Document:

Exhibit 10.2

 

LIME ENERGY LETTERHEAD

 

EFW PARTNERS

 

Re:          Purchase of Shares of Series B Preferred Stock

 

Ladies and Gentlemen:

 

This letter will confirm our agreement that pursuant to and effective as of your purchase of shares of Series B Preferred Stock (the “Shares”) of Lime Energy, Inc., a Delaware corporation (the “Company”), EFW Partners, L.L.C., a Delaware limited liability company (the “Investor”), shall be entitled to the following contractual rights, to the extent permitted by applicable law, regulations, and the rules of any national securities exchange on which any of the Company’s securities are listed:

 

1.             Investor shall be entitled to consult with and advise management of the Company on significant business issues, including management’s proposed annual operating plans, and management will meet with Investor regularly during each year at the Company’s facilities at mutually agreeable times for such consultation and advice and to review progress in achieving said plans; provided, however, that the Company shall not be obligated to act on Investor’s advice.

 

2.             Investor may examine the books and records of the Company and inspect its facilities and may request information at reasonable times and intervals concerning the general status of the Company’s financial condition and operations, provided that access to confidential proprietary information and facilities need not be provided.

 

3.             The Company shall, concurrently with delivery to the Board of Directors, give a representative of Investor copies of all notices, minutes, consents and other material that the Company provides to its directors, except that the representative may be excluded from access to any material or meeting or portion thereof if the Board of Directors determines in good faith, upon advice of counsel in the case of preservation of the attorney-client privilege, that such exclusion is reasonably necessary to preserve the attorney-client privilege, to protect confidential proprietary information, or for other similar reasons.  Upon reasonable notice and at a scheduled meeting of the Board or such other time, if any, as the Board may determine in its sole discretion, such representative may address the Board with respect to Investor’s concerns regarding significant business issues facing the Company.

 

Investor agrees that it shall keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential or non-public information obtained from the Company pursuant to the terms of this letter (including notice of the Company’s intention to file a registration statement), unless such confidential information is known or becomes known to the public in general (other than as a result of a breach of this provision by such Investor); provided, however, that an Investor may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company

 

Exhibit A

 

 

provided that such persons have a duty to Investor to keep such information confidential; (ii) with the prior written consent of the Company, which consent shall not be unreasonably withheld, to any prospective purchaser of any Shares (or common stock issuable upon conversion of the Shares) from such Investor, if such prospective purchaser agrees to be bound by these provisions, (iii) to any existing or prospective Affiliate (as defined below), partner, member, stockholder, or wholly owned subsidiary of such Investor in the ordinary course of business, provided that such Investor informs such person that such information is confidential and such person agrees to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that the Investor promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure.  For purposes of this letter, the term “Affiliate” means, with respect to any specified person, any other person who, directly or indirectly, controls, is controlled by, or is under common control with such person, including without limitation any general partner, managing member, officer or director of such person or any venture capital fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management company with, such person.

 

Investor agrees that it shall agree to be bound by Company’s Insider Trading Policy, a copy of which is attached hereto as Exhibit A.

 

In connection with Investor’s purchase of the Shares, the Company agrees to pay the reasonable fees of the Investor’s legal counsel in an amount not to exceed $2,000.

 

The rights described herein shall terminate and be of no further force or effect upon (a) such time as the Investor or its Affiliates hold fewer than 200,000 shares of the Company’s common stock (as adjusted for splits, recapitalizing and similar events) or other securities of the Company convertible into such number of shares of common stock; or (b) the consummation of a merger or consolidation of the Company that is effected (i) for independent business reasons unrelated to extinguishing such rights; and (ii) for purposes other than (A) the reincorporation of the Company in a different state or (B) the formation of a holding company that will be owned exclusively by the Company’s stockholders and will hold all of the outstanding shares of capital stock of the Company’s successor.  The confidentiality obligations referenced herein will survive any such termination.

 

	
Very truly yours,
    	
 
    	
Agreed and Accepted:
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Greener   Capital Partners Fund II, L.P.
    	
 
    	
LIME ENERGY, INC.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/ Charles H. Finnie
    	
 
    	
By:
    	
/s/ Jeffrey Mistarz
    
	
Name:
    	
Charles H. Finnie
    	
 
    	
Name:
    	
Jeffrey Mistarz
    
	
Title:
    	
Managing Member
    	
 
    	
Title:
    	
Chief Financial Officer
    

 

 

Exhibit A

 

INSIDER TRADING POLICY

 

LIME ENERGY CO.

 

INSIDER TRADING POLICY

 

and Guidelines with Respect to

Certain Transactions in Company Securities

 

 

This Policy provides guidelines to employees, officers and directors of, and consultants and contractors to Lime Energy Co. (the “Company”) with respect to transactions in the Company’s securities.

 

APPLICABILITY OF POLICY

 

This Policy applies to all transactions in the Company’s securities, including common stock, options for common stock and any other securities the Company may issue from time to time, such as preferred stock, warrants and convertible debentures, as well as to derivative securities relating to the Company’s stock, whether or not issued by the Company, such as exchange-traded options. It applies to all officers of the Company, all members of the Company’s Board of Directors, all Board Observers, all employees, distributors and dealers of, and consultants and contractors to, the Company and its subsidiaries who receive or have access to Material Nonpublic Information (as defined below) regarding the Company. This group of people, members of their immediate families, and members of their households are sometimes referred to in this Policy as “Insiders.”  Any such person who possesses Material Nonpublic Information regarding the Company is an Insider for so long as the information is not publicly known. Any employee or consultant can be an Insider from time to time, and would at those times be subject to this Policy.

 

STATEMENT OF POLICY

 

General Policy

 

It is against the law and this Policy to trade on or disclose Material Nonpublic Information.  Material Nonpublic Information is information not otherwise known or available to the general public that would be considered important to an investor in making an investment decision regarding the purchase or sale of the Company’s securities.  While it may be difficult under this standard to determine whether particular information is material, there are various categories of information that are particularly sensitive and, as a general rule, should always be considered material.  Examples of such information are set forth on page 7 of this Policy.  This policy applies to both trading on such information and “tipping”

 

 

others to such information.  In addition, officers and directors are prohibited from, and all other employees and consultants are strongly discouraged from, trading during a period known as the blackout period, when the likelihood of possession of Material Nonpublic Information is very high.  Instead, all employees are encouraged to make any trades during the established trading window, all as further described below.

