Document:

Exhibit 10.1 Emory amendment

     

    Exhibit
      10.1

     

    First
      Amendment to the License Agreement 

    Between
      Emory University and AtheroGenics

    

    

    This
      First Amendment (the “First Amendment”) having an effective date of August 3,
      2005 amends the License Agreement between Emory University (“Emory”) and
      AtheroGenics Inc. (“AtheroGenics”) with an effective date of January 11, 1995,
      attached hereto as Attachment 1. 

    

    

    WHEREAS,
      discussions have occurred between Emory and AtheroGenics concerning certain
      payments, royalties and other provisions;

    

    WHEREAS,
      the parties agree that as of the effective date of this First Amendment, no
      royalties or milestones or other payments are due from AtheroGenics to
      Emory;

    

    WHEREAS,
      the parties wish to modify certain provisions of the License Agreement,
      including, but not limited to, payment provisions;

    

    

    NOW
      THEREFORE, the parties agree as follows:

    

    1.     Section
      2.8 of the Agreement is hereby deleted in its entirety and replaced with the
      following provision:

    

        2.8
“Licensed
      Product” shall mean any process, service, product, or composition of matter, the
      manufacture, use, method of using, design, discovery, improvement, invention,
      or
      structure of which is claimed in any Licensed Patent (“Invention”) or which
      incorporates or utilizes any Licensed Subject Matter. For the avoidance of
      doubt, AGI-1067, AGI-1096, and AGI-4207 are specifically included within the
      definition of Licensed Product.

    

    

    2.     The
      following Sections of the Agreement are hereby deleted in their
      entirety:

    

    Section
      2.14 “Net Revenue”

    Section
      2.15 “Net Selling Price”

    Section
      2.16 “Passthrough Royalties”

    Section
      2.19 “Sublicensee Royalties”

    

    3.     Section
      2.13
      is deleted in its entirety and replaced with the following
      provision:

    

        2.13
“Net
      Distributions” shall mean the gross consideration received by AtheroGenics from
      a sublicense of, or through a joint venture with respect to, Licensed Products
      and/or Licensed Subject Matter in the Licensed Territory. Specifically excluded
      from Net

    
      
        
           

        

        
        

      

      
        1

        
          

        

      

      
        
        

        
        

      

    

    Distributions
      is any remuneration received by AtheroGenics as reimbursement for actual costs
      incurred in the future by AtheroGenics specifically in connection with and
      subsequent to the execution of any such sublicense or joint
      venture.

    

    4.     The
      following
      Section is added to Article 2 of the Agreement:

    

        2.22 “Net
      Profit” shall mean the gross selling price received by AtheroGenics, or an
      Affiliate, from a third-party other than a sublicensee or joint venture partner
      from the sale of or other exploitation of Licensed Products and/or Licensed
      Subject Matter (net of discounts, allowances, sales or other similar taxes,
      rebates and returns, import and/or export duties), less cost of goods sold
      for
      Licensed Products and/or Licensed Subject Matter.

    

    

    5.     Article
      5 of
      the Agreement is hereby deleted in its entirety and replaced with the following
      provision:

    

    ARTICLE
      5. PAYMENTS

    

    AtheroGenics
      shall pay Emory * of Net Distributions and Net Profit. 

    

    

    6.     Section
      6.1
      of the Agreement is hereby deleted in its entirety and replaced with the
      following provision:

     

    6.1
      Reports
      and Records.
      During
      the term of this Agreement, AtheroGenics shall furnish, or cause to be furnished
      to Emory, written reports showing the calculations used to determine Net
      Distributions and/or Net Profit, as applicable. Such reports shall be made
      semiannually after the first commercial marketing of a Licensed Product and
      due
      within ninety (90) days of the close of every second and fourth AtheroGenics’
      fiscal quarter. AtheroGenics shall keep accurate records in sufficient detail
      to
      enable payments payable hereunder to be determined. 

    

    7.     Section
      12.3(c) of the Agreement is hereby deleted in its entirety. New Section 12.6
      is
      added:

    

    12.6
      Insurance
      Notice.
      AtheroGenics shall provide Emory with no less than thirty (30) days’ written
      notice of any material change in the terms, coverage or the cancellation of
      the
      insurance policy referenced in Section 12.3.

    

    8.     Section
      14.1
      of the Agreement is hereby deleted in its entirety and replaced with the
      following provision:

    
      
        
           

          *
            CONFIDENTIAL TREATMENT REQUESTED 

        

        
        

      

      
        2

        
          

        

      

      
        
        

        
        

      

    

        14.1
      Term.
      The
      term of this Agreement shall commence on the Effective Date and, unless sooner
      terminated as otherwise provided for in this Agreement, shall continue in full
      force and effect until October 30, 2012. After such termination, AtheroGenics’
      payment obligations hereunder shall cease, and AtheroGenics shall be entitled
      to
      continue to utilize, on a non-exclusive basis, within the Field all inventions,
      data or other information described and/or claimed in Licensed Patents and
      all
      technical information and data comprising Licensed Technology.

