Document:

drs2014ex10vii_bspacq.htm

Exhibit 10.7

 

UNIT SUBSCRIPTION AGREEMENT

This UNIT SUBSCRIPTION AGREEMENT (this “Agreement”) is made as of the 24th day of February 2014, by and between BSP Acquisition Corp., a Delaware corporation (the “Company ”), having its principal place of business at 444 Seabreeze Blvd., Suite 1002, Daytona Beach, Florida 32118, and  BSP Sponsor I, LLC, a Delaware limited  liability corporation (“Subscriber”), having its principal place of business at 444 Seabreeze Blvd., Suite 1002, Daytona Beach, Florida 32118.

 

WHEREAS, the Company desires to sell on a private placement basis (the “Offering”) an aggregate of 440,000 units (the “Units”) of the Company, each Unit comprised of one share of common stock of the Company, par value $0.0001 per share (“Common Stock”), and one warrant to purchase one share of Common Stock (“Warrant”), for a purchase price of $4,400,000, or $10.00 per Unit. The shares of Common Stock underlying the Warrants are hereinafter referred to as the “Warrant Shares”.  The shares of Common Stock underlying the Units (excluding the Warrant Shares) are hereinafter referred to as the “Placement Shares.” The Warrants underlying the Units are hereinafter referred to as the “Placement Warrants.”  The Units, Placement Shares, Placement Warrants or Warrant Shares, collectively, are hereinafter referred to as the “Securities.”  Each Placement Warrant is exercisable to purchase one share of Common Stock at an exercise price of $12.00 during the period commencing on the later of (i) twelve (12) months from the date of the closing of the Company’s initial public offering of units (the “IPO”) and (ii) 30 days following the consummation of the Company’s initial business combination (the “Business Combination”), as such term is defined in the registration statement in connection with the IPO, as amended at the time it becomes effective (the “Registration Statement”), and expiring on the fifth anniversary of the consummation of the Business Combination; and

 

WHEREAS, Subscriber wishes to purchase 440,000 Units and the Company wishes to accept such subscription from Subscriber.

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Subscriber hereby agree as follows:

 

1.     Agreement to Subscribe

 

1.1.    Purchase and Issuance of the Units. Upon the terms and subject to the conditions of this Agreement, Subscriber hereby agrees to purchase from the Company, and the Company hereby agrees to sell to Subscriber, on the Closing Date (as defined below), the 440,000 Units for an aggregate purchase price of $4,400,000 (the “Purchase Price”).

 

1.2.    Delivery of the Purchase Price.  Upon execution of this Agreement, the Company is hereby bound to fulfill its obligations hereunder and Subscriber hereby irrevocably commits to deliver either directly into a trust account (the “Trust Account”) at a financial institution to be chosen by the Company, maintained by Continental Stock Transfer & Trust Company, acting as trustee (“Continental”), or into an escrow account maintained by Ellenoff Grossman & Schole LLP  (“EG&S”), counsel for the Company, the Purchase Price in immediately available funds by wire transfer or such other form of payment as shall be acceptable to the Trustee, in its sole and absolute discretion, one (1) business day prior to the effective date of the Registration Statement.

 

1.3.    Closing. The closing of the Offering (the “Closing”), shall take place at the offices of EG&S, simultaneously with the closing of the IPO on or before July 31, 2014 (the “Closing Date”). On the Closing Date, if Subscriber has delivered the Purchase Price to EG&S as described in Section 1.2 above, EG&S shall wire the purchase price to Continental for deposit in the Trust Account.

  

  

  

  

1.4.    Termination.  This Agreement and each of the obligations of the undersigned shall be null and void and without effect if the Closing does not occur prior to July 31, 2014.

2.     Representations and Warranties of Subscriber

 

Subscriber represents and warrants to the Company that:

 

2.1.    No Government Recommendation or Approval.  Subscriber understands that no federal or state agency has passed upon or made any recommendation or endorsement of the Company or the Offering of the Securities.

