Document:

exv10w22

 

Exhibit 10.22

GENVEC, INC.

INDEMNIFICATION AND

ADVANCEMENT OF EXPENSES AGREEMENT

This Agreement (“Agreement”) is entered into as of this 10 day of
December, 2003 by and between GenVec, Inc., a Delaware corporation (the
“Company”) and                     (“Indemnitee”).

RECITALS

     A. The Company and Indemnitee recognize the significant increases in the
cost of liability insurance for the Company’s directors.

     B. The Company and Indemnitee further recognize the substantial increase
in corporate litigation in general, subjecting directors to expensive
litigation risks at the same time as the availability and coverage of liability
insurance has been severely limited.

     C. Indemnitee and the Company are concerned that the current protection
available to Indemnitee may prove to be inadequate under the circumstances, and
Indemnitee and other directors of the Company may not be willing to continue to
serve in such capacities without additional protection.

     D. Under Delaware law, a director’s right to be reimbursed for the costs
of defense of criminal actions, whether such claims are asserted under state or
federal law, does not depend upon the merits of the claims asserted against the
director and is separate and distinct from any right to indemnification the
director may be able to establish, and indemnification of the director against
criminal fines and penalties is permitted if the director satisfies the
applicable standard of conduct.

     E. The Company desires to attract and retain the services of highly
qualified individuals, such as Indemnitee, to serve the Company and, in part,
in order to induce Indemnitee to continue to provide services to the Company,
wishes to provide for the indemnification and the advancement of expenses to
Indemnitee to the maximum extent permitted by law.

     F. In view of the considerations set forth above, the Company desires that
Indemnitee be indemnified by the Company as set forth herein.

     NOW, THEREFORE, the Company and Indemnitee hereby agree as follows:

     1. Indemnification and Advancement of Expenses.

          (a) Indemnification. In addition to and not in substitution for
Indemnitee’s rights under the Company’s Amended and Restated Certificate of
Incorporation and Amended and Restated Bylaws, in the event that Indemnitee was
or is

 

 

or becomes or is threatened to be made a party to or is otherwise involved
in any threatened, asserted, pending or completed action, suit, proceeding or
alternative dispute resolution mechanism, or any hearing, formal or informal,
inquiry or investigation whether civil, criminal, administrative, investigative
or other (hereinafter a “Proceeding”) by reason of (or arising out of) (i)
Indemnitee’s service as a director of the Company or (ii) Indemnitee’s service
at the request of the Company as a director, trustee, officer, employee, agent
or fiduciary of another corporation or of a partnership, joint venture, trust,
employee benefit plan sponsored or maintained by the Company or an entity in
which the Company owns more than 50% of the of the combined voting power of the
entity (a “Subsidiary”), or other enterprise, or by reason of any action or
inaction on the part of Indemnitee while serving in such capacity (hereinafter
an “Indemnifiable Claim”), the Company shall indemnify and hold harmless
Indemnitee to the fullest extent permitted by law against any and all expenses
(including attorney’s, professionals’ and experts’ fees and any similar fees
and all other costs, expenses and obligations actually and reasonably incurred
by Indemnitee in connection with investigating, defending, being a witness in
or participating in (including on appeal), or preparing to defend, be a witness
in or participate in, any such Proceeding), judgments, fines, ERISA excises
taxes, penalties and amounts paid in settlement of such Indemnifiable Claim
(collectively, hereinafter “Expenses”), including all interest, assessments and
other charges paid or payable in connection with or in respect of such
Expenses.

