Document:

a50882939ex10_1.htm

	
CUSIP No. 00754E107

	
SCHEDULE 13D

	
Page 8 of 9

 

Exhibit 10.1

 

Lock-Up Agreement

 

As of June 6, 2014

 

B. Riley & Co., LLC

11100 Santa Monica Blvd.

Suite 800

Los Angeles, CA 90025

 

	  	
Re:

	
 Advanced Photonix, Inc. - Public Offering of Shares

 

Dear Sirs:

 

In order to induce B. Riley & Co., LLC (“B. Riley”) to enter into a underwriting agreement with Advanced Photonix, Inc., a Delaware corporation (the “Company”), with respect to the public offering (the “Offering”) of shares of the Company’s Class A common stock, par value $0.001 per share (“Common Stock”), the undersigned hereby agrees that for a period (the “lock-up period”) of ninety (90) days following the date of the final prospectus supplement filed by the Company with the Securities and Exchange Commission in connection with such Offering (the “Prospectus Supplement”), the undersigned will not, without the prior written consent of B. Riley, directly or indirectly, (i) offer, sell, assign, transfer, pledge, contract to sell, or otherwise dispose of, any shares of Common Stock or securities convertible into or exercisable or exchangeable for Common Stock (including, without limitation, shares of Common Stock or any such securities which may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations promulgated under the Securities Exchange Act of 1934, as the same may be amended or supplemented from time to time (such shares or securities, the “Beneficially Owned Shares”)), (ii) enter into any swap, hedge or other agreement or arrangement that transfers in whole or in part, the economic risk of ownership of any Beneficially Owned Shares, Common Stock or securities convertible into or exercisable or exchangeable for Common Stock, or (iii) engage in any short selling of any Beneficially Owned Shares, Common Stock or securities convertible into or exercisable or exchangeable for Common Stock.  The foregoing sentence shall not apply to (a) transactions relating to any Beneficially Owned Shares, Common Stock or securities convertible into or exercisable or exchangeable for Common Stock acquired from the Company in the Offering or in open market transactions after the completion of the Offering, (b) transfers of any Beneficially Owned Shares, Common Stock or securities convertible into or exercisable or exchangeable for Common Stock as a bona fide gift, (c) in the case of a natural person, transfers of any Beneficially Owned Shares, Common Stock or securities convertible into or exercisable or exchangeable for Common Stock by will or intestate succession or to any trust or partnership for the direct or indirect benefit of the undersigned or any member of the immediate family of the undersigned, (d) in the case of a non-natural person, distributions of any Beneficially Owned Shares, Common Stock or securities convertible into or exercisable or exchangeable for Common Stock to general or limited partners or stockholders or members of the undersigned, (e) in the case of a non-natural person, transfers of any Beneficially Owned Shares, Common Stock or securities convertible into or exercisable or exchangeable for Common Stock (A) in connection with the sale or other bona fide transfer in a single transaction of all or substantially all of the undersigned’s capital stock, partnership interests, membership interests or other similar equity interests, as the case may be, or all or substantially all of the undersigned’s assets, in any such case not undertaken for the purpose of avoiding the restrictions imposed by this Agreement or (B) to another corporation, partnership, limited liability company or other business entity so long as the transferee is an affiliate of the undersigned and such transfer is not for value, (f) the “net” exercise of outstanding options or warrants to purchase Common Stock in accordance with their terms, or (g) transfers pursuant to a sale or an offer to purchase 100% of the outstanding Common Stock, whether pursuant to a merger, tender offer or otherwise, to a third party or group of third parties; provided that in the case of any transfer or distribution pursuant to clause (b), (c), (d) or (e), each donee, pledgee, distributee or transferee shall sign and deliver a lock-up agreement substantially in the form of this Agreement; and provided, further, that any Common Stock acquired upon the net exercise of options or warrants described in clause (f) above shall be subject to the restrictions imposed by this Agreement.  For the purposes of this paragraph, “immediate family” shall mean spouse, domestic partner, lineal descendant (including adopted children), father, mother, brother or sister of the transferor.