 

2.2.    Accredited Investor. Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), and acknowledges that the sale contemplated hereby is being made in reliance, among other things, on a private placement exemption to “accredited investors” under the Securities Act and similar exemptions under state law.

 

2.3.    Intent.  Subscriber is purchasing the Securities solely for investment purposes, for such Subscriber’s own account (and/or for the account or benefit of its members or affiliates, as permitted, pursuant to the terms of an agreement (the “Insider Letter”) to be entered into with respect to the Securities between, among others, Subscriber  and the Company, as described in the Registration Statement), and not with a view to the distribution thereof and Subscriber has no present arrangement to sell the Securities to or through any person or entity except as may be permitted under the Insider Letter.  Subscriber shall not engage in hedging transactions with regard to the Securities unless in compliance with the Securities Act.

 

2.4.    Restrictions on Transfer.  Subscriber acknowledges and understands the Units are being offered in a transaction not involving a public offering in the United States within the meaning of the Securities Act.  The Securities have not been registered under the Securities Act and, if in the future Subscriber decides to offer, resell, pledge or otherwise transfer the Securities, such Securities may be offered, resold, pledged or otherwise transferred only (A) pursuant to an effective registration statement filed under the Securities Act, (B) pursuant to an exemption from registration under Rule 144 promulgated under the Securities Act, if available, or (C) pursuant to any other available exemption from the registration requirements of the Securities Act, and in each case in accordance with any applicable securities laws of any state or any other jurisdiction. Notwithstanding the foregoing, Subscriber acknowledges and understands the Securities are subject to transfer restrictions as described in Section 8 hereof.  Subscriber agrees that if any transfer of its Securities or any interest therein is proposed to be made, as a condition precedent to any such transfer, Subscriber may be required to deliver to the Company an opinion of counsel satisfactory to the Company with respect to such transfer. Absent registration or another available exemption from registration, Subscriber agrees it will not resell the Securities (unless otherwise permitted pursuant to the Insider Letter, as described in the Registration Statement).  Subscriber further acknowledges that because the Company is a shell company, Rule 144 may not be available to Subscriber for the resale of the Securities until the one year anniversary following consummation of the initial Business Combination of the Company, despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

  

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2.5.    Sophisticated Investor.

 

  (i)  Subscriber is sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Securities.

 

  (ii) Subscriber is aware that an investment in the Securities is highly speculative and subject to substantial risks because, among other things, the Securities are subject to transfer restrictions and have not been registered under the Securities Act and therefore cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is available. Subscriber is able to bear the economic risk of its investment in the Securities for an indefinite period of time.

 

2.6.    Independent Investigation.  Subscriber, in making the decision to purchase the Units, has relied upon an independent investigation of the Company and has not relied upon any information or representations made by any third parties or upon any oral or written representations or assurances from the Company, its officers, directors or employees or any other representatives or agents of the Company, other than as set forth in this Agreement. Subscriber is familiar with the business, operations and financial condition of the Company and has had an opportunity to ask questions of, and receive answers from the Company’s officers and directors concerning the Company and the terms and conditions of the offering of the Units and has had full access to such other information concerning the Company as Subscriber has requested. Subscriber confirms that all documents that it has requested have been made available and that Subscriber has been supplied with all of the additional information concerning this investment which Subscriber has requested.

 

2.7     Organization and Authority.  Subscriber is duly organized, validly existing and in good standing under the laws of the State of Delaware and it possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.

 

2.8.    Authority. This Agreement has been validly authorized, executed and delivered by Subscriber and is a valid and binding agreement enforceable in accordance with its terms, subject to the general principles of equity and to bankruptcy or other laws affecting the enforcement of creditors’ rights generally.

 

2.9.    No Conflicts. The execution, delivery and performance of this Agreement and the consummation by Subscriber of the transactions contemplated hereby do not violate, conflict with or constitute a default under (i) Subscriber's charter documents, (ii) any agreement or instrument to which Subscriber is a party or (iii) any law, statute, rule or regulation to which Subscriber is subject, or any agreement, order, judgment or decree to which Subscriber is subject.