 

Specific Policies

 

1.             Trading on Material Nonpublic Information. No director, officer or employee of, or consultant or contractor to, the Company, and no member of the immediate family or household of any such person, shall engage in any transaction involving a purchase or sale of the Company’s securities, including any offer to purchase or offer to sell, during any period commencing with the date that he or she possesses Material Nonpublic Information concerning the Company and ending at the beginning of the third Trading Day following the date of public disclosure of that information or at such time as such nonpublic information is no longer material. As used herein, the term “Trading Day” means a day on which national stock exchanges and the American Stock Exchange are open for trading.  A Trading Day begins at the time trading begins on such day.

 

2.             Tipping. No Insider shall disclose (“tip”) Material Nonpublic Information to any other person (including family members) where such information may be used by such person to his or her profit by trading in the securities of companies to which such information relates, nor shall such Insider or related person make recommendations or express opinions on the basis of Material Nonpublic Information as to trading in the Company’s securities. Even if you are not in possession of Material Nonpublic Information, do not recommend to any other person that they buy or sell securities of the Company. (Remember that “tipping” Material Nonpublic Information is always prohibited, and that your recommendation could be imputed to the Company and may be misleading if you do not have all relevant information).

 

If an Insider receives inquiries about the Company from securities analysts, reporters, or others, decline comment and direct them to the Company’s Insider Trading Compliance Officer: Jeffrey Mistarz, Chief Financial Officer, Treasurer and Assistant Secretary. Do not discuss Material Nonpublic Information where it may be overheard, such as in restaurants, elevators, restrooms, and other public places. Remember that cellular phone conversations are often overheard and that voice mail and e-mail messages may be retrieved by persons other than their intended recipients.

 

3.             Confidentiality of Nonpublic Information. Nonpublic information relating to the Company is the property of the Company and the unauthorized disclosure of such information is forbidden. Keep all memoranda, correspondence and other documents that reflect nonpublic information in a secure place, such as a locked office or a locked file cabinet, so that they cannot be seen by third persons.

 

4.             10b5-1 Programs. Pursuant to SEC Rule 10b5-1, directors, officers and employees of the Company may establish written programs which permit (i) automatic trading of the Company’s stock through a third-party broker or (ii) trading of the Company’s stock by an

 

 

independent person (e.g., an investment banker) who is not aware of Material Nonpublic Information at the time of a trade. All such programs shall be subject to the restrictions and limitation set forth in Exhibit A, attached hereto, which shall be updated from time to time by the Company’s outside counsel to conform with any changes to SEC Rule 10b5-1 or the practices thereunder. Once a program is implemented in accordance with this Section 4 and such Exhibit A, trades pursuant to such program shall not be subject to the limitations and restrictions set forth in other sections of this Insider Trading Policy. Trading pursuant to a program may occur even at a time outside of the Company’s trading window or when the person on whose behalf such trade is made is aware of Material Nonpublic Information. Each program (or the form of program established by an investment bank or other third party) must be reviewed by the Company’s outside counsel prior to establishment, to confirm compliance with this Policy and the applicable securities laws.

 

POTENTIAL CRIMINAL AND CIVIL LIABILITY

AND/OR DISCIPLINARY ACTION

 

1.             Liability for Insider Trading. Insiders may be subject to penalties of up to $1,000,000 and up to ten years in jail for engaging in  transactions in the Company’s securities at a time when they have knowledge of Material Nonpublic Information regarding the Company.

 

2.             Liability for Tipping. Insiders may also be liable for improper transactions by any person (commonly referred to as a “tippee”) to whom they have disclosed Material Nonpublic Information regarding the Company or to whom they have made recommendations or expressed opinions on the basis of such information as to trading in the Company’s securities. The Securities and Exchange Commission (the “SEC”) has imposed large penalties even when the disclosing person did not profit from the trading. The SEC, the stock exchanges and the National Association of Securities Dealers, Inc. use sophisticated electronic surveillance techniques to uncover insider trading.

 

3.             Possible Disciplinary Actions. Employees of the Company who violate this Policy shall also be subject to disciplinary action by the Company, which may include ineligibility for future participation in the Company’s equity incentive plans or termination of employment.

 

RECOMMENDED GUIDELINES

 

1.             Blackout Period.  The period beginning at the close of the market on the last day of the fourteenth day prior to the end of the then current quarter and ending at the beginning of the third Trading Day following the date of public disclosure of the financial results for that quarter is a particularly sensitive period of time for transactions in the Company’s stock from the perspective of compliance with applicable securities laws.  This sensitivity is due to the fact that officers, directors and other employees, consultants and contractors often will possess, during that period, Material Nonpublic Information about the expected financial results for the quarter during that period.  Accordingly, this period of time is referred to as a “blackout” period.  All directors and executive officers are prohibited from trading during such period.  In addition, it is

 

 

strongly recommended that all other employees of, or consultants or contractors to, the Company refrain from trading during such “blackout” period.  In addition, from time to time Material Nonpublic Information regarding the Company may be pending.  While such information is pending, the Company may impose a special “blackout” period during which the same prohibitions and recommendations shall apply.

 

2.             Pension Fund Blackout Period.  Pursuant to SEC rules effective January 26, 2003, directors and executive officers are prohibited from trading in Company equity securities during any period of three or more consecutive days during which at least 50% of the participants or beneficiaries in an “individual account” retirement plan of the Company or its subsidiaries are unable to purchase, sell, or otherwise acquire or transfer an interest in the equity of the Company held in such plan due to a temporary suspension by the Company or a fiduciary (“Pension Fund Blackout Period”).  “Individual account” plans include, without limitation, defined contribution plans such as broad-based tax-qualified 401(k) plans and profit sharing plans, stock bonus plans, and certain nonqualified deferred compensation arrangements. There are limited exceptions to this rule, and directors and executive officers should consult with the Company’s outside counsel or Insider Trading Compliance Officer prior to attempting a stock transaction during the above-described Pension Fund Blackout Period.

