Document:

Exhibit 10.1

 

ROYALTY BUY-OUT AGREEMENT

 

This Royalty Buy-Out Agreement (this “Agreement”) is entered into between MDxHealth S.A., having its principal office at CAP Business Center, Rue d’Abhooz, 31, B-4040 Herstal, Belgium (“MDxHealth”), and Exact Sciences Corporation, having its principal office at 441 Charmany Drive, Madison, WI 53719 (“Exact”).  This Agreement is entered into as of April 25, 2017 (the “Effective Date”).

 

WHEREAS, Exact and MDxHealth (formerly Oncomethylome Sciences, S.A.) entered into that certain License Agreement dated as of July 26, 2010, as amended by letter addendum dated May 6, 2011 (the “License Agreement”);

 

WHEREAS, in the course of developing the Cologuard® colorectal cancer screening test, Exact limited the methylation component of the test to include only the NDRG4 biomarker, thereby excluding the use of the MDxH Methylation Marker Patent Rights covering the FOXE1, SYNE1 and TFPI2 biomarkers as well as the MSP Patent Rights covering the methylation-specific PCR method and, as such, Exact never triggered the royalty or milestone fee obligations under the Agreement relating to the use of multiple MDxH Methylation Markers or to the use of MSP;

 

WHEREAS, in light of the royalty and milestone fee obligations payable under the Agreement with regard to use of the NDRG4 MDxH Methylation Marker in Cologuard (as well as other considerations), Exact has commenced steps with the goal to replace the NDRG4 biomarker with a different methylation marker;

 

WHEREAS, MDxHealth has proposed to Exact that it would consider a royalty buy-out for its continuing use of the NDRG4 biomarker in lieu of its plans to replace the NDRG4 biomarker;

 

WHEREAS, MDxHealth and Exact desire to enter into this Agreement to implement a royalty buy-out mechanism and to terminate the License Agreement as described herein;

 

NOW, THEREFORE, in consideration of the premises and mutual covenants contained in this Agreement, and other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties agree as follows:

 

AGREEMENT

 

	
A.
    	
Defined Terms. Capitalized terms not defined in this Agreement will have   the meanings assigned to them in the License Agreement.
    
	
 
    	
 
    
	
B.
    	
Consideration. In consideration for executing this Agreement and the   Patent Assignment in the form attached hereto as Exhibit A, Exact   will pay on the Effective Date to MDxHealth a one-time fee of eight million   dollars ($8,000,000.00).
    
	
 
    	
 
    
	
C.
    	
Termination of License Agreement. The License Agreement shall terminate at midnight on the   Effective Date. Notwithstanding any provision of the License Agreement to the   contrary, no section or provision of the License Agreement, including without   limitation Sections 6.2, 6.4, 6.6, 9.4 and/or 9.5, shall survive such   termination of the License Agreement, provided, however, that any third party   beneficiary rights under Section 6.3 shall survive in accordance with   the terms thereof (for the avoidance of doubt, any rights of MDxHealth or any   of its Affiliates, or any of its or their employees, officers or directors,   under Section 6.3 that would have otherwise survived termination of the   License Agreement pursuant to the terms of Section 6.3 shall not survive).
    

 

 

	
D.
    	
Termination   of 2007 Agreements. The parties agree that the European Supply and License Agreement by   and between Exact and MDxHealth dated June 8, 2007 and the Manufacturing   and Supply Agreement by and between Exact and MDxHealth dated June 8,   2007 shall terminate at midnight on the Effective Date to the extent such   agreements have not previously expired or been terminated.
    
	
 
    	
 
    
	
E.
    	
MDxHealth   Release. MDxHealth, for itself and its   Affiliates, successors and assigns (collectively, “MDxHealth Releasors”), hereby releases and forever   discharges Exact and its Affiliates, successors and assigns (collectively, “Exact Releasees”) from any and all   claims, demands, actions, and causes of action of any kind or nature, known   or unknown, at law or in equity, that any of the MDxHealth Releasors had,   has, or may have against any of the Exact Releasees as of or prior to the   Effective Date, including without limitation claims for royalties, milestones   and/or other payments otherwise arising or accruing under the License   Agreement as of or prior to the Effective Date.
    
