Document:

Exhibit 10.4

 

EXCHANGE
AGREEMENT

 

THIS
EXCHANGE AGREEMENT (the “Agreement”) is dated as of January 31, 2015, by and between XRpro Sciences,
Inc., formerly known as Caldera Pharmaceuticals, Inc., a Delaware corporation, with headquarters located at One Kendall
Square, Cambridge, Massachusetts 02139 (the “Company”) and
_____________________________________________________________ with a residence located at
____________________________________________________________ (the “Securityholder”).

 

WHEREAS:

 

A.
The Company is currently offering for sale on a best efforts basis in a private placement of up to 1,265,000 Units (each
Unit consisting of four shares of the Company’s common stock, par value $.001 per share (the “Common
Stock”) and a Warrant to purchase common stock in the Company at $1.75 per share) at a price of $7.00 per Unit (the
“Private Placement”) and has agreed to issue until January 31, 2015, in addition to such 1,265,000 Units
that will be offered in the Private Placement, new warrants in exchange for certain existing warrants issued to the Taglich
Brothers, Inc., and its designees (the “Placement Agent”) for services provided as the placement agent in
the Company’s offering that was consummated in 2013. In addition, to the exchange described in Paragraph B below, the
Company has also offered to issue until January 31, 2015 (i) to the Series B Preferred shareholders in exchange for the
Series B Preferred shares together with all accrued and unpaid dividends thereon through the date of the exchange shares of
Common Stock of the Company (the number of shares of Common Stock to be issued is derived by dividing (x) the sum of the
total cash paid by the Series B Preferred holder to the Company for its initial investment in the Series B Units (comprised
of Series B Preferred shares and a warrant) plus the accrued and unpaid dividends on the Series B Preferred shares by (y)
$1.75 and (ii) to the Series B Preferred shareholders as well as the bridge warrant holders that invested in the Company a
warrant in exchange for their existing warrant with terms substantially similar to their existing warrants; however, the new
warrant terms will provide for a reduction in exercise price, the elimination of the anti-dilution rights for new stock
issuances at per share prices lower than the exercise price, the addition of assignment rights for the warrant holders and
the addition of certain buy-in–rights for the warrants that previously did not have buy-in rights in the event of the
Company’s failure to timely deliver the shares of Common Stock underlying the warrant but in no event later than
January 31, 2015.

 

B.The
Securityholder owns a warrant exercisable for ________ shares of Common Stock of the Company (the
“Existing Warrant”) that was issued as partial consideration for the services provided to the Company by
the Placement Agent in its offering that was consummated in 2013 and desires to exchange the Existing Warrant for a warrant
in the form attached hereto as Exhibit A (the “New Warrant”) initially exercisable for
________ shares of Common Stock (the “Underlying Shares”), which warrant substantially similar to the
Existing Warrant; however, the new warrant terms will provide for a reduction in exercise price to $1.925 per share, the
elimination of the anti-dilution rights for new stock issuances at per share prices lower than the exercise price, the
addition of assignment rights for the warrant holders and the addition of certain buy-in–rights for the warrants that
previously did not have buy-in rights in the event of our failure to timely deliver the shares of Common Stock underlying the
warrant.

 

C.
The exchange of the Existing Warrant for the New Warrant (the “Exchange”) will be made in reliance upon
the exemption from registration provided by Section 3(a)(9) of the Securities Act of 1933, as amended (the “Securities
Act”).

 

    	 

    	 

    

 

NOW,
THEREFORE, in consideration of the foregoing premises and the mutual covenants hereinafter contained, the parties hereto agree
as follows:

 

1.EXCHANGE.

 

1.1
Exchange. Subject to the satisfaction or waiver of the conditions with respect to the Closing set forth in Sections
5 and 6 below, at the Closing the Securityholder and the Company shall, pursuant to Section 3(a)(9) of the Securities Act, exchange
the Existing Warrant for the New Warrant.

 

1.2
Closing. The closing of the exchange contemplated herein (the “Closing”) shall occur at the offices
of Gracin & Marlow, LLP. The date and time of the Closing shall be 10:00 a.m., New York time, on the first Business Day on
which the conditions to the Closing set forth in Sections 5 and 6 below are satisfied or waived (or such later date as is mutually
agreed to by the Company and the Securityholder) but in no event later than January 31, 2015.

 

1.3
Consideration. The New Warrant shall be issued in exchange for the Existing Warrant without the payment of any additional
consideration.

 

1.4
Delivery. In exchange for the Existing Warrant, within five business days of receipt by the Company from the Securityholder
(or its designee) of the Existing Warrant (or in the event of the loss, theft or destruction of the Existing Warrant, an affidavit
with respect thereto in a form reasonably acceptable to the Company), which shall be delivered at the Closing, the Company shall
deliver or cause to be delivered to the Securityholder the New Warrant being issued in exchange for the Existing Warrant. As of
the Closing Date, the Existing Warrant exchanged for the New Warrant shall be null and void and any and all rights arising thereunder
shall be extinguished, including all dividend rights.

