Exhibit
10.14
RIGHTS AGREEMENT
THIS RIGHTS AGREEMENT (this Agreement) dated as of December 23, 2005, is by and among Icuiti
Corporation., a Delaware corporation (the Company) and New Light Industries, Ltd. the holders of
a Warrant to purchase shares of the Common Stock of the Company (New Light), a Washington state
corporation. The names and addresses of the parties to this Agreement are set forth on Schedule
I hereto.
WHEREAS, New Light is acquiring a Warrant (the :Warrant) entitling it to purchase up to
1,000,000 shares of the Companys Common Stock, in connection with a Technology Purchase and
Royalty Agreement between the Company and New Light of even date herewith (the Technology
Agreement); and
WHEREAS, in order to induce New Light to enter into the Technology Agreement, the parties
desire to enter into this Agreement.
NOW, THEREFORE, in consideration of the foregoing, the mutual promises and agreements set
forth below, and other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties agree as follows:
1. CERTAIN DEFINITIONS
As used in this Agreement, the following terms have the following respective meetings:
Affiliate means any Person who, directly or indirectly controls, is controlled by, or is
under common control with any other Person; provided, that Persons shall not be deemed Affiliates
based solely upon those Persons having made investments in the same entity.
Board means the board of directors of the Company as constituted from time to time.
Common Stock means the Common Stock, $.001 par value, of the Company, as constituted as of
the date of this Agreement.
Warrant Shares means shares of Common Stock issued or issuable upon exercise of the
Warrant.
Exchange Act means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder, all as the same shall be in effect from time to time.
Form S-3 means Form S-3 promulgated by the SEC, or any successor or similar form so
promulgated.
Holder means any Person owning or having the right to acquire Registrable Securities or
any assignee thereof in accordance with Section 2.09 hereof
Initial Public Offering means the Companys first firm commitment underwritten public
offering of its Common Stock under the Securities Act.
Person means an individual, corporation, partnership, limited liability company, joint
venture, trust, or unincorporated organization, or a government or any agency or political
subdivision thereof, and Persons means any two or more of any of the foregoing.
Warrant Holders means the holders the Warrant from time to time.
Qualified Public Offering means a firm commitment underwritten public offering of shares of
Common Stock in which (x) the aggregate gross proceeds from such offering to the Company shall be
at least $20,000,000.
The terms register, registered and registration refer to a registration effected by
preparing and filing a registration statement or similar document in compliance with the Act, and
the declaration or ordering of effectiveness of such registration statement or document.
Registrable Securities means the Warrant Shares and any shares of Common Stock of the
Company issued as (or issuable upon the conversion or exercise of any warrant, right or other
security that is issued as) a dividend or other distribution with respect to, or in exchange for,
or in replacement of, the Warrant Shares; provided, however, that Registrable
Securities shall not include any shares sold or otherwise transferred by a Person in a
transaction in which such Persons rights under Article 2 are not assigned as permitted by Section
2(g) of this Agreement. When reference is made in this Agreement to a request or consent of
holders of a certain percentage of Registrable Securities, the determination of such percentage
shall include shares of Common Stock issuable upon conversion or exercise of the Warrant.
SEC means the Securities and Exchange Commission or any other federal agency at the time
administering the Securities Act and the Exchange Act.
Securities means the Warrant and the Warrant Shares.
Securities Act means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder, all as the same shall be in effect from time to time.
2. REGISTRATION RIGHTS
(a) Company Registration.
Notice of Company Registration. If, at any time or from time to time, the Company
proposes to register (including for this purpose a registration effected by the Company for
stockholders other than the Holders) any of its capital stock or other securities under the
Securities Act in connection with the public offering of such securities (other than (i) a
registration statement on Form S-4 relating solely to a transaction under Rule 145 of the
Securities Act, (ii) a registration statement on Form S-8 relating to employee stock option or
purchase plans, (iii) a registration statement on any successor to such Forms S-4 and S-8) or
(iv) a registration statement relating to the Companys Initial Public Offering, the Company
shall notify each Holder in writing at least thirty (30) days prior to the filing of any such
registration and will afford each such Holder an opportunity to include in such registration
statement all or part of such Registrable Securities held by such Holder. Upon the written
request of each Holder given within twenty (20) days after receipt of such notice from the
Company in accordance with Section 5(a), the Company shall, subject to the other provisions
of this Section 2(a), use its best efforts to cause to be registered under the Securities Act all
of the Registrable Securities that each such Holder has requested to be registered.
