Document:

Second Amendment to License Agreement, dated as of August 29, 2003

 EXHIBIT 10.12 
 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
 SECOND AMENDMENT TO LICENSE AGREEMENT 
 This Second Amendment to License Agreement (“Second Amendment”) is effective as of this 29th day
of August, 2003 (the “Effective Date”), by and between Pharmasset, Ltd., a Barbados International Business Company, with offices located at The Financial Services Center, Bishop’s Court Hill, Suite 111, St. Michael, Barbados
(“Pharmasset”) and Emory University, a not-for-profit Georgia corporation with offices at 1380 South Oxford Road, N.E., Atlanta, Georgia 30322 (“Emory”), and amends certain terms of that certain License Agreement, dated
December 30, 1998, between Emory and Pharmasset relating to D-D4FC (the “Agreement”). 
 RECITALS: 
  

	 	A.	Emory and Pharmasset have previously entered into the Agreement, pursuant to which Emory has licensed certain patent rights and know-how owned or controlled by Emory to Pharmasset
relating to D-D4FC (as defined in the Agreement). 

  

	 	B.	Emory and Pharmasset entered into a First Amendment to the Agreement dated September 24, 1999, which First Amendment automatically terminated and is of no force and effect.

  

	 	C.	Pharmasset and DuPont Pharmaceuticals Company (“DPC”) entered into a sublicense agreement effective as of August 16, 1999 whereby Pharmasset sublicensed certain
rights relating to D-D4FC to DPC, which sublicense agreement is now terminated. 

  

	 	D.	Pharmasset has negotiated and desires to enter into a sublicense agreement with Incyte Corporation (“Incyte”) whereby, inter alia, certain rights licensed to
Pharmasset pursuant to the Agreement are to be sublicensed to Incyte pursuant to a Collaboration and License Agreement (the “Sublicense”), which Emory has reviewed. 

  

	 	E.	Pharmasset and Emory deem it advisable to effect certain modifications to the Agreement as provided for herein. 

 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are acknowledged by each of the parties, Pharmasset and Emory
hereby agree as follows: 
  

	1.	Definitions. 

  

	 	1.1	Use of Existing Definitions. All terms used in this Second Amendment and not otherwise defined herein shall have the same meanings ascribed to them in the Agreement.

  

 1 

 Certain portions of this Exhibit have been omitted pursuant to a request for confidentiality. Such omitted
portions, which are marked with brackets and asterisks [***], have been separately filed with the Commission. 
  

	 	1.2	Amendment of Definitions. The Agreement is hereby amended to provide that: 

  

	 	1.2.1 	Section 1.8 of the Agreement is deleted in its entirety and replaced with the following: 

 “Licensed Compounds” shall mean 
  

	 	(i)	ß-D-2’,3’-dideoxy-2’,3’-didehydro-5-flrorocytidine (also known and referred to herein as D-D4FC) and any salts, esters, [***] derivatives thereof and [***]
prodrugs thereof, and any complexes, hydrates and solvates thereof; 

  

	 	(ii)	any [***] analogs of D-D4FC and any salts, esters, [***] derivatives thereof and [***] prodrugs thereof and any complexes, hydrates and solvates thereof. 

 

	 	1.2.2 	Solely as to Incyte as sublicense under the Sublicense, the provisions of Section 1.35 of the Sublicense, relating to the definition of “Net Sales”, shall apply in
lieu of the provision of Section 1.14 of the Agreement with the following changes: 

  

	 	1.2.2.1 	Each instance of the term “Net Sales” shall be replaced by the term “Net Selling Price” and every instance of “Product” shall be replaced with
“Licensed Product” and “Combination Product” shall have the meaning ascribed to that term in the Sublicense. 

  

	2.	Amendment of Other Provisions of the Agreement. The provisions of the Agreement, other than definitions, are hereby amended as follows: 

  

	 	2.1	Exhibit A. Exhibit A of the Agreement is deleted in its entirety and replaced with Exhibit A to this Second Amendment. 

