Document:

Anavex Life Sciences Corp.: Exhibit 10.1 - Filed by newsfilecorp.com

NON-UNITED STATES RESIDENT SUBSCRIBERS

THIS PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT RELATES TO AN
OFFERING OF SECURITIES IN AN OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT U.S.
PERSONS (AS DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”).

THE SECURITIES TO WHICH THIS PRIVATE PLACEMENT SUBSCRIPTION
AGREEMENT (THE “SUBSCRIPTION AGREEMENT”) RELATES HAVE NOT BEEN REGISTERED WITH
THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY
STATE, AND WILL BE ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), AND, ACCORDINGLY, MAY
NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE 1933 ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN
ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

ANAVEX LIFE SCIENCES CORP. 
(THE “ISSUER”)

PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT 
8% CONVERTIBLE
DEBENTURES

INSTRUCTIONS TO PURCHASER

	1. 	
      The purchaser is to complete all the information in the
      boxes on page 1 and sign where indicated with an “X”.

	 	 
	2. 	
      IF THE PURCHASER IS A CANADIAN RESIDENT AND IS AN
      ACCREDITED INVESTOR, then complete the “Accredited Investor Questionnaire”
      that starts on page 5.

	 	 
	3. 	
      RESIDENTS OF COUNTRIES OUTSIDE THE UNITED STATES AND
      CANADA AND CANADIAN RESIDENTS PURCHASING A MINIMUM OF $150,000 IN VALUE OF
      SECURITIES may subscribe without filling in an Accredited
  Investor.

	 	 
	4. 	
      Check or Cashier’s check should be made payable to
      Anavex Life Sciences Corp. For Wire instructions contact Harvey Lalach at
      harvey@anavex.com; Tel (250) 864-2740.

	 	 
	5. 	
      All other information must be filled in where
      appropriate.

	 	 
	6. 	
      ALL DOLLAR FIGURES REFER TO UNITED STATES
  DOLLARS.

This is Page 2 of 17 pages of a subscription agreement and
related appendices, schedules and forms. Collectively, these pages together are
referred to as the “Subscription Agreement”.

PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT

	TO: 	ANAVEX LIFE SCIENCES CORP. (the
      “Issuer”), of 50 Harrison Street, Unit 315A, Hoboken NJ 07030
  

Subject and pursuant to the terms set out in the Terms on pages
3 to 4, the General Provisions on pages 9 to 16 and the other schedules and
appendices attached which are hereby incorporated by reference, the Purchaser
hereby irrevocably subscribes for, and on Closing will purchase from the Issuer,
the following securities at the following price:

	$1,000,000 in value of Convertible Debenture 
	 
	 
	The Purchaser owns, directly or indirectly, the following
      securities of the Issuer: 
	 
	 
	[Check if applicable] The Purchaser is
      [     ] an insider of the Issuer or
      [     ]  a member of the professional group
  

The Purchaser directs the Issuer to issue, register and deliver
the certificates representing the Investment as follows:

	REGISTRATION INSTRUCTIONS 	 	DELIVERY INSTRUCTIONS 
	 	 	 
	Name to appear on
      certificate 	 	Name
      and account reference, if applicable 
	 	 	 
	 	 	 
	Account reference if
      applicable 	 	Contact
      name 
	 	 	 
	 	 	 
	Address 	 	Address
    
	 	 	 
	 	 	 
	  	 	Telephone Number 

EXECUTED by the Purchaser this _______ day of _____________
, 2011. By executing this Subscription Agreement, the Purchaser certifies that
the Purchaser and any beneficial purchaser for whom the Purchaser is acting is
resident in the jurisdiction shown as the “Address of Purchaser”. 

	WITNESS: 	 	EXECUTION BY PURCHASER: 
	 	 	 
	 	 	X 
	Signature of Witness
    	 	Signature of individual (if Purchaser is an individual)
    
	 	 	 
	 	 	X 
	Name of Witness 	 	Authorized signatory (if Purchaser is not an individual)
    
	 	 	  
	 	 	 
	Address of Witness
    	 	Name of
      Purchaser (please print) 
	 	 	  
	 	 	 
	 	 	Name of
      authorized signatory (please print) 
	Accepted this day of
      ____________, 2011 	 	 
    
	 	 	 
	ANAVEX LIFE
      SCIENCES CORP. 	 	Address
      of Purchaser (residence) 
	Per: 	 	 
    
	 	 	 
	 	 	Telephone Number 
	Authorized Signatory 	 	 
    
	 	 	 
	 	 	Facsimile Number 
	 	 	  
	 	 	 
	 	 	E-mail
      address 
	 	 	  
	 	 	 
	 	 	Social Security/Insurance No.: 

By signing this acceptance, the Issuer agrees to be bound by
the Terms on pages 3 to 4, the General Provisions on pages 9 to 16 and the other
schedules and appendices incorporated by reference. If funds are delivered to
the Issuer’s lawyers, they are authorized to release the funds to the Issuer on
Closing. 

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 3 of 17 

TERMS

	Reference date of this
      
Subscription 
Agreement 	
April _______, 2011 (the “Agreement
      Date”) 

	  	  
	The Offering 
	  	  
	  	  
	Principal Amount: 	US$1,000,000 
	  	  
	The Issuer: 	
      Anavex Life Sciences Corp. (the “Issuer”).
  

	  	
       

	The Purchaser: 	
      Weiser Capital Ltd. or its assignees (the
      “Purchaser”) 

	  	
       

	Instrument: 	
      The offering consists of 8% Convertible Debentures (the
      “Investment”) closing in three tranches: 

	  	
       

		
      “Tranche 1”: $250,000 closing not later than April
      20, 2011 or such other date as may be agreed upon by the Issuer and the
      Purchaser (the “Initial Closing”); 

	  	
       

		
      “Tranche 2” $500,000 closing not later than May 3,
      2011 or such other date as may be agreed upon by the Issuer and the
      Purchaser; and 

	  	
       

		
      “Tranche 3” $250,000 closing not later than May
      20, 2011 or such other date as may be agreed upon by the Issuer and the
      Purchaser (the “Final Closing”). 

	  	
       

	  	
      All dollar figures refer to United States dollars.
  

	  	
       

	Term of Investment: 	
      The term (the “Term”) of the Investment will
      mature on the earliest of: (a) 12 months from the date of the Initial
      Closing; or, (b) conversion of the entire Investment; or, (c) early
      retirement of the entire Investment under circumstances agreeable to both
      the Issuer and Purchaser. 