2.10.  No Legal Advice from Company.  Subscriber acknowledges it has had the opportunity to review this Agreement and the transactions contemplated by this Agreement and the other agreements entered into between the parties hereto with Subscriber’s own legal counsel and investment and tax advisors.  Except for any statements or representations of the Company made in this Agreement and the other agreements entered into between the parties hereto, Subscriber is relying solely on such counsel and advisors and not on any statements or representations of the Company or any of its representatives or agents for legal, tax or investment advice with respect to this investment, the transactions contemplated by this Agreement or the securities laws of any jurisdiction.

 

2.11.  Reliance on Representations and Warranties.  Subscriber understands the Units are being offered and sold to Subscriber in reliance on exemptions from the registration requirements under the Securities Act, and analogous provisions in the laws and regulations of various states, and that the Company is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings of Subscriber set forth in this Agreement in order to determine the applicability of such provisions.

 

  

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2.12.  No General Solicitation.  Subscriber is not subscribing for the Units as a result of or subsequent to any general solicitation or general advertising, including but not limited to any advertisement, article, notice or other communication published in any newspaper, magazine, or similar media or broadcast over television or radio, or presented at any seminar or meeting or in a registration statement with respect to the IPO filed with the Securities and Exchange Commission (“SEC”).

 

2.13.  Legend.  Subscriber acknowledges and agrees the certificates evidencing each of the Securities shall bear a restrictive legend (the “Legend”), in form and substance substantially as set forth in Section 4 hereof.

 

3.     Representations, Warranties and Covenants of the Company

 

The Company represents and warrants to, and agrees with, each Subscriber that:

 

3.1.    Valid Issuance of Capital Stock. The total number of shares of all classes of capital stock which the Company has authority to issue is 29,000,000 shares of Common Stock and 1,000,000 shares of preferred stock, $0.0001 par value per share (“ Preferred Stock ”). As of the date hereof, the Company has issued and outstanding 3,980,000 shares of Common Stock (of which up to 500,000 shares are subject to forfeiture as described in the Registration Statement) and no shares of Preferred Stock. All of the issued shares of capital stock of the Company have been duly authorized, validly issued, and are fully paid and non-assessable.

 

3.2     Title to Securities.  Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement (as defined in Section 8.1), as the case may be, each of the Units, Placement Shares, Placement Warrants and the Warrant Shares will be duly and validly issued, fully paid and non-assessable. On the date of issuance of the Units, the Warrant Shares shall have been reserved for issuance. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, as the case may be, Subscriber will have or receive good title to the Units, Placement Shares and Placement Warrants, free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder and pursuant to the Insider Letter and (ii) transfer restrictions under federal and state securities laws.

 

3.3.    Organization and Qualification. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware and has the requisite corporate power to own its properties and assets and to carry on its business as now being conducted.

 

3.4.    Authorization; Enforcement. (i) The Company has the requisite corporate power and authority to enter into and perform its obligations under this Agreement and to issue the Securities in accordance with the terms hereof, (ii) the execution, delivery and performance of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary corporate action, and no further consent or authorization of the Company or its Board of Directors or stockholders is required, and (iii) this Agreement constitutes valid and binding obligations of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization, or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by equitable principles of general application and except as enforcement of rights to indemnity and contribution may be limited by federal and state securities laws or principles of public policy.

 

  

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3.5.    No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated hereby do not (i) result in a violation of the Company’s certificate of incorporation or by-laws, (ii) conflict with, or constitute a default under any agreement or instrument to which the Company is a party or (iii) any law statute, rule or regulation to which the Company is subject or any agreement, order, judgment or decree to which the Company is subject. Other than any SEC or state securities filings which may be required to be made by the Company subsequent to the Closing, and any registration statement which may be filed pursuant thereto, the Company is not required under federal, state or local law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental agency or self-regulatory entity in order for it to perform any of its obligations under this Agreement or issue the Units, Placement Shares, Warrants or the Warrant Shares in accordance with the terms hereof.

