Document:

ex10-5.htm

 

 

 

EXHIBIT 10.5

 

 

ESCROW AGREEMENT

 

 

ESCROW AGREEMENT, dated October 2, 2012, between the entities listed as Lender on the signature page hereof (individually, a “Lender” and together, the “Lenders”) Tengion, Inc. (the “Borrower”) and Ballard Spahr LLP, as escrow agent (the “Escrow Agent”).

 

WHEREAS:

 

1.  The Lenders and the Borrower have entered into a Facility Agreement (the “Facility Agreement”) dated the date hereof pursuant to which the Lenders have agreed to lend $15,005,251.13 to the Borrower; and

 

2.  Each Lender has agreed in the Facility Agreement to deposit on the date hereof its Escrow Amount (as such terms is defined in the Facility Agreement) into the Escrow Agent’s non-interest bearing escrow account (the “Escrow Account”);

 

3.   The aggregate Escrow Amount to be so deposited is $1 million;

 

4.  Each Lender has agreed to promptly instruct the Escrow Agent to transfer to an account designated by the Borrower (the “Borrower Account”), its Escrow Amount if such Lender determines, in the exercise of its sole discretion and in consultation with the Borrower that the Milestones have been achieved;

 

5.   As used herein, Milestones mean (a) the patient implants in the Phase 1 trial of The Neo-Urinary Conduit have been successfully completed and (b) the analysis of the in-life data from the GLP studies for the Neo-Kidney Augment demonstrates that continued development is warranted;

 

6.   Each Lender has agreed that if the Milestones have not been achieved by March 1, 2013, the Required Lenders will direct the Escrow Agent from time-to-time to transfer to the Borrower Account such portion of the Escrow Amount as the Borrower and the Required Lenders have agreed is required for the orderly disposition of the Borrower’s assets.  As used herein, Required Lenders means Lenders of at least 40% of the aggregate principal amount of the Notes, including Celgene Corporation, if it is a Lender at that time, RA Capital Healthcare Fund LP, if it is a Lender at that time and at least one of Deerfield Special Situations Fund, L.P. or Deerfield Special Situations International Master Fund, L.P., if either of such entities is a Lender at that time.

 

NOW, THEREFORE, it is hereby agreed as follows:

 

1.           Escrow Amount.  On the date hereof, (i) each Lender shall deposit its Escrow Amount into the Escrow Account  pursuant to the wire instructions attached as Exhibit 1, and (ii) such Lender shall provide the Escrow Agent with a Form W-9.  The Escrow Agent shall disburse such Escrow Amount to the Borrower Account only upon the receipt by the Escrow Agent of a written instrument of direction to do so signed by the Required Lenders.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

  

  

 

 

2.           Escrow Account Obligations.  The Escrow Agent may act or refrain from acting in respect of any matter arising in connection with the administration of the Escrow Account, shall be protected in acting upon any notice, certificate or other communication, not only as to the due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained, which it shall in good faith reasonably believe to be valid and to have been signed or presented by a proper person or persons.  The Escrow Agent shall have no liability or responsibility hereunder for any act or omission to act except for its own gross negligence or willful misconduct.  The Escrow Agent may, at any time, upon notice to a Lender, for any reason whatsoever, deposit such Lender’s Escrow Amount with any court of competent jurisdiction pending the final determination of any dispute relating to such Lender’s Escrow Amount.

 

3.           Fees and Costs.  The Borrower shall pay the Escrow Agent its fee and  reasonable costs it incurs in performing its services under this Agreement.

 

4.           Limitation of Escrow Agent Duties.  The Escrow Agent’s duties and responsibilities shall be limited to those expressly set forth in this Agreement, and the Escrow Agent shall not be subject to, nor obliged to recognize, any agreement between, or direction or instruction of the Borrower or any Lender, or any of their respective directors, officers, equity holders or employees, unless reference thereto is made herein; provided, however, that with the Escrow Agent’s written consent, this Agreement may be amended at any time or times by an instrument in writing signed by the Borrower and the Lenders.

 

5.           Escrow Agent Reliance.  If any Escrow Amount is at any time attached, garnished or levied upon under any court order, or in case the  transfer of any Escrow Amount shall be stayed or enjoined by any court order, or in case any order, writ, judgment or decree shall be made or entered by any court affecting such Escrow Amount or any part thereof, then in any of such events, the Escrow Agent is authorized to rely upon and comply with any such order, writ, judgment or decree, and if it complies with any such order, writ, judgment or decree, it shall not be liable to any Lender or to any other person, firm or corporation by reason of such compliance, even though such order, writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.