 

  

  

  

 

	
CUSIP No. 00754E107

	
SCHEDULE 13D

	
Page 9 of 9

 

If (i) the Company issues an earnings release or material news or a material event relating to the Company occurs during the last seventeen days of the lock-up period, or (ii) prior to the expiration of the lock-up period, the Company announces that it will release earnings results during the sixteen-day period beginning on the last day of the lock-up period, the restrictions imposed by this Agreement shall continue to apply until the expiration of the eighteen-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event.

 

In addition, the undersigned hereby waives, from the date hereof until the expiration of the ninety (90) day period following the date of the Prospectus Supplement, any and all rights, if any, to request or demand registration pursuant to the Securities Act of 1933, as amended, of any shares of Common Stock or securities convertible into or exercisable or exchangeable for Common Stock that are registered in the name of the undersigned or that are Beneficially Owned Shares.  In order to enable the aforesaid covenants to be enforced, the undersigned hereby consents to the placing of legends and/or stop transfer orders with the transfer agent of the Common Stock with respect to any shares of Common Stock, securities convertible into or exercisable or exchangeable for Common Stock or Beneficially Owned Shares.

 

If (i) the Company notifies B. Riley in writing that it does not intend to proceed with the Offering, (ii) for any reason the Offering is terminated prior to the payment for and delivery of the Common Stock or (iii) the Offering shall not have been completed by 10:00 A.M. on June 6, 2014, unless the Company and B. Riley otherwise agree, then upon the occurrence of any such event, this Agreement shall immediately be terminated and the undersigned shall be released from its obligations hereunder.

 

	 	 	 
	 	 	 	 
	
 

	
By: 

	/s/ Steven Williamson	 
	 	Name:	Steven Williamson	 
	 	Title: 	

Chief Technology Officerex10-1.htm

Exhibit 10.1

 

PURCHASE AND SALE AGREEMENT –Bio Tech

 

This PURCHASE AND SALE AGREEMENT (“Agreement”) is entered into by and between, on one hand, Medbox, Inc., a Nevada corporation with principal executive offices in California and Arizona (“Medbox”) and, on the other hand, PVM International, Inc., a California corporation (“PVMI”), as of June 5, 2014. Medbox and PVMI are sometimes referred to herein, from time to time, collectively, as the “Parties.”

 

Recitals

 

WHEREAS, the Medbox has certain rights and claims related to and arising out of its transactions with Bio Tech Medical Software, Inc. (“Bio Tech”), which it is willing to sell (“Bio Tech Rights and Claims”) to PMVI.

 

WHEREAS, PVMI desires to purchase the Bio Tech Rights and Claims from Medbox on the terms set forth herein.

 

Now, therefore, for good and valuable consideration, the receipt, sufficiency and adequacy of which is hereby acknowledged by the Parties, they set forth the terms of their agreement concerning the subject matter of this Agreement as follows:

 

Terms And Conditions

 

1. Purchase and sale. Medbox hereby sells to PVMI, and PVMI hereby purchases from Medbox, Exclusivity of the Bio Tech Rights and Claims as the sole Medbox Affiliate allowed to transact business for or on behalf Bio Tech, which include any and all rights and claims attributable to or owned or controlled by Medbox as a result of its transactions with Bio Tech except to the extent that such a purchase would violate any agreement or law and, in which event, said purchase and sale shall be void and of no force and effect as of the date of any such determination. PVMI agrees to indemnity Medbox concerning the foregoing.

 

2. Consideration. PVMI shall transfer or arrange for the transfer of 30,000 shares of stock of Medbox which it (PVMI) owns, selected at PVMI’s option, to Medbox in consideration for this purchase and sale transaction.

