Document:

REGISTRATION RIGHTS AGREEMENT DATED JUNE 10, 2003

  
 Exhibit 10.2

  
 REGISTRATION RIGHTS AGREEMENT 
  
 This Registration Rights Agreement (this “Agreement”) is
made and entered into as of June 10, 2003, by and among OXiGENE, Inc., a Delaware corporation (the “Company”), and the investors signatory hereto (each a “Purchaser” and collectively, the
“Purchasers”). 
  
 This Agreement is made
pursuant to the Securities Purchase Agreement, dated as of the date hereof among the Company and the Purchasers (the “Purchase Agreement”). 
  
 The Company and the Purchasers hereby agree as follows: 
  
 1. Definitions. Capitalized terms used and not otherwise defined herein that are defined in the Purchase Agreement shall have the meanings given
such terms in the Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings: 
  
 “Effectiveness Date” means, with respect to the Registration Statement required to be filed hereunder, the earlier of (a)
the 50th calendar day following the Closing Date (70th calendar day in the event of a full review by the Commission)
and (b) the fifth Trading Day following the date on which the Company is notified by the Commission that the Registration Statement will not be reviewed or is no longer subject to further review and comments. 
  
 “Effectiveness Period” shall have the
meaning set forth in Section 2(a). 
  
 “Filing Date” means, with respect to the Registration Statement required to be filed hereunder, the 15th calendar day following the Closing Date. 
  
 “Holder” or “Holders” means the holder or holders, as the case may be, from time to time of Registrable Securities. 
  
 “Indemnified Party” shall have the meaning set forth in Section 5(c). 
  
 “Indemnifying Party” shall have the meaning
set forth in Section 5(c). 
  
 “Losses” shall have the meaning set forth in Section 5(a). 
  
 “Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation
or partial proceeding, such as a deposition), whether commenced or threatened. 
  
 “Prospectus” means the prospectus included in the Registration Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part
of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the 

 Registrable Securities covered by the Registration Statement, and all other amendments and supplements to
the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
  
 “Registrable Securities” means the Shares, the Warrant Shares and the shares of Common Stock issuable upon exercise of
the warrant issued to Roth Capital Partners, LLC in connection with the transactions contemplated by the Purchase Agreement, together with any shares of Common Stock issued or issuable upon any stock split, dividend or other distribution,
recapitalization or similar event with respect to the foregoing or in connection with any anti-dilution provisions in the Warrant. 
  
 “Registration Statement” means the registration statements required to be filed hereunder, including (in each case) the
Prospectus, amendments and supplements to the registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in the
registration statement. 
  
 “Rule
415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as
such Rule. 
  
 “Rule 424” means
Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

  
 “Securities Act” means the
Securities Act of 1933, as amended. 
  
 2. Registration.

  
 (a) On or prior to the Filing Date, the
Company shall prepare and file with the Commission the Registration Statement covering the resale of all of the Registrable Securities for an offering to be made on a continuous basis pursuant to Rule 415. The Registration Statement required
hereunder shall be on Form S-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case the Registration shall be on another appropriate form in accordance herewith). The Registration
Statement required hereunder shall contain (except if otherwise directed by the Holders) the “Plan of Distribution” attached hereto as Annex A. The Company shall cause the Registration Statement to become effective and remain
effective as provided herein. The Company shall use its commercially reasonable efforts to cause the Registration Statement to be declared effective under the Securities Act as promptly as possible after the filing thereof, but in any event not
later than the Effectiveness Date, and shall use its commercially reasonable efforts to keep the Registration Statement continuously effective under the Securities Act until the date which is two years after the Closing Date or such later date when
all Registrable Securities covered by the Registration Statement (a) have been sold pursuant to the Registration Statement or an 
  

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 exemption from the registration requirements of the Securities Act or (b) may be sold without volume
restrictions pursuant to Rule 144(k) as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the Company’s transfer agent and the affected Holders (the “Effectiveness
Period”). 
  
 (b) If: (i) a Registration
Statement is not filed on or prior to its Filing Date (if the Company files a Registration Statement without affording the Holder the opportunity to review and comment on the same as required by Section 3(a), the Company shall not be deemed to have
satisfied this clause (i)); provided, however, that if a Holder fails to provide the Company with any information that is required to be provided in the Registration Statement with respect to such Holder pursuant to Section 3(k), then
the Filing Date shall be extended until two Trading Days following the date of receipt by the Company of such required information, or (ii) the Company fails to file with the Commission a request for acceleration in accordance with Rule 461
promulgated under the Securities Act, within five Trading Days of the date that the Company is notified (orally or in writing, whichever is earlier) by the Commission that a Registration Statement will not be “reviewed,” or not subject to
further review, or (iii) prior to the date when such Registration Statement is first declared effective by the Commission, the Company fails to file a pre-effective amendment and otherwise respond in writing to comments made by the Commission in
respect of such Registration Statement within ten Trading Days after the receipt of comments by or notice from the Commission that such amendment is required in order for a Registration Statement to be declared effective, or (iv) a Registration
Statement filed or required to be filed hereunder is not declared effective by the Commission on or before the Effectiveness Date, or (v) after a Registration Statement is first declared effective by the Commission, it ceases for any reason to
remain continuously effective as to all Registrable Securities for which it is required to be effective, or the Holders are not permitted to utilize the Prospectus therein to resell such Registrable Securities, for in any such cases ten Trading Days
(which need not be consecutive days) in the aggregate during any 12-month period (any such failure or breach being referred to as an “Event,” and for purposes of clause (i) or (iv) the date on which such Event occurs, or for
purposes of clause (ii) the date on which such five Trading Day period is exceeded, or for purposes of clauses (iii) the date which such ten Trading Day period is exceeded, or for purposes of clause (v) the date on which such ten Trading Day period
is exceeded being referred to as “Event Date”), then in addition to any other rights the Holders may have hereunder or under applicable law: (x) on each such Event Date the Company shall pay to each Holder an amount in cash, as
liquidated damages and not as a penalty, equal to 2% of the aggregate purchase price paid by such Holder pursuant to the Purchase Agreement for any Registrable Securities then held by such Holder; and (y) on each monthly anniversary of each such
Event Date (if the applicable Event shall not have been cured by such date) until the applicable Event is cured, the Company shall pay to each Holder an amount in cash, as liquidated damages and not as a penalty, equal to 2% of the aggregate
purchase price paid by such Holder pursuant to the Purchase Agreement for any Registrable Securities then held by such Holder. If the Company fails to pay any liquidated damages pursuant to this Section in full within seven days after the date
payable, the Company will pay interest thereon at a rate of 18% per annum (or such lesser maximum amount that is permitted to be paid by 
  

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 applicable law) to the Holder, accruing daily from the date such liquidated damages are due until such
amounts, plus all such interest thereon, are paid in full. 
  
