Document:

Exhibit

EXECUTION VERSION

AMENDMENT to 
SECOND AMENDED AND RESTATED SUPPLY AND OFFTAKE AGREEMENT 

THIS AMENDMENT to SECOND AMENDED AND RESTATED SUPPLY AND OFFTAKE AGREEMENT (this “Amendment”), dated as of January 13, 2017 is made between J. Aron & Company, a general partnership organized under the laws of New York (“Aron”) located at 200 West Street, New York, New York 10282-2198, and Alon Refining Krotz Springs, Inc. (the “Company”), a Delaware corporation located at Hwy. 105 South, Krotz Springs, Louisiana 70750-0453 (each referred to individually as a “Party” or collectively as the “Parties”).
RECITALS
Aron and the Company are parties to the Second Amended and Restated Supply and Offtake Agreement dated as of February 1, 2015 as from time to time amended, modified, supplemented and/or restated (the “S&O Agreement”); and
Aron and the Company wish to amend certain terms and conditions of the S&O Agreement and accordingly, agree as follows:
		
	Section 1
	Definitions; Interpretation

Section 1.1    Defined Terms.  All capitalized terms used in this Amendment (including in the Recitals hereto) and not otherwise defined herein shall have the meanings assigned to them in the S&O Agreement.
Section 1.2    Interpretation.  The rules of construction set forth in Section 1.2 of the S&O Agreement shall be applicable to this Amendment and are incorporated herein by this reference.
		
	SECTION 2
	Amendments and Agreements

Section 2.1    Amendments to S&O Agreement as of Effective Date.  Upon the effectiveness of this Amendment, the S&O Agreement shall be amended as follows:
(a)    By amending and restating the definition of “Guarantee” in Section 1.1 as follows:
“Guarantee” means the Guaranty, dated as of February 1, 2015, from the Guarantor provided to Aron in connection with this Agreement and the transactions contemplated hereby, in a form and in substance satisfactory to Aron.
(b)    References Within S&O Agreement.  Each reference in the S&O Agreement to “this Agreement” and the words “hereof,” “hereto,” “herein,” “hereunder,” or words of like import, shall mean and be a reference to the S&O Agreement as heretofore amended and as amended by this Amendment.

		
	SECTION 3
	Representations and Warranties

To induce the other Party to enter into this Amendment, each Party hereby represents and warrants that (i) it has the corporate, governmental or other legal capacity, authority and power to execute this Amendment, to deliver this Amendment and to perform its obligations under the S&O Agreement, as amended hereby, and has taken all necessary action to authorize the foregoing; (ii) the execution, delivery and performance of this Amendment does not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or Governmental Authority applicable to it or any of its assets or subject; (iii) all governmental and other consents required to have been obtained by it with respect to this Amendment have been obtained and are in full force and effect; (iv) its obligations under the S&O Agreement, as amended hereby, constitute its legal, valid and binding obligations, enforceable in accordance with its terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application regardless of whether enforcement is sought in a proceeding in equity or at law) and (v) no Event of Default with respect to it has occurred and is continuing.
		
	SECTION 4
	Miscellaneous

Section 4.1    S&O Agreement Otherwise Not Affected.  Except for the amendments pursuant hereto, the S&O Agreement remains unchanged.  As amended pursuant hereto, the S&O Agreement remains in full force and effect and is hereby ratified and confirmed in all respects.  The execution and delivery of, or acceptance of, this Amendment and any other documents and instruments in connection herewith by either Party shall not be deemed to create a course of dealing or otherwise create any express or implied duty by it to provide any other or further amendments, consents or waivers in the future.
Section 4.2    No Reliance.  Each Party hereby acknowledges and confirms that it is executing this Amendment on the basis of its own investigation and for its own reasons without reliance upon any agreement, representation, understanding or communication by or on behalf of any other Person.
Section 4.3    Costs and Expenses.  Each Party shall be responsible for any costs and expenses incurred by such Party in connection with the negotiation, preparation, execution and delivery of this Amendment and any other documents to be delivered in connection herewith.
Section 4.4    Binding Effect.  This Amendment shall be binding upon, inure to the benefit of and be enforceable by the Company, Aron and their respective successors and assigns.
Section 4.5    Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY, CONSTRUED AND ENFORCED UNDER THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ITS CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER STATE.
Section 4.6    Amendments.  This Amendment may not be modified, amended or otherwise altered except by written instrument executed by the Parties’ duly authorized representatives.
Section 4.7    Effectiveness; Counterparts.  This Amendment shall be binding on the Parties as of the date on which it has been fully executed by the Parties. This Amendment may be executed in any number of counterparts and by different Parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement.
Section 4.8    Interpretation.  This Amendment is the result of negotiations between and have been reviewed by counsel to each of the Parties, and is the product of all Parties hereto.  Accordingly, this Amendment shall not be construed against either Party merely because of such Party’s involvement in the preparation hereof.
[Remainder of Page Intentionally Left Blank]

