Marrone bio innovations, inc. enters into settlement and release agreement with piper jaffray, inc

On april 3, 2018, marrone bio innovations, inc. was named as a defendant in a complaint filed by piper jaffray, inc. with the superior court of the state of delaware (the lawsuit). piper’s complaint alleged one breach of contract claim, specifically, that the company breached an engagement letter (the engagement letter) with piper by failure to pay a $2,000,000 transaction fee, which piper alleged was due under the engagement letter as a result of the company’s consummation of its private placement and debt refinancing transactions in february 2018. on october 8, 2019, the company entered into a settlement and release agreement with piper to settle the lawsuit without any admission or findings of liability (the settlement agreement). pursuant to the settlement agreement, the company has paid piper an aggregate of one million dollars ($1,000,000). in addition, under the settlement agreement, piper agreed to dismiss the lawsuit against the company with prejudice and the parties agreed to mutual general releases of all claims relating to the lawsuit other than their prospective obligations under the settlement agreement, the confidentiality obligations under the engagement letter and any potential indemnification obligations under the engagement letter unrelated to the lawsuit.
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