Right to Terminate Registration. The Company shall have the right to terminate or
withdraw any registration initiated by it under this Section 2(a) prior to the effectiveness of
such registration whether or not any Holder has elected to include securities in such
registration. The expenses of such withdrawn registration shall be borne by the Company in
accordance with Section 2(d) hereof.
Underwriting Requirements. In connection with any offering involving an underwriting
of shares of the Companys capital stock, the Company shall not be required under this Section
2(a) to include any of the Holders securities in such underwriting unless they accept the terms
of the underwriting reasonably agreed upon between the Company and the underwriters selected by
it (or by other Persons entitled to select the underwriters) and enter into an underwriting
agreement in customary form with an underwriter or underwriters selected by the Company. In the
event that the underwriters advise the Company that marketing factors require a limitation of the
number of shares to be underwritten, the Company and its underwriters shall allocate the number
of shares requested to be registered by each of the holders thereof as follows: (i) first, to the
Company; (ii) second, to the holders of the class of security to be included in such registration
statement that have been granted registration rights prior to the date of this Agreement, (iii)
third, persons who are officers or directors of the Company who are holders of the class of
security to be included in such registration statement (iv) fourth, to Holders of Registrable
Securities that have elected to participate in such offering, pro rata according to the number of
Registrable Securities held by each such Holder; and (v) fifth, to the extent additional
securities may be included in such offering, to those holders of securities that may be offered
as part of the registration who are seeking to participate in such registration, in amounts to be
determined in the discretion of the Board. If any Holder disapproves of the terms of any such
underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and
the underwriter, delivered no later than ten (10) business days prior to the effective date of
the registration statement.
(b) Obligations of the Company. Whenever required under this Article 2 to effect the
registration of any Registrable Securities, the Company shall, as expeditiously as reasonably
practicable: prepare and file with the SEC a registration statement with respect to such
Registrable Securities and use its best efforts to cause such registration statement to become
effective, and keep such registration statement effective for a period of up to two years or, if
earlier, until the distribution contemplated in the registration statement has been completed;
prepare and file with the SEC such amendments and supplements to such registration statement and
the prospectus used in connection with such registration statement as may be necessary to comply
with the provisions of the Securities Act with respect to the disposition of all securities covered
by such registration statement; furnish to the Holders such numbers of copies of a prospectus,
including a preliminary prospectus, in conformity with the requirements of the Securities Act, and
such other documents as they may reasonably request in order to facilitate the disposition of
Registrable Securities owned by them; use best efforts to register and qualify the securities
covered by such registration statement under such other securities or Blue Sky laws of such
jurisdictions as shall be reasonably requested by the Holders, provided that the
Company shall not be required in connection therewith or as a condition thereto to qualify to
do business or to file a general consent to service of process in any such states or jurisdictions,
unless the Company is already subject to service in such jurisdiction and except as may be required
under the Securities Act; in the event of any underwritten public offering, enter into and perform
its obligations under an underwriting agreement, in usual and customary form, with the managing
underwriter of such offering; immediately notify each Holder of Registrable Securities covered by
such registration statement at any time when a prospectus relating thereto is required to be
delivered under the Securities Act of the happening of any event as a result of which the
prospectus included in such registration statement, as then in effect, includes an untrue statement
of a material fact or omits to state a material fact required to be stated therein or necessary to
make the-statements therein not misleading in the light of the circumstances then existing; cause
all such Registrable Securities registered pursuant hereunder to be listed on each securities
exchange on which similar securities issued by the Company are then listed; provide a transfer
agent and registrar for all Registrable Securities registered pursuant hereunder and a CUSIP number
for all such Registrable Securities, in each case not later than the effective date of such
registration; use its best efforts to furnish, on the date that such Registrable Securities are
delivered to the underwriters for sale, if such securities are being sold through underwriters, (i)
an opinion, dated as of such date, of the counsel representing the Company for the purposes of such
registration, in form and substance as is customarily given to underwriters in an underwritten
public offering, addressed to the underwriters, if any, and (ii) a letter dated as of such date,
from the independent certified public accountants of the Company, in form and substance as is
customarily given by independent certified public accountants to underwriters in an underwritten
public offering addressed to the underwriters; and in connection with the registration of any
Registrable Securities, prior to the filing of such registration statement, make available for
inspection by each Holder selling Registrable Securities in such registration, any underwriter
participating in any distribution pursuant to such registration statement, and any attorney,
accountant or other agent retained by such seller or underwriter, a copy of the registration
statement, all pertinent financial and other records, pertinent corporate documents and properties
of the Company, and cause the Companys officers, directors and employees to supply all information
reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection
with such registration statement and provide each holder and its counsel with the opportunity to
participate in the preparation of the registration statement.