 

6.           Escrow Agent Resignation.  The Escrow Agent may resign at any time upon 5 business days prior written notice to each Lender and the Borrower.  If the Escrow Agent resigns, its only duty shall be to deposit the funds in the Escrow Account with a successor escrow agent designated by the Borrower and each Lender.  If no such designation is received by the Escrow Agent within 5 days after giving such notice, the Escrow Agent may appoint a successor escrow agent, which shall be a nationally recognized bank or financial institution of its choosing, and to send any such funds to such successor escrow agent.  Each Lender covenants to provide such documentation as may be required by such successor escrow agent so that such successor escrow agent may comply with the "know your customer" requirement of the USA Patriot Act.

 

7.           Notices.  All notices or other communications required or permitted hereunder shall be in writing and shall be deemed given or delivered (i) when delivered personally or by private courier, (ii) when actually delivered by registered United States mail, return receipt requested or, (iii) when sent by telecopy or e-mail, if confirmed as received that day by the receiving party (provided that the original of such notice or communication is sent that day by a means specified in clause (i) or (ii)).  For all purposes hereof (a) any notice mailed by the Escrow Agent shall be effective at the time it is deposited by the Escrow Agent in the United States mail, whether or not it is actually received, and (b) any notice mailed to the Escrow Agent shall not be effective until actually received by the Escrow Agent.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

2

  

 

 

Communications hereunder shall be sent as follows:

 

	
To the Borrower and the Lenders: as set forth in Section 6.1 of the Facility Agreement:

 

	
To the Escrow Agent:

 

	
Ballard Spahr LLP

1735 Market Street, 51st Floor

Philadelphia, PA 19103

Telephone: (215) 665-8500

Facsimile: (215) 864-8999

Attention: Robert C. Gerlach, Esq.

 

8.           Indemnification.  The Lenders and the Borrower, jointly and severally, agree to indemnify and hold the Escrow Agent harmless from any and all loss, damage, claims, liabilities, judgments and other costs and expenses of every kind and nature (“Losses”) which may be incurred by the Escrow Agent by reason of its acceptance of, and its performance under, this Agreement, including, without limitation, reasonable attorneys’ fees, except to the extent the Losses arise from the gross negligence or willful misconduct of the Escrow Agent.

 

9.           Escrow Agent Release.  The Escrow Agent automatically shall be released from all responsibility and liability under this Agreement upon its delivery or deposit of the entire amount of each Escrow Amount in accordance with the provisions of this Agreement.

 

10.           Entire Agreement.  This Escrow Agreement constitutes the entire understanding among the parties as to the subject matter hereof and no waiver or modification of the terms hereof shall be valid unless in a writing signed by the Lenders, the Borrower and the Escrow Agent.

 

11.           Governing Law.  This Escrow Agreement shall be governed by, and construed in accordance with, the laws of the Commonwealth of Pennsylvania applicable to contracts made and to be performed in such States.

 

12.           Binding Agreement.  This Escrow Agreement shall be binding upon and inure to the benefit of the parties hereto, their respective successors and permitted assigns.

 

13.           Counterparts.  This Escrow Agreement may be executed in one or more counterparts, each of which shall be deemed an original.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

3

  

 

 

 

IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of the day and year first above written.

 

 

	
TENGION, INC.

 

	  	
By: /s/ A. Brian Davis

 

	  	
Name: A. Brian Davis

 

	  	
Title: Chief Financial Officer and VP, Finance

 

 

 

 

 

 

 

 

	
Ballard Spahr, LLP

 

	  	
By: /s/ Robert C. Gerlach

 

	  	
Name: Robert C. Gerlach

 

	  	
Title: Partner

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

4

  

 

 

IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of the day and year first above written.

 

 

	
Bay City Capital Fund V, L.P.

By:  Bay City Capital Management V LLC, its General Partner

By: Bay City Capital LLC, its Manager

 

By: /s/ Carl Goldfischer, MD

	  
	
 

Name: Carl Goldfischer, MD

 

	  
	
Title: Managing and Managing Director

 

	  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

  

  

 

 

 

IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of the day and year first above written.

 

 

	
Bay City Capital Fund V Co-Investment Fund, L.P.

By:  Bay City Capital Management V LLC, its General Partner

By: Bay City Capital LLC, its Manager

 

	  
	
By: /s/ Carl Goldfischer, MD

	  
	
 

Name: Carl Goldfischer, MD

 

	  
	
Title: Managing and Managing Director

 

	  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

  

  

 

 

IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of the day and year first above written.

