Document:

Contract for Sale

 Exhibit 4.54 
 DATED 23 NOVEMBER 2005 
 (1) BIOPROGRESS TECHNOLOGY LIMITED [Seller] 
 (2) BARRY JOHN MUNCASTER [Buyer] 
  

 CONTRACT FOR THE SALE 
 of 
 14 Hostmoor Avenue March Trading March 
 Cambridgeshire PE15 0AX formerly known as 
 Unit 1 Hostmoor Avenue March
Cambridgeshire 
  

 

 
 160 Queen Victoria Street 
 London EC4V 4QQ, UK 
 Tel: +44 (0) 20 7184 7000 
 Fax: +44 (0) 20 7184 7001 

 THIS CONTRACT is made the 23rd day of November 2005 
 PARTIES 
  

	(1)	BIOPROGRESS TECHNOLOGY LIMITED whose registered office is at Hostmoor Avenue March Trading Estate March Cambridgeshire PE15 OAX (Company Registration Number
3289265)(“Seller”). 

  

	(2)	BARRY JOHN MUNCASTER of Woodlands Place Moulton Road Kennett Newmarket Suffolk CB8 8QT(“Buyer”). 

 AGREED TERMS 
  

	1	INTERPRETATION 

  

	1.1	The definitions in this clause apply in this contract. 

 “Buyer’s Conveyancer” means Rustons & Lloyd Beaufort House 136 High Street Newmarket Suffolk CB8 8JP DX 50501 Newmarket Reference CDP/SL/M.786 
 “Completion Date” means a date for completion in accordance with clause 12 
 “Consent” means a consent to the Transfer to the Buyer of the residue of the term granted by the Lease. 
 “Contract Rate” means 3% per annum above the base lending rate from time to time of Barclays Bank PLC. 
 “Landlord” means the person entitled to the immediate reversion to the Lease. 
 “Lease” means a Lease 14 Hostmoor Avenue March Trading March Cambridgeshire PE15 OAX formerly known as Unit 1 Hostmoor Avenue
March Cambridgeshire dated 15th May 2003 and made between E. J. Lord Limited (1) Bioprogress Technology
Limited (2) and Bioprogress Technology International Inc (3) and every document varying or supplemental or collateral to it. 
 “Part 1 Conditions” means the conditions in Part 1 of the Standard Commercial Property Conditions (Second Edition) and Condition means any one of them. 
 “Part 2 Conditions” means the conditions in Part 2 of the Standard Commercial Property Conditions (Second Edition). 
 “Property” means the leasehold property at 14 Hostmoor Avenue March Trading March Cambridgeshire PE15 OAX formerly known as Unit 1
Hostmoor Avenue March Cambridgeshire as demised by the Lease. 
 “Purchase Price” means £1 (exclusive of VAT).

  

 1 

 “Registration of the Lease” means the registration of the Lease at the Land
Registry and the provision of a copy of the Title Register and plan to the Buyer’s Conveyancer pursuant to clause 5.2 
 “Seller’s Conveyancer” means Hewitsons, Shakespeare House, 42 Newmarket Road, Cambridge, CB5 8EP DX 133155 Cambridge 8 Reference DMW/B35 
 “VAT” means value added tax chargeable under the Value Added Tax Act 1994 
 “1994 Act” means Law of Property (Miscellaneous Provisions) Act 1994. 
  

	1.2	The rules of interpretation in this clause apply in this contract. 

  

	1.3	A person includes a corporate or unincorporated body. 

  

	1.4	Unless otherwise specified, a reference to a particular law is a reference to it as it is in force for the time being, taking account of any amendment, extension, application or
re-enactment and includes any subordinate legislation for the time being in force made under it. 

  

	1.5	A reference to laws in general is to all local, national and directly applicable supra-national laws in force for the time being, taking account of any amendment, extension,
application or re-enactment and includes any sub-ordinate laws for the time being in force made under them and all orders, notices, codes of practice and guidance made under them. 

  

	1.6	The expression tenant covenant has the meaning given to it by the Landlord and Tenant (Covenants) Act 1995. 

  

	1.7	Writing or written includes faxes but not e-mail. 

  

	1.8	Except where a contrary intention appears, a reference to a clause or Schedule is a reference to a clause of or Schedule to this contract. 

  

	1.9	Clause and Schedule headings do not affect the interpretation of this contract. 

  

	2	SALE AND PURCHASE 

  

	2.1	The Seller will sell and the Buyer will buy the residue of the term of years granted by the Lease for the Purchase Price on the terms of this contract. No deposit is payable.

  

	2.2	The Buyer cannot require the Seller to: 

  

	 	2.2.1	Transfer the Lease or any part of it to any person other than the Buyer; or 

  

	 	2.2.2	Transfer the Lease in more than one parcel or by more than one transfer; or 

  

 2 

	3	CONDITIONS 

  

	3.1	The Part 1 Conditions are incorporated in this contract so far as they: 

  

	 	3.1.1	apply to a sale by private treaty; 

  

	 	3.1.2	relate to leasehold property; 

  

	 	3.1.3	are not inconsistent with the other clauses in this contract; and 

  

	 	3.1.4	have not been modified or excluded by any of the other clauses in this contract. 

  

	3.2	The Part 2 Conditions are not incorporated into this contract. 

  

	3.3	Condition 1.1.4(a) does not apply to this contract. 

  

	4	RISK AND INSURANCE 

  

	4.1	With effect from exchange of this contract, the Property is at the Buyer’s risk and the Seller is under no obligation to the Buyer to insure the Property which is required to
be insured by the Landlord under the Lease. 

  

	4.2	No damage to or destruction of the Property, nor any deterioration in its condition, however caused, will entitle the Buyer to refuse to complete or to delay completion.

  

	4.3	Conditions 7.1.2, 7.1.3 and 7.1.4(b) do not apply to this contract. 

  

	5	DEDUCING TITLE 

  

	5.1	The Seller’s title to the Lease has been deduced to the Buyer’s Conveyancer before the date of this contract. Subject to clause 5.2 the Seller’s title to the Lease
has been deduced to the Buyer’s Conveyancer before the date of this contract. 

  

	5.2	The Seller will instruct the Seller’s Conveyancer to register the Lease at the Land Registry. Immediately upon receipt from the Land Registry the Seller’s Conveyancer
shall issue an official copy of both the Register and Plan to the Buyer’s Conveyancer. 

  

	5.3	The Buyer is deemed to have full knowledge of the title and is not entitled to raise any objection, enquiry or requisition in relation to it save any matter which may be revealed by
the Title Register and the Buyer’s Conveyancer’s pre-completion searches. 

  

	5.4	Conditions 6.2, 6.3.1 and 6.4.2 do not apply to this contract. 

  

	6	VACANT POSSESSION 

 Subject to clause 15 the
Property will be sold with vacant possession on completion. 
  

 3 

	7	TITLE GUARANTEE 

  

	7.1	The Seller will transfer the Lease with full title guarantee but the covenants implied by section 4 of the 1994 Act shall be limited so that the Seller will have no liability under
them for the consequences of any breach of the terms of the Lease relating to the physical state or condition of the Property. 

  

	7.2	Condition 6.6.2 does not apply to this contract. 

  

	8	MATTERS AFFECTING THE PROPERTY 

  

	8.1	The Seller will transfer the residue of the term of years granted by the Lease free from encumbrances other than: 

  

	 	8.1.1	any matters contained or referred to in the Title Register 

  

	 	8.1.2	the tenant covenants and all terms and conditions contained or referred to in the Lease; 

  

	 	8.1.3	any matters discoverable by inspection of the Property before the date of this contract; 

  

	 	8.1.4	any matters which the Seller does not and could not reasonably know about; 

  

	 	8.1.5	any matters disclosed or which would have been disclosed by the searches and enquiries which a prudent buyer would have made before entering into this contract;

  

	 	8.1.6	public requirements; 

  

	 	8.1.7	any matters which are unregistered interests which override registered dispositions under Schedule 1 to the Land Registration Act 2002 

  

	8.2	Conditions 3.1.1, 3.1.2, 3.1.3 and 3.3 do not apply to this contract. 

  

	8.3	The Buyer is deemed to have full knowledge of the matters referred to in clause 8.1 and will not raise any enquiry, objection, requisition or claim in respect of any of them.