NY2-783495 

IN WITNESS WHEREOF, the Parties hereto have duly executed this Amendment to the S&O Agreement as of the date first above written.
J. ARON & COMPANY

By: /s/ John R. Thomas___________________
Name: John R. Thomas
Title:  Attorney-in-Fact

ALON REFINING KROTZ SPRINGS, INC.

By: /s/ Shai Even________________________
Name: Shai Even
Title: Senior Vice President and Chief Financial Officer

[Amendment to ARKS S&O Agreement]
NY2-783495Exhibit 10.9

 

 

NOVAVAX, INC.

2015 Stock Incentive Plan

(Amended and Restated March 15, 2016)

 

Incentive Stock Option Agreement

 

1. Grant of Option. Novavax, Inc., a
Delaware corporation (the “Company”), hereby grants to [•] (the “Optionee”), as of [•]
(the “Date of Grant”), an option (the “Option”), pursuant to the Company’s 2015 Stock
Incentive Plan, as amended from time to time (the “Plan”), to purchase an aggregate of [•] shares of Common
Stock (“Shares”) of the Company at a price of $[•] per share, purchasable as set forth in, and subject
to the terms and conditions of, this Incentive Stock Option Agreement (this “Agreement”) and the Plan. The Option
evidenced by this Agreement is intended to be an incentive stock option under Section 422 of the Code and is granted to the Optionee
in connection with the Optionee’s Service to the Company or Affiliate.

 

2. Meaning of Certain Terms. Except
as otherwise defined herein, all capitalized terms used herein have the same meaning as in the Plan. The following terms have the
following meanings:

 

(a) “Affiliate”
means a subsidiary of the Company that would be described in the first sentence of Treas. Regs. § 1.409A-1(b)(5)(iii)(E)(1).

 

(b) “Beneficiary”
means, in the event of the Optionee’s death, the beneficiary named in the written designation (in form acceptable to the
Administrator) most recently filed with the Administrator by the Optionee prior to the Optionee’s death and not subsequently
revoked, or, if there is no such designated beneficiary, the executor or administrator of the Optionee’s estate. An effective
beneficiary designation will be treated as having been revoked only upon receipt by the Administrator, prior to the Optionee’s
death, of an instrument of revocation in form acceptable to the Administrator.

 

(c) “Option Holder”
means the Optionee or, if as of the relevant time the Option has passed to a Beneficiary, the Beneficiary.

 

(d) “Service”
means the Optionee’s employment or other service relationship with the Company and its Affiliates. Service will be deemed
to continue, unless the Administrator expressly provides otherwise, so long as the Optionee is employed by, or otherwise providing
services in a capacity described in Section 3(a) of the Plan to, the Company or an Affiliate. If an Optionee’s employment
or other service relationship is with an Affiliate and that entity ceases to be an Affiliate, the Optionee’s Service will
be deemed to have terminated when the entity ceases to be an Affiliate unless the Optionee transfers Service to the Company or
its remaining Affiliates.

 

     

     

    

  

3. Option Vesting, Exercise and Expiration.

 

(a) Vesting Schedule.
As used herein with respect to the Option or any portion thereof, the term “vest” means to become exercisable and the
term “vested” as applied to any outstanding portion of the Option means that the Option is then exercisable, subject
in each case to the terms of the Plan. Unless earlier terminated, forfeited, relinquished or expired, the Option will vest as to [• ]. Notwithstanding the previous,
on the Optionee’s death or disability (within the meaning of Section 22(e)(3) of the Code or any successor provision thereto)
during the Optionee’s Service, 50% of any unvested portion of the Options (rounded down to the nearest whole Share) shall
be vested immediately

 

(b) Expiration Date.
The latest date on which the Option or any portion thereof may be exercised will be the 10th anniversary of the Date
of Grant (the “Expiration Date”). Except as provided in Section 5(e) of the Plan, if the Option is not exercised
by the Expiration Date the Option or any remaining portion thereof will thereupon immediately terminate.

