0001047469-09-003245 Sample Contracts

Contract
ARYx Therapeutics, Inc. • March 27th, 2009 • Pharmaceutical preparations • California

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AND PURSUANT TO THE PROVISIONS OF ARTICLE 5 BELOW, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAW OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS EXEMPT FROM REGISTRATION.

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AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
Employment Agreement • March 27th, 2009 • ARYx Therapeutics, Inc. • Pharmaceutical preparations • California

THIS AMENDMENT NO. 1 (this “Amendment”) to the Employment Agreement by and between Daniel Canafax (“Executive”) and ARYX THERAPEUTICS, INC., a Delaware corporation (the “Company”) dated January 31, 2007 (the “Prior Agreement”), is entered into and effective as of December 19, 2008 (the “Effective Date”). Capitalized terms not herein defined shall have the meanings ascribed to them in the Prior Agreement.

LOAN AND SECURITY AGREEMENT NO. 8081149
Loan and Security Agreement • March 27th, 2009 • ARYx Therapeutics, Inc. • Pharmaceutical preparations • Virginia

THIS LOAN AND SECURITY AGREEMENT (this “Agreement”) dated as of December 31, 2008 (the “Effective Date”) by and between OXFORD FINANCE CORPORATION, a Delaware corporation with its principal place of business located at 133 North Fairfax Street, Alexandria, Virginia 22314 (“Lender”) and ARYx THERAPEUTICS, INC., a Delaware corporation (“Borrower”), provides the terms on which Lender shall lend to Borrower and Borrower shall repay Lender. The parties agree as follows:

AMENDMENT NO. 1
Employment Agreement • March 27th, 2009 • ARYx Therapeutics, Inc. • Pharmaceutical preparations • California

THIS AMENDMENT NO. 1 (this “Amendment”) to the Employment Agreement by and between Paul Goddard (“Executive”) and ARYX THERAPEUTICS, INC., a Delaware corporation (the “Company”) dated September 1, 2005 (the “Prior Agreement”), is entered into and effective as of December 19, 2008 (the “Effective Date”). Capitalized terms not herein defined shall have the meanings ascribed to them in the Prior Agreement.

AMENDMENT NO. 1
Employment Agreement • March 27th, 2009 • ARYx Therapeutics, Inc. • Pharmaceutical preparations • California

THIS AMENDMENT NO. 1 (this “Amendment”) to the Employment Agreement by and between Pascal Druzgala (“Executive”) and ARYX THERAPEUTICS, INC., a Delaware corporation (the “Company”) dated July 23, 2002 (the “Prior Agreement”), is entered into and effective as of December 19, 2008 (the “Effective Date”). Capitalized terms not herein defined shall have the meanings ascribed to them in the Prior Agreement.

AMENDMENT NO. 1
Employment Agreement • March 27th, 2009 • ARYx Therapeutics, Inc. • Pharmaceutical preparations • California

THIS AMENDMENT NO. 1 (this “Amendment”) to the Employment Agreement by and between Peter G. Milner, M.D. (“Executive”) and ARYX THERAPEUTICS, INC., a Delaware corporation (the “Company”) dated September 30, 2005 (the “Prior Agreement”), is entered into and effective as of December 19, 2008 (the “Effective Date”). Capitalized terms not herein defined shall have the meanings ascribed to them in the Prior Agreement.

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