  

	9	CONSENT 

  

	9.1	Completion is conditional on every Consent required under the Lease, each Consent being evidenced in a written, formal licence to assign, dated and being obtained on reasonable
terms, signed or executed by or on behalf of each of the parties to it. 

  

	9.2	Subject to the Buyer complying with all its obligations under this clause, the Seller will apply for and use all reasonable endeavours to obtain every Consent as required by the
Lease but the Seller will not be obliged to seek any declaration of the Court that a Consent has been or is being unreasonably withheld. 

  

 4 

	9.3	The Buyer will, without delay: 

  

	 	9.3.1	supply all information, accounts and references as the Landlord, or the Seller may reasonably require in connection with an application for or consideration of any Consent;

  

	 	9.3.2	ensure that any amendments that the Buyer proposes to make to any form of Consent or to any document mentioned in clause 9.3.3 that has been submitted to the Buyer or to the
Buyer’s Conveyancer, are communicated promptly to the Seller’s Conveyancer; 

  

	 	9.3.3	supply, procure or enter into any guarantees, rental or other deposits, direct covenants or other security for the performance of the tenant covenants of the Lease as may be
required under the Lease or as the Landlord may reasonably require; 

  

	 	9.3.4	execute the documents containing a Consent and execute or procure the execution of the documents (if any) required to be entered into pursuant to clause 9.3.3, each in the form
reasonably required by the Landlord. The Buyer will return all such documents duly executed to the Seller’s Conveyancer within ten working days after the engrossments have been submitted to the Buyer’s Conveyancer.

  

	9.4	If any Consent required under the Lease has not been obtained on reasonable terms or if the Buyer’s Conveyancer has not received a copy of the Title Register and plan pursuant
to clause 5.2 by 4.00pm on 28 February 2006 this contract may be rescinded: 

  

	 	9.4.1	by the Seller giving notice to the Buyer; or 

  

	 	9.4.2	by the Buyer giving notice to the Seller, provided that before giving the notice the Buyer must have complied with its obligations under clause 9.3. 

  

	9.5	Without prejudice to Condition 9.2, if a notice to rescind is served under this clause, neither of the parties will have any further rights or obligations under this contract except
that: 

  

	 	9.5.1	the Buyer will continue to be liable to pay or refund any costs which it is liable to pay or refund under this contract; 

  

	 	9.5.2	the Seller’s rights in connection with any breach of this contract by the Buyer which may have occurred before service of the notice to rescind will be unaffected;

  

	9.6	Condition 10.3 does not apply to this contract. 

  

	10	TRANSFER 

 The transfer to the Buyer will be
in the agreed form initialled by the parties and annexed to this contract. 
  

 5 

	11	VAT 

  

	11.1	Each amount stated to be payable by the Buyer to the Seller under or pursuant to this contract is exclusive of VAT (if any). 

  

	11.2	If any VAT is chargeable on any supply made by the Seller under or pursuant to this contract, the Buyer will pay the Seller an amount equal to that VAT as additional consideration
on completion. 

  

	12	COMPLETION  

  

	12.1	Completion will take place five working days after the later of 

  

	 	12.1.1	every Consent has been obtained in accordance with clause 9 and 

  

	 	12.1.2	Registration of the Lease 

  

	12.2	Conditions 8.1.2 and 8.1.3 are varied by the deletion of 2.00 pm as the stipulated time and the substitution of 1.00 pm. 

  

	12.3	Condition 1.1.3(b) is amended to read: “in the case of the seller, even though a mortgage remains secured on the property, if the amount to be paid on completion enables the
property to be transferred freed of all mortgages, (except those to which the sale is expressly subject) or if the seller produces reasonable evidence that this is the case.” 

  

	12.4	Condition 8.4 is amended to add, “(d) any other sum which the parties agree under the terms of the contract should be paid or allowed on completion”.

  

	13	APPORTIONMENT OF RENT PAYABLE UNDER THE LEASE  

  

	13.1	In this clause the following definitions apply: 

 “Rent”: the annual rent first reserved by the Lease and any VAT paid in respect of it. 
 “Lease
Rent Payment Day”: a day under the Lease for payment of the Lease Rent or an instalment of the Lease Rent. 
  

	13.2	The Lease Rent will be apportioned so that on completion the Buyer will pay or allow the Seller: 

 AxB 
 365 
 where: 
 A is the Lease Rent payable at the
date of completion; and 
 B is the number of days from and including the day of completion to but excluding the next Lease Rent Payment Day.

  

 6 

	14	SERVICE CHARGE DUE UNDER THE LEASE 

 The
service charge payable under the Lease will be apportioned only in so far as it is made up of items of expenditure that recur annually or more frequently. The Buyer will indemnify the Seller for any other items of service charge expenditure that are
billed by the Landlord to the Seller after the date that it vacates the Property pursuant to clause 15. 
  

	15	OCCUPATION AFTER COMPLETION 

  

	15.1	Notwithstanding completion of the transfer of the Lease the Buyer expressly consents to the continued occupation of the Property by the Seller from the date of this contract subject
to the remaining provisions of this clause 15. 

  

	15.2	Such occupation shall be as a licensee only and subject to the same terms, exceptions, reservations, covenants and conditions as are contained in the Lease so far as they are
applicable and not inconsistent with this contract. 

  

	15.3	From the date of this contract the Seller shall until this licence to occupy is terminated: 

  

	 	15.3.1	pay to the Buyer on demand a licence fee equal to and payable in the same manner as the rents and other sums which would have been payable by the Seller under the Lease had it
remained vested in the Seller; 

  

	 	15.3.2	pay or reimburse to the Buyer on demand all rates (including water rates) and all other outgoings in respect of or attributable to the Property which would have been payable by the
Seller under the Lease had it remained vested in the Seller; and 

  

	 	15.3.3	perform and observe and be subject to the same covenants, conditions, liabilities, obligations and other provisions as the Seller would have been obliged to perform and observe
under the terms of the Lease had it remained vested in the Seller. 

  

	15.4	Any sums paid by way of licence fee as aforesaid shall be reckoned in payment of any rents or other sums which would otherwise be due under the Lease in respect of the same period

  

	15.5	Nothing contained in this contract, nor the remaining in occupation by the Seller, nor payment of the said licence fee shall create or be deemed to create any tenancy or demise or
be deemed to give the Seller any interest greater than that of a bare licensee after the actual completion of the transfer of the Lease to the Buyer. 

  

	15.6	The Seller’s licence to occupy the Property shall automatically expire on the 28th day of February 2006 or (if earlier) upon not less than 10 working days notice served on the
Buyer by or on behalf of the Seller at which time the Seller shall immediately vacate the Property. 

  

 7 

	15.7	The granting of the licence to the Seller shall not prevent the Buyer having access to the Property to show round prospective tenants or purchasers but the Buyer shall not itself be
permitted to occupy the Property before the licence expires or is terminated pursuant to clause 15.6 

  

	16	BUYER’S ACKNOWLEDGEMENT OF CONDITION 

  

	 	The Buyer acknowledges that before the date of this contract, the Seller has given the Buyer and others authorised by the Buyer, permission and the opportunity to inspect, survey
and carry out investigations as to the condition of the Property. The Buyer has formed its own view as to the condition of the Property and the suitability of the Property for the Buyer’s purposes. 

  

	17	ENTIRE AGREEMENT 

  

	17.1	This contract constitutes the entire agreement and understanding of the parties and supersedes any previous agreement between them relating to the subject matter of this contract.

  

	17.2	The Buyer acknowledges and agrees that in entering into this contract, it does not rely on and shall have no remedy in respect of any statement, representation, warranty, collateral
agreement or other assurance (whether made negligently or innocently) of any person (whether party to this contract or not) other than as expressly set out in this contract or the documents annexed to it or in any written replies which the
Seller’s Conveyancer has given to any written enquiries raised by the Buyer’s Conveyancer before the date of this contract. Nothing in this clause shall, however, operate to limit or exclude any liability for fraud.