	
 
    	
 
    
	
F.
    	
Exact   Release. Exact, for itself and its Affiliates,   successors and assigns (collectively, “Exact   Releasors”), hereby releases and forever discharges MDxHealth and   its Affiliates, successors and assigns (collectively, “MDxHealth Releasees”) from any and all   claims, demands, actions, and causes of action of any kind or nature, known   or unknown, at law or in equity, that any of the Exact Releasors had, has, or   may have against any of the MDxHealth Releasees as of or prior to the   Effective Date.
    
	
 
    	
 
    
	
G.
    	
Representations   and Warranties. MDxHealth represents and warrants that:   (a) it is the sole owner of the MDxH Methylation Marker Patent Rights;   (b) it has sufficient right and title to enter into and to perform its   obligations under this Agreement; and (c) it does not currently possess   any patent rights (including patent applications) directed to the MDxHealth   Methylation Marker except as disclosed by MDxHealth to Exact in writing. Nothing   in this Agreement shall be construed as a representation or warranty that   Exact will be successful in securing the grant of any patent relating to any   technology or any reissue or extensions thereof. EXCEPT AS EXPRESSLY SET   FORTH IN THIS AGREEMENT, THE PARTIES DISCLAIM ALL WARRANTIES OF ANY NATURE,   EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF VALIDITY,   MERCHANTABILITY, NONINFRINGEMENT, AND FITNESS FOR A PARTICULAR PURPOSE.
    
	
 
    	
 
    
	
H.
    	
Press   Releases; Securities Filings. Neither party shall   issue any press release or make any other public announcement regarding this   Agreement without the prior written consent of the other party.   Notwithstanding the foregoing, each party shall be permitted to make any   disclosures required in any filings pursuant to applicable securities laws or   rules or regulations of any securities exchange regarding this Agreement   and the License Agreement, and each party shall be permitted to comment   publicly regarding this Agreement and the License Agreement in a manner   consistent with the content of such disclosures. Each party shall provide the   other party with an advance confidential draft of any such disclosure and   shall consider in good faith any comments regarding such disclosure timely   received from the other party.
    
	
 
    	
 
    
	
I.
    	
Exhibits.   The parties hereto acknowledge and agree   that the Exhibit attached hereto is an integral part of this Agreement,   and is hereby incorporated by reference herein and made a part hereof.
    
	
 
    	
 
    
	
J.
    	
Entire   Agreement. This Agreement constitutes the entire   agreement between the parties with respect to the subject matter hereof and   merges all prior and contemporaneous communications regarding the same   subject matter.
    

 

2

 

	
K.
    	
Counterparts.   This Agreement may be executed in   counterparts, each of which will be deemed an original, but all of which   together will constitute one and the same instrument. Electronic transmission   of a signed counterpart of this Agreement will constitute due and sufficient   delivery of such counterpart.
    

 

IN WITNESS WHEREOF, the parties, intending to be legally bound thereby, have executed this Agreement as of the signature dates indicated below.

 

	
MDXHEALTH   S.A.
    	
 
    	
EXACT   SCIENCES CORPORATION
    
	
 
    	
 
    	
 
    
	
BY:
    	
 /s/ Jan Groen, Ph.D.
    	
 
    	
BY:
    	
 /s/ Kevin T. Conroy
    
	
 
    	
(Authorized   Signature)
    	
 
    	
 
    	
(Authorized   Signature)
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
NAME: 
    	
Jan Groen, Ph.D.
    	