	  	
       

	Terms of Conversion: 	
      The Investment is convertible or redeemable on the
      following terms: (a) conversion or redemption will be: (i) automatic upon
      the Issuer closing aggregate equity financings of $2,000,000 or a greater
      amount within any 30 consecutive calendar days during the Term of the
      Investment; or, (ii) at the election of the Purchaser; and (b) Investment
      is convertible at $3.00 per share, adjusted for splits and common stock
      share issuances of greater than 10% of the number of outstanding shares of
      the Issuer at the closing of the Investment. For each common share issued,
      one 2-year common share purchase warrant will be issued. The warrant will
      be priced at $4.00 adjusted for splits and common stock share issuances of
      greater than 10% of the number of outstanding shares of the Issuer at the
      closing of the Investment. 

	  	
       

	Interest Rate: 	
      Accrued interest will be payable at the conclusion of the
      Term of the Investment at a rate of 8 percent per annum on the principal
      amount of the Investment. 

	  	
       

		
      In the event of early retirement, interest payable will
      be the greater of: (a) 6 months interest on the principal amount of the
      Investment; or, (b) the accumulated interest on the principal amount of
      the Investment. 

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 4 of 17 

	Committed Use of Capital	Tranche 1 

	  	Dollar Value 	 	Committed Use of Capital 
	  	$100,000 	 	Payments related to 2-73
      development (CRO) 
	  	$100,000(1) 	 	Closing Fee to Purchaser 
	Up to 	 $25,000 	 	Management compensation 
	Up
      to 	 $25,000 	 	General and administrative expenses 
	Up to 	$250,000(2) 	 	  
	  	  	 	  
	Tranche 2	  
	  	  	 	  
	  	$180,000 	 	Payments related to 2-73
      development (CRO) 
	Up to 	 $50,000 	 	Management compensation 
	Up to 	 $50,000 	 	Lab staff compensation 
	Up to 	 $25,000 	 	Purchaser and public relations expenses 
	Up to 	 $25,000 	 	General and administrative
      expenses 
	Up to 	 $25,000 	 	Payments related to Genesis termination and
      rent 
	Up to 	$50,000 	 	Expenses directly related to
      application for listing of shares on a national exchange 
	Up
      to 	 $50,000 	 	Syntagon (synthesis 1-41) 
	Up to 	$500,000(2) 	 	  
	  	  	 	  
	Tranche 3	  
	  	  	 	  
	  	$50,000 	 	Payments related to 2-734
      development to ABX and Forenap 
	Up to 	$50,000 	 	Lab staff compensation 
	Up to 	$50,000 	 	Management compensation 
	Up to 	$50,000 	 	Expenses directly related to application for
      listing of shares on a national exchange 
	Up to 	$25,000 	 	General and administrative
      expenses 
	Up
      to 	$50,000 	 	Purchaser and public relations expenses 
	Up to 	$500,000    	 	 

	 	(1) 	
      The Purchaser may reinvest the Closing Fee in which case
      such funds will be used as follows:

	Dollar Value 	 	Committed Use of Capital 
	$50,000 	 	Lab Rent – Eurogenet 
	$50,000 	 	Lab Staff – Compensation 
	$100,000 	 	 

	 	(2) 	
      In Tranche 1 and 2, any unspent remainder is to be
      contributed to accounts payable, excluding management compensation. In
      Tranche 3, any unspent remainder is to be contributed to accounts payable,
      and may include management compensation

	Additional Terms: 	1. 	
      Upon conclusion of the Term of the Investment all unpaid
      principal, interest, and fees will be due and payable to the Purchaser.      

	  	  	
   

	  	2. 	
      The Issuer may not transfer the obligation of the
      Investment. 

	  	  	
   

		3. 	
      The Issuer will pay the Purchaser, or its agent, $100,000
      concurrent with the closing of “Tranche 1”. 

	  	  	
   

		4. 	
      For the five business days subsequent to the Initial
      Closing, the Purchaser, or its agent, has the right to purchase from the
      Issuer 33,334 shares of the Issuer and 33,334 common share purchase
      warrant for an aggregate purchase price of $100,000. Each common share
      purchase warrant will be exercisable for two years from the Initial
      Closing at an exercise price of $4.00 per share. In order to exercise its
      right, the Purchaser must provide the Issuer with written notice of its
      intention to exercise its right, along with a certified cheque in the
      amount of $100,000, within such five business day period subsequent to the
      Initial Closing such written notice to be given in accordance with section
      5.4 hereof. Upon receipt of such notice and certified cheque,
  the Issuer shall have three business days to provide the
      Purchaser with certificates representing the shares and common share
      purchase warrants of the Issuer. The General Provisions shall be deemed to
      apply to any purchase pursuant to this provision and the Issuer may, in
      its sole discretion, request that the Purchaser provide evidence that it
      is able to purchase the shares and common share purchase warrants of the
  Issuer under applicable securities laws.

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 5 of 17 

	 	5. 	
      The following named parties are identified in two
      categories:

	 	 	 
	 		
      Category 1 – named parties, and officers and directors
      added by the Issuer subsequent to the closing of the Investment, are
      enjoined from selling, lending, transferring, or hypothecating shares of
      Anavex Life Sciences Corp. common stock until the company reports
      completion of its Phase 11a clinical study

	 	 	 
	 		
      Category 2 – named parties qualify for ‘Management
      compensation’ in the investment.

	 	Named Party 	Category 1 	Category 2 
	 	Ayers, Alison 	X 	  
	 	Durrant, Cameron 	X 	X 
	 	Lalach, Harvey 	X 	X 
	 	Lowry, Sean 	X 	  
	 	Skarpelos, Tom 	X 	X 
	 	Stergiou, Angelos 	X 	X 
	 	Tousley, David 	X 	X 

	Selling Jurisdictions 	The Investment may be sold in Canada or in
      other jurisdictions other than the United States where they may be
      lawfully sold (the ”Selling Jurisdictions”). 
	  	  
	Exemptions 	The offering will be made in accordance with
      the following exemptions from the prospectus requirements:

	 	(a) 	
      the “accredited investor” exemption in Canada (section
      2.3 of National Instrument 45-106, as adopted by the securities
      commissions in Canada (“NI 45-106”);

	 	 	 
	 	(b) 	
      the “$150,000 purchaser” exemption in Canada (section
      2.10 of NI 45-106); and

	 	 	 
	 	(c) 	
      such other exemptions as may be available under the
      securities laws of the Selling Jurisdictions and Regulation S of the
      United States.