 

(c) Exercise Procedure.
No portion of the Option may be exercised until such portion vests. Each election to exercise any vested portion of the Option
will be subject to the terms and conditions of the Plan and this Agreement and shall be in writing (including in electronic form),
signed by the Option Holder (or in such other form as is acceptable to the Administrator). Each such written exercise election
must be received by the Company at its primary office or by such other party as the Administrator may prescribe and be accompanied
by payment in full as provided in the Plan and Section 3(d) hereof. The Option Holder may purchase less than the number of Shares
covered hereby, provided that no partial exercise of the Option may be for any fractional Share.

 

(d) Payment of Exercise
Price. The exercise price may be paid by cash or check made to the order of the Company in an amount equal to the aggregate
exercise price of the portion of the Option being exercised or through a broker-assisted exercise program acceptable to the Administrator
or, to the extent legally permissible and acceptable to the Administrator, (i) by delivery to the Company of shares of Common Stock
already owned by the Optionee having a Fair Market Value equal in amount to the aggregate exercise price of the portion of the
Option being exercised, (ii) through the withholding of shares of Common Stock otherwise to be delivered upon exercise of the Option
having a Fair Market Value equal to the aggregate exercise price of the portion of the Option being exercised, or (iii) by any
other means approved by the Administrator. Fractional shares of Common Stock of the Company will not be accepted in payment of
the purchase price of Shares acquired upon exercise of the Option. In the event that the Option is exercised by a person other
than the Optionee, the Company will be under no obligation to deliver Shares hereunder unless and until it is satisfied as to the
authority of the Option Holder to exercise the Option and compliance with applicable securities laws.

 

    	 	-2-	 

     

    

  

(e) Treatment of the
Option upon Cessation of Service. If the Optionee’s Service ceases, the Option, to the extent not already vested, will
be immediately forfeited, and any vested portion of the Option that is then outstanding will be treated as follows:

 

(i) Subject to clauses (ii)
and (iii) below and Section 4 of this Agreement, the Option, to the extent vested immediately prior to the cessation of the Optionee’s
Service, will remain exercisable until the earlier of (A) the date that is three months following the date of such cessation of
Service, or (B) the Expiration Date, and except to the extent previously exercised as permitted by this Section 3(e)(i) will thereupon
immediately terminate.

 

(ii) Subject to clause (iii)
below and Section 4 of this Agreement, the Option, to the extent vested immediately prior to (A) the cessation of the Optionee’s
Service due to death or disability (within the meaning of Section 22(e)(3) of the Code or any successor provision thereto), or
(B) the Optionee’s death within three months following the Optionee’s termination of Service, will remain exercisable
until the earlier of (x) the first anniversary of the date of the Optionee’s death or of the date of the termination of the
Optionee’s Service due to disability, as applicable, or (y) the Expiration Date, and except to the extent previously exercised
as permitted by this Section 3(e)(ii) will thereupon immediately terminate.

 

(iii) If the Optionee’s
Service is terminated by the Company and its subsidiaries in connection with an act or failure to act constituting Cause (as the
Administrator, in its sole discretion, may determine), the Option (whether or not vested) will immediately terminate and be forfeited
upon such termination.

 

a cessation of the
Optionee’s employment with the Company and its subsidiaries that is not a cessation of Service, the Option will cease to
be an incentive stock option and will become a Non-Statutory Option if the Option, to the extent exercisable, is not exercised
within the periods set forth in the Treasury Regulations applicable to incentive stock options.

 

4. Forfeiture; Recovery of Compensation.

 

(a) The Administrator may
cancel, rescind, withhold or otherwise limit or restrict the Option at any time if the Optionee is not in compliance with all applicable
provisions of this Agreement and the Plan.

 

(b) By accepting the Option,
the Optionee expressly acknowledges and agrees that his or her rights, and those of any permitted transferee of the Option, under
the Option, including to any Common Stock acquired under the Option or proceeds from the disposition thereof, are subject to Section
8(f) of the Plan (including any successor provision). Nothing in the preceding sentence shall be construed as limiting the general
application of Section 9 of this Agreement.

