Exhibit 10.1
Execution Copy

AMENDMENT N° 1 TO THE SECOND AMENDED AND RESTATED
LICENSE AND SUPPLY AGREEMENT

THIS AMENDMENT N° 1 TO THE SECOND AMENDED AND RESTATED LICENSE AND SUPPLY
AGREEMENT (the “Amendment”) effective as of April 4, 2013 (the “Effective
Date”), is made and entered into by and between Columbia Laboratories (Bermuda)
Limited, a corporation organized and existing under the laws of Bermuda
(“Licensor”) and Ares Trading S.A., a corporation organized and existing under
the laws of Switzerland (“Licensee”). Licensor and Licensee may be referred to
herein as a “Party” or, collectively, as “Parties.”

RECITALS:

WHEREAS, the Parties entered into a Second Amended and Restated License and
Supply Agreement on May 14, 2010, effective as of May 19, 2010 (the
“Agreement”), amending and restating the License and Supply Agreement entered
into between the Parties on May 20, 1999, as such agreement was amended and
restated as of June 4, 2002, and further amended as of December 21, 2006;

WHEREAS, the Parties wish to enter into this Amendment;

WHEREAS, capitalized terms used and not otherwise defined in this Amendment are
used as defined in the Agreement.

NOW, THEREFORE, in consideration of the various promises and undertakings set
forth herein, the Parties agree to amend the Agreement as follows:

1.
The definition of “Base Price” as set forth in Section 1(b) of the Agreement
shall be amended to provide that Base Price shall mean Direct Cost plus 20%,
subject to any further adjustments pursuant to Section 5(a) to reflect the
impact of Cost Initiatives.

2.
Section 5(a) of the Agreement shall be amended by inserting the following
paragraph at the end of such section:

“The Parties agree to undertake commercially reasonable efforts to identify and
implement manufacturing efficiencies and cost reduction opportunities to contain
or reduce Direct Cost (each a “Cost Initiative”). The Parties will mutually
agree a protocol and budget for each Party's out-of-pocket costs to accomplish a
Cost Initiative. In order to benefit and incentivize Licensor, Licensee agrees
that following implementation of a Cost Initiative, the Licensor shall be “kept
whole” with respect to Licensor's margin (i.e. the difference between the Base
Price and Direct Cost) as calculated as if no impact from the Cost Initiative
had been realized (the “Make Whole Margin”). The difference between (x) Direct
Cost, as calculated as if no impact from the Cost Initiative had been realized;
and (y) Direct Cost, as calculated with the impact of the Cost Initiative (the
“Cost Initiative Savings”), will initially be credited to the Parties on a pro
rata basis according to each Party's out-of-pocket costs for the Cost Initiative
until such out-of-pocket cost have been offset. Subsequently, Licensor shall
receive [***] percent ([***]%) of the Cost Initiative Savings. The new Base
Price, as adjusted for a Cost Initiative, shall equal (a) the Direct Cost
reflecting the benefit of the Cost Initiative; plus (b) the Make Whole Margin;
plus (c) Licensor's share of the Cost Initiative Savings. An illustrative
example of such adjustment is set forth in Exhibit 1 of this Amendment.”
3.
Effective January 1, 2014, Sections 4(i) and (q) and Section 5(a) of the
Agreement are amended to replace each reference in such Sections to “[***]
percent ([***]%) of Net Sales” with “[***] percent ([***]%) of Net Sales.”
Effective January 1, 2015, this rate will further decrease to “[***] percent
([***]%) of Net Sales.”.

4.
Effective January 1, 2014, Section 5(b) of the Agreement is amended in its
entirety to read as follows: An illustrative example of calculation of the
quarterly transfer price pertinent to this section is set forth in Exhibit 2 of
this Amendment

(b )The following quantity discounts will be applied to purchases in each
calendar year of the Product by Licensee, its Affiliates, or sublicensees:

[***] A CONFIDENTIAL PORTION OF THE MATERIAL HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED WITH RESPECT TO THIS OMITTED INFORMATION.

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(i)    For the portion of purchases in a calendar year greater than [***]
([***]) Units and less than or equal to [***] ([***]) Units [***] percent
([***]%) of Net Sales or the Base Price, whichever is greater.
(ii)    For the portion of purchases in a calendar year greater than [***]
([***]) Units and less than or equal to [***] ([***]) Units percent ([***]%) of
Net Sales or the Base Price, whichever is greater.
(iii)    For the portion of purchases in a calendar year greater than [***]
([***]) Units [***] percent ([***]%) of Net Sales or the Base Price, whichever
is greater.
5.
Section 13 of the Agreement is amended to replace the date “May 19, 2015” with
the date “May 19, 2020.”

6.
Effectiveness. This Amendment shall enter into effect as of the Effective Date,
provided however that from the Effective Date until December 31, 2013, the
provisions of Section 4(i), Section 4(q), Section 5(a) and Section 5 (b) of the
Agreement shall remain in full force and effect as originally set forth in the
Agreement. The amendments and modifications to Section 4(i), Section 4(q),
Section 5(a) and Section 5 (b) of the Agreement set forth in this Amendment
shall only take effect commencing on January 1, 2014.

7.
Counterparts; Fax; Signatures. This Amendment may be executed in any two (2)
counterparts, including by facsimile, each of which, when executed, shall be
deemed to be an original and both of which together shall constitute the one and
same document.

8.
Full Force and Effect. Except as set forth in this Amendment, the License and
Supply Agreement shall remain in full force and effect.

[Signature page to follow]

[***] A CONFIDENTIAL PORTION OF THE MATERIAL HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED WITH RESPECT TO THIS OMITTED INFORMATION.

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IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed and
delivered by their respective duly authorized officers.

ARES TRADING S.A.
 
 
 
 
By:
/s/ James Singleton
 
 
Name:
James Singleton
 
 
Title:
Associate General Counsel
 
 
 
 
 
By:
/s/ Laetitia Pictet
 
 
Name:
Laetitia Pictet
 
 
Title:
Senior Corporate Counsel
 
 
 
 
 
COLUMBIA LABORATORIES (Bermuda), Ltd.
 
 
 
 
 
/s/ Frank C. Condella, Jr.
 
 
Name:
Frank C. Condella, Jr
 
 
Title:
President
 

SIGNATURE PAGE TO AMENDMENT NO. 1

[***] A CONFIDENTIAL PORTION OF THE MATERIAL HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED WITH RESPECT TO THIS OMITTED INFORMATION.

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Exhibit 1
[***]

[***] A CONFIDENTIAL PORTION OF THE MATERIAL HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED WITH RESPECT TO THIS OMITTED INFORMATION.

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Exhibit 2
[***]

[***] A CONFIDENTIAL PORTION OF THE MATERIAL HAS BEEN OMITTED AND FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED WITH RESPECT TO THIS OMITTED INFORMATION.