chief Executive
Officer and shall use his diligent efforts to promote the interests of the
Company and to maintain and promote the reputation thereof.

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

       

      (ii)  During
the Employment Term set forth in Section 2 hereof, the Executive shall use his
best efforts to perform his duties under this Agreement and shall devote such
time, energy and skill as is necessary in the performance of his duties with the
Company. The Executive will not, unless as a representative of the Company or
with consent in writing of the Board, be directly or indirectly engaged or
concerned in any other business activities. Notwithstanding the foregoing
provisions, the Executive is not prohibited from (A) serving on the boards of
directors or advisory committees of the companies listed on Exhibit
A hereto; (B) participating in charitable, civic, educational,
professional or community affairs or serving on the board of directors or
advisory committees of non-profit entities; and (C) managing his and his
family’s personal investments, in each case, provided
that such activities in the aggregate do not materially interfere with
his duties hereunder.  Company agrees that the Executive’s other
activities will not and do not impede his ability to perform his role under this
Agreement.

       

      (b) Termination
of Director’s Agreement. The Executive shall continue to serve as a
member of the Board until the next annual shareholder meeting of the Company.
Upon the effectiveness of this Agreement, the outstanding Director’s Agreement
between the Company and the Executive shall be terminated, provided
however, the terms and provisions in the Director’s Agreement pertaining
to compensation for activities occurring in the year of 2009 shall survive until
such compensation is paid in full to the Executive.

       

      2. Employment
Term. Subject to Section 5 herein, the term of employment of the
Executive under this Agreement shall start on January 1, 2010 and end on
December 31, 2012 (the “Initial Employment Term”). Subject to Section 5 herein,
at the end of the Initial Employment Term this Agreement shall be automatically
extended for an additional one-year period (the “Additional Term”) unless either
party to this Agreement elects not to extend this Agreement with a written
notice at least 30 days prior to the expiration of the Additional Term. The
Initial Term and any Additional Term shall be referred to herein as the
"Employment Term."

       

      3.  Compensation.

       

      (a) Base
Salary.  In consideration of the services to be rendered
hereunder, the Company hereby agrees to pay the Executive a monthly based
compensation of Twenty Thousand Dollars ($20,000) payable in equal biweekly
installment (the “Biweekly Installment”), provided,
however, 50% of each Biweekly Installment (the “Deferred Salary”) shall
be deferred and payable in its entirety on the earlier to occur of (1) the
termination of the Employment Term or (2) a Change in Control as defined in
Section 7 herein.

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      (b)  Stock
Compensation. Subject to the terms and conditions provided in this
Agreement and the Restricted Stock Award Agreement by and between the Company
and the Executive, the Company hereby agrees to grant the Executive restricted
stock awards (the “Stock Awards”) as follows:

       

      (i) During
the first year of the Initial Employment Term, the Company shall grant the
Executive on or before February 28, 2010 (i) 400,000 shares of the Company’s
common stock (the “Common Stock”), of which 40,000 shall fully vest on July 1,
2010 and an additional 40,000 shares shall fully vest on the first day of each
calendar month thereafter; (ii) 500,000 shares of Common Stock, of which 40,000
shall fully vest on May 1, 2011; an additional 40,000 shares shall vest on each
of June 1, August 1, September 1, October 1, 2011; and the remaining 220,000
shares shall fully vest on December 1, 2011.

       

      (ii) During
the second year of the Employment Term, the Company shall grant the Executive on
or before January 1, 2011 500,000 shares of Common Stock which shall fully vest
on December 31, 2011.

       

      (iii) During
the third year of the Employment Term, the Company shall grant the Executive on
or about January 1, 2012 500,000 shares of Common Stock which shall fully vest
on December 31, 2012.