 

 

	
Celgene Corporation

 

	  
	
By: /s/ G.S. Golumbeski

	  
	
 

Name: G.S. Golumbeski

 

	  
	
Title: SVP Business Development

 

	  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

  

  

 

 

IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of the day and year first above written.

 

 

	
DAFNA Lifescience LTD

 

	  
	
By: /s/ Nathan Fiscltel

	  
	
 

Name: Nathan Fiscltel

 

	  
	
Title: Managing Member

 

	  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

  

  

 

 

IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of the day and year first above written.

 

 

	
DAFNA Lifescience Market Neutral LTD

 

	  
	
By: /s/ Nathan Fiscltel

	  
	
 

Name: Nathan Fiscltel

 

	  
	
Title: Managing Member

 

	  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

  

  

 

 

 

IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of the day and year first above written.

 

 

	
DAFNA Lifescience Select LTD

 

	  
	
By: /s/ Nathan Fiscltel

	  
	
 

Name: Nathan Fiscltel

 

	  
	
Title: Managing Member

 

	  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

  

  

 

IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of the day and year first above written.

 

 

	
Deerfield Special Situations Fund, L.P.

By: Deerfield Mgmt, L.P., General Partner

By: J.E. Flynn Capital LLC, General Partner

 

	  
	
By:/s/ James E. Flynn

	  
	
 

Name: James E. Flynn

 

	  
	
Title: President

 

	  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

  

  

 

IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of the day and year first above written.

 

 

	
Deerfield Special Situations International Master Fund, L.P.

By: Deerfield Mgmt, L.P., General Partner

By: J.E. Flynn Capital LLC, General Partner

 

	  
	
By:/s/ James E. Flynn

	  
	
 

Name: James E. Flynn

 

	  
	
Title: President

 

	  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

  

  

 

 

IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of the day and year first above written.

 

 

	
HealthCap IV KB

By: HealthCap IV GP AB

 

	  
	
By: /s/ Anhi Forsberg and Bjorn Odlander

	  
	
 

Name: Anhi Forsberg and Bjorn Odlander

 

	  
	
Title: Partners

 

	  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

  

  

 

 

IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of the day and year first above written.

 

 

	
HealthCap IV LP

By: HealthCap IV GP SA

 

	  
	
By: /s/ Peder Fredrikson

	  
	
 

Name: Peder Fredrikson

 

	  
	
Title: President

 

	  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

  

  

 

 

IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of the day and year first above written.

 

 

	
HealthCap IV Bis LP

By: HealthCap IV GP SA

 

	  
	
By:/s/ Peder Fredrikson

	  
	
 

Name: Peder Fredrikson

 

	  
	
Title: President

 

	  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

  

  

 

 

IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of the day and year first above written.

 

 

	
OFCO Club IV

By: Odlander, Fredrikson & Co AB, on behalf of all members

 

	  
	
By:/s/ Anhi Forsberg and Bjorn Odlander

	  
	
 

Name: Anhi Forsberg and Bjorn Odlander

 

	  
	
Title: Directors

 

	  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

  

  

 

 

 

IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of the day and year first above written.

 

 

	
RA Capital Healthcare Fund, LP

By: Odlander, Fredrikson & Co AB, on behalf of all members

 

	  
	
By:/s/ Peter Kolchinsky

	  
	
 

Name: Peter Kolchinsky

 

	  
	
Title: Manager

 

	  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

  

  

 

 

 

IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of the day and year first above written.

 

 

	
Blackwell Partners, LLC

 

By: /s/ Geoffrey D. Keegan

	  
	
 

Name: Geoffrey D. Keegan

 

	  
	
Title: Investment Manager, DUMAC, Inc. Authorized Agent

 

 

	  
	  	  
	
 

By: /s/ David R. Shumate

	  
	
 

Name: David R. Shumate

 

	  
	
Title: Executive Vice President, DUMAC, Inc. Authorized Agentex10-6.htm

Exhibit 10.6

RIGHT OF FIRST NEGOTIATION AGREEMENT

 

This Right of First Negotiation Agreement (this “Agreement”), dated October 2, 2012, is made by and among Tengion, Inc., a Delaware corporation, with a principal address at 3929 Westpoint Boulevard, Suite G, Winston-Salem, NC 27103 (“Tengion”) and Celgene Corporation, a Delaware corporation with a principal address at 86 Morris Avenue, Summit, New Jersey 07901 (“Celgene” and, together with Tengion, the “Parties”).