(c) Information from Holder. It shall be a condition precedent to the obligations of
the Company to take any action pursuant to this Article 2 with respect to the Registrable
Securities of any selling Holder that such Holder shall furnish to the Company such information
regarding itself, the Registrable Securities held by it, and the intended method of disposition of
such securities as shall be required to effect the registration of such Holders Registrable
Securities.
(d) Expenses of Registration. All expenses (other than underwriting discounts and
commissions) incurred in connection with registrations, filings or qualifications pursuant to
Sections 2(a), 2(b) and 2(c), including, without limitation, all registration, filing and
qualification fees, printers and accounting fees, fees and disbursements of counsel for the
Company and the reasonable fees and disbursements of one counsel for the selling Holders shall be
borne by the Company.
(e) Indemnification; Contribution.
In the event of a registration of any of the Registrable Securities under the Securities Act
pursuant to this Article 2, the Company will indemnify and hold harmless each seller of such
Registrable Securities thereunder, each underwriter of such Registrable Securities thereunder and
each other Person, if any, who controls such seller or underwriter within the meaning of the
Securities Act, against any losses, claims, damages or liabilities, joint or several, to which
such seller, underwriter or controlling Person may become subject under the Securities Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon (i) any untrue statement or alleged untrue statement of any
material fact contained in any registration statement under which such Registrable Securities were
registered under the Securities Act pursuant to this Article II, any preliminary prospectus or
final prospectus contained therein, or any amendment or supplement thereof, (ii) the omission or
alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, or (iii) any violation or alleged violation by the
Company of the Securities Act, the Exchange Act, any federal, state or other securities law or any
rule or regulation promulgated under the Securities Act, the Exchange Act or any federal or state
securities law in connection with the offering covered by such registration statement and the
Company will reimburse each such seller, each such underwriter and each such controlling Person
for any legal or other expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability or action, including amounts paid in settlement
thereof; provided, however, that the Company will not be liable in any such case
if and to the extent that any such loss, claim, damage or liability arises out of or is based upon
an untrue statement or alleged untrue statement or omission or alleged omission which occurs in
reliance upon or in connection with written information furnished expressly for use in connection
with such registration by any such seller, any such underwriter or any such controlling Person.
In the event of a registration of any of the Registrable Securities under the Securities Act
pursuant to this Article 2, each seller of such Registrable Securities thereunder, severally and
not jointly, will indemnify and hold harmless the Company, each Person, if any, who controls the
Company within the meaning of the Securities Act, each officer of the Company who signs the
registration statement, each director of the Company, each underwriter and each Person who
controls any underwriter within the meaning of the Securities Act, against all losses, claims,
damages or liabilities, joint or several, to which the Company or such officer, director,
underwriter or controlling Person may become subject under the Securities Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out
of or are based upon any untrue statement or alleged untrue statement of any material fact
contained in the registration statement under which such Registrable Securities were registered
under the Securities Act pursuant to this Article 2, any preliminary prospectus or final
prospectus contained therein, or any amendment or supplement thereof, or arise out of or are
based upon the omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading, and will reimburse the
Company and each such officer, director, underwriter and controlling Person for any legal or
other expenses reasonably incurred by them in connection with investigating or defending any such
loss, claim, damage, liability or action, provided, however, that such seller
will be liable hereunder in any such case if and only to the extent that any such loss, claim,
damage or
liability arises out of or is based upon an untrue statement or alleged untrue statement or
omission or alleged omission made in reliance upon or in connection with written information
furnished by such seller expressly for use in connection with such registration, and
provided, further, however, that the liability of each seller hereunder
shall be limited to the proportion of any such loss, claim, damage, liability or expense which is
equal to the proportion that the public offering price of the shares sold by such seller under
such registration statement bears to the total public offering price of all securities sold
thereunder, but not in any event to exceed the net proceeds received by such seller from the sale
of Registrable Securities covered by such registration statement.