       

      Prior to
December 1, 2011, the Stock Awards granted to the Executive shall be subject to
a resale restriction as follows: (A) no more than 40,000 shares of the Stock
Award may be sold in any one month period and (B) no more than 10,000 shares of
the Stock Award may be sold on any day during the Employment
Term.  After that date, there will be no resale restriction imposed on
Executive.  In the event of a Change of Control (defined below) of the
Company, this resale restriction shall no longer be in effect.

       

      (c)  Stock
Options.  In addition to the Stock Awards, the Executive shall
also be eligible to participate in and to receive annual stock options pursuant
to Company’s Equity Incentive Plan in such amount as determined by the Board at
a level commensurate with the Executive’s position with the
Company.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

       

      4. Benefits.

       

      (a)  Benefit
Plans.  The Executive shall be eligible to participate in any
Executive benefit plan of the Company, including, but not limited to, equity,
pension, thrift, profit sharing, medical coverage, education, or other
retirement benefits that the Company has adopted or may adopt, maintain or
contribute to the benefit of its senior executives, at a level commensurate with
the Executive’s positions, subject to satisfying the applicable eligibility
requirements. The Company may at any time or from time to time amend, modify,
suspend or terminate any employee benefit plan, program or arrangement for any
reason in its sole discretion.

       

      (b)  Vacation
and Holidays.  The Executive shall be entitled to an annual
paid vacation in accordance with the Company's policy applicable to senior
executives from time to time in effect, but in no event less than three (3)
weeks per calendar year (as prorated for partial years), which vacation may be
taken at such times as the Executive elects with due regard to the needs of the
Company.  The Executive shall also be entitled to paid Holidays and
sick days in accordance with the policy of the Company. The carry-over of
vacation days shall be in accordance with the Company's policy applicable to
senior executives from time to time in effect.

       

      (c)  Business
and Entertainment Expenses. Upon presentation of appropriate
documentation, the Executive shall be reimbursed for all reasonable and
necessary business and entertainment expenses incurred in connection with the
performance of his duties hereunder, all in accordance with the Company's
expense reimbursement policy applicable to senior executives from time to time
in effect.

       

      (d)  Automobile
Allowance. Executive shall be entitled to an automobile allowance in the
amount of $500.00 per month during the term of this Agreement, which shall be
paid on the first day of each calendar month.

       

      5. Termination. Executive’s
employment and the Employment Term shall terminate on the first of the following
to occur:

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

       

      (a)  Disability.
If the Company determines in good faith that the Disability of the Executive has
occurred during the Employment Term (pursuant to the definition of Disability
set forth below), it may give to the Executive written notice in accordance with
Section 9 of this Agreement of its intention to terminate the Executive
Employment. In such event, the Executive’s employment shall terminate effective
on the thirtieth (30th) day
following receipt of such notice by the Executive, provided that within 30 days
after such receipt, the Executive shall not have returned to full-time
performance of the Executive’s duties. For purposes of this Agreement,
"Disability" shall mean a determination  by the Company in accordance
with applicable law that due to a physical or mental injury, infirmity or
incapacity, the Executive is unable to perform the essential functions of his
job with or without accommodation for 180 days (whether or not consecutive)
during any 12-month period.

       

      (b)  Death.  The
Executive’s employment shall automatically terminate on the date of death of the
Executive during the Employment Term.

       

      (c)  Cause.  The
Company may immediately terminate the Executive’s employment upon written notice
of termination by the Company to the Executive for Cause. "Cause" shall mean, as
determined by the Board (or its designee) (1) conduct by the Executive in
connection with his employment duties or responsibilities that is fraudulent,
unlawful or grossly negligent; (2) the willful misconduct of the Executive; (3)
the willful and continued failure of the Executive to perform the Executive's
duties with the Company (other than any such failure resulting from incapacity
due to physical or mental illness); (4) the commission by the Executive of any
felony or any crime involving moral turpitude; (5) violation of any material
policy of the Company or any material provision of the Company's code of
conduct, employee handbook or similar documents; or (6) any material breach by
the Executive of any provision of this Agreement or any other written agreement
entered into by the Executive with the Company.