 

WHEREAS, on even date herewith, Celgene has, alongside certain other purchasers, entered into that certain Securities Purchase Agreement (the “SPA”) by and among Tengion and the purchasers party thereto (the “Purchasers”) and certain other related agreements (collectively, the “Transaction Documents”).

 

WHEREAS, pursuant to the terms of the Transaction Documents, Celgene has agreed to purchase $5,002,283.10 of Senior Secured Convertible Notes (the “Notes”), which Notes include the exchange of the principal and interest of that certain Demand Note, dated September 7, 2012, and is also receiving subject to the terms of the Transaction Documents and this Agreement, certain warrants to purchase  10,228,310 shares of common stock of Tengion (“Common Stock”).

 

WHEREAS, the transactions contemplated by the Transaction Documents are expected to close on or about October 2, 2012 (the actual date of such closing hereinafter referred to as the “Effective Date”).

 

WHEREAS, in consideration of Celgene’s investment and in exchange for receiving warrants to purchase substantially fewer shares of Common Stock than other Purchasers, Tengion is willing to grant Celgene certain rights with respect to its Neo-Urinary Conduit development program.

 

NOW, THEREFORE, intending to be legally bound hereby, the Parties hereby agree as follows:

 

1. Right of First Negotiation.  At any time beginning on the Effective Date, Celgene will have the right of first negotiation (“ROFN”) with respect to any license, sale, assignment, transfer or other disposition (“Transfer”) by Tengion of any material portion of intellectual property (including patents, know-how, trade secrets, trademarks, service marks, and any data in any format) (“IP”) or other assets related to Tengion's Neo-Urinary Conduit program (an “NUC Transaction”), provided, however, that an NUC Transaction shall not include: (i) the Transfer of (a) IP exclusively related to Tengion development programs other than the Neo-Urinary Conduit and (b) any IP, which may be broadly applicable or useful to multiple product candidates or fields of use (inclusive of Neo-Urinary Conduit), provided, that (A) the transferee party to such Transfer would not compete as a result of such Transfer with  the Neo-Urinary Conduit, and such Transfer would not otherwise materially diminish the value of the Neo-Urinary Conduit, and (B) Celgene receives a worldwide, fully paid-up, royalty-free, sublicensable, exclusive  license (as to the Neo-Urinary Conduit "field of use") to such IP to the extent that such 

 

 

  

1

  

 

IP relates to Neo-Urinary Conduit; or (ii) a Change in Control Transaction.  Accordingly, before entering into an NUC Transaction with any third party, Tengion shall notify Celgene in writing that it may pursue such a potential NUC Transaction and Celgene shall have fifteen (15) days from the receipt of such notice (“Notice of Interest Period”) to provide Tengion written notice (“Notice of Interest”) that it desires to enter into good faith negotiations with Tengion regarding an NUC Transaction. If Celgene gives a timely Notice of Interest, then the Parties shall negotiate exclusively, reasonably and in good faith concerning the terms of an NUC Transaction for a period of sixty (60) days (“Negotiation Period”).  If Celgene (a) gives notice that it does not wish to pursue an NUC Transaction, (b) fails to give a timely Notice of Interest, or (c) gives a timely Notice of Interest but the Parties fail to reach agreement on the terms of an NUC Transaction or to execute a definitive agreement with respect to an NUC Transaction prior to the expiration of the Negotiation Period, then the ROFN shall expire (the “ROFN Expiration”) and Tengion shall be free, without any further obligation to Celgene under this Agreement with respect thereto, to enter into an NUC Transaction with any third party; provided, that,  if (A) such third party transaction is, when taken as a whole, materially less favorable to Tengion and its stockholders than the terms last offered to Tengion by Celgene, or (B) the amount of the upfront cash payment provided for in such third party transaction is less than or equal to the amount of the upfront cash payment last offered by Celgene, then Tengion will provide written notice describing and offering Celgene such NUC Transaction for a period of fifteen (15) days (after Celgene’s receipt of such notice) before entering such NUC Transaction with a third party.  If Celgene elects to pursue such NUC Transaction, it shall deliver written notice to Tengion within such fifteen (15) day period, and the Parties will proceed to negotiate and finalize definitive agreements.  For avoidance of doubt, (a) the rights and obligations described in this Section 1 shall apply to any notice of Tengion’s intent to pursue an NUC Transaction delivered on and after the Effective Date, notwithstanding the fact that the fifteen (15) day and sixty (60) day periods described herein may exceed the same, and (b) preliminary discussions that precede a formal offer or term sheet shall not be restricted by this Section 1.  Notwithstanding anything to the contrary, the Parties agree that the ROFN shall automatically be reinstated if Tengion does not enter into a definitive agreement for an NUC Transaction with a third party within six (6) months after the then most-recent ROFN Expiration.