 

2.
COMPANY REPRESENTATIONS AND WARRANTIES.

 

The
Company represents and warrants to the Securityholder that:

 

2.1Reporting
Company Status. The Company is a corporation duly organized, validly existing and in good standing under the laws of
the State of Delaware, and has the requisite corporate power to own its properties and to carry on its business as now being conducted.
The Company is duly qualified as a foreign corporation to do business and is in good standing in each jurisdiction where the nature
of the business conducted or property owned by it makes such qualification necessary other than those jurisdictions in which the
failure to so qualify would not have a material and adverse effect on the business, operations, properties, prospects or condition
(financial or otherwise) of the Company. The Company has registered its Common Stock pursuant to Section 12 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”).

 

2.2Authorized
Warrant. The Company has authorized the issuance of the New Warrant and reserved for issuance, free from preemptive
rights, shares of Common Stock equal to the number of shares for which the New Warrant is exercisable. The Underlying Shares have
been duly authorized and, when issued upon exercise of the New Warrants will be duly and validly issued, fully paid and non-assessable
and will not subject the holder thereof to personal liability by reason of being such holder.

 

2.3Exchange
Agreement. This Agreement and the transactions contemplated hereby have been duly and validly authorized by the Company,
this Agreement has been duly executed and delivered by the Company and this Agreement, when executed and delivered by the Company,
will be, a valid and binding agreement of the Company enforceable in accordance with its terms, subject as to enforceability to
general principles of equity and to bankruptcy, insolvency, moratorium, and other similar laws affecting the enforcement of creditors’
rights generally.

 

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2.4Non-contravention.
The execution and delivery of this Agreement by the Company, the issuance of the New Warrant, and the consummation by the
Company of the other transactions contemplated by this Agreement do not and will not conflict with or result in a breach by the
Company of any of the terms or provisions of, or constitute a default under: (i) the certificate of incorporation or by-laws of
the Company; (ii) any indenture, mortgage, deed of trust, or other material agreement or instrument to which the Company is a
party or by which it or any of its properties or assets are bound; (iii) any existing applicable law, rule, or regulation or any
applicable decree, judgment; or (iv) any order of any court, United States federal or state regulatory body, administrative agency,
or other governmental body having jurisdiction over the Company or any of its properties or assets, except such conflict, breach
or default which would not have a material adverse effect on the transactions contemplated herein. The Company is not in material
violation of any material laws, governmental orders, rules, regulations or ordinances to which its property, real, personal, mixed,
tangible or intangible, or its businesses related to such properties, are subject.

 

2.5Approvals.
No authorization, approval or consent of any court, governmental body, regulatory agency, self-regulatory organization, or
stock exchange or market is required to be obtained by the Company for the issuance and exchange of the New Warrant to the Securityholder
as contemplated by this Agreement, except such authorizations, approvals and consents that have been obtained.

 

2.6SEC
Documents, Financial Statements. The Company has filed on a timely basis all reports, schedules, forms, statements
and other documents required to be filed by it with the Securities and Exchange Commission (“SEC”) pursuant to the
reporting requirements of the Exchange Act, including material filed pursuant to Section 13(a) or 15(d) (the “SEC Documents”).
As of their respective dates, the SEC Documents complied in all material respects with the requirements of the Securities Act
or the Exchange Act as the case may be and the rules and regulations of the SEC promulgated thereunder and other federal, state
and local laws, rules and regulations applicable to such SEC Documents, and none of the SEC Documents contained any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading. The financial statements of the Company included
in the SEC Documents comply as to form in all material respects with applicable accounting requirements and the published rules
and regulations of the SEC or other applicable rules and regulations with respect thereto. Such financial statements have been
prepared in accordance with generally accepted accounting principles applied on a consistent basis during the periods involved
(except (i) as may be otherwise indicated in such financial statements or the notes thereto or (ii) in the case of unaudited interim
statements, to the extent they may not include footnotes or may be condensed or summary statements) and fairly present in all
material respects the financial position of the Company as of the dates thereof and the results of operations and cash flows for
the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments).

 

3.
SECURITYHOLDER REPRESENTATIONS AND WARRANTIES.

 

As
a material inducement to the Company to enter into this Agreement and consummate the Exchange, the Securityholder represents,
warrants and covenants with and to the Company as follows:

 

3.1Authorization
and Binding Obligation. The Securityholder has the requisite legal capacity, power and authority to enter into, and perform
under, this Agreement and to acquire the New Warrant being issued to such Securityholder hereunder and thereunder. The execution,
delivery and performance of this Agreement by such Securityholder and the consummation by such Securityholder of the transactions
contemplated hereby and thereby have been duly authorized by all requisite corporate, partnership or similar action on the part
of such Securityholder and no further consent or authorization is required. This Agreement has been duly authorized, executed
and delivered. This Agreement constitutes the legal, valid and binding obligations of the Securityholder, enforceable against
the Securityholder in accordance with their respective terms, except as such enforceability may be limited by general principles
of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting
generally, the enforcement of applicable creditors' rights and remedies and except as rights to indemnification and to contribution
may be limited by federal or state securities laws.