          (b) Payment of Expenses in Advance of Final Disposition. All
reasonable Expenses actually incurred by Indemnitee (including attorneys’ fees,
retainers and advances of disbursements required of Indemnitee) shall be paid
by the Company in advance of the final disposition of any Proceeding, if so
requested by Indemnitee, within thirty (30) days after the receipt by the
Company of a statement or statements from Indemnitee requesting such advance or
advances. Indemnitee may submit such statements from time to time.
Indemnitee’s entitlement to such Expenses shall include those incurred in
connection with any Proceeding by Indemnitee seeking an adjudication or award
in arbitration pursuant to this Agreement. Such statement or statements shall
reasonably evidence the Expenses incurred by Indemnitee in connection therewith
and shall include or be accompanied by an undertaking, which need not be
secured and shall be accepted without reference to Indemnitee’s ability to
repay such Expenses, by or on behalf of Indemnitee, to repay any such amounts
if it is ultimately determined that Indemnitee is not entitled to be
indemnified against such Expenses pursuant to this Agreement or otherwise.

     2. Indemnification Procedure.

          (a) Notice, Cooperation by Indemnitee. Promptly after receipt by
Indemnitee of notice of the commencement of any Proceeding, Indemnitee shall,
as a condition precedent to Indemnitee’s right to be indemnified under this
Agreement, give the Company notice in writing of any Proceeding against
Indemnitee for which indemnification will be sought under this Agreement,
provided, however, that unless the failure to notify causes material prejudice
to the Company, Indemnitee’s failure to so notify the Company shall not relieve
Company from its obligations to indemnify or pay Expenses under this Agreement
or from any liability which the Company may otherwise

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have to Indemnitee. Notice to the Company shall be directed to the Chief
Financial Officer of the Company at the Company’s principal offices or such
other address as the Company shall designate in writing to Indemnitee. In
addition, Indemnitee shall give the Company such non-privileged information and
cooperation as it may reasonably require and as shall be within Indemnitee’s
power.

          (b) Suit to Recover Payment Under the Agreement. If a claim for
indemnification under this Agreement is not paid in full by the Company within
thirty (30) days after it has been received in writing by the Company,
Indemnitee may at any time thereafter bring suit against the Company to recover
the unpaid amount of the claim and, if successful in whole or in part, the
claimant shall be entitled to be paid also the expense of prosecuting such
claim. It shall be a defense to any such action (other than an action brought
to enforce a claim for expenses incurred in defending any Proceeding in advance
of its final disposition where the required undertaking, if any is required,
has been tendered to the Company) that the claimant has not met the standards
of conduct which make it permissible under applicable law for the Company to
indemnify the claimant for the amount claimed, but the burden of proving such
defense shall be on the Company. Neither the failure of the Company (including
its Board of Directors, Independent Counsel, as defined below, or its
stockholders) to have made a determination prior to the commencement of such
action that indemnification of the claimant is proper in the circumstances
because he or she has met the applicable standard of conduct set forth in
applicable law, nor an actual determination by the Company (including its Board
of Directors, Independent Counsel or its stockholders) that the claimant has
not met such applicable standard of conduct, shall be a defense to the action
or create a presumption that the claimant has not met the applicable standard
of conduct.

          (c) Indemnitee’s Expenses incurred in connection with any proceeding
concerning his or her right to indemnification or advancement of Expenses in
whole or in part pursuant to this Agreement shall also be indemnified by the
Company regardless of the outcome of such proceeding, unless a court of
competent jurisdiction determines that the material assertions made by
Indemnitee in such proceeding were not made in good faith or were frivolous.

     3. Partial Indemnification. If Indemnitee is entitled under any
provision of this Agreement to indemnification or advancement of Expenses by
the Company for some or a portion of the Expenses actually and reasonably
incurred by Indemnitee in connection with an Indemnifiable Claim, but not,
however, for all of the total amount thereof, the Company shall nevertheless
indemnify and/or advance to Indemnitee for the portion of such Expenses to
which Indemnitee is so entitled.

     4. Determination of Right to Indemnification.

          (a) To the extent that Indemnitee has been successful on the merits or
otherwise in defense of any Indemnifiable Claim or portion thereof, including,
without limitation, the dismissal of an action without prejudice, Indemnitee
shall be indemnified against all Expenses relating to, arising out of or
resulting from such Indemnifiable Claim

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in accordance with Section 1 and no Standard of Conduct Determination (as
defined in Section 4(b) below) shall be required.