	No Registration of Securities 	
      The Investment will not be registered with the United
      States Securities and Exchange Commission and will be tradable in
      compliance with Rule 144 restricted periods. 

	  	
      

	Resale restrictions and legends 	
      The Purchaser acknowledges that the certificates
      representing the Shares will bear the following legend: 

	  	
      

		
      “THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE
      SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY
      STATE AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND,
      ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
      AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
      REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
      APPLICABLE STATE SECURITIES LAWS.” 

	  	
      

		
      Purchasers are advised to consult with their own legal
      counsel or advisors to determine the resale restrictions that may be
      applicable to them. 

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 6 of 17 

	Closing Date 	
      The completion of the sale and purchase of the Investment
      will take place in one or more closings, on a date or dates as agreed to
      by the Issuer and the Purchaser as set forth above under “Instrument” (the
      “Closing Date”). 

	  	  
	The Issuer 
	  	  
	Jurisdiction of 
organization 	
      The Issuer is incorporated under the laws of the State of
      Nevada. 

	  	
       

	Stock exchange 
listings 	
      Certain market makers make market in the Issuer’s stock
      on the National Association of Securities Dealers Inc.’s OTC Bulletin
      Board. 

	  	  
	End of Terms 

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 7 of 17 

NATIONAL INSTRUMENT 45-106

ACCREDITED INVESTOR QUESTIONNAIRE – CANADIAN
PURCHASERS

The purpose of this Questionnaire is to assure Anavex Life
Sciences Corp. (the “Issuer”) that the undersigned (the
“Subscriber”) will meet certain requirements for the registration and
prospectus exemptions provided for under National Instrument 45-106 (“NI
45-106”), as adopted by the Securities Commissions in Canada, in respect of
a proposed private placement of securities by the Issuer (the
“Transaction”). The Issuer will rely on the information contained in this
Questionnaire for the purposes of such determination.

The undersigned Subscriber covenants, represents and warrants
to the Issuer that:

	 	1. 	
      the Subscriber has such knowledge and experience in
      financial and business matters as to be capable of evaluating the merits
      and risks of the Transaction and the Subscriber is able to bear the
      economic risk of loss arising from such Transaction;

	 	 	 	 
	 	2. 	
      the Subscriber satisfies one or more of the categories of
      “accredited investor” (as that term is defined in NI 45-106) indicated
      below (please check the appropriate box):

	 	 	 	 
	 		[ ] 	
      (a) a Canadian financial institution as defined in
      National Instrument 14-101, or an authorized foreign bank listed in
      Schedule III of the Bank Act (Canada);

	 	 	 	 
	 		[ ] 	
      (b) the Business Development Bank of Canada incorporated
      under the Business Development Bank Act (Canada);

	 	 	 	 
	 		[ ] 	
      (c) a subsidiary of any person referred to in any of the
      foregoing categories, if the person owns all of the voting securities of
      the subsidiary, except the voting securities required by law to be owned
      by directors of that subsidiary;

	 	 	 	 
	 		[ ] 	
      (d) an individual registered or formerly registered under
      the securities legislation of a jurisdiction of Canada as a representative
      of a person or company registered under securities legislation in a
      jurisdiction of Canada as an adviser or dealer, other than limited market
      dealer registered under one or both of the Securities Act (Ontario)
      or the Securities Act (Newfoundland and Labrador);

	 	 	 	 
	 		[ ] 	
      (e) an individual registered or formerly registered under
      the securities legislation of a jurisdiction of Canada as a representative
      of a person referred to in paragraph (d);

	 	 	 	 
	 		[ ] 	
      (f) the Government of Canada or a jurisdiction of Canada,
      or any crown corporation, agency or wholly owned entity of the Government
      of Canada or a jurisdiction of Canada;

	 	 	 	 
	 		[ ] 	
      (g) a municipality, public board or commission in Canada
      and a metropolitan community, school board, the Comite de gestion de la
      taxe scholaire de l’ile de Montreal or an intermunicipal management board
      in Québec;

	 	 	 	 
	 		[ ] 	
      (h) a national, federal, state, provincial, territorial
      or municipal government of or in any foreign jurisdiction, or any agency
      thereof;

	 	 	 	 
	 		[ ] 	
      (i) a pension fund that is regulated by either the Office
      of the Superintendent of Financial Institutions (Canada) or a pension
      commission or similar regulatory authority of a jurisdiction of
    Canada;

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 8 of 17 

	 	[ ] 	
      (j) an individual who either alone or with a spouse
      beneficially owns, directly or indirectly, financial assets (as defined in
      NI 45-106) having an aggregate realizable value that, before taxes but net
      of any related liabilities, exceeds CDN$1,000,000;

	 	 	 
	 	[ ] 	
      (k) an individual whose net income before taxes exceeded
      CDN$200,000 in each of the two more recent calendar years or whose net
      income before taxes combined with that of a spouse exceeded CDN$300,000 in
      each of those years and who, in either case, reasonably expects to exceed
      that net income level in the current calendar year;

	 	 	 
	 	[ ] 	
      (l) an individual who, either alone or with a spouse, has
      net assets of at least CDN $5,000,000;

	 	 	 
	 	[ ] 	
      (m) a person, other than an individual or investment
      fund, that has net assets of at least CDN$5,000,000 as reflected on its
      most recently prepared financial statements;

	 	 	 
	 	[ ] 	
      (n) an investment fund that distributes it securities
      only to:

	 	(i) 	
      persons that are accredited investors at the time of
      distribution,

	 	 	 
	 	(ii) 	
      a person that acquires or acquired a minimum of
      CDN$150,000 of value in securities and under Section 2.19 of NI 45-106,
      or

	 	 	 
	 	(iii) 	
      a person described under paragraph (i) or (ii) that
      acquires or acquired securities under Section 2.18 of NI
  45-106;

	 	[ ] 	
      (o) an investment fund that distributes or has
      distributed securities under a prospectus in a jurisdiction of Canada for
      which the regulator or, in Québec, the securities regulatory authority,
      has issued a receipt;

	 	 	 
	 	[ ] 	
      (p) a trust company or trust corporation registered or
      authorized to carry on business under the Trust and Loan Companies Act
      (Canada) or under comparable legislation in a jurisdiction of Canada
      or a foreign jurisdiction, acting on behalf of a fully managed account
      managed by the trust company or trust corporation, as the case may
    be;