  

	17.3	Condition 9.1.1 is varied to read, “If any plan or statement in the contract or in written replies which the seller’s conveyancer has given to any written enquiry raised
by the buyer’s conveyancer before the date of this contract, is or was misleading or inaccurate due to an error or omission the remedies available are as follows.” 

  

	17.4	This contract may be signed in any number of duplicate parts all of which taken together will on exchange constitute one contract. 

  

	18	JOINT AND SEVERAL LIABILITY 

  

	 	Where the Buyer is more than one person, the Seller may release or compromise the liability of any of those persons under this contract or grant time or other indulgence without
affecting the liability of any other of them. 

  

	19	NOTICES 

  

	19.1	Any notice given under this contract must be in writing and signed by or on behalf of the party giving it. 

  

 8 

	19.2	Any notice or document to be given or delivered under this contract must be given by delivering it personally or sending it by pre-paid first class post, or special delivery to the
address and for the attention of the relevant party as follows: 

  

	 	19.2.1	to the Seller at Hostmoor Avenue March Trading Estate March Cambridgeshire PE15 OAX marked for the attention of: Georgina Godby and at the Seller’s Conveyancer, quoting the
reference DMW/B35. 

  

	 	19.2.2	to the Buyer at Woodlands Place Moulton Road Kennett Newmarket Suffolk CB8 8QT marked for the attention of: Barry Muncaster at the Buyer’s Conveyancer, quoting the reference
Chris Pitchers. 

  

	19.3	Giving or delivering a notice or a document to a party’s conveyancer has the same effect as giving it to that party. 

  

	19.4	Any such notice or document will be deemed to have been received: 

  

	 	19.4.1	if delivered personally, at the time of delivery provided that if delivery occurs before 9.00 am on a working day, the notice will be deemed to have been received at 9.00 am on that
day, and if delivery occurs after 5.00 pm on a working day, or at any time on a day which is not a working day, the notice will be deemed to have been received at 9.00 am on the next working day; 

  

	 	19.4.2	in the case of pre-paid first class or special delivery post, at 9.00 am on the second working day after posting; 

  

	19.5	In proving delivery, it will be sufficient to prove that delivery was made or that the envelope containing the notice or document was properly addressed and posted as a prepaid
first class, recorded delivery or registered letter or that the fax message was properly addressed and transmitted, as the case may be. 

  

	19.6	A notice or document delivered under this contract will not be validly given or delivered if sent by e-mail. 

  

	19.7	Condition 1.3 does not apply to this contract. 

  

	20	RIGHTS OF THIRD PARTIES 

  

	 	A person who is not a party to this contract will not have any rights under or in connection with it by virtue of the Contracts (Rights of Third Parties) Act 1999.

  

	21	GOVERNING LAW AND JURISDICTION 

  

	21.1	This contract will be governed by and construed in accordance with the law of England and Wales. 

  

	21.2	Each party irrevocably agrees to submit to the exclusive jurisdiction of the courts of England and Wales over any claim or matter arising under or in connection with this contract
or the legal relationships established by this contract. 

  

 9 

	21.3	Each party irrevocably consents to any process in any legal action or proceedings arising out of or in connection with this contract being served on it in accordance with the
provisions of this contract relating to service of notices. Nothing contained in this contract shall affect the right to serve process in any other manner permitted by law. 

 This contract has been entered into on the date stated at the beginning of it. 
  

					
	Signed by	  	 /s/    Georgina Godby        
	  	 /s/    Jason
Teckoe        

		  	Company Secretary	  	Technical Director
		  	Status of signatory	  	
	
	for and on behalf of BIOPROGRESS TECHNOLOGY LIMITED
		
		  	
	Signed by BARRY JOHN MUNCASTER	  	 /s/    BARRY JOHN
MUNCASTER        

					
	   Transfer of whole
   of
registered title(s)
	 	 Land Registry
	  	TR1

   If you need more room than is provided for in a panel, use continuation sheet CS and attach to this
form 
  

			
	 1.           Stamp Duty
  

	Place “X” in the box that applies and complete the box in the
appropriate certificate.
	  
  ̈            It is certified that this instrument falls within category  ̈ in
the Schedule to the Stamp Duty (Exempt Instruments) Regulations 1987

	  
  ̈            It is certified that the transaction effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value or the
aggregate amount or value of the consideration exceeds the sum of £                    

	  
  ̈            It is certified that this is an instrument on which stamp duty is not chargeable by virtue of the provisions of section 92 of the Finance Act 2001
  

	 2.           Title Number(s) of the Property Leave blank if not
yet registered. <>
  

	 3.           Property
               14 Hostmoor Avenue, March Trading Estate,
March, Cambridgeshire PE15 0AX (formerly known as Unit 1 Hostmoor Avenue, March Cambridgeshire)
  

	 4.           Date
                     200    
  

	 5.           Transferor Give full names and company’s
registered number, if any. BIOPROGRESS TECHNOLOGY LIMITED (Company Registration Number 0328965)
  

	 6.           Transferee for entry on the register Give
full name(s) and company’s registered number, if any. For Scottish companies use an SC prefix and for limited liability partnerships use an OC prefix before the registered number, if any. For foreign companies give territory in which
incorporated BARRY JOHN MUNCASTER
  
               Unless otherwise arranged with Land Registry headquarters, a certified copy of the Transferee’s constitution (in English or Welsh) will be required
if it is a body corporate but is not a company registered in England and Wales or Scotland under the Companies Acts.
  

	 7.           Transferee’s intended address(es) for service
(including postcode) for entry on the register. You may give up to three addresses for service one of which must be a postal address but does not have to be within the UK. The other addresses can be
any combination of a postal address, a box number at a UK document exchange or an electronic address.
               Woodlands Place, Moulton Road, Kennett, Newmarket, Suffolk CB8 8QT
  

	 8.           The Transferor transfers the Property to the
Transferee.
  

	 9.           Consideration (Place “X” in the appropriate box. State clearly the currency unit if other than sterling. If none of the boxes applies, insert an
appropriate memorandum in the additional provisions panel.)

	  
 x       The Transferor has received from the Transferee for
the Property the sum of (in words and figures)
 One Pound(£1.00)

	  
  ̈        Insert other receipt as appropriate.

	  
  ̈        The Transfer is not for money or anything which has a monetary value
  

  

 1 

									
	 10.        The Transferor transfers with Place “X” in the box which applies and add any modifications.

	  
 x  full title guarantee
	  	  ̈  limited title guarantee
  

	 11.        Declaration of trust Where there is more than one transferee, place “X” in the appropriate box.

	  
  ̈ The Transferees are to hold the Property on trust for
themselves as joint tenants.

	  
  ̈ The Transferees are to hold the Property on trust for
themselves as tenants in common in equal shares.

	  
  ̈ The Transferees are to hold the Property Complete as
necessary.

	 12.        Additional Provision(s) Insert here any required or permitted
statement, certificate or application and any agreed covenants, declarations, etc.
  
 12.1      “Lease” means the Lease dated 15th May 2003 and made between E.J. Lord Limited (1) BioProgress Technology Limited (2) and Bioprogress Technology International Inc (3)

 
 12.2      “the
Act” means the Law of Property (Miscellaneous Provisions) Act 1994
  
 12.3      the Covenants set out in Section 4 of the Act shall not extend to any breach of the Lease relating to the physical state or condition of the Property
  
 12.4      This Transfer is
made subject to all the matters contained or referred to in clause 8 of the Contract dated 23 November 2005 and made between the Transferor (1) and the Transferee (2)
  
 12.5      All matters recorded
at the date hereof, in registers open to public inspection, are deemed to be within the actual knowledge of the Transferee for the purposes of Section 6(2)(a) of the Act, notwithstanding Section 6(3) of the Act
  
 12.6      The Transferee
covenants that the Transferee will from the date of this Transfer until the end of the term granted by the Lease and any statutory continuation of it or until the completion of a permitted assignment of the Lease (whichever shall first occur( pay
the rents reserved by the Lease and observe and perform the tenant covenants of the Lease and keep the Transferor indemnified against all proceedings, costs, claims and expenses arising because of any failure to do so.
  

