Document:

Exhibit 10.1

 

Execution Version

Privileged & Confidential

 

	
Certain information in this document has   been omitted and filed separately with the Securities and Exchange Commission   pursuant to Rule 24b-2 under the Securities Exchange Act of 1934.   Confidential treatment has been requested with respect to the omitted   portions. Double asterisks denote omissions.
    

 

ASSIGNMENT AND LICENSE AGREEMENT

 

THIS ASSIGNMENT AND LICENSE AGREEMENT (this “Agreement”) is dated as of April 17, 2017 (the “Effective Date”), by and between Professor Paolo Simioni, with a place of business at via Barbo 8, Padova 35128, Italy (“Simioni”), and uniQure biopharma B.V., with a place of business at Paasheuvelweg 25a, 1105 BP Amsterdam, The Netherlands (“uniQure” and collectively with Simioni, the “Parties” and each, a “Party”).

 

PREAMBLE

 

Simioni owns and controls the Assigned Patent Rights and Licensed Know-How, which relate to the production and use of naturally occurring variants of Factor IX, including the “Padua” mutant (“FIX-R338L”) and modifications thereto;

 

uniQure is a leading gene therapy company with ongoing development programs for gene therapy in Hemophilia B;

 

Simioni is an employee of University of Padua, at the address of Via 8 Febbraio 1848, 2, 35122 Padova PD, Italy (the “University”) and the University, hereby represented by the Rector of the University, signs this Agreement for acknowledgment and acceptance of all terms of this Agreement, including the specific terms set forth on the signature page to this Agreement; and

 

The Parties desire to enter into an assignment and license agreement under which Simioni will transfer, via assignment or license as specified in the Agreement, the Assigned Patent Rights and Licensed Know-How to uniQure while receiving and retaining certain rights as described herein.

 

NOW THEREFORE, in consideration of the respective covenants set forth herein,

 

THE PARTIES HERETO HEREBY AGREE AS FOLLOWS:

 

ARTICLE I
 DEFINITIONS

 

As used in this Agreement, the following terms shall have the meanings set forth below:

 

1.1.                            “Affiliate” shall mean, with respect to a Party, any Person that is controlled by, controlling, or under common control with such Party.  For the purposes of this Section 1.1, “control” 

 

 

	
Certain information in this document has   been omitted and filed separately with the Securities and Exchange Commission   pursuant to Rule 24b-2 under the Securities Exchange Act of 1934.   Confidential treatment has been requested with respect to the omitted   portions. Double asterisks denote omissions.
    

 

means either (a) direct or indirect beneficial ownership of at least fifty percent (50%) interest in the voting stock (or the equivalent) of the relevant entity, (b) having the right to direct, appoint or remove a majority of members of such entity’s board of directors (or their equivalents) or (c) having the power to control the general management of such entity, in each case whether by law or contract.

 

1.2.                            “Agreement” shall have the meaning set forth in the introduction.

 

1.3.                            “Applicable Law” shall mean any national, international, supra-national, federal, state or local laws, treaties, statutes, ordinances, rulings, rules and regulations, including any rules, regulations, guidance or guidelines, or requirements of any Regulatory Authorities, national securities exchanges or securities listing organizations, courts, tribunals, agencies, legislative bodies, commissions and other Governmental Authorities that are in effect from time to time during the Term and applicable to a particular activity hereunder.

 

1.4.                            “Assigned Patent Rights” shall mean (a) the patents and patent applications set forth on Schedule 1.4, (b) any conversions, divisionals, continuations or continuations-in-part thereof, or substitutes therefor, (c) any application claiming priority to any of the foregoing, (d) any patents issuing on or from any of the foregoing, and any reissues, reexaminations or extensions of such patents, and (e) any and all counterparts of any of the foregoing in any country in the Territory.

 

1.5.                            “Claim” shall have the meaning set forth in Section 6.1.1.

 

1.6.                            “Competing Product” shall mean any product that incorporates or includes a **.

 

1.7.                            “Confidential Information” shall mean all information marked in writing as “confidential” or otherwise deemed to be Confidential Information pursuant to the terms of this Agreement that a Party receives from another Party either directly or from any other Person, which relates to the Assigned Patent Rights, the Licensed Know-How or the Products. Notwithstanding the foregoing, Confidential Information shall not include any information or materials that:

 

1.7.1.                  was already known to the receiving Party, other than under an obligation of confidentiality, at the time of receipt by the receiving Party, except with respect to Confidential Information that is considered the Confidential Information of both Parties;

 

1.7.2.                  was generally available to the public or otherwise part of the public domain at the time of its receipt by the receiving Party;

 

1.7.3.                  became generally available to the public or otherwise part of the public domain after its receipt by the receiving Party other than through any act or omission of the receiving Party in breach of this Agreement;

 

1.7.4.                  was received by the receiving Party without an obligation of confidentiality from a Third Party having the right to disclose such information without restriction; or

 

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Certain information in this document has   been omitted and filed separately with the Securities and Exchange Commission   pursuant to Rule 24b-2 under the Securities Exchange Act of 1934.   Confidential treatment has been requested with respect to the omitted   portions. Double asterisks denote omissions.
    

 

1.7.5.                  was independently developed by or for the receiving Party without use of or reference to the Confidential Information of the other Party.

 

1.8.                            “Control” shall mean, as to any Know-How, Patent Right or other intellectual property right, the possession (whether by ownership or license, other than by a license granted pursuant to this Agreement) by a Person of the ability to grant to another Person access, ownership, a license or a sublicense as required herein to such Know-How or Patent Right, without (i) violating the terms of any agreement or other arrangement with any Third Party in existence as of the time such Person would first be required hereunder to grant another Person such access, ownership, license or sublicense or (ii) violating any Applicable Law.  “Controlled”, “Controls” and “Controlling” have their correlative meanings.

 

1.9.                            “Covered” shall mean, with respect to a given product, that a Valid Claim would (absent a license thereunder or ownership thereof) be infringed by the use or sale of such product.  Cognates of the word “Covered” shall have correlative meanings.

 

1.10.                     “Default Payment” shall have the meaning set forth in Section 3.3.

 

1.11.                     “Effective Date” shall have the meaning set forth in the introduction.

 

1.12.                     “EMA” shall mean the European Medicines Agency and any successor entity thereto.

 

1.13.                     “Enabled Product” shall mean a product containing a nucleotide sequence encoding a Factor IX protein containing a R338L or R338D mutation.

 

1.14.                     “EU” shall mean either (a) the European Union as of the Effective Date or (b) the European Union as it may be modified from time to time during the Term.

 

1.15.                     “FDA” shall mean the United States Food and Drug Administration and any successor entity thereto.

 

1.16.                     “Field” shall mean all human therapeutic uses, excluding the Protein Field. For clarity, the Field shall include (and the Protein Field shall exclude) any and all uses for or in connection with gene therapy or gene therapy applications.

 

1.17.                     “Governmental Authority” shall mean any court, agency, department, authority or other instrumentality of any one or more national, state, county, city or other political subdivision.

 

1.18.                     “Infringement” shall have the meaning set forth in Section 4.5.1.

 

1.19.                     “Know-How” shall mean all technical, scientific and other information, trade secrets, knowledge, technology, methods, processes, practices, formulae, instructions, skills, techniques, procedures, ideas, concepts, designs, documents, drawings, specifications, data, results and other material.

 

1.20.                     “Licensed Know-How” shall mean all Know-How strictly to the extent relating to the Assigned Patent Rights that is owned, licensed or Controlled by Simioni as of the Effective Date.  For 

 

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Certain information in this document has   been omitted and filed separately with the Securities and Exchange Commission   pursuant to Rule 24b-2 under the Securities Exchange Act of 1934.   Confidential treatment has been requested with respect to the omitted   portions. Double asterisks denote omissions.
    

 

clarity, Simioni shall only be required to transfer Licensed Know-How under Section 2.3 if that Licensed Know-How is in existence at the Effective Date.

 

1.21.                     “Parties” and “Party” shall have the meaning set forth in the introduction.

 

1.22.                     “Patent Rights” shall mean any and all (a) patents, (b) patent applications, including any conversions, divisionals, continuations or continuations-in-part thereof, or substitutes therefor, and any application claiming priority to any of the foregoing, (c) any patents issuing on or from any of the foregoing, and any reissues, reexaminations or extensions of such patents, and (d) any and all counterparts of any of the foregoing in any country in the Territory.

 

1.23.                     “Person” shall mean an individual, sole proprietorship, partnership, limited partnership, limited liability partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture or other similar entity or organization, including a Regulatory Authority.

 

1.24.                     “Product” shall mean, with respect to a country in the Territory, any product for which the sale or use in such country is Covered by at least one (1) Valid Claim Controlled by uniQure or its Sublicensees or assignees.

 

1.25.                     “Protein Field” shall mean any therapeutic or diagnostic use of a **, but not including, for the avoidance of doubt, any use for or in connection with gene therapy or gene therapy applications such as the administration of a nucleic acid encoding a modified Factor IX protein or a protein study for the development or commercialization of a gene therapy.

 

1.26.                     “Regulatory Approval” shall mean those approvals (including commercially reasonable pricing and reimbursement approvals, as applicable), with respect to any jurisdiction, or authorizations of a Regulatory Authority, that are necessary for uniQure’s commercial marketing and sale of a pharmaceutical product in such jurisdiction.

 

1.27.                     “Regulatory Authority” shall mean, in a particular country or jurisdiction, any applicable Governmental Authority involved in granting Regulatory Approval in such country or jurisdiction, including without limitation, in the United States, the FDA and in Europe, the EMA.

 

1.28.                     “Simioni” shall have the meaning set forth in the introduction.

 

1.29.                     “Simioni Sublicense Milestone Revenues” shall mean any payment following the University Acknowledgment Date based on the achievement of a milestone event that Simioni or his designee receives from a Third Party to which Simioni has granted a right under any Assigned Patent Right for any exploitation of one or more products in all or part of the Protein Field.

 

1.30.                     “Sublicensee” shall mean a Third Party to whom uniQure has granted a right under Assigned Patent Rights to develop, have developed, manufacture, have manufactured, use, have used, 

 

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Certain information in this document has   been omitted and filed separately with the Securities and Exchange Commission   pursuant to Rule 24b-2 under the Securities Exchange Act of 1934.   Confidential treatment has been requested with respect to the omitted   portions. Double asterisks denote omissions.
    

 

market, import, have imported, offer for sale, have offered for sale, sell or have sold any Product in any country in the Territory in all or part of the Field.

 

1.31.                     “Taxes” shall have the meaning set forth in Section 3.8.

 

1.32.                     “Term” shall have the meaning set forth in Section 8.1.

 

1.33.                     “Territory” shall mean worldwide except for the Terminated Territory unless otherwise specified herein.

 

1.34.                     “Third Party” shall mean any Person other than Simioni, uniQure, and their respective Affiliates.

 

1.35.                     “uniQure” shall have the meaning set forth in the introduction.

 

1.36.                     “uniQure Sublicense Milestone Revenues” shall mean any payment following the University Acknowledgment Date based on the achievement of a milestone event for a Product that uniQure receives from a Sublicensee to which uniQure has granted a right under any Assigned Patent Right for any exploitation of one or more Products in all or part of the Field.

 

1.37.                     “University Acknowledgment Date” shall mean the date on or following the Effective Date on which the University signs this Agreement for acknowledgment and acceptance as set forth on the signature page to this Agreement.

 

1.38.                     “U.S.” shall mean the United States of America, including all of its territories and possessions.

 

1.39.                     “Valid Claim” shall mean, subject to Section 4.1.2, a claim of an issued patent included within an Assigned Patent Right (a) that relates to a ** disclosed in one or more Assigned Patent Rights (including inter alia claims encompassing (i) said nucleotide sequence, (ii) products (e.g., a vector) comprising such a nucleotide sequence and/or (iii) uses or methods encompassing the use of such nucleotide sequence or products comprising such a nucleotide sequence for treatment of an illness such as a hematological disorders and/or at least one coagulopathy (e.g. hemophilia)) and (b) that has issued after the Effective Date.

 

ARTICLE II
 ASSIGNMENT, LICENSE AND DILIGENCE

 

2.1.                            Assignment.

 

2.1.1.                  Simioni hereby irrevocably transfers and assigns to uniQure and its successors and assigns, all of Simioni’s rights, title and interest throughout the Territory in and to (i) the Assigned Patent Rights and (ii) any and all claims for damages by reason of past infringement of any Assigned Patent Rights, together with the right to sue for, collect, and retain the proceeds for any past, present, and future infringement of any such Assigned Patent Rights. Simioni hereby authorizes uniQure to record this Agreement with all appropriate Governmental Authorities.

 

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Certain information in this document has   been omitted and filed separately with the Securities and Exchange Commission   pursuant to Rule 24b-2 under the Securities Exchange Act of 1934. Confidential   treatment has been requested with respect to the omitted portions. Double   asterisks denote omissions.
    

 

2.1.2.                  Simioni shall sign and/or execute the documents that are necessary to give full effectiveness to the provisions of this Agreement: a) within ** of any request by uniQure made in the ** immediately following the University Acknowledgment Date; b) within ** of any other request by uniQure following the University Acknowledgment Date; and in each case ((a) and (b)) in accordance with uniQure’s instructions (including instructions to use any counsel or other Third Parties provided by uniQure), execute and deliver any documents and otherwise to do what is necessary (including the delivery and procurement of documents), to give full effect to and perfect the rights of uniQure under this Agreement, including the execution of patent assignment documentation in the form attached hereto as Exhibit A.  Within ** of receipt of an invoice, uniQure shall reimburse Simioni for the reasonable out-of-pocket (not internal) costs directly incurred by Simioni in such performance of his obligations following the University Acknowledgment Date as set forth under this Section 2.1.2.  For the case of incapacity or unavailability of, or any failure to act pursuant to this Section 2.1.2 by, Simioni at any time following the University Acknowledgment Date that continues for over **, Simioni hereby appoints uniQure as its attorney in fact, with full power of substitution, on behalf of Simioni and for the benefit of uniQure, to execute all documents, to demand and receive any and all of the rights of uniQure under this Agreement, to give receipts and releases for and in respect of the Assigned Patent Rights, to institute and prosecute in the name of Simioni any proceedings at law, in equity, or otherwise, and to take any other action uniQure deems reasonably necessary to establish, perfect or defend its rights acquired hereunder. Simioni stipulates and agrees that such appointment is a right coupled with an irrevocable interest and will survive the incapacity or unavailability of Simioni at any future time.

 

2.1.3.                  On an Assigned Patent Right-by-Assigned Patent Right basis, with respect to any Assigned Patent Right that is not fully and completely assigned in a country in the Territory pursuant to Section 2.1 on the Effective Date, Simioni hereby grants to uniQure an exclusive, sublicensable (through multiple tiers), non-royalty-bearing license under such Assigned Patent Right to develop, have developed, manufacture, have manufactured, use, have used, market, import, have imported, offer for sale, have offered for sale, sell or have sold products in such country in the Field.  The term of the license set forth in this Section 2.1.3 shall be, on an Assigned Patent Right-by-Assigned Patent Right basis, from the Effective Date until the full and complete assignment of such Assigned Patent Right in such country pursuant to Section 2.1.

 

2.2.                            License Back.

 

2.2.1.                  Subject to the terms and conditions of this Agreement (including Section 2.4), uniQure hereby grants to Simioni during the Term (a) an exclusive, royalty-bearing (under Section 3.5), sublicensable (subject to Section 2.2.2) license under uniQure’s right, title and interest in the Assigned Patent Rights (except for those Assigned Patent Rights not yet fully and completely assigned to uniQure 

 

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Certain information in this document has   been omitted and filed separately with the Securities and Exchange Commission   pursuant to Rule 24b-2 under the Securities Exchange Act of 1934.   Confidential treatment has been requested with respect to the omitted   portions. Double asterisks denote omissions.
    

 

pursuant to Section 2.1, which Assigned Patent Rights shall be included once fully and completely assigned to uniQure pursuant to Section 2.1) to develop, have developed, manufacture, have manufactured, use, have used, market, import, have imported, offer for sale, have offered for sale, sell or have sold products solely for use in the Protein Field in the Territory and (b) a non-exclusive, non-royalty-bearing license, without the right to grant sublicenses, under uniQure’s right, title and interest in the Assigned Patent Rights solely to conduct non-commercial research activities in any field, including non-commercial research for human therapeutic uses, such activities to be only conducted by Simioni alone or with non-commercial Third Parties who are academic or research institutions.  For the avoidance of doubt, activities permitted to be conducted under the exercise of rights in clause (b) of this Section 2.2.1 do not include clinical studies and shall not result in, or contribute to, any commercial sale of goods or services.

 

2.2.2.                  All sublicensees of the rights granted to Simioni in Section 2.2.1 shall enter into written sublicense agreements on terms consistent with this Agreement and which include (a) confidentiality provisions relating to the Confidential Information of uniQure that are the same or substantially similar as those contained in this Agreement; (b) indemnification provisions that require the sublicensee to indemnify, hold harmless and defend Simioni, uniQure and their respective Affiliates from and against any losses, damages, liabilities, costs and expenses (including reasonable attorneys’ fees) incurred by Simioni, uniQure or their respective Affiliates arising or resulting from any Claim related to product liability for products developed, manufactured or commercialized by such sublicensee, its Affiliates or sublicensees; provided that Simioni shall use commercially reasonable efforts to negotiate such sublicense agreements to include indemnification provisions that require the sublicensee to indemnify Simioni and uniQure to the full extent, mutatis mutandis, uniQure indemnifies Simioni pursuant to Section 6.1; and (c) enforcement provisions providing that, in the event of material breach by the sublicensee of the sublicensing terms mandated by this Section 2.2.2, uniQure shall have the ability to step in and enforce such terms at uniQure’s sole cost and expense, including by terminating such sublicense agreement. Simioni shall provide a copy of each sublicense of the rights granted to Simioni under Section 2.2.1 to uniQure within ** of its execution.

 

2.3.                            Know-How License to uniQure.  Subject to the terms of this Agreement, during the Term, Simioni hereby grants to uniQure a non-exclusive, irrevocable, world-wide, royalty-bearing (under Section 3.4) license, with the right to grant sublicenses, under the Licensed Know-How to develop, have developed, manufacture, have manufactured, use, have used, market, import, have imported, offer for sale, have offered for sale, sell or have sold products in the Territory in the Field.  Promptly following the University Acknowledgment Date, Simioni, at his sole cost and expense, shall provide uniQure with copies of Licensed Know-How (a) that is embodied in a tangible medium and 

 

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Certain information in this document has   been omitted and filed separately with the Securities and Exchange Commission   pursuant to Rule 24b-2 under the Securities Exchange Act of 1934.   Confidential treatment has been requested with respect to the omitted   portions. Double asterisks denote omissions.
    

 

(b) of which uniQure has not already acknowledged receipt, such provided Licensed Know-How to include lab notebooks and, subject to redactions necessary to comply with Applicable Law regarding confidentiality, patient records.  During the Term following the University Acknowledgment Date, without limiting any other right or remedy hereunder or under Applicable Law, in the event uniQure becomes aware of any tangible Licensed Know-How (e.g., data or presentations related to the Field or a relevant lab notebook) not already transferred to uniQure under this Section 2.3, it may request such Licensed Know-How from Simioni and Simioni will provide copies of such to uniQure within ** of uniQure’s request.

 

2.4.                            Right to Use. For clarity, and notwithstanding anything to the contrary in this Agreement, including the license granted to Simioni by uniQure in Section 2.2.1, uniQure shall have and reserves for itself and its Affiliates and Sublicensees the right and license to practice the Assigned Patent Rights and Licensed Know-How in connection with protein assays to analyze or detect the protein expressed by gene therapy products and for other purposes or activities that are reasonably anticipated to be necessary to obtain or maintain Regulatory Approval of a product in a country or territory in the Territory.

 

2.5.                            Diligence.  With respect to any Product uniQure elects to develop or commercialize following the University Acknowledgment Date, uniQure will use commercially reasonable efforts to (a) develop and seek Regulatory Approval for such Product in the U.S., Canada and EU in an indication in the Field and (b) following receipt of Regulatory Approval for a Product for an indication in the Field in the U.S., Canada or EU, commercialize such Product for such indication in such country. Notwithstanding anything to the contrary in this Agreement, uniQure may at any time elect in its sole discretion to develop, commercialize, or discontinue development or commercialization of any Product in any country in the Territory.

 

2.6.                            Exclusivity. During the Term, Simioni shall not, and shall cause its Affiliates to not, directly or indirectly (a) develop, manufacture or commercialize any Competing Product in the Field, nor collaborate with, license, sell to or enable or otherwise authorize, permit or grant any right to any Third Party to develop, manufacture or commercialize any Competing Product in the Field; provided, however, that if this Agreement is terminated by uniQure pursuant to Section 8.2 or Section 8.4, then the restriction in this Section 2.6 shall continue to bind Simioni and his Affiliates following the end of the Term for a period of **.

 

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Certain information in this document has   been omitted and filed separately with the Securities and Exchange Commission   pursuant to Rule 24b-2 under the Securities Exchange Act of 1934.   Confidential treatment has been requested with respect to the omitted   portions. Double asterisks denote omissions.
    

 

ARTICLE III
 FINANCIAL CONSIDERATION

 

3.1.                            Initial License Fee.  uniQure shall pay to Simioni an upfront fee in the sum of Two Hundred and Fifty Thousand Euros (€250,000), which is due and payable to Simioni within ** of the University Acknowledgment Date.