          (b) To the extent that the provisions of Section 4(a) are inapplicable to
an Indemnifiable Claim that shall have been finally disposed of, any
determination of whether Indemnitee has satisfied any applicable standard of
conduct under Delaware law that is a legally required condition precedent to
indemnification of Indemnitee hereunder against Expenses relating to, arising
out of or resulting from such Indemnifiable Claim (a “Standard Of Conduct
Determination”) shall be made as follows: (i) by the majority vote of the
directors who are not parties to the Indemnifiable Claim, even if less than a
quorum; (ii) by a committee of such directors designated by the majority vote
of such directors, even if less than a quorum; (iii) if there are no such
directors, or such directors so direct, by Independent Counsel (as defined
below) in a written opinion to the Board of Directors, a copy of which shall be
delivered to Indemnitee; or (iv) by the Company’s stockholders. Indemnitee
will cooperate with the person or persons making such Standard of Conduct
Determination, including providing to such person or persons, upon reasonable
advance request, any documentation or information which is not privileged or
otherwise protected from disclosure and which is reasonably available to
Indemnitee and reasonably necessary to such determination.

     For purposes of this Agreement, “Independent Counsel” shall mean a law
firm or a member of a law firm that neither is presently nor in the past five
years has been retained to represent: (i) the Company or Indemnitee in any
matter material to either such party, or (ii) any other party to the action,
suit, investigation or proceeding giving rise to a claim for indemnification
hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall
not include any person who, under the applicable standards of professional
conduct then prevailing, would have a conflict of interest in representing
either the Company or Indemnitee in an action to determine Indemnitee’s right
to indemnification under this Agreement.

          (c) The Company shall use its reasonable best efforts to cause any
Standard of Conduct Determination required under Section 4(b) to be made as
promptly as practicable. If (i) the person or persons empowered or selected
under Section 4(b) to make the Standard of Conduct Determination shall not have
made a determination within thirty (30) days after the later of (A) receipt by
the Company of written notice from Indemnitee advising the Company of the final
disposition of the applicable Indemnifiable Claim (the date of such receipt
being the “Notification Date”) and (B) the selection of an Independent Counsel,
if such determination is to be made by Independent Counsel, that is permitted
under the provisions of Section 4(e) to make such determination and (ii)
Indemnitee shall have fulfilled its obligations set forth in the second
sentence of Section 4(b), then Indemnitee shall be deemed to have satisfied the
applicable standard of conduct; provided that such thirty (30)-day period may
be extended for a reasonable time, not to exceed an additional thirty (30)
days, if the person or persons making such determination in good faith requires
such additional time for the obtaining or evaluation or documentation and/or
information relating thereto.

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          (d) If (i) Indemnitee shall be entitled to indemnification hereunder
against any Expenses pursuant to Section 4(a), (ii) no determination of whether
Indemnitee has satisfied any applicable standard of conduct under Delaware law
is a legally required condition precedent to indemnification of Indemnitee
hereunder against any Expenses, or (iii) Indemnitee has been determined or
deemed pursuant to Section 4(b) or (c) to have satisfied any applicable
standard of conduct under Delaware law which is a legally required condition
precedent to indemnification of Indemnitee hereunder against any Expenses, then
the Company shall pay to Indemnitee, within five business days after the later
of (x) the Notification Date in respect of the Indemnifiable Claim or portion
thereof to which such Expenses are related, out of which such Expenses arose or
from which such Expenses resulted and (y) the earliest date on which the
applicable criterion specified in clause (i), (ii) or (iii) above shall have
been satisfied.