 

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3.2
Beneficial Owner. With respect to the Existing Warrant: (i) the Securityholder owns, good and marketable title to the
Existing Warrant, free and clear of any liens or encumbrances and the Existing Warrant has not been pledged to any third party;
(ii) the Existing Warrant is not subject to any transfer restriction, other than the restriction that they have not been registered
under the Securities Act or applicable state securities laws and, therefore, cannot be resold unless registered under the Securities
Act or applicable state securities laws or in a transaction exempt from or not subject to the registration requirements of the
Securities Act or applicable state securities laws; (iii) the Securityholder has not entered into any agreement or understanding
with any person or entity to dispose of the Existing Warrant; and (iv) at the Closing, the Securityholder will convey to the Company
good and marketable title to the Existing Warrant, free and clear of any security interests, liens, adverse claims, encumbrances,
taxes or encumbrances.

 

3.3Liens.
There are no outstanding liens, claims, offset rights, or other encumbrances relating to the Existing Warrant. To the knowledge
of the Securityholder the exchange by the Securityholder and the consummation of the transactions herein, does not by itself or
with the passage of time violate or infringe upon the rights of any third parties or result or could reasonably result in any
claims against the Securityholder or the Company.

 

3.4Sale
or Transfer. The Securityholder has not sold, assigned, conveyed, transferred, mortgaged, hypothecated, pledged or encumbered
or otherwise permitted any lien to be incurred with respect to the Existing Warrant.

 

3.5Proceedings.
No proceedings relating to the Existing Warrant are pending or, to the knowledge of the Securityholder, threatened before any
court, arbitrator or administrative or governmental body that would adversely affect the Securityholder’s right and ability
to surrender and exchange the Existing Warrant.

 

3.6Conveyance.
The Securityholder has full legal and equitable title to the Existing Warrant , free and clear of all liens, pledges or encumbrances
of any kind, nature or description, with full and unrestricted legal power, authority and right to enter into this Agreement and
to transfer and deliver such Existing Warrant to the Company pursuant hereto, and upon delivery of the Existing Warrant to the
Company, the Company will be the owner of each of the Existing Warrant, free and clear of all liens, claims, pledges or encumbrances
of any kind, nature or description.

 

3.7Action.
The Securityholder has taken no action that would impair its ability to transfer the Existing Warrant.

 

3.8Interest.
No person other than the Securityholder has any right or interest in the Existing Warrant.

 

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3.9Tax
Consequences. The Securityholder acknowledges that the exchange of the Existing Warrant may involve tax consequences to the
Securityholder and that this Agreement does not contain tax advice. The Securityholder acknowledges that it has not relied and
will not rely upon the Company with respect to any tax consequences related to the exchange of the Existing Warrant. The Securityholder
assumes full responsibility for all such consequences and for the preparation and filing of any tax returns and elections which
may or must be filed in connection with the Existing Warrant.

 

3.10
Reliance on Exemptions. The Securityholder understands that the New Warrant being issued in the exchange is being issued
in reliance on specific exemptions from the registration requirements of United States federal and state securities laws provided
by Section 3(a)(9) and that the Company is relying in part upon the truth and accuracy of, and the Securityholder’s compliance
with, the representations, warranties, agreements, acknowledgments and understandings of the Securityholder set forth herein in
order to determine the availability of such exemptions and the eligibility of the Securityholder to acquire the New Warrant.

 

3.11
No Governmental Review. The Securityholder understands that no United States federal or state agency or any other government
or governmental agency has passed on or made any recommendation or endorsement of the New Warrant or the fairness or suitability
of the exchange with the New Warrant nor have such authorities passed upon or endorsed the merits of the exchange of the New Warrant.

 

3.12
No Conflicts. The execution, delivery and performance by the Securityholder of this Agreement and the consummation
by the Securityholder of the transactions contemplated hereby will not (i) conflict with, or constitute a default (or an event
which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment,
acceleration or cancellation of, any agreement, indenture or instrument to which the Securityholder is a party or (ii) result
in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws) applicable
to the Securityholder, except in the case of clause (i) or (ii) above, for such conflicts, defaults, rights or violations which
would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of the Securityholder
to perform its obligations hereunder.

 

3.13
No Public Sale or Distribution. The Securityholder: (i) is acquiring the New Warrant and (ii) upon exercise of
the New Warrant will acquire the Underlying Shares, in each case, for its own account and not with a view towards, or for resale
in connection with, the public sale or distribution thereof in violation of applicable securities laws, except pursuant to sales
registered or exempted under the Securities Act. The Securityholder does not presently have any agreement or understanding, directly
or indirectly, with any person to distribute any of the New Warrant or the Underlying Shares, for its own account or with a view
towards, or for resale in connection with, the public sale of securities in violation of applicable securities laws.