       

      (d) Termination  other
than for Cause.  The Company shall have the right to
terminate  the  Executive's  employment  hereunder  for
any  reason at any time, including  for
any  reason  that  does  not  constitute  Cause,  subject  to
the consequences of such termination as set forth in this
Agreement.

       

      (e)  Resignation
for Good Reason. The Executive may voluntarily terminate his employment
hereunder for Good Reason on the 60th day after the delivery of a written notice
to the Company. For the purpose of this Agreement, “Good Reason” shall
mean:

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      (i) the
assignment of the Executive to a position in which the Executive’s authority,
duties and responsibilities are materially diminished from the authority, duties
or responsibilities as contemplated by Section 1 of this Agreement or any
other  action taken by the Company or its affiliated companies which
results in a material , diminution in such position, authority, duties or
responsibilities, excluding for this purpose an isolated and insubstantial
action not taken in bad faith and which is remedies by the Company promptly
after receipt of notice thereof given by the Executive;

       

      (ii)  any
failure by the Company or its affiliated companies to comply with any of the
provisions of Section 3 and 4 of this Agreement, other than an isolated,
insubstantial and inadvertent  failure not occurring in bad faith and
which is remedies by the Company promptly after receipt of notice thereof given
by the Executive;

       

      (iii) any
material change in the Executive's reporting responsibilities;

       

      However,
in no event shall the Executive be considered to have terminated his employment
for "Good Reason" unless and until the Company receives written notice from the
Executive identifying in reasonable detail the acts or omissions constituting
"Good Reason" and the provision of this Agreement relied upon, and such acts or
omissions are not cured by the Company to the reasonable satisfaction of the
Executive within 30 days of the Company's receipt of such notice.

       

                        (f)
Resignation
other than for Good Reason. The Executive may voluntarily terminate his
employment hereunder for any reason other than Good Reason on the 60th day after
the delivery a written notice to the Company.

       

      6. Consequences
of Termination.

       

      (a)  Disability.  Upon
termination of the Employment Term because of the Executive's Disability, the
Company shall pay or provide to the Executive (1) any unpaid Base Salary and any
accrued vacation and holidays through the date of termination; (2) the Deferred
Salary set forth in Section 3.1 hereof earned and accrued as of the date of
termination; (3) any unpaid bonus accrued with respect to the fiscal year ending
on or preceding the date of termination; (4) reimbursement for any unreimbursed
expenses properly incurred through the date of termination; and (5) all other
payments or benefits to which the Executive may be entitled under the terms of
any applicable employee benefit plan, including medical benefits, program or
arrangement (collectively, the “Accrued Benefits”). In addition, all granted but
unvested Stock Awards, as well as any ungranted Stock Awards that would have
granted in the calendar year in which the Executive was terminated, shall become
immediately fully vested.

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      (b) Death.  Upon
the termination of the Employment Term because of the Executive's death, the
Executive's estate shall be entitled to any Accrued Benefits. In addition, all
granted but unvested Stock Awards shall become immediately fully
vested.

       

      (c)  Termination
for Cause. Upon the termination of the Employment Term by the Company for
cause or by either party in connection with a failure to renew this Agreement,
the Company shall pay to the Executive any Accrued Benefits.

       

      (d)  Termination
without Cause. Upon the termination of the Employment Term by the Company
without Cause, the Company shall pay or provide to the Executive the Accrued
Benefits plus additional one (1) year of Base Salary, Stock Award and medical
benefits pursuant to Section 3 and 4 of
this  Agreement.

       

      (e) 
Resignation
for Good Reason. In the event the Executive voluntarily terminates his
employment hereunder for Good Reason,  the Company shall pay or
provide to the Executive the Accrued Benefits plus additional one (1) year of
Base Salary, Stock Award and medical benefits pursuant to Section 3 and 4 of
this  Agreement.