 

3.2.                            Past Patent Expenses.  Within ** after the University Acknowledgment Date, uniQure shall reimburse Simioni for all out-of-pocket expenses paid or that are payable by Simioni for filing, prosecuting, maintaining and enforcing Assigned Patent Rights prior to the Effective Date as well as for advisory services related to the matter.  The total amount of these expenses is Two Hundred and Fifty Thousand Euros (€250,000). Simioni represents that he has, either on or before the Effective Date, supplied true, correct and complete documentation to uniQure reflecting his payment or owing of payment of such expenses.

 

3.3.                            Milestone Payments.  Subject to the terms of this Agreement, uniQure shall make the following one-time, non-creditable, non-refundable milestone payments to Simioni within ** of the occurrence of the following events following the University Acknowledgment Date, whether uniQure or a Sublicensee achieves the events.

 

	
Milestone Event
    	
 
    	
Milestone Payment
    	
 
    
	
1) **
    	
 
    	
**
    	
 
    
	
2) **
    	
 
    	
**
    	
 
    
	
3) **
    	
 
    	
**
    	
 
    
	
4) **
    	
 
    	
**
    	
 
    
	
5) **
    	
 
    	
**
    	
 
    
	
6) **
    	
 
    	
**
    	
 
    
	
7) **
    	
 
    	
**
    	
 
    

 

For the sake of clarity, if, for example, milestone events 1) and 4) are achieved (thus, if a **), then milestone event 5) is also achieved and total milestone payments of ** for milestone events 1), 4) and 5) will be paid by uniQure to Simioni.

 

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Certain information in this document has   been omitted and filed separately with the Securities and Exchange Commission   pursuant to Rule 24b-2 under the Securities Exchange Act of 1934. Confidential   treatment has been requested with respect to the omitted portions. Double   asterisks denote omissions.
    

 

Analogously, if, for example, milestone events 2) and 6) are achieved (thus, if a **, and a **), Milestone Event 7) is also achieved and total milestone payments of ** for milestone events 2), 6) and 7) have to be paid by uniQure to Simioni.

 

Each of the milestone payments above are payable only one time, regardless of how many Valid Claims exist or products receive Regulatory Approval in a country. In accordance with the foregoing, the maximum total milestone payments payable by uniQure to Simioni under this Section 3.3 is €8,100,000.

 

If the milestone event ** is not achieved by **, uniQure shall pay Simioni the non-refundable sum of ** on or before **, if the Agreement is in effect as of ** and not subject to uniQure’s outstanding notice of termination pursuant to Section 8.2 or 8.4 (the “Default Payment”).  uniQure shall pay Simioni the non-refundable sum of ** as set forth in Section 8.5.2(b) in certain enumerated instances where the Default Payment has not been paid.  Once the Default Payment is owed to Simioni under this Section 3.3, the corresponding milestone payment for the ** will not be owed by uniQure to Simioni.  For clarity, if (a) the milestone event ** is achieved by **, (b) this Agreement is no longer in effect because it is terminated or (c) this Agreement is subject to uniQure’s outstanding notice of termination pursuant to Section 8.2 or 8.4 on **, in each case uniQure shall not owe Simioni the Default Payment.

 

3.4.                            uniQure Sublicense Milestone Revenues.  uniQure shall pay Simioni a royalty of ** of uniQure Sublicense Milestone Revenues during the Term.  uniQure shall pay these royalties to Simioni within ** of each calendar quarter in which the relevant uniQure Sublicense Milestone Revenues is received by uniQure.

 

3.5.                            Simioni Sublicense Milestone Revenues.  Simioni shall pay uniQure a royalty of ** of Simioni Sublicense Milestone Revenues during the Term. Simioni shall pay these royalties to uniQure within ** of each calendar quarter in which the relevant uniQure Sublicense Milestone Revenues is received by Simioni.

 

3.6.                            Payment Recipients.  Simioni represents to uniQure that, as of the Effective Date, he is a researcher and employee of the University and, without limiting any other provision of this Agreement (including Section 5.2.1), Simioni, as an employee of the University, is the exclusive holder of the rights deriving from his invention(s) and patent(s) under Applicable Law, including the Assigned Patent Rights, but the University has the right, pursuant to the University’s internal rules and regulations, to receive ** of the income received for assignment or license of the Assigned Patent Rights (net of costs or fees paid directly by Simioni).  Based on this representation, uniQure has agreed to pay any amounts owed to Simioni pursuant to Section 3.1, 3.3 or 3.4, as such amounts may be adjusted under this Agreement, as follows: ** of such amount shall be paid to the University and ** of such amount shall be paid to Simioni.  Notwithstanding anything to the contrary in this Agreement, nothing in this Section 3.6 is meant to or shall be deemed to result in uniQure having any obligation or 

 

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Certain information in this document has   been omitted and filed separately with the Securities and Exchange Commission   pursuant to Rule 24b-2 under the Securities Exchange Act of 1934.   Confidential treatment has been requested with respect to the omitted   portions. Double asterisks denote omissions.
    

 

liability to the University  or the University having any contractual or legal right of recourse against uniQure under Applicable Law or this Agreement.

 

3.7.                            Right to Offset.  Each Party shall have the right to offset any amount owed by the other Party to such first Party under or in connection with this Agreement, including pursuant to Section 6.1 (Indemnification) or in connection with any breach, against any payments owed by such first Party to such other Party under this Agreement.  Such offsets shall be in addition to any other rights or remedies available under this Agreement and Applicable Law.

 

3.8.                            Taxes.  Each Party shall be responsible for any and all of its applicable sales, use, VAT, GST, excise, property, and other taxes, levies, duties or fees (“Taxes”). If either Party is required to deduct or withhold from any payment due hereunder any taxes, duties, levies, imposts, assessments, deductions, fees, and other similar charges by Applicable Law or any Governmental Authority (“Withholding Taxes”), then such paying Party shall pay such Withholding Taxes to the local applicable Governmental Authority and make the payment to the other Party of the net amount due after deduction or withholding of such taxes. Such Withholding Taxes shall be treated for all purposes of this Agreement as having been paid to the owed Party hereunder.  Each paying Party shall submit proof of payment of the Withholding Taxes to the owed Party, if applicable. The Parties shall cooperate in good faith to eliminate or minimize any such Withholding Taxes.

 

3.9.                            Currency Exchange. For any currency conversion required in determining the amount of payments due hereunder, such conversion shall be made as follows when calculating all other sums due under this Agreement, the amount in currencies other then Euros shall be converted into Euros using the average of daily last price rate of exchange (as set forth in the Wall Street Journal, Eastern Edition or if the Wall Street Journal is not available, another similar publication) for such currencies for the relevant month preceding payment.

 

3.10.                     Payment Method. All payments due to a Party hereunder shall be made in Euro via wire transfer of immediately available funds to an account designated in writing by that Party to the other Party.  Simioni shall be responsible for providing information to uniQure regarding the designated account for payment to the University as set forth in Section 3.6 in a timely manner and uniQure shall not be deemed to have failed to deliver a payment or to have delivered a late payment under this Agreement if such delay or failure was due to inaccurate or inadequate information for the University’s account for payment.

 

3.11.                     Record Retention.  Each Party shall maintain complete and accurate books, records and accounts for the calculation of uniQure Sublicense Milestone Revenues and Simioni Sublicense Milestone Revenues, as applicable, in sufficient detail to confirm the accuracy of any payments made under Section 3.4 or Section 3.5, as applicable, under this Agreement, which books, records and

 

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Certain information in this document has   been omitted and filed separately with the Securities and Exchange Commission   pursuant to Rule 24b-2 under the Securities Exchange Act of 1934.   Confidential treatment has been requested with respect to the omitted   portions. Double asterisks denote omissions.
    

 

accounts shall be retained until the later of ** after the end of the period to which such books and records pertain or longer as is required by Applicable Law.

 

ARTICLE IV
 PATENT PROSECUTION AND ENFORCEMENT

 

4.1.                            Patent Prosecution.

 

4.1.1.                  uniQure shall, at its own expense and its sole discretion, have the sole right to prepare, file, prosecute and maintain the Assigned Patent Rights.  For purposes of this Agreement, “prosecution” and its correlatives shall include ex parte prosecution, interference proceedings, reissues, reexaminations, oppositions and all proceedings before a patent office in the Territory, including inter partes review, appeals and post grant review proceedings, and any judicial or other appeals of the foregoing.

 

4.1.2.                  At uniQure’s request, Simioni shall reasonably cooperate with uniQure in preparing, filing, prosecuting and maintaining the Assigned Patent Rights, including by providing such copies of Licensed Know-How and making such declarations as are necessary or desirable for preparing, filing, prosecuting and maintaining the Assigned Patent Rights.  Simioni shall provide prompt notice to uniQure of any matter that comes to his attention that may affect the patentability, validity or enforceability of any Assigned Patent Right but, for the avoidance of doubt, as of and following the Effective Date, Simioni shall not correspond with any Governmental Authority regarding, or take any action to prepare, file, prosecute or maintain, any Assigned Patent Right (including any action or omission that results in the issuance of any claim within the Assigned Patent Rights) without uniQure’s prior written consent. Without limiting any other right or remedy of uniQure and notwithstanding anything in this Agreement to the contrary, in the event that a claim issues within the Assigned Patent Rights (a) due to Simioni’s failure to comply with the restrictions set forth in the immediately preceding sentence of this Section 4.1.2 or (b) as a result of an action or a failure to act that results in the representation and warranty in Section 5.2.5 being untrue, such claim shall not be deemed a Valid Claim.

 

4.1.3.                  uniQure shall keep Simioni reasonably updated on the status and progress of the prosecution of the Assigned Patent Rights. Simioni shall have the reasonable opportunity to make suggestions (including suggested amendments or revisions, if necessary) and comments regarding claims in patent applications included within the Assigned Patent Rights before such claims are filed. uniQure will consider in good faith the implementation of any reasonable suggestions or comments of Simioni that support the issuance of Valid Claims.

 

4.1.4.                  With respect to any Valid Claim that uniQure has elected to prosecute, uniQure will use commercially reasonable efforts to maintain and enforce such Valid Claim.

 

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4.1.5.                  Notwithstanding anything to the contrary in this Agreement, uniQure may elect to either abandon or prosecute any claim whatsoever within an Assigned Patent Right in its sole discretion at any time; provided that any such abandonment or prosecution would not in itself limit uniQure’s obligation with respect to the Default Payment as set forth in Section 3.3 or any payment obligation under Section 8.5.2(b).

 

4.2.                            Common Interest.  The Parties acknowledge and agree that, with regard to the preparation, filing, prosecution and maintenance of the Assigned Patent Rights, the interests of the Parties as licensor and licensee are to obtain the strongest patent protection possible, and as such, are aligned and are legal in nature. All non-public information disclosed by uniQure or uniQure’s outside patent counsel to Simioni regarding preparation, filing, prosecution or maintenance of the Assigned Patent Rights, will be deemed Confidential Information.  The Parties agree and acknowledge that they have not waived, and nothing in this Agreement constitutes a waiver of, any legal privilege concerning the Assigned Patent Rights or Confidential Information, including privilege under the common interest doctrine and similar or related doctrines.

 

4.3.                            Patent Term Extension.  uniQure shall have the sole right to make decisions regarding, and to apply for and obtain, patent term restoration for any Assigned Patent Right with respect to any product in any country in the Territory under any statute or regulation equivalent or similar to Regulation (EC) No 469/2009 and 35 U.S.C. § 156, and uniQure will determine in its sole discretion whether to extend any Assigned Patent Right and, if so, which Assigned Patent Right to extend (including, without limitation, by filing or not filing supplementary protection certificates and any other extensions that are now or in the future become available).

 

4.4.                            Unitary Patent System.  uniQure shall have the exclusive right to opt-in or opt-out of the EU Unitary Patent System for all Assigned Patent Rights.  Without limiting the generality of the foregoing, Simioni shall not initiate any action with respect to an Assigned Patent Right that would result in uniQure being obligated to opt-in or opt-out under the EU Unitary Patent System with respect to such Assigned Patent Right prior to uniQure making a final, binding determination as to so opt-in or opt-out.

 

4.5.                            Patent Enforcement.

 

4.5.1.                  Each Party shall promptly deliver a notice, in writing, to the other Party during the Term in the event it becomes aware of any infringement, misappropriation or suspected infringement or misappropriation, of any of the Assigned Patent Rights or the Licensed Know-How by any Person (“Infringement”).

 

4.5.2.                  uniQure shall have the sole and exclusive right, at its sole discretion, to determine the steps (if any) to be taken to protect or enforce the Assigned Patent Rights or the Licensed 

 

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Know-How, including enforcement or defense of an allegation of invalidity or unenforceability.  Simioni shall provide  all reasonably requested assistance to uniQure in taking steps to prevent or enjoin the Infringement or defend against an allegation of invalidity or unenforceability.  Such assistance may generally include, but is not limited to, providing access (on a confidential basis to the extent allowed by applicable Italian laws or by any Applicable Law) to lab journals, patient records and/or correspondence related to the Assigned Patent Rights which are in possession of Simioni and signing an affidavit related thereto. If required by Applicable Law or otherwise necessary to defend, protect or enforce the Assigned Patent Rights (including to obtain standing or obtain any benefits in the relevant proceedings), Simioni shall, upon uniQure’s request, participate in or join as a party to the proceedings, as appropriate, and shall reasonably cooperate with uniQure in an effort to successfully defend, protect or enforce the Assigned Patent Rights or the Licensed Know-How before the competent jurisdictions, provided that uniQure will endeavor to give Simioni reasonable advance notice of his required participation and to keep his time commitment as minimal as reasonably possible. uniQure shall directly pay for all the attorney costs and/or IP consultant and/or any other advisor and out-of-pocket costs reasonably incurred by Simioni as a necessary result of Simioni’s participation in or joinder as a party to the proceedings at uniQure’s request.  Simioni will provide uniQure with the details of such services in advance including the name of the individual and firm, purpose, and fee structure. In such a case, uniQure shall also pay the lesser of €200/hour or €1,500/day for all the time required to be spent by Simioni as a result of Simioni participating in or joining as a party to the proceedings as requested by uniQure, including any preparatory and preliminary phase. uniQure shall be entitled to retain for its own absolute benefit any damages, costs or other expenses awarded or recovered in any proceedings resulting from the taking of steps to prevent or enjoin the Infringement or defending against an allegation of invalidity or unenforceability.  However, on a case by case basis, Simioni may, at his sole expense, choose to participate in or join as a party to the proceedings and reasonably cooperate with uniQure in an effort to successfully defend, protect or enforce the Assigned Patent Rights or the Licensed Know-How before the competent jurisdictions.

 

4.5.3.                  uniQure shall have final decision making authority with respect to any Infringement proceedings.

 

ARTICLE V
 REPRESENTATIONS AND WARRANTIES

 

5.1.                            Mutual Representations and Warranties.  uniQure and Simioni each represents and warrants to the other Party, as of the Effective Date, that:

 

5.1.1.                  the execution and delivery of this Agreement and the performance by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary and applicable 

 

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corporate action, and do not violate: (a) such Party’s charter documents, bylaws, or other organizational documents, as applicable; (b) in any material respect, any agreement, instrument, or contractual obligation  to which such Party is bound; (c) any requirement of any Applicable Law; or (d) any order, writ, judgment, injunction, decree, determination, or award of any court or other Governmental Authority presently in effect applicable to such Party;

 

5.1.2.                  the Person executing this Agreement on behalf of such Party is duly authorized to do so by all requisite action;

 

5.1.3.                  this Agreement constitutes a legal, valid, and binding obligation of such Party enforceable against it in accordance with its terms and conditions, subject to the effects of bankruptcy, insolvency, or other laws of general application affecting the enforcement of creditor rights, judicial principles affecting the availability of specific performance, and general principles of equity (whether enforceability is considered a proceeding at law or equity);

 

5.1.4.                  except as contemplated by this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any Governmental Authority or a Third Party is required on the part of such Party in connection with the valid execution, delivery and performance of this Agreement; and

 

5.1.5.                  it is not under any obligation, contractual or otherwise, to any Person that conflicts with or is inconsistent in any material respect with the terms of this Agreement, or that would impede the diligent and complete fulfillment of its obligations hereunder or thereunder.

 

5.2.                            Additional Representations and Warranties of Simioni. Simioni further represents and warrants to uniQure, as of the Effective Date that:

 

5.2.1.                  prior to the assignments under this Agreement, Simioni solely and exclusively owned and Controlled all right, title and interest in and to and under the Assigned Patent Rights, free and clear of all liens, charges, claims, encumbrances or restrictions whatsoever;

 

5.2.2.                  the Assigned Patent Rights set forth on Schedule 1.4 are all of the Patent Rights that Simioni owns, licenses or Controls that relate to the composition (including nucleic acid- or protein-based compositions), production or use of variants of Factor IX;

 

5.2.3.                  all issued Assigned Patent Rights (a) are to Simioni’s knowledge, subsisting and are not invalid or unenforceable, in whole or in part and (b) have been prosecuted, filed and maintained in accordance with Applicable Law and all applicable fees have been paid on or before the due date for payment;

 

5.2.4.                  with respect to any pending applications included in the Assigned Patent Rights, such applications are being diligently prosecuted in the respective patent offices in the Territory in accordance with Applicable Law and Simioni has presented all relevant references, documents, and 

 

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information of which it or other inventors are aware to the relevant patent examiner at the relevant patent office;

 

5.2.5.                  with respect to any pending applications included in the Assigned Patent Rights set forth on Schedule 1.4, such pending applications have not issued and Simioni has not taken or failed to take any action, and is not aware of any action taken or not taken, that would result in any such pending application issuing prior to, on or after the Effective Date without requiring further action by uniQure;

 

5.2.6.                  true, complete and correct copies of the file wrappers and other documents and materials relating to the prosecution, defense, maintenance, validity and enforceability of the Assigned Patent Rights have been provided or made available to uniQure prior to the Effective Date;

 

5.2.7.                  there is no claim or litigation pending or claim that was previously asserted in writing against Simioni or, to Simioni’s knowledge, any Third Party (and Simioni has no knowledge of any claim, whether or not pending or asserted) by any Person alleging that (a) the Assigned Patent Rights are invalid or unenforceable or (b) the conception, development, reduction to practice, disclosing, copying, making, assigning or licensing of the Assigned Patent Rights or the Licensed Know-How as contemplated herein, violates, infringes, constitutes misappropriation or otherwise conflicts or interferes with, or would violate, infringe or otherwise conflict or interfere with, any intellectual property or proprietary right of any Person;

 

5.2.8.                  to Simioni’s knowledge, no Person is infringing or threatening to infringe or misappropriating or threatening to misappropriate the Assigned Patent Rights or the Licensed Know-How;

 

5.2.9.                  the contents of any Licensed Know-How provided by Simioni to uniQure, including that Licensed Know-How provided to uniQure prior to the Effective Date or under this Agreement, is true, complete and correct;

 

5.2.10.           to Simioni’s knowledge, each of the Assigned Patent Rights properly identifies each and every inventor of the claims thereof as determined in accordance with the laws of the jurisdiction in which such Assigned Patent Right is issued;

 

5.2.11.           Simioni has full right and authority to grant the licenses and rights granted under this Agreement; and

 

5.2.12.           Simioni has made available to uniQure all material Licensed Know-How that is applicable to the research, development, manufacture, commercialization or use of a product in the Field.

 

5.3.                            DISCLAIMER. EXCEPT FOR THE EXPRESS WARRANTIES SET FORTH HEREIN, NEITHER PARTY MAKES ANY REPRESENTATIONS OR GRANTS ANY WARRANTIES, EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE AND EACH PARTY SPECIFICALLY DISCLAIMS ANY OTHER 

 

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WARRANTIES, WHETHER WRITTEN OR ORAL OR EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF QUALITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR USE OR PURPOSE OR ANY WARRANTY AS TO THE VALIDITY OF ANY PATENT RIGHTS OR THE  NON-INFRINGEMENT OF ANY INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES. EACH PARTY UNDERSTANDS AND AGREES THAT THE FOREGOING CONSITITUES A FULL AND COMPLETE DISCLAIMER BY THE OTHER PARTY OF ALL REPRESENTATIONS AND WARRANTIES OTHER THAN THOSE EXPRESSLY PROVIDED HEREIN.

 

ARTICLE VI
 INDEMNIFICATION AND LIMITATION ON LIABILITY

 

6.1.                            Indemnification.

 

6.1.1.                  By uniQure. uniQure hereby agrees to indemnify, hold harmless and defend Simioni, from and against any losses, damages, liabilities, costs and expenses (including reasonable attorneys’ fees) incurred by Simioni and arising or resulting from any claim, demand, action or proceeding of a Third Party (a “Claim”) to the extent such Claim relates to or arises from the research, development, manufacture or commercialization of any product in the Field by uniQure or any of its Affiliates except to the extent that any Claim relates to or arises from (a) the negligence, wrongful intentional acts or omissions of, or violation of Applicable Law or (b) breach of this Agreement, in each case by Simioni or any of his Affiliates, subcontractors, licensees or sublicensees.

 

6.1.2.                  Procedures.  In connection with any Claim for which Simioni seeks indemnification pursuant to this Agreement, Simioni shall give uniQure prompt written notice of the Claim and uniQure shall only be obligated to indemnify Simioni pursuant to Section 6.1.1 if Simioni reasonably cooperates with uniQure respect to such Claim, including permitting uniQure to control the defense and settlement of the Claim.