  

	3.	Consent: Emory hereby consents to Pharmasset entering into the Sublicense with Incyte pursuant to the Collaboration and License Agreement substantially similar to the draft
dated August 29, 2003. 

  

	4.	General Terms. 

  

	 	4.1	Unamended Terms of Agreement Remain in Effect. Except as expressly amended hereby, the remaining terms of the Agreement shall remain in full force and effect.

  

 2 

	 	4.2	Entire Agreement. The Agreement, as amended by this Second Amendment, constitutes the entire agreement between Emory and Pharmasset regarding the subject matter contained
herein. 

  

	 	4.3	Conflicts. In the event of any conflict between the provisions of the Agreement and this Second Amendment, the provisions of this Second Amendment shall govern and control.

  

	 	4.4	Governing Law. This Second Amendment shall be governed by, and construed in accordance with, the laws of the State of Georgia without regard to its conflicts of laws
principles. 

  

	 	4.5	Counterparts. This Second Amendment may be executed in any number of counterparts, each of which shall be deemed an original and all of which shall constitute one and the
same instrument. 

  

	 	4.6	Survival of Provisions. If any provision of this Second Amendment is for any reason held to be ineffective, unenforceable or illegal, such condition shall not affect the
validity or enforceability of any of the remaining portions hereof; provided, further, that the parties shall negotiate in good faith to replace any ineffective, unenforceable or illegal provision with an effective replacement as soon as is
practical. 

 IN WITNESS WHEREOF, Emory and Pharmasset have each executed this Second Amendment through an authorized officer
as of the date first written above. 
  

									
	 EMORY UNIVERSITY
	 		 	 PHARMASSET, LTD.

					
	By:	 	/s/ Mary L. Severson	 		 	By:	 	/s/ Elliot F. Hahn
					
	Name:	 	Mary L. Severson, Ph.D., JD	 		 	Name:	 	Elliot F. Hahn, Ph.D.
					
	Title:	 	Assistant Vice President and Director,
Office of Technology Transfer	 		 	Title:	 	Director
				
		 		 	By:	 	/s/ Alexandra Goll
					
		 		 		 	Name:	 	Alexandra Goll, Ph.D.
					
		 		 		 	Title:	 	Director

  

 3 

 Exhibit A 
 Licensed Patents (D-D4FC) 
 Patent Family of US Patent No. 5,703,058 and WO96/22278

  

													
	 Docket Number & Title
	  	 Country
	  	 Filing
Date
	  	 Serial No.
	  	 Patent No.
	  	 Issue
Date
	  	 Status

	EMU133	  		  		  		  		  		  	
	Compositions containing 5-fluoro-2’,3’-didehydro-2’,3’-dideoxycytidine or a mono-, di-, or triphosphate thereof and a second antiviral agent	  	U.S.	  	1/27/95	  	08/379,276	  	5,703,058	  	12/30/97	  	Patented
							
	EMU133CON	  		  		  		  		  		  	
	(5-Carboxamido or 5-Fluoro) - (2’ 3’ - Unsaturated or 3’ - Modified) - Pyrimidine Nucleosides	  	U.S.	  	12/30/97	  	09/001,084	  	5,905,070	  	5/18/99	  	Patented
							
	 EMU133CON 2
	  		  		  		  		  		  	
	Treatment of HIV by administration of ß-D-2’, 3’-didehydro-2’,3’-dideoxy-5-fluorocytidine (D4FC)	  	U.S.	  	5/12/99	  	09/310,823	  	6,232,300	  	5/15/01	  	Patented
							
	 EMU133CON 3
	  		  		  		  		  		  	
	(5-Carboxamido or 5-Fluoro) - (2’ 3’ - Unsaturated or 3’ - Modified) - Pyrimidine Nucleosides	  	U.S.	  	10/2/00	  	09/677,161	  	6,391,859	  	5/21/02	  	Patented
							