    

    9.     The
      first
      sentence of Section 16.3 of the Agreement is hereby deleted and replaced by
      the
      following text:

    

            AtheroGenics
      shall mark Licensed Products as customary and appropriate.

    

    10.     AtheroGenics
      contact for Notices in Article 18 is hereby modified as follows:

    

        AtheroGenics,
      Inc.

        Attn:
      Vice
      President, Business Development

        8995
      Westside
      Parkway

        Alpharetta,
      GA 30004

    

    

    

    IN
      WITNESS WHEREOF, Emory and AtheroGenics have caused this First Amendment to
      be
      signed by their duly authorized representatives as of the day and year indicated
      below.

    

    

    EMORY
      UNIVERSISTY:            ATHEROGENICS,
      INC.

    

    By:
      /s/MICHAEL
      J. MANDL           By:
      /s/MARK
      P. COLONNESE

    Michael
      J. Mandl                
      Mark P.
      Colonnese

                          
      Senior Vice President Finance

                     
and
      Administration and 

       
      Chief Financial Officer

    

    Date:
      ____8/3/05____________           Date:
      ___8/3/05______________

     

    
      
        
        

      

      
        3EXHIBIT 4.02

                              Standstill Agreement

To Colonial Commercial Corp.

Gentlemen:

     For good and valuable consideration, I agree that until May 31, 2008, I
(and those whose stock would be attributable to me for purposes of Section 382
of the Internal Revenue Code) will not, without your prior written consent,
directly or indirectly purchase any securities of your company in public or
private transactions or otherwise.

     You may consent or withhold your consent in your discretion to any such
purchase by me, with the following exception: You will consent to a purchase by
me that in your opinion does not have the effect of (i) reducing your net
operating tax loss carryforward or (ii) reducing the number of shares other
shareholders can buy without reducing your net operating tax loss carryforward.

     Until May 31, 2008, I will not knowingly sell any of your securities to a
5% shareholder (as hereinafter defined), or to a person who as a result of such
sale would become a 5% shareholder, unless such person first enters into an
agreement in your favor with the same tenor as this letter and in form and
substance reasonably satisfactory to you.  The term "5% shareholder" has the
meaning attributed thereto in Internal Revenue Code Section 382.

     This letter may not be amended or terminated by me without your written
approval.  It is binding on me and on my personal representatives.  It sets
forth our entire understanding.  It shall be enforceable by decrees of specific
performance, without posting bond or other security, as well as by other
available remedies.

Dated: June 21, 2004

/s/ William Pagano
----------------------
William Pagano

Confirmed:

Colonial Commercial Corp.

By: /s/ Bernard Korn
    --------------------
Bernard Korn, PresidentEXHIBIT 10.02

Amendment No. 1 dated as of October 29, 2002 to Employment Agreement dated as of
June 25, 1999 (the "Agreement") by and between Universal Supply Group, Inc., a
New York corporation (the "Company") and William Pagano, residing at 41 Annett
Avenue, Edgewater, NJ 07020 (the "Employee").

                              PRELIMINARY STATEMENT
                              ---------------------

     Pursuant to actions by the Boards of Directors of Colonial Commercial Corp.
and Universal Supply Group, Inc. on October 29,2002, it was resolved that the
Employment Agreement of William Pagano be amended to provide for immediate full
payment by Universal Supply Group, Inc. of all compensation required pursuant to
the Employment Agreement for its full term as severance pay, in the event of a
change of ownership of Universal Supply Group, Inc. that shall not be approved
by the Directors of Colonial Commercial Corp. and Universal Supply Group, Inc.

     Accordingly, for good and valuable consideration, a second paragraph to
Section 2.01 of the Agreement should be added to read as follows:

     The Employee shall be entitled to full payment by Universal Supply Group,
Inc. of all compensation required pursuant to the Employment Agreement for its
full term as severance pay, in the event of a change of ownership of Universal
Supply Group, Inc. that shall not be approved by the Directors of Colonial
Commercial Corp. and Universal Supply Group, Inc.

     Except as amended hereby, the Agreement and any prior amendments is in full
respects ratified and confirmed.

     IN WITNESS WHEREOF, the parties have signed this Amendment as of the date
set forth above.

UNIVERSAL SUPPLY GROUP, INC.

By: /s/ Bernard Korn
    -------------------------
    Chairman of the Board

Employee:  /s/ William Pagano
           ------------------
           William Pagano

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