       

      (f)
Resignation
other than for Good Reason. In the
event the Executive voluntarily terminates his employment hereunder other than
for Good Reason, the Company shall pay or provide to the Executive any Accrued
Benefits.

       

      7. Change
in Control.  If In the event of a Change in Control, as defined
below, (i) the Company shall pay to the Executive the Deferred Salary set forth
in Section 3.1 and (ii) all Stock Awards set forth in Section 3(2) herein that
Executive would have been entitled to receive through the expiration of the
Employment Term, whether or not issued as of the date of the Change in
Control.  Such Stock Award shall be fully vested as of the date of the
Change in Control.

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      For the
purpose of this Agreement, a “Change
in Control" shall be deemed to have occurred if, during the term of this
Agreement: (i) the beneficial ownership of at least 50% of the Company's voting
securities or all or substantially all of the assets of the Company shall have
been acquired, directly or indirectly by a single person or a group of
affiliated persons, other than the Executive or a group in which the Executive
is a member, or (ii) as the result of or in connection with any cash tender
offer, exchange offer, sale of assets, merger, consolidation or other business
combination of the Company with another corporation or entity and the new Board
is comprised of majority directors chosen or elected by the members of the
new/combined entity who were not members of the Company before such cash tender
offer, exchange offer, sale of assets, merger, consolidation or other business
combination of the Company with another corporation or entity.

       

      8. No
Assignment.
This Agreement is personal to each of the Parties.  Except as
provided below, no Party may assign or delegate any rights or obligations
hereunder without first obtaining the written consent of the other Party hereto;
provided,
however, that the Company may assign this Agreement to any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to
all or substantially all of the business or assets of the
Company.

       

      9. Notices.
For the purpose of this Agreement, notices and all other communications provided
for in this Agreement shall be in writing and shall be deemed to have been duly
given (1) on the date of delivery if delivered by hand, (2) on the date of
transmission, if delivered by confirmed facsimile, (3) on the first business day
following the date of deposit if delivered by guaranteed overnight delivery
service, or (4) on the fourth business day following the date delivered or
mailed by United States registered or certified mail, return receipt requested,
postage prepaid, addressed as follows:

       

      If to the
Executive:

       

      Mark A.
Giresi

      750 Ocean
Royale Way, Unit 1203N

      Juno
Beach, Florida  33408

    

     

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    

    If to the
Company:

     

    NXT Nutritional Holdings,
Inc.

    Attn.: Francis
McCarthy 

    56
Jackson Street

    Holyoke,
MA 01040

    Tel.:
(413) 533-9300

     

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

     

    Anslow & Jaclin,
LLP

    195 Route 9 South, Suite
204

    Manalapan, New Jersey,
07726

    Attention: Kristina
Trauger, Esq.

    Tel.:732-409-1212

    Fax: (732)
577-1188

     

    or to
such other address as either Party may have furnished to the other in writing in
accordance herewith, except that notices of change of address shall be effective
only upon receipt.

     

    
      	
              10.  

            	
              Protection
      of the Company’s
Business.

            

    

     

    (a) Confidentiality.
The Executive acknowledges that during the course of his employment by the
Company (prior to and during the Employment Term) he has and will occupy a
position of trust and confidence. The Executive shall hold in a fiduciary
capacity for the benefit of the Company and shall not disclose to others or use,
whether directly or indirectly, any Confidential Information regarding the
Company, except (i) as in good faith deemed necessary by the Executive to
perform his duties hereunder, (ii) to enforce any rights or defend any claims
hereunder or under any other agreement to which the Executive is a party, provided
that such disclosure is relevant to the enforcement of such rights or
defense of such claims and is only disclosed in the formal proceedings related
thereto, (iii) when required to do so by a court of law, by any governmental
agency having supervisory authority over the business of the Company or by any
administrative or legislative body (including a committee thereof) with
jurisdiction to order him to divulge, disclose or make accessible such
information, provided
that the Executive shall give prompt written notice to the Company of
such requirement, disclose no more 