          (e) If a Standard of Conduct Determination is to be made by Independent
Counsel, the Independent Counsel shall be selected by the Board of Directors,
and the Company shall give written notice to Indemnitee advising him of the
identity of the Independent Counsel so selected. Indemnitee may, within five
(5) business days after receiving written notice of selection from the Company,
deliver to the Company a written objection to such selection; provided,
however, that such objection may be asserted only on the ground that the
Independent Counsel so selected does not satisfy the criteria set forth in the
definition of “Independent Counsel” in Section 4(b), and the objection shall
set forth with particularity the factual basis of such assertion. Absent a
proper and timely objection, the person or firm so selected shall act as
Independent Counsel. If such written objection is properly and timely made and
substantiated, (i) the Independent Counsel so selected may not serve as
Independent Counsel unless and until such objection is withdrawn or a court has
determined that such objection is without merit and (ii) the Company may, at
its option, select an alternative Independent Counsel and give written notice
to Indemnitee advising Indemnitee of the identity of the alternative
Independent Counsel so selected, in which case the provisions of the two
immediately preceding sentences and clause (i) of this sentence shall apply to
such subsequent selection and notice. If applicable, the provisions of clause
(ii) of the immediately preceding sentence shall apply to successive
alternative selections. If no Independent Counsel that is permitted under the
foregoing provisions of this Section 4(e) to make the Standard of Conduct
Determination shall have been selected within thirty (30) days after the
Company gives its initial notice pursuant to the first sentence of this Section
4(e) either the Company or Indemnitee may petition the Court of Chancery of the
State of Delaware for resolution of any objection which shall have been made by
Indemnitee to the Company’s selection of Independent Counsel and/or for the
appointment as Independent Counsel of a person selected by the Court or by such
other person as the Court shall designate, and the person or firm with respect
to whom all objections are so resolved or the person or firm so appointed will
act as Independent Counsel. In all events, the Company shall pay all of the
reasonable fees and expenses of the Independent Counsel incurred in connection
with the Independent Counsel’s determination pursuant to Section 4(b).

     5. Presumption and Effects of Certain Proceedings. In making any
Standard of Conduct Determination, the person or persons making such
determination shall

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presume that Indemnitee has satisfied the applicable standard of conduct,
and the Company may overcome such presumption only by its producing clear and
convincing evidence to the contrary. Any Standard of Conduct Determination
that is adverse to Indemnitee may be challenged by Indemnitee in the Court of
Chancery of the State of Delaware. No determination by the Company (including
by its directors or any Independent Counsel) that Indemnitee has not satisfied
any applicable standard of conduct shall be a defense to any claim by
Indemnitee for indemnification or payment of Expenses by the Company hereunder
or create a presumption that Indemnitee has not met any applicable standard of
conduct. For purposes of this Agreement, the termination of any Proceeding by
judgment, order, settlement (whether with or without court approval) or
conviction, or upon a plea of nolo contendere or its equivalent, will not
create a presumption that Indemnitee did not meet any applicable standard of
conduct or that indemnification hereunder is otherwise not permitted.

     6. Conduct of Defense. The Company shall be entitled to
participate in the defense of any Indemnifiable Claim or to assume the defense
thereof, with counsel reasonably satisfactory to Indemnitee; provided that if
Indemnitee believes, after consultation with counsel selected by Indemnitee,
that (a) the use of counsel chosen by the Company to represent Indemnitee would
present such counsel with an actual or potential conflict, (b) the named
parties in any such Indemnifiable Claim (including any impleaded parties)
include both the Company and Indemnitee and Indemnitee shall conclude that
there may be one or more legal defenses available to him or her that are
different from or in addition to those available to the Company, or (c) any
such representation by such counsel would be precluded under the applicable
standards of professional conduct then prevailing, then Indemnitee shall be
entitled to retain separate counsel (but not more than one law firm plus, if
applicable, local counsel in respect of any particular Indemnifiable Claim) at
the Company’s expense. The Company shall not be liable to Indemnitee under
this Agreement for any amounts paid in settlement of any threatened or pending
Indemnifiable Claim effected without the Company’s prior written consent, which
consent shall not be unreasonably withheld. The Company shall not, without the
prior written consent of Indemnitee, effect any settlement of any threatened or
pending Indemnifiable Claim which Indemnitee is or could have been a party
unless such settlement solely involves the payment of money and includes a
complete and unconditional release of Indemnitee from all liability on any
claims that are the subject matter of such Indemnifiable Claim. Neither the
Company nor Indemnitee shall unreasonably withhold its consent to any proposed
settlement.