 
    	
NAME: 
    	
Kevin T. Conroy
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
TITLE: 
    	
President and Chief   Executive Officer
    	
 
    	
TITLE: 
    	
President and Chief   Executive Officer
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
DATE:
    	
 April 25, 2017
    	
 
    	
DATE: 
    	
April 25, 2017
    

 

3Exhibit 4.4

 

LIBERTY PROPERTY LIMITED PARTNERSHIP

 

ISSUER

 

TO

 

U.S. BANK NATIONAL ASSOCIATION,
 TRUSTEE

 

 

SEVENTH SUPPLEMENTAL INDENTURE
 DATED AS OF APRIL 27, 2017

 

 

SUPPLEMENT TO INDENTURE,
 DATED AS OF SEPTEMBER 22, 2010, BETWEEN
 LIBERTY PROPERTY LIMITED PARTNERSHIP AND
 U.S. BANK NATIONAL ASSOCIATION

 

 

SEVENTH SUPPLEMENTAL INDENTURE

 

SEVENTH SUPPLEMENTAL INDENTURE, dated as of April 27th, 2017, between LIBERTY PROPERTY LIMITED PARTNERSHIP, a Pennsylvania limited partnership (the “Company”), having its principal offices at 500 Chesterfield Parkway, Malvern, Pennsylvania 19355, and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized under the laws of the United States of America, as trustee (the “Trustee”), having its Corporate Trust Office at Two Liberty Place, 50 S. 16th Street, Suite 2000, Mail Station: Ex-PA-WBSP, Philadelphia, PA 19102.

 

RECITALS

 

WHEREAS, the Company executed and delivered its Base Indenture (the “Base Indenture”), dated as of September 22, 2010, to the Trustee to issue from time to time for its lawful purposes debt securities evidencing its unsecured indebtedness.

 

WHEREAS, capitalized terms used in this Seventh Supplemental Indenture and not otherwise defined shall have the meanings ascribed to them in the Base Indenture.

 

WHEREAS, the Base Indenture provides that by means of a supplemental indenture, the Company may from time to time change or eliminate any of the provisions of the Base Indenture, provided that any such change or elimination shall become effective only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture which is entitled to the benefit of such provision.

 

WHEREAS, the Company intends by this Seventh Supplemental Indenture to (i) change the Event of Default as set forth in Section 501(5) of the Base Indenture, such that the limits on cross-defaulted indebtedness set forth in Section 501(5) shall be increased from $10.0 million to $50.0 million and (ii) change the definition of Subsidiary, such that references to specific entities shall be eliminated, provided that the changes described in this recital shall be applicable only to Securities issued after the date of this Seventh Supplemental Indenture, and not to any Securities issued prior to such date (noting that the Sixth Supplemental Indenture, dated as of September 20, 2016, which established the Company’s 3.250% Senior Notes due 2026, modified Section 501(5) of the Base Indenture, solely as to such Notes, in accordance with the modification described in clause (i) of this recital).

 

WHEREAS, the Board of Trustees of Liberty Property Trust (the “Trust”), the general partner of the Company, has approved the changes described in the foregoing recital.

 

WHEREAS, the consent of Holders to the execution and delivery of this Seventh Supplemental Indenture is not required, and all other actions required to be taken under the Base Indenture with respect to this Seventh Supplemental Indenture have been taken.

 

NOW, THEREFORE IT IS AGREED:

 

ARTICLE ONE
 Definitions and Other Provisions of General Application

 

SECTION 1.01 Definitions. (a) The definition of Subsidiary as set forth in the Base Indenture shall, solely with respect to Securities issued after the date of this Seventh Supplemental Indenture, and not to any Securities issued prior to such date, be amended and replaced in its entirety by the following:

 

“Subsidiary” means a corporation, partnership or limited liability company, a majority of the outstanding voting stock, partnership interests or membership interests, as the case may be, of which is owned or controlled, directly or indirectly, by the Company or by one or more Subsidiaries of the Company.  For the purposes of this definition, “voting stock” means stock having the voting power for the election of directors, general partners, managers or trustees, as the case may be, whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency.