	 	 	 
	 	[ ] 	
      (q) a person acting on behalf of a fully managed account
      managed by that person, if that person (i) is registered or authorized to
      carry on business as an adviser or the equivalent under the securities
      legislation of a jurisdiction of Canada or a foreign jurisdiction, and
      (ii) in Ontario, is purchasing a security that is not a security of an
      investment fund;

	 	 	 
	 	[ ] 	
      (r) a registered charity under the Income Tax Act
      (Canada) that, in regard to the trade, has obtained advice from an
      eligibility advisor or an advisor registered under the securities
      legislation of the jurisdiction of the registered charity to give advice
      on the securities being traded;

	 	 	 
	 	[ ] 	
      (s) an entity organized in a foreign jurisdiction that is
      analogous to any of the entities referred to in paragraphs (a) to (d) or
      paragraph (i) in form and function;

	 	 	 
	 	[ ] 	
      (t) a person in respect of which all of the owners of
      interests, direct, indirect or beneficial, except the voting securities
      required by law are persons or companies that are accredited
    investors;

	 	 	 
	 	[ ] 	
      (u) an investment fund that is advised by a person
      registered as an advisor or a person that is exempt from registration as
      an advisor; or

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 9 of 17 

	 	[ ] 	
      (v) a person that is recognized or designated by the
      securities regulatory authority or, except in Ontario and Québec, the
      regulator as (i) an accredited investor, or (ii) an exempt purchaser in
      Alberta or British Columbia after NI 45-106 came into
  force.

The Subscriber acknowledges and agrees that the Subscriber may
be required by the Issuer to provide such additional documentation as may be
reasonably required by the Issuer and its legal counsel in determining the
Subscriber’s eligibility to acquire the Investment under relevant
Legislation.

     IN WITNESS WHEREOF, the
undersigned has executed this Questionnaire as of the _______ day of
__________________, 2011.

	If a Corporation, Partnership or Other Entity: 	 	If an Individual: 
	 	 	 
	  	 	X 
	Print or Type Name of Entity 	 	Signature 
	  	 	  
	X 	 	 
    
	Signature of Authorized Signatory 	 	Print or Type Name 
	  	 	  
	 	 	 
	Type of Entity 	 	  

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 10 of 17 

GENERAL PROVISIONS

1.            
DEFINITIONS

1.1          
In the Subscription Agreement (including the first (cover) page, the
Terms on pages 3 to 4, the General Provisions on pages 10 to 16 and the other
schedules and appendices incorporated by reference), the following words have
the following meanings unless otherwise indicated:

	 	(a) 	
      “1933 Act” means the United States Securities Act
      of 1933, as amended;

	 	 	 
	 	(b) 	
      “Applicable Legislation” means the Securities
      Legislation Applicable to the Issuer (as defined on page 8) and all
      legislation incorporated in the definition of this term in other parts of
      the Subscription Agreement, together with the regulations and rules made
      and promulgated under that legislation and all administrative policy
      statements, blanket orders and rulings, notices and other administrative
      directions issued by the Commissions;

	 	 	 
	 	(c) 	
      “business day” means any day banking transactions
      can be conducted in the City of Vancouver, British Columbia, and does not
      include any day which is a federal or provincial holiday in Vancouver,
      British Columbia;

	 	 	 
	 	(d) 	
      “Closing” means each completion of the sale and
      purchase of the Securities;

	 	 	 
	 	(e) 	
      “Closing Date” has the meaning assigned in the
      Terms;

	 	 	 
	 	(f) 	
      “Commissions” means the Commissions with
      Jurisdiction over the Issuer (as defined on page 4) and the securities
      commissions incorporated in the definition of this term in other parts of
      the Subscription Agreement;

	 	 	 
	 	(g) 	
      “Final Closing” means the last closing under the
      Private Placement;

	 	 	 
	 	(h) 	
      “General Provisions” means those portions of the
      Subscription Agreement headed “General Provisions” and contained on
      pages 9 to 17;

	 	 	 
	 	(i) 	
      “Initial Closing” means the first closing under
      the Private Placement;

	 	 	 
	 	(j) 	
      “Private Placement” means the offering of the
      Investment on the terms and conditions of this Subscription
    Agreement;

	 	 	 
	 	(k) 	
      “Securities” means the Investment as defined in
      the Terms;

	 	 	 
	 	(l) 	
      “Subscription Agreement” means this agreement and
      the schedules and appendices incorporated by reference herein;
  and

	 	 	 
	 	(m) 	
      “Terms” means those portions of the Subscription
      Agreement headed “Terms” and contained on pages 3 to
5.

1.2          
In the Subscription Agreement, the following terms have the meanings defined in
Regulation S of the 1933 Act (“Regulation S”): “Directed Selling
Efforts”, “Foreign Issuer”, “Substantial U.S. Market Interest”, “U.S. Person”
and “United States”.

1.3          
In the Subscription Agreement, unless otherwise specified, currencies are
indicated in US dollars.

1.4          
In the Subscription Agreement, other words and phrases that are capitalized have
the meanings assigned to them in the body hereof.

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 11 of 17 

2.            
ACKNOWLEDGEMENTS, REPRESENTATIONS AND WARRANTIES OF PURCHASER

2.1          
Acknowledgements concerning Offering

The Purchaser acknowledges that:

	 	(a) 	
      none of the Securities have been registered under the
      1933 Act, or under any state securities or “blue sky” laws of any state of
      the United States, and, unless so registered, may not be offered or sold
      in the United States or, directly or indirectly, to U.S. Persons, except
      in accordance with the provisions of Regulation S, pursuant to an
      effective registration statement under the 1933 Act, or pursuant to an
      exemption from, or in a transaction not subject to, the registration
      requirements of the 1933 Act and in each case in accordance with
      applicable state and provincial securities laws;

	 	 	 
	 	(b) 	
      the Purchaser acknowledges that the Issuer has not
      undertaken, and will have no obligation, to register any of the Securities
      under the 1933 Act;

	 	 	 
	 	(c) 	
      the decision to execute this Subscription Agreement and
      purchase the Securities agreed to be purchased hereunder has not been
      based upon any oral or written representation as to fact or otherwise made
      by or on behalf of the Issuer and such decision is based entirely upon a
      review of information (the “Issuer Information”) which has been
      filed by the Issuer with the Securities and Exchange Commission (the
      “SEC”);