     7. Indemnification Hereunder Not Exclusive. The indemnification
provided by this Agreement shall not be exclusive of, and shall be in addition
to, any other rights to which Indemnitee may be entitled under the Company’s or
any Subsidiary’s certificate of incorporation, bylaws or regulations, or any
vote of stockholders or disinterested directors or applicable law. The
indemnification provided under this Agreement shall continue as to Indemnitee
for any action Indemnitee took or did not take while serving in an indemnified
capacity even though Indemnitee may have ceased to serve in such capacity.

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     8. No Duplication of Payments. The Company shall not be liable
under this Agreement to make any payment in connection with any Indemnifiable
Claim made against Indemnitee to the extent Indemnitee has otherwise actually
received payment (under any Company insurance policy, the Company’s Amended and
Restated Certificate of Incorporation, the Company’s Amended and Rested Bylaws
or otherwise) of the amounts otherwise indemnifiable hereunder.

     9. Liability Insurance. To the extent the Company maintains
liability insurance applicable to directors (“Insurance”), Indemnitee shall be
named as an insured under such Insurance in such a manner as to provide
Indemnitee the same rights and benefits as are accorded to the most favorably
insured of the Company’s directors under such Insurance. Notwithstanding the
foregoing, the Company shall have no obligation to obtain or maintain
Insurance.

     10. Exceptions. Any other provision herein to the contrary
notwithstanding, the Company shall not be obligated pursuant to the terms of
this Agreement:

          (a) Excluded Actions or Omissions. To indemnify or advance
expenses to Indemnitee (i) for conduct which is adjudged to have been willful
misconduct, knowingly fraudulent or deliberately dishonest, or (ii) from acts,
omissions or transactions for which Indemnitee is prohibited from receiving
indemnification under this Agreement or applicable law;

          (b) Proceedings Initiated by Indemnitee. To indemnify or advance
expenses to Indemnitee with respect to proceedings initiated or brought
voluntarily by Indemnitee and not by way of defense, except (i) with respect to
proceedings brought to establish or enforce a right to indemnification under
this Agreement or any other agreement or Insurance policy or under the
Company’s Amended and Restated Certificate of Incorporation or Amended and
Restated Bylaws now or hereafter in effect relating to Indemnifiable Claims, or
(ii) in specific cases if the Board of Directors has approved the initiation or
bringing of such proceeding, advance expense payment or insurance recovery, as
the case may be;

          (c) Lack of Good Faith. To indemnify Indemnitee for any Expenses
incurred by Indemnitee with respect to any proceeding instituted by Indemnitee
to enforce or interpret this Agreement, if a court of competent jurisdiction
determines that each of the material assertions made by Indemnitee in such
proceeding was not made in good faith or was frivolous; or

          (d) Proceedings Under Section 16(b). To indemnify Indemnitee for
the payment of profits arising from the purchase and sale by Indemnitee of
securities in violation of Section 16(b) of the Securities Exchange Act of
1934, as amended, or any similar successor statute, the rules and regulations
promulgated thereunder, or any similar provisions of any federal, state or
local statutory law.

     11. Period of Limitations. No proceeding shall be brought and no
cause of action shall be asserted by or on behalf of the Company or any
Subsidiary against

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Indemnitee, his spouse, heirs, estate, executors or administrators after
the expiration of two years from the earlier of