 

3.14Information.
The Securityholder and its advisors, if any, have been furnished with all materials relating to the business, finances and operations
of the Company and materials relating to the offer and sale of the New Warrant which have been requested by the Securityholder.
The Securityholder and its advisors, if any, have been afforded the opportunity to ask questions of the Company. The Securityholder
understands that its exchange of the New Warrant and Existing Warrant involves a high degree of risk. The Securityholder has sought
such accounting, legal and tax advice as it has considered necessary to make an informed decision with respect to its acquisition
of the New Warrant. Without limiting the generality of the foregoing, the Securityholder has also had the opportunity to obtain
and to review: (i) the Company’s Private Placement Memorandum dated as of December 4, 2014, as amended by Supplement No.
1 with respect to the offering of up to $8,855,000 Units, each Unit comprised of four shares of Common Stock and a warrant exercisable
for one share of common stock at an exercise price of $1.75, (ii) the Company’s Quarterly Reports on Form 10-Q for the quarters
ended March 31, 2014, June 30, 2014 and September 30, 2014, and (iii) the Company’s Annual Report on Form 10-K for the year
ended December 31, 2013.

 

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3.15
Transfer or Resale. The Securityholder understands that: (i) neither the New Warrant nor the Underlying Shares has
been and is being registered under the Securities Act or any state securities laws, and may not be offered for sale, sold, assigned
or transferred unless (A) subsequently registered thereunder; (B) the Securityholder shall have delivered to the Company (if requested
by the Company) an opinion of counsel to the Securityholder, in a form reasonably acceptable to the Company, to the effect that
the New Warrant or the Underlying Shares, as the case may be, to be sold, assigned or transferred may be sold, assigned or transferred
pursuant to an exemption from such registration; or (C) the Securityholder provides the Company with reasonable assurance that
the New Warrant or the Underlying Shares can be sold, assigned or transferred pursuant to Rule 144 or Rule 144A promulgated under
the Securities Act (or a successor rule thereto) (collectively, “Rule 144”) and (ii) any sale of the New Warrant
or the Underlying Shares made in reliance on Rule 144 may be made only in accordance with the terms of Rule 144.

 

4.
COVENANTS.

 

4.1
Reasonable Best Efforts. The Company shall use its reasonable best efforts to timely satisfy each of the conditions
to be satisfied by it as provided in Section 6 of this Agreement. The Securityholder shall use its reasonable best efforts to
timely satisfy each of the conditions to be satisfied by it as provided in Section 5 of this Agreement.

 

4.2
Reservation of Shares. The Company shall take all action necessary to at all times have authorized, and reserved for
the purpose of issuance, no less than the maximum number of Underlying Shares.

 

5.
CONDITIONS TO COMPANY’S OBLIGATIONS HEREUNDER.

 

The
obligations of the Company to the Securityholder hereunder are subject to the satisfaction of each of the following conditions
(except to the extent such condition is expressly conditional to a specific closing, in which case such condition shall only apply
to such specific closing), provided that these conditions are for the Company’s sole benefit and may be waived by the Company
at any time in its sole discretion by providing the Securityholder with prior written notice thereof:

 

5.1
The Securityholder shall have duly executed this Agreement and delivered the same to the Company and shall have delivered
the certificates evidencing the Existing Warrant (or in the event of the loss, theft or destruction of the Existing Warrant, an
affidavit with respect thereto in the form reasonably acceptable to the Company).

 

5.2
The representations and warranties of the Securityholder shall be true and correct in all material respects as of the date
when made and as of the Closing Date as though made at that time (except for representations and warranties that speak as of a
specific date which shall be true and correct as of such specified date), and the Securityholder shall have performed, satisfied
and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed,
satisfied or complied with by the Securityholder at or prior to the Closing Date.

 

5.3No
statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed
by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions contemplated
by this Agreement.

 

5.4The
Private Placement shall have been consummated.

 

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6.
CONDITIONS TO THE SECURITYHOLDER’S OBLIGATIONS HEREUNDER.

 

The
obligations of the Securityholder hereunder are subject to the satisfaction of each of the following conditions (except to the
extent such condition is expressly conditional to a specific closing, in which case such condition shall only apply to such specific
closing), provided that these conditions are for the Securityholder’s sole benefit and may be waived by the Securityholder
at any time in its sole discretion by providing the Company with prior written notice thereof:

 

6.1The
Company shall have duly executed and delivered this Agreement to the Securityholder.

 

6.2Each
and every representation and warranty of the Company shall be true and correct in all material respects as of the date when made
and as of the Closing Date as though originally made at that time (except for representations and warranties that speak as of
a specific date, which shall be true and correct as of such date) and the Company shall have performed, satisfied and complied
in all material respects with the covenants, agreements and conditions required to be performed, satisfied or complied with by
the Company at or prior to the Closing Date.

 

6.3
The Company shall have obtained all governmental, regulatory or third party consents and approvals, if any, necessary for
the transactions contemplated by this Agreement.

 

6.4
No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions
contemplated by this Agreement.

 

6.5The
Private Placement Closing Date shall have occurred.

 

7. MISCELLANEOUS.

 

7.1
Legends. The Securityholder acknowledges that the certificate(s) representing the New Warrant and Underlying Shares
shall each conspicuously set forth on the face or back thereof a legend in substantially the following form:

 

“THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE RULES AND REGULATIONS
PROMULGATED THEREUNDER, OR UNDER THE SECURITIES LAWS, RULES OR REGULATIONS OF ANY STATE; AND MAY NOT BE PLEDGED, HYPOTHECATED,
SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE ACT AND THE APPLICABLE
STATE SECURITIES LAWS, RULES OR REGULATIONS OR AN EXEMPTION THEREFROM DEEMED ACCEPTABLE BY COUNSEL TO THE COMPANY.”