 

3.             Mandatory Trading Window. To ensure compliance with this Policy and applicable U.S. federal and state securities laws, the Company requires that all directors and executive officers of the Company refrain from conducting transactions involving the purchase or sale of the Company’s securities other than during the following period (the “Trading Window”):

 

Trading Window: The period commencing at the open of the market on the third Trading Day following the date of public disclosure of the financial results for a particular fiscal quarter or year and continuing until the close of the market fourteen calendar days prior to the end of the then current quarter.

 

From time to time, the Company may also prohibit directors and executive officers from trading securities of the Company because of material developments known to the Company and not yet disclosed to the public.  In such event, directors and executive officers may not engage in any transaction involving the purchase or sale of the Company’s securities and should not disclose to others the fact of such suspension of trading.  The Company would re-open the Trading Window at the beginning of the third Trading Day following the date of public disclosure of the information, or at such time as the information is no longer material.

 

The safest period for trading in the Company’s securities, assuming the absence of Material Nonpublic Information, is generally the first ten days of the Trading Window and trading during that period is recommended. Periods other than the Trading Window are more highly sensitive for transactions in the Company’s stock from the perspective of compliance with applicable securities laws. This is due to the fact that officers, directors and certain other employees are, as any quarter progresses, increasingly likely to possess Material Nonpublic Information about the expected financial results for the quarter.

 

 

The purpose behind the recommended Trading Window is to help establish a diligent effort to avoid any improper transaction. An Insider may choose not to follow this suggestion, but he or she should be particularly careful with respect to trading outside the Trading Window, because the Insider may, at such time, have access to (or be deemed to have had access to) Material Nonpublic Information regarding, among other things, the Company’s anticipated financial performance for the quarter.

 

It should be noted that even during the Trading Window, any person possessing Material Nonpublic Information concerning the Company should not engage in any transactions in the Company’s securities until such information has been known publicly for at least two Trading Days, whether or not the Company has recommended a suspension of trading to that person.  Although the Company may from time to time recommend during a Trading Window that directors, officers, selected employees and others suspend trading because of developments known to the Company and not yet disclosed to the public, each person is individually responsible at all times for compliance with the prohibitions against insider trading.  Trading in the Company’s securities during the Trading Window should not be considered a “safe harbor,” and all directors, officers and other persons should use good judgment at all times.

 

4.                                      Recommended Trading Window. In addition to the mandatory Trading Window for directors and executive officers, the Company strongly recommends that all other employees of, and consultants and contractors to, the Company refrain from conducting transactions involving the purchase or sale of the Company’s securities other than during the Trading Window described above.  The safest period for trading in the Company’s securities, assuming the absence of Material Nonpublic Information, is probably only the first ten days of the Trading Window and trading during that period is recommended.

 

It should be noted that even during the Trading Window, any person possessing Material Nonpublic Information concerning the Company should not engage in any transactions in the Company’s securities until such information has been known publicly for at least two Trading Days, whether or not the Company has recommended a suspension of trading to that person.  Although the Company may from time to time recommend during a Trading Window that selected employees and others suspend trading because of developments known to the Company and not yet disclosed to the public, each person is individually responsible at all times for compliance with the prohibitions against insider trading.  Trading in the Company’s securities during the Trading Window should not be considered a “safe harbor,” and all directors, officers and other persons should use good judgment at all times.

 

5.                                      Preclearance of Trades. The Company has determined that all officers  and directors of the Company and certain persons whose names are set forth on Schedule A attached hereto must refrain from trading in the Company’s securities, even during the Trading Window, without first complying with the Company’s “preclearance” process. Each such person should contact the Company’s Insider Trading Compliance Officer prior to commencing any trade in the Company’s securities.  The Insider Trading Compliance Officer will consult as necessary with senior management of the Company before clearing any proposed trade.  The Company may also

 

 

find it necessary, from time to time, to require compliance with the preclearance process from certain employees, consultants and contractors other than and in addition to officers and directors.

 

6.                                      Individual Responsibility. Every officer, director, employee and consultant has the individual responsibility to comply with this Policy against insider trading, regardless of whether the Company has recommended a Trading Window to that Insider or any other Insiders of the Company. The guidelines set forth in this Policy are guidelines only, and appropriate judgment should be exercised in connection with any trade in the Company’s securities. An Insider may, from time to time, have to forego a proposed transaction in the Company’s securities even if he or she planned to make the transaction before learning of the Material Nonpublic Information and even though the Insider believes he or she may suffer an economic loss or forego anticipated profit by waiting.

 

APPLICABILITY OF POLICY TO INSIDE INFORMATION

REGARDING OTHER COMPANIES

 

This Policy and the guidelines described herein also apply to material nonpublic information relating to other companies, including the Company’s customers, vendors or suppliers (“business partners”), when that information is obtained in the course of employment with, or other services performed on behalf of, the Company. Civil and criminal penalties, and termination of employment, may result from trading on inside information regarding the Company’s business partners. All officers, directors, employees, consultants and contractors should treat material nonpublic information about the Company’s business partners with the same care required with respect to information related directly to the Company.

 

DEFINITION OF MATERIAL NONPUBLIC INFORMATION

 

It is not possible to define all categories of material information.  However, information should be regarded as material if there is a reasonable likelihood that it would be considered important to an investor in making an investment decision regarding the purchase or sale of the Company’s securities.

 

While it may be difficult under this standard to determine whether particular information is material, there are various categories of information that are particularly sensitive and, as a general rule, should always be considered material. Examples of such information include:

 

·                  Financial results

·                  Known but unannounced future earnings or losses

·                  News of a pending or proposed merger or other acquisition

·                  News of the disposition, construction or acquisition of significant assets

·                  Knowledge of a pending press release that contains material nonpublic information

·                  Impending bankruptcy or financial liquidity problems

·                  Gain or loss of a substantial customer, supplier or other business partner

·                  Changes in dividend policy

·                  New product announcements of a significant nature

 

 

·                  Significant product defects or modifications

·                  Significant pricing changes

·                  Stock splits

·                  New equity or debt offerings

·                  Significant changes in sources or availability of supplies

·                  Patent or other intellectual property milestones

·                  Engineering achievements or other developments from research efforts

·                  Significant litigation exposure due to actual or threatened litigation

·                  Positive or negative developments in outstanding litigation

·                  Major changes in senior management.