 

4.     Legends

 

4.1.    Legend. The Company will issue the Units, Placement Shares and Warrants, and when issued, the Warrant Shares, purchased by Subscriber in the name of Subscriber. The Securities will bear the following Legend and appropriate “stop transfer” instructions:

 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.”

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO LOCKUP PURSUANT TO AN INSIDER LETTER BETWEEN, AMONG OTHERS, BSP ACQUISITION CORP. AND BSP SPONSOR I, LLC AND MAY ONLY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP PURSUANT TO THE TERMS SET FORTH IN THE INSIDER LETTER.”

 

4.2.    Subscriber’s Compliance. Nothing in this Section 4 shall affect in any way Subscriber’s obligations and agreements to comply with all applicable securities laws upon resale of the Securities.

 

4.3.    Company’s Refusal to Register Transfer of the Securities.  The Company shall refuse to register any transfer of the Securities, if in the sole judgment of the Company such purported transfer would not be made (i) pursuant to an effective registration statement filed under the Securities Act, or (ii) pursuant to an available exemption from the registration requirements of the Securities Act and (iii) in compliance herewith and with the Insider Letter.

4.4     Registration Rights.  Subscriber will be entitled to certain registration rights which will be governed by a registration rights agreement (“Registration Rights Agreement”) to be entered into between, among others, Subscriber and the Company, on or prior to the effective date of the Registration Statement. 

 

  

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5.    Waiver of Liquidation Distributions.

In connection with the Securities purchased pursuant to this Agreement, Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions of the amounts in the Trust Account with respect to the Securities, whether in connection with (i) the exercise of redemption rights if the Company consummates the Business Combination, (ii) in connection with any tender offer conducted by the Company prior to a Business Combination or (iii) upon the Company’s redemption of shares of Common Stock sold in the Company’s IPO upon the Company’s failure to timely complete the Business Combination.  In the event Subscriber purchases shares of Common Stock in the IPO or in the aftermarket, any additional shares so purchased shall be eligible to receive the redemption value of such shares of Common Stock upon the same terms offered to all other purchasers of Common Stock in the IPO in the event the Company fails to consummate the Business Combination.

6.     Termination of Placement Warrants.

6.1.    Failure to Consummate Business Combination. The Placement Warrants shall be terminated upon the dissolution of the Company or in the event that the Company does not consummate the Business Combination within 18 months (or up to 21 months in case of extensions as described in the final prospectus deemed included in the Registration Statement (the “Prospectus”)) from the consummation of the IPO, unless otherwise extended by the Corporation.

 

6.2.    Termination of Rights as Holder. If the Placement Warrants are terminated in accordance with Section 6.1, then after such time Subscriber (or successor in interest) shall no longer have any rights as a holder of such Placement Warrants and the Company shall take such action as is appropriate to cancel such Placement Warrants. Subscriber hereby irrevocably grants the Company a limited power of attorney for the purpose of effectuating the foregoing and agrees to take any and all measures reasonably requested by the Company necessary to effect the foregoing.

 

7.     Rescission Right Waiver and Indemnification.

 

7.1.    Subscriber understands and acknowledges an exemption from the registration requirements of the Securities Act requires there be no general solicitation of purchasers of the Units. In this regard, if the IPO were deemed to be a general solicitation with respect to the Units, the offer and sale of such Units may not be exempt from registration and, if not, Subscriber may have a right to rescind its purchase of the Units. In order to facilitate the completion of the Offering and in order to protect the Company, its stockholders and the amounts in the Trust Account from claims that may adversely affect the Company or the interests of its stockholders, Subscriber hereby agrees to waive, to the maximum extent permitted by applicable law, any claims, right to sue or rights in law or arbitration, as the case may be, to seek rescission of its purchase of the Units. Subscriber acknowledges and agrees this waiver is being made in order to induce the Company to sell the Units to Subscriber. Subscriber agrees the foregoing waiver of rescission rights shall apply to any and all known or unknown actions, causes of action, suits, claims or proceedings (collectively, “ Claims ”) and related losses, costs, penalties, fees, liabilities and damages, whether compensatory, consequential or exemplary, and expenses in connection therewith, including reasonable attorneys’ and expert witness fees and disbursements and all other expenses reasonably incurred in investigating, preparing or defending against any Claims, whether pending or threatened, in connection with any present or future actual or asserted right to rescind the purchase of the Units hereunder or relating to the purchase of the Units and the transactions contemplated hereby.