 

For purposes of this Agreement, a Change in Control Transaction shall mean: (1) the sale of all or substantially all of the assets of Tengion to an unrelated person or entity, (2) a merger, reorganization, consolidation or similar transaction pursuant to which the holders of Tengion’s outstanding voting power immediately prior to such transaction do not own a majority of the outstanding voting power of the resulting or successor entity (or its ultimate parent, if applicable) immediately upon completion of such transaction, or (3) the sale of all of the stock of Tengion to an unrelated person or entity.

 

 

 

 

  

2

  

 

 

2. Termination of ROFN.  Upon the consummation of a Change in Control Transaction, this Agreement and the ROFN contained herein shall terminate in all respects and be of no further force and effect.

 

3. Reduction in Warrants.  As set forth in the recitals above, Celgene hereby agrees to receive under the Transaction Documents, warrants to purchase  10,228,310 shares of Common Stock, such warrants representing a fifty percent (50%) reduction in the number of warrant shares being delivered to other Investors.

 

4. Representations and Warranties.  The representations and warranties of Tengion set forth in Section 3 of the SPA are incorporated herein by reference.  For the purpose of this Section 4, the term “Transaction Documents” as used in the SPA shall be deemed to include this Agreement.

 

5. Notices.  All notices and other communications hereunder shall be in writing and shall be deemed duly given (a) on the date of delivery if delivered personally, or if by facsimile, upon written confirmation of receipt by facsimile, (b) on the first business day following the date of dispatch if delivered utilizing a next-day service by a recognized next-day courier or (c) on the earlier of confirmed receipt or the fifth business bay following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid.  All notices hereunder shall be delivered to the addresses set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice:

 

Tengion, Inc.

3929 Westpoint Boulevard, Suite G

Winston-Salem, NC 27103

Attention:  President and Chief Executive Officer

Facsimile:  (336) 722-2436

 

 

with a copy (which shall not constitute notice) to:

 

 

Ballard Spahr LLP

1735 Market Street

51st Floor

Philadelphia, PA 19103

Attention:  Joseph La Barge

Facsimile:  215-864-8999

 

 

Celgene Corporation

86 Morris Avenue

Summit, New Jersey 07091

Attention: George Golumbeski

Facsimile: (908) 673-2769

 

 

 

  

3

  

 

 

 

with a copy (which shall not constitute notice) to:

Celgene Corporation

86 Morris Avenue

Summit, New Jersey 07091

Attention: Chief Counsel

Facsimile: (908) 673-2771

6. Entire Agreement.  This Agreement and the Transaction Documents constitute the entire agreement, and supersede all prior written agreements, arrangements, communications and understandings and all prior and contemporaneous oral agreements, arrangements, communications and understandings among the Parties with respect to the subject matter hereof and thereof.

 

7. Governing Law.  This Agreement and all disputes or controversies arising out of or relating to this Agreement or the transactions contemplated hereby shall be governed by, and construed in accordance with, the internal laws of the State of Delaware, without regard to the laws of any other jurisdiction that might be applied because of the conflicts of laws principles of the State of Delaware.

 

8. No Assignment.  Neither this Agreement nor any of the rights, interests or obligations under this Agreement may be assigned or delegated, in whole or in part, by operation of law or otherwise, by any party without the prior written consent of the other party, and any such assignment without such prior written consent shall be null and void.

 

9. Severability.  Whenever possible, each provision or portion of any provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or portion of any provision in such jurisdiction, and this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision or portion of any provision had never been contained herein.

 

10. Counterparts.  This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same instrument and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other party.  This Agreement may be executed by facsimile signature and a facsimile signature shall constitute an original for all purposes.

 

[Remainder of Page Intentionally Left Blank]

 

  

4

  

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

TENGION, INC.

By:     /s/ A. Brian Davis

Name:  A. Brian Davis

Title:   CFO and VP Finance

CELGENE CORPORATION

By:        /s/ George Golumbeski

Name:   George Golumbeski        

Title:      Senior VP Business Development

 

 

 

 

 

 

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00208-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00208-of-00352.parquet"}]]