or remedy granted in the arbitration.
Each party will bear its own costs
incurred in the course of arbitration.
THIS LETTER AGREEMENT EMBODIES THE ENTIRE AGREEMENT AND UNDERSTANDING BETWEEN
THE PARTIES HERETO AND SUPERSEDES ALL PRIOR ORAL OR WRITTEN AGREEMENTS AND
UNDERSTANDINGS RELATING TO THE SUBJECT MATTER HEREOF.
THIS LETTER AGREEMENT AND
THE RIGHTS AND OBLIGATIONS OF EACH PARTY HERETO MAY NOT BE ASSIGNED OR DELEGATED
WITHOUT THE PRIOR WRITTEN CONSENT OF THE OTHER PARTIES HERETO.
THIS LETTER
AGREEMENT SHALL NOT BE MODIFIED OR AMENDED EXCEPT BY AN INSTRUMENT IN WRITING
SIGNED BY OR ON BEHALF OF THE PARTIES HERETO.
THIS LETTER AGREEMENT MAY BE
EXECUTED IN ONE OR MORE COUNTERPARTS EACH OF WHICH WILL BE DEEMED AN ORIGINAL,
BUT ALL OF WHICH TOGETHER SHALL CONSTITUTE ONE AND THE SAME INSTRUMENT.
Sincerely,
PHARMATHENE, INC.
By:
/s/ David P. Wright
David P. Wright, CEO
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AGREED AND ACCEPTED:
PANACEA BIOTEC LTD.
By:
/s/ Rajesh Jain
Name: Rajesh Jain
Title: Joint Managing Director
Date: September 30, 2008
[SIGNATURE PAGE TO PIP-PBL LETTER AGREEMENT]
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