 

6.2.                            NO CONSEQUENTIAL DAMAGES.  EXCEPT IN THE EVENT OF THE GROSS NEGLIGENCE, WILLFUL MISCONDUCT OR FRAUD OF A PARTY, IN NO EVENT SHALL ANY PARTY BE LIABLE FOR ANY INDIRECT, CONSEQUENTIAL, SPECIAL, EXEMPLARY OR PUNITIVE DAMAGES, INCLUDING DAMAGES FOR LOST PROFITS OR LOST REVENUES, ARISING FROM OR RELATING TO THIS AGREEMENT, REGARDLESS OF WHETHER IT HAS BEEN INFORMED OF THE POSSIBILITY OR LIKELIHOOD OF SUCH DAMAGES OR THE TYPE OF CLAIM, CONTRACT OR TORT (INCLUDING NEGLIGENCE).

 

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ARTICLE VII
 CONFIDENTIALITY

 

7.1.                            Confidentiality.

 

7.1.1.                  During the Term, and for a period of ** thereafter, each Party undertakes, subject to the terms of this Agreement, to (i) except to the extent permitted by this Agreement or otherwise agreed upon in writing, keep confidential and not disclose to any Third Party any Confidential Information of the other Party; (ii) except in connection with the activities contemplated by or the exercise of rights permitted by this Agreement or in order to further the purposes of this Agreement or as otherwise agreed upon in writing by the Parties, not use for any purpose any Confidential Information of the other Party; and (iii) take all reasonable precautions to protect the Confidential Information of the other Party (including all precautions a Party employs with respect to its own confidential information of a similar nature).

 

7.1.2.                  Notwithstanding anything to the contrary in this Agreement, a Party may use and disclose the Confidential Information of the other Party as follows:

 

(a)                                 if required by Applicable Law, including as may be required in connection with any filings made with, or by the disclosure policies of a major stock exchange;

 

(b)                                 as reasonably necessary to obtain or maintain any Regulatory Approval, including to conduct preclinical studies and clinical trials and for pricing approvals, for any product;

 

(c)                                  to prepare, file, maintain or prosecute Assigned Patent Rights or file or defend litigation in accordance with the provisions of this Agreement; or

 

(d)                                 to licensees, sublicensees, vendors, consultants, agents, attorneys, contractors and clinicians under written agreements of confidentiality at least as restrictive as those set forth in this Agreement, who have a need to know such information in connection with such Party performing its obligations or exercising its rights under this Agreement;

 

provided that in the instances of disclosure under clause (a) or (c) of this Section 7.1.2, the Party disclosing the Confidential Information of the other Party shall, to the extent permitted under Applicable Law, (x) give reasonable advance notice to the other Party of such disclosure to permit such other Party to use its reasonable efforts to secure confidential treatment of such Confidential Information prior to disclosure to the extent such treatment is applicable, (y) cooperate with the other Party in the exercise of its rights to protect the confidentiality of the Confidential Information and (z) disclose only that Confidential Information of the other Party that is required to be disclosed.

 

7.2.                            Termination of Prior Agreements. As of the Effective Date, this Agreement supersedes the confidentiality obligations by and between the Parties under the Two Way Confidentiality Disclosure Agreement effective as of July 19, 2016.  All “Confidential Information” 

 

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(as defined in such Two Way Confidentiality Disclosure Agreement) exchanged between the Parties thereunder shall be deemed Confidential Information hereunder and shall be subject to the provisions of Section 7.1.

 

7.3.                            Terms of this Agreement. The Parties agree that the terms of this Agreement (including any term sheet or prior drafts related hereto) will be treated as Confidential Information of uniQure, with Simioni deemed to be the receiving Party of such Confidential Information. The terms of this Agreement may be disclosed, in confidence, by each Party: (a) to its Affiliates; (b) to actual or potential collaborators, licensees or sublicensees, but only (i) after redacting terms not relevant to the rights and obligations being undertaken or contemplated to be undertaken by such Affiliates, collaborators, licensees or sublicensees, (ii) for limited purposes as necessary for that Affiliate, collaborator, licensee or sublicensee to perform its obligations or exercise its rights and (iii) under written agreements of confidentiality at least as restrictive as those set forth in this Agreement; (c) to potential acquirers, merger partners, investment bankers and lenders for purposes as required in connection with a transaction and under written agreements of confidentiality at least as restrictive as those set forth in this Agreement; and (d) as required to be disclosed in its publicly-filed financial statements or other public disclosures (e.g., the U.S. Securities and Exchange Commission, NASDAQ or any other stock exchange on which securities issued by either Party may be issued).

 

7.4.                            Publicity and Publications.

 

7.4.1.                  uniQure may make publications, presentations, press releases, announcements or other disclosures regarding this Agreement or any of the activities contemplated hereunder, including the development or commercialization of products, and will endeavor in good faith to give Simioni prior notice thereof.

 

7.4.2.                  Simioni will submit to uniQure for review and approval any publications, presentations, press releases, announcements or other disclosures that either (a) contain Confidential Information of uniQure or (b) are related to the Licensed Know-How, the Assigned Patent Rights or this Agreement proposed by Simioni or his Affiliates for distribution; provided that uniQure will not unreasonably withhold, condition or delay its consent to such.  At least ** before making any such publication, presentation, press release, announcement or other disclosure, Simioni shall submit to uniQure a draft of such disclosure and uniQure shall provide its comments within ** days of receipt.  Without limiting any other instance where uniQure may reasonably withhold consent, uniQure will be deemed to have reasonably withheld its consent to any publication, presentation, press release, announcement or other disclosure under this Section 7.4.2 if (x) such contains any of uniQure’s Confidential Information, (y) Simioni will not delay disclosure or distribution of such until uniQure can prepare and file a relevant patent application or (z) uniQure reasonably believes that such disclosure 

 

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would adversely affect the value of the Licensed Know-How, Assigned Patent Rights or the rights granted to uniQure hereunder.

 

7.5.                            Right to Use Names. Except as expressly provided herein, no right, express or implied, is granted by the Agreement to Simioni to use in any manner the name of “uniQure” or any other trade name, symbol, logo, trademark or corporate identifier of uniQure or any of its Affiliates.

 

ARTICLE VIII
 TERM AND TERMINATION

 

8.1.                            Term.  The term of this Agreement shall commence on the Effective Date and remain in effect until, unless terminated earlier under the provisions of this Agreement, the later of (a) the expiration date of the last to expire of patents within the Assigned Patent Rights and (b) the expiration of all of each Party’s payment obligations to the other Party pursuant to this Agreement (such time period, the “Term”).  Notwithstanding anything herein to the contrary, the obligations of each Party under Section 2.1.2, Simioni’s obligations to conduct a technology transfer of Licensed Know-How to uniQure pursuant to Section 2.3, uniQure’s obligations under Section 2.5 and any obligation to make payments under Article III shall not become effective until the University Acknowledgment Date.

 

8.2.                            Termination for Material Breach.  In the event of a material breach of this Agreement, the non-breaching Party shall have the right to terminate this Agreement in its entirety by written notice to the breaching Party specifying the nature of such breach in reasonable detail.  Such termination shall become effective ** from receipt of such notice by the breaching Party, unless the breaching Party has cured such breach within such ** period.  Notwithstanding the foregoing, the foregoing cure period shall be tolled upon the commencement and during the conduct of any dispute resolution initiated by a Party under Section 9.2 with respect to a Party’s right to terminate this Agreement pursuant to this Section 8.2 if the other Party initiates such a dispute resolution procedure before the end of the applicable cure period.

 

8.3.                            Termination by uniQure.  Without prejudice to what is provided under Section 8.5.2(b), uniQure has the right to either terminate this Agreement in its entirety or to terminate its rights and obligations under this Agreement in one or more countries or jurisdictions in the Territory (any terminated Territory, countries or jurisdictions, the “Terminated Territory”) without cause by giving Simioni ** prior written notice. Notwithstanding anything to the contrary in this Agreement, following any termination in less than the entire Territory, uniQure shall retain all of its rights under this Agreement as such relate to any portion of the Territory that is not the Terminated Territory.

 

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8.4.                            Termination for Insolvency.

 

8.4.1.                  Either Party may terminate this Agreement in its entirety effective immediately upon written notice to the other Party if, at any time such other Party (a) files in any court or agency pursuant to any statute or regulation of any state or country a petition in bankruptcy or insolvency or for reorganization (except for solvent reorganization or solvent reconstruction) or for an arrangement or for the appointment of a receiver or trustee of the Party or of substantially all of its assets, (b) proposes a written agreement of composition or extension of substantially all of its debts, (c) is served with an involuntary petition against it, filed in any insolvency proceeding, and such petition is not be dismissed within ** after the filing thereof, (d) proposes to be a party to any dissolution or liquidation, (e) admits in writing its inability generally to meet its obligations as they fall due in the general course or (f) makes an assignment of substantially all of its assets for the benefit of creditors.

 

8.4.2.                  Each Party shall retain and may fully exercise all of their respective rights and elections under any Applicable Laws that relate to bankruptcy or insolvency.  Unless otherwise prohibited by Applicable Law and without limiting any Party’s rights or obligations hereunder, in the event a Party has the right to terminate this Agreement pursuant to Section 8.4.1, the non-bankrupt Party shall further be entitled to a complete duplicate of, or complete access to and use of, any intellectual property and all embodiments of intellectual property to which rights or licenses (including non-assertion rights) have been granted to the non-bankrupt Party under this Agreement by the other Party, which, if not already in its possession, shall be promptly delivered to the non-bankrupt Party by the other Party (a) upon the commencement of a bankruptcy proceeding of the other Party upon the non-bankrupt Party’s written request therefor, unless the Party subject to such proceeding elects to continue to perform all of its obligations under this Agreement or (b) if not delivered under clause (a) above, following the rejection of this Agreement by or on behalf of the Party subject to such proceeding upon written request therefor by the non-bankrupt Party.

 

8.5.                            Effect of Expiration or Termination.

 

8.5.1.                  Accrued Obligations. Upon expiration or termination of this Agreement for any reason, neither Party shall be released from any obligation or liability that, at the time of such expiration or the effective date of termination, has already accrued to the other Party or that is attributable to a period prior to such expiration or termination.

 

8.5.2.                  General.  In addition to the rights and obligations of the Parties that survive a termination of this Agreement pursuant to this Agreement,

 

(a)                                 in the event this Agreement or any country or jurisdiction is terminated by uniQure pursuant to Section 8.3, uniQure agrees to transfer and assign to Simioni and his successors and assigns all of uniQure’s rights, title and interest in and to the Assigned Patent Rights in the Terminated Territory.   uniQure shall execute and deliver upon receipt of the prior written request of 

 

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Simioni such documents that are necessary to give effect to and perfect the rights of Simioni under this Section 8.5.2(a) and uniQure shall also reimburse all the costs and fees that must be paid to the competent Patent Offices in the Terminated Territory to record the change of ownership;

 

(b)                                 in the event that notice of termination of this Agreement is provided by uniQure pursuant to Section 8.3 and such termination would affect the entire Agreement or would place the U.S. or the U.S. and one or more countries or jurisdictions in the Terminated Territory or provided by Simioni pursuant to Section 8.2 or 8.4 and such notice of termination follows the third anniversary of the Effective Date, uniQure shall pay ** within ** of the effective date of termination only if neither (i) the Default Payment nor (ii) as set forth in Section 3.3, the milestone payment for the milestone event “First Valid Claim of an Assigned Patent Right in the U.S.” has been paid to Simioni.  For clarity, there shall be no fee payable under this Section 8.5.2(b) in the event that a notice of termination is provided by uniQure or Simioni prior to the third anniversary of the Effective Date.

 

8.5.3.                  Return of Confidential Information.  Upon termination or expiration of this Agreement in its entirety, each Party shall promptly return all of the other Party’s Confidential Information received hereunder and copies thereof in any medium unless, and solely for so long as, the receiving Party has continuing rights to use the foregoing pursuant to this Section 8.5, except that the receiving Party may retain one (1) copy for its legal files.

 

8.5.4.                  Inventory. In the event this Agreement or any country or jurisdiction is terminated by uniQure pursuant to Section 8.3, uniQure, any Affiliate(s) and any licensees or sublicensees may, after the effective date of termination and with respect to the Terminated Territory, sell or have sold all products that are in inventory or have otherwise been distributed with the intent to sell as of the date of written notice of termination, and complete and sell or have sold all products which the relevant licensed entity(ies) can demonstrate were in the process of manufacture as of the date of written notice of termination.

 

8.5.5.                  Survival.  The provisions of Article I (Definitions) (to the extent necessary to give effect to the surviving provisions), Section 3.7 (Right to Offset), Section 3.8 (Taxes), Section 3.9 (Currency Exchange), Section 3.10 (Payment Method), Section 3.11 (Record Retention), Section 5.3 (Disclaimer), Article VI (Indemnification and Limitation on Liability), Article VII (Confidentiality), Section 8.5 (Effect of Expiration or Termination), and Article IX (Miscellaneous) shall survive termination or expiration of this Agreement (including as such provisions relate to the Terminated Territory, for which purpose any references to the “Territory” shall include the “Terminated Territory,” as appropriate).

 

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8.6.                            Remedies in Lieu of Termination.

 

8.6.1.                  The ability of each Party to terminate this Agreement as set forth in this Article VIII, or for uniQure to exercise its rights under Section 8.6.2, is in addition to any other rights or remedies the Parties may have under law or equity, including the ability to seek monetary damages.

 

8.6.2.                  If uniQure has the right to terminate this Agreement under Section 8.2, but does not desire to exercise such right, uniQure may elect to exercise its rights under this Section 8.6.2 in lieu of exercising its right to terminate the Agreement. In the event of such an election, the Agreement shall continue in full force and effect except that any milestone payments under Section 3.3 or uniQure Sublicense Milestone Revenues under Section 3.4 that are due after uniQure’s notice of election shall be reduced by ** after applying all applicable deductions and reductions to such payments permitted under Section 3.7.

 

ARTICLE IX
 MISCELLANEOUS

 

9.1.                            Governing Law. This Agreement shall be governed by and construed in accordance with the laws of Switzerland without giving effect to the conflicts of law principles thereof.

 

9.2.                            Dispute Resolution.

 

9.2.1.                  In the event of any controversy, claim or other dispute arising out of or relating to compliance with this Agreement, any obligation of the Parties herein, or the validity, breach, termination or interpretation of this Agreement (each such controversy, claim or dispute, a “Dispute”), such Dispute shall be first referred to the executives of each Party for resolution, prior to proceeding under the following provisions of this Section 9.2. A Dispute shall be referred to the executives upon one Party providing the other Party with written notice that such dispute exists, and the executives shall attempt to resolve such dispute through good faith discussions. In the event that the executives cannot resolve such dispute within thirty (30) days of such other Party’s receipt of such written notice, either Party may initiate the dispute resolution procedures set forth under Section 9.2.2.

 

9.2.2.                  Any Dispute which cannot be settled through good faith negotiations under Section 9.2.1 shall, upon written request of any Party with notice to the other Parties hereto, be submitted to binding arbitration under the auspices of the Swiss Rules of International Arbitration of the Swiss Chambers’ Arbitration Institution in force on the date on which the notice of arbitration is submitted in accordance with such Swiss Rules of International Arbitration. There shall be one (1) arbitrator, the seat of the arbitration shall be Lugano, Switzerland and the arbitral proceedings shall be conducted in English.   The Parties expressly authorize the arbitrator to decide ex aequo et bono. Notwithstanding anything herein contained to the contrary, (a) each Party shall be permitted to seek injunctive relief from any court having jurisdiction over the subject matter hereof in furtherance of any such Party’s rights hereunder, (b) the Parties shall have the right to seek enforcement of any arbitration award by any court having 

 

23

 

	
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jurisdiction over the award, and (c) the Parties hereby consent to the jurisdiction of any court in Switzerland in connection with clauses (a) and (b) of this Section 9.2.2.

 

9.2.3.                  Each of the Parties acknowledges that if it breaches any of its material obligations under this Agreement, immediate and irreparable harm or injury would be caused to the other Party for which money damages would not be an adequate remedy.  In such event, the Parties agree that each Party shall have the right, in addition to any other rights it may have, to immediate injunctive relief without proof of actual damages or the posting of bond or other security.  Accordingly, if any Party should institute an action or proceeding seeking such equitable relief, the other Party hereby waives the claim or defense that any such Party has an adequate remedy at law and hereby agrees not to assert in any such action or proceeding the claim or defense that such a remedy at law exists.  The Parties further agree to waive any requirements for the securing or posting of any bond in connection with obtaining any such equitable relief.

 

9.3.                            Notices. All notices, requests, demands and other communications required or permitted hereunder shall be in writing and shall be deemed to have been duly given when delivered by hand against acknowledgement of receipt or mailed, certified or registered mail with postage prepaid, or sent by facsimile or courier, as follows:

 

if to uniQure:

 

uniQure biopharma B.V.
  F.a.o. Managing Director
 P.O. Box 22506
 1100 DA Amsterdam
 The Netherlands

 

with a copy to:

 

uniQure biopharma B.V.
 F.a.o. the General Counsel
  113 Hartwell Avenue
 Lexington MA 02421
 United States of America

 

and with a copy to:

 

uniQure biopharma B.V.
 F.a.o. Dept. Business Development & IP
  P.O. Box 22506

 

24

 

	
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1100 DA Amsterdam
 The Netherlands

 

or to such other Person or address as uniQure shall designate by notice in the manner provided in this Section 9.3.

 

if to Simioni:

 

prof. Paolo Simioni

via L. Barbo 8- 35128 Padova (Italy)

 

with a copy to:

 

D.ssa Cristina Rigato

Via Roma 79- 35020 Ponte San Nicolò — Padova (Italy)

 

or to such other Person or address as Simioni shall designate by notice in the manner provided in this Section 9.3.

 

9.4.                            Further Assurances.  Each Party agrees to execute, acknowledge, deliver, file and record such further certificates, amendments, instruments and documents, and to do all such other acts and things, as may be required by Applicable Law or as may be necessary or advisable to carry out the intent and purposes of this Agreement.

 

9.5.                            Language. Any notice given in connection with this Agreement must be in English. Unless otherwise agreed upon by all of the Parties, any other document provided in connection with this Agreement must be: (i) in English; or (ii) accompanied by a certified English translation in which case the English translation prevails unless the document is a statutory or other official document.

 

9.6.                            No Waiver.  No failure by any Party to insist upon the strict performance of any covenant, agreement, term or condition of this Agreement or to exercise any right or remedy consequent upon a breach of such or any other covenant, agreement, term or condition shall operate as a waiver of such or any other covenant, agreement, term or condition of this Agreement.  Either Party by a signed written instrument may, but shall not be under any obligation to, waive any of its rights or conditions to its obligations hereunder, or any duty, obligation or covenant of the other Party.  No waiver shall affect or alter the remainder of this Agreement but each and every covenant, agreement, term and condition hereof shall continue in full force and effect with respect to any other then existing or subsequent breach.  The rights and remedies provided by this Agreement are cumulative and the exercise of any one right or remedy by either Party shall not preclude or waive its right to exercise any or all other rights or remedies.

 

25

 

	
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9.7.                            Entire Agreement.  This Agreement constitutes the entire agreement among the Parties pertaining to the subject matter hereof and supersedes all prior agreements and understandings of the Parties in connection herewith.  No covenant, representation or condition not expressed in this Agreement shall affect or be effective to interpret, change or restrict the express provisions of this Agreement.

 

9.8.                            Representation by Legal Counsel.  Each Party hereto represents that it has been advised by legal counsel in connection with this Agreement and acknowledges that it has participated in the drafting hereof.  In interpreting and applying the terms and provisions of this Agreement, the Parties agree that no presumption shall exist or be implied against the Party which drafted such terms and provisions.

 

9.9.                            Construction.  Unless the context of this Agreement otherwise requires: (a) words of one gender include the other gender; (b) words using the singular or plural number also include the plural or singular number, respectively; (c) the terms “hereof,” “herein,” “hereby,” and other similar words refer to this entire Agreement; (d) the words “include”, “includes”, and “including” when used in this Agreement shall be deemed to be followed by the words “without limitation”, unless otherwise specified; (e) the terms “Article” and “Section” refer to the specified Article and Section of this Agreement (unless clear from the context that it refers to an Article or Section of some other document); (f) “or” has the inclusive meaning represented by the phrase “and/or”; and (g) the words “will” and “shall” shall have the same meaning. Whenever this Agreement refers to a number of days, unless otherwise specified, such number shall refer to calendar days.

 

9.10.                     Severability.  Each provision of this Agreement shall be considered severable and if for any reason any provision or provisions hereof are determined to be invalid and contrary to any existing or future law, such invalidity shall not impair the operation of or affect those portions of this Agreement which are valid.

 

9.11.                     No Independent Contractors.  The Parties shall for all purposes under this Agreement be considered independent contractors with respect to each other, and neither shall be considered an employee, employer, agent or principal of the other.  Neither Party is authorized to assume or create any obligation or responsibility, express or implied, on behalf of, on in the name of the other Party in any manner.

 

9.12.                     Amendments.  Except as otherwise expressly set forth in this Agreement, any provision of this Agreement may be amended, modified, supplemented, restated or waived only with the written consent of both Parties.

 

9.13.                     Assignment.  Except for permitted sublicenses under this Agreement, neither Party may assign, or otherwise transfer, its rights or delegate its obligations under this Agreement without 

 

26

 

	
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the prior written consent of the other Party; provided that uniQure may assign this Agreement without Simioni’s prior consent (but shall provide notice to Simioni of such assignment containing the name and address of the assignee) to (a) any of its Affiliates or (b) a successor in interest in conjunction with the sale of all or substantially all of its assets, so long as such successor shall agree in writing to be bound by the terms and conditions of this Agreement prior to such assignment.  Any attempted assignment without consent is void.  Subject to the foregoing, this Agreement shall inure to the benefit of, and be binding upon, the Parties, together with their successors and permitted assigns.