 3.
Registration Procedures 
  
 In connection with the
Company’s registration obligations hereunder, the Company shall: 
  
 (a) Not less than three Trading Days prior to the filing of the Registration Statement or any related Prospectus or any amendment or supplement thereto, the Company shall, (i) furnish to the Holders copies of all such
documents proposed to be filed (including documents incorporated or deemed incorporated by reference to the extent requested by such Person) which documents will be subject to the review of such Holders, and (ii) cause its officers and directors,
counsel and independent certified public accountants to respond to such inquiries as shall be necessary, in the reasonable opinion of respective counsel to conduct a reasonable investigation within the meaning of the Securities Act. The Company
shall not file the Registration Statement or any such Prospectus or any amendments or supplements thereto to which the Holders of a majority of the Registrable Securities shall reasonably object in good faith. 
  
 (b) (i) Prepare and file with the Commission such amendments,
including post-effective amendments, to the Registration Statement and the Prospectus used in connection therewith as may be necessary to keep the Registration Statement continuously effective as to the applicable Registrable Securities for the
Effectiveness Period; (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424; (iii) respond as promptly as reasonably possible, and in
any event within ten Trading Days, to any comments received from the Commission with respect to the Registration Statement or any amendment thereto and, as promptly as reasonably possible, upon request, provide the Holders true and complete copies
of all correspondence from and to the Commission relating to the Registration Statement; and (iv) comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable
Securities covered by the Registration Statement during the applicable period in accordance with the intended methods of disposition by the Holders thereof set forth in the Registration Statement as so amended or in such Prospectus as so
supplemented. 
  
 (c) Notify the Holders of
Registrable Securities to be sold as promptly as reasonably possible (and, in the case of (i)(A) below, not less than two Trading Days prior to such filing) and (if requested by any such Person) confirm such notice in writing promptly following the
day (i)(A) when a Prospectus or any Prospectus supplement or post-effective amendment to the Registration Statement is proposed to be filed; (B) when the Commission notifies the Company whether there will be a “review” of the Registration
Statement and whenever the Commission comments in writing on the Registration Statement (the Company shall upon request provide true and complete copies thereof and all written responses thereto to each of the Holders); and (C) with respect to the
Registration Statement or any post-effective amendment, when the same 
  

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 has become effective; (ii) of any request by the Commission or any other Federal or state governmental
authority during the period of effectiveness of the Registration Statement for amendments or supplements to the Registration Statement or Prospectus or for additional information; (iii) of the issuance by the Commission or any other federal or state
governmental authority of any stop order suspending the effectiveness of the Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; (iv) of the receipt by the Company of any
notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; and (v) of the
occurrence of any event or passage of time that makes the financial statements included in the Registration Statement ineligible for inclusion therein or any statement made in the Registration Statement or Prospectus or any document incorporated or
deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to the Registration Statement, Prospectus or other documents so that, in the case of the Registration Statement or the Prospectus, as the
case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading. 
  
 (d) Use its commercially
reasonable efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness of the Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of
the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment. 
  
 (e) Furnish to each Holder, without charge, at least one conformed copy of the Registration Statement and each amendment thereto,
including financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference to the extent requested by such Person, and all exhibits to the extent requested by such Person (including those previously
furnished or incorporated by reference) promptly after the filing of such documents with the Commission. 
  
 (f) Promptly deliver to each Holder, without charge, as many copies of the Prospectus or Prospectuses (including each form of prospectus)
and each amendment or supplement thereto as such Persons may reasonably request in connection with resales by the Holder of Registrable Securities. The Company hereby consents to the use of such Prospectus and each amendment or supplement thereto by
each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto, except after the giving on any notice pursuant to Section 3(c). 
  
 (g) Prior to any resale of Registrable Securities by a
Holder, use its commercially reasonable efforts to register or qualify or cooperate with the selling Holders in connection with the registration or qualification (or exemption from the Registration or qualification) of such Registrable Securities
for the resale by the Holder under the securities or Blue Sky laws of such jurisdictions within the United States as any 
  

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 Holder reasonably requests in writing, to keep each the Registration or qualification (or exemption
therefrom) effective during the Effectiveness Period and to do any and all other acts or things reasonably necessary to enable the disposition in such jurisdictions of the Registrable Securities covered by the Registration Statement;
provided, that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified, subject the Company to any material tax in any such jurisdiction where it is not then so subject or
file a general consent to service of process in any such jurisdiction. 
  
 (h) If requested by the Holders, cooperate with the Holders to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to the
Registration Statement, which certificates shall be free, to the extent permitted by the Purchase Agreement, of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as any such
Holders may request. 
  
 (i) Upon the occurrence
of any event contemplated by Section 3(c)(v), as promptly as reasonably possible, prepare a supplement or amendment, including a post-effective amendment, to the Registration Statement or a supplement to the related Prospectus or any document
incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, neither the Registration Statement nor such Prospectus will contain an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
  
 (j) Comply with all applicable rules and regulations of the Commission. 
  
 (k) The Company may require each selling Holder to furnish to
the Company a certified statement as to the number of shares of Common Stock beneficially owned by such Holder and, if required by the Commission, the person thereof that has voting and dispositive control over the Shares. 
  
 4. Registration Expenses. All fees and expenses incident to the
performance of or compliance with this Agreement by the Company shall be borne by the Company whether or not any Registrable Securities are sold pursuant to the Registration Statement. The fees and expenses referred to in the foregoing sentence
shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses (A) with respect to filings required to be made with the Trading Market on which the Common Stock is then listed for trading,
and (B) in compliance with applicable state securities or Blue Sky laws), (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities and of printing prospectuses if the printing of
prospectuses is reasonably requested by the holders of a majority of the Registrable Securities included in the Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company, (v)
Securities Act liability insurance, if the Company so desires such insurance, and (vi) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement. In
addition, the Company 
  

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 shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions
contemplated by this Agreement (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the
listing of the Registrable Securities on any securities exchange as required hereunder. 
  
 5. Indemnification 
  
 (a) Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless each Holder, the officers, directors, agents and employees of each of them,
each Person who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, agents and employees of each such controlling Person, to the fullest extent permitted by
applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses (collectively, “Losses”), as incurred, to the extent arising out
of or relating to any untrue or alleged untrue statement of a material fact contained in the Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out
of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or supplement thereto, in light of the circumstances
under which they were made) not misleading, except to the extent, but only to the extent, that (1) such untrue statements or omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder
expressly for use therein, or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for
use in the Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved Annex A hereto for this purpose) or (2) in the case of an occurrence of an
event of the type specified in Section 3(c)(ii)-(v), the use by such Holder of an outdated or defective Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such
Holder of the Advice contemplated in Section 6(d). The Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding of which the Company is aware in connection with the transactions contemplated by this
Agreement. 
  
 (b) Indemnification by
Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and
Section 20 of the Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted by applicable law, from and against all Losses, as incurred, to the extent arising out of or based upon:
(x) such Holder’s failure to comply with the prospectus delivery requirements of the Securities Act or (y) any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus, or any form of
prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or 
  

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 relating to any omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein not misleading (i) to the extent, but only to the extent, that such untrue statement or omission is contained in any information so furnished in writing by such Holder to the Company specifically for
inclusion in the Registration Statement or such Prospectus or (ii) to the extent that (1) such untrue statements or omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for
use therein, or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in the
Registration Statement (it being understood that the Holder has approved Annex A hereto for this purpose), such Prospectus or such form of Prospectus or in any amendment or supplement thereto or (2) in the case of an occurrence of an event of the
type specified in Section 3(c)(ii)-(v), the use by such Holder of an outdated or defective Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of the
Advice contemplated in Section 6(d). In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the net proceeds received by such Holder upon the sale of the Registrable Securities giving rise to
such indemnification obligation. 
  