 

5. Transfer of Option. The Option may
not be transferred except as expressly permitted under Section 8(c) of the Plan.

 

    	 	-3-	 

     

    

  

6. Taxes.

 

(a) Withholding.
If at the time the Option is exercised the Company determines that under applicable law and regulations it could be liable for
the withholding of any federal, state or local tax upon such exercise or with respect to a disposition of any Common Stock acquired
upon such exercise, the Optionee by signing this Agreement (and any other Option Holder by exercising all or any part of the Option)
expressly acknowledges and agrees that the Option Holder’s rights hereunder, including the right to be issued Shares upon
exercise, are subject to the Option Holder promptly paying to the Company in cash (or by such other means as may be acceptable
to the Administrator in its discretion) all taxes required to be withheld. No Shares will be transferred pursuant to the exercise
of the Option unless and until the person exercising the Option has remitted to the Company an amount in cash sufficient to satisfy
any federal, state, or local withholding tax requirements, or has made other arrangements satisfactory to the Company with respect
to such taxes. The Optionee by signing this Agreement (and any other Option Holder by exercising all or any part of the Option)
authorizes the Company and its subsidiaries to withhold such amount from any amounts otherwise owed to the Option Holder, but nothing
in this sentence shall be construed as relieving the Option Holder of any liability for satisfying his or her obligation under
the preceding provisions of this Section.

 

(b) Disqualifying Disposition.
If the Optionee disposes of the Shares acquired upon exercise of the Option within two years from the Date of Grant or one year
after such Shares were acquired pursuant to the exercise of the Option, the Optionee shall notify the Company in writing of such
disposition within 15 days of such disposition.

 

(c) Annual Limit for
Incentive Stock Options. To the extent that the aggregate fair market value (determined at the time of grant) of the shares
of Stock subject to the Option and all other incentive stock options the Optionee holds that are exercisable for the first time
during any calendar year (under all plans of the Company and its related corporations) exceeds $100,000, the options held by the
Optionee or portions thereof that exceed such limit (according to the order in which they were granted in accordance with the regulations
under Section 422 of the Code) shall be treated as Non-Statutory Options.

 

(d) Limitation on Liability.
The Optionee acknowledges and agrees that the Company or the Administrator may take any action permitted under the Plan without
regard to the effect such action may have on the status of the Option as an incentive stock option under Section 422 of the Code
and that such actions may cause the Option to fail to be treated as an incentive stock option under Section 422 of the Code. The
Optionee further acknowledges and agrees that neither the Company, nor any of its affiliates, nor the Administrator, nor any person
acting on behalf of the Company, any of its affiliates, or the Administrator, will be liable to the Optionee or to the estate or
beneficiary of the Optionee or to any other person by reason of the failure of the Option to satisfy the requirements of Section
422 of the Code.

 

7. Effect on Service. Neither the grant
of the Option, nor the issuance of Shares upon exercise of the Option, will give the Optionee any right to be retained in the employ
or service of the Company or any of its affiliates, affect the right of the Company or any of its affiliates to discharge or discipline
such Optionee at any time, or affect any right of such Optionee to terminate his or her employment or service at any time.

 

    	 	-4-	 

     

    

  

8. Rights as a Stockholder. The Option
Holder shall have no rights as a stockholder with respect to any Shares that may be purchased by exercise of the Option (including,
without limitation, any rights to receive dividends or non-cash distributions with respect to such Shares) except as to shares
of Common Stock actually issued under the Plan. No adjustment shall be made for dividends or other rights for which the record
date is prior to the date such shares of Common Stock are issued.

 

9. Provisions of the Plan. This Agreement
is subject in its entirety to the provisions of the Plan, which are incorporated herein by reference. A copy of the Plan as in
effect on the Date of Grant has been furnished to the Optionee. By exercising all or any part of the Option, the Option Holder
agrees to be bound by the terms of the Plan and this Agreement. In the event of any conflict between the terms of this Agreement
and the Plan, the terms of the Plan shall control.

 

10. Acknowledgements. The Optionee acknowledges
and agrees that (i) this Agreement may be executed in two or more counterparts, each of which shall be an original and all of which
together shall constitute one and the same instrument and (ii) this agreement may be executed and exchanged using facsimile, portable
document format (PDF) or electronic signature, which, in each case, shall constitute an original signature for all purposes hereunder.

  

	Date of Grant: [•]	NOVAVAX, INC. 
	 	 	 
	 	By: 	 
	 	 	Barclay A. Phillips
	 	 	SVP, Chief Financial Officer and Treasurer

 

OPTIONEE’S ACCEPTANCE

 

The undersigned hereby
accepts the Option and agrees to the terms and conditions of this Agreement and the Plan. The undersigned hereby acknowledges receipt
of a copy of the Plan.

 

	 	OPTIONEE
	 	 
	 	 
	 	SIGN NAME 
	 	 
	 	 
	 	PRINT NAME
	 	 
	 	 
	 	PRINT ADDRESS

 

    	 	-5-

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