	 13.        Execution The Transferor must execute this transfer as a deed using the space below. If there is more than one Transferor, all must execute. Forms of
execution are given in Schedule 9 to the Land Registration Rules 2003. If the transfer contains Transferee’s covenants or declarations or contains an application by the Transferee (e.g. for a restriction), it must be executed by the Transferee
(all of them, if there is more than one).
  

																							
	 	 										 
	 Signed as a deed by BIOPROGRESS
 TECHNOLOGY LIMITED acting by a director
 and its secretary or two directors
	 	 Signature:
  
 Director 
  
 Signature:
 [Secretary]/[Director] 
  
	  		  		  		  		  		  		  		  		  		  	  
	 											 
	  	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	  

  

 2 

  

			
	 Signed as a deed by BARRY JOHN
 MUNCASTER in the presence of:
	 	 Sign here
 /s/    Barry John Muncaster
  

		
	 Signature of Witness
	 	 /s/    John Goodrum

		
	 Name (in BLOCK CAPITALS)
	 	 JOHN GOODRUM

		
	 Address
	 	 MOISINE HOME, REAR OF HALL VIEW

		
	 	 	 GILLS BRIDGE, OUTWELL, WISBECH

		
	 Occupation
	 	 Cafe Proprietor

  

  

 3Joint Venture Agreement

 Exhibit 4.55 
  

			
	DATED	 	20 December 2005

 (1) DEXO BIOPHARM LIMITED 
 (2) CRESCENT PHARMA LIMITED 
 (3) GERALD MALONE 
 (4) LUMA AUCHI 
 (5) MOHAMMED ALDOORI 
 (6) DEXO BIOGENERICS LIMITED 
 JOINT VENTURE AGREEMENT 

 THIS AGREEMENT is made the 20th day of December 2005 
 BETWEEN: 
  

	(1)	DEXO BIOPHARM LIMITED (Company number: 05582959) whose registered office is at Golden Cross House, 8 Duncannon Street, London WC2N 4JF (“Dexo BioPharm”)

  

	(2)	CRESCENT PHARMA LIMITED (Company number: 04750933) whose registered office is at Units 3-4 Quidhampton Business Units, Polhampton Lane, Overton, Basingstoke, Hampshire RG25
3ED (“Crescent”) 

 together “the Corporate Shareholders” 
  

	(3)	GERALD MALONE of 48 Barmouth Road, London SW18 2DP 

  

	(4)	LUMA AUCHI of 20 Warbank Lane, Kingston-upon-Thames, Surrey KT2 7ES 

  

	(5)	MOHAMMED ALDOORI of 3 Pack Lane, Oakley, Basingstoke, Hampshire RG23 7BD 

 together the “Individual Shareholders” 
  

	(6)	DEXO BIOGENERICS LIMITED (Company number: 5625492) whose registered office is at Hostmoor Avenue, March, Cambridgeshire (“the Company”)

  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	In this Agreement (unless expressly provided to the contrary) the following expressions have the following meanings: 

  

			
	“Ancillary Agreements”	  	the agreements referred to in clause 5.4
		
	“the Articles”	  	the new articles of association of the Company in the approved form and as amended from time to time (and any reference to an Article shall be a reference to that article of the articles of
association)
		
	“BioProgress”	  	BioProgress plc (company Number: 04617139) being the ultimate parent company of Dexo BioPharm and the Company
		
	“the Business”	  	as defined in clause 3.2
		
	“the Business Plan”	  	the annual business plan of the Company in the approved form
		
	“Connected Person”	  	has the same meaning as in Section 839 of ICTA

  

 1 

			
	“the Directors”	  	the directors of the Company acting as a board of directors
		
	“Emoluments”	  	emoluments of every description including, without limitation, salaries, directors’ fees, bonuses, commissions, profit shares under any incentive scheme, pension contributions payable by
the Company and benefits in kind as quantified for income tax purposes
		
	“Encumbrance”	  	includes any interest or equity of any person (including, without prejudice to the generality of the foregoing, any right to acquire, option or right of pre-emption) or any mortgage, pledge,
lien or assignment or any other encumbrance, priority or security interest or arrangement of whatsoever nature over or in the relevant property
		
	“Group”	  	in relation to a Corporate Shareholder means that Shareholder and any Company which is from time to time a holding company of that Shareholder of a subsidiary of the Shareholder or its holding
company
		
	“Loan Agreement”	  	an agreement in the approved form between BioProgress and the Company pursuant to which BioProgress will loan the Company up to £500,000, such loan to carry interest at the rate of 3%
above LIBOR, to be repayable when the Company is profitable and to be convertible on the terms set out therein into Ordinary Shares in the capital of the Company
		
	“Ordinary Shares”	  	Ordinary Shares of £0.01 in the capital of the Company
		
	“the Shareholders”	  	the parties hereto (other than the Company) and the expression “Shareholder” shall be construed accordingly
	“Territory”	  	the UK and Europe

  

	2.	INTERPRETATION 

  

	2.1	In this Agreement: 

  

	 	2.1.1	references to “this Agreement” mean this Agreement and any and all Schedules, Appendices and other addenda to it as may be varied from time to time in accordance
with its provisions 

  

	 	2.1.2	the expression “the parties” means the parties to this Agreement and “party” shall be interpreted accordingly 

  

 2 

	 	2.1.3	unless the context otherwise requires all references to a particular Clause, Sub-Clause, Schedule or paragraph shall be a reference to that Clause, Sub-Clause, Schedule or paragraph
in or to this Agreement as it may be amended from time to time pursuant to this Agreement 

  

	 	2.1.4	words importing the singular shall include the plural and vice versa and words importing the masculine gender shall include the feminine and vice versa 

  

	 	2.1.5	headings are for convenience only and shall be ignored in interpreting this Agreement 

  

	 	2.1.6	unless the contrary intention appears words denoting persons shall include any individual, partnership, company, corporation, joint venture, trust, association, organisation or
other entity, in each case whether or not having separate legal personality 

  

	 	2.1.7	the words “include” or “including” are to be construed without limitation to the generality of the preceding words 

  

	 	2.1.8	references to a statute include any statutory modification, extension or re-enactment of that statute from time to time in force 

  

	 	2.1.9	reference to any document in the “approved form” shall be reference to the document agreed between the parties and initialled for the purposes of identification by
each party 

  

	3.	JOINT VENTURE 

  

	3.1	The Shareholders shall promote the Company as a joint venture between them on and subject to the terms of this Agreement. 

  

	3.2	The business of the Company shall be the development of added-value delivery mechanisms (provided by BioProgress or its subsidiaries) to the portfolio of Crescent product licences,
and the marketing of the subsequent new products in the UK and in other markets as agreed with such variations and extensions of those activities as may be made from time to time in accordance with this Agreement. 

  

	4.	CONDITIONS PRECEDENT 

  

	4.1	The provisions of this Agreement are conditional on: 

  

	 	4.1.1	BioProgress, Dexo BioPharm and Crescent being satisfied with their technical, commercial and legal due diligence in respect of the business and technologies the subject of the
Ancillary Agreements; 

  

 3 

	 	4.1.2	the obtaining of any consent required for Completion, the promotion of the Company or the carrying on of the Business by the Company; and 

  

	 	4.1.3	the Company having no assets and liabilities and having not trading in any manner. 

  

	4.2	The Shareholders shall use all reasonable commercial endeavours to procure that the conditions specified in Clause 4.1 are duly fulfilled. 

  

	5.	COMPLETION 

  

	5.1	Completion shall take place forthwith upon execution of this Agreement provided that the conditions set out in Clause 4.1 have been satisfied. 

  

	5.2	The Shareholders shall procure that an extraordinary general meeting of the Company is duly convened and held at which there are proposed and passed special resolutions of the
Company to adopt, subject to the passing of the other resolutions referred to in this Clause 5, the New Articles. 