 

9.14.                     Counterparts.  This Agreement may be executed in one (1) or more counterparts, each of which shall be deemed an original, and together shall constitute one and the same agreement and shall become effective when one (1) or more counterparts have been signed by each of the Parties and delivered to the other Party, it being understood that both Parties need not sign the same counterpart. This Agreement, following its execution, shall be delivered in original copies, preceded by PDF copies or other form of electronic delivery.

 

{SIGNATURES ON FOLLOWING PAGE}

 

27

 

	
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IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their duly authorized representative as of the Effective Date.

 

 

	
PROFESSOR PAOLO SIMIONI
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Paolo Simioni
    	
 
    
	
Name:
    	
Paolo   Simioni
    	
 
    
	
Title:
    	
Inventor,   Professor of Medicine, MD, PhD
    	
 
    

 

 

	
UNIQURE BIOPHARMA B.V.
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/   Matt Kapusta
    	
 
    	
By:
    	
/s/   Maiken Keson-Brookes
    
	
Name:
    	
Matt   Kapusta
    	
 
    	
Name:
    	
Maiken   Keson-Brookes
    
	
Title:
    	
CEO
    	
 
    	
Title:
    	
SVP   and General Counsel
    

 

 

The undersigned, being a duly authorized representative of the University, acknowledges and accepts the terms of this Agreement and acknowledges and accepts that Simioni is the sole owner of, and has the right to assign, all right, title and interest in the Assigned Patent Rights as set forth in this Agreement and that such ownership and the economic terms set forth in this Agreement are in compliance with the University’s rules and regulations.

 

For such acknowledgment and acceptance:

 

 

UNIVERSITY OF PADOVA

 

	
By:
    	
/s/   Rosario Rizzuto
    	
 
    
	
Name:
    	
Rosario   Rizzuto
    	
 
    
	
Title:
    	
Rector
    	
 
    
	
Date:
    	
4   May 2017
    	
 
    

 

[Signature Page to Assignment and License Agreement]

 

 

	
Certain information in this document has   been omitted and filed separately with the Securities and Exchange Commission   pursuant to Rule 24b-2 under the Securities Exchange Act of 1934.   Confidential treatment has been requested with respect to the omitted   portions. Double asterisks denote omissions.
    

 

Schedule 1.4

 

Assigned Patent Rights

 

	
Country
    	
 
    	
Application
   Number
    	
 
    	
Application
   Date
    	
 
    	
Status
    	
 
    	
Patent
   Number
    	
 
    	
Grant
   Date
    	
 
    	
Title
    
	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    
	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    
	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    
	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    
	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    

 

 

 

	
Certain information in this document has   been omitted and filed separately with the Securities and Exchange Commission   pursuant to Rule 24b-2 under the Securities Exchange Act of 1934.   Confidential treatment has been requested with respect to the omitted   portions. Double asterisks denote omissions.
    

 

Exhibit A

 

Form of Patent Assignment

 

PATENT ASSIGNMENT

 

This Patent Assignment (“Patent Assignment”), is entered into as of [DATE], 2017 (the “Effective Date”) by and between Professor Paolo Simioni, with a place of business at via Barbo 8, Padova 35128, Italy (“Assignor”) and uniQure biopharma B.V., with a place of business at Paasheuvelweg 25a, 1105 BP Amsterdam, The Netherlands (“Assignee”).  This Patent Assignment is made pursuant to an Assignment and License Agreement by and between Assignor and Assignee dated as of the date hereof (together with any amendments thereto, the “Assignment and License Agreement”), pursuant to which Assignee has agreed to receive assignment of the Assigned Patent Rights (as defined below) from Assignor. Capitalized terms used herein but not otherwise defined herein shall have the meanings set forth in the Assignment and License Agreement.

 

Assignor is the owner of the Assigned Patents Rights (as defined below). For the consideration provided pursuant to the Assignment and License Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, (1) Assignor has sold, assigned and transferred and by these presents does hereby sell, assign and transfer unto said Assignee, its successors, assigns and legal representatives, Assignor’s entire right, title and interest in and throughout the United States of America and Italy, their territories and all other countries throughout the world, in and to (a) the patents and patent applications set forth on Schedule A, (b) any conversions, divisionals, continuations or continuations-in-part thereof, or substitutes therefor, (c) any application claiming priority to any of the foregoing, (d) any patents issuing on or from any of the foregoing, and any reissues, reexaminations or extensions of such patents, and (e) any and all counterparts of any of the foregoing in any country in the Territory (collectively, the “Assigned Patent Rights”) and including the right to claim priority under any applicable statute, treaty or convention based on said Assigned Patent Rights; said applications and letters patents and the invention(s) described therein to be held and enjoyed by said Assignee for its own use and benefit and for its successors, assigns and legal representatives, to the full end of the term for which patents may be granted as fully and entirely as the same would have been held and enjoyed by Assignor had this assignment not been made; and (2) Assignor hereby conveys any and all rights arising under or pursuant to any and all international agreements, treaties or laws relating to the protection of industrial property by filing any such applications for letters patent, any and all claims for damages by reason of past infringement of any Assigned Patent Rights, together with the right to sue for, collect, and retain the proceeds for any past, present, and future infringement of any such Assigned Patent Rights, any and all rights to initiate proceedings before government and administrative bodies, and any 

 

 

	
Certain information in this document has   been omitted and filed separately with the Securities and Exchange Commission   pursuant to Rule 24b-2 under the Securities Exchange Act of 1934.   Confidential treatment has been requested with respect to the omitted   portions. Double asterisks denote omissions.
    

 

and all files,  records and other materials arising from the prosecution, exploitation, or defense of rights and registrations pertaining to the applications or letters patents. Assignor hereby acknowledges that this assignment, being of Assignor’s entire right, title and interest in and to said applications and letters patents and the invention(s) described therein, carries with it the right in Assignee to apply for and obtain from competent authorities in all countries of the world any and all letters patent by attorneys and agents of Assignee’s selection and the right to procure the grant of all such letters patent to Assignee for its own name as assignee of the entire right, title and interest therein.

 

Assignor hereby authorizes and requests the U.S. Patent and Trademark Office, the Italian Patent and Trademark Office, the European Patent Office, the Canadian Intellectual Patent Office and any other applicable counterpart office to record the Assignee as the owner of the Assigned Patent Rights and to issue future patents granted on the patent applications listed above to the Assignee.

 

Assignor hereby confirms having agreed, and to the extent necessary does hereby agree, to cooperate upon reasonable request with Assignee, its successors and assigns, in proceedings or transactions involving the patents and patent applications included in the Assigned Patent Rights, including producing of evidence (such evidence to potentially include, but not be limited to, providing access, on a confidential basis to the extent allowed by applicable Italian laws and by any Applicable Law, to lab journals, patient records and/or correspondence related to the Assigned Patent Rights which are in possession of Assignor and signing an affidavit related thereto) reasonably necessary or desirable to secure allowance of the patent applications included in the Assigned Patent Rights, including but not limited to those listed above, and to perform any and all other acts reasonably necessary or desirable to vest in Assignee the entire right, title, and interest of the Assigned Patent Rights such that the Assigned Patent Rights will be held and enjoyed by Assignee, its successors and assigns, to the full end of the term for which patents may be granted. It is understood between the Parties that if it is necessary for Assignor to involve any lawyer and /or IP consultant and/or any other advisor for such cooperation with Assignee, Assignee shall pay all the out-of-pocket costs and fees reasonably incurred by Assignor deriving from such advisory/consulting services. Assignor promises to provide the required documents and to make all necessary signatures to record the Assigned Patent Rights in the register of the U.S. Patent and Trademark Office, the Italian Patent and Trademark Office, the European Patent Office, the Canadian Intellectual Patent Office and any other applicable counterpart office.

 

Assignor warrants that no assignment, sale, agreement, or encumbrance has been or will be made or entered into which would conflict with this Patent Assignment.

 

This Patent Assignment may be executed by the Assignor and Assignee in separate and several counterparts, each of which shall be an original, but which together shall constitute one and the same

 

31

 

	
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instrument. An executed signature page of this Patent Assignment delivered by facsimile or PDF transmission shall be as effective as an original executed signature page.

 

This Patent Assignment shall be binding upon and inure to the benefit of Assignor and Assignee and their respective successors and assigns.

 

[SIGNATURE PAGE FOLLOWS]

 

32

 

	
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ASSIGNOR

 

Professor Paolo Simioni

 

 

	
 
    	
 
    	
 
    
	
Professor Paolo Simioni
    	
 
    	
Date
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
WITNESSED
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Signature:
    	
 
    	
 
    	
Date:
    	
 
    
	
Print Name:
    	
 
    	
 
    	
 
    
	
Address:
    	
 
    	
 
    	
 
    

 

[Signature Page to Patent Assignment]

 

 

	
Certain information in this document has   been omitted and filed separately with the Securities and Exchange Commission   pursuant to Rule 24b-2 under the Securities Exchange Act of 1934.   Confidential treatment has been requested with respect to the omitted   portions. Double asterisks denote omissions.
    

 

ASSIGNEE

 

uniQure biopharma B.V.

 

 

	
 
    	
 
    	
 
    
	
[NAME, TITLE]
    	
 
    	
Date
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
WITNESSED
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Signature:
    	
 
    	
 
    	
Date:
    	
 
    
	
Print Name:
    	
 
    	
 
    	
 
    
	
Address:
    	
 
    	
 
    	
 
    

 

[Signature Page to Patent Assignment]

 

 

	
Certain information in this document has   been omitted and filed separately with the Securities and Exchange Commission   pursuant to Rule 24b-2 under the Securities Exchange Act of 1934.   Confidential treatment has been requested with respect to the omitted   portions. Double asterisks denote omissions.
    

 

Schedule A

 

Patents and Patent Applications

 

	
Country
    	
 
    	
Application
   Number
    	
 
    	
Application
   Date
    	
 
    	
Status
    	
 
    	
Patent
   Number
    	
 
    	
Grant
   Date
    	
 
    	
Title
    
	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    
	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    
	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    
	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    
	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    
	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    
	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**
    	
 
    	
**Exhibit 10.1

 

 

 

SHARE AND WARRANT PURCHASE AGREEMENT

 

among

 

GLOBUS MARITIME LIMITED

 

and

 

THE PURCHASERS NAMED ON SCHEDULE A
HERETO

 

 

  

    	 	 	 

     

    

 

TABLE OF CONTENTS

 

	Article I DEFINITIONS  	4
	 	 	 
	Section 1.1	Definitions	4
	 	 	 
	Article II AGREEMENT TO SELL AND PURCHASE  	8
	 	 	 
	Section 2.1	Sale and Purchase	8
	Section 2.2	Closing	8
	Section 2.3	Mutual Conditions	8
	Section 2.4	Each Purchaser’s Conditions	9
	Section 2.5	The Company’s Conditions	9
	Section 2.6	Company Deliveries	10
	Section 2.7	Purchaser Deliveries	11
	Section 2.8	Discounts	11
	Section 2.9	Independent Nature of Purchasers’ Obligations and Rights	11
	 	 	 
	Article III REPRESENTATIONS AND WARRANTIES OF
    THE COMPANY  	12
	 	 	 
	Section 3.1	Outstanding Shares; Capitalization	12
	Section 3.2	Subsidiaries	13
	Section 3.3	Permits to Conduct Operations	13
	Section 3.4	No Conflict	14
	Section 3.5	Approvals	14
	Section 3.6	Periodic Reports; Financial Statements	14
	Section 3.7	Due Authorization	15
	Section 3.8	Valid Issuance; No Preemptive Rights	15
	Section 3.9	Litigation	16
	Section 3.10	No Registration	16
	Section 3.11	No Integration	16
	Section 3.12	No General Solicitation or General Advertising; No Directed Selling Efforts	16
	Section 3.13	Certain Fees	17
	Section 3.14	Offering Materials	17
	Section 3.15	Absence of Certain Changes	17
	Section 3.16	No Undisclosed Events, Liabilities, Developments or Circumstances	17
	Section 3.17	Sarbanes-Oxley Act	17
	Section 3.18	Tax Status	18
	Section 3.19	Internal Accounting and Disclosure Controls	18
	Section 3.20	Off Balance Sheet Arrangements	18
	Section 3.21	Investment Company Status	18
	Section 3.22	Manipulation of Price	19
	Section 3.23	U.S. Real Property Holding Corporation	19
	Section 3.24	Bank Holding Company Act	19
	Section 3.25	Shell Company Status	19

 

 

    	 	 	 

     

    

 

	Section 3.26	Management	19
	Section 3.27	Share Option Plans	21
	Section 3.28	No Disagreements with Accountants and Lawyers	21
	Section 3.29	No Additional Agreements	21
	Section 3.30	Public Utility Holding Act	21
	Section 3.31	Federal Power Act	21
	Section 3.32	Disclosure	21
	Section 3.33	Bad Actor	22
	 	 	 
	Article IV REPRESENTATIONS AND WARRANTIES OF THE
    PURCHASERS  	22
	 	 	 
	Section 4.1	Existence	22
	Section 4.2	Authorization, Enforceability	22
	Section 4.3	No Breach	22
	Section 4.4	Certain Fees	23
	Section 4.5	No Side Agreements	23
	Section 4.6	Investment	23
	Section 4.7	Nature of Purchaser	23
	Section 4.8	Restricted Securities; Affiliate Status	24
	Section 4.9	Legend	24
	Section 4.10	Offshore Transaction	24
	Section 4.11	Trading Activities	24
	Section 4.12	No General Solicitation or General Advertising; No Directed Selling Efforts	24
	Section 4.13	Broker-Dealer Status	25
	Section 4.14	Transfer or Resale	25
	Section 4.15	Distribution Compliance Period	25
	Section 4.16	Offering Materials	25
	Section 4.17	Prohibited Transactions; No Short Sales	26
	 	 	 
	Article V COVENANTS  	26
	 	 	 
	Section 5.1	Taking of Necessary Action	26
	Section 5.2	Other Actions	26
	Section 5.3	Use of Proceeds	26
	Section 5.4	Existing Registration Rights Agreement	27
	Section 5.5	Fees	27
	Section 5.6	Pledge of Securities	27
	Section 5.7	Disclosure of Transactions and Other Material Information	27
	Section 5.8	Reservation of Shares	28
	Section 5.9	FAST Compliance	28
	Section 5.10	Directed Selling Efforts; General Solicitation	28
	Section 5.11	Integration	29
	Section 5.12	Transfer Agent Instructions	29
	Section 5.13	Legends	29
	Section 5.14	Removal of Legends	30
	Section 5.15	Failure to Timely Deliver; Buy-In	31
	Section 5.16	Regulation S Resale	32

 

    	 	2 	 

     

    

 

	Article VI MISCELLANEOUS  	32
	 	 	 
	Section 6.1	Interpretation	32
	Section 6.2	Survival of Provisions	33
	Section 6.3	No Waiver; Modifications in Writing	33
	Section 6.4	Binding Effect	34
	Section 6.5	Communications	34
	Section 6.6	Governing Law; Jurisdiction; Jury Trial	35
	Section 6.7	Successors and Assigns	36
	Section 6.8	Execution in Counterparts	36
	Section 6.9	Termination	36
	Section 6.10	Recapitalization, Exchanges, Etc. Affecting the Common Shares	37
	Section 6.11	No Third Party Beneficiaries	37
	Section 6.12	Further Assurances	37
	Section 6.13	Remedies	37
	Section 6.14	Withdrawal Right	37
	Section 6.15	Payment Set Aside; Currency	37
	Section 6.16	Severability; Maximum Payment Amounts	38
	Section 6.17	Judgment Currency	38

 

Schedule A — List of the Purchasers
and Commitment Amounts

Schedule B — Notice and Contact
Information

Exhibit A — Form of Registration
Rights Agreement

Exhibit B — Form of Warrant

 

    	 	3 	 

     

    

 

SHARE AND WARRANT PURCHASE AGREEMENT

 

This SHARE AND WARRANT
PURCHASE AGREEMENT, effective as of October 19, 2017 (this “Agreement”), is among Globus Maritime Limited,
a Marshall Islands corporation (the “Company”), and one or more purchasers listed on Schedule A hereof
(each a “Purchaser” and collectively, the “Purchasers”).

 

WHEREAS, the Company
desires to issue and sell to the Purchasers, and the Purchasers desire to purchase from the Company, the Purchased Securities
(as defined below), in accordance with the provisions of this Agreement in reliance on the exemption from securities registration
afforded by Section 4(a)(2) of the Securities Act (as defined below), Regulation S and/or another exemption from the registration
requirements of the Securities Act; and

 

WHEREAS, the Company
and certain of the Purchasers will enter into a registration rights agreement (the “Registration Rights Agreement”),
substantially in the form attached hereto as Exhibit A, pursuant to which the Company will provide certain Purchasers with
certain registration rights.

 

NOW THEREFORE, in
consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Company and each of the Purchasers, severally and not jointly, hereby agree as
follows:

 

Article
I

DEFINITIONS

 

Section 1.1         Definitions.
As used in this Agreement, and unless the context requires a different meaning, the following terms have the meanings indicated:

 

“6-K Filing”
has the meaning specified in Section 5.7.

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is
controlled by or is under common control with, the Person in question. As used herein, the term “control” means the
possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether
through ownership of voting securities, by contract or otherwise.

 

“Agreement”
has the meaning set forth in the introductory paragraph.

 

“BHCA”
has the meaning specified in Section 3.24.

 

“Business
Day” means a day other than (i) a Saturday or Sunday or (ii) any day on which banks located in New York, New York, U.S.A.
are authorized or obligated to close.

 

“Closing”
has the meaning specified in Section 2.2.

 

“Closing
Date” has the meaning specified in Section 2.2.

 

    	 	4 	 

     

    

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common Shares”
means the common shares, par value US$0.004 per share, of the Company.

 

“Company”
has the meaning set forth in the introductory paragraph.

 

“Company
Entities” and each a “Company Entity” means the Company and each of the Company’s Subsidiaries,
other than those Subsidiaries which, individually or in the aggregate, would not constitute a “significant subsidiary”
as defined in Regulation S-X.

 

“Company
SEC Documents” means the Company’s annual report on Form 20-F relating to the year ended December 31, 2016, and
all of the Company’s filings with the Commission thereafter.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations of the Commission
promulgated thereunder.

 

“Exchange
Rate” has the meaning specified in Section 6.15.

 

“Exercisable
Shares” means the Common Shares that may be issued pursuant to, and in accordance with, a properly exercised Warrant,
subject to and upon the terms and conditions contained therein.

 

“Existing
Registration Rights Agreement” means that certain Registration Rights Agreement by and among the Company and the shareholder
named therein, dated as of November 23, 2016.

 

“Federal
Reserve” has the meaning specified in Section 3.24.

 

“Financial
Statements” has the meaning specified in Section 3.6.

 

“Governmental
Authority” means, with respect to a particular Person, any country, state, county, city and political subdivision in
which such Person or such Person’s Property is located or that exercises valid jurisdiction over any such Person or such
Person’s Property, and any court, agency, department, commission, board, bureau or instrumentality of any of them and any
monetary authority that exercises valid jurisdiction over any such Person or such Person’s Property. Unless otherwise specified,
all references to Governmental Authority herein with respect to the Company mean a Governmental Authority having jurisdiction
over the Company, its Subsidiaries or any of their respective Properties.

 

“IFRS”
means international financial reporting standards.

 

“Judgment
Conversion Date” has the meaning specified in Section 6.17.

 

“Judgment
Currency” has the meaning specified in Section 6.17.

 

    	 	5 	 

     

    

 

“Law”
means any federal, state, local or foreign order, writ, injunction, judgment, settlement, award, decree, statute, law, rule or
regulation binding upon or applicable to the Company and the Purchasers.

 

“Lien”
means any mortgage, claim, encumbrance, pledge, lien (statutory or otherwise), security agreement, conditional sale or trust receipt
or a lease, consignment or bailment, preference or priority or other encumbrance upon or with respect to any property of any kind;
provided, however, that any charter or services contracts to which the Company’s vessels are subject shall not be deemed
“Liens.”

 

“Material
Adverse Effect” means any change or effect that is, or, based on the facts and circumstances, would be reasonably likely
to be materially adverse on the business, properties, assets, liabilities, operations (including results thereof), condition (financial
or otherwise) or prospects of the Company or any Subsidiary, individually or taken as a whole, except for any changes, events,
circumstances, conditions or effects that arise out of, result from or are attributable to: (i) changes in any laws, or in the
construction of any laws, or interpretations thereof or any new laws (including tax laws and environmental laws) adopted or approved
by any Governmental Authority; (ii) any changes in generally accepted accounted principles, international financial reporting
standards or interpretations thereof; (iii) changes in general regulatory or political conditions, including regulatory policy
or in the political or regulatory climate generally or in any specific region, including any acts of war or terrorist activities
or changes imposed by a Governmental Authority associated with national security; (iv) changes in general national, regional or
local economic or financial conditions; (v) changes in conditions or developments generally applicable to a market or industry
in which the Company and the Subsidiaries operate; (vi) changes in any financial, debt, credit, capital or banking markets or
conditions (including any disruption thereof); (vii) any change in the market price or trading volume of any securities or indebtedness
of the Company; (viii) changes in interest, currency or exchange rates or the price of any commodity, security or market index;
(ix) natural disasters, calamities, “acts of god” or other “force majeure” events affecting national,
regional, state or local matters; (x) weather conditions or customer use patterns; (xi) any effects or conditions proximately
caused by, or resulting from, the announcement or performance of this Agreement or the transactions contemplated hereby (including
any related loss of customers, suppliers, officers or employees or other commercial relationships or any action taken or requirements
imposed by any Governmental Authority in connection with the transactions contemplated hereby); or (xii) any action or omission
of the Company taken in compliance with or as required by this Agreement or at the written request or consent of the Purchasers,
contemplated by this Agreement or otherwise required by Law.