 

7.2.    Subscriber agrees not to seek recourse against the Trust Account for any reason whatsoever in connection with its purchase of the Units or any Claim that may arise now or in the future.

 

  

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7.3.    Subscriber acknowledges and agrees that the stockholders of the Company are and shall be third-party beneficiaries of this Section 7. 

 

7.4.    Subscriber agrees that to the extent any waiver of rights under this Section 7 is ineffective as a matter of law; Subscriber has offered such waiver for the benefit of the Company as an equitable right that shall survive any statutory disqualification or bar that applies to a legal right. Subscriber acknowledges the receipt and sufficiency of consideration received from the Company hereunder in this regard.

 

8.     Terms of the Units and Placement Warrant

 

The Units and their component parts are substantially identical to the units to be offered in the IPO except that: (i) the Units and component parts will be subject to transfer restrictions, except in limited circumstances, until 30 days following the consummation of the Business Combination, (ii) the Placement Warrants will be non-redeemable so long as they are held by the initial holder thereof (or any of its permitted transferees), and will be exercisable on a “cashless” basis if held by Subscriber or its permitted transferees and (iii) the Units and component parts are being purchased pursuant to an exemption from the registration requirements of the Securities Act and will become freely tradable only after the expiration of the lockup described above in clause (i) and they are registered pursuant to the Registration Rights Agreement to be signed on or before the date of the Prospectus or an exemption from registration is available.

 

9.     Governing Law; Jurisdiction; Waiver of Jury Trial

 

This Agreement shall be governed by and construed in accordance with the laws of the State of New York for agreements made and to be wholly performed within such state. The parties hereto hereby waive any right to a jury trial in connection with any litigation pursuant to this Agreement and the transactions contemplated hereby.

 

10.   Assignment; Entire Agreement; Amendment

 

10.1.  Assignment. Neither this Agreement nor any rights hereunder may be assigned by any party to any other person other than by Subscriber to a person agreeing to be bound by the terms hereof, including the waiver contained in Section 7 hereof.

 

10.2.  Entire Agreement. This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter thereof and merges and supersedes all prior discussions, agreements and understandings of any and every nature among them.

 

10.3.  Amendment. Except as expressly provided in this Agreement, neither this Agreement nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument signed by the party against whom enforcement of any such amendment, waiver, discharge or termination is sought.

 

10.4.  Binding upon Successors. This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs, legal representatives, successors and permitted assigns. 

 

  

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11.   Notices

 

11.1   Notices. Unless otherwise provided herein, any notice or other communication to a party hereunder shall be sufficiently given if in writing and personally delivered or sent by facsimile or other electronic transmission with copy sent in another manner herein provided or sent by courier (which for all purposes of this Agreement shall include Federal Express or other recognized overnight courier) or mailed to said party by certified mail, return receipt requested, at its address provided for herein or such other address as either may designate for itself in such notice to the other.  Communications shall be deemed to have been received when delivered personally, on the scheduled arrival date when sent by next day or 2nd-day courier service, or if sent by facsimile upon receipt of confirmation of transmittal or, if sent by mail, then three days after deposit in the mail. If given by electronic transmission, such notice shall be deemed to be delivered (a) if by electronic mail, when directed to an electronic mail address at which the stockholder has consented to receive notice; (b) if by a posting on an electronic network together with separate notice to the stockholder of such specific posting, upon the later of (1) such posting and (2) the giving of such separate notice; and (c) if by any other form of electronic transmission, when directed to the stockholder.