	 EMU133CON 4 
	  		  		  		  		  		  	
	(5-Carboxamido or 5-Fluoro) - (2’ 3’ - Unsaturated or 3’ - Modified) - Pyrimidine Nucleosides	  	U.S.	  	5/15/02	  	10/146,779	  		  		  	Pending
							
	EMU 133 Foreign	  		  		  		  		  		  	
	(5-Carboxamido or 5-Fluoro) - (2’ 3’ - Unsaturated or 3’ - Modified) - Pyrimidine Nucleosides	  	PCT	  	1/29/96	  	US96/00965	  	 WO
 96/22778
	  	8/1/96	  	 Published,
 National Phase Entered

							
	(5-Carboxamido or 5-Fluoro) - (2’ 3’ - Unsaturated or 3’ - Modified) - Pyrimidine Nucleosides	  	Europe	  	1/29/96	  	 96902772.1
 0 805 683 A
	  		  		  	Pending

													
	 Docket Number & Title
	  	 Country
	  	 Filing Date
	  	 Serial No.
	  	 Patent No.
	  	 Issue Date
	  	 Status

	(5-Carboxamido or 5-Fluoro) - (2’ 3’ - Unsaturated or 3’ - Modified) - Pyrimidine Nucleosides	  	Canada	  	1/29/96	  	2,211,612	  		  		  	Pending
							
	(5-Carboxamido or 5-Fluoro) - (2’ 3’ - Unsaturated or 3’ - Modified) - Pyrimidine Nucleosides	  	Australia	  	1/29/96	  	47056/96	  	717580	  	7/13/00	  	Patented
							
	(5-Carboxamido or 5-Fluoro) - (2’ 3’ - Unsaturated or 3’ - Modified) - Pyrimidine Nucleosides	  	 Australia
 Divisional
	  	2/3/00	  	14894/00	  		  		  	Pending
							
	(5-Carboxamido or 5-Fluoro) - (2’ 3’ - Unsaturated or 3’ - Modified) - Pyrimidine Nucleosides	  	Japan	  	1/29/96	  	 522990/1996
 512887/98
	  		  		  	Pending

 Patent Family of US Application No. 09/488,874 
 EMU 2080 
  

													
	 Docket Number & Title
	  	 Country
	  	 Filing Date
	  	 Serial No.
	  	 Patent No.
	  	 Issue Date
	  	 Status

	 HIV-1 Mutations
 Selected for by
ß-2’,3’-Didehydro-2’,3’-Dideoxy-5-Fluorocytidine
	  	U.S. Prov	  	1/22/99	  	60/116,773	  		  		  	Converted
							
	 HIV-1 Mutations
 Selected for by
ß-2’,3’-Didehydro-2’,3’-Dideoxy-5-Fluorocytidine
	  	U.S.	  	1/21/00	  	09/488,874	  		  		  	Pending
							
	 HIV-1 Mutations
 Selected for by
ß-2’,3’-Didehydro-2’,3’-Dideoxy-5-Fluorocytidine
	  	PCT	  	1/21/00	  	 US
 00/01738
	  	 WO
 00/43014
	  		  	 Published,
 National Phase Entered

							
	 HIV-1 Mutations
 Selected for by
ß-2’,3’-Didehydro-2’,3’-Dideoxy-5-Fluorocytidine
	  	Australia	  	1/21/00	  	26270/00	  		  		  	Pending
							
	 HIV-1 Mutations
 Selected for by
ß-2’,3’-Didehydro-2’,3’-Dideoxy-5-Fluorocytidine
	  	Brazil	  	1/21/00	  	0007627-9	  		  		  	Pending
							
	 HIV-1 Mutations
 Selected for by
ß-2’,3’-Didehydro-2’,3’-Dideoxy-5-Fluorocytidine
	  	Canada	  	1/21/00	  	2,360,039	  		  		  	Pending
							
	 HIV-1 Mutations
 Selected for by
ß-2’,3’-Didehydro-2’,3’-Dideoxy-5-Fluorocytidine
	  	China	  	1/21/00	  	 00802998.9
 1337880A
	  		  		  	Published
							