	 	 	 
	 	(d) 	
      the Purchaser and the Purchaser’s advisor(s) have had a
      reasonable opportunity to ask questions of and receive answers from the
      Issuer regarding the Offering, and to obtain additional information, to
      the extent possessed or obtainable without unreasonable effort or expense,
      necessary to verify the accuracy of the information contained in the
      Issuer Information, or any business plan, corporate profile or any other
      document provided to the Purchaser;

	 	 	 
	 	(e) 	
      neither the Commissions or similar regulatory authority
      has reviewed or passed on the merits of the Securities;

	 	 	 
	 	(f) 	
      there is no government or other insurance covering any of
      the Securities;

	 	 	 
	 	(g) 	
      there are risks associated with an investment in the
      Securities;

	 	 	 
	 	(h) 	
      the Purchaser has not acquired the Securities as a result
      of, and will not itself engage in, any “directed selling efforts” (as
      defined in Regulation S) in the United States in respect of the Securities
      which would include any activities undertaken for the purpose of, or that
      could reasonably be expected to have the effect of, conditioning the
      market in the United States for the resale of any of the Securities;
      provided, however, that the Purchaser may sell or otherwise dispose of the
      Securities pursuant to registration thereof under the 1933 Act and any
      applicable state and provincial securities laws or under an exemption from
      such registration requirements;

	 	 	 
	 	(i) 	
      the Purchaser and the Purchaser’s advisor(s) have had a
      reasonable opportunity to ask questions of and receive answers from the
      Issuer in connection with the distribution of the Securities hereunder,
      and to obtain additional information, to the extent possessed or
      obtainable without unreasonable effort or expense, necessary to verify the
      accuracy of the information about the Issuer;

	 	 	 
	 	(j) 	
      the books and records of the Issuer were available upon
      reasonable notice for inspection, subject to certain confidentiality
      restrictions, by the Purchaser during reasonable business hours at its
      principal place of business, and all documents, records and books in
      connection with the distribution of the Securities hereunder have been
      made available for inspection by the Purchaser, the Purchaser’s lawyer
      and/or advisor(s);

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 12 of 17 

	 	(k) 	
      the Purchaser will indemnify and hold harmless the Issuer
      and, where applicable, its directors, officers, employees, agents,
      advisors and shareholders, from and against any and all loss, liability,
      claim, damage and expense whatsoever (including, but not limited to, any
      and all fees, costs and expenses whatsoever reasonably incurred in
      investigating, preparing or defending against any claim, lawsuit,
      administrative proceeding or investigation whether commenced or
      threatened) arising out of or based upon any representation or warranty of
      the Purchaser contained herein or in any document furnished by the
      Purchaser to the Issuer in connection herewith being untrue in any
      material respect or any breach or failure by the Purchaser to comply with
      any covenant or agreement made by the Purchaser to the Issuer in
      connection therewith;

	 	 	 	 
	 	(l) 	
      the Shares are not listed on any stock exchange or
      automated dealer quotation system and no representation has been made to
      the Purchaser that any of the Shares will become listed on any stock
      exchange or automated dealer quotation system, except that currently
      market makers make a market for the Issuer’s common shares on the National
      Association of Securities Dealers Inc.’s OTC Bulletin Board;

	 	 	 	 
	 	(m) 	
      the Issuer will refuse to register any transfer of the
      Securities not made in accordance with the provisions of Regulation S,
      pursuant to an effective registration statement under the 1933 Act or
      pursuant to an available exemption from the registration requirements of
      the 1933 Act and in accordance with Applicable Legislation;

	 	 	 	 
	 	(n) 	
      the Issuer has advised the Purchaser that the Issuer is
      relying on an exemption from the requirements to provide the Purchaser
      with a prospectus to sell the Securities and, as a consequence of
      acquiring the Securities pursuant to such exemption certain protections,
      rights and remedies provided by applicable securities legislation will not
      be available to the Purchaser;

	 	 	 	 
	 	(o) 	
      the statutory and regulatory basis for the exemption
      claimed for the offer of the Securities, although in technical compliance
      with Regulation S, would not be available if the offering is part of a
      plan or scheme to evade the registration provisions of the 1933 Act or any
      Applicable Legislation;

	 	 	 	 
	 	(p) 	
      the Purchaser is outside the United States when receiving
      and executing this Subscription Agreement and is acquiring the Securities
      as principal for its own account, for investment purposes only, and not
      with a view to, or for, resale, distribution or fractionalization thereof,
      in whole or in part, and no other person has a direct or indirect
      beneficial interest in such Securities;

	 	 	 	 
	 	(q) 	
      the Purchaser has been advised to consult the Purchaser’s
      own legal, tax and other advisors with respect to the merits and risks of
      an investment in the Securities and with respect to applicable resale
      restrictions, and it is solely responsible (and the Issuer is not in any
      way responsible) for compliance with:

	 	 	 	 
	 		(i) 	
      any applicable laws of the jurisdiction in which the
      Purchaser is resident in connection with the distribution of the
      Securities hereunder, and

	 	 	 	 
	 		(ii) 	
      applicable resale restrictions;

	 	 	 	 
	 	(r) 	
      this Agreement is not enforceable by the Purchaser unless
      it has been accepted by the Issuer, and the Purchaser acknowledges and
      agrees that the Issuer reserves the right to reject any subscription for
      any reason;

	 	 	 	 
	 	(s) 	
      by executing and delivering this Subscription Agreement,
      each Purchaser resident in Canada will have directed the Issuer not to
      include a Canadian legend on any certificates representing the Securities
      to be issued to such Purchaser. As a consequence, the Purchaser will not
      be able to rely on the resale provisions of National Instrument 45-102, as
      adopted by the securities commissions in Canada, and any subsequent trade
      in the Securities during or after the Canadian hold
  period described therein will be a
distribution subject to the prospectus and registration requirements of Canadian
securities legislation, to the extent that the trade is at that time subject to
any such Canadian securities legislation.