Promptly after receipt by an indemnified party hereunder of notice of the commencement of
any action, such indemnified party shall, if a claim in respect thereof is to be made against an
indemnifying party hereunder, notify the indemnifying party in writing thereof, but the omission
so to notify the indemnifying party shall not relieve it from any liability which it may have to
such indemnified party other than under this Section 2(e) and shall only relieve it from any
liability which it may have to such indemnified party under this Section 2(e) if and to the
extent the indemnifying party is prejudiced by such omission. In case any such action shall be
brought against any indemnified party and it shall notify the indemnifying party of the
commencement thereof, the indemnifying party shall be entitled to participate in and, to the
extent it shall wish, to assume and undertake the defense thereof with counsel reasonably
satisfactory to such indemnified party, and, after notice from the indemnifying party to such
indemnified party of its election so to assume and undertake the defense thereof, the
indemnifying party shall not be liable to such indemnified party under this Section 2(e) for any
legal expenses subsequently incurred by such indemnified party in connection with the defense
thereof other than reasonable costs of investigation and of liaison with counsel so selected,
provided, however, that, if the defendants in any such action include both the
indemnified party and the indemnifying party and the indemnified party shall have reasonably
concluded that there may be reasonable defenses available to it which are different from or
additional to those available to the indemnifying party or if the interests of the indemnified
party reasonably may be deemed to conflict with the interests of the indemnifying party, the
indemnified party shall have the right to select a separate counsel and to assume such legal
defenses and otherwise to participate in the defense of such action, with the expenses and fees
of such separate counsel and other expenses related to such participation to be reimbursed by the
indemnifying party as incurred. The indemnifying party shall not be liable to indemnify any
indemnified party for any settlement of any action effected without the indemnifying partys
consent (which consent shall not be unreasonably withheld or delayed). The indemnifying party
shall not, except with the approval of each party being indemnified under this Section 2(e)(iii),
consent to entry of any judgment or enter into any settlement which does not include as an
unconditional term thereof the giving of the claimant or the plaintiff to the parties being so
indemnified of a release from all liability in respect to such claim or litigation.
In order to provide for just and equitable contribution to joint liability under the
Securities Act in any case in which either (i) any holder of Registrable Securities exercising
rights under this Agreement, or any controlling Person of any such holder, makes a claim for
indemnification pursuant to this Section 2(e) but it is judicially determined (by the entry of a
final judgment or decree by a court of competent jurisdiction and the expiration of time to
appeal or the denial of the last right of appeal) that such indemnification may not be
enforced in such case notwithstanding the fact that this Section 2.05 provides for indemnification
in such case, or (ii) contribution under the Securities Act may be required on the part of any
such selling holder or any such controlling Person in circumstances for which indemnification is
otherwise required under this Section 2(e); then, and in each such case, the Company and such
holder will contribute to the aggregate losses, claims, damages or liabilities to which they may
be subject (after contribution from others) in such proportion as is appropriate to reflect the
relative fault of the Company on the one hand and of the holder of Registrable Securities on the
other in connection with the statements or omissions which resulted in such losses, claims,
damages or liabilities, as well as any other relevant equitable considerations or, if the
allocation provided herein is not permitted by applicable law, in such proportion as shall be
appropriate to reflect the relative benefits received by the Company and any holder of Registrable
Securities from the offering of the securities covered by such registration statement. The
relative fault of the Company on the one hand and of the holder of Registrable Securities on the
other shall be determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or omission or alleged omission to state a material fact
relates to information supplied by the Company on the one hand or by the holder of Registrable
Securities on the other, and each partys relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission; provided, however,
that, in any such case, (A) no such holder will be required to contribute any amount in excess of
the public offering price of all such Registrable Securities offered by it pursuant to such
registration statement, but not in any event to exceed the net proceeds received by such seller
from the sale of Registrable Securities covered by such registration statement; and (B) no Person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
will be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation.
The obligations of the Company and Holders under this Section 2(e) shall survive the
completion of any offering of Registrable Securities in a registration statement under this
Article 2 and shall survive the termination of this Agreement.