	 HIV-1 Mutations
 Selected for by
ß-2’,3’-Didehydro-2’,3’-Dideoxy-5-Fluorocytidine
	  	Europe	  	1/21/00	  	 00904529.5
 1143976
	  		  		  	Published

													
	 Docket Number & Title
	  	 Country
	  	 Filing Date
	  	 Serial No.
	  	 Patent No.
	  	 Issue Date
	  	 Status

	 HIV-1 Mutations
 Selected for by
ß-2’,3’-Didehydro-2’,3’-Dideoxy-5-Fluorocytidine
	  	Hong Kong	  	1/21/00	  	 02101840.8
 1040064
	  		  		  	Published
							
	 HIV-1 Mutations
 Selected for by
ß-2’,3’-Didehydro-2’,3’-Dideoxy-5-Fluorocytidine
	  	Israel	  	1/21/00	  	144382	  		  		  	Pending
							
	 HIV-1 Mutations
 Selected for by
ß-2’,3’-Didehydro-2’,3’-Dideoxy-5-Fluorocytidine
	  	India	  	1/21/00	  	 200100742/
 DEL
	  		  		  	Pending
							
	 HIV-1 Mutations
 Selected for by
ß-2’,3’-Didehydro-2’,3’-Dideoxy-5-Fluorocytidine
	  	India-DIV	  	1/21/00	  	 200100756/
 DEL
	  		  		  	Pending
							
	 HIV-1 Mutations
 Selected for by
ß-2’,3’-Didehydro-2’,3’-Dideoxy-5-Fluorocytidine
	  	Japan	  	1/21/00	  	2000-594468	  		  		  	Pending
							
	 HIV-1 Mutations
 Selected for by
ß-2’,3’-Didehydro-2’,3’-Dideoxy-5-Fluorocytidine
	  	South Korea	  	1/21/00	  	2001-7009139	  		  		  	Pending
							
	 HIV-1 Mutations
 Selected for by
ß-2’,3’-Didehydro-2’,3’-Dideoxy-5-Fluorocytidine
	  	Mexico	  	1/21/00	  	1007359	  		  		  	Pending
							
	 HIV-1 Mutations
 Selected for by
ß-2’,3’-Didehydro-2’,3’-Dideoxy-5-Fluorocytidine
	  	Norway	  	1/21/00	  	20013599	  		  		  	Pending
							
	 HIV-1 Mutations
 Selected for by
ß-2’,3’-Didehydro-2’,3’-Dideoxy-5-Fluorocytidine
	  	Poland	  	1/21/00	  	P349576	  		  		  	Pending

													
	 Docket Number & Title
	  	 Country
	  	 Filing Date
	  	 Serial No.
	  	 Patent No.
	  	 Issue Date
	  	 Status

	 HIV-1 Mutations
 Selected for by
ß-2’,3’-Didehydro-2’,3’-Dideoxy-5-Fluorocytidine
	  	New Zealand	  	1/21/00	  	512990	  		  		  	Pending
							
	 HIV-1 Mutations
 Selected for by
ß-2’,3’-Didehydro-2’,3’-Dideoxy-5-Fluorocytidine
	  	Russian Federation	  	1/21/00	  	2001123432	  		  		  	Pending
							
	 HIV-1 Mutations
 Selected for by
ß-2’,3’-Didehydro-2’,3’-Dideoxy-5-Fluorocytidine
	  	Singapore	  	1/21/00	  	9904985-0	  		  		  	In process of Grant
							
	 HIV-1 Mutations
 Selected for by
ß-2’,3’-Didehydro-2’,3’-Dideoxy-5-Fluorocytidine
	  	South Africa	  	1/21/00	  	2001/5971	  		  		  	PendingTermination and Reinstatement Agreement, dated as of June 9, 1999