 

Either positive or negative information may be material.

 

Nonpublic information is information that has not been previously disclosed to the general public and is otherwise not available to the general public.

 

CERTAIN EXCEPTIONS

 

1.                                      Stock Option and Purchase Plans; Gifts.  For purposes of this Policy, the Company considers that the exercise of stock options for cash under the Company’s stock option plans or the purchase of shares under any Company employee stock purchase plan (but not the sale of any such shares) is exempt from this Policy, because the other party to the transaction is the Company itself and the price does not vary with the market but is fixed by the terms of the option agreement or the plan.  In addition, for purposes of this Policy, the Company considers that bona fide gifts of the securities of the Company are exempt from this Policy.

 

2.              Rule 10b5-1 Trading Plans.  For purposes of this Policy, the Company considers that trades of the Company’s securities made pursuant to a plan adopted in strict compliance with Rule 10b5-1(c) promulgated under the Securities Exchange Act of 1934, as amended (a “10b5-1 Plan”) are exempt from this Policy; provided, however, that such a plan must first be approved by the Company’s Insider Trading Compliance Officer and must meet the requirements of Exhibit A to this Policy.

 

ADDITIONAL INFORMATION - DIRECTORS AND OFFICERS

 

Directors and officers of the Company and certain other persons identified by the Company from time to time must also comply with the reporting obligations and limitations on short-swing transactions set forth in Section 16 of the Securities Exchange Act of 1934, as amended. The practical effect of these provisions is that officers, directors and such other persons who purchase and sell or sell and purchase the Company’s securities within a six-month period must disgorge all profits to the Company whether or not they had knowledge of any Material Nonpublic Information. Under these provisions, and so long as certain other criteria are met, neither the receipt of an option under the Company’s option plans, nor the exercise of that option nor the receipt of stock under the Company’s employee stock purchase plan is deemed a purchase under Section 16; however, the sale of any such shares is a sale under Section 16.

 

 

Moreover, no officer or director may ever make a short sale of the Company’s stock.  A short sale is a sale of securities not owned by the seller or, if owned, not delivered (a “short sale against the box”).  Transactions in put and call options for the Company’s securities may in some instances constitute a short sale or may otherwise result in liability for short swing profits.  All executive officers and directors of the Company and such other identified persons must confer with the Company’s Insider Trading Compliance Officer before effecting any such transaction.  The Company strongly discourages all such transactions by officers, directors and all employees.

 

While employees and consultants who are not executive officers and directors are not prohibited by law from engaging in short sales of the Company’s securities, the Company believes it is inappropriate for employees and consultants to engage in such transactions and therefore strongly discourages all employees and consultants from such activity.

 

The Company will provide separate memoranda and other appropriate materials to its officers and directors regarding compliance with Section 16 and its related rules.

 

INQUIRIES

 

Please direct your questions as to any of the matters discussed in this Policy to the Company’s Insider Trading Compliance Officer, Jeffrey Mistarz or Corporate Counsel, Anne Berg.

 

 

SCHEDULE A

 

OFFICERS, DIRECTORS AND OTHER EMPLOYEES

SUBJECT TO PRE-CLEARANCE PROCEDURES

 

Directors:

 

Greg Barnum

Christopher Capps

Stephen Glick

Richard Kiphart

John O’Rourke

 

Corporate Officers:

 

Jeffrey Mistarz

C. Adam Procell

 

Other Employees:

 

 

EXHIBIT A

 

Trading programs established pursuant to Section 4 of the Specific Policies section of the Company’s Insider Trading Policy (each a “Program”) are limited to the following two types:

 

(a)                                 A written Program which permits automatic trading of the Company’s common stock through a third party broker (an “Automatic Trading Program”) established by a director, officer or employee of the Company (a “Program Eligible Person”) at a time when the Program Eligible Person is not aware of Material Nonpublic Information. The Automatic Trading Program document must specify the number of shares to be purchased or sold, the price(s) at which transactions are to take place, and the date(s) on which transactions are to take place. Alternatively, the Automatic Trading Program may establish an objective formula for any or all of these criteria (e.g., the number of shares could be specified as a percentage of the holdings of the Program Eligible Person); or

 

(b)                                 A Program where transactions in the Company’s stock are initiated by the trustee of a so-called “blind” trust, provided the Program is established by a Program Eligible Person at a time when the Program Eligible Person is not aware of Material Nonpublic Information. A “blind” trust is a trust established by a Program Eligible Person under which the investment and disposition decisions must be made by an independent trustee without any involvement or even knowledge of the Program Eligible Person. The trustee should be a recognized financial institution possessing trust powers.  Under this type of Program, the Program Eligible Person cannot exert any influence over, or even communicate with, the trustee regarding specific investments. If the trustee becomes aware of Material Nonpublic Information regarding the Company, whether from the Program Eligible Person or otherwise, the trustee may not engage in a purchase or sale of the Company’s securities.

 

Additional Program Restrictions. All Programs shall also be subject to the following restrictions:

 

(a)                                 The Program Eligible Person cannot engage in any separate transaction (e.g., a hedging transaction) which directly or indirectly alters or offsets an authorized transaction made under the Program.

 

(b)                                 Any Program Eligible Person preparing such a Program must allow for the cancellation of a transaction and/or suspension of a Program upon notice and request by the Company to the extent the Program or any proposed trade (i) fails to comply with applicable law (such as exceeding the number of shares which the Program Eligible Person may sell under Rule 144 in a rolling three month period), or (ii) would create material adverse consequences for the Company (e.g., due to the imposition of lock-up agreements on the Company officers).

 

(c)                                  No Program may be established at a time when the Program Eligible Person is aware of Material Nonpublic Information.