12.   Counterparts

 

This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.

 

13.   Survival; Severability

 

13.1.  Survival. The representations, warranties, covenants and agreements of the parties hereto shall survive the Closing.

 

13.2. Severability. In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision; provided that no such severability shall be effective if it materially changes the economic benefit of this Agreement to any party.

 

14.   Headings.

 

The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

 

[remainder of page intentionally left blank]

 

  

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This subscription is accepted by the Company on the 24th day of February 2014.

	
  

	
BSP ACQUISITION CORP.

	  	  	  
	  	
By:

	
/s/ Sanford Miller

	  	  	
Name:  Sanford  Miller

	  	  	
Title: Chief Executive Officer 

 

Accepted and agreed on the date hereof

	
  

	
SUBSCRIBER: BSP SPONSOR I, LLC

	  	  	  
	  	
By:

	
/s/ Sanford Miller

	  	  	
Name:  Sanford  Miller

	  	  	
Title: Managing Member of Basin Street Partners, LLC

 

 

9fs10214a2ex10xv_dandritbio.htm

Exhibit 10.15

 

EFS/DVS/NDA20130307

 

 

CONFIDENTIAL DISCLOSURE AGREEMENT

 

By and between:

 

The ETABLISSEMENT FRANÇAIS DU SANG, French National Blood Service, a public establishment, located at 20 avenue du Stade de France - 93218 La Plaine Saint Denis Cedex, FRANCE, represented by its President Monsieur François TOUJAS, duly authorized for the purposes hereof, hereinafter referred to as the "EFS";

 

(hereinafter referred to as “EFS”)

 

And

 

DanDrit Biotech A/S, a Danish company, having its registered office at Symbion Science Park, Fruebjergvej 3 Box 62, 2100 Copenhagen, Denmark, represented by Eric LEIRE, in his/her capacity as chief executive officer (CEO), duly authorized for the purposes hereof,

 

(hereinafter referred to as “DanDrit”)

 

EFS and DanDrit are hereinafter individually referred to  as the “Party” and  collectively as the “Parties”.

 

RECITALS

 

WHEREAS, the researchers of EFS have generated, from a patient with PDC leukaemia, cell lines that can be used to generate human cells with characteristics similar to plasmacytoid dendritic cells (pDCs). The researchers of EFS have further demonstrated that these pDCs behave as efficient antigen presenting cells in preclinical trials. The patents and patent applications concerning this technology have been assigned to EFS and EFS is responsible for the commercialisation thereof.

 

WHEREAS, EFS is interested in developing therapeutic applications of pDCs and is entering a phase I clinical trial on Melanoma.

 

WHEREAS, DanDrit is interested in developing a cancer vaccine for advanced colorectal cancer.

 

EFS and DanDrit wish to disclose certain information for the sole purpose of enabling them to evaluate their interest to collaborate in the performance of developing therapeutic applications of pDCs as well as the scope of their collaboration, all in accordance with the terms and conditions set forth below.

 

NOW THEREFORE, THE PARTIES AGREE AS FOLLOWS:

 

	
1.

	
PURPOSE

 

	 	
1.1. 

	
The purpose of this agreement (the “Agreement”) is to set forth the terms and conditions under which EFS and DanDrit may exchange Confidential Information (as this term is defined in Section 2 below) within the context described in the recitals and to set forth the rules relating to their use and protection.

 

	
Initials Dandrit

	
Initials EFS

	
1/5

  

  

  

 

EFS/DVS/NDA20130307

 

 

	 	
1.2. 

	
The disclosure of Confidential Information by a Party to the other is made for evaluation purposes only (of their interest to collaborate) and solely in connection with the development of therapeutic applications of pDCs.

 

	 	
1.3. 

	
Under this Agreement, each Party disclosing (the “Discloser”) shall only communicate to the other Parties (the “Recipients”) Confidential Information deem necessary to implement the development of therapeutic applications of pDCs and the Recipients undertake to use it for implementation purposes only.