  

	5.3	Forthwith upon the provisions of Clause 5.2 being complied with: 

  

	 	5.3.1	Dexo BioPharm shall subscribe for 651 Ordinary Shares for cash at par (in addition to the 100 ordinary shares already held by it having taken the subscriber share on incorporation):
75.1%; 

  

	 	5.3.2	Crescent shall subscribe for 69 Ordinary Shares for cash at par: 6.9%; 

  

	 	5.3.3	Gerald Malone shall subscribe for 60 Ordinary Shares for cash at par: 6%; 

  

	 	5.3.4	Luma Auchi shall subscribe for 60 Ordinary Shares for cash at par: 6%; 

  

	 	5.3.5	Mohammed Aldoori shall subscribe for 60 Ordinary Shares for cash at par: 6%; 

  

	 	5.3.6	the Directors and BioProgress shall authorise the execution and entry into of the Loan Agreement; 

  

	 	5.3.7	each of the Shareholders shall appoint its nominees as Directors; 

  

	 	5.3.8	the Directors and BioProgress/Crescent (as appropriate) shall approve the execution and exchange of the Ancillary Agreements. 

  

	5.4	Upon the provisions of Clause 5.3 being complied with and in further consideration of the share subscriptions at par in accordance with clause 5.3 above, each of the following
agreements shall be entered into and, to the extent that it so provides, shall be duly completed: 

  

 4 

	 	5.4.1	non exclusive product licence agreements in the approved form to be granted by Crescent to the Company in respect of certain technology owned by Crescent; 

 

	 	5.4.2	a services agreement in the approved form to be granted by Crescent to the Company pursuant to which Crescent will make available licence data and will supply regulatory, licensing
medical affairs and other manufacturing resource to the Company for the purposes of its business; 

  

	 	5.4.3	a non exclusive licence agreement in the approved form to be granted by BioProgress to the Company in respect of TABWRAP, SEPTUM, SWOLLO, SOLULEAVES, FOAMBURST and WAFERTAB
technologies; 

  

	 	5.4.4	a services agreement in the approved form pursuant to which BioProgress will provide the services of a development team and material science and engineering resources, and office
administration and company secretarial services to the Company on a fully costed basis; 

  

	5.5	The Shareholders undertake with one another, and the Company undertakes with each of the Shareholders, that: 

  

	 	5.5.1	it will hold its Shares subject to and comply in all respects with the provisions of this Agreement and the Articles, and will duly perform and observe the obligations undertaken by
it under any of the Ancillary Agreements; and 

  

	 	5.5.2	any warranty or representation given or made by it under any of the Ancillary Agreements is true and accurate. 

  

	6.	DIVIDENDS AND FINANCIAL PROVISIONS 

  

	6.1	If in respect of any accounting period the Company has profits available for distribution (within the meaning of Part VIII of the Companies Act 1985) the Shareholders shall procure
that in the absence of agreement to the contrary and provided the Directors are happy that it is in the best interests of the Company for such profits to be distributed, whatever % of the same as is determined by the Directors are distributed by way
of cash dividends by the Company within (6) months after the end of such period. In deciding whether in respect of any accounting period the Company had profits available for distribution the parties hereto shall procure that the Auditors shall
certify whether such profits are available or not and the amount thereof (if any). In giving such certificate the Auditors shall act as experts and not arbitrators and their determination shall be binding on the parties hereto.

  

	6.2	If and to the extent that the Company requires finance in addition to that obtained under Clause 5.3.6 Dexo BioPharm and BioProgress shall consider such requirements but, for the
avoidance of doubt, will not be under any legal obligation to provide further funds 

  

 5 

	6.3	The Shareholders acknowledge that pursuant to the Loan Agreement Dexo BioPharm has the right (in certain circumstances) to be issued further Ordinary Shares. The Shareholders agree
to exercise all their respective powers and votes (both as Directors (if appropriate) and Shareholders) to procure the allotment of any such additional Ordinary Shares pursuant to such agreement. 

  

	7.	OFFICES AND SERVICES 

  

	7.1	Unless and until otherwise determined by the Directors, the main business premises of the Company shall be located at Golden Cross House, Duncannon Street, London. However,
regulatory matters (including the administration of marketing authorisations and product licences) shall be dealt with at the premises of Crescent or such other location as the Directors may agree. 

  

	7.2	Where a Shareholder (or any other member of its Group) provides personnel to the Company, the terms of their provision, including any question as to whether those personnel are to
be seconded to or employed by the Company, shall be determined by and subject to agreement with the Company. Where personnel are seconded, the Company shall pay to the party supplying those personnel all employment costs (including, without
limitation, salary, pension, national insurance and the cost of any fringe benefits) of those personnel during the period of their secondment. 

  

	8.	DIRECTORS AND BOARD MEETINGS 

  

	8.1	The number of Directors shall not be greater than six. 

  

	8.2	Dexo BioPharm shall be entitled to nominate by notice in writing to the Company three people to be Directors (“the BioProgress Directors”) and by notice in writing
to the Company to remove any such persons and at any time to appoint any other person(s) in their place as Directors. The BioProgress Directors at the date of this Agreement shall be Steve Martin, Richard Trevillion and Dan Farrow.

  

	8.3	Crescent shall be entitled to nominate by notice in writing to the Company two people to be Directors (“the Crescent Directors”) and by notice in writing to the
Company to remove any such persons and at any time to appoint any other person(s) in their place as Directors. The Crescent Directors at the date of this Agreement shall be Mohammed Aldoori and Gerald Malone. 

  

	8.4	A notice of appointment or removal of a Director pursuant to this Clause shall take effect on lodgment at the Company’s registered office or on delivery to a meeting of the
Directors 

  

	8.5	If either of Dexo BioPharm or Crescent ceases to be a shareholder of the Company (other than as a result of a transfer of their shares to another Company within their Group) they
shall procure that any Directors they have nominated resign forthwith. As part of such resignation (which shall be both from their office as Director and in any capacity they serve the Company as an employee) such Directors shall deliver to the
Company a letter executed as a deed acknowledging that they have no claim for compensation for wrongful dismissal or unfair dismissal or entitlement to any payment for redundancy or in respect of any other moneys or benefits due to them from the
Company arising out of their employment and/or its termination. 

  

 6 

	8.6	Each Director (or his duly appointed alternate if any) shall be given reasonable notice of any meeting of the Directors. Each notice of meeting shall contain a short statement of
the business to be conducted at such meeting and no business shall be conducted at such meeting not referred to in such notice except with the consent of all Directors present where a quorum is present. 

  

	8.7	The quorum necessary for the transaction of the business of the Directors shall be two, of whom one shall be a BioProgress Director. 

  

	8.8	At meetings of the Directors each Director present shall have one vote. Save as otherwise provided herein questions arising at any meeting of the Directors shall be decided by a
majority of votes. 

  

	8.9	The Chairman of the Company shall be a Director nominated by Dexo BioPharm and shall be entitled to any second or casting vote. Richard Trevillion shall be appointed chairman as at
the date of this Agreement. 

  

	9.	MANAGEMENT OF THE COMPANY 

  

	9.1	The Directors shall appoint Steve Martin and Mohammed Al-Doori as joint managing directors of the Company. 

  

	9.2	The managing directors shall: 

  

	 	9.2.1	subject to clause 9.3 below be responsible for the day to day management of the business of the Company as a committee of the Directors within the terms of the Business Plan
approved by the Directors; 

  

	 	9.2.2	report to the Directors with such frequency and in such manner as may be required by the Directors; 

  

	 	9.2.3	comply with all decisions and directions of the Directors; 

  

	 	9.2.4	perform such duties as may be delegated to them by the Directors; and 

  

	 	9.2.5	cause to be prepared for approval by the Directors an annual business plan outlining the proposed objectives of the business of the Company. 

  

	9.3	In the event that the managing directors are unable to reach agreement on any decision in respect of the day to day management of the Business of the Company then such matter shall
(without prejudice to clause 12) be referred to the Directors acting as a full board. 

  

	9.4	The Directors shall, not later than 30 days before the beginning of each financial period of the Company, consider and seek to approve the annual Business Plan.

  

 7 

	9.5	Each Director shall be entitled whilst he holds that office to make full disclosure to the Shareholder appointing him of any information relating to the Company which that Director
may acquire. 