(f) Reports Under the Exchange Act. With a view to making available to the Holders the
benefits of Rule 144 promulgated under the Securities Act and any other rule or regulation of the
SEC that may at any time permit a Holder to sell securities of the Company to the public without
registration, the Company agrees that after the Company is subject to the reporting requirements
of the Exchange Act it will use its best efforts to:
|
(i) |
|
make and keep public information available, as those terms are
understood and defined in SEC Rule 144; |
|
|
(ii) |
|
file with the SEC in a timely manner all reports and other
documents required of the Company under the Securities Act and the Exchange Act;
and |
|
|
(iii) |
|
furnish to any Holder, so long as the Holder owns any Registrable
Securities, forthwith upon request (a) a written statement by the Company that
it has complied with the reporting requirements of SEC Rule 144, the Securities
Act and the Exchange Act (at any time after it has become subject to such
reporting |
|
|
|
requirements), (b) a copy of the most recent annual or quarterly report of the
Company and such other reports and documents so filed by the Company, and (c) such
other information as may be reasonably requested in availing any Holder of any
rule or regulation of the SEC that permits the selling of any such securities
without registration or pursuant to such form. |
(g) Assignment of Registration Rights. The rights to cause the Company to register
Registrable Securities pursuant to this Article 2 may be assigned (but only with all related
obligations) by a Holder to a transferee or assignee of such Registrable Securities, provided
that: (A)-the Company is, within a reasonable time after such transfer, furnished with written
notice of the name and address of such transferee or assignee and the securities with respect to
which such registration rights are being assigned; (B) such transferee or assignee agrees in
writing to be bound by and subject to the terms and conditions of this Agreement; and (C) such
assignment shall be effective only if immediately following such transfer the further disposition
of such securities by the transferee or assignee is restricted under the Securities Act.
(h) Market Stand-Off Agreement. Each Holder hereby agrees that it will not, without the
prior written consent of the managing underwriter, during the period commencing on the date of
the final prospectus relating to the Initial Public Offering and ending on the date specified by
the Company and the managing underwriter (such period not to exceed one (1) year, (i) lend,
offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any
option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer
or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible
into or exercisable or exchangeable for Common Stock (whether such shares or any such securities
are then owned by the Holder or are thereafter acquired), or (ii) enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic consequences of
ownership of the Common Stock, whether any such transaction described in clause (i) or (ii) above
is to be settled by delivery of Common Stock or such other securities, in cash or otherwise. The
foregoing provisions of this Section 2(h) shall (a) apply only to the Initial Public Offering,
(b) not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement,
and (c) apply to the Holders only if all officers and directors and greater than one percent (1%)
stockholders of the Company enter into similar agreements, and if any of the provisions of such
agreements are waived or terminated with respect to any of such persons, the foregoing provisions
shall be waived or terminated with respect to each Holder to the same extent. In order to enforce
the foregoing covenant, the Company may impose stop-transfer instructions with respect to the
Registrable Securities of each Holder (and the shares or securities of every other Person subject
to the foregoing restriction) until the end of such period.
(i) Termination of Registration Rights. The Company shall have no obligation to
include Registrable Securities in a Company-initiated registration filed after the earlier to
occur of (a) the fifth anniversary of the Companys Initial Public Offering (such fifth
anniversary, the Fifth Anniversary Date) or (b) all Registrable Securities of the Holders are
eligible for sale without restriction under Rule 144(k).
3. RIGHT OF FIRST REFUSAL
(a) Restrictions on Transfer. New Light may not transfer any of the Securities without
first complying with this section; provided, however, that New Light shall be
permitted to transfer the Securities to its shareholder, provided that the transferee delivers
to the Company a written instrument agreeing to be bound by the terms of this Agreement.
(b) Notice of Proposed Transfer. If New Light desires to transfer any of the Securities in
any transaction, it shall first deliver written notice of his, her or its desire to do so (the
Notice) to the Company, in the manner prescribed in this Agreement. The Notice must specify: (a)
the name and address of the party to which New Light proposes to sell or otherwise dispose of the
Securities (the Offeror), (b) the Securities it proposes to sell or otherwise dispose of (the
Offered Securities), (c) the consideration per Warrant or share of Common Stock to be delivered
to New Light for the proposed sale, transfer or disposition, and (d) all other material terms and
conditions of the proposed transaction.