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 13 of 17 

2.2            
Representations by the Purchaser

The Purchaser represents and warrants to the Issuer that, as at
the Agreement Date and at the Closing:

	 	(a) 	
      the Purchaser has the legal capacity and competence to
      enter into and execute this Subscription Agreement and to take all actions
      required pursuant hereto and, if the Purchaser is a corporation, it is
      duly incorporated and validly subsisting under the laws of its
      jurisdiction of incorporation and all necessary approvals by its
      directors, shareholders and others have been obtained to authorize
      execution and performance of this Subscription Agreement on behalf of the
      Purchaser;

	 	 	 	 	 
	 	(b) 	
      the entering into of this Subscription Agreement and the
      transactions contemplated hereby do not result in the violation of any of
      the terms and provisions of any law applicable to the Purchaser or of any
      agreement, written or oral, to which the Purchaser may be a party or by
      which the Purchaser is or may be bound;

	 	 	 	 	 
	 	(c) 	
      the Purchaser has duly executed and delivered this
      Subscription Agreement and it constitutes a valid and binding agreement of
      the Purchaser enforceable against the Purchaser in accordance with its
      terms;

	 	 	 	 	 
	 	(d) 	
      the Purchaser is not acquiring the Securities for the
      account or benefit of, directly or indirectly, any U.S. Person;

	 	 	 	 	 
	 	(e) 	
      the Purchaser is not a U.S. Person;

	 	 	 	 	 
	 	(f) 	
      the Purchaser is resident in the jurisdiction set out
      under the heading “Name and Address of Purchaser” on the signature page of
      this Subscription Agreement;

	 	 	 	 	 
	 	(g) 	
      the Purchaser:

	 	 	 	 	 
	 		i. 	
      is knowledgeable of, or has been independently advised as
      to, the applicable securities laws of the securities regulators having
      application in the jurisdiction in which the Purchaser is resident (the
      “International Jurisdiction”) which would apply to the acquisition
      of the Securities;

	 	 	 	 	 
	 		ii. 	
      is purchasing the Securities pursuant to exemptions from
      prospectus or equivalent requirements under applicable securities laws or,
      if such is not applicable, the Purchaser is permitted to purchase the
      Investment under the applicable securities laws of the securities
      regulators in the International Jurisdiction without the need to rely on
      any exemptions;

	 	 	 	 	 
	 		iii. 	
      is knowledgeable of, or has been independently advised as
      to, the applicable securities laws of the authorities in the International
      Jurisdiction and such laws do not require the Issuer to make any filings
      or seek any approvals of any kind whatsoever from any securities regulator
      of any kind whatsoever in the International Jurisdiction in connection
      with the issue and sale or resale of the Securities;

	 	 	 	 	 
	 		iv. 	
      is knowledgeable, or has been independently advised, that
      the purchase of the Securities by the Purchaser does not
trigger:

	 	 	 	 	 
	 			A. 	
      any obligation to prepare and file a prospectus or
      similar document, or any other report with respect to such purchase in the
      International Jurisdiction; or

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 14 of 17 

	 	B. 	
      any continuous disclosure reporting obligation of the
      Issuer in the International Jurisdiction; and

the Purchaser will, if requested by
the Issuer, deliver to the Issuer a certificate or opinion of local counsel from
the International Jurisdiction which will confirm the matters referred to in
subparagraphs (ii), (iii) and (iv) above to the satisfaction of the Issuer,
acting reasonably;

	 	(h) 	
      if the Purchaser is not a resident of British Columbia or
      any other jurisdiction of Canada, that:

	 	 	 	 
	 		i. 	
      a subsequent trade in the Securities in or from British
      Columbia or any other jurisdiction of Canada will be a distribution
      subject to the prospectus and registration requirements of applicable
      Canadian securities laws unless certain conditions are met, which
      conditions include, among others, a requirement that any certificate
      representing the Securities (or ownership statement issued under a direct
      registration system or other book entry system) bear the restrictive
      legend (the “BC Legend”) specified in British Columbia Instrument
      51-509 (“BCI 51-509”) or the restrictive legend (the “CSA
      Legend”) specified in National Instrument 45-102 (“NI
      45-102”);

	 	 	 	 
	 		ii. 	
      the Purchaser undertakes not to trade or resell any of
      the Securities in or from Canada unless the trade or resale is made in
      accordance with BCI 51-509 or NI 45-102, as applicable. The Purchaser
      understands and agrees that the Issuer and others will rely upon the truth
      and accuracy of these representations and warranties made in this Section
      (h) and agrees that if such representations and warranties are no longer
      accurate or have been breached, the Purchaser shall immediately notify the
      Issuer;

	 	 	 	 
	 		iii. 	
      the Purchaser of these Securities, by acceptance hereof
      and as a consequence of the representations and warranties made by the
      Purchaser in this Section (h), the Purchaser will have directed the Issuer
      not to include the BC Legend or the CSA Legend on any certificates
      representing the Securities to be issued to the Purchaser. As a
      consequence, the Purchaser will not be able to rely on the resale
      provisions of BCI 51-509 or NI 45- 102, and any subsequent trade in any of
      the Securities in or from British Columbia or any other jurisdiction of
      Canada will be a distribution subject to the prospectus and registration
      requirements of applicable Canadian securities laws; and

	 	 	 	 
	 		iv. 	
      if the Purchaser wishes to trade or resell any of the
      Securities in or from British Columbia or any other jurisdiction of
      Canada, the Purchaser agrees and undertakes to return, prior to any such
      trade or resale, any certificate representing the Securities to the
      transfer agent of the Issuer to have the BC Legend or the CSA Legend, as
      applicable, imprinted on such certificate or to instruct the transfer
      agent of the Issuer to include the BC Legend or the CSA Legend, as
      applicable on any ownership statement issued under a direct registration
      system or other book entry system.

	 	 	 	 
	 	(i) 	
      the Purchaser is acquiring the Securities for investment
      only and not with a view to resale or distribution and, in particular, it
      has no intention to distribute either directly or indirectly any of the
      Securities in the United States or to U.S. Persons;

	 	 	 	 
	 	(j) 	
      the Purchaser is outside the United States when receiving
      and executing this Subscription Agreement and is acquiring the Securities
      as principal for the Purchaser’s own account, for investment purposes
      only, and not with a view to, or for, resale, distribution or
      fractionalisation thereof, in whole or in part, and no other person has a
      direct or indirect beneficial interest in such
  Securities;

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 15 of 17 

	 	(k) 	
      the Purchaser is not an underwriter of, or dealer in, the
      common shares of the Issuer, nor is the Purchaser participating, pursuant
      to a contractual agreement or otherwise, in the distribution of the
      Securities;

	 	 	 
	 	(l) 	
      the Purchaser (i) is able to fend for him/her/itself in
      the subscription; (ii) has such knowledge and experience in business
      matters as to be capable of evaluating the merits and risks of its
      prospective investment in the Securities; and (iii) has the ability to
      bear the economic risks of its prospective investment and can afford the
      complete loss of such investment;