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

     

    information
than is so required, and cooperate with any attempts by the Company to obtain a
protective order or similar treatment, (iv) as to such Confidential Information
that shall have become public or known in the Company's industry other than by
the Executive's unauthorized disclosure, or (v) to the Executive's spouse,
attorney and/or his personal tax and financial advisors as reasonably necessary
or appropriate to advance the Executive's tax, financial and other personal
planning (each an "Exempt Person"), provided,
however, any disclosure or use of Confidential Information by an Exempt
Person shall be deemed to be a breach of this Section 10 by the Executive. The
Executive shall take all reasonable steps to safeguard the Confidential
Information and to protect it against disclosure, misuse, espionage, loss and
theft.  The Executive understands and agrees that the Executive shall
acquire no rights to any such Confidential Information. "Confidential
Information" shall mean information about the Company, its subsidiaries and
affiliates, and their respective clients and customers that is not disclosed by
the Company and that was learned by the Executive in the course of his
employment by the Company, including, but not limited to, any proprietary
knowledge, trade secrets, data and databases, formulae, sales, financial,
marketing, training and technical information, client, customer, supplier and
vendor lists, competitive strategies, computer programs and all papers, resumes,
and records (including computer records) of the documents containing such
Confidential Information.

     

    (b) Non-Competition.  During
the Employment Term and for the one-year period following the termination of the
Executive's employment for any reason (the "Restricted Period"), the Executive
shall not, directly or indirectly, without the prior written consent of the
Company, provide employment (including self-employment), directorship,
consultative or other services to any business, individual, partner, firm,
corporation, or other entity that competes with any business conducted by the
Company or any of its subsidiaries or affiliates on the date of the Executive's
termination of employment or within one year of the Executive's termination of
employment in the geographic locations where the Company and its subsidiaries or
affiliates engage or propose to engage in such business (the "Business").
Nothing herein shall prevent the Executive from having a passive ownership
interest of not more than 2% of the outstanding securities of any entity engaged
in the Business whose securities are traded on a national securities
exchange.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

     

    (c) Non-Solicitation
of Employees. The Executive recognizes that he possesses and will possess
confidential information about other employees of the Company and its
subsidiaries and affiliates relating to their education, experience, skills,
abilities, compensation and benefits, and inter-personal relationships with
customers of the Company and its subsidiaries and affiliates. The Executive
recognizes that the information he possesses and will possess about these other
employees is not generally known, is of substantial value to the Company and its
subsidiaries and affiliates in developing their business and in securing and
retaining customers, and has been and will be acquired by him because of his
business position with the Company. The Executive agrees that, during the
Restricted Period, he will not, directly or indirectly, (i) solicit or
recruit any employee of the Company or any of its subsidiaries or affiliates (a
"Current Employee") or any person who was an employee of the Company or any of
its subsidiaries or affiliates during the twelve (12) month period immediately
prior to the date the Executive's employment terminates (a "Former Employee")
for the purpose of being employed by him or any other entity, or (ii) hire any
Current Employee or Former Employee.

     

    (d) Non-Solicitation
of Customers.  The Executive agrees that, during the Restricted
Period, he will not, directly or indirectly, solicit or attempt to solicit (i)
any party who is a customer or client of the Company or its subsidiaries, who
was a customer or client of the Company or its subsidiaries at any time during
the twelve (12) month period immediately prior to the date the Executive's
employment terminates or who is a prospective customer or client that has been
identified and targeted by the Company or its subsidiaries for the purpose of
marketing, selling or providing to any such party any services or products
offered by or available from the Company or its subsidiaries, or (ii) any
supplier or vendor to the Company or any subsidiary to terminate, reduce or
alter negatively its relationship with the Company or any subsidiary or in any
manner interfere with any agreement or contract between the Company or any
subsidiary and such supplier or vendor.