 

 

(d)                                 Once a Program is prepared, it cannot be changed or deviated from (as opposed to the termination thereof), except (i) with notice to the Company’s outside counsel and (ii) at a time when the Program Eligible Person is permitted to trade the Company’s stock under this Policy (i.e. during the Trading Window when the Program Eligible Person is not aware of Material Nonpublic Information).

 

(e)                                  All Programs must be entered into in good faith and not as part of a plan or scheme to evade the prohibitions of the securities laws (including, without limitation, Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended). The Company may require immediate termination of any Program that it determines was put in place either (i) not in good faith or (ii) as part of a plan or scheme to evade the prohibitions of the securities laws.

 

The key terms of the Company policy, set forth herein and in Section 4, above, and Programs established pursuant to it (and trades made pursuant thereto) may be disclosed to the public through a press release, by placement on the Company’s website or through other means to be determined by the Company in its discretion. The Company shall not have any liability to any Program Eligible Person as a result of the establishment of a Program, any Company disclosure with respect thereto, or any cancellation of transactions and/or suspension or termination of a Program as discussed above.Exhibit 10.1

 

Radius Health, Inc.

 

CONSULTING AGREEMENT

 

THIS CONSULTING AGREEMENT (this “Agreement”), entered into as of January 22, 2014 (the “Effective Date”), is between Radius Health, Inc., a Delaware corporation (hereinafter called the “Company”), and Orbit Advisers Limited, a company organized under the laws of the British Virgin Islands with a correspondence address in Switzerland (hereinafter called the “Consultant”).

 

WHEREAS, the Company and the Consultant desire to enter into this Agreement pursuant to which the Consultant will provide certain consulting services to the Company; and

 

WHEREAS, the Consultant has secured the services of Dr. Morana Jovan-Embiricos (“MJE”) who has agreed to work in the performance of this Agreement on behalf of the Consultant and to sign this Agreement as it relates specifically to her.

 

NOW THEREFORE, for the premises and conditions set forth herein and for consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 

1.                                      Consulting  Services.

 

(a)                                 Subject to and upon the terms and conditions set forth in this Agreement, the Company hereby retains the Consultant, and the Consultant hereby agrees to provide to the Company, such financial and strategic consulting services as may be requested by the Company, and such other consulting services as may be reasonably requested by the Company from time to time.  In rendering consulting services hereunder, the Consultant shall cause that MJE performs such services on behalf of the Consultant.  In performing any such services, MJE shall be deemed to (i) represent, and be authorized to act for, the Consultant, (ii) be subject to and bound by the obligations set forth in Sections 6 through 11 of this Agreement in the same manner, mutatis mutandis, as the Consultant and (iii) act solely on behalf of the Consultant. This Agreement shall not be construed to create any employee/employer relationship between MJE and the Company or expectation of future employment of MJE by the Company.

 

(b)                                 The Consultant shall provide consulting services hereunder at such times and places as are mutually agreed upon by the Consultant and the Company; provided that (i) the Consultant shall not be required to spend more than 20 hours per calendar month performing services for the Company hereunder and (ii) the Consultant shall not and shall not be required to perform any services for the Company in the United States.  The Consultant shall provide the Company on a monthly basis and at such other times as requested by the Company with a report that specifies the location of the performance of the consulting services performed hereunder.

 

1

 

2.                                      Compensation.

 

(a)                                 So long as the Consultant is providing consulting services to the Company under this Agreement during the Term of this Agreement, the Company agrees to pay the Consultant a consulting fee in cash of $400,000 (“Consulting Fees”) during the Term (as defined below) of this Agreement, which shall be paid in four equal installments of $100,000 (each a “Fee Installment”) on each of January 31, 2014, June 30, 2014, September 30, 2014 and December 31, 2014 (the date on which any Fee Installment is paid being referred to herein as a “Payment Date”); provided, however, that upon termination of this Agreement, a prorated portion of the Fee Installment that would, absent such termination, have next been payable, reflective of the number of days that the Consultant provided consulting services hereunder since the Effective Date or the most recent past Payment Date, as applicable, and the date of such termination, shall be paid to the Consultant.

 

(b)                                 Except as may be required under any applicable legal requirement, the Company will not withhold any tax or Social Security payments due, if any, from the Consultant to any governmental taxing authority.  The Company shall be entitled to deduct and withhold from any consideration payable or other payment pursuant to this Agreement to the Consultant such amounts as are required to be deducted or withheld therefrom under any applicable legal requirement.  To the extent that amounts are deducted or withheld for any required withholding, such amounts shall be treated for all purposes hereunder as having been paid to the Consultant.  The Consultant hereby agrees that it will timely pay all taxes and fees upon the income and other compensation it has earned from the Company, and will indemnify and hold the Company harmless against the claims of any governmental taxing authority made in connection with the revenue and other compensation derived by the Consultant under this Agreement.  As a condition to the payment of any Consulting Fees hereunder, the Consultant shall provide the Company with a signed copy of a completed Form W-8BEN with respect to the Consultant on or prior to January 27, 2014 and shall provide the Company with any other tax or similar forms or documentation reasonably requested.

 

(c)                                  Except for the Consulting Fees provided for in this Section 2, the Company shall have no obligation to provide any compensation or other benefits to the Consultant with respect to any consulting services rendered by the Consultant to the Company hereunder.

 

3.                                      Representations of Consultant.  The Consultant hereby represents and warrants to the Company that it is free to enter into this Agreement, it has not made and will not make any agreements in conflict with this Agreement, and it will not disclose to the Company, or use for the Company’s benefit, any trade secrets or confidential information which is the property of any other person.  Without limiting the generality of the foregoing, the Consultant shall not disclose to the Company, and shall not use for the Company’s benefit, any information relating to or arising out of it utilizing the funds, personnel, facilities, materials or other resources of any other person (if any), until such information has been published.

 

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4.                                      Term.  This Agreement shall take effect as of the Effective Date and shall continue thereafter in full force and effect until the earlier to occur of (a) December 31, 2014 and (b) the effective date of termination of the Consultant’s consulting services hereunder pursuant to the provisions of Section 5 below.  For purposes of this Agreement, the period of time during which this Agreement is in full force and effect shall be hereinafter referred to as the “Term”.