 (c)
Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from
whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall have the right to assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and
the payment of all fees and expenses incurred in connection with defense thereof; provided, that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this
Agreement, except (and only) to the extent that it shall be finally determined by a court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have prejudiced the Indemnifying Party.

  
 An Indemnified Party shall have the right to
employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing
to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named parties to
any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party, and such Indemnified Party shall have been advised by counsel that a conflict of interest is likely to exist if the same counsel
were to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the
Indemnifying Party shall not have the right to assume the defense thereof and the reasonable fees and expenses of one separate counsel shall be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable for any 

 

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 settlement of any such Proceeding effected without its written consent, which consent shall not be
unreasonably withheld. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes an
unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding. 
  
 All reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in connection
with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within ten Trading Days of written notice thereof to the Indemnifying Party;
provided, that the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses applicable to such actions for which such Indemnified Party is not entitled to indemnification hereunder,
determined based upon the relative faults of the parties. 
  
 (d) Contribution. If a claim for indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party (by reason of public policy or otherwise), then each Indemnifying Party, in lieu of
indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified
Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference
to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such
Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement or omission. The amount paid or payable by a party as a result of any
Losses shall be deemed to include, subject to the limitations set forth in Section 5(c), any reasonable attorneys’ or other reasonable fees or expenses incurred by such party in connection with any Proceeding to the extent such party would have
been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party in accordance with its terms. 
  
 The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by pro rata
allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 5(d), no Holder shall be required to
contribute, in the aggregate, any amount in excess of the amount by which the proceeds actually received by such Holder from the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such Holder has
otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission, except in the case of fraud by such Holder. The indemnity and contribution agreements contained in this Section are in addition to
any liability that the Indemnifying Parties may have to the Indemnified Parties. 
  

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 6. Miscellaneous 
  
 (a) Remedies. In the event of a breach by the Company or by a Holder, of any of their obligations
under this Agreement, each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled to specific performance of its rights
under this Agreement. The Company and each Holder agree that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in
the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate. 
  
 (b) No Piggyback on Registrations. Neither the Company nor any of its security holders (other than the Holders in such capacity
pursuant hereto) may include securities of the Company in a Registration Statement other than the Registrable Securities, and the Company shall not after the date hereof enter into any agreement providing any such right to any of its security
holders. Except as set forth in the SEC Reports, no Person has any right to cause the Company to effect the registration under the Securities Act of any securities of the Company. The Company shall not file any other registration statement until
after the Effective Date. 
  
 (c)
Compliance. Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable to it in connection with sales of Registrable Securities pursuant to the Registration Statement.

  
 (d) Discontinued Disposition. Each
Holder agrees by its acquisition of such Registrable Securities that, upon receipt of a notice from the Company of the occurrence of any event of the kind described in Section 3(c), such Holder will forthwith discontinue disposition of such
Registrable Securities under the Registration Statement until such Holder’s receipt of the copies of the supplemented Prospectus and/or amended Registration Statement or until it is advised in writing (the “Advice”) by the
Company that the use of the applicable Prospectus may be resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration
Statement. The Company may provide appropriate stop orders to enforce the provisions of this paragraph. 
  
 (e) Piggy-Back Registrations. If at any time during the Effectiveness Period there is not an effective Registration Statement
covering all of the Registrable Securities and the Company shall determine to prepare and file with the Commission a registration statement relating to an offering for its own account or the account of others under the Securities Act of any of its
equity securities, other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity securities to be issued solely in connection with any acquisition of any entity or business or equity
securities issuable in connection with the stock option or other employee benefit plans, then the Company shall send to each Holder a written notice of such determination and, if within fifteen days after the date of such notice, any such Holder
shall so request 
  

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 in writing, the Company shall include in such registration statement all or any part of such Registrable
Securities such Holder requests to be registered, subject to customary underwriter cutbacks applicable to all holders of registration rights. 
  
 (f) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing and signed by the Company and each Holder of the then outstanding Registrable Securities. 
  
 (g) Notices. Any and all notices or other
communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile at
the facsimile number provided for below prior to 6:30 p.m. (New York City time) on a Trading Day, (ii) the Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number provided for
below later than 6:30 p.m. (New York City time) on any date and earlier than 11:59 p.m. (New York City time) on such date, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight courier service, or (iv) upon
actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be delivered and addressed as set forth in the Purchase Agreement 
  
 (h) Successors and Assigns. This Agreement shall inure
to the benefit of and be binding upon the successors and permitted assigns of each of the parties and shall inure to the benefit of each Holder. Each Holder may assign their respective rights hereunder in the manner and to the Persons as permitted
under the Purchase Agreement. 
  
 (i) Execution
and Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and, all of which taken together shall constitute one and the same Agreement. In the event that any
signature is delivered by facsimile transmission, such signature shall create a valid binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature
were the original thereof. 
  
 (j) Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the
principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective
affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York, New York. Each party hereto hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the City of New York, New York for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed 
  

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 herein (including with respect to the enforcement of the any of this Agreement), and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper. Each party hereto hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or proceeding by delivering a copy thereof via overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under
this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Each
party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. If either
party shall commence an action or proceeding to enforce any provisions of this Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys fees and other costs and expenses incurred with
the investigation, preparation and prosecution of such action or proceeding. 
  
 (k) Cumulative Remedies. The remedies provided herein are cumulative and not exclusive of any remedies provided by law. 
  

(l) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto
shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared
to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
  
 (m) Headings. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
  
 (n) Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser hereunder is several and not
joint with the obligations of any other Purchaser hereunder, and no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser hereunder. Nothing contained herein or in any other agreement or document
delivered at any closing, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the
Purchasers are in any way acting in concert with respect to such obligations or the transactions contemplated by this Agreement. Each Purchaser shall be entitled to protect and enforce its rights, including without limitation the rights arising out
of this Agreement, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose. 
  

 12 

 ************************* 
  

 13 

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

	 OXIGENE, INC.

		
	 By:
	 	 /s/ Frederick W. Driscoll

	 	 	 Frederick W. Driscoll, President and CEO

  
 [PURCHASERS’
SIGNATURE PAGES TO FOLLOW] 

 [PURCHASER’S SIGNATURE PAGE TO RRA] 
  
 OMICRON MASTER TRUST 
 By: Omicron Capital L.P., as subadvisor 
 By: Omicron Capital Inc., its general partner

  

		
	 By:
	 	 /s/ Bruce Bernstein

	 	 	       Name: Bruce Bernstein
       Title: President

  
 [ADDITIONAL PURCHASER
SIGNATURES FOLLOW] 
  

 15 

 [PURCHASER’S RRA SIGNATURE PAGE] 
  
 RIVERVIEW GROUP, LLC 
  

		
	 By:
	 	 /s/ Terry Feeney

	 Name: Terry Feeney
 Title: Chief Operating Officer

  

 16 

 [PURCHASER’S SIGNATURE PAGE TO RRA] 
  
 DEEPHAVEN SMALL CAP GROWTH FUND LLC 
  

		
	 By:
	 	 /s/ Bruce Lieberman

	 	 	       Name: Bruce Lieberman
       Title: Director Private Placements

  

 17 

 ANNEX A 
  
 Plan of Distribution 
  
 The Selling Stockholders and any of their pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their shares of Common
Stock on any stock exchange, market or trading facility on which the shares are traded or in private transactions. These sales may be at fixed or negotiated prices. The Selling Stockholders may use any one or more of the following methods when
selling shares: 
  

	 	•	 	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; 

  

	 	•	 	block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction;

  

	 	•	 	purchases by a broker-dealer as principal and resale by the broker-dealer for its account; 

  

	 	•	 	an exchange distribution in accordance with the rules of the applicable exchange; 

  

	 	•	 	privately negotiated transactions; 

  

	 	•	 	settlement of short sales; 

  

	 	•	 	broker-dealers may agree with the Selling Stockholders to sell a specified number of such shares at a stipulated price per share; 

  

	 	•	 	a combination of any such methods of sale; and 

  

	 	•	 	any other method permitted pursuant to applicable law. 

  
 The Selling Stockholders may also sell shares under Rule 144 under the Securities Act, if available, rather than under this prospectus. 
  
 Broker-dealers engaged by the Selling Stockholders may arrange for other
brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the Selling Stockholders (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser) in amounts to be negotiated. The
Selling Stockholders do not expect these commissions and discounts to exceed what is customary in the types of transactions involved. 
  
 The Selling Stockholders may from time to time pledge or grant a security interest in some or all of the shares of common stock owned by them and, if they
default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares of common stock from time to time under this prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other
applicable provision of the Securities Act of 1933 
  

 18 

 amending the list of Selling Stockholders to include the pledgee, transferee or other successors in interest as Selling
Stockholders under this prospectus. 
  
 The Selling Stockholders
and any broker-dealers or agents that are involved in selling the shares may be deemed to be “underwriters” within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such
broker-dealers or agents and any profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. The Selling Stockholders have informed the Company that it does not have any
agreement or understanding, directly or indirectly, with any person to distribute the Common Stock. 
  
 The Company is required to pay all fees and expenses incident to the registration of the shares. The Company has agreed to indemnify the Selling
Stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act. 
  

 19Employment, Consulting and Noncompetition Agreement

 
EXHIBIT 10.1 
  
 EMPLOYMENT, CONSULTING AND NONCOMPETITION AGREEMENT (the “Agreement”), dated as of May 15, 2003, between Arvest Holdings, Inc., an Arkansas corporation (“Parent”), Superior Financial Corp., a Delaware
corporation (the “Company”) and C. Stanley Bailey (the “Consultant”). 
  
 WHEREAS Parent, AHI Acquisition, Inc., an Arkansas corporation (“Sub”) and the Company intend to enter into an Agreement and Plan of
Merger, dated the date hereof (the “Merger Agreement”), pursuant to which the Company shall become a subsidiary of Parent upon the consummation of the transactions contemplated by the Merger Agreement; 
  
 WHEREAS as a condition to the willingness of Parent and Sub to enter into the
Merger Agreement, Parent has requested that the Consultant enter into this Agreement; and 
  
 WHEREAS from and after the Effective Time (as defined in the Merger Agreement), the Consultant wishes to provide services as an employee of, and consultant to, Parent and the Company for the period provided in this
Agreement and Parent and the Company each wish to have the Consultant provide such services for such period, on the terms and conditions provided set forth herein. 
  
 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein, and intending to be
legally bound hereby, the parties hereto agree as follows: 
  
 1.  Term; Effectiveness.    (a)  Effective as of the Effective Time, the Consultant shall continue his employment with the Company as a full-time regular salaried employee for the 90-day period
immediately following the Effective Time (the “Employment Term”). Immediately following the expiration of the Employment Term, the Consultant shall cease to be an employee of the Company, and shall commence providing consulting
services as an independent contractor to Parent and the Company for the immediately succeeding two-year period (the “Consulting Term”); provided, however, that the Consultant’s employment under this Agreement may be terminated
at any time prior to the end of the Employment Term or the Consulting Term pursuant to the provisions of Section 4. The Consultant agrees and acknowledges that the Company has no obligation to extend the Consulting Term or to continue the retain the
services of the Consultant after expiration of the Consulting Term, and the Consultant expressly acknowledges that no promises or understandings to the contrary have been made or reached. This Agreement shall be null and void ab initio and of
no further force and effect if the Effective Time does not occur or the Merger Agreement is terminated prior to the Effective Time. 
  
 2.  Duties and Responsibilities.    (a)  During the Employment Term, the Consultant shall assist Parent and
the Company with the post-merger integration and transition of the business and operations of the Company, under the direction of the board of directors of Parent (the “Parent Board”). During the Employment Term, the
Consultant’s principal place of employment shall be at the Company’s principal executive offices or at such other location or locations as determined from time to time by the Parent Board, consistent with the needs of the Company and as
required in connection with the performance of the Consultant’s duties hereunder, and the Consultant acknowledges that the Consultant’s duties and responsibilities shall require the Consultant to travel on business to the extent necessary
to fully perform the Consultant’s duties hereunder. During the Employment Term, the Consultant shall devote all of the Consultant’s business time, energy and skill to the business of the Company and the performance of the Consultant’s
duties hereunder, and shall use the Consultant’s best efforts to faithfully and diligently serve the Company. 
  
 (b)    During the Consulting Term, the Consultant shall provide special advice, information and guidance to Parent and the Company
with respect to strategic, legal and global matters (including without limitation, outstanding lawsuits involving the Company) drawing on the Consultant’s prior service with the Company and his knowledge regarding the business and operations of
the Company. During the Consulting Term, the Consultant shall be available to Parent and the Company at all reasonable times via email and telephone and shall be reasonably available to meet with Parent and the Company on an as-needed basis.

 (c)  During the Employment Term and the Consulting Term, the Consultant shall report directly
to the Parent Board or such other member or members of senior management of Parent or the Company as designated from time to time by the Parent Board. 
  
 3.  Compensation and Related Matters.    (a)  During the Employment Term, the Company shall pay the
Consultant a base salary (“Base Salary”), payable in accordance with the applicable payroll practices, at a monthly rate equal to $43,750. 
  
 (b)  During the Consulting Term, for services rendered under this Agreement, the Company shall pay the Consultant compensation, payable monthly
or quarterly as mutually agreed, at an annual rate of $105,000 for the first year of the Consulting Term and an annual rate of $52,500 for the second year of the Consulting Term (the “Consulting Fee”). For each year during the
Consulting Term, the Company shall pay the Consultant, upon presentation of evidence satisfactory to the Company, an additional amount equal to the self-employment tax actually paid by the Consultant in respect of the Consulting Fee for such year
(after giving effect to all self-employment taxes and payroll taxes paid by the Consultant in respect of all other wages and other self-employment income earned by the Consultant for such year) less fifty (50%) percent of the Medicare portion of
self-employment taxes paid in respect of the Consulting Fee for such year. 
  
 (c)  In consideration of the Consultant’s agreement to the restrictive covenants set forth in Sections 6, 7 and 8, the Company shall pay the Consultant additional consideration in an amount equal to
$1,412,250 (the “Restrictive Covenant Consideration”), payable in substantially equal monthly installments over the Applicable Period (as defined in Section 7(a)). 
  
 (d)  During the Employment Term, the Consultant shall be entitled to participate in the employee benefit plans and
programs generally available to senior executives of the Company as made available by the Company to such executives from time to time, subject to the terms of such plans and programs; provided, however, that the Consultant expressly
agrees that the Consultant shall not be entitled to participate in any cash or equity-based incentive plans or programs of the Company (and, for the avoidance of doubt, shall not be entitled to participate in any plans or programs of any kind
sponsored or maintained by Parent and its subsidiaries and affiliates (other than the Company and its subsidiaries and affiliates) except to the extent required by law). Parent and the Company shall reimburse the Consultant for the Consultant’s
reasonable and necessary business expenses in accordance with its then prevailing policy for senior executives (which shall include appropriate itemization and substantiation of expenses incurred). 
  
 (e)  Within five (5) business days following the Effective Time,
Parent shall cause to be deposited in escrow with Miller, Hamilton, Snider & Odom, LLC (the “Escrow Agent”) an amount equal to the sum of (i) aggregate Consulting Fee payable to the Consultant for the entire Consulting Term and
(ii) the Restrictive Covenant Consideration. The Escrow Agent shall cause such escrowed funds to be deposited in an account maintained at Citibank, N.A. (or such other nationally recognized banking institution as mutually agreed by the parties). The
parties acknowledge and agree that the Consultant, in the Consultant’s sole discretion, selected Miller, Hamilton, Snider & Odom, LLC as Escrow Agent. During the Consulting Term, except as provided below, the Escrow Agent shall make
payments (from such deposited amounts) of the Consulting Fee to the Consultant in accordance with the first sentence of Section 3(b). During the Applicable Period, except as provided below, the Escrow Agent shall make payments (from such deposited
amounts) of the Restrictive Covenant Consideration to the Consultant in accordance with Section 3(c). The Consultant may direct the investment of amounts deposited with the Escrow Agent, and any earnings or losses on such amounts shall inure to the
benefit of the Consultant and be distributed at the end of the Applicable Period. The obligations of Parent and the Company under this Agreement to pay or cause to be paid the aggregate Consulting Fees and Restrictive Covenant Consideration shall be
deemed satisfied by the deposit of such amounts with the Escrow Agent, and the Consultant shall bear the risk of any loss of principal with respect to such deposited amounts. Notwithstanding anything to the contrary in this Section 3(e), the Escrow
Agent shall cease making future payments of the Consulting Fee or Restrictive Covenant Consideration to the Consultant if Parent or the Company obtains a judgment from a court of competent 

  

 2 

 
jurisdiction that (i) holds that the Consultant has materially breached the Consultant’s obligations under this Agreement and (ii) awards monetary
damages to Parent or the Company, in which case the Escrow Agent shall pay to Parent or the Company from such deposited amounts the amount so awarded as damages, and the remaining funds on deposit, if any, shall continue to be paid to the Consultant
in accordance with the foregoing provisions of this Section 3(e). 
  
 4.  Termination of Services; Obligations upon Termination.    (a)  The Consultant’s obligation to provide consulting services under this Agreement may be terminated by any party at any
time and for any reason, and without any advance notice, provided that the Consultant (i) shall not be permitted to voluntarily terminate this Agreement during the Employment Term and (ii) shall be required to give at least 90 days advance written
notice of any voluntary termination of his services during the Consulting Term. 
  
 (b)  Following any termination by the Consultant of the Consultant’s obligation to provide consulting services during the Consulting Term, or by Parent or the Company for Cause (as defined below) at any
time, (i) Parent shall pay or cause to be paid to Consultant all Base Salary and Consulting Fee payments accrued through the date of termination, to the extent unpaid, and any unreimbursed business expenses pursuant to Section 3, (ii) Parent and the
Company shall cease to have any obligations to Consultant under this Agreement to make any further Consulting Fee payments and (iii) the undistributed portion of the amount deposited in respect of Consulting Fees with the Escrow Agent under Section
3(e) shall at such time be returned to Parent or the Company. 
  
 (c)  Following any termination of the Consultant’s obligation to provide consulting services by Parent or the Company without Cause, or by reason of the Consultant’s death or disability (for this purpose, the Consultant
shall be deemed to have a disability if the Consultant would be entitled to long-term disability benefits under the Company’s long-term disability plan as in effect on the date hereof, without regard to any waiting period under such plan or
whether the Consultant is actually participating in such plan at such time), Parent shall continue to pay or cause to be paid to Consultant (or Consultant’s estate, as the case may be), at such times as such payments would have been made had
the Consultant’s obligation to provide consulting services not been so terminated, the Consulting Fee payments that Consultant would have received through the remainder of the Consulting Term had the Consultant’s services not been so
terminated, and any unreimbursed business expenses pursuant to Section 3. 
  
 (d)  For purposes of this Agreement, “Cause” means a material breach by Consultant of his duties and obligations under this Agreement, which Consultant fails to cure within 5 days following
receipt by Consultant of written notice from Parent or the Company describing such breach in reasonable detail. 
  
 (e)  Notwithstanding the termination of the Consultant’s obligation to provide consulting services under this Agreement, the Consultant
shall remain subject to the Consultant’s other obligations under this Agreement (including under Sections 6, 7 and 8) and, for the avoidance of doubt, the Company shall continue to be obligated to make payments of the Restrictive Covenant
Consideration to Consultant (or Consultant’s estate, as the case may be) in accordance with Section 3(c). 
  
 5.  Acknowledgments.    (a)  The Consultant acknowledges that the Company has expended and shall continue
to expend substantial amounts of time, money and effort to develop business strategies, customer relationships, employee relationships and goodwill and build an effective organization. The Consultant acknowledges that during the Consultant’s
prior employment with the Company, the Consultant has become familiar with the Company’s Confidential Information (as defined below), and that during the Employment Term and Consulting Term the Consultant may become familiar with Parent’s
Confidential Information. 
  
 (b)  The Consultant
acknowledges that Parent and the Company have a legitimate business interest and right in protecting Parent’s and the Company’s Confidential Information, goodwill, employee and customer relationships, and that Parent and the Company would
be seriously damaged by the disclosure of Confidential Information and the loss or deterioration of its customer and employee relationships. The Consultant further acknowledges that Parent is entitled to protect and preserve the going concern value
of the Company to the extent permitted by law and that Parent and Sub would not have entered into the Merger Agreement without the Consultant’s agreement to enter into this Agreement. 
  

 3 

 (c)  The Consultant agrees that the covenants contained in this Agreement are reasonable and
appropriate in light of the consideration to be paid by Parent, and to be received by the Consultant, in connection with the transactions contemplated by the Merger Agreement and under this Agreement. The Consultant further acknowledges that,
notwithstanding the Consultant’s compliance with the covenants contained in this Agreement, the Consultant has other opportunities to earn a livelihood and adequate means of support for the Consultant and the Consultant’s dependents.

  
 6.  Nondisclosure of Confidential
Information.    (a)  In the course of the Consultant’s involvement in Parent’s and the Company’s activities or otherwise, the Consultant has obtained and may obtain Confidential Information. All
Confidential Information has been and shall be provided subject to the Consultant’s continuing obligation to protect the Confidential Information. In consideration of, and as a condition to, the Consultant’s continued access to and receipt
of Confidential Information, and without prejudice to or limitation on any other confidentiality obligations imposed by agreement or by law, the Consultant undertakes to use Confidential Information, whenever provided, in accordance with any
restrictions placed by the Company on its use or disclosure. The Consultant hereby agrees to hold in a fiduciary capacity, for the benefit of the Company, all Confidential Information that the Consultant may acquire, learn, obtain or develop (or may
have acquired, learned, obtained or developed) while an employee of or consultant to Parent or the Company. The Consultant shall not, while an employee of or consultant to Parent or the Company or at any time thereafter, directly or indirectly use,
lecture upon, publish, communicate, disclose or otherwise divulge, for the Consultant’s own benefit or for the benefit of any third party, any Confidential Information, other than: 
  

	 	(i)	 	as required by, or on behalf of, Parent or the Company in furtherance of Parent’s and the Company’s business, or otherwise with the advance written consent of a duly
authorized officer of Parent and the Company; 

  

	 	(ii)	 	as required by law or as ordered by a court; provided, however, that in such event, or if the Consultant receives a request to disclose Confidential Information to a court,
(A) the Consultant shall promptly notify in writing the Company, and consult with and assist Parent and the Company in seeking a protective order or request for other appropriate remedy, (B) in the event that such protective order or remedy is not
obtained, or if Parent and the Company waive compliance with the terms hereof, the Consultant shall disclose only that portion of the Confidential Information which, in the written opinion of the Consultant’s legal counsel, is legally required
to be disclosed and shall exercise its commercially reasonable efforts to assure that confidential treatment shall be accorded such Confidential Information by the receiving person or entity and (C) Parent and the Company shall be given an
opportunity to review the Confidential Information prior to disclosure thereof; or 

  

	 	(iii)	 	with respect to matters that are generally known to the public other than as a result of the Consultant’s breach of this Agreement. 

  
 (b)  For purposes of this Agreement, “Confidential
Information” means trade secrets and confidential or proprietary information, knowledge or data, whether or not reduced to writing or other tangible medium of expression, including confidential or proprietary matters relating to the
business, operations and strategies (including products, services, processes, know-how, designs, developments, techniques, formulas, methods, mask works, developmental or experimental work, improvements, discoveries, inventions, ideas, source and
object codes, programs, matters of a literary, musical, dramatic or otherwise creative nature, writings and other works of authorship, plans for research and development, marketing and selling, reengineering, customers, contact persons, software,
licenses, suppliers, possible new business ventures and/or expansion plans), financial affairs (including costs and profits, business plans, budgets and projections and related information) and organizational and personnel matters (including skills
evaluations, compensation, personal employee information, personnel files, organizational structure, reporting lines, succession planning and historical records) of (i) Parent or the Company or (ii) customers, suppliers or contractors of Parent or
the Company and any other third parties in respect of which Parent or the Company has a business relationship or owes a duty of confidentiality. Without limiting the foregoing, the existence of, and any information concerning, any dispute between
the Consultant and Parent or the Company shall constitute Confidential Information, except that the Consultant may disclose 

  

 4 

 
information concerning such dispute to the court that is considering such dispute or to the Consultant’s legal counsel (provided that such counsel
agrees not to disclose any such information other than as necessary to the prosecution or defense of such dispute). 
  
 (c)  The Consultant further agrees that the Consultant shall not publicly disclose the terms of this Agreement, except to the Consultant’s
immediate family and the Consultant’s financial and legal advisors, or as may be required by law or ordered by a court or as otherwise required herein. 
  
 7.  Noncompetition.    (a)  The Consultant agrees that the Consultant shall not, during the Employment Term
or the three-year period immediately following the expiration of the Employment Term (without regard to whether Consultant’s services as an employee or consultant under this Agreement have been terminated prior to the scheduled expiration of
the Employment Term or the Consulting Term) (such three-year period, the “Applicable Period”) directly or indirectly: 
  

	 	(i)	 	form, or acquire a five (5%) percent or greater equity ownership, voting or profit participation interest in, or actively participate in, control, manage, finance a five (5%)
percent or greater interest of, or invest a five (5%) percent or greater interest in, any Competitor (as defined below); or 

  

	 	(ii)	 	except as set forth in Section 7(c), associate (which, as used in this Section 7, shall include association as an officer, employee, partner, director, consultant, agent,
representative or advisor) with any Competitor. 

  
 The Consultant
acknowledges that engaging in any of the activities described in the preceding sentence shall inevitably require the use and/or disclosure of Confidential Information. 
  
 (b)  For purposes of this Agreement, a “Competitor” is any bank, savings and loan or other
financial institution, that operates or has a physical location within the State of Arkansas and/or Oklahoma (collectively, the “Restricted Area”) or could reasonably be construed to be in competition with Parent and the Company
within the Restricted Area. 
  
 (c)  Notwithstanding the
foregoing provisions of this Section 7, the Consultant shall be deemed not to violate the provisions of Section 7(a) with respect to a Competitor that is headquartered outside of the Restricted Area if the Consultant is associated with such
Competitor in an executive or operational capacity outside the Restricted Area so long as the operations of such Competitor in the Restricted Area do not constitute such Competitor’s principal business and any responsibility that the Consultant
has for the local operations of such Competitor in the Restricted Area are not directly included within the Consultant’s personal responsibilities for such Competitor (it being understood, however, that it would be a violation of Section 7(a)
for such Consultant to associate with a Competitor and either (i) direct or have more than an indirect and secondary responsibility for the introduction or strategic expansion of a Competitor’s business in the Restricted Area or (ii) solicit or
cause others to solicit customers or employees of Parent or the Company in connection with such introduction or strategic expansion). 
  
 8.  Nonsolicitation.    (a)  The Consultant agrees that during the Employment Term and the Applicable
Period the Consultant shall not (i) solicit or cause others to solicit (whether by mail, telephone, personal meeting or otherwise) or induce any then current employee of Parent or the Company (or any person that was such an employee during the
six-month period immediately prior to the initial solicitation or inducement) to resign from Parent or the Company or to apply for or accept employment or a consultancy with any other person or entity, (ii) except in response to a good faith
request by a person or entity that is not (or is not related to or associated with) a Competitor for a recommendation regarding the employment qualifications of any such current or former employee, recommend to any person or entity that such person
or entity employ or engage such current or former employee or (iii) hire, for the benefit of the Consultant or any other person or entity, any then current employee of Parent or the Company (or any person that was such an employee during the
six-month period immediately prior thereto), other than any such employee whose employment was involuntarily terminated by Parent or the Company. 
  

 5 

 (b)  The Consultant agrees that during the Employment Term and the Applicable Period the
Consultant shall not (i) solicit or cause others to solicit (whether by mail, telephone, personal meeting or otherwise) or induce any client, customer or supplier of Parent or the Company to transact business with a Competitor or reduce or refrain
from doing any business with Parent or the Company, (ii) interfere with or damage (or attempt to interfere with or damage) any relationship between Parent or the Company and their customers or suppliers (or any person or entity in respect of which
the Consultant has actual knowledge that Parent or the Company has approached or has made significant plans to approach as a prospective client, customer or supplier) or (iii) disparage (including by relative comparison) Parent or the Company or any
of its products or activities. 
  
 9.  Tolling of
Applicable Period.    The Applicable Period shall be tolled during (and shall be deemed automatically extended by) any period in which the Consultant is in violation of the provisions of Sections 7 or 8. 
  
 10.  Nondisparagement.    The Consultant
shall not, whether written or orally, criticize, denigrate or disparage Parent or the Company, or any of its current or former directors, employees, agents or representatives, with respect to any of its past or present activities, or otherwise
publish (whether written or orally) statements that tend to portray Parent or the Company or any of its current or former directors, employees, agents or representatives in an unfavorable light. 
  
 11.  Company Property.    The Consultant
acknowledges that all notes, memoranda, specifications, devices, formulas, records, files, lists, drawings, documents, models, equipment, property, computer, software or intellectual property relating to Parent’s or the Company’s business
in whatever form (including electronic), and all copies thereof, that are received or created by the Consultant while an employee of or consultant to Parent or the Company are and shall remain the property of Parent or the Company, and the
Consultant shall immediately return such property to Parent or the Company upon the termination of the Consultant’s services hereunder and, in any event, at Parent’s or the Company’s request (whether during or after the period of
Consultant’s services hereunder). The Consultant further agrees that any property situated on Parent’s or the Company’s premises and owned by Parent or the Company, including disks and other storage media, filing cabinets or other
work areas, is subject to inspection by Parent or the Company personnel at any time with or without notice. 
  
 12.  Notification of Subsequent Employer.    The Consultant hereby agrees that prior to accepting employment with any
other person or entity during any period during which the Consultant remains subject to any of the covenants set forth in Sections 7 and 8, the Consultant shall provide such prospective employer with written notice of the provisions of Sections 6, 7
and 8, with a copy of such notice delivered simultaneously to Parent and the Company. 
  
 13.  Remedies and Injunctive Relief.    The Consultant acknowledges that a violation by the Consultant of any of the covenants contained in Sections 6, 7 or 8 would cause
immeasurable and irreparable damage to Parent and the Company in an amount that would be material but not readily ascertainable, and that any remedy at law (including the payment of damages) would be inadequate. Accordingly, the Consultant agrees
that, notwithstanding any provision of this Agreement to the contrary, Parent and the Company shall be entitled (without the necessity of showing economic loss or other actual damage) to injunctive relief (including temporary restraining orders,
preliminary injunctions and/or permanent injunctions) in any court of competent jurisdiction for any actual or threatened breach of any of the covenants set forth in Sections 6, 7 or 8 in addition to any other legal or equitable remedies it may
have. The preceding sentence shall not be construed as a waiver of the rights that Parent and the Company may have for damages under this Agreement or otherwise, and all of Parent’s and the Company’s rights shall be unrestricted.

  
 14.  Representations and Covenants of
Executive.    The Consultant represents, warrants and covenants that (a) the Consultant has the full right and authority to enter into this Agreement and perform his obligations hereunder, (b) the Consultant is not bound by
any agreement that conflicts with or prevents or restricts the full performance of his duties and obligations to Parent and the Company hereunder during or after the Employment Term and Consulting Term and (c) the execution and delivery of this
Agreement shall not result in any breach or 

  

 6 

 
violation of, or a default under, any existing obligation, commitment or agreement to which the Consultant is subject. 
  
 15.  Consent to Jurisdiction; Waiver of Jury
Trial.    (a)  Except as otherwise specifically provided herein, the parties hereto each hereby irrevocably submits to the exclusive jurisdiction of any federal court located within the State of Arkansas (or, if
subject matter jurisdiction in that court is not available, in any state court located within the State of Arkansas) over any dispute arising out of or relating to this Agreement. The Consultant also irrevocably submits to the following
jurisdictions: (i) if the Consultant’s then principal residence is not in the State of Arkansas, the jurisdiction of the state and federal courts sitting in the country or locality in which the Consultant’s then principal residence is
located; and (ii) the jurisdiction of any court competent to take jurisdiction under its own rules, in each case for purposes of enforcing a judgment obtained by Parent or the Company in support of injunctive relief to prevent or stop a violation by
the Consultant of Sections 6, 7 or 8. The parties undertake not to commence any suit, action or proceeding arising out of or relating to this Agreement in a forum other than a forum described in this Section 15(a); provided, however, that
nothing herein shall preclude Parent or the Company from bringing any suit, action or proceeding in any other court for the purposes of enforcing the provisions of Section 15 or enforcing any judgment obtained by Parent or the Company. 

 
 (b)  The agreement of the parties to the forum described in
Section 15(a) is independent of the law that may be applied in any suit, action, or proceeding and the parties agree to such forum even if such forum may under applicable law choose to apply non-forum law. The parties hereby waive, to the fullest
extent permitted by applicable law, any objection which they now or hereafter have to personal jurisdiction or to the laying of venue of any such suit, action or proceeding brought in an applicable court described in Section 15(a), and each party
agrees that it shall not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court. The parties agree that, to the fullest extent permitted by applicable law, a final and non-appealable judgment in
any suit, action or proceeding brought in any applicable court described in Section 15(a) shall be conclusive and binding upon the parties and may be enforced in any other jurisdiction. 
  
 (c)  Each party hereto irrevocably consents to the service of any and all process in any suit, action or
proceeding arising out of or relating to this Agreement by the mailing of copies of such process to such party at such party’s address specified in Section 26. In addition, the Consultant irrevocably appoints Feld, Hyde, Wertheimer &
Bryant, P.C. as the Consultant’s agent for service of process in connection with any suit, action or proceeding, who shall promptly advise the Consultant of any such service of process. 
  
 (d)  Each party hereto hereby waives, to the fullest extent
permitted by applicable law, any right it may have to a trial by jury in respect of any suit, action or proceeding arising out of or relating to this Agreement. Each party hereto (i) certifies that no representative, agent or attorney of any other
party has represented, expressly or otherwise, that such party would not, in the event of any action, suit or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party hereto has been induced to enter into
this Agreement by, among other things, the mutual waiver and certifications in this Section 15(d). 
  
 16.  Cooperation.    The Consultant shall provide reasonable cooperation in connection with any suit, action or
proceeding (or any appeal from any suit, action or proceeding) which relates to events occurring during the Consultant’s employment or consultancy with Parent, the Company, their subsidiaries and affiliates, and their predecessors, provided
that the Company shall reimburse the Consultant for expenses reasonably incurred in connection with such cooperation. 
  
 17.  Consent to Options Cashout.    The Consultant acknowledges and agrees that each outstanding option to acquire
TARGET Common (as defined in the Merger Agreement) shall be canceled in exchange for a cash payment in accordance with Section 1.3 of the Merger Agreement. 
  
 18.   Withholding.     The Company may withhold from any amounts payable under this Agreement such federal, state,
local, foreign or other taxes as are required to be withheld pursuant to any applicable law or regulation. 
  

 7 

 19.  Independent Contractor Status During Consulting
Term.    Consultant shall at all times during the Consulting Term be an independent contractor with respect to Parent and the Company and the Company shall not withhold or deduct from any amounts payable under this Agreement
in respect of consulting services provided hereunder, any amount or amounts in respect of income taxes or other employment taxes of any other nature on behalf of Consultant. Consultant shall be solely responsible for the payment of any federal,
state, local or other income and/or self-employment taxes in respect of the amounts payable to Consultant in respect of such consulting services under this Agreement. For the avoidance of doubt, following the termination of Consultant’s
employment upon the expiration of the Employment Term, under no circumstances shall Consultant (a) have or claim to have power of decision hereunder in any activity on behalf of Parent or the Company, (b) have the power or authority hereunder to
obligate, bind or commit Parent or the Company in any respect or (c) direct the work of any employee of Parent or the Company or make any management decisions on behalf of Parent or the Company. During the Consulting Term, neither Parent nor the
Company shall, with respect to Consultant’s consulting services, exercise or have the power to exercise such level of control over Consultant as would indicate or establish that a relationship of employer and employee exists between Consultant
and Parent or the Company. 
  
 20.  Assignment.    (a) This Agreement is personal to the Consultant and without the prior written consent of a duly authorized officer of Parent and the Company shall not be assignable by the Consultant
other than by will or the laws of descent and distribution, and any assignment in violation of this Agreement shall be void. 
  
 (b)  This Agreement shall be binding on, and shall inure to the benefit of, the parties to it and their respective heirs, legal representatives,
successors and permitted assigns (including, in the event of the Consultant’s death, the Consultant’s estate and heirs in the case of any payments due to the Consultant hereunder). 
  
 (c)  Parent and the Company may assign this Agreement and its
rights and obligations hereunder to any entity which, by way of merger, consolidation, purchase or otherwise, becomes, directly or indirectly, a successor to all or substantially all of the business and/or assets of Parent or the Company,
respectively. Without impairing the Consultant’s obligations hereunder, Parent or the Company may at any time and from time to time assign its rights and obligations hereunder to any of its subsidiaries or affiliates (and have such rights and
obligations reassigned to it or to any other subsidiary or affiliate). The Consultant acknowledges and agrees that all of the Consultant’s covenants and obligations to Parent and the Company, as well as the rights of Parent and the Company
hereunder, shall run in favor of and shall be enforceable by Parent and the Company, their subsidiaries and affiliates and their successors and permitted assigns. 
  
 21.  Governing Law.    The validity, interpretation, construction, and performance of
this Agreement shall be governed by the laws of the State of Arkansas without regard to principles of conflict of laws. 
  
 22.  Amendment; No Waiver.    No provisions of this Agreement may be amended, modified, waived or discharged except
by a written document signed by the Consultant and a duly authorized officer of Parent and the Company. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of such
party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. 
  
 23.  Severability.    The Consultant agrees that in the event that any court of competent jurisdiction shall finally
hold that any provision of this Agreement (whether in whole or in part) is void or constitutes an unreasonable restriction against the Consultant, such provision shall not be rendered void but shall be deemed to be modified to the minimum extent
necessary to make such provision enforceable for the longest duration and the greatest scope as such court may determine constitutes a reasonable restriction under the circumstances. The invalidity or unenforceability of any provisions of this
Agreement shall not affect the validity or enforceability of any other provisions of this Agreement, which shall remain in full force and effect to the fullest extent permitted by law. 
  
 24.  Entire Agreement.    This Agreement sets forth the entire understanding between
the parties with respect to the subject matter hereof, and all oral or written agreements or representations, express or implied, with respect to the subject matter hereof and thereof are set forth in this Agreement. 
  

 8 

 25.  Survival of Rights and Obligations.    The rights and
obligations of the parties under the provisions of this Agreement shall survive, and remain binding and enforceable, notwithstanding the termination of the Consultant’s employment or consultancy with Parent and the Company or any settlement of
the financial rights and obligations arising from the Consultant’s employment or consultancy with Parent and the Company, to the extent necessary to preserve the intended benefits of such provisions. 
  
 26.  Notices.    All notices and other
communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, or via facsimile, addressed as follows: 
  

	 If to Parent:
	  	 Arvest Holdings, Inc.
 125 W. Central
Avenue
 Suite 218
 Bentonville, AR 72712
 fax: (479) 273-7477

	 
	 If to the Company:
	  	 Superior Financial Corp.
 16101 LaGrande
Drive
 Suite 103
 Little Rock, AR 72223
 fax:

  

	 If to the Consultant:
	  	 C. Stanley Bailey
 26 Bretagne
Circle
 Little Rock, AR 72223
 fax: (501)
821-6917

  
 or to such other address as either
party shall have furnished to the other in writing. All notices and communications shall be deemed to have been duly given and received: (a) on the date of receipt, if delivered by hand; (b) three (3) business days after being sent by first class
certified mail, return receipt requested, postage prepaid; (c) one (1) business day after sending by next-day delivery service with confirmation of receipt; or (d) if given by facsimile, at the time transmitted to the respective facsimile numbers
set forth below, or to such other facsimile number as either party may have furnished to the other in writing in accordance herewith, and the appropriate confirmation received (or, if such time is not during a business day, at the beginning of the
next such business day). As used herein, the term “business day” means any day that is not a Saturday, Sunday or legal holiday in the State of Arkansas. 
  
 27.  Reimbursement of Legal Fees.    The prevailing party shall be entitled to recover
from the non-prevailing party all litigation costs and attorneys’ fees and expenses incurred by the prevailing party in any suit, action or proceeding arising out of or relating to this Agreement. 
  
 28.  No Third-Party
Beneficiaries.    Except as expressly provided herein, this Agreement shall not confer on any person other than the parties hereto any rights or remedies hereunder. 
  
 29.  Headings and References.    (a) The
headings of this Agreement are inserted for convenience only and neither constitute a part of this Agreement nor affect in any way the meaning or interpretation of this Agreement. When a reference in this Agreement is made to a Section, such
reference shall be to a Section of this Agreement unless otherwise indicated. All references to the term “including” shall be deemed to mean “including, without limitation”. 
  
 (b)  The parties agree and acknowledge that the use of the defined
term “Consultant” throughout the Agreement in connection with the performance of services by Consultant during the Employment Term is not intended to imply that the status of the Consultant is anything other than an employee of the Company
for all purposes during the Employment Term. 
  

 9 

 30.  Counterparts.    This Agreement may be executed (including via
facsimile) in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument, and shall become effective when one or more counterparts have been signed by each of the
parties and delivered to the other parties. 
  
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 10 

 IN WITNESS WHEREOF, this Agreement has been executed by the parties as of the date first written above.

  

	ARVEST HOLDINGS, INC.
		
	 By:
	 	     /s/    JIM WALTON

	 	 	 Name:    Jim Walton
 Title:

  
  

	SUPERIOR FINANCIAL CORP.
		
	 By:
	 	     /s/    C. MARVIN SCOTT

	 	 	 Name:    C. Marvin Scott
 Title:    President & COO

  

	
	 /s/    C. STANLEY BAILEY

	C. STANLEY BAILEY

  
  

 11

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