	 	 	 
	 	(m) 	
      the Purchaser acknowledges that the Purchaser has not
      acquired the Securities as a result of, and will not itself engage in, any
      “directed selling efforts” (as defined in Regulation S) in the United
      States in respect of the Securities which would include any activities
      undertaken for the purpose of, or that could reasonably be expected to
      have the effect of, conditioning the market in the United States for the
      resale of the Securities; provided, however, that the Purchaser may sell
      or otherwise dispose of the Securities pursuant to registration of the
      Securities pursuant to the 1933 Act and any Applicable Laws or under an
      exemption from such registration requirements and as otherwise provided
      herein;

	 	 	 
	 	(n) 	
      the Purchaser understands and agrees that none of the
      Securities have been registered under the 1933 Act, or under any state
      securities or “blue sky” laws of any state of the United States, and,
      unless so registered, may not be offered or sold in the United States or,
      directly or indirectly, to U.S. Persons except in accordance with the
      provisions of Regulation S, pursuant to an effective registration
      statement under the 1933 Act, or pursuant to an exemption from, or in a
      transaction not subject to, the registration requirements of the 1933
      Act;

	 	 	 
	 	(o) 	
      the Purchaser understands and agrees that offers and
      sales of any of the Securities prior to the expiration of a period of one
      year after the date of original issuance of the Securities (the one year
      period hereinafter referred to as the “Distribution Compliance
      Period”) shall only be made in compliance with the safe harbor
      provisions set forth in Regulation S, pursuant to the registration
      provisions of the 1933 Act or an exemption therefrom, and that all offers
      and sales after the Distribution Compliance Period shall be made only in
      compliance with the registration provisions of the 1933 Act or an
      exemption therefrom and in each case only in accordance with applicable
      state and provincial securities laws;

	 	 	 
	 	(p) 	
      the Purchaser understands and agrees not to engage in any
      hedging transactions involving any of the Securities unless such
      transactions are in compliance with the provisions of the 1933 Act and in
      each case only in accordance with applicable state and provincial
      securities laws;

	 	 	 
	 	(q) 	
      the Purchaser understands and agrees that the Issuer will
      refuse to register any transfer of the Securities not made in accordance
      with the provisions of Regulation S, pursuant to an effective registration
      statement under the 1933 Act or pursuant to an available exemption from
      the registration requirements of the 1933 Act;

	 	 	 
	 	(r) 	
      the Purchaser is not aware of any advertisement of any of
      the Securities and is not acquiring the Securities as a result of any form
      of general solicitation or general advertising including advertisements,
      articles, notices or other communications published in any newspaper,
      magazine or similar media or broadcast over radio or television, or any
      seminar or meeting whose attendees have been invited by general
      solicitation or general advertising; and

	 	 	 
	 	(s) 	
      no person has made to the Purchaser any written or oral
      representations:

	 	(i) 	
      that any person will resell or repurchase any of the
      Securities;

	 	 	 
	 	(ii) 	
      that any person will refund the purchase price of any of
      the Securities;

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 16 of 17 

	 	(iii) 	
      as to the future price or value of any of the Securities;
      or

	 	 	 
	 	(iv) 	
      that any of the Securities will be listed and posted for
      trading on any stock exchange or automated dealer quotation system or that
      application has been made to list and post any of the Securities of the
      Issuer on any stock exchange or automated dealer quotation
  system.

2.3          
Reliance, indemnity and notification of changes

The representations and warranties in the Subscription
Agreement (including the first (cover) page, the Terms on pages 3 to 4, the
General Provisions on pages 9 to 16 and the other schedules and appendices
incorporated by reference) are made by the Purchaser with the intent that they
be relied upon by the Issuer in determining its suitability as a purchaser of
Securities, and the Purchaser hereby agrees to indemnify the Issuer against all
losses, claims, costs, expenses and damages or liabilities which any of them may
suffer or incur as a result of reliance thereon. The Purchaser undertakes to
notify the Issuer immediately of any change in any representation, warranty or
other information relating to the Purchaser set forth in the Subscription
Agreement (including the first (cover) page, the Terms on pages 3 to 4, the
General Provisions on pages 9 to 16 and the other schedules and appendices
incorporated by reference) which takes place prior to the Closing.

2.4          
Survival of representations and warranties

The representations and warranties contained in this Section
will survive the Closing.

3.            
ISSUER’S ACCEPTANCE

The Subscription Agreement, when executed by the Purchaser, and
delivered to the Issuer, will constitute a subscription for Securities which
will not be binding on the Issuer until accepted by the Issuer by executing the
Subscription Agreement in the space provided on the face page(s) of the
Subscription Agreement and, notwithstanding the Agreement Date, if the Issuer
accepts the subscription by the Purchaser, the Subscription Agreement will be
entered into on the date of such execution by the Issuer.

4.            
CLOSING

4.1          
On or before the end of the business day before the Closing Date, the Purchaser
will deliver to the Issuer the Subscription Agreement and all applicable
schedules and required forms, duly executed, and payment in full for the total
price of the Securities to be purchased by the Purchaser.

4.2          
At Closing, the Issuer will deliver to the Purchaser the certificates
representing the Securities purchased by the Purchaser registered in the name of
the Purchaser or its nominee, or as directed by the Purchaser.

5.             MISCELLANEOUS

5.1          
The Purchaser agrees to sell, assign or transfer the Securities only in
accordance with the requirements of applicable securities laws and any legends
placed on the Securities as contemplated by the Subscription Agreement.

5.2          
The Purchaser hereby authorizes the Issuer to correct any minor errors
in, or complete any minor information missing from any part of the Subscription
Agreement and any other schedules, forms, certificates or documents executed by
the Purchaser and delivered to the Issuer in connection with the Private
Placement.

5.3          
The Issuer may rely on delivery by fax machine of an executed copy of
this Subscription Agreement, and acceptance by the Issuer of such faxed copy
will be equally effective to create a valid and binding agreement between the
Purchaser and the Issuer in accordance with the terms of the Subscription
Agreement.