 

7.2
Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law
or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the State of New York.

 

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7.3Arbitration.
Both parties shall resolve all disputes, controversies and differences which may arise between the parties, out of or in relation
to or in connection with this Agreement, after discussion in good faith attempting to reach an amicable solution. Provided that
such disputes, controversies and differences remain unsettled after discussion between the parties, both parties agree that those
unsettled matter(s) shall be finally settled by arbitration in New York, New York in accordance with the latest Rules of the American
Arbitration Association. Such arbitration shall be conducted by three arbitrators appointed as follows: each party will appoint
one arbitrator and the appointed arbitrators shall appoint a third arbitrator. If within 30 days after confirmation of the last
appointed arbitrator, such arbitrators have failed to agree upon a chairman, then the chairman will be appointed by the American
Arbitration Association. The decision of the tribunal shall be final and may not be appealed. The arbitral tribunal may, in its
discretion award fees and costs as part of its award. Judgment on the arbitral award may be entered by any court of competent
jurisdiction, including any court that has jurisdiction over either party or any of their assets. At the request of any party,
the arbitration proceeding shall be conducted in the utmost secrecy subject to a requirement of law to disclose. In such case,
all documents, testimony and records shall be received, heard and maintained by the arbitrators in secrecy, available for inspection
only by any party and by their attorneys and experts who shall agree, in advance and in writing, to receive all such information
in secrecy.

 

7.4
Counterparts. This Agreement may be executed simultaneously in two or more counterparts, any one of which need not
contain the signatures of more than one party, but all such counterparts taken together will constitute one and the same Agreement.
This Agreement, to the extent delivered by means of a facsimile machine or electronic mail (any such delivery, an “Electronic
Delivery”), shall be treated in all manner and respects as an original agreement or instrument and shall be considered
to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of
any party hereto, each other party hereto shall re-execute original forms hereof and deliver them in person to all other parties.
No party hereto shall raise the use of Electronic Delivery to deliver a signature or the fact that any signature or agreement
or instrument was transmitted or communicated through the use of Electronic Delivery as a defense to the formation of a contract,
and each such party forever waives any such defense, except to the extent such defense related to lack of authenticity.

 

7.5
Headings. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the
interpretation of, this Agreement.

 

7.6Severability.
If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without
material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity
or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations
of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will
endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s),
the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

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7.7
Entire Agreement; Amendments. This Agreement supersedes all other prior oral or written agreements between the Securityholder,
the Company, their affiliates and persons acting on their behalf with respect to the matters discussed herein, and this Agreement,
contains the entire understanding of the parties with respect to the matters covered herein and, except as specifically set forth
herein, neither the Company nor the Securityholder makes any representation, warranty, covenant or undertaking with respect to
such matters. No provision of this Agreement may be amended other than by an instrument in writing signed by the Company and the
Securityholder, and any amendment to this Agreement made in conformity with the provisions of this Section shall be binding upon
the Securityholder. No provision hereof may be waived other than by an instrument in writing signed by the party against whom
enforcement is sought.

 

7.8Notices.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must
be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when
sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending
party); or (iii) one business day after deposit with an overnight courier service, in each case properly addressed to the party
to receive the same. The addresses and facsimile numbers for such communications shall be:

 

If to the
Company:

 

XRpro Sciences,
Inc.

One Kendall
Square

Cambridge,
Massachusetts 02139

Facsimile:
(302) 347 1326

Attention:
Mark Korb

 

with a copy
(for informational purposes only) to:

 

Gracin &
Marlow, LLP

The Chrysler
Building

405 Lexington
Avenue, 26th Floor

New York,
New York 10174

Telephone:
(212) 907-6457

Facsimile:
(212) 208-4657

Attention:
Leslie Marlow, Esq.

 

If to the
Securityholder:

 

 

 

with a copy
(for informational purposes only) to:

 

 

 

to
its address and facsimile number set forth above, or to such other address and/or facsimile number and/or to the attention of
such other person as the recipient party has specified by written notice given to each other party five days prior to the effectiveness
of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication;
(B) mechanically or electronically generated by the sender's facsimile machine containing the time, date, recipient facsimile
number and an image of the first page of such transmission; or (C) provided by an overnight courier service shall be rebuttable
evidence of personal service, receipt by facsimile or receipt from an overnight courier service in accordance with clause (i),
(ii) or (iii) above, respectively.

 

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7.9
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns, including any purchasers of the Series B Preferred. The Company shall not assign this Agreement or any
rights or obligations hereunder without the prior written consent of the Securityholder. The Securityholder may assign some or
all of its rights hereunder without the consent of the Company.

 

7.10Construction.
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and
no rules of strict construction will be applied against any party. No specific representation or warranty shall limit the generality
or applicability of a more general representation or warranty.

 

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IN
WITNESS WHEREOF, the Securityholder and the Company have caused their respective signature pages to this Agreement to be duly
executed as of the date first written above.