  

	10.	THE COMPANY’S BUSINESS 

  

	10.1	Except as the Shareholders may otherwise agree in writing or save as otherwise provided or contemplated in this Agreement or in the Business Plan each Shareholder shall exercise all
such Shareholder’s powers in relation to the Company so as to ensure that: 

  

	 	10.1.1	the Company carries on and conducts its business and affairs in a proper and efficient manner and for its own benefit and in accordance with the Business Plan;

  

	 	10.1.2	the Company transacts all its business on arm’s length terms; 

  

	 	10.1.3	all business of the Company, other than routine day to day business, shall be undertaken and transacted by its directors; 

  

	 	10.1.4	subject to the Business Plan the business of the Company shall be carried on pursuant to policies laid down from time to time by the Directors; 

  

	 	10.1.5	the Company shall keep books of account and therein make true and complete entries of all its dealings and transactions of and in relation to its business; 

 

	 	10.1.6	the Company shall provide each Shareholder within 2 weeks of the end of each calendar month with unaudited management accounts for such month in a form reasonably acceptable to
BioProgress and Crescent, rolling cash flow forecasts for a period of 12 months from the end of each month and with details of its order book at such date; 

  

	 	10.1.7	the Company shall prepare its accounts on an historical cost basis and shall adopt such accounting policies as may from time to time be generally accepted in England and Wales;

  

	 	10.1.8	the Company shall prepare accounts in respect of each accounting reference period as are required by statute and procure that such accounts are audited as soon as practicable and in
any event not later than 3 months after the end of the relevant accounting reference period; 

  

	 	10.1.9	each accounting reference period of the Company shall be a period of 12 calendar months; 

  

	 	10.1.10	the Company shall keep each of the Shareholders fully informed as to all its financial and business affairs 

  

	 	10.1.11	the Company shall not enter into any agreement or arrangement restricting its competitive freedom to provide and take goods and services by such means and from and to such persons
as it may think fit; and 

  

 8 

	 	10.1.12	if the Company requires any approval, consent or licence for the carrying on of its business in the places and in the manner in which it is from time to time carried on or proposed
to be carried on the Company will use its best endeavours to maintain the same in full force and effect. 

  

	10.2	Each Shareholder shall use all reasonable and proper means to maintain, improve and extend the business of the Company and to further the reputation and interests of the Company.

  

	11.	ADMINISTRATIVE MATTERS 

  

	11.1	Unless otherwise agreed between the Shareholders in writing: 

  

	 	11.1.1	the bankers of the Company shall be Royal Bank of Scotland; 

  

	 	11.1.2	the registered office of the Company shall be at Golden Cross House, 8 Duncannon Street, London WC2N 4JF; 

  

	 	11.1.3	the accounting reference date of the Company shall be 31 December in each year; and 

  

	 	11.1.4	the secretary of the Company shall be Georgina Godby or such other person as may be duly appointed 

  

	12.	MATTERS REQUIRING BOARD APPROVAL 

 Each Shareholder
shall exercise all the powers such shareholder has in relation to the Company to procure that save as otherwise agreed by resolution of the Directors passed either by written board resolution or a resolution passed at a properly convened meeting of
the Board the Company will not: 
  

	12.1	create, issue, allot, redeem, purchase or grant options over (or agree to do any of the foregoing in respect of) any of its authorised or issued share or loan capital or other
securities or reorganise its share or loan capital in any way including any consolidation, subdivision, or variation of the rights attaching to any of its shares; 

  

	12.2	pay or make any dividend or other distribution; 

  

	12.3	capitalise or make any distribution out of capital profits or capital reserves (including any share premium account or capital redemption reserve fund); 

  

	12.4	pass any resolution (whether pursuant to Part II of the Companies Act 1985 or otherwise) whereby its classification or status may be changed (including reregistration as a public
company) or seek a listing for any of its share or loan capital on any stock exchange; 

  

 9 

	12.5	alter the provisions of its memorandum or articles of association or propose or pass any resolution for winding up; 

  

	12.6	vary extend or limit the nature or scope of its business as carried on from time to time, change its business name or trading style, commence any new business not being ancillary or
incidental to such business, or close any business operation; 

  

	12.7	subscribe for or acquire any shares debentures or securities or make any investment in another company or business or incorporate any subsidiary; 

  

	12.8	retain the services of any consultant whose contract is not terminable without payment of compensation on not more than 3 months’ notice or which is at an annual rate exceeding
£30,000 or vary any contract with any employee or consultant to exceed such notice period or annual rate; 

  

	12.9	incur any material expenditure or liability of a capital nature (including, for this purpose, the acquisition of any asset under lease or hire purchase) save in respect of office
machinery and equipment reasonably required in the ordinary course of its business; 

  

	12.10	change its auditors, accounting reference date or accounting principles other than as required by law or to comply with applicable Financial Reporting Standards or Statements of
Standard Accounting Practice; 

  

	12.11	commence any legal or arbitration proceedings (other than routine collection of trade debts); 

  

	12.12	give any guarantee, indemnity or security in respect of the obligations of any other person; 

  

	12.13	create or allow to subsist any Encumbrance over any of its assets; 

  

	12.14	borrow any money or obtain any advance or credit in any form (including under finance leases or hire purchase or similar agreements) other than normal trade credit or other than on
normal banking terms for unsecured overdraft facilities or vary the terms and conditions of any borrowings or bank mandates; 

  

	12.15	lend any money to any person (otherwise than by way of deposit with a bank or other institution the normal business of which includes the acceptance of deposits) or grant any credit
to any person (except to its customers in the normal course of business); 

  

	12.16	sell, transfer, lease, licence or in any other way dispose of the whole or any material part of its undertaking property investments subsidiaries or other assets other than the sale
at market prices of current assets or surplus, redundant or worn out fixed assets in the ordinary course of its business; 

  

	12.17	enter into or vary any contract or other arrangement for the sale licensing assignment or disposal of any rights in respect of patents trade marks copyrights designs know-how trade
secrets or other intellectual property; 

  

	12.18	factor or assign any of its book debts; 

  

 10 

	12.19	enter into any compromise or arrangement with or for the benefit of its creditors; 

  

	12.20	appoint any committee of its directors or in respect of any of the foregoing matters, permit any power or authority of its directors to be delegated to any executive director or
committee of the directors or to any other person; or 

  

	12.21	register any transfer of any Ordinary Share. 

  

	13.	TRANSFERS OF SHARES AND LOANS 

  

	13.1	Each Shareholder undertakes to the other parties not to dispose of any interest in or create any Encumbrance over any of such Shareholder’s shares except:

  

	 	13.1.1	by a transfer of the entire legal and beneficial interest therein; and 

  

	 	13.1.2	to a transferee as permitted by the Articles and this Agreement. 

  

	13.2	The parties shall procure that before any person (other than a person who is already a Shareholder) is registered as a holder of any share in the Company such person shall enter
into a deed of adherence (in a form satisfactory to Dexo BioPharm) covenanting with the parties to this Agreement from time to time observe, perform and be bound by all the terms of this Agreement which are capable of applying to such person and
which have not then been performed. The Company shall not register any such person as the holder of any share until such a deed has been executed. Upon being so registered that person shall be deemed to be a party to this Agreement.

  

	14.	CONFIDENTIALITY 

  

	14.1	For the purposes of this Agreement “Restricted Information” means, in relation to each party to this Agreement (“the Recipient”) any information
which is disclosed to that party by another party (“the Discloser”) pursuant to or in connection with this Agreement, whether orally or in writing and whether or not the information is expressly stated to be confidential or marked
as such 

  

	14.2	The Recipient undertakes that the Discloser that, except as provided by Clauses 14.3 and 14.4 or as authorised in writing by the Discloser, it shall, at all during the continuance
of this Agreement and after its termination: 

  

	 	14.2.1	use its reasonable commercial endeavours to keep confidential Restricted Information and accordingly not to disclose any Restricted Information to any other person;

  

	 	14.2.2	not any Restricted Information for any purpose other than as contemplated by this Agreement; 

  

	 	14.2.3	not make any copies of, record in any way or part with possession of any Restricted Information; and 

  

 11 

	 	14.2.4	ensure that none of its directors, officers, employees, agents or advisers does any act which, if done by that party, would be a breach of the provisions of this Clause 14.