 

	
2.

	
SCOPE OF CONFIDENTIAL INFORMATION

 

	 	
2.1. 

	
As used herein, “Confidential Information” means information of any nature, administrative, scientific, medical, technical or non-technical, financial or business, experimental work, knowledge, researches, know how, technology, data, concepts, processes methods and specifications or other expertise, whether or not patentable, furnished by Discloser to Recipients, either directly or indirectly, by any and all means, and on any media relating to the development of therapeutic applications of pDCs during the terms of the Agreement.

 

	 	
2.2. 

	
Confidential Information also includes the existence and the content of the Agreement.

 

	 	
2.3. 

	
Confidential Information released to Recipients shall be considered to be remitted in confidence and shall remain strictly confidential.

 

	 	
2.4. 

	
Confidential Information shall not include information that:

 

	 	
(i) 

	
was rightfully in Recipients’ possession prior to disclosure by Discloser, as evidenced by written records;

 

	 	
(ii) 

	
is or becomes publicly known without wrongful act or breach of this Agreement;

 

	 	
(iii) 

	
is rightfully received by Recipients from a third party without breach of any confidentiality obligation;

 

	 	
(iv) 

	
is independently developed by employees or agents of Recipients;

 

	 	
(v) 

	
is approved for release by prior written authorization by Discloser;

 

	 	
(vi) 

	
are communicated by Recipients to their consultants, lawyers or expertsprovided these consultants, lawyers or experts are bound by secrecy and/or confidentiality obligations pursuant to their professional and ethical rules; or

 

	 	
(vii) 

	
is disclosed pursuant to the order or requirement of a court, administrative agency or other governmental body;provided, however, that the Party subject to such order or requirement shall provide prompt notice of such court order or requirement to the discloser to enable such Party to seek a protective order or otherwise prevent or restrict such disclosure and shall limit the disclosure of Confidential Information to the utmost minimum.

 

	
Initials Dandrit

	
Initials EFS

	
2/5

  

  

  

 

EFS/DVS/NDA20130307

 

 

	
3.

	
USE OF CONFIDENTIAL INFORMATION

 

	 	
3.1. 

	
Each Recipient undertakes for the term of this Agreement and for the period defined inSection 4 hereunder to keep strictly confidential and not disclose nor use any  of the Discloser’s Confidential Information either directly or indirectly to any third party, including its subcontractor or any person other than those described in Section 3.1 hereunder without the prior written authorization from Discloser and provided this third party has previously agreed to be bound by the same confidentiality and non-use obligations as set forth herein.

 

	 	
3.2. 

	
Recipients may disclose Confidential Information only to such of their own employees or agents who may be involved in the development of therapeutic applications of pDCs on a need to know basis, provided they are made aware of the confidentiality of the Confidential Information and they agreed to be bound by the same confidentiality and non-use obligations as set forth in this Agreement.

 

	 	
3.3. 

	
Each Recipient shall store Confidential Information under secure conditions to preclude an unauthorized access or disclosure.

 

	 	
3.4. 

	
Recipients warrant that their employees or agents defined inSection 3.2 above will comply with the provisions of this Agreement and shall assume full responsibility and liability to the Discloser for any breach of the Agreement by their employees or agent. Recipients declare that they have taken or will take all necessary measures from their employees or agent to allow them to comply with the Agreement.

 

	 	
3.5. 

	
Each Recipient shall immediately notify the Discloser in writing by registered letter with acknowledgment of receipt of any misappropriation or misuse by any person of Confidential Information as soon as it becomes known and will provide all possible assistance to the injured Party in order to minimize the effects of such breach of confidentiality.

 

	 	
3.6. 

	
Recipients shall not be entitled to make any use of Confidential Information, except as explicitly set forth herein, without separate written agreement that effect.

 

	 	
3.7. 

	
Recipients shall not copy or duplicate any materials containing Confidential Information except as necessary to evaluate their interest to collaborate to the development of therapeutic applications of pDCs.