 

“Operative
Documents” means, collectively, this Agreement, the Warrant, the Registration Rights Agreement and any amendments, supplements,
continuations or modifications thereto.

 

“Person”
means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated organization,
association, government agency or political subdivision thereof or other form of entity.

 

“Press Release”
has the meaning specified in Section 5.7.

 

    	 	6 	 

     

    

 

“Property”
means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible.

 

“Purchase
Price” means, with respect to a particular Purchaser, the amount set forth opposite such Purchaser’s name under
the column titled “Purchase Price” set forth on Schedule A hereto.

 

“Purchased
Securities” means, with respect to a particular Purchaser, the number of Common Shares and Warrants set forth opposite
such Purchaser’s name as set forth on Schedule A.

 

“Purchased
Shares” means, with respect to a particular Purchaser, the number of Common Shares set forth opposite such Purchaser’s
name under the column titled “Common Shares” set forth on Schedule A.

 

“Purchaser
Trading Affiliates” has the meaning specified in Section 4.17.

 

“Purchasers”
has the meaning set forth in the introductory paragraph.

 

“Registration
Exemptions” means the rules and regulations of the Commission promulgated under the Securities Act by which securities
may be sold without filing a registration statement, including §§3-4 of the Securities Act, Regulation A, Regulation
D, Rule 701, Regulation S, Rule 144, and Rule 144A.

 

“Registration
Rights Agreement” has the meaning set forth in the recitals hereto.

 

“Required
Holders” has the meaning specified in Section 6.3(b).

 

“Rule 144”
means Rule 144 promulgated under the Securities Act (or a successor rule thereto).

 

“Securities
Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations of the Commission
promulgated thereunder.

 

“Securities”
means the Purchased Shares, the Warrants and the Warrant Shares.

 

“Short Sales”
means, without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange
Act, whether or not against the box, and forward sale contracts, options, puts, calls, short sales, “put equivalent positions”
(as defined in Rule 16a-1(h) under the Exchange Act) and similar arrangements, and sales and other transactions through non-U.S.
broker dealers or foreign regulated brokers.

 

“Subsidiary”
means, as to any Person, any corporation or other entity of which: (i) such Person or a Subsidiary of such Person is a general
partner or manager; (ii) at least a majority of the outstanding equity interest having by the terms thereof ordinary voting
power to elect a majority of the board of directors or similar governing body of such corporation or other entity (irrespective
of whether or not at the time any equity interest of any other class or classes of such corporation or other entity shall have
or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned or controlled
by such Person or one or more of its Subsidiaries; or (iii) any corporation or other entity as to which such Person consolidates
for accounting purposes.

 

    	 	7 	 

     

    

 

“Transaction”
has the meaning specified in Section 4.17.

 

“Transfer
Agent” has the meaning specified in Section 2.6(d).

 

“U.S. Dollars”
has the meaning specified in Section 6.15.

 

“Warrant”
means a warrant to purchase Common Shares in the form attached hereto as Exhibit B, and issued pursuant to this Agreement.

 

“Warrant
Shares” means the Common Shares issuable upon exercise of any Warrant.

 

Article
II

AGREEMENT TO SELL AND PURCHASE

 

Section 2.1         Sale
and Purchase. Subject to the terms and conditions hereof, the Company hereby agrees to issue and sell to each Purchaser and
each Purchaser hereby agrees, severally and not jointly, to purchase from the Company, its respective Purchased Securities, and
each Purchaser agrees, severally and not jointly, to pay to the Company the Purchase Price for the Purchased Shares and the relevant
Warrants. The obligations of each Purchaser under this Agreement are independent of the obligations of each other Purchaser, and
the failure or waiver of performance by any Purchaser does not excuse performance by any other Purchaser or by the Company.

 

Section 2.2         Closing.
Subject to the terms and conditions hereof, the consummation of the purchase and sale of the Purchased Securities hereunder (the
“Closing”) shall take place at 10:00 a.m., New York time, on the first (1st) Business Day on which the conditions
to the Closing set forth in Sections 2.3, 2.4 and 2.5 below are satisfied or waived (or such other date as is mutually agreed
to by the Company and each Purchaser) at the offices of at the offices of the Company or at such other location or on such other
date as mutually agreed by the parties hereto (the “Closing Date”). The parties hereto agree that the Closing
may occur via delivery of facsimiles or other electronic transmission of this Agreement and other closing deliveries.

 

Section 2.3         Mutual
Conditions. The respective obligations of each party hereto to consummate the purchase and issuance and sale of the Purchased
Securities shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions (any or all
of which may be waived by a party hereto on behalf of itself in writing, in whole or in part, to the extent permitted by Law):

 

(a)       no
Law shall have been enacted or promulgated, and no action shall have been taken, by any Governmental Authority of competent jurisdiction
that temporarily, preliminarily or permanently restrains, precludes, enjoins or otherwise prohibits the consummation of the transactions
contemplated hereby or makes the transactions contemplated hereby illegal; and

 

    	 	8 	 

     

    

 

(b)       Nasdaq
shall have communicated (which may be oral) that its review of the transactions contemplated by this Agreement is complete or
that it is no longer reviewing the transactions contemplated by this Agreement.

 

Section 2.4         Each
Purchaser’s Conditions. Each Purchaser’s obligation to consummate the purchase of the Purchased Securities shall
be subject to the satisfaction on or prior to the Closing Date of each of the following conditions (any or all of which may be
waived by a particular Purchaser on behalf of itself in writing with respect to its Purchased Securities, in whole or in part,
to the extent permitted by applicable Law):

 

(a)       The
Company shall have performed and complied with the covenants and agreements contained in this Agreement that are required to be
performed and complied with by the Company on or prior to the Closing Date;

 

(b)       (i)
The representations and warranties of the Company contained in this Agreement that are qualified by materiality or a Material
Adverse Effect shall be true and correct in all respects when made and as of the Closing Date as if made on and as of the Closing
Date (except that any such representations and warranties made as of a specific date shall be required to be true and correct
as of such date only) and (ii) all other representations and warranties of the Company shall be true and correct in all material
respects as of the Closing Date as if made on and as of the Closing Date (except that any such representations and warranties
made as of a specific date shall be required to be true and correct in all material respects as of such date only);

 

(c)       Since
the date of execution of this Agreement, no Material Adverse Effect has occurred; and

 

(d)       The
Company shall have delivered, or caused to be delivered, to such Purchaser at the Closing, the Company’s closing deliveries
described in Section 2.6.

 

By acceptance of the
Purchased Securities, each Purchaser shall be deemed to have represented to the Company that such Purchaser has performed and
complied with the covenants and agreements contained in this Agreement that are required to be performed and complied with by
it on or prior to the Closing Date; and the representations and warranties of such Purchaser contained in this Agreement that
are qualified by materiality are true and correct as of the Closing Date (except that any such representations and warranties
made as of a specific date shall be required to be true and correct as of such date only) and all other representations and warranties
of such Purchaser are true and correct in all material respects as of the Closing Date (except that any such representations and
warranties made as of a specific date shall be required to be true and correct in all material respects as of such date only).

 

Section 2.5         The
Company’s Conditions. The obligation of the Company to consummate the sale of the Purchased Securities to a Purchaser
shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions with respect to such
Purchaser (any or all of which may be waived by the Company in writing, in whole or in part, to the extent permitted by Law):

 

    	 	9 	 

     

    

 

(a)       (i)
the representations and warranties of such Purchaser contained in this Agreement that are qualified by materiality shall be true
and correct when made and as of the Closing Date (except that any such representations and warranties made as of a specific date
shall be required to be true and correct as of such date only) and (ii) all other representations and warranties of such Purchaser
shall be true and correct in all material respects as of the Closing Date (except that any such representations of such Purchaser
made as of a specific date shall be required to be true and correct in all material respects as of such date only); and

 

(b)       such
Purchaser shall have delivered, or caused to be delivered, to the Company at the Closing such Purchaser’s closing deliveries
described in Section 2.7.

 

Section 2.6         Company
Deliveries. At the Closing, subject to the terms and conditions hereof, the Company will deliver, or cause to be delivered,
to each Purchaser (any or all of which may be waived by a particular Purchaser on behalf of itself, in whole or in part, to the
extent permitted by applicable Law):

 

(a)       The
Purchased Shares by electronic delivery to each Purchaser’s designated book-entry account with Computershare (it being understood
that the Purchased Shares shall be issued only after receipt by the Company of the full Purchase Price);

 

(b)       An
opinion of Watson Farley & Williams LLP, the Company’s counsel, dated as of the Closing Date, in the form reasonably
acceptable to such Purchaser (it being understood that such opinion shall be issued after the issuance of the Purchased Securities);

 

(c)       A
scan of a certified copy of the Articles of Incorporation as certified by the Registrar of Corporations of the Republic of the
Marshall Islands within ten (10) days of the Closing Date;

 

(d)       A
copy of the Irrevocable Transfer Agent Instructions, in the form reasonably acceptable to such Purchaser, which instructions shall
have been delivered to the transfer agent of the Company (the “Transfer Agent”);

 

(e)       A
letter from the Company’s transfer agent certifying the number of Common Shares outstanding on the Closing Date immediately
prior to the Closing;

 

(f)       A
certificate, in the form acceptable to such Purchaser, executed by the Secretary of the Company and dated as of the Closing Date,
as to (i) the resolutions with respect to the transactions contemplated hereby adopted by the Company's in a form reasonably acceptable
to such Purchaser, (ii) the Articles of Incorporation of the Company and (iii) the Bylaws of the Company as in effect at the Closing;

 

(g)       A
certificate duly executed by the Chief Executive Officer of the Company, dated as of the Closing Date certifying that each and
every representation and warranty of the Company that are qualified by materiality or Material Adverse Effect shall be true and
correct as of the Closing Date as though originally made at that time (except for representations and warranties that speak as
of a specific date, which shall be true and correct as of such specific date) and that each and every other representation and
warranty of the Company shall be true and correct in all material respects as of the Closing Date as though originally made at
that time (except for representations and warranties that speak as of a specific date, which shall be true and correct in all
material respects as of such specific date) and the Company shall have performed, satisfied and complied in all respects with
the covenants, agreements and conditions required to be performed, satisfied or complied with by the Company at or prior to the
Closing Date and as to such other matters as may be reasonably requested by such Purchaser in the form acceptable to such Purchaser;

 

    	 	10 	 

     

    

 

(h)       A
scan of a certificate of the Registrar of Corporations of the Republic of the Marshall Islands, dated a recent date, to the effect
that the Company is in good standing;

 

(i)       A
Warrant for the relevant number of Common Shares as indicated on Schedule A executed by the Company;

 

(j)       A
copy of the Registration Rights Agreement executed by the Company; and

 

(k)       A
cross-receipt executed by the Company and delivered to each Purchaser certifying that it has received the Purchase Price from
such Purchaser as of the Closing Date.

 

Section 2.7         Purchaser
Deliveries. At the Closing, subject to the terms and conditions hereof, each Purchaser will deliver, cause to be delivered,
or shall have delivered to the Company (unless waived by the Company):

 

(a)       Payment
of the Purchase Price to the Company by wire transfer of immediately available funds to an account or accounts designated by the
Company in writing at least two Business Days prior to the Closing Date (which bank accounts shall include the Company’s
service providers including lawyers, financial advisers and accountants, as applicable);

 

(b)       A
copy of the Registration Rights Agreement executed by each Purchaser party thereto; and

 

(c)       A
cross-receipt executed by such Purchaser and delivered to the Company certifying that it has received each of the Purchased Shares
and Warrant as of the Closing Date.

 

Section 2.8         Discounts.
The payment by a Purchaser of any and all amounts pursuant to this Agreement shall be without discount or any other right of setoff.

 

Section 2.9         Independent
Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under the Operative Documents are several
and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance
of the obligations of any other Purchaser under any Operative Document. Nothing contained herein or in any other Operative Document,
and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as, and the Company
acknowledges that the Purchasers do not so constitute, a partnership, an association, a joint venture or any other kind of group
or entity, or create a presumption that the Purchasers are in any way acting in concert or as a group or entity, and the Company
shall not assert any such claim with respect to such obligations or the transactions contemplated by the Operative Documents or
any matters, and the Company acknowledges that the Purchasers are not acting in concert or as a group, and the Company shall not
assert any such claim, with respect to such obligations or the transactions contemplated by the Operative Documents. The decision
of each Purchaser to purchase Securities pursuant to the Operative Documents has been made by such Purchaser independently of
any other Purchaser. Each Purchaser acknowledges that no other Purchaser has acted as agent for such Purchaser in connection with
such Purchaser making its investment hereunder and that no other Purchaser will be acting as agent of such Purchaser in connection
with monitoring such Purchaser’s investment in the Purchased Securities or enforcing its rights under the Operative Documents.
The Company and each Purchaser confirms that each Purchaser has independently participated with the Company in the negotiation
of the transaction contemplated hereby with the advice of its own counsel and advisors. Each Purchaser shall be entitled to independently
protect and enforce its rights, including, without limitation, the rights arising out of this Agreement or out of any other Operative
Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such
purpose. The use of a single agreement to effectuate the purchase and sale of the Purchased Securities contemplated hereby was
solely in the control of the Company, not the action or decision of any Purchaser, and was done solely for the convenience of
the Company and not because it was required or requested to do so by any Purchaser. It is expressly understood and agreed that
each provision contained in this Agreement and in each other Operative Document is between the Company and a Purchaser, solely,
and not between the Company and the Purchasers collectively and not between and among the Purchasers.

 

    	 	11 	 

     

    

 

Article
III

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The Company represents
and warrants to each Purchaser as follows:

 

Section 3.1         Outstanding
Shares; Capitalization.

 

(a)       As
of the date of this Agreement, prior to the sale of the Purchased Securities and issuance of the Purchased Shares as contemplated
hereby, the Company has 28,145,085 issued and outstanding Common Shares, no issued and outstanding Series A preferred shares,
and no issued and outstanding Class B shares. The Company has issued warrants entitling their holders to the purchase an aggregate
of 32,380,017 Common Shares at a price of $1.60 per Common Share, of which 507,000 Common Shares have been exercised.

 

(b)       All
of such issued and outstanding Common Shares were duly authorized and have been validly issued and are fully paid and nonassessable.
There are currently no Common Shares that are reserved for issuance pursuant to Convertible Securities (as defined below) (other
than the Warrants and, warrants issued in February 2017). As of the date hereof, to the knowledge of the Company, based on public
filings, the Persons who are “affiliates” (as defined in Rule 405 of the Securities Act and calculated based on the
assumption that only executive officers, directors and holders of at least 10% of the Company’s issued and outstanding Common
Share are “affiliates” without conceding that any such Persons are “affiliates” for purposes of federal
securities laws) of the Company are the current executive officers and directors of the Company and Mr. Georgios Feidakis and
his Affiliates.

 

(c)       Except
as disclosed in the Company SEC Documents: (A) none of the Company’s shares, interests or share capital is subject to preemptive
rights or any other similar rights or Liens suffered or permitted by the Company; (B) except for warrants issued in February 2017,
there are no outstanding options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating
to, or securities or rights convertible into, or exercisable or exchangeable for, any shares, interests or share capital of the
Company, or contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries is or may become
bound to issue additional shares, interests or share capital of the Company or any of its Subsidiaries or options, warrants, scrip,
rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into,
or exercisable or exchangeable for, any shares, interests or share capital of the Company or any of its Subsidiaries; (C) there
are no agreements or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale of any
of their securities under the Securities Act (except pursuant to the Existing Registration Rights Agreement, the Registration
Rights Agreement, and the registration rights agreement dated February 9, 2017); (D) there are no outstanding securities or instruments
of the Company or any of its Subsidiaries which contain any redemption or similar provisions, and there are no contracts, commitments,
understandings or arrangements by which the Company or any of its Subsidiaries is or may become bound to redeem a security of
the Company or any of its Subsidiaries, other than as set forth in the Certificate of Designation, Preferences and Rights of Series
A Preferred Stock; (E) there are no securities or instruments containing anti-dilution or similar provisions that will be triggered
by the issuance of the Securities; and (F) neither the Company nor any Subsidiary has any share appreciation rights or “phantom
share” plans or agreements or any similar plan or agreement.

 

    	 	12 	 

     

    

 

Section 3.2         Subsidiaries.
The Company owns, directly or indirectly, the equity interests of the Subsidiaries as described in the Company SEC Documents,
other than Elysium Maritime Limited (which has been dissolved). Such equity interests have been duly authorized and validly issued
in accordance with the organizational documents of each Subsidiary, and are fully paid (to the extent required under such organizational
documents) and nonassessable (except as such nonassessability may be affected by the applicable statutes of the jurisdiction of
formation of the applicable Subsidiary and the relevant organizational documents); and the Company owns such equity interests
free and clear of all Liens except for Liens pursuant to credit agreements and related security agreements disclosed in or referred
to in the Company SEC Documents.

 

Section 3.3         Permits
to Conduct Operations. Each of the Company Entities has been duly
domesticated, incorporated or formed, as the case may be, and is validly existing as a corporation in good standing under the
Laws of its jurisdiction of domestication or incorporation or formation, as applicable, and has the full corporate power and authority,
and to the Company’s knowledge has all governmental licenses, authorizations, consents and approvals, necessary to own,
lease or hold its Properties and assets and to conduct the businesses in which it is engaged, and is duly registered or qualified
to do business and in good standing as a foreign corporation in each jurisdiction in which its ownership or lease of Property
or the conduct of its business requires such qualification, except where the failure to so register or qualify would not reasonably
be expected to a Material Adverse Effect on the condition (financial
or other), results of operations, shareholders’ equity, Properties, business, assets or prospects of the Company Entities
taken as a whole, the ability of the Company to meet its obligations under the Operative Documents or the ability of the Company
to consummate the transactions under any Operative Document on a timely basis, and unless otherwise disclosed in the Company
SEC Documents neither the Company nor any such Subsidiary has received any notice of proceedings relating to the revocation or
modification of any such certificate, authorization or permit, except where such potential revocation or modification would not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. The execution and delivery of this
Agreement and the other Operative Documents by the Company, and the consummation by the Company of the transactions contemplated
hereby and thereby (including, without limitation, the issuance of the Purchased Shares and the issuance of the Warrants and the
reservation for issuance and issuance of the Warrant Shares issuable upon exercise of the Warrants) have been duly authorized
by the Company’s board of directors and (other than the filing with the Commission of one or more registration statements
in accordance with the requirements of the Registration Rights Agreement) no further filing, consent or authorization is required
by the Company, its board of directors or its shareholders is required, except as disclosed in Section 2.3(b).

 

    	 	13 	 

     

    

 

Section 3.4         No
Conflict. None of (i) the offering, issuance and sale by the Company
of the Purchased Securities and the application of the proceeds therefrom, (ii) the execution, delivery and performance of the
Operative Documents by the Company, or (iii) the consummation of the transactions contemplated hereby or thereby, conflicts or
will conflict with, or results or will result in a breach or violation of or imposition of any Lien upon any Property or assets
of the Company Entities pursuant to, (A) the formation or governing documents of any of the Company Entities, (B) any Law
applicable to any of the Company Entities or injunction of any court or governmental agency or body to which any of the Company
Entities of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having
jurisdiction over any of the Company Entities or any of their Properties, (C) conflict with, or constitute a default (or an event
which with notice or lapse of time or both would become a default) in any respect under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company or any of its Subsidiaries
is a party, or (D) result in a violation of any law, rule, regulation, order, judgment or decree (including, without limitation,
foreign, federal and state securities laws and regulations and the rules and regulations of Nasdaq, except with respect to clauses
(B), (C) and (D) above, for such conflict, breach, violation or default that would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect.

 

Section 3.5         Approvals.
Except as required by the Commission in connection with the Company’s obligations under the Registration Rights Agreement,
to our knowledge, no authorization, consent, approval, waiver, license, qualification or written exemption from, nor any filing,
declaration, qualification or registration with, any Governmental Authority or any other Person is required in connection with
the execution, delivery or performance by the Company of any of the Operative Documents to which it is a party or the Company’s
issuance and sale of the Purchased Securities, except (i) as may be required under the state securities or “Blue Sky”
Laws, (ii) where the failure to receive such authorization, consent, approval, waiver, license, qualification or written exemption
or to make such filing, declaration, qualification or registration would not reasonably be expected to have, individually or in
the aggregate, a Material Adverse Effect, or (iii) any notifications or applications to Nasdaq and receipt of confirmation that
Nasdaq has completed its review.

 

    	 	14 	 

     

    

 

 

Section 3.6         Periodic
Reports; Financial Statements. During the two years prior to the date hereof, the Company has timely filed all reports, schedules,
forms, statements and other documents required to be filed by it with the Commission pursuant to the reporting requirements of
the Exchange Act for companies with similar characteristics, including size and foreign private issuer status of, the Company.
The Company SEC Documents, including any audited or unaudited financial statements and any notes thereto or schedules included
therein, at the time filed (or in the case of registration statements, solely on the dates of effectiveness) (except to the extent
corrected by a subsequent Company SEC Document) (a) did not contain any untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading, and (b) fairly present (subject in the case of unaudited statements to normal
and recurring audit adjustments) in all material respects the consolidated financial position of the Company and its consolidated
Subsidiaries as of the dates thereof and the consolidated results of its operations and cash flows for the periods then ended.
The reserves, if any, established by the Company or the lack of reserves, if applicable, are reasonable based upon facts and circumstances
known by the Company on the date hereof and there are no loss contingencies that are required to be accrued by the Statement of
Financial Accounting Standard No. 5 of the Financial Accounting Standards Board which are not provided for by the Company in its
financial statements or otherwise. No other information provided by or on behalf of the Company to any of the Purchasers which
is not included in the Company SEC Documents contains any untrue statement of a material fact or omits to state any material fact
necessary in order to make the statements therein not misleading, in the light of the circumstance under which they are or were
made. The Company is not currently contemplating to amend or restate any of the financial statements (including, without limitation,
any notes or any letter of the independent accountants of the Company with respect thereto) included in the Company SEC Documents
(the “Financial Statements”), nor is the Company currently aware of facts or circumstances which would require
the Company to amend or restate any of the Financial Statements, in each case, in order for any of the Financials Statements to
be in compliance with IFRS and the rules and regulations of the Commission. The Company has not been informed in writing by its
independent accountants that they recommend that the Company amend or restate any of the Financial Statements or that there is
any need for the Company to amend or restate any of the Financial Statements.