 

 

ARTICLE TWO

Remedies

 

Section 501(5) of the Base Indenture shall, solely with respect to Securities issued after the date of this Seventh Supplemental Indenture, and not to any Securities issued prior to such date, be amended and replaced in its entirety by the following:

 

“(5) a default under any bond, debenture, note or other evidence of indebtedness of the Company, or under any mortgage, indenture or other instrument of the Company (including a default with respect to Securities of any series other than that series) under which there may be issued or by which there may be secured any indebtedness of the Company (or by any Subsidiary, the repayment of which the Company has guaranteed or for which the Company is directly responsible or liable as obligor or guarantor on a full recourse basis) whether such indebtedness now exists or shall hereafter be created, which default shall constitute a failure to pay an aggregate principal amount exceeding $50,000,000 of such indebtedness when due and payable after the expiration of any applicable grace period with respect thereto and shall have resulted in such indebtedness in an aggregate principal amount exceeding $50,000,000 becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, without such indebtedness having been discharged, or such acceleration having been rescinded or annulled, within a period of 10 days after there shall have been given, by registered or certified mail, to the Company by the Trustee, or to the Company and the Trustee by the Holders of at least 10% in principal amount of the Outstanding Securities of that series, a written notice specifying such default and requiring the Company to cause such indebtedness to be discharged or cause such acceleration to be rescinded or annulled and stating that such notice is a “Notice of Default” hereunder; or”

 

ARTICLE THREE
 Trustee

 

SECTION 3.01 Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Seventh Supplemental Indenture or the due execution thereof by the Company. The recitals of fact contained herein shall be taken as the statements solely of the Company, and the Trustee assumes no responsibility for the correctness thereof.

 

ARTICLE FOUR
 Miscellaneous Provisions

 

SECTION 4.01 Ratification of Original Indenture. This Seventh Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Base Indenture, and as supplemented and modified hereby, the Base Indenture is in all respects ratified and confirmed, and the Base Indenture and this Seventh Supplemental Indenture shall be read, taken and construed as one and the same instrument.

 

SECTION 4.02 Effect of Headings. The Article and Section headings herein are for convenience only and shall not affect the construction hereof.

 

SECTION 4.03 Successors and Assigns. All covenants and agreements in this Seventh Supplemental Indenture by the Company shall bind its successors and assigns, whether so expressed or not.

 

SECTION 4.04 Separability Clause. In case any one or more of the provisions contained in this Seventh Supplemental Indenture shall for any reason be held to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

SECTION 4.05 Governing Law. This Seventh Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York. This Seventh Supplemental Indenture is subject to the provisions of the Trust Indenture Act, that are required to be part of this Seventh Supplemental Indenture and shall, to the extent applicable, be governed by such provisions.

 

 

SECTION 4.06 Counterparts. This Seventh Supplemental Indenture may be executed in any number of counterparts, and each of such counterparts shall for all purposes be deemed to be an original, but all such counterparts shall together constitute one and the same instrument.

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Seventh Supplemental Indenture to be duly executed, and their respective corporate seals to be hereunto affixed and attested, all as of the date first above written.

 

	
 
    	
 
    	
LIBERTY PROPERTY   LIMITED PARTNERSHIP
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
Liberty Property Trust,
    
	
 
    	
 
    	
 
    	
as its sole General   Partner
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Christopher J. Papa
    
	
 
    	
 
    	
 
    	
Name: Christopher J.   Papa
    
	
 
    	
 
    	
 
    	
Title: Chief Financial   Officer and Executive Vice President
    
	
 
    	
 
    	
 
    
	
Attest:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Herman C. Fala
    	
 
    	
 
    
	
Name: Herman C. Fala
    	
 
    	
 
    
	
Title: Secretary and   General Counsel
    	
 
    	
 
    

 

[Signature Page to Seventh Supplemental Indenture]

 

 

	
 
    	
 
    	
U.S. BANK NATIONAL   ASSOCIATION, as Trustee
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ George J. Rayzis
    
	
 
    	
 
    	
 
    	
Name: George J. Rayzis
    
	
 
    	
 
    	
 
    	
Title: Vice President
    
	
 
    	
 
    	
 
    
	
Attest:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Stephen J. Kaba
    	
 
    	
 
    
	
Name: Stephen J. Kaba
    	
 
    	
 
    
	
Title: Vice President
    	
 
    	
 
    

 

[Signature Page to Seventh Supplemental Indenture]

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