 

	
4.

	
DURATION

 

	 	
4.1. 

	
This Agreement shall retroactively enter in force uponMarch, 15th, 2013 and remain in full force and effect during twelve (12) months following such date.

 

	 	
4.2. 

	
However, each Party may terminate this Agreement at any time by thirty (30) days prior written notice addressed by registered letter to the other Parties.

 

	 	
4.3. 

	
Notwithstanding the expiration or termination of this Agreement for whatever reason, the confidentiality and non-use obligations set forth herein shall survive for a period of ten (10) years from the expiry or termination thereof.

 

	
5.

	
PROPERTY

 

	 	
5.1. 

	
Confidential Information disclosed by Discloser to Recipients under this Agreement, as well as any copy, reproduction or duplication, duly authorized, made for evaluation purposes of the development of therapeutic applications of pDCs only, as well as all rights thereto shall remain Discloser’s exclusive property, without prejudice to the rights of third parties.

 

	
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6.

	
LIMITS OF THE AGREEMENT

 

This Agreement shall not:

 

	 	
(i) 

	
obligate either Party to enter into any further agreement;

 

	 	
(ii) 

	
establish a waiver, by Discloser, as regards the protection of Confidential Information by means of a patent, or by any and all other intellectual property rights;

 

	 	
(iii) 

	
establish  an  assignment,  a  license  by Discloser,  of  any and  all  rights  over  this information for Recipient.

 

	
7.

	
WARRANTY

 

	 	
7.1. 

	
The Discloser acknowledges and warrants that it is duly authorized to disclose Confidential Information to Recipients within the scope of this Agreement.

 

	 	
7.2. 

	
This Agreement does not contain any representation or warranty as to the completeness or accuracy of Confidential Information and neither Party has any such liability to the other Parties.

 

	
8.

	
RETURN OF CONFIDENTIAL INFORMATION

 

Recipients shall return all materials containing Confidential Information (without retaining any copy thereof), within fifteen (15) days as from: (i) Discloser’s request; or (ii) upon the date of expiration or termination of the Agreement.

 

	
9.

	
NON EXCLUSIVITY

 

Subject to the above provisions, the Agreement does not restrict the capacity of each Party to enter into relationship or to work with a third party.

 

	
10.

	
FINAL DISPOSITIONS

 

	 	
10.1 

	
This Agreement represents the entire understanding between the Parties with respect to the subject matter hereof. It cancels and replaces any written or verbal arrangements, correspondence, documents or agreements entered into or communicated by the Parties beforehand and having the same or a similar subject matter as that of the Agreement.

 

	 	
10.2 

	
Should one or several provisions of this Agreement be held to be void or invalid by a final decision of a competent court, the other provisions of the Agreement will remain in full force and effect and this void or invalid provision will be disregarded.

 

	 	
10.3 

	
No amendment to this Agreement will be effective or binding unless it is reduced in writing commonly agreed by the Parties and signed by their duly authorized representatives.

 

	 	
10.4 

	
The Parties represent that the Agreement have been entered intointuitu personae. Therefore, neither Party may assign or transfer any or all of its rights and duties deriving from this Agreement without written prior consent of the other Party.

 

	
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11.

	
APPLICABLE LAW AND JURISDICTION

 

	 	
11.1. 

	
This Agreement shall be governed in accordance with the laws of France, excluding conflictlaw’s principles.

	 	
11.2. 

	
Any dispute arising under this Agreement which cannot be resolved amicably within two (2) months as from a written notice addressed by the complaining Party by registered letter with acknowledgement of receipt to the other Party(ies) shall be submitted to the exclusive jurisdiction of the competent courts of France.

Executed in                               , in two (2) original copies,

	
EFS

	
DanDrit

	
By:

François TOUJAS 

President

 

Date:       /03/2013

	
By:  /s/ Eric Leire                                                                 

Name: Eric LEIRE

Title: CEO

 

Date: March 8th, 2013

	
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