 

5.                                      Termination.

 

(a)                                 This Agreement and the consulting services provided by the Consultant hereunder shall terminate immediately upon the dissolution of the Consultant or the death of MJE.  Upon any termination pursuant to this Section 5(a), the Consultant shall be entitled to any unpaid Consulting Fees payable through the date of such termination.  The Consultant shall not be entitled to any other compensation hereunder on the date of such termination.

 

(b)                                 This Agreement and the consulting services provided by the Consultant hereunder may be terminated at any time by the Consultant for any reason or no reason by giving at least ten (10) days prior written notice of termination to the Company.  Upon any termination pursuant to this Section 5(b), the Consultant shall be entitled to any Consulting Fees that had been paid through the date of such termination.  The Consultant shall not otherwise be entitled to any Consulting Fees.

 

(c)                                  This Agreement and the consulting services provided by the Consultant hereunder may be terminated at any time by the Company for any reason or no reason by giving written notice of termination to the Consultant.  Upon any termination pursuant to this Section 5(c), the Consultant shall be entitled to any unpaid Consulting Fees payable through the date of such termination.  The Consultant shall not be entitled to any other compensation hereunder on the date of such termination.

 

6.                                      Confidential  Information.

 

(a)                                 For purposes of this Agreement, the term “Confidential  Information” shall mean (i) confidential information, knowledge or data of the Company, (ii) trade secrets of the Company and (iii) any other information of the Company disclosed to the Consultant (whether prior to or after the signing of this Agreement) or which the Consultant is given after the date of this Agreement and prior to the termination of its consulting services to the Company.  Without limiting the generality of the foregoing, the term “Confidential  Information” shall include (A) all inventions, improvements, developments, ideas, processes, prototypes, plans, drawings, designs, models, formulations, specifications, methods, techniques, shop-practices, discoveries, innovations, creations, technologies, formulas, algorithms, data, computer databases, reports, laboratory notebooks, papers, writings, photographs, source and object codes, software programs, other works of authorship, know-how, patents, trademarks and copyrights (including all records pertaining to any of the foregoing), whether or not reduced to writing, that are owned by the Company, or that are required to be assigned to the Company by any person, including, without limitation, any employee or Consultant of the Company, or that are licensed to the Company

 

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by any person, (B) all Inventions (as defined in Section 7(a) below) assigned by the Consultant to the Company pursuant to Section 7(b) below, (C) information regarding the Company’s plans for research and development or for new products, (D) engineering or manufacturing information pertaining to the Company or any of its operations or products, (E) information regarding regulatory matters pertaining to the Company, (F) information regarding any acquisition or strategic alliance effected by the Company or any proposed acquisition or strategic alliance being considered by the Company, (G) information regarding the status or outcome of any negotiations engaged in by the Company, (H) information regarding the existence or terms of any contract entered into by the Company, (I) information regarding any aspect of the Company’s intellectual property position, (J) information regarding prices or costs of the Company, (K) information regarding any aspect of the Company’s business strategy, including, without limitation, the Company’s marketing, selling and distribution strategies, (L) information regarding customers or suppliers of the Company, (M) information regarding the skills, compensation and other terms of employment or engagement of the Company’s employees and consultants, (N) business plans, budgets and unpublished financial statements and unpublished financial data of the Company, (O) information regarding marketing and sales of any actual or proposed product or services of the Company and (P) any other information that the Company may designate as confidential.

 

(b)                                 The Consultant acknowledges that, except to the extent otherwise provided below in this Section 6(b) or in Section 6(d) hereof, all Confidential Information disclosed to or acquired by the Consultant is a valuable, special, and unique asset of the Company and is to be held in trust by the Consultant for the Company’s sole benefit.  Except as otherwise provided below in this Section 6(b) or in Section 6(d) hereof, the Consultant shall not, at any time during or after the Term, use for itself or others, or disclose or communicate to any person for any reason, any Confidential Information without the prior written consent of the Company.  Notwithstanding anything in this Section 6(b) to the contrary, it is understood that, except to the extent otherwise expressly prohibited by the Company, (A) the Consultant may use Confidential Information in connection with providing consulting services to the Company and (B) the Consultant may disclose Confidential Information to any employee, consultant or advisor to or of the Company who has a need to know such Confidential Information in order to perform or provide any services to the Company in the ordinary course and within the scope of such employee’s, consultant’s or advisor’s engagement by the Company.

 

(c)                                  The Consultant acknowledges and agrees that the Company has received, and may receive in the future, confidential or proprietary information from third parties (“Third  Party  Confidential  Information”) subject to a duty on the Company’s part to maintain the confidentiality of such Third Party Confidential Information and to use it only for certain limited purposes.  During the Term and thereafter, the Consultant shall hold Third Party Confidential Information in the strictest confidence and will not use or disclose to anyone any Third Party Confidential Information, unless expressly authorized in writing by the Company or unless otherwise provided below in this Section 6(c) or in Section 6(d) below.  Notwithstanding anything in this Section 6(c) to the contrary, it is understood that, except to the extent otherwise expressly prohibited by the Company, (A) the Consultant may use Third Party Confidential Information in connection with providing consulting services to

 

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the Company and (B) the Consultant may disclose Third Party Confidential Information to any employee, consultant or advisor to or of the Company who has a need to know such Third Party Confidential Information in order to perform or provide any services to the Company in the ordinary course and within the scope of such employee’s, consultant’s or advisor’s engagement by the Company.

 

(d)                                 The Consultant’s obligations under Section 6(b) and/or Section 6(c) hereof not to use, disclose or communicate Confidential Information or Third Party Confidential Information to any person without the prior written consent of the Company shall not apply to any Confidential Information or Third Party Confidential Information which (i) is or becomes publicly known under circumstances involving no breach by the Consultant of this Agreement, (ii) was known by the Consultant prior to the date hereof, (iii) is independently developed by the Consultant other than in the course of performing consulting services for the Company pursuant to this Agreement, (iv) was or is disclosed to the Consultant by a third party who is not under any obligation of confidentiality to the Company or the owner of any Third Party Confidential Information, (v) is disclosed by the Consultant pursuant to a request or order of any court or governmental agency, provided that the Consultant shall have promptly notified the Company of any such request or order and provided reasonable cooperation (at the Company’s expense) in the Company’s efforts, if any, to contest or limit the scope of such request or order, and/or (vi) was or is approved for release by written authorization of an authorized representative of the Company.