 

Section 3.7         Due
Authorization. Each of the Operative Documents has been duly and validly authorized, and constitutes, or will constitute,
the legal, valid and binding obligations of the Company, enforceable in accordance with its terms, except as such enforceability
may be limited by bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting creditors’
rights and by general principles of equity, including principles of commercial reasonableness, fair dealing and good faith.

 

Section 3.8         Valid
Issuance; No Preemptive Rights. Each of (i) the Purchased Shares to be issued and sold pursuant to this Agreement have been,
and, (ii) upon the due exercise of Warrant, the Exercisable Shares shall be, duly authorized in accordance with the articles of
incorporation of the Company and, when issued and delivered after full payment therefor has been received, will be validly issued,
fully paid and non-assessable and free from all preemptive or similar rights. As of the Closing, the Company shall have reserved
from its duly authorized share capital not less than 100% of the maximum number of Warrant Shares initially issuable upon exercise
of the Warrants (without taking into account any limitations on the exercise of the Warrants set forth therein).

 

    	 	15 	 

     

    

 

 

Section 3.9         Litigation.
As of the date hereof, except as described in the Company SEC Documents, there are no legal or governmental proceedings pending
to which any Company Entity is a party or to which any Property or asset of any Company Entity is subject that could reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect or which challenges the validity of any of the
Operative Documents or the right of the Company to enter into any of the Operative Documents or to consummate the transactions
contemplated hereby and thereby and, to the knowledge of the Company, no such proceedings are threatened by Governmental Authorities
or others. No director, officer or employee of the Company or any of its subsidiaries has willfully violated 18 U.S.C. §1519
or engaged in spoliation in reasonable anticipation of litigation. Without limitation of the foregoing, there has not been, and
to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company,
any of its Subsidiaries or any current director or officer of the Company or any of its Subsidiaries. After reasonable inquiry
of its employees, the Company is not aware of any fact which might result in or form the basis for any such action, suit, arbitration,
investigation, inquiry or other proceeding. Neither the Company nor any of its Subsidiaries is subject to any order, writ, judgment,
injunction, decree, determination or award of any Governmental Authority.

 

Section 3.10         No
Registration. Assuming the accuracy of the representations and warranties of each Purchaser contained in this Agreement, the
issuance and sale of the Purchased Securities pursuant to this Agreement is exempt from registration requirements of the Securities
Act, and neither the Company nor, to the knowledge of the Company, any authorized representative acting on its behalf, has taken
or will take any action hereafter that would cause the loss of such exemption. The Company and any person acting on his behalf
have complied and will comply with the “offering restrictions” requirements of Regulation S under the Securities Act.

 

Section 3.11         No
Integration. Neither the Company nor any of its Affiliates have, directly or indirectly through any agent, sold, offered for
sale, solicited offers to buy or otherwise negotiated in respect of, any “security” (as defined in the Securities
Act) that is or will be integrated with the sale of the Purchased Securities in a manner that would require registration under
the Securities Act.

 

Section 3.12         No
General Solicitation or General Advertising; No Directed Selling Efforts. Neither the Company nor any Person acting on behalf
of the Company has offered or sold any of the Purchased Securities by any form of general solicitation or general advertising
(within the meaning of Regulation D promulgated under the Securities Act, and including (1) any advertisement, article, notice
or other communication published in any newspaper, magazine, or similar media or broadcast over television, radio, or the internet;
and (2) any seminar or meeting whose attendees have been invited by any general solicitation or general advertising) nor has it
seen or been aware of any activity that, to its knowledge, constitutes general solicitation or general advertising. Neither the
Company nor any Person acting on behalf of the Company has engaged in any “directed selling efforts” (as defined in
Regulation S under the Securities Act) in the United States in respect of the Purchased Securities, which would include any activities
undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United
States for the resale of the Purchased Securities, including placing an advertisement in a publication with a general circulation
in the United States, nor has it seen or been aware of any activity that, to its knowledge, constitutes directed selling efforts
in the United States.

 

    	 	16 	 

     

    

 

 

Section 3.13         Certain
Fees. There are no fees or commissions are or will be payable by the Company to brokers, finders, or investment bankers with
respect to the sale and purchase of any of the Purchased Securities or the issuance of the Exercisable Shares or the consummation
of the transaction contemplated by this Agreement.

 

Section 3.14         Offering
Materials. Neither the Company nor any agents of the Company provided to potential purchasers any offering materials or other
documents in connection with offer and sale of the Purchased Securities.

 

Section 3.15         Absence
of Certain Changes. Since the date of the Company’s most recent audited financial statements contained in a Form 20-F,
except as otherwise provided in the Company SEC Documents, there has been no material adverse change and no material adverse development
in the business, assets, liabilities, properties, operations (including results thereof), condition (financial or otherwise) or
prospects of the Company or any of its Subsidiaries. Since the date of the Company’s most recent audited financial statements
contained in a Form 20-F, except as otherwise provided in the Company SEC Documents, (i) the Company has not declared or paid
any dividends, (ii) neither the Company nor any of its Subsidiaries has sold any assets, individually or in the aggregate, outside
of the ordinary course of business or (iii) neither the Company nor any of its Subsidiaries has made any capital expenditures,
individually or in the aggregate, outside of the ordinary course of business. Neither the Company nor any of its Subsidiaries
has taken any steps to seek protection pursuant to any law or statute relating to bankruptcy, insolvency, reorganization, receivership,
liquidation or winding up, nor does the Company or any Subsidiary have any knowledge that any of their respective creditors intend
to initiate involuntary bankruptcy proceedings. Neither the Company nor any of its Subsidiaries has engaged in any business or
in any transaction, and is not about to engage in any business or in any transaction, for which the Company’s or such Subsidiary’s
remaining assets constitute unreasonably small capital with which to conduct the business in which it is engaged as such business
is now conducted and is proposed to be conducted.

 

Section 3.16         No
Undisclosed Events, Liabilities, Developments or Circumstances. No event, liability, development or circumstance has occurred
or exists, or is reasonably expected to exist or occur with respect to the Company, any of its Subsidiaries or any of their respective
businesses, properties, liabilities, prospects, operations (including results thereof) or condition (financial or otherwise),
that could have a Material Adverse Effect, other than an event, liability, development or circumstance for which the Purchaser
is aware exists or is reasonably expected to exist or occur, including the current and future state of the drybulk shipping market
and operational risks of a shipping company including offhire, arrests, casualties, and damage to ships.

 

Section 3.17         Sarbanes-Oxley
Act. The Company and each Subsidiary is in compliance with any and all applicable requirements of the Sarbanes-Oxley Act of
2002, as amended, and any and all applicable rules and regulations promulgated by the Commission thereunder for companies that
are similar size and type of the Company.

 

    	 	17 	 

     

    

 

 

Section 3.18         Tax
Status. The Company and each of its Subsidiaries (a) has timely made or filed all material foreign, federal and state income
and all other material tax returns, reports and declarations required by any jurisdiction to which it is subject, (b) has timely
paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such
returns, reports and declarations, except those being contested in good faith and (c) has set aside on its books provision reasonably
adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply.
There are no unpaid taxes in any material amount claimed to be due in writing to the Company or applicable Subsidiary by the taxing
authority of any jurisdiction, and the officers of the Company and its Subsidiaries know of no basis for any such claim.

 

Section 3.19         Internal
Accounting and Disclosure Controls. The Company and each of its Subsidiaries maintains internal control over financial reporting
(as such term is defined in Rule 13a-15(f) under the Exchange Act) that is effective to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles, including that (i) transactions are executed in accordance with management’s general or
specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity
with generally accepted accounting principles and to maintain asset and liability accountability, (iii) access to assets or incurrence
of liabilities is permitted only in accordance with management’s general or specific authorization and (iv) the recorded
accountability for assets and liabilities is compared with the existing assets and liabilities at reasonable intervals and appropriate
action is taken with respect to any difference. The Company maintains disclosure controls and procedures (as such term is defined
in Rule 13a-15(e) under the Exchange Act) that are effective in ensuring that information required to be disclosed by the Company
in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time
periods specified in the rules and forms of the Commission, including, without limitation, controls and procedures designed to
ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act
is accumulated and communicated to the Company’s management, including its principal executive officer or officers and its
principal financial officer or officers, as appropriate, to allow timely decisions regarding required disclosure. Neither the
Company nor any of its Subsidiaries has received any written notice or correspondence from any accountant, Governmental Authority
or other Person relating to any potential material weakness or significant deficiency in any part of the internal controls over
financial reporting of the Company or any of its Subsidiaries.

 

Section 3.20         Off
Balance Sheet Arrangements. There is no transaction, arrangement, or other relationship between the Company or any of its
Subsidiaries and an unconsolidated or other off balance sheet entity that is required to be disclosed by the Company in its Exchange
Act filings and is not so disclosed, unless it would not reasonably likely have a Material Adverse Effect.

 

Section 3.21         Investment
Company Status. The Company is not, and upon consummation of the sale of the Purchased Securities will not be, required to
register as an investment company as such term is defined in the Investment Company Act of 1940, as amended.

 

    	 	18 	 

     

    

 

 

Section 3.22         Manipulation
of Price. Neither the Company nor any of its Subsidiaries has, and, to the knowledge of the Company, no Person acting on their
behalf has, directly or indirectly, (i) taken any action designed to cause or to result in the stabilization or manipulation of
the price of any security of the Company or any of its Subsidiaries to facilitate the sale or resale of any of the Purchased Securities,
or (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Purchased Securities.

 

Section 3.23         U.S.
Real Property Holding Corporation. The Company is not and has never been, a U.S. real property holding corporation within
the meaning of Section 897 of the U.S. Internal Revenue Code of 1986.

 

Section 3.24         Bank
Holding Company Act. Neither the Company nor any of its Subsidiaries is subject to the Bank Holding Company Act of 1956, as
amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System (the “Federal
Reserve”). Neither the Company nor any of its Subsidiaries or affiliates owns or controls, directly or indirectly, five
percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent (25%) or more of the total
equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither the Company nor any
of its Subsidiaries or affiliates exercises a controlling influence over the management or policies of a bank or any entity that
is subject to the BHCA and to regulation by the Federal Reserve.

 

Section 3.25         Shell
Company Status. The Company is not, and has never been, an issuer identified in, or subject to, Rule 144(i).

 

Section 3.26         Management.
Except as set forth in Schedule 3.26 hereto, during the past five year period, no current or former officer or director
or, to the knowledge of the Company, no current ten percent (10%) or greater shareholder of the Company or any of its Subsidiaries
has been the subject of:

 

(i)           a
petition under bankruptcy laws or any other insolvency or moratorium law or the appointment by a court of a receiver, fiscal agent
or similar officer for such Person, or any partnership in which such person was a general partner at or within two years before
the filing of such petition or such appointment, or any corporation or business association of which such person was an executive
officer at or within two years before the time of the filing of such petition or such appointment;

 

(ii)          a
conviction in a criminal proceeding or a named subject of a pending criminal proceeding (excluding traffic violations that do
not relate to driving while intoxicated or driving under the influence);

 

(iii)          any
order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently
or temporarily enjoining any such person from, or otherwise limiting, the following activities:

 

(1)       Acting
as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage
transaction merchant, any other person regulated by the United States Commodity Futures Trading Commission or an associated person
of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person,
director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing
any conduct or practice in connection with such activity;

 

    	 	19 	 

     

    

 

 

(2)       Engaging
in any particular type of business practice; or

 

(3)       Engaging
in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of securities
laws or commodities laws;

 

(iv)       any
order, judgment or decree, not subsequently reversed, suspended or vacated, of any authority barring, suspending or otherwise
limiting for more than sixty (60) days the right of any such person to engage in any activity described in the preceding sub paragraph,
or to be associated with persons engaged in any such activity;

 

(v)       a
finding by a court of competent jurisdiction in a civil action or by the Commission or other authority to have violated any securities
law, regulation or decree and the judgment in such civil action or finding by the Commission or any other authority has not been
subsequently reversed, suspended or vacated; or

 

(vi)       a
finding by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated
any federal commodities law, and the judgment in such civil action or finding has not been subsequently reversed, suspended or
vacated.

 

    	 	20 	 

     

    

 

 

Section 3.27         Share
Option Plans. Each share option granted by the Company was granted (i) in accordance with the terms of the applicable share
option plan of the Company and (ii) with an exercise price at least equal to the fair market value of the Common Share on the
date such share option would be considered granted under IFRS and applicable law. No share option granted under the Company’s
share option plan has been backdated. The Company has not knowingly granted, and there is no and has been no policy or practice
of the Company to knowingly grant, share options prior to, or otherwise knowingly coordinate the grant of share options with,
the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial
results or prospects.

 

Section 3.28         No
Disagreements with Accountants and Lawyers. There are no material disagreements of any kind presently existing, or reasonably
anticipated by the Company to arise, between the Company and the accountants and lawyers formerly or presently employed by the
Company.

 

Section 3.29         No
Additional Agreements. The Company does not have any agreement or understanding with any Purchaser with respect to the transactions
contemplated by the Operative Documents other than as specified in the Operative Documents or as contemplated herein or therein.

 

Section 3.30         Public
Utility Holding Act. None of the Company nor any of its Subsidiaries is a “holding company,” or an “affiliate”
of a “holding company,” as such terms are defined in the Public Utility Holding Act of 2005.

 

Section 3.31         Federal
Power Act. None of the Company nor any of its Subsidiaries is subject to regulation as a “public utility” under
the Federal Power Act, as amended.

 

Section 3.32         Disclosure.
The Company confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or their agents
or counsel with any information that constitutes or could reasonably be expected to constitute material, non-public information
concerning the Company or any of its Subsidiaries, other than the existence of the transactions contemplated by or referenced
in this Agreement and the other Operative Documents. The Company understands and confirms that each of the Purchasers will rely
on the foregoing representations in effecting transactions in securities of the Company. All disclosure provided to the Purchasers
regarding the Company and its Subsidiaries, their businesses and the transactions contemplated hereby, including the schedules
to this Agreement, furnished by or on behalf of the Company or any of its Subsidiaries is true and correct and does not contain
any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein,
in the light of the circumstances under which they were made, not misleading. Each press release issued by the Company or any
of its Subsidiaries during the twelve (12) months preceding the date of this Agreement did not at the time of release contain
any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to
make the statements therein, in the light of the circumstances under which they are made, not misleading. No event or circumstance
has occurred or information exists with respect to the Company or any of its Subsidiaries or its or their business, properties,
liabilities, prospects, operations (including results thereof) or conditions (financial or otherwise), which, under applicable
law, rule or regulation, requires public disclosure at or before the date hereof or announcement by the Company but which has
not been so publicly disclosed.

 

    	 	21 	 

     

    

 

 

Section 3.33         Bad
Actor. The Company, its officers, directors and its beneficial owners of 20% or more of the Company’s outstanding voting
equity securities, calculated on the basis of voting power is not subject to any of the “Bad Actor” disqualifications
described in Rule 506(d)(1)(i) to (viii) under the Securities Act, except for an event covered by Rule 506(d)(2) or (d)(3) under
the Securities Act. The Company has exercised reasonable care to determine whether any officer, director or beneficial owner is
subject to a Disqualification Event. The purchase of the Purchased Securities or the exercise of the Warrant by any Purchaser
will not subject the Company to any disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act. There
are no matters that would have triggered disqualification under Rule 506(d)(1) under the Securities Act but occurred before September
23, 2013.

 

Article
IV

REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS

 

Each Purchaser, severally
and not jointly, hereby represents and warrants to the Company that:

 

Section 4.1         Existence.
Such Purchaser is duly organized and validly existing and in good standing under the Laws of its jurisdiction of organization,
with all requisite power and authority to own, lease, use and operate its Properties and to conduct its business as currently
conducted.

 

Section 4.2         Authorization,
Enforceability. Such Purchaser has all necessary corporate, limited liability company, partnership or similar power and authority
to execute, deliver and perform its obligations under the Operative Documents and to consummate the transactions contemplated
thereby, and the execution, delivery and performance by such Purchaser of the Operative Documents has been duly authorized by
all necessary action on the part of such Purchaser; and the Operative Documents will constitute the legal, valid and binding obligations
of such Purchaser, enforceable in accordance with their terms, except as such enforceability may be limited by bankruptcy, insolvency,
fraudulent transfer and similar laws affecting creditors’ rights generally or by general principles of equity, including
principles of commercial reasonableness, fair dealing and good faith.

 

Section 4.3         No
Breach. The execution, delivery and performance of the Operative Documents by such Purchaser and the consummation by such
Purchaser of the transactions contemplated hereby and thereby does not and will not (a) conflict with or result in a breach or
violation of any of the terms or provisions of, or constitute a default under, any material agreement to which such Purchaser
is a party or by which such Purchaser is bound or to which any of the Property or assets of such Purchaser is subject, (b) conflict
with or result in any violation of the provisions of the organizational documents of such Purchaser, or (c) violate any statute,
order, rule or regulation of any court or governmental agency or body having jurisdiction over such Purchaser or the property
or assets of such Purchaser, except in the cases of clauses (a) and (c), for such conflicts, breaches, violations or defaults
as would not prevent the consummation of the transactions contemplated by the Operative Documents.

 

    	 	22 	 

     

    

 

 

Section 4.4         Certain
Fees. No fees or commissions are or will be payable by such Purchaser to brokers, finders, or investment bankers with respect
to the purchase of any of the Purchased Securities or the issuance of the Exercisable Shares or the consummation of the transaction
contemplated by this Agreement or the other Operative Documents. Such Purchaser agrees that it will indemnify and hold harmless
the Company from and against any and all claims, demands, or liabilities for broker’s, finder’s, placement, or other
similar fees or commissions incurred by such Purchaser in connection with the purchase of the Purchased Securities or the issuance
of the Exercisable Shares or the consummation of the transactions contemplated by this Agreement.

 

Section 4.5         No
Side Agreements. There are no other agreements by, among or between such Purchaser and any of its Affiliates, on the one hand,
and the Company or any of its Subsidiaries, on the other hand, with respect to the transactions contemplated hereby other than
the Operative Documents.

 

Section 4.6         Investment.
The Purchased Securities are being acquired for such Purchaser’s own account, not as a nominee or agent, and with no present
intention of distributing the Purchased Securities or the Exercisable Shares or any part thereof, and such Purchaser has no present
intention of selling or granting any participation in or otherwise distributing the same. Such Purchaser was not formed for the
purpose of acquiring any of the Purchased Securities or the Exercisable Shares. If such Purchaser should in the future decide
to dispose of any of the Purchased Securities or the Exercisable Shares, such Purchaser understands and agrees (a) that it
may do so only in compliance with the Securities Act and applicable state or other securities laws, as then in effect, including
a sale contemplated by any registration statement pursuant to which such securities are being offered, or pursuant to an exemption
from the Securities Act, and (b) that stop-transfer instructions to that effect will be in effect with respect to such securities.
Such Purchaser further understands and agrees that there is no public trading market for the Warrant purchased hereunder, that
none is expected to develop, and that the Warrant must be held indefinitely unless and until it is duly exercised and the Exercisable
Shares are registered under the Securities Act or an exemption from registration is available.

 

Section 4.7         Nature
of Purchaser. Such Purchaser represents and warrants to, and covenants and agrees with, the Company that, (a) it is an “accredited
investor” within the meaning of Rule 501 of Regulation D promulgated by the Commission pursuant to the Securities Act, (b)
by reason of its business and financial experience it has such knowledge, sophistication and experience in making similar investments
and in business and financial matters generally so as to be capable of evaluating the merits and risks of the prospective investment
in the Purchased Securities and the Exercisable Shares, (c) was advised by the Company to obtain United States counsel, either
obtained United States counsel or had a full and fair opportunity and the means to obtain United States counsel, (d) is able to
bear the economic risk of such investment and is able to afford a complete loss of such investment and (e) it was provided access
to all information regarding the Company and its business as the Purchaser desired, and was offered the opportunity to ask questions
of management of the Company and to receive any documents and information on the Company.

 

    	 	23 	 

     

    

 

Section 4.8            Restricted
Securities; Affiliate Status. Such Purchaser understands that the Purchased Securities and the Exercisable Shares may be characterized
as “restricted securities” under the Securities Act inasmuch as they are being acquired from the Company in a transaction
not involving a public offering and that under such Laws and applicable regulations such securities may be resold (i) without
registration under the Securities Act only in certain limited circumstances or (ii) if such resale is registered under the Securities
Act. In this connection, such Purchaser represents that it is a sophisticated party knowledgeable with respect to Registration
Exemptions. Such Purchaser (i) acknowledges that after the Closing and/or after issuance of the Exercisable Shares, such Purchaser
may be deemed an “affiliate” of the Company under the Securities Act, (ii) acknowledges understanding the additional
restrictions under the Securities Act applicable to affiliates of the Company, and (iii) either (a) confirms having discussed
such restrictions with United States securities counsel or (b) acknowledges that it both the means and a full and fair opportunity
to obtain United States securities counsel and discuss such restrictions prior to entering into any Operative Document.