 

3.  Repurchase option. Following closing of the purchase and sale transaction contemplated by this Agreement, Medbox shall have the option, which is granted hereby by PVMI, to purchase from PVMI any and all of the assets transferred hereunder for the same value as the consideration provided by PVMI as set for in paragraph 2, above, plus the sum of any of PVMI’s reasonable expenditures incurred in pursuit of the claims and rights and or indemnification of Medbox called for under this Agreement. This option may be exercised by Medbox by its providing 30 days prior written notice to PVMI of the exercise of said option.

 

  

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4. Cooperation. The Parties agree that they will cooperate relative to the performance of this Agreement.

 

5. Governing Law. Except as to matters concerning arbitration, and the separable arbitration provision set forth in this Agreement, which shall be governed by Arizona law, this Agreement shall otherwise be governed by and construed in accordance with and governed by the laws of the State of California without giving effect to the conflict of law principles of the said state.

 

6. Disputes. Except for the matters specified herein as to which injunctive relief may be pursued, any controversy, claim or dispute arising out of, relating to, or touching on or concerning this Agreement, shall be settled by binding arbitration in Phoenix, Arizona subject to the Revised Uniform Arbitration Act, or its replacement, as may be in effect in the State of Arizona, with the following exceptions if in conflict: (a) one arbitrator shall be chosen each Party and each Party-appointed arbitrator shall appoint a third; (b) each party to the arbitration will pay its pro rata share of the fees and expenses and fees of the arbitrators, together with other expenses of the arbitration incurred or approved by the arbitrators; and (c) arbitration may proceed in the absence of any party if written notice of the proceeding has been given to such Party. The Parties agree to abide by all decisions and awards rendered in such proceedings. Such decisions and awards rendered by the arbitrators shall be final and conclusive and may be confirmed in any Court of competent jurisdiction. The arbitrators shall not have the right to award punitive damages to either Party. If for any reason, this arbitration clause becomes inapplicable to any dispute between the Parties, then each Party shall to the fullest extent permitted by applicable law hereby irrevocably waive the right to trial by jury as to any issue in any proceeding relating to any dispute between said the Parties.

 

7. Severability. In the event that any provision of this Agreement is held to be unenforceable under applicable law, this Agreement will continue in full force and effect without such provision and will be enforceable in accordance with its terms.

 

8. Construction. The titles of the sections of this Agreement are for convenience of Reference only and are not to be considered in construing this Agreement. Unless the context of this Agreement clearly requires otherwise: (a) references to the plural include the singular, the singular the plural, and the part the whole, (b) references to one gender include all genders, (c) “or” has the inclusive meaning frequently identified with the phrase “and/or,” (d) “including” has the inclusive meaning frequently identified with the phrase “including but not limited to” or “including without limitation,” and (e) references to “hereunder,” “herein” or “hereof” relate to this Agreement as a whole. Any reference in this Agreement to any statute, rule, regulation or agreement, including this Agreement, shall be deemed to include such statute, rule, regulation or Agreement as it may be modified, varied, amended or supplemented from time to time.

 

9. Entire Agreement. This Agreement embodies the entire agreement and understanding between the parties hereto with respect to the subject matter of this Agreement and supersedes all prior or contemporaneous agreements and understanding other than this Agreement relating to the subject matter hereof.

 

  

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10. Amendment and Waiver. This Agreement may be amended only by a written agreement executed by the parties hereto. No provision of this Agreement may be waived except by a written document executed by the party entitled to the benefits of the provision. No waiver of a provision will be deemed to be or will constitute a waiver of any other provision of this Agreement. A waiver will be effective only in the specific instance and for the purpose for which it was given, and will not constitute a continuing waiver.

 

11. Counterparts. This Agreement may be in any number of counterparts, each of which will be deemed an original, but all of which together will constitute one instrument.

 

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

 

MEDBOX, Inc.

 

By: /s/ Matthew Feinstein

 

Name: Matthew Feinstein

Title: VP

 

Medbox Board Member Approval:

Unanimously Approved on 6/4/14

 

PVM International, Inc.

 

By: /s/ Vincent Mehdizadeh

 

Name: Vincent Mehdizadeh

Title: CEO

 

 

  

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