     

    (e) Property.  The
Executive acknowledges that all originals and copies of materials, records and
documents generated by him or coming into his possession during his employment
by the Company or its subsidiaries are the sole property of the Company and its
subsidiaries ("Company Property").  During the Employment Term, and at
all times thereafter, the Executive shall not remove, or cause to be removed,
from the premises of the Company or its subsidiaries, copies of any record,
file, memorandum, document, computer related information or equipment, or any
other item relating to the business of the Company or its subsidiaries, except
in furtherance of his duties under this Agreement. When the Executive's
employment with the Company terminates, or upon request of the Company at any
time, the Executive shall promptly deliver to the Company all copies of Company
Property in his possession or control.

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    (f) Non-Disparagement.  Executive
shall not, and shall not induce others to, disparage the Company or its
subsidiaries or affiliates or their past and present officers, directors,
employees or products. "Disparage" shall mean making comments or statements to
the press, the Company's or its subsidiaries' or affiliates' employees or any
individual or entity with whom the Company or its subsidiaries or affiliates has
a business relationship which would adversely affect in any manner (1) the
business of the Company or its subsidiaries or affiliates (including any
products or business plans or prospects), or (2) the business reputation of the
Company or its subsidiaries or affiliates, or any of their products, or their
past or present officers, directors or employees.

     

    (g) Cooperation.
Subject to the Executive's other reasonable business commitments, following the
Employment Term, the Executive shall be available to cooperate with the Company
and its outside counsel and provide information with regard to any past,
present, or future legal matters which relate to or arise out of the business
the Executive conducted on behalf of the Company and its subsidiaries and
affiliates, and, upon presentation of appropriate documentation, the Company
shall compensate the Executive for any out-of-pocket expenses reasonably
incurred by the Executive in connection therewith.

     

    (h) Equitable
Relief and Other Remedies.  The Executive acknowledges and
agrees that the Company's remedies at law for a breach or threatened breach of
any of the provisions of this Section 10 would be inadequate and, in recognition
of this fact, the Executive agrees that, in the event of such a breach or
threatened or attempted breach, in addition to any remedies at law, the Company,
without posting any bond, shall be entitled to obtain equitable relief in the
form of specific performance, a temporary restraining order, a temporary or
permanent injunction or any other equitable remedy which may then be available.
In addition, without limiting the Company's remedies for any breach of any
restriction on the Executive set forth in this Section 10, except as required by
law, the Executive shall not be entitled to any payments set forth in Section 6
hereof if the Executive has breached the covenants applicable to the Executive
contained in this Section 10, the Executive will immediately return to the
Company any such payments previously received under Section 6 upon such a
breach, and, in the event of such breach, the Company will have no obligation to
pay any of the amounts that remain payable by the Company under Section
6.

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    (i) Reformation.  If
it is determined by a court of competent jurisdiction in any state that any
restriction in this Section 10 is excessive in duration or scope or is
unreasonable or unenforceable under the laws of that state, it is the intention
of the parties that such restriction may be modified or amended by the court to
render it enforceable to the maximum extent permitted by the law of that
state.  The Executive acknowledges that the restrictive covenants
contained in this Section 10 are a condition of this Agreement and are
reasonable and valid in temporal scope and in all other
respects.

     

    (j) Liability. Notwithstanding
the provisions in this Section 10, the Executive shall not be liable for any
mistakes of fact, errors of judgment, for losses sustained by the Company or any
subsidiary or for any acts or omissions of any kind, unless caused by the
negligence or willful or intentional misconduct of the Executive or any person
or entity acting for or on behalf of the Executive.

     

    (k) Survival
of Provisions. The obligations contained in this Section 10 shall survive
in accordance with their terms the termination or expiration of the Executive's
employment with the Company and shall be fully enforceable
thereafter.