  

	14.3	The Recipient may disclose any Restricted Information to: 

  

	 	14.3.1	any customer, sub-contractor, supplier or licensee of the Company; 

  

	 	14.3.2	any bona fide transferee of the Recipient’s Shares; 

  

	 	14.3.3	any governmental or other authority regulatory body; or 

  

	 	14.3.4	any employees of that party or of the aforementioned persons;. to such extent only as is necessary for that purposes contemplated by this Agreement, or as required by law, and
subject in each case to the Recipient using its reasonable commercial endeavours to ensure that the person in question keeps the same confidential and does not use the same except for the purposes for which the disclosure is made.

  

	14.4	Any Restricted Information may be used by the Recipient for any purpose, or disclosed by the Recipient to any other person, to the extent only that: 

  

	 	14.4.1	the Recipient can demonstrate to the reasonable satisfaction the Discloser that it was known to the Recipient at the time when it was disclosed by the Discloser

  

	 	14.4.2	after being disclosed by the Discloser it is disclosed to the Recipient by any other person otherwise than in breach of obligation of confidentiality owed to the Discloser; or

  

	 	14.4.3	is at the date of this Agreement, or at any time after that date becomes, public knowledge through no fault of the Recipient, provided that in making any disclosure the Recipient
does not disclose any part of that Restricted Information which is not public knowledge. 

  

	14.5	The provisions of this Clause 14 shall continue in force in accordance with their terms, notwithstanding the termination of this Agreement for any reason. 

 

	15.	COMPETITION 

  

	15.1	Each of the Shareholders undertakes with the Company and the other Shareholders that it will not and in the case of a Corporate Shareholder will procure that no other member of its
Group shall, for so long as it or, in the case of a Corporate Shareholder any other member of its Group, owns any Shares and for a period of twelve months after it ceases to own any Shares, directly or indirectly carry on or be interested in any
business in the Territory which competes with the Business Provided that: 

  

 12 

	 	15.1.1	BioProgress will expand its existing platform service business with new partnerships for the commercialisation of the XGEL suite of technologies; 

  

	 	15.1.2	BioProgress will acquire formulation and pharmaceutical businesses as part of a strategy to market its own dosage forms independent of the JV; 

  

	 	15.1.3	Crescent will continue to market generics within the UK/and other markets; 

  

	 	15.1.4	Crescent will continue to acquire licences for commercial exploitation in the UK generic wholesale market. 

  

	15.2	Nothing in this Clause 15 shall prohibit any Shareholder (or in the case of a Corporate Shareholder any other member of its Group) from: 

  

	 	15.2.1	being or becoming the owner for investment purposes of not more than 10 per cent of the shares or other securities of any company listed on a recognised stock exchange; or

  

	 	15.2.2	acquiring any shares or other securities or any other interest in any business or company if: 

  

	 	15.2.2.1	a minor part of that business or the business of that company consists of activities which compete with the Business; 

  

	 	15.2.2.2	the acquisition of that part of the business in question is not the principal reason for the acquisition; and 

  

	 	15.2.2.3	the Shareholder in question (or the relevant member of its Group) forthwith offers to dispose of that part of the business in question to the Company on an arms length basis and
keeps such offer open for acceptance for not less than 90 days. 

  

	15.3	Each Shareholder undertakes with the Company and each other that it will not and, in the case of a Corporate shareholder will procure that no other member of its Group shall, for so
long as it or any other member of its Group owns any Shares and for a period of twelve months after it ceases to own any Shares: 

  

	 	15.3.1	solicit in the Territory the custom of any person who is (or has been at any time since that Shareholder or any other member of its Group became interested in any of the Shares) a
customer or agent of that other Shareholder or the Company; or 

  

	 	15.3.2	solicit any employee of that other Shareholder or the Company to leave his employment, whether or not by so doing that employee would commit a breach of contract.

  

 13 

	16.	TERMINATION  

  

	16.1	If: 

  

	 	16.1.1	an encumbrancer takes possession, or a receiver is appointed, of any of the property or assets of a Corporate Shareholder or of any company of which it is a subsidiary;

  

	 	16.1.2	a Corporate Shareholder or any company of which it is a subsidiary becomes subject to an administration order or makes any voluntary arrangement with its creditors (within the
meaning of the Insolvency Act 1986); 

  

	 	16.1.3	a Corporate Shareholder or any company of which it is a subsidiary goes into liquidation (except for the purposes of an-nation or re-construction and in such a manner that the
company resulting therefrom effectively agrees to be bound by or assume the obligations of that company); 

  

	 	16.1.4	a Corporate Shareholder or any company of which it is a subsidiary ceases, or threatens to cease, to carry on business; or 

  

	 	16.1.5	control of a Corporate Shareholder or any company of which it is a subsidiary is acquired by any person not having control on the date of this Agreement, 

 

	 	16.1.6	an Individual Shareholder shall have a bankruptcy petition presented against him or shall have a bankruptcy order made against him; 

  

	 	16.1.7	an Individual Shareholder makes a proposal to his creditors for a voluntary arrangement or applies for an interim order (within the meaning of Section 253 of the Insolvency Act
1986); 

  

	 	16.1.8	an Individual Shareholder makes or seeks to make any composition or arrangement with his creditors; 

  

	 	16.1.9	an Individual Shareholder appears to be unable to pay a debt or appears to have no reasonable prospect of being able to pay a debt (within the meaning of Section 268 of the
Insolvency Act 1986); 

  

	 	16.1.10	an encumbrancer takes possession of any of the Shareholder’s assets; 

  

	 	16.1.11	any of the Individual Shareholder’s property shall be taken in execution or process of law; 

 that Shareholder shall forthwith give written notice of the occurrence of that event to the other Shareholders or, if it does not do so, shall be deemed
to have done so on the date on which a majority of the other Shareholders became aware of the relevant event. 
  

 14 

	16.2	The events specified in Clause 16.1 shall be deemed to include, in relation to any company which is subject to the law of any foreign jurisdiction, any event which under the law of
that jurisdiction is equivalent to any of the events so specified. 

  

	16.3	If a Shareholder gives or is deemed to give a notice to the other Shareholders pursuant to Clause 16.1, the other Shareholders (acting by a majority) shall be entitled at any time
within 30 days after the receipt of the notice referred to in Clause 16.1 (or after the date on which it became aware of any event in respect of which such a notice should have been so given, if earlier), to give written notice to the
first-mentioned Shareholder requiring it to sell its Shares, in which event that Shareholder shall be deemed to have given a Transfer Notice (as defined in and in accordance with the procedure set out in the Articles) on the date of service of that
final notice. 

  

	16.4	If for any reason the Company is at any time wound up, this Agreement shall thereupon terminate. 

  

	17.	EFFECTS OF TERMINATION 

  

	17.1	Upon the termination of this Agreement for any reason: 

  

	 	17.1.1	each of the Ancillary Agreements shall, except to the extent otherwise specified therein, terminate automatically; 

  

	 	17.1.2	any provision of this Agreement which is expressed to continue in force after termination shall continue in full force and effect; and 

  

	 	17.1.3	subject as provided in this Clause 17 and except in respect of any accrued rights, the parties shall not be under any further obligation to each other. 

  

	18.	THE ARTICLES 

  

	18.1	If during the continuance of this Agreement there shall be any conflict between the provisions of this Agreement and the provisions of the Articles then during such period the
provisions of this Agreement shall prevail. 

  

	18.2	Each of the parties undertakes with each of the others fully and promptly to observe and comply with the provisions of the Articles to the intent and effect that each and every
provision thereof shall be enforceable by the parties inter se and in whatever capacity. 

  

	18.3	Nothing contained in this Agreement shall be deemed to constitute an amendment of the Articles or of any previous articles of association of the Company. 