 

	 	COMPANY:
	 	 
	 	XRPRO SCIENCES, INC. 
	 	 	 
	 	By:	 
	 	Name: 	Richard Cunningham
	 	Title:	President and Chief Executive Officer

 

	 	SECURITYHOLDER:
	 	 
	 	 
	 	Print Name
	 	 
	 	 
	 	Signature
	 	 
	 	 
	 	Name and Title of Signer
	 	 
	 	 
	 	Name (if Joint)
	 	 
	 	 
	 	Signature (if Joint)EX-10.1

 Exhibit 10.1 

SEPARATION AGREEMENT 

THIS SEPARATION AGREEMENT (this “Agreement”), dated as of January 29, 2015, is entered into by and among Sterling
Bancorp, a Delaware corporation (the “Company”), Sterling National Bank, a national bank organized and existing under the laws of the United States of America (the “Bank”), and Howard M. Applebaum (the
“Executive”). 
 WHEREAS, the Executive currently serves as Executive Vice President, President Specialty Lending Group of
the Company and the Bank and will continue to do so through February 13th, 2015 (the “Resignation Date”); 
 WHEREAS,
the Company, the Bank, and the Executive are parties to that certain Employment Agreement, dated as of April 3, 2013, as amended (the “Employment Agreement”); and 

WHEREAS, the Company and the Executive now desire to enter into a mutually satisfactory arrangement concerning, among other things, the
Executive’s separation from service with the Company and the Bank on the Resignation Date, and other matters related thereto. 
 NOW,
THEREFORE, in consideration of the premises and the mutual promises contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company, the Bank, and the Executive hereby agree
as follows: 
 1. Separation from Service. 

(a) Resignation. The Executive hereby acknowledges and agrees that the Executive’s employment with the Company and the Bank shall
terminate as a result of the Executive’s resignation on the Resignation Date (the “Resignation”). The Executive acknowledges that, effective on the Resignation Date and by virtue of executing this Agreement, and without any
further action by the Executive, the Executive hereby resigns the Executive’s positions as Executive Vice President, President Specialty Lending Group of the Company and the Bank and as a member of the board of directors of, or as a manager,
officer, or any other position with, the Company, the Bank, or any of the Company’s or the Bank’s affiliates. 
 (b)
Acknowledgments. The Executive acknowledges and agrees that for purposes of all plans, agreements, policies, and arrangements of the Company, the Bank, and their respective affiliates in which the Executive participated or to which Executive
was a party (including, without limitation, the Employment Agreement), the Resignation shall be a voluntary separation. Moreover, in the case of any such plan, agreement, policy, or arrangement that includes the concept of resignation with
“good reason” or a similar term of like meaning, the Executive agrees that the Resignation shall be considered to have been made without “good reason” or such similar term. Further, from and after the date hereof, the Executive
waives any right to resign from the Company and its affiliates for “good reason” or a similar term of like meaning for purposes of any plan, agreement, policy, or arrangement of the Company, the Bank, and their respective affiliates
(including, without limitation, the Employment Agreement). 

 2. Payments; Benefits. 

(a) Accrued Obligations. As soon as practicable after the Resignation Date, the Executive shall receive a payment equal to the
Executive’s accrued but unpaid salary through the Resignation Date. Following the Resignation Date, the Executive shall also be entitled to any vested amount arising from the Executive’s participation in, or benefits under, any employee
benefit plans, programs, or arrangements, which amounts shall be payable in accordance with the terms and conditions of such employee benefit plans, programs, or arrangements and applicable law. 

(b) Separation Pay and Benefits. Subject to the Executive’s execution and delivery of a release of claims in favor of the Company,
substantially in the form attached hereto as Exhibit A (the “Release”), within 21 days following the Resignation Date (and non-revocation within the time period set forth therein), and the Executive’s continued
compliance with the covenants set forth in Sections 8 and 9 of the Employment Agreement, the Company shall provide the Executive with the following: 

(i) an amount equal to $138,000, payable in a lump sum within 30 days following the Resignation Date; 

(ii) an amount in respect of the Executive’s 2014 annual bonus equal to $112,000, payable in a lump sum within 30 days
following the Resignation Date; 
 (iii) accelerated vesting and settlement of the unvested portion of the Retention Award (as defined in
the Employment Agreement) (i.e., 34,130 restricted stock units) held by the Executive that was granted to the Executive on October 31, 2013; 

(iv) accelerated vesting of the 2,419 shares of unvested restricted stock held by the Executive that were granted to the Executive on
October 23, 2014; and 
 (v) during the 18-month period commencing on the first month following the Resignation Date, a monthly cash
payment equal to the sum of the monthly COBRA health plan and dental plan premiums in effect as of the Resignation Date for the level of coverage in effect for the Executive under the Company’s group health plan and group dental plan,
respectively (collectively, the “COBRA Premiums”); provided that the first such installment shall be paid no earlier than the date on which the Release becomes non-revocable in accordance with its terms (the “Release
Date”) and the first payment shall include any portion of the COBRA Premiums that would have otherwise been payable during the period between the Resignation Date and the Release Date. 