 EXHIBIT 10.13 
 TERMINATION AND REINSTATEMENT AGREEMENT 
 This Termination and Reinstatement Agreement, dated this
9th day of June, 1999, by and between Emory University, a Georgia non-profit corporation (“Emory”) and PHARMASSET, Ltd., a Barbados corporation (“PHARMASSET”). 
 WITNESSETH: 
 WHEREAS, the parties hereto entered into that certain License Agreement,
dated as of December 8, 1998, whereby Emory licensed to PHARMASSET “Enantiomerically Enriched FTC” as defined therein, and in which Emory warranted and represented to PHARMASSET that its entering into such License Agreement would not
constitute a breach of any other agreement to which Emory is party, a copy of which License Agreement is attached as Exhibit I hereto (the “License Agreement”); 
 WHEREAS, prior to the effective date of the License Agreement, PHARMASSET executed and delivered to Emory a letter agreement in the form attached as Exhibit 2 by the terms of which PHARMASSET agreed to be bound by the
terms of Section 2.7(b) of that certain License Agreement by and between Emory and Triangle Pharmaceuticals, Inc. (“Triangle”), dated April 17, 1996 (“Triangle License”), which letter was intended by the parties hereto
to be delivered by Emory to Triangle as a condition to the License Agreement, all as provided for in Section 2.7(c) of the Triangle License; 
 WHEREAS, due to the death of the General Counsel of Emory, the parties hereto are uncertain as to whether said letter agreement was in fact so delivered to Triangle as intended prior to the effective date of the License Agreement; and

 WHEREAS, the parties hereto mutually desire to ensure proper and timely delivery of the agreement required by Section 2.7(c) of the
Triangle License prior to the effective date of a license of Enantiomerically Enriched FTC by Emory to PHARMASSET. 
 NOW THEREFORE, in
consideration of the foregoing, the mutual promises contained herein and other good and valuable consideration the receipt and sufficiency of which are hereof acknowledged, the parties hereto hereby agree as follows: 
 1. The License Agreement be and hereby is terminated, the parties hereto waiving all notices required thereby, and is of no force and effect. 

2. Delivered herewith by PHARMASSET to Emory is a newly executed letter agreement, dated the date hereof, whereby PHARMASSET agrees to be bound by the
terms of Section 2.7(b) of the Triangle License to the same extent that Emory is so bound (“Letter Agreement”). 
 3. Emory
hereby agrees to deliver the Letter Agreement to Triangle by overnight courier within two (2) business days after the date hereof and to notify PHARMASSET in writing by facsimile transmission of Triangle’s receipt thereof (“Delivery
Notice”), Emory 

 
agreeing to enter into no license of Enantiomerically Enriched FTC prior to the Effective Date (as defined below). 
 4. Improvements, if any, in respect of any intellectual property subject to the License Agreement which may have been developed by PHARMASSET from
December 8, 1998 through the Effective Date (“Interim Period”) are hereby assigned to Emory and shall be deemed included in “Licensed Technology” under the License Agreement as reinstated pursuant to Section 5 hereof.
Emory hereby covenants and agrees not to take any action in law or equity against PHARMASSET in respect of any activities of PHARMASSET relating to any such improvements during the Interim Period. 
 5. The parties hereto hereby agree that the License Agreement, in the form originally executed by the parties hereto but amended so as to be effective as
of a specified date, which shall be the date of receipt by PHARMASSET of the Delivery Notice (“Effective Date”), shall, upon the Effective Date, be automatically reinstated and be in full force and effect, the parties’ execution and
delivery hereof constituting the re-execution thereof. 
 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed
this 9th day of June, 1999. 
  

			
	 EMORY UNIVERSITY

		
	 By:
	 	 /s/ John L. Temple

	 Title:
	 	 Executive Vice President

	
	 PHARMASSET, LTD.

		
	 By:
	 	 /s/ Martin K. Pritchard

	 Title:
	 	 Director

		
	 By:
	 	 /s/ Raymond F. Schinazi

	 Title:
	 	 Director

  

 2

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