 

Section 4.9            Legend.
Such Purchaser understands that any certificates or statements evidencing any Purchased Securities or the Exercisable Shares may
bear a legend in the substantially the form set forth in Section 5.13.

 

Section 4.10         Offshore
Transaction. At the time such Purchaser received the offer to purchase the Purchased Securities it was not in the United States.
Such Purchaser is not a U.S. person (as defined in Regulation S promulgated under the Securities Act) and is not acquiring the
Securities for the account or benefit of any U.S. person. Such Purchaser is not a part of an identifiable group of U.S. citizens
abroad, such as members of the U.S. armed forces serving overseas. Such Purchaser’s receipt and execution of each of the
Operative Documents, and any other agreement relating hereto or thereto, has occurred or will occur outside the United States.
Such Purchaser understands and acknowledges that the offering and sale of the Purchased Securities are not being, and will not
be, made, directly or indirectly, in or into, or by the use of the mails or any means or instrumentality (including telephonically
or electronically) of interstate or foreign commerce of, or any facilities of a national securities exchange of, the United States.

 

Section 4.11         Trading
Activities. Such Purchaser’s trading activities, if any, with respect to the Common Shares will be in compliance with
all applicable state and federal securities laws, rules and regulations and the rules and regulations of the Nasdaq.

 

Section 4.12         No
General Solicitation or General Advertising; No Directed Selling Efforts. Such Purchaser is not aware of any form of general
solicitation or general advertising (within the meaning of Regulation D promulgated under the Securities Act) in respect of the
Purchased Securities, including (1) any advertisement, article, notice or other communication published in any newspaper, magazine,
or similar media or broadcast over television, radio, or the internet; and (2) any seminar or meeting whose attendees have been
invited by any general solicitation or general advertising). Such Purchaser is not aware of any form of “directed selling
efforts” (as defined in Regulation S under the Securities Act) in the United States in respect of the Purchased Securities,
which would include any activities undertaken for the purpose of, or that could reasonably be expected to have the effect of,
conditioning the market in the United States for the resale of the Purchased Securities, including placing an advertisement in
a publication with a general circulation in the United States.

 

    	 	24 	 

     

    

 

Section 4.13         Broker-Dealer
Status. Such Purchaser is not a broker dealer registered under Section 15(a) of the Exchange Act, or a member of Financial
Industry Regulatory Authority, Inc. or an entity engaged in the business of being a broker-dealer. The Purchaser is not a distributor
as such term is defined in Regulation S promulgated under the Securities Act.

 

Section 4.14         Transfer
or Resale. Such Purchaser understands that except as provided in the Registration Rights Agreement: (i) the Securities have
not been and are not being registered under the Securities Act or any state securities laws, and may not be offered for sale,
sold, assigned or transferred unless (A) subsequently registered thereunder, (B) such Purchaser shall have delivered to the Company
(if requested by the Company) an opinion of counsel, in a form reasonably acceptable to the Company, to the effect that such Purchased
Securities to be sold, assigned or transferred may be sold, assigned or transferred pursuant to an exemption from such registration,
and whether such Securities are thereafter freely tradable without restriction, it being understood that the Securities will not
be unrestricted if resold pursuant to Regulation S, or (C) such Purchaser provides the Company with reasonable assurance that
such Securities can be sold, assigned or transferred pursuant to Rule 144; (ii) any sale of the Securities made in reliance on
Rule 144 may be made only in accordance with the terms of Rule 144, and further, if Rule 144 is not applicable, any resale of
the Securities under circumstances in which the seller (or the Person through whom the sale is made) may be deemed to be an underwriter
(as that term is defined in the Securities Act) may require compliance with some other exemption under the Securities Act or the
rules and regulations of the Commission promulgated thereunder; and (iii) neither the Company nor any other Person is under any
obligation to register the Securities under the Securities Act or any state securities laws or to comply with the terms and conditions
of any exemption thereunder.

 

Section 4.15         Distribution
Compliance Period. Such Purchaser acknowledges and understands that all offers and sales of the Purchased Securities, the
Warrant or Exercisable Shares prior to the expiration of the 40-day period commencing the day after the Closing Date shall be
made only in accordance with the provisions of Regulation S promulgated under the Securities Act, pursuant to registration of
the securities under the Securities Act, or pursuant to an available exemption from the registration requirements of the Securities
Act. Such Purchaser further represents and warrants and agrees that the offer or resale of the Purchased Securities or Exercisable
Shares by such Purchaser, if made prior to the expiration of the 40-day period commencing the day after the Closing Date, shall
not be made to a U.S. person (as defined in Regulation S promulgated under the Securities Act) or for the account or benefit of
a U.S. person (other than a distributor). Such Purchaser understands that when it exercises the Warrant it may be required to
provide written certification that it is not a U.S. person and the warrant is not being exercised on behalf of a U.S. person,
and retain restricted status or a written opinion of counsel to the effect that the Warrant and the Exercisable Shares have been
registered under the Securities Act or are exempt from registration thereunder, and whether such Exercisable Shares are freely
tradable without restriction, it being understood that Exercisable Shares will not be unrestricted if only resold pursuant to
Regulation S.

 

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Section 4.16         Offering
Materials. Such Purchaser did not receive from the Company or its agent any offering materials or other documents in connection
with offers and sales of the Purchased Securities. Such Purchaser conducted its own due diligence on the Company and was afforded:
(i) the opportunity to ask such questions as it deemed necessary of, and to receive answers from, representatives of the Company
concerning the terms and conditions contained herein and the merits and risks of investing in the Company, (ii) access to information
about the Company and its subsidiaries and their respective financial condition, results of operations, business, properties,
vessels, management and prospects sufficient to enable you to evaluate the investment, and (iii) the opportunity to obtain such
additional information that the Company possesses or can acquire that is necessary to make an informed investment decision with
respect to the investment and has received all the information requested in connection with your decision to obtain the Purchased
Securities.

 

Section 4.17         Prohibited
Transactions; No Short Sales. Such Purchaser has not, directly or indirectly, and no Person acting on behalf of or pursuant
to any understanding with such Purchaser which had knowledge of the transactions contemplated hereby and that (i) has or shares
discretion relating to such Purchaser’s investments and trading or information concerning such Purchaser’s investments
or (ii) is subject to such Purchaser’s review or input concerning such Person’s investments or trading (the foregoing,
“Purchaser Trading Affiliates”), has engaged in any purchases or sales of any securities, including any derivatives,
of the Company (including, without limitation, any Short Sales involving any of the Company’s securities) (a “Transaction”)
since the time that such Purchaser was first contacted by the Company regarding the investment in the Company contemplated herein.
Such Purchaser covenants that neither it nor any Purchaser Trading Affiliate will engage, directly or indirectly, in any Transactions
prior to the time the transactions contemplated by this Agreement are publicly disclosed.

 

Article
V

COVENANTS

 

Section 5.1         Taking
of Necessary Action. Each of the parties hereto shall use its reasonable best efforts promptly to take or cause to be taken
all action and promptly to do or cause to be done all things necessary, proper or advisable under Law to consummate and make effective
the transactions contemplated by this Agreement. The Company shall submit a Listing of Additional Shares Notification with the
Nasdaq to list the Purchased Shares and Exercisable Shares. The Company makes no representation, warranty or covenant relating
to its ability to obtain or maintain any listing of its securities on any stock exchange, including any markets on Nasdaq.

 

Section 5.2         Other
Actions. Until the earlier of two years from the date hereof and the date on which the Purchasers shall have sold all of the
Registrable Securities, the Company shall timely file all reports required to be filed with the Commission pursuant to the Exchange
Act, and the Company shall not terminate its status as an issuer required to file reports under the Exchange Act even if the Exchange
Act or the rules and regulations thereunder would no longer require or otherwise permit such termination. The Company shall pay
all fees and expenses in connection with satisfying its obligations under this Section 5.2.

 

Section 5.3         Use
of Proceeds. The Company shall use the collective proceeds from the sale of the Purchased Securities for general corporate
purposes and working capital (including repayment of debt).

 

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Section 5.4         Existing
Registration Rights Agreement. The Company is a party to the Existing Registration Rights Agreement and the registration rights
agreement dated February 9, 2017, which may contain rights that are senior to the rights contained in the Registration Rights
Agreement, and each Purchaser covenants not to supersede or attempt to circumvent any provision of the Existing Registration Rights
Agreement or the registration rights agreement dated February 9, 2017.

 

Section 5.5         Fees.
The Company shall be responsible for the payment of any placement agent’s fees, financial advisory fees, transfer agent
fees, Depository Trust Company (“DTC”) fees or broker’s commissions (other than for Persons engaged by
any Purchaser) relating to or arising out of the transactions contemplated hereby. The Company shall pay, and hold each Purchaser
harmless against, any liability, loss or expense (including, without limitation, reasonable attorneys’ fees and out-of-pocket
expenses) arising in connection with any claim relating to any such payment. Except as otherwise set forth in the Operative Documents,
each party to this Agreement shall bear its own expenses in connection with the sale of the Purchased Securities to the Purchasers.

 

Section 5.6         Pledge
of Securities. Notwithstanding anything to the contrary contained in this Agreement, the Company acknowledges and agrees that
the Securities may be pledged by an Investor in connection with a bona fide margin agreement or other loan or financing arrangement
that is secured by the Securities, to the extent permitted by applicable Law. The pledge of Securities shall not be deemed to
be a transfer, sale or assignment of the Securities hereunder, and no Investor effecting a pledge of Securities shall be required
to provide the Company with any notice thereof or otherwise make any delivery to the Company pursuant to this Agreement or any
other Operative Document; provided that an Investor and its pledgee shall be required to comply with the provisions hereof
in order to effect a sale, transfer or assignment of Securities to such pledgee, or if the pledgee attempts to exercise its rights
over collateral.

 

Section 5.7         Disclosure
of Transactions and Other Material Information. The Company shall on or before the fourth Business Day after the date of this
Agreement, issue a press release (the “Press Release”) disclosing all the material terms of the transactions
contemplated by the Operative Documents. On or before the fourth Business Day after the date of this Agreement, the Company shall
file a Current Report on Form 6-K describing all the material terms of the transactions contemplated by the Operative Documents
in the form required by the Exchange Act and attaching all the material Operative Documents (including, without limitation, this
Agreement (and all schedules to this Agreement) the form of the Warrants and the form of the Registration Rights Agreement) (including
all attachments, the “6-K Filing”). From and after the filing of the 6-K Filing, the Company shall have disclosed
all material, non-public information (if any) provided to any of the Purchasers by the Company or any of its Subsidiaries or any
of their respective officers, directors, employees or agents in connection with the transactions contemplated by the Operative
Documents. In addition, effective upon the filing of the 6-K Filing, the Company acknowledges and agrees that any and all confidentiality
or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their
respective officers, directors, affiliates, employees or          agents, on the
one hand, and any of the Purchasers or any of their affiliates, on the other hand, shall terminate. To the extent that the Company
delivers any material, non-public information to a Purchaser without such Purchaser's consent, the Company hereby covenants and
agrees that such Purchaser shall not have any duty of confidentiality with respect to, or a duty not to trade on the basis of,
such material, non-public information, subject to applicable Law. Subject to the foregoing, neither the Company, its Subsidiaries
nor any Purchaser shall issue any press releases or any other public statements with respect to the transactions contemplated
hereby; provided, however, the Company shall be entitled, without the prior approval of any Purchaser, to make the Press Release
and any press release or other public disclosure with respect to such transactions (i) in substantial conformity with the 6-K
Filing and contemporaneously therewith and (ii) as is required by applicable Law (provided that in the case of clause (i) each
Purchaser shall be consulted by the Company in connection with any such press release or other public disclosure prior to its
release). Notwithstanding anything contained in this Agreement to the contrary and without implication that the contrary would
otherwise be true, the Company expressly acknowledges and agrees that no Purchaser shall have (unless expressly agreed to by a
particular Purchaser after the date hereof (it being understood and agreed that no Purchaser may bind any other Purchaser with
respect thereto)), any duty of confidentiality with respect to, or a duty not to trade on the basis of, any material, non-public
information regarding the Company or any of its Subsidiaries. Each Purchaser acknowledges that it fully understands the Law relating
to trading on securities while in possession of material non-public information.

 

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Section 5.8           Reservation
of Shares. So long as any of the Warrants remain outstanding, the Company shall take all action necessary to at all times
have authorized, and reserved for the purpose of issuance, no less than 100% of the maximum number of Warrant Shares issuable
upon exercise of all the Warrants then outstanding (without regard to any limitations on the exercise of the Warrants set forth
therein) (collectively, the “Required Reserve Amount”); provided that at no time shall the number of Common
Shares reserved pursuant to this Section 5.8 be reduced other than proportionally in connection with any exercise of Warrants
or reverse stock splits or similar combinations. If at any time the number of Common Shares authorized and reserved for issuance
is not sufficient to meet the Required Reserve Amount, the Company will promptly take all corporate action necessary to authorize
and reserve a sufficient number of shares, including, without limitation, calling a special meeting of shareholders to authorize
additional shares to meet the Company's obligations pursuant to the Operative Documents, in the case of an insufficient number
of authorized shares, obtain shareholder approval of an increase in such authorized number of shares, and voting the management
shares of the Company in favor of an increase in the authorized shares of the Company to ensure that the number of authorized
shares is sufficient to meet the Required Reserve Amount.

 

Section 5.9           FAST
Compliance. While any Warrants remain outstanding, the Company shall maintain a transfer agent that participates in the DTC
Fast Automated Securities Transfer Program.

 

Section 5.10         Directed
Selling Efforts; General Solicitation. None of the Company, any of its affiliates (as defined in Rule 501(b) under the Securities
Act) or any person acting on behalf of the Company or such affiliate will engage in any “directed selling efforts”
(as defined in Regulation S under the Securities Act) in the United States in respect of the Purchased Securities, nor will any
of them solicit any offer to buy or offer or sell the Purchased Securities by means of any form of general solicitation or general
advertising within the meaning of Regulation D, including: (i) any advertisement, article, notice or other communication
published in any newspaper, magazine or similar medium or broadcast over television or radio; and (ii) any seminar or meeting
whose attendees have been invited by any general solicitation or general advertising.

 

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Section 5.11         Integration.
None of the Company, any of its affiliates (as defined in Rule 501(b) under the Securities Act), or any person acting on behalf
of the Company or such affiliate will sell, offer for sale, or solicit offers to buy or otherwise negotiate in respect of any
security (as defined in the Securities Act) which will be integrated with the sale of the Purchased Securities in a manner which
would require the registration of the Purchased Securities under the Securities Act or require shareholder approval under the
rules and regulations of the Principal Market and the Company will take all action that is appropriate or necessary to assure
that its offerings of other securities will not be integrated for purposes of the Securities Act or the rules and regulations
of the Principal Market, with the issuance of Securities contemplated hereby.

 

Section 5.12         Transfer
Agent Instructions. If a Purchaser effects a sale, assignment or transfer of the Purchased Securities in accordance with this
Agreement and applicable securities Laws, the Company shall not prohibit the transfer. In the event that such sale, assignment
or transfer involves Purchased Shares or Warrant Shares sold, assigned or transferred pursuant to an effective registration statement
or in compliance with Rule 144, the transfer agent shall issue such shares to such Purchaser, assignee or transferee (as the case
may be) without any restrictive legend in accordance with Section 5.13 below. The Company acknowledges that a breach by it
of its obligations hereunder will cause irreparable harm to a Purchaser. Accordingly, the Company acknowledges that the remedy
at law for a breach of its obligations under this Section 5.12 may be inadequate and agrees, in the event of a breach or
threatened breach by the Company of the provisions of this Section 5.12, that a Purchaser shall be entitled, in addition to all
other available remedies, to an order and/or injunction restraining any breach and requiring immediate issuance and transfer,
without the necessity of showing economic loss and without any bond or other security being required.

 

Section 5.13         Legends.
Each Purchaser understands that the Purchased Securities have been issued (or will be issued in the case of the Warrant Shares)
pursuant to an exemption from registration or qualification under the Securities Act and applicable state securities laws, and
except as set forth below, the Purchased Securities shall bear any legend as required by the “blue sky” laws of any
state and a restrictive legend in substantially the following form (and a stop-transfer order may be placed against transfer of
such Purchased Securities):

 

[NEITHER THE ISSUANCE AND SALE
OF THE SECURITIES REPRESENTED BY THIS DOCUMENT NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN][THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN] REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED [OR EXERCISED] (I) IN THE ABSENCE OF (A) AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL TO THE HOLDER
(IF REQUESTED BY THE COMPANY), IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT
OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD PURSUANT TO RULE 144 UNDER SAID ACT.

 

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Section 5.14         Removal
of Legends. Certificates or book entry statements or other documents evidencing Securities shall not be required to contain
the legend set forth in Section 5.13 above or any other legend (i) while a registration statement covering the resale of such
Securities is effective under the Securities Act, (ii) following any sale of such Securities pursuant to Rule 144 (assuming the
transferor is not an affiliate of the Company and it provides the Company with reasonable assurances that such Securities are
eligible for such sale under Rule 144, including by providing an appropriate representation letter relating to Rule 144 that contains,
among other things, the Purchaser’s non-affiliate status and length of time in which it has held Securities and lack of
material non-public information), (iii) if such Securities are eligible to be sold, assigned or transferred under Rule 144 without
manner of sale or volume limitations irrespective of whether the Company is a reporting company (provided that such Purchaser
is not an affiliate of the Company and it provides the Company with reasonable assurances that such Securities are eligible for
such sale, assignment or transfer under Rule 144 for a company that is non-reporting issuer, including by providing an appropriate
representation letter relating to Rule 144 that contains, among other things, the Purchaser’s non-affiliate status and length
of time in which it has held Securities and lack of material non-public information), or (iv) in connection with a sale, assignment
or other transfer (other than under Rule 144), provided that such Purchaser provides the Company with an opinion of counsel to
such Purchaser, in a generally acceptable form, to the effect that such sale, assignment or transfer of the Purchased Securities
may be made without registration under the applicable requirements of the Securities Act and such shares are unrestricted, it
being understood that the Securities will not be unrestricted if resold pursuant to Regulation S (and no opinion to the contrary
need be accepted). If a legend is not required pursuant to the foregoing, the Company shall no later than five Trading Days following
the delivery by a Purchaser to the Company or the transfer agent (with notice to the Company) of a legended certificate or book
entry statement representing such Securities (endorsed or with share powers attached, signatures guaranteed, and otherwise in
form necessary to affect the reissuance and/or transfer, if applicable), together with any other deliveries reasonably requested
by the Company from such Purchaser as may be required above in this Section 5.14 or to evidence compliance with this Section 5.14,
as directed by such Purchaser, either: (A) provided that the Company’s transfer agent is participating in the DTC Fast Automated
Securities Transfer Program and such Securities are Purchased Shares or Warrant Shares, credit the aggregate number of Common
Shares to which such Purchaser shall be entitled to such Purchaser’s or its designee’s balance account with DTC through
its Deposit/Withdrawal at Custodian system or (B) if the Company’s transfer agent is not participating in the DTC Fast Automated
Securities Transfer Program, issue and deliver (via reputable overnight courier) to such Purchaser, a certificate or book entry
statement representing such Securities or proof that the uncertificated Securities are free from all restrictive and other legends,
registered in the name of such Purchaser or its designee (the date by which such credit is so required to be made to the balance
account of such Purchaser’s or such Purchaser’s designee with DTC or such certificate or statement or proof is required
to be delivered to such Purchaser pursuant to the foregoing is referred to herein as the “Required Delivery Date”,
and the date such Common Shares are actually delivered without restrictive legend to such Purchaser or such Purchaser’s
designee with DTC, as applicable, the “Share Delivery Date”). The Company shall be responsible for any transfer
agent fees or DTC fees with respect to any issuance of Securities or the removal of any legends with respect to any Securities
in accordance herewith. Each Purchaser agrees that if any Securities were unlegended due to an effective registration statement
covering the sale of such Securities no longer being effective, and such Securities are not eligible to be sold, assigned or transferred
under Rule 144 without manner of sale or volume limitations irrespective of whether the Company is a reporting company, then the
Purchaser shall return the Securities to direct, book entry notation and any certificates or statements shall bear a legend as
required by the “blue sky” laws of any state and a restrictive legend in substantially the form contained in Section
5.13 (and a stop-transfer order may be placed against transfer of such Securities).