3. Sole Consideration. Except as specifically provided in Section 2 of this Agreement, the Executive shall be entitled to no
compensation or benefits from the Company, the Bank, or their respective affiliates with respect to the Executive’s employment with the Company and the Bank or the termination thereof. 

4. Restrictive Covenants; Clawback and Recoupment. The Executive acknowledges and agrees that the restrictive covenants set forth in
Sections 8 and 9 of the Employment Agreement (other than Section 9(c) of the Employment Agreement) and the clawback and 

  
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recoupment provisions set forth in Section 3(c)(ii) of the Employment Agreement shall remain in full force and effect following the Resignation Date in accordance with their respective
terms. 
 5. Section 409A. It is intended that this Agreement shall comply with the provisions of Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury Regulations relating thereto, or an exemption to Section 409A of the Code. Any payments that qualify for the “short-term deferral” exception
shall be paid under such exception. For purposes of Section 409A of the Code, each payment under this Agreement shall be treated as a separate payment for purposes of the exclusion for certain short-term deferral amounts. In no event may the
Executive, directly or indirectly, designate the calendar year of any payment under this Agreement. 
 6. Miscellaneous. 

(a) Successors and Assigns. This Agreement shall be binding upon, inure to the benefit of, and be enforceable by, as applicable, the
Company, the Bank, and the Executive and their respective personal or legal representatives, executors, administrators, successors, assigns, heirs, distributees, and legatees. This Agreement is personal in nature and the Executive shall not, without
the written consent of the Company and the Bank, assign, transfer, or delegate this Agreement or any rights or obligations hereunder. 
 (b)
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without giving effect to such state’s laws and principles regarding the conflict of laws. 

(c) Amendment; Entire Agreement. No provision of this Agreement may be amended, modified, waived, or discharged unless such amendment,
waiver, modification, or discharge is agreed to in writing and such writing is signed by the Company, the Bank, and the Executive. From and after the Resignation Date, this Agreement shall supersede any other agreement between the parties with
respect to the subject matter hereof, including, without limitation, the Employment Agreement (except as explicitly provided in this Agreement). 

(d) Notice. All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party
or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
 if to the Executive: 

At the address most recently on the books and records of the Company. 

if to the Company and the Bank: 

Sterling Bancorp or Sterling National Bank, as applicable 

400 Rella Boulevard 
 Montebello,
New York 10901 
 Attention: General Counsel 

  
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 or to such other address as any party shall have furnished to the others in writing in accordance herewith.
Notice and communications shall be effective when actually received by the addressee. 
 (e) Headings. The headings of this Agreement
are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 
 (f) Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 

[Signature Page Follows] 
  

  
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as
of the date first above written. 
  

					
	STERLING BANCORP
		
	By:		 /s/ Jack L. Kopnisky

			Name:		Jack L. Kopnisky
			Title:		President, Chief Executive Officer and Director (Principal Executive Officer)
	
	STERLING NATIONAL BANK
		
	By:		 /s/ Jack L. Kopnisky

			Name:		Jack L. Kopnisky
			Title:		President, Chief Executive Officer and Director (Principal Executive Officer)
	
	 /s/ Howard M. Applebaum

	Howard M. Applebaum

  
  
  

[Signature Page to Applebaum Separation Agreement] 

 EXHIBIT A 

RELEASE AGREEMENT 
 THIS
RELEASE AGREEMENT (this “Agreement”) is made and entered into on the 29th day of January 2015 by and between Sterling Bancorp (the “Company”) and Howard M. Applebaum (the “Executive”). 

WHEREAS, the Company, Sterling National Bank, a national bank organized and existing under the laws of the United States of America (the
“Bank”), and the Executive are parties to a Separation Agreement, dated as of January 29, 2015 (the “Separation Agreement”), pursuant to which the Executive is eligible, subject to the terms and conditions set
forth in the Separation Agreement, to receive certain compensation and benefits in connection with the termination of the Executive’s services to the Company and the Bank. 

NOW, THEREFORE, in consideration of the Company agreeing to provide the compensation and benefits under Section 2(b) of the Separation
Agreement to the Executive and of other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged by the parties, it is agreed as follows: 