 

(e)                                  The obligations of the Consultant under this Section 6 are without prejudice, and are in addition to, any other obligations or duties of confidentiality, whether express or implied or imposed by applicable law, that are owed to the Company or any other person to whom the Company owes an obligation of confidentiality.

 

7.                                      Inventions; Assignment.

 

(a)                                 For purposes of this Agreement, the term “Inventions” shall, subject to the provisions of Section 7(c) hereof, mean all inventions, improvements, developments, ideas, processes, innovations, discoveries, designs, creations, processes, methods, techniques, technologies, prototypes, models, plans, formulations, specifications, shop-practices, formulas, algorithms, data, drawings, reports, writings, laboratory notebooks, source and object codes, software programs, other works of authorship, product names or marks, marketing materials or programs and know-how (including all records pertaining to any of the foregoing), whether or not reduced to writing and whether or not patentable or registrable under patent, copyright, trademark or similar statutes, that (i) are made, conceived, invented, discovered, originated, authored, created, learned or reduced to practice by the Consultant, either alone or together with others, in the course of rendering services to the Company at any time (regardless of whether or not such Inventions were made, conceived, invented, discovered, originated, authored, created, learned or reduced to practice by the Consultant at the Company’s facilities or during regular business hours or utilizing resources of the Company) or (ii) arise out of or are based upon any Confidential Information or Third Party Confidential Information.  For purposes of this Agreement, the term “Proprietary  Rights” shall mean (x) any and all rights under or in connection with any patents, patent applications, copyrights, copyright applications, trademarks, trademark

 

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applications, service marks, service mark applications, trade names, trade name applications, mask works, trade secrets and/or other intellectual property rights with respect to Inventions and (y) the goodwill associated with any and all of the rights referred to in the foregoing clause (x).

 

(b)                                 The Consultant hereby agrees to hold any and all Inventions and Proprietary Rights in trust for the sole right and benefit of the Company, and the Consultant hereby assigns to the Company all of its right, title and interest in and to any and all Inventions and Proprietary Rights.  The Consultant agrees to give the Company prompt written notice of any Invention or Proprietary Right and agrees to execute such instruments of transfer, assignment, conveyance or confirmation and such other documents as the Company may request to evidence, confirm or perfect the assignment of all of the Consultant’s right, title and interest in and to any Invention or Proprietary Right pursuant to the foregoing provisions of this Section 7(b).  The Consultant hereby waives and quitclaims to the Company any and all claims of any nature whatsoever that the Consultant may now or hereafter have for infringement of any Proprietary Rights assigned hereunder to the Company.  The obligations of the Consultant under this Section 7 are without prejudice, and are in addition to, any other obligations or duties of the Consultant, whether express or implied or imposed by applicable law, to assign to the Company all Inventions and all Proprietary Rights.

 

(c)                                  Notwithstanding anything expressed or implied in Section 7(a) or Section 7(b) to the contrary, it is hereby understood and agreed that the Consultant is not assigning, and has not agreed to assign, to the Company pursuant to this Section 7, and that the term “Inventions” shall not include, any right, title or interest in and to any inventions, improvements, developments, ideas, innovations, discoveries, designs, creations, processes, methods, techniques, technologies, prototypes, models, plans, formulations, specifications, shop-practices, formulas, algorithms, data, drawings, reports, writings, laboratory notebooks, source and object codes, software programs, other works of authorship, product names or marks, marketing materials or programs and know-how (including all records pertaining to any of the foregoing), whether or not reduced to writing and whether or not patentable or registrable under patent, copyright, trademark or similar statutes, that are made, conceived, invented, discovered, originated, authored, created, learned or reduced to practice by the Consultant, either alone or together with others, through the exclusive use of funds, personnel, facilities, materials or other resources not related to the Consultant’s services to the Company, provided that they do not arise out of or are based upon any Confidential Information or Third Party Confidential Information.

 

(d)                                 The Consultant hereby acknowledges and agrees that those Inventions that are original works of authorship protectable by copyright are “works made for hire,” as that term is defined in the United States Copyright Act.

 

(e)                                  At the request of the Company, the Consultant will assist the Company in every proper way (including, without limitation, by executing patent applications) to obtain and enforce in any country in the world Proprietary Rights relating to any or all Inventions.  The Consultant’s obligation under this Section 7(e) to assist the Company in obtaining and enforcing in any country of the world Proprietary Rights with

 

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respect to any or all Inventions shall continue beyond the Term.  If and to the extent that, at any time after the Term, the Company requests assistance from the Consultant with respect to obtaining and enforcing in any country in the world any Proprietary Rights relating to Inventions, the Company shall compensate the Consultant at a reasonable rate for the time actually spent by the Consultant on such assistance.

 

(f)                                   By this Agreement, the Consultant hereby irrevocably constitutes and appoints the Company as its attorney-in-fact for the purpose of executing, in the Consultant’s name and on its behalf, (i) such instruments or other documents as may be necessary to evidence, confirm or perfect any assignment pursuant to the provisions of this Section 7 or (ii) such applications, certificates, instruments or documents as may be necessary to obtain or enforce any Proprietary Rights in any country of the world.  This power of attorney is coupled with an interest on the part of the Company.

 

(g)                                  Without the prior written consent of the Company, the Consultant shall not, at any time, file any patent, trademark or copyright application with respect to, or claiming, any Inventions that Consultant has assigned or is required to assign to the Company pursuant to Section 7(a) above.