 

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Section 5.15         Failure
to Timely Deliver; Buy-In. If on or prior to the Required Delivery Date the Company shall fail to issue and deliver to a Purchaser
proof that the uncertificated Securities are free from all restrictive and other legends or a certificate or book entry statement
and register such Common Shares on the Company's share register or, if the Transfer Agent is participating in the DTC Fast Automated
Securities Transfer Program, credit the balance account of such Purchaser or such Purchaser’s designee with DTC for the
number of Common Shares to which such Purchaser submitted for legend removal by such Purchaser pursuant to Section 5.14 above
(and is so entitled to removal), and if on or after such Trading Day such Purchaser purchases (in an open market transaction or
otherwise) Common Shares to deliver in satisfaction of a sale by such Purchaser of Common Shares submitted for legend removal
by such Purchaser pursuant to Section 5.14 above that the Purchaser anticipated receiving from the Company (a “Buy-In”),
then the Company shall, within five Trading Days after such Purchaser’s request and in the Company’s discretion, either
(i) pay cash to such Purchaser in an amount equal to such Purchaser’s total purchase price (including brokerage commissions
and other out-of-pocket expenses, if any), for the Common Shares so purchased (the “Buy-In Price”), at which
point the Company’s obligation to so deliver such certificate or book entry statement (and to issue such unlegended Common
Shares) or credit such Purchaser’s balance account shall terminate and such shares shall be cancelled, or (ii) promptly
honor its obligation to so deliver to such Purchaser a certificate or certificates or book entry statements representing such
Common Shares or credit the balance account of such Purchaser or such Purchaser’s designee with DTC representing such number
of Common Shares that would have been so delivered if the Company timely complied with its obligations hereunder and pay cash
to such Purchaser in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of shares
of Purchased Shares or Warrant Shares (as the case may be) that the Company was required to deliver to such Purchaser by the Required
Delivery Date multiplied by (B) the sale price per Common Share that the Purchaser agreed to sell and for which unrestricted Common
Shares the Purchaser anticipated receiving from the Company. Nothing shall limit such Purchaser’s right to pursue any other
remedies available to it hereunder, in equity, such as a decree of specific performance and/or injunctive relief with respect
to the Company’s failure to timely deliver certificates or book entry statements representing Common Shares (or to electronically
deliver such Common Shares) as required pursuant to the terms hereof. Notwithstanding anything herein to the contrary, this Section
5.15 shall not apply to the applicable Purchaser the extent the Company has already paid such amounts in full to such Purchaser
pursuant to an analogous sections of the Warrant held by such Purchaser.

 

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Section 5.16         Regulation
S Resale. Notwithstanding anything to the contrary in Section 5.14, if (I) any Purchaser
after 40 days after the date the Purchaser receives Purchased Shares, but prior to the time that the Purchased Shares are freely
tradable without volume or manner of sale restrictions pursuant to Rule 144 (i) sells Purchased Shares in an “offshore transaction”
(as defined in Rule 902 promulgated under the Securities Act), (ii) does not offer the Purchased Shares to any person in the United
States (and does not offer or sell to identifiable groups of U.S. citizens abroad, such as members of the U.S. armed forces serving
overseas), or to a U.S. person (as defined by Regulation S) or to an Affiliate of the Purchaser, (iii) at the time the buy order
is originated, the buyer is outside the United States, and the Purchaser and any person acting on its behalf reasonably believe
that the buyer is outside the United States, (iv) does not make, nor does any Affiliate or any person acting on their behalf make,
any “directed selling efforts” in the United States, (v) is not a distributor, an Affiliate of a distributor or the
Company, or reselling on their behalf, nor an Affiliate of the Company (nor was it an Affiliate of the Company within the previous
three months), (vi) the Purchaser is not aware of any material nonpublic information regarding the Company or its subsidiaries,
and (vii) the Purchaser provides to the Company and its agents certifications of the foregoing along with a certification that
the Purchaser is not selling to circumvent the provisions of the Securities Act or any other applicable securities Laws, and (II)
the buyer of such Purchased Shares certifies that (w) it did not purchase the Purchased Shares after, nor is it aware of, any
directed selling efforts relating to the Purchased Shares, (x) it is not any of the following: (a) located in the United States
(b) a U.S. person, (c) part of an identifiable group of U.S. citizens abroad, such as members of the U.S. armed forces serving
overseas, (d) acting on behalf of a U.S. person or any person in the United States, and (e) an Affiliate of the Purchaser or the
Company or acting on behalf of an Affiliate of the Purchaser, (f) aware of any material nonpublic information regarding the Company
or its subsidiaries, (g) a distributor, an affiliate of a distributor, or acting on behalf of a distributor, (h) an affiliate
of the Company or acting on behalf of an Affiliate of the Company or on behalf of any director or officer of the Company, (i)
it undertakes to comply with the Securities Act when it resells such securities, if applicable, (j) it will not beneficially own
(as such term is used by Rule 13d-3 of the Securities Exchange Act of 1934) 10% or more of the securities of the Company after
the purchase of such securities, and will not be an affiliate (as such term is used by Rule 144 promulgated under the Securities
Act) of the Company after such purchase, (y) it was outside the United States when it received the offer to purchase and when
it purchased the Purchased Shares from the relevant Purchaser and (z) the purchase of the Purchased Shares is not for the purposes
of circumventing the Securities Act or any other applicable securities Laws, and (III) the Company receives, from counsel reasonably
acceptable to the Company, a written opinion that the Purchased Shares are not restricted under applicable securities Laws and
may be freely traded or sold in any market (including in the United States), then the Company shall deliver, after receipt of
the foregoing certifications and opinion and the relevant transfer documents, to the buyer of the Purchased Shares, uncertificated
Purchased Shares that are free from all restrictive and other legends, registered in the name of such buyer.

 

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Article
VI

MISCELLANEOUS

 

Section 6.1         Interpretation.
Article, Section, and Exhibit references are to this Agreement, unless otherwise specified. All references to instruments, documents,
contracts and agreements are references to such instruments, documents, contracts and agreements as the same may be amended, supplemented
and otherwise modified from time to time, unless otherwise specified. The word “including” shall mean “including
but not limited to.” Whenever any party hereto has an obligation under this Agreement, the expense of complying with that
obligation shall be an expense of such party unless otherwise specified. Whenever any determination, consent or approval is to
be made or given by a Purchaser, such action shall be in such Purchaser’s sole discretion unless otherwise specified in
this Agreement. This Agreement has have been reviewed and negotiated by sophisticated parties with access to and in consultation
with legal counsel and shall not be construed against the drafter. Any reference in this Agreement to stock certificates shall
mean at the option of the Company, and may be satisfied by, a book entry notation of stock of the Company or other proof that
uncertificated shares have been issued.

 

Section 6.2         Survival
of Provisions. The representations and warranties set forth in this Agreement shall survive the Closing for a period of 24
months following the Closing Date regardless of any investigation made by or on behalf of the Company or any Purchaser provided
that the representations and warranties set forth in Sections 3.1, 3.3-3.5, 3.7, 3.8, 3.10, 3.11, 3.12, 3.14, 3.21, 3.25 and 3.32
shall survive indefinitely. The covenants made in this Agreement shall survive the Closing of the transactions described herein
and remain operative and in full force and effect regardless of acceptance of any of the Purchased Securities and payment therefor
until full compliance therewith.

 

Section 6.3         No
Waiver; Modifications in Writing.

 

(a)       No
failure or delay on the part of any party hereto in exercising any right, power or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof
or the exercise of any other right, power or remedy. The remedies provided for herein are cumulative and are not exclusive of
any remedies that may be available to a party hereto at law or in equity or otherwise.

 

(b)       This
Agreement, the other Operative Documents and the schedules and exhibits attached hereto and thereto and the instruments referenced
herein and therein supersede all other prior oral or written agreements between the Purchasers, the Company, its affiliates and
Persons acting on their behalf, including, without limitation, any transactions by any Purchaser with respect to the Purchased
Securities, and the other matters contained herein and therein, and this Agreement, the other Operative Documents, the schedules
and exhibits attached hereto and thereto and the instruments referenced herein and therein contain the entire understanding of
the parties hereto solely with respect to the matters covered herein and therein; provided, however, nothing contained in this
Agreement or any other Operative Document shall (or shall be deemed to) (i) have any effect on any agreements any Purchaser has
entered into with, or any instruments any Purchaser has received from, the Company or any of its Subsidiaries prior to the date
hereof with respect to any prior investment made by such Purchaser in the Company or (ii) waive, alter, modify or amend in any
respect any obligations of the Company or any of its Subsidiaries, or any rights of or benefits to any Purchaser or any other
Person, in any agreement entered into prior to the date hereof between or among the Company and/or any of its Subsidiaries and
any Purchaser, or any instruments any Purchaser received from the Company and/or any of its Subsidiaries prior to the date hereof,
and all such agreements and instruments shall continue in full force and effect. Except as specifically set forth herein or therein,
neither the Company nor any Purchaser makes any representation, warranty, covenant or undertaking with respect to such matters.
For clarification purposes, the Recitals are part of this Agreement. No provision of this Agreement may be amended other than
by an instrument in writing signed by the Company and the Required Holders (as defined below), and any amendment to any provision
of this Agreement made in conformity with the provisions of this Section 6.3 shall be binding on all Purchasers and holders of
Securities, as applicable; provided that no such amendment shall be effective to the extent that it (A) applies to less than all
of the holders of the Purchased Securities then outstanding or (B) imposes any obligation or liability on any Purchaser without
such Purchaser’s prior written consent (which may be granted or withheld in such Purchaser’s sole discretion). No
waiver shall be effective unless it is in writing and signed by an authorized representative of the waiving party, provided that
the Required Holders may waive any provision of this Agreement, and any waiver of any provision of this Agreement made in conformity
with the provisions of this Section 6.3 shall be binding on all Purchasers and holders of Securities, as applicable, provided
that no such waiver shall be effective to the extent that it (1) applies to less than all of the holders of the Purchased Securities
then outstanding (unless a party gives a waiver as to itself only) or (2) imposes any obligation or liability on any Purchaser
without such Purchaser’s prior written consent (which may be granted or withheld in such Purchaser’s sole discretion).
No consideration (other than reimbursement of legal fees) shall be offered or paid to any Person to amend or consent to a waiver
or modification of any provision of any of the Operative Documents unless the same consideration also is offered to all of the
parties to the Operative Documents, all holders of the Warrants (as the case may be). The Company has not, directly or indirectly,
made any agreements with any Purchasers relating to the terms or conditions of the transactions contemplated by the Operative
Documents except as set forth in the Operative Documents or as otherwise disclosed to the Purchasers. “Required Holders”
means (I) prior to the Closing Date, each Purchaser entitled to purchase Purchased Securities at the Closing and (II) on or after
the Closing Date, holders of a majority of the Warrants.

 

    	 	33 	 

     

    

 

Section 6.4         Binding
Effect. This Agreement shall be binding upon the Company, each Purchaser, and their respective successors and permitted assigns.
Except as expressly provided in this Agreement, this Agreement shall not be construed so as to confer any right or benefit upon
any Person other than the parties to this Agreement and their respective successors and permitted assigns.

 

Section 6.5         Communications.
All notices and demands provided for hereunder shall be in writing and shall be given by mail, facsimile, air courier guaranteeing
overnight delivery or personal delivery to the following addresses:

 

(a)          If
to any Purchaser:

 

To the respective address listed
on Schedule B hereof

 

(b)          If
to the Company:

 

Globus Maritime Limited

c/o Globus Shipmanagement Corp.

128 Vouliagmenis Avenue, 3rd Floor

166 74 Glyfada

Athens Greece

Attention: Athanasios Feidakis

Facsimile: +30 210 9608359

 

    	 	34 	 

     

    

  

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

 

Watson Farley & Williams LLP

250 West 55th Street

New York, New York 10019

Attention: Steven Hollander

Facsimile: +1-212-922-1512

 

or to such other address as the Company
or a Purchaser may designate in writing. All notices and communications shall be deemed to have been duly given: at the time delivered
by hand, if personally delivered; upon actual receipt if sent by registered or certified mail, return receipt requested, or regular
mail, if mailed; when receipt acknowledged, if sent via facsimile; and upon actual receipt when delivered to an air courier guaranteeing
overnight delivery.

 

Section 6.6         Governing
Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation of this
Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict
of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the
laws of any jurisdictions other than the State of New York. Each Purchaser and the Company hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any
dispute hereunder or in connection herewith or with any transaction contemplated hereby, and hereby irrevocably waives, and agrees
not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court,
that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding
is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such
suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall
be deemed or operate to preclude any Purchaser from bringing suit or taking other legal action against the Company in any other
jurisdiction to collect on the Company’s obligations to such Purchaser or to enforce a judgment or other court ruling in
favor of such Purchaser. THE COMPANY AND EACH PURCHASER HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT
TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT,
ANY OTHER TRANSACTION DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. To the extent that the Company, or any of
its properties, assets or revenues may have or may hereafter become entitled to any right of immunity in any such court in which
proceedings may at any time be commenced, the Company hereby waives such right to the extent permitted by law and hereby consents
to such relief and enforcement as provided in this Agreement and the other Operative Documents.

 

    	 	35 	 

     

    

 

Section 6.7         Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns. The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent
of the Required Holders.

 

Section 6.8         Execution
in Counterparts. This Agreement may be executed in two or more identical counterparts, all of which 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. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document
format (.pdf) file of an executed signature page, such signature page 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 signature page were an original
thereof.

 

Section 6.9         Termination.

 

(a)       Notwithstanding
anything herein to the contrary, this Agreement may be terminated at any time at or prior to the Closing by (i) the written
notice of the Purchasers, upon a breach in any material respect by the Company of any covenant or agreement set forth in this
Agreement or (ii) written notice by the Company to the Purchasers upon a breach in any material respect by any Purchaser
of any covenant or agreement set forth in this Agreement.

 

(b)       Notwithstanding
anything herein to the contrary, this Agreement shall automatically terminate at any time at or prior to the Closing if a statute,
rule, order, decree or regulation shall have been enacted or promulgated, or if any action shall have been taken by any Governmental
Authority of competent jurisdiction that permanently restrains, permanently precludes, permanently enjoins or otherwise permanently
prohibits the consummation of the transactions contemplated by this Agreement or makes the transactions contemplated by this Agreement
illegal.

 

(c)       Any
party hereto may terminate this Agreement (for itself only) if the Closing shall not have occurred within seven Business Days
after the condition set forth in Section 2.3(b) has been satisfied.

 

(d)       The
termination of this Agreement shall not remove or excuse any liability on the part of any party hereto.

 

    	 	36 	 

     

    

 

Section 6.10         Recapitalization,
Exchanges, Etc. Affecting the Common Shares. The provisions of this Agreement shall apply to the full extent set forth herein
with respect to any and all equity interests of the Company or any successor or assign of the Company (whether by merger, consolidation,
sale of assets or otherwise) which may be issued in respect of, in exchange for or in substitution of, the Common Shares, and
shall be appropriately adjusted for combinations, recapitalizations and the like occurring after the date of this Agreement and
prior to the Closing.

 

Section 6.11         No
Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

Section 6.12         Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

Section 6.13         Remedies.
Each Purchaser shall be entitled to enforce such rights specifically (without posting a bond or other security), to recover damages
by reason of any breach of any provision of this Agreement and to exercise all other rights granted by law. Furthermore, the Company
recognizes that in the event that it fails to perform, observe, or discharge any or all of its obligations under the Operative
Documents, any remedy at law would inadequate relief to the Purchasers. The Company therefore agrees that the Purchasers shall
be entitled to specific performance and/or temporary, preliminary and permanent injunctive or other equitable relief from any
court of competent jurisdiction in any such case without the necessity of proving actual damages and without posting a bond or
other security. The remedies provided in this Agreement and the other Operative Documents shall be cumulative and in addition
to all other remedies available under this Agreement and the other Operative Documents, at law or in equity (including a decree
of specific performance and/or other injunctive relief).

 

Section 6.14         Withdrawal
Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) the Operative
Documents, whenever any Purchaser exercises a right, election, demand or option under an Operative Document (other than the Registration
Rights Agreement) and the Company or any Subsidiary does not timely perform its related obligations within the periods therein
provided, then such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company
or such Subsidiary (as the case may be), any relevant notice, demand or election in whole or in part without prejudice to its
future actions and rights.

 

Section 6.15         Payment
Set Aside; Currency. To the extent that the Company makes a payment or payments to any Purchaser hereunder or pursuant to
any of the other Operative Documents or any of the Purchasers enforce or exercise their rights hereunder or thereunder, and such
payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared
to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise
restored to the Company, a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy
law, foreign, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation
or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment
had not been made or such enforcement or setoff had not occurred. Unless otherwise expressly indicated, all dollar amounts referred
to in this Agreement and the other Operative Documents are in United States Dollars (“U.S. Dollars”), and all
amounts owing under this Agreement and all other Operative Documents shall be paid in U.S. Dollars. All amounts denominated in
other currencies (if any) shall be converted into the U.S. Dollar equivalent amount in accordance with the Exchange Rate on the
date of calculation. “Exchange Rate” means, in relation to any amount of currency to be converted into U.S.
Dollars pursuant to this Agreement, the U.S. Dollar exchange rate as published in the Wall Street Journal on the relevant date
of calculation.

 

    	 	37 	 

     

    

 

Section 6.16         Severability;
Maximum Payment Amounts. If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or
unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable
shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability
of such provision shall not affect the validity of the remaining provisions of this Agreement. The parties hereto will endeavor
in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect
of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s). Notwithstanding anything
to the contrary contained in this Agreement or any other Operative Document (and without implication that the following is required
or applicable), it is the intention of the parties hereto that in no event shall amounts and value paid by the Company, or payable
to or received by any of the Purchasers, under the Operative Documents exceed amounts permitted under any applicable law. Accordingly,
if any obligation to pay, payment made to any Purchaser, or collection by any Purchaser pursuant the Operative Documents is finally
judicially determined to be contrary to any such applicable Law, such obligation to pay, payment or collection shall be deemed
to have been made by mutual mistake of such Purchaser, the Company and its Subsidiaries and such amount shall be deemed to have
been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited
by the applicable Law. Such adjustment shall be effected, to the extent necessary, by reducing or refunding, at the option of
such Purchaser, the amount of interest or any other amounts which would constitute unlawful amounts required to be paid or actually
paid to such Purchaser under the Operative Documents. For greater certainty, to the extent that any interest, charges, fees, expenses
or other amounts required to be paid to or received by such Purchaser under any of the Operative Documents or related thereto
are held to be within the meaning of “interest” or another applicable term to otherwise be violative of applicable
Law, such amounts shall be pro-rated over the period of time to which they relate.

 

Section 6.17         Judgment
Currency.

 

(i)       If
for the purpose of obtaining or enforcing judgment against the Company in connection with this Agreement or any other Operative
Document in any court in any jurisdiction it becomes necessary to convert into any other currency (such other currency being hereinafter
in this Section 6.17 referred to as the “Judgment Currency”) an amount due in U.S. Dollars under this
Agreement, the conversion shall be made at the Exchange Rate prevailing on the Trading Day immediately preceding:

 

    	 	38 	 

     

    

 

(1)       the
date actual payment of the amount due, in the case of any proceeding in the courts of New York or in the courts of any other jurisdiction
that will give effect to such conversion being made on such date: or

 

(2)       the
date on which the foreign court determines, in the case of any proceeding in the courts of any other jurisdiction (the date as
of which such conversion is made pursuant to this Section 6.17(i)(2) being hereinafter referred to as the “Judgment
Conversion Date”).

 

(ii)       If
in the case of any proceeding in the court of any jurisdiction referred to in Section 6.17(i)(2) above, there is a change
in the Exchange Rate prevailing between the Judgment Conversion Date and the date of actual payment of the amount due, the applicable
party shall pay the amount that is necessary to ensure that the amount paid in the Judgment Currency, when converted at the Exchange
Rate prevailing on the date of payment, will produce the amount of U.S. Dollars which could have been purchased with the amount
of Judgment Currency stipulated in the judgment or judicial order at the Exchange Rate prevailing on the Judgment Conversion Date.

 

(iii)       Any
amount due from the Company under this provision shall be due as a separate debt and shall not be affected by judgment being obtained
for any other amounts due under or in respect of this Agreement or any other Operative Document.

 

[Signature Pages Follow]

 

    	 	39 	 

     

    

 

IN WITNESS WHEREOF,
this Agreement shall be effective as of the date first written above.

 

	 	GLOBUS MARITIME LIMITED
	 	 	 
	 	By:	/s/ Athanasios Feidakis
	 	 	Name:  Athanasios Feidakis
	 	 	Title:    Chief Executive Officer

 

Signature Page to Share and Warrant
Purchase Agreement

 

    	 	 	 

     

    

 

	 	PURCHASER:
	 	 
	 	UNITED CAPITAL INVESTMENTS CORP.
	 	 	 
	 	By:	/s/ Victor Restis
	 	 	Name:  	Victor Restis
	 	 	Title: 	Director & President

 

The Purchaser hereby agrees that the Maximum Percentage (as
defined in the Warrant) for such Purchaser (and not any other Purchaser) shall be:

 

________________%

 

To the extent that the above is left blank, the provisions
of the Warrant shall apply, and the maximum percentage ownership shall be 9.99%.

 

Signature Page to Share and Warrant
Purchase Agreement

 

    	 	 	 

     

    

 

Schedule A – List of the Purchasers
and Commitment Amounts 

 

	Purchaser	 	Common
 Shares	 	 	Warrants to
 Purchase
 Common
 Shares	 	 	Purchase Price*	 
	United Capital Investments Corp.	 	 	2,500,000	 	 	 	12,500,000	 	 	$	2,500,000	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	2,500,000	 	 	 	12,500,000	 	 	$	2,500,000	 

 

* The Purchase Price for each Purchaser for each Common Share
and a warrant to purchase five Common Shares is $1.00. Therefore, to compute the Purchase Price for a particular Purchaser, multiply
the number of Common Shares listed next to the name of such Purchaser by $1.00.

 

Schedule A to Share and Warrant Purchase
Agreement

 

    	 	 	 

     

    

 

Schedule B – Notice and Contact
Information

 

United Capital Investments Corp. 

 

c/o

Kostis Kinigakis

11, Poseidonos Av.

16777, Elliniko

Athens

Greece

 

Exhibit A to Share and Warrant Purchase
Agreement

 

    	 	 	 

     

    

 

Exhibit A – Form of Registration
Rights Agreement

 

Exhibit A to Share and Warrant Purchase
Agreement

 

    	 	 	 

     

    

 

Exhibit B - Form of Warrant

 

Exhibit B to Share and Warrant Purchase
Agreement

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