     

    11. Indemnification. The
Executive shall be indemnified to the extent permitted by the Company's
organizational documents and to the extent allowed by law.  The
Company shall continue to carry Director’s and Officer’s Liability Insurance in
accordance with that which has been approved by the Company’s Board in such
amounts and at limits no less than the current policy limits and amounts now in
effect.

     

    12. Section
Headings and Interpretation. The
section headings used in this Agreement are included solely for convenience and
shall not affect, or be used in connection with, the interpretation of this
Agreement. Expressions of inclusion used in this agreement are to be understood
as being without limitation.

     

    13.  Severability. The
provisions of this Agreement shall be deemed severable and the invalidity of
unenforceability of any provision shall not affect the validity or
enforceability of the other provisions hereof.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

     

    14. Counterparts. This
Agreement may be executed in several counterparts, each of which shall be deemed
to be an original but all of which together will constitute one and the same
Agreement.

     

    15. Governing
Law and Venue. The validity, interpretation, construction and performance
of this Agreement shall be governed by the laws of the state of Massachusetts
without regard to its conflicts of law principles. The Parties agree irrevocably
to submit to the exclusive jurisdiction of the courts located in the state of
Massachusetts, for the purposes of any suit, action or other proceeding brought
by any Party arising out of any breach of any of the provisions of this
Agreement and hereby waive, and agree not to assert by way of motion, as a
defense or otherwise, in any such suit, action, or proceeding, any claim that it
is not personally subject to the jurisdiction of the above-named courts, that
the suit, action or proceeding is brought in an inconvenient forum, that the
venue of the suit, action or proceeding is improper, or that the provisions of
this Agreement may not be enforced in or by such courts.

     

    16. Entire
Agreement.
This Agreement contains the entire agreement between the Parties with
respect to the subject matter hereof and supersedes all prior agreements,
written or oral, with respect thereto. No agreements or representations, oral or
otherwise, express or implied, with respect to the subject matter hereof have
been made by either party which is not expressly set forth in this
Agreement.

     

    17. Waiver
and Amendment. No
provision of this Agreement may be modified, amended, waived or discharged
unless such waiver, modification, amendment or discharge is agreed to in writing
and signed by the Executive and such officer or director as may be designated by
the Board. No waiver by either Party at any time of any breach by the other
Party hereto of, or compliance with, any condition or provision of this
Agreement to be performed by such other Party shall be deemed a waiver or
similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time.

     

    18. Withholding. The
Company may withhold from any and all amounts payable under this Agreement such
federal, state, local and foreign taxes as may be required to be withheld
pursuant to any applicable law or regulation.

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    19.  Authority
and Non-Contravention. The Executive represents and warrants to the
Company that he has the legal right to enter into this Agreement and to perform
all of the obligations on his part to be performed hereunder in accordance with
its terms and that he is not a party to any agreement or understanding, written
or oral, which could prevent him from entering into this Agreement or performing
all of his obligations hereunder.

     

    20. Counterparts. This
Agreement may be executed in counterparts, each of which shall be deemed an
original but all of which shall constitute one and the same
instrument.

     

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

     

     

     

    NXT
NUTRITIONAL HOLDINGS, INC. 

     

    /s/
Francis
McCarthy                                    

    By:  Francis
McCarthy 

    Title:
Chief Executive Officer

     

     

     

    EXECUTIVE

     

    /s/
Mark A.
Giresi                                                

    By:  Mark
A. Giresi

     

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

     

    Exhibit
A

    (List of
Companies)

     

     

     

    
      	
              1.  

            	
              UFood
      Grill – Restaurant and Franchise
Business

            

    

    
      	
              2.  

            	
              Fiduciary
      Trust International of the South – Money management
  firm

            

    

    
      	
              3.  

            	
              Solais
      – Design and marketer of lighting

            

    

    
      	
              4.  

            	
              Innovative
      Beverage Group Holdings – Beverage manufacturer and
    marketer

            

    

     

     

     

     

     

     

     

     

     

     

     16

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