(c) The Company shall have the first option to purchase all or any part of the
Securities for the consideration per share and on the terms and conditions specified in the
Notice. Such option shall be exercised by delivery by the Company of written notice to New Light
(the Company Notice) within 15 days after receipt of the Notice from New Light. The Company
shall deliver copies of such Company Notice to the Founder.
(d) The closing of the purchase of the Offered Securities shall take place at the offices of
the Company no later than five days after the date of the Company Notice. The Company shall not
have any right to purchase any of the Offered Securities hereunder unless the Company exercises
their option to purchase all of the Offered Securities
(e) To the extent that the consideration proposed to be paid by the Offeror for the
Offered Securities consists of property other than cash or a promissory note, the
consideration required to be paid by the Company exercising their options under this section may
consist of cash equal to the value of such property, as determined in good faith by agreement of
New Light and the Company.
(f) In the event the Company does not exercise its option in full within such time periods
specified in this section with respect to all of the Offered Securities, the Company shall
provide notice of such decision (the Non-Exercise Notice).
(g) The closing of the purchase of the Remaining Securities shall take place no later than
five days after the expiration of the latest 15-day period specified in Section 3(f).
(h) Notwithstanding the foregoing, in the event the Company does not purchase all of
the Offered Securities within the time periods prescribed by this section, New Light may sell any
or all of the Offered Securities only upon the same terms set forth in the Notice within 30 days
after the expiration of the last 15-day notice period. If such transaction is not consummated
within such 30-day period, then New Light must again comply with this section.
4. GENERAL PROVISIONS
(a) Notices. Unless otherwise provided, any notice required or permitted under this
Agreement shall be given in writing and shall be deemed given effectively upon personal
delivery to the party to be notified or upon delivery by confirmed facsimile-transmission,
internationally-recognized overnight courier service, or by registered or certified U.S. mail
postage prepaid and addressed to the party to be notified at the address indicated for such party
on the signature page hereof, or at such other address as such party may designate by ten days
advance written notice to the other parties.
(b) Entire Agreement. This Agreement constitutes the full and entire understanding and
agreement among the parties with regard to the subjects hereof and thereof.
(c) Amendment and Waiver. This Agreement may not be amended or waived except in a writing
executed by the Company and New Light/
(d) Severability. If one or more provisions of this Agreement are held to be unenforceable
under applicable law, such provision shall be excluded from this Agreement and the balance of
the Agreement shall be interpreted as if such provision were so excluded and shall be
enforceable in accordance with its terms.
(e) Successors and Assigns. Except as otherwise provided herein, the terms and conditions
of this Agreement shall inure to the benefit of and be binding upon the respective successors
and assigns of the parties (including transferees of any shares of Registrable Securities).
Nothing in this Agreement, express or implied, is intended to confer upon any party other than
the parties hereto or their respective successors and assigns any rights, remedies,
obligations, or liabilities under or by reason of this Agreement, except as expressly provided
in this Agreement.
(f) Governing Law. This Agreement shall be governed by and construed under the internal laws
of the State of New York, without regard to conflicts of law rules of such state.
(g) Expenses. If any action at law or in equity is necessary to enforce or interpret the terms
of this Agreement, the substantially prevailing party shall be entitled to reasonable attorneys
fees, costs and necessary disbursements in addition to any other relief to which such party may be
entitled.
(h) Counterparts; Execution by Facsimile. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. This Agreement may be executed by facsimile signature(s)
which shall be binding on the party delivering same, to be followed by delivery of originally
executed signature pages.
(i) Titles and Subtitles. The titles and subtitles used in this Agreement are used for
convenience only and are not to be considered in construing or interpreting this Agreement.
IN WITNESS WHEREOF, the parties have executed this Rights Agreement as of the date first
above written.
|
|
|
|
|
ICUITI CORPORATION |
|
|
|
|
|
|
|
By:
|
|
/s/ Paul J. Travers |
|
|
|
|
|
|
|
Name:
|
|
Paul J. Travers |
|
|
Title:
|
|
President |
|
|
|
|
|
|
|
NEW LIGHT INDUSTRIES, LTD. |
|
|
|
|
|
|
|
By:
|
|
/s/ Steve McGrew |
|
|
|
|
|
|
|
Name:
|
|
Steve McGrew |
|
|
Title:
|
|
President |
|
|