 

	19.	PARTIES BOUND 

  

	19.1	The parties other than the Company shall take all such actions necessary (including convening meetings, proposing resolutions and exercising voting rights) insofar as it is within
their respective powers to do so and insofar as is permitted by law to ensure that the obligations in and other commitments under this Agreement are observed by the Company. If and to the extent that any provision of this Agreement shall purport
unlawfully to fetter the Company’s statutory powers the parties other than the Company agree that the same shall be read and construed as though the Company were not referred to in such provision but such provision shall continue to the full
extent possible to be binding upon the parties other than the Company. 

  

 15 

	19.2	Each Shareholder undertakes with each other to exercise all powers such Shareholder has in relation to the Company so as to ensure that the Company fully and promptly observes,
performs and complies with its obligations under this Agreement. 

  

	19.3	Each Shareholder undertakes with each of the other parties not (except as expressly provided for in this Agreement) to agree to cast any of the voting rights exercisable in respect
of any of the shares held by such Shareholder in accordance with the directions, or subject to the consent of, any other person (including another Shareholder). 

  

	19.4	Where any Shareholder is required under this Agreement to exercise powers in relation to the Company to procure a particular matter or thing, such obligations shall be deemed to
include an obligation to exercise such powers both as a shareholder and as a director (where applicable) of the Company and to procure that any director appointed by such Shareholder (whether alone or jointly with any other person) shall procure
such matter or thing. 

  

	20.	ENFORCEMENT OF THE COMPANY’S RIGHTS 

  

	20.1	If it appears that any Shareholder or any Connected Person in relation to a Shareholder (in whatever capacity) is in breach of any obligation owed to the Company (whether under this
Agreement or otherwise) or has misapplied or retained or become liable or accountable for any money or property of the Company, or has been guilty of any misfeasance or breach of any fiduciary or other duty in relation to the Company or is under any
obligation to indemnify the Company against any liability then it is agreed that the prosecution of any right of action of the Company in respect thereof shall be passed to the Directors (but excluding any Director appointed by such Shareholder) who
shall have full authority on behalf of the Company to negotiate, litigate and settle any claim arising therefrom and the Shareholders shall take all steps within their power to give effect to the provisions of this sub-Clause.

  

	20.2	The Company hereby covenants with each of the Shareholders that any moneys or property which the Company may recover or receive as a result of the operation of the foregoing
provisions of this Clause shall be applied by it in a proper and efficient manner and for its own benefit. 

  

	21.	DURATION 

 The terms of this Agreement shall remain
in full force and effect for so long as any of the Shareholders continues to hold shares in the Company but in relation to a Shareholder who has transferred all shares held by such Shareholder they shall cease to have any further force and effect
except in respect of any provision of this Agreement which is expressly or by implication provided to come into effect on or to continue in effect after such transfer, termination or cesser. 
  

 16 

	22.	SUCCESSORS BOUND 

 This Agreement shall be binding
on and shall enure for the benefit of the successors and assigns and personal representatives (as the case may be) of each of the parties. 
  

	23.	ASSIGNMENT 

 Save as expressly provided herein or
pursuant to clause 13 in connection with a transfer of Shares none of the parties may assign such party’s rights or obligations in whole or in part hereunder without the prior written consent of the other parties hereto 
  

	24.	FURTHER ASSURANCE 

 The parties shall, and shall use
their respective reasonable endeavours to procure that any necessary third parties shall sign, do, execute and perform all such further deeds, documents, assurances, acts and things as any of the parties hereto may reasonably require by notice in
writing to the others to carry the provisions of this Agreement and the Articles into full force and effect. 
  

	25.	TERMINATION 

 The termination of this Agreement
however caused and the ceasing by any Shareholder to hold any shares in the Company shall be without prejudice to any obligations or rights of any of the parties which have accrued prior to such termination or cesser and shall not affect any
provision of this Agreement which is expressly or by implication provided to come into effect on or continue in effect after such termination or cesser. 
  

	26.	WAIVER 

 No failure to exercise and no delay in
exercising on the part of any of the parties hereto any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof or
the exercise of any other right, power or privilege. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies otherwise provided by law. 
  

	27.	COSTS 

 Each party hereto shall bear its own costs
in relation to the negotiation, drafting, preparation and execution of this Agreement. 
  

 17 

	28.	GENERAL ENTIRE AGREEMENT 

  

	28.1	This Agreement and the documents referred to in it including for the avoidance of doubt the Ancillary Agreement constitutes the entire agreement and understanding of the parties and
supersedes any previous agreement between the parties relating to the subject matter of this Agreement and no additions, amendment to or modifications of this Agreement shall be effective unless it is in writing and duly signed on behalf of both
parties. 

  

	28.2	Each of the parties acknowledges and agrees that in entering into this Agreement and the documents referred to in it including for the avoidance of doubt the Ancillary Agreement it
does not rely on and shall have no remedy in respect of any statement, representation, warranty or understanding (whether negligently or innocently made) of any person (whether party to the Agreement or not) other than expressly set out in this
Agreement as a warranty and agrees that the only remedy available to it for breach of the warranties shall be for breach of contract under the terms of this Agreement. 

  

	28.3	Nothing in this Clause shall operate to limit or exclude liability for fraud. 

  

	29.	NO PARTNERSHIP 

 Nothing in this Agreement shall
create or be deemed to create any partnership, joint venture or the relationship of principal and agent between the parties in any manner whatsoever. 
  

	30.	SEVERABILITY 

 If at any time any provision of this
Agreement is or becomes illegal, invalid or unenforceable in any respect, that shall not affect the legality, validity or enforceability of any other provision of this Agreement. 
  

	31.	NOTICES 

  

	31.1	Any notice required to be given hereunder shall be in writing and service thereof shall be effected either by fax, registered mail, recorded delivery or by personal delivery.

  

	31.2	The address for service shall be the last known address of the addressee. 

  

	31.3	Any notice service by fax shall for all purposes be deemed to have been served at the time of despatch. Any notice served by registered mail or recorded delivery shall for all
purposes be deemed to have been served at the expiration of 48 hours from the time of the same being delivered into the custody of a Post Office. A notice served by personal delivery shall be deemed for all purposes to have been served at the time
of such personal delivery. In proving service by post or by personal delivery it shall be sufficient to prove that the envelope containing the notice was properly addressed and was (as the case may be) duly delivered personally at such address or
was delivered into the custody of a Post Office 

  

 18 

	32.	LAW 

 This Agreement shall be
governed and construed in accordance with English Law. 
 AS WITNESS the parties have executed this Agreement as a
Deed on the day and year first before written 
  

 19 

					
	 Executed as a DEED
 By DEXO BIOPHARM
LIMITED
	 	    )    
    )    	 	
	acting by:	 		 	
		 		 	  

		 		 	Director
			
		 		 	  

		 		 	Director/Secretary

  

					
	 Executed as a DEED
 By CRESCENT PHARMA
LIMITED
	 	    )    
    )    	 	
	acting by:	 		 	
		 		 	  

		 		 	Director
			
		 		 	  

		 		 	Director/Secretary

  

			
	EXECUTED as a Deed by	 	    )
	GERALD MALONE	 	    )
	in the presence of:	 	    )
		
	Witness’ signature:	 	
		
	Witness’ name:	 	
		
	Witness’ address:	 	
		
	Witness’ occupation:	 	

  

			
	EXECUTED as a Deed by	 	    )
	LUMA AUCHI	 	    )
	in the presence of:	 	    )
		
	Witness’ signature:	 	
		
	Witness’ name:	 	
		
	Witness’ address:	 	
		
	 Witness’ occupation:
	 	

  

 20 

			
	EXECUTED as a Deed by	 	    )
	MOHAMMED ALDOORI	 	    )
	in the presence of:	 	    )
		
	Witness’ signature:	 	
		
	Witness’ name:	 	
		
	Witness’ address:	 	
		
	Witness’ occupation:	 	

  

					
	 Executed as a DEED
 By DEXO BIOGENERICS
LIMITED
	 	    )    
    )    	 	
	acting by:	 		 	
		 		 	  

		 		 	Director
			
		 		 	  

		 		 	Director/Secretary

  

 21

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00107-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00107-of-00352.parquet"}]]