1. In exchange for the consideration referenced above, the Executive hereby completely, irrevocably, and unconditionally releases and forever
discharges the Company, and any of its predecessor or affiliated companies, and each and all of their officers, agents, directors, supervisors, employees, representatives, and their successors and assigns, and all persons acting by, through, under,
for, or in concert with them, or any of them, in any and all of their capacities (hereinafter individually or collectively, the “Released Parties”), from any and all charges, complaints, claims, and liabilities of any kind or nature
whatsoever, known or unknown, suspected or unsuspected (hereinafter referred to as “claim” or “claims”) which the Executive at any time heretofore had or claimed to have or which the Executive may have or claim to
have regarding events that have occurred as of the Effective Date (as defined below) of this Agreement, including, without limitation, those based on: any employee welfare benefit or pension plan governed by the Employee Retirement Income Security
Act of 1974, as amended (hereinafter “ERISA”) (provided that this release does not extend to any vested benefits of the Executive under the Company’s pension and welfare benefit plans as of the date of the Executive’s
termination of services); the Civil Rights Act of 1964, as amended (race, color, religion, sex and national origin discrimination and harassment); the Civil Rights Act of 1966 (42 U.S.C. § 1981) (discrimination); the Age Discrimination in
Employment Act of 1967, as amended (hereinafter “ADEA”); the Older Workers Benefit Protection Act, as amended; the Americans With Disabilities Act, as amended (hereinafter “ADA”); § 503 of the
Rehabilitation Act of 1973; the Fair Labor Standards Act, as amended (wage and hour matters); the Family and Medical Leave Act, as amended (family leave matters); any other federal, state, or local laws or regulations regarding employment
discrimination or harassment, wages, insurance, leave, privacy, or any other matter; any negligent or intentional tort; any contract, policy, or practice (implied, oral, or written); or any other theory of recovery under federal, state, or local
law, and whether for compensatory or punitive damages, or other equitable relief, including, but not limited to, any and all claims which the Executive may now have or may have had, arising from or in any way whatsoever connected with the
Executive’s employment, service, or contacts, with the Company or any other of the Released Parties. Notwithstanding the foregoing, the released claims do not include, and this Agreement does not release, any: (a) rights to compensation
and 

  
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benefits provided under Section 2(b) of the Separation Agreement; (b) rights to indemnification the Executive may have under applicable law, or the bylaws or certificate of
incorporation of the Company, any applicable director and officer liability policy or under the Employment Agreement, dated as of April 3, 2013, by and among the Company, the Bank, and the Executive, as a result of having served as an officer
or director of the Company or any of its affiliates; and (c) any claims that the Executive may not by law release through a settlement agreement such as this. 

2. To the extent permitted by law, the Executive agrees that the Executive will not cause or encourage any future legal proceedings related to
any of the matters released in this Agreement to be maintained or instituted against any of the Released Parties. To the extent permitted by law, the Executive agrees that the Executive will not accept any remedy or recovery arising from any charge
filed or proceedings or investigation conducted by the EEOC or by any state or local human rights or employment rights enforcement agency relating to any of the matters released in this Agreement. 

3. Older Workers Benefit Protection Act /ADEA Waiver: 

(a) The Executive acknowledges that the Company has advised the Executive in writing to consult with an attorney of the Executive’s
choice before signing this Agreement, and the Executive has been given the opportunity to consult with an attorney of the Executive’s choice before signing this Agreement. 

(b) The Executive acknowledges that the Executive has been given the opportunity to review and consider this Agreement for a full 21 days
before signing it, and that, if the Executive has signed this Agreement in less than that time, the Executive has done so voluntarily in order to obtain sooner the benefits of this Agreement. 

(c) The Executive further acknowledges that the Executive may revoke this Agreement within seven days after signing it, provided that
this Agreement will not become effective until such seven-day period has expired. To be effective, any such revocation must be in writing and delivered to Company’s principal place of business by the close of business on the seventh day after
signing the Agreement and must expressly state the Executive’s intention to revoke this Agreement. Provided that Executive does not timely revoke this Agreement, the eighth day following the Executive’s execution hereof shall be deemed the
“Effective Date” of this Agreement. 
 (d) The parties hereto also agree that the release provided by the Executive in this
Agreement does not include a release for claims under the ADEA arising after the date the Executive signs this Agreement. 
 4. The
Executive shall promptly turn over to the Company any and all documents, files, computer records, or other materials belonging to, or containing confidential or proprietary information obtained from, the Company that are in the Executive’s
possession, custody, or control, including any such materials that may be at the Executive’s home. 
 5. This Agreement shall not in
any way be construed as an admission by the Company of any acts of unlawful conduct, wrongdoing, or discrimination against the Executive, 

  
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and the Company specifically disclaims any liability to the Executive on the part of itself, its employees, and its agents. 

6. This Agreement cannot be amended, modified, or supplemented in any respect except by written agreement entered into and signed by the
parties hereto. 
 7. The Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard
to the principles of conflict of laws. 
 8. The Executive hereby acknowledges that the Executive has read and understands the terms of this
Agreement and that the Executive signs it voluntarily and without coercion. The Executive further acknowledges that the Executive was given an opportunity to consider and review this Agreement and the waivers contained in this Agreement, that the
Executive has done so and that the waivers made herein are knowing, conscious, and with full appreciation that the Executive is forever foreclosed from pursing any of the rights so waived. 

9. The Agreement may be signed in counterparts, and each counterpart shall be considered an original for all purposes. 

  
 A-3 

 PLEASE READ THIS AGREEMENT CAREFULLY; IT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer, and the Executive has
executed this Agreement, as of the date first written above. 
  

					
	EXECUTIVE
	
	 /s/ Howard M. Applebaum

	 Howard M. Applebaum

	
	 STERLING BANCORP

		
	By:		 /s/ Jack L. Kopnisky

			Name:		Jack L. Kopnisky
			Title:		President, Chief Executive Officer and Director (Principal Executive Officer)

  
  
  

[Signature Page to Applebaum Release Agreement]

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