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 17 of 17 

5.4          
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 earlier of (i) the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile telephone number
specified for notice prior to 5:00 p.m., Vancouver time, on a business day, (ii)
the business day after the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile telephone number specified for
notice later than 5:00 p.m., Vancouver time, on any date and earlier than 11:59
p.m., Vancouver time, on such date, (iii) the business day following the date of
mailing, if sent by nationally recognized overnight courier service or (iv)
actual receipt by the party to whom such notice is required to be given. The
addresses for such communications shall be with respect to the Purchaser of the
Investment issued pursuant hereto, addressed to such Purchaser at its last known
address or facsimile number appearing on the books of the Issuer maintained for
such purposes, or with respect to the Issuer, addressed to:

	Anavex Life Sciences Corp. 
	50 Harrison Street, Unit 315A 
	Hoboken NJ 07030 
	  
	Attn: President 
	Tel: 250 864-2740 
	Facsimile: (250) 764-9701 

5.5          
Without limitation, this subscription and the transactions contemplated
by this Subscription Agreement are conditional upon and subject to the Issuer’s
having obtained such regulatory approval of this subscription and the
transactions contemplated by this Subscription Agreement as the Issuer considers
necessary.

5.6          
This Subscription Agreement is not assignable or transferable by the parties
hereto without the express written consent of the other party to this
Subscription Agreement.

5.7          
Time is of the essence of this Subscription Agreement.

5.8          
Except as expressly provided in this Subscription Agreement and in the
agreements, instruments and other documents contemplated or provided for in this
Subscription Agreement, this Subscription Agreement contains the entire
agreement between the parties with respect to the Securities and there are no
other terms, conditions, representations or warranties whether expressed,
implied, oral or written, by statute, by common law, by the Issuer, or by anyone
else.

5.9          
The parties to this Subscription Agreement may amend this Subscription
Agreement only in writing.

5.10       
 This Subscription Agreement enures to the benefit of and is
binding upon the parties to this Subscription Agreement and their successors and
permitted assigns.

5.11       
 A party to this Subscription Agreement will give all notices to
or other written communications with the other party to this Subscription
Agreement concerning this Subscription Agreement by hand or by registered mail
addressed to the address given on page 1.

5.12        
This Subscription Agreement is to be read with all changes in gender or
number as required by the context.

5.13        
This Subscription Agreement will be governed by and construed in
accordance with the internal laws of California (without reference to its rules
governing the choice or conflict of laws), and the parties hereto irrevocably
attorn and submit to the exclusive jurisdiction of the courts of California with
respect to any dispute related to this Subscription Agreement.

End of General Provisions

End of Subscription Agreementplanamendments042511.htm

 

 

EXHIBIT 4.15

2011 PLAN AMENDMENTS TO THE RAPTOR PHARMACEUTICAL CORP.

2010 STOCK INCENTIVE PLAN

Section 3(a) of the Plan is proposed to be amended and restated as follows:

“(a) Generally.  Subject to Section 9 below and the remainder of this Section 3(a), a total of 3,000,000 Shares shall be available for issuance under the Plan (the number of Shares available under the Plan as adjusted pursuant to this Section 3(a) and subject to Section 9, the “Share Pool”), which includes the 400,000 Shares that were available for issuance under the three plans identified in Section 1(d) as of February 1, 2010.  On the 2011 Share Pool Adoption Date, the Share Pool automatically shall increase by 5% of the total Shares outstanding on such date.  On August 31, 2011 and August 31, 2012, the Share Pool automatically shall increase by 5% of the total Shares outstanding on each such date.  In no event, however, shall the 2011 Share Pool Adoption Date and the August 31, 2011 and August 31, 2012 Share Pool increases exceed 6,000,000 Shares in the aggregate.  The entire Share Pool may be used for any form of Award under the Plan.  The Shares deliverable pursuant to Awards shall be authorized but unissued Shares, or Shares that the Company otherwise holds in treasury or in trust.”

Appendix I of the Plan

A definition for the “2011 Share Pool Adoption Date” is proposed to be added to Appendix I of the Plan as follows:

“2011 Share Pool Adoption Date” shall mean the date the amendment of the Plan providing for the 2011 Share Pool Adoption Date, the August 31, 2011 and the August 31, 2012 increases in the Share Pool under Section 3(a) of the Plan is approved by the Company’s stockholders.

Section 9(c) of the Plan is proposed to be amended and restated as follows:

“(c) Change in Control.  Notwithstanding anything to the contrary in any Award Agreement, in the event of a Change in Control, no less than 50% of each Award (whether granted prior to, on or after the 2011 Share Pool Adoption Date) that was outstanding and unvested immediately prior to such Change in Control shall immediately vest (and, to the extent applicable, become exercisable) as to 50% of the Shares that otherwise would have been unvested (the “Automatic Vesting”).  For the sake of clarity, an Award Agreement or an unexpired employment agreement may provide for more favorable accelerated vesting terms in which case the more favorable accelerated vesting terms from the Award Agreement or unexpired employment agreement shall apply.

 In the event of a Change in Control, subject to the terms of any Award Agreements or employment-related agreements between the Company or any Affiliates and any Participant, each outstanding Award shall be assumed or a substantially equivalent award shall be substituted by the surviving or successor company or a parent or subsidiary of such successor company (in each case, the “Successor Company”) upon consummation of the transaction.  Notwithstanding the foregoing, instead of having outstanding Awards be assumed or replaced with equivalent awards by the Successor Company, the Committee may in its sole and absolute discretion and authority, without obtaining the approval or consent of the Company’s stockholders or any Participant with respect to his or her outstanding Awards, take one or more of the following actions (with respect to any or all of the Awards, and with discretion to differentiate between individual Participants and Awards for any reason):

 

 

(i) accelerate the vesting of Awards (in addition to the Automatic Vesting) so that Awards shall vest (and, to the extent applicable, become exercisable) as to the Shares that otherwise would have been unvested and provide that repurchase rights of the Company with respect to Shares issued pursuant to an Award shall lapse as to the Shares subject to such repurchase right;

 

 

(ii) arrange or otherwise provide for the payment of cash or other consideration to Participants in exchange for the satisfaction and cancellation of outstanding Awards (with the Committee determining the amount payable to each Participant based on the Fair Market Value, on the date of the Change in Control, of the Award being canceled, based on any reasonable valuation method selected by the Committee, which amount may be adjusted downward to the extent the Committee reasonably determines required by Section 409A);

 

 

(iii) terminate all or some Awards upon the consummation of the transaction, provided that the Committee shall provide for vesting of such Awards in full as of a date immediately prior to consummation of the Change in Control.  To the extent that an Award is not exercised prior to consummation of a transaction in which the Award is not being assumed or substituted, such Award shall terminate upon such consummation;

 

 

(iv) make such other modifications, adjustments or amendments to outstanding Awards or this Plan as the Committee deems necessary or appropriate, subject however to the terms of this Section 9.”

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