 

8.                                      Agreement  not  to  Solicit.

 

(a)                                 During the Term and for a period of one year thereafter, the Consultant shall not solicit, or arrange to have any other person or entity solicit, any person or entity engaged by the Company as an employee, customer or supplier of, or consultant or advisor to, the Company to terminate such party’s relationship with the Company.  The time period provided for in this Section 8 shall be extended for a period of time equal to any period of time in which the Consultant shall be in violation of any provision of this Section 8 and any period of time required for litigation to enforce the provisions of this Section 8.  If at any time the provisions of this Section 8 shall be determined to be invalid or unenforceable, by reason of being vague or unreasonable as to area, duration or scope of activity, this Section 8 shall be considered divisible and shall become and be automatically amended to apply only to such area, duration and scope of activity as shall be determined to be reasonable by the court or other body having jurisdiction over the matter; and the Consultant agrees that this Section 8, as so amended, shall be valid and binding as though any invalid or unenforceable provision had not been included herein.

 

9.                                      Return  of  Documents.  All originals, copies and summaries of manuals, memoranda, notes, notebooks, records, reports, plans, drawings, specifications, devices, formulas, passwords, storage media (including software, documents and computer printouts) and other documents or items of any kind containing, disclosing, concerning or relating to Inventions, Confidential Information or Third Party Confidential Information shall, to the extent that they are in the actual or constructive possession or control of the Consultant, be delivered to the Company by the Consultant immediately upon termination of this Agreement.

 

10.                               No  Use  of  Name, Etc.  Without the prior written consent of the Company, the Consultant shall not, at any time, use, for itself or on behalf of any other person, any name

 

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that is identical or similar to or likely to be confused with the name of the Company or any product or service produced or provided by the Company.  The Company shall not use the name of the Consultant nor that of the Consultant’s past or present employer, or any adaptation thereof in any advertising, promotional or sales literature without prior written consent obtained from the Consultant.  Without the prior written consent of the Company, the Consultant shall not, at any time after the termination of the Consultant’s services pursuant to this Agreement, directly or indirectly represent itself, whether on its behalf or on behalf of any other person, as then being in any way connected or associated with the Company.

 

11.                               Unique  Nature  of  Agreement; Specific  Enforcement.  The Company and the Consultant agree and acknowledge that the rights and obligations set forth in this Agreement are of a unique and special nature and that the Company is, therefore, without an adequate legal remedy in the event of the Consultant’s violation of any of the covenants set forth in this Agreement.  The Company and the Consultant agree, therefore, that, in addition to all other rights and remedies, at law or in equity or otherwise, that may be available to the Company, each of the covenants made by the Consultant under this Agreement shall be specifically enforceable in equity.

 

12.                               Miscellaneous.

 

12.1.  Entire  Agreement.  This Agreement represents the entire Agreement of the parties with respect to the arrangements contemplated hereby.  No prior agreement, whether written or oral, shall be construed to change, amend, alter, repeal or invalidate this Agreement.  This Agreement may be amended only by a written instrument executed in one or more counterparts by the parties.

 

12.2.  Waiver.  No consent to or waiver of any breach or default in the performance of any obligations hereunder shall be deemed or construed to be a consent to or waiver of any other breach or default in the performance of any of the same or any other obligations hereunder.  Failure on the part of either party to complain of any act or failure to act of the other party or to declare the other party in default, irrespective of the duration of such failure, shall not constitute a waiver of rights hereunder and no waiver hereunder shall be effective unless it is in writing, executed by the party waiving the breach or default hereunder.

 

12.3.  Assignment.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  This Agreement may be assigned by the Company to any Affiliate of the Company and to a successor of its business to which this Agreement relates (whether by purchase or otherwise).  “Affiliate  of  the  Company” means any person which, directly or indirectly, controls or is controlled by or is under common control with the Company and, for the purposes of this definition, “control” (including the terms “controlled by” and “under common control with”) shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of another whether through the ownership of voting securities or holding of office in another, by contract or otherwise.  The Consultant may not assign or

 

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transfer any or all of its rights or obligations under this Agreement without the prior written consent of the Company.

 

12.4.  Disputes  and  Costs.  In case of any dispute hereunder, the parties will submit to the exclusive jurisdiction and venue of any court of competent jurisdiction sitting in Suffolk County, Massachusetts, and will comply with all requirements necessary to give such court jurisdiction over the parties and the controversy.  EACH PARTY WAIVES ANY RIGHT TO A JURY TRIAL AND TO CLAIM OR RECOVER PUNITIVE DAMAGES.

 

12.5.  Severability.  All headings and subdivisions of this Agreement are for reference only and shall not affect its interpretation.  In the event that any provision of this Agreement should be held unenforceable by a court of competent jurisdiction, such court is hereby authorized to amend such provision so as to be enforceable to the fullest extent permitted by law, and all remaining provisions shall continue in full force without being impaired or invalidated in any way.

 

12.6.  Governing  Law.  This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts.

 

12.7.  Survival.  The provisions of this Section 12.7 and Sections 5, 6, 7, 8, 9, 10 and 12 shall survive the expiration of the Term and the termination of this Agreement.

 

[remainder of page intentionally left blank]

 

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IN WITNESS WHEREOF, the parties have signed this Amended and Restated Consulting Agreement as of the date written above as a sealed instrument.

 

	
 
    	
 
    	
Radius Health, Inc.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Robert E. Ward
    
	
 
    	
 
    	
 
    	
Name: Robert E. Ward
    
	
 
    	
 
    	
 
    	
Title: President and Chief Executive Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Kurt C. Graves
    
	
 
    	
 
    	
 
    	
Name: Kurt C. Graves
    
	
 
    	
 
    	
 
    	
Title: Chairman of the Board
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Orbit Advisers Limited
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Barbara J. Haldi
    
	
 
    	
 
    	
 
    	
Name: Barbara J. Haldi
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Vincent McCartney
    
	
 
    	
 
    	
 
    	
Name: Vincent McCartney
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Accepted and Agreed
    	
 
    	
 
    	
 
    
	
(to the extent expressly
    	
 
    	
 
    	
 
    
	
referred to in this Agreement):
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
/s/ Morana Jovan-Embiricos
    	
 
    	
 
    	
 
    
	
Morana Jovan-Embiricos, Ph.D.
    	
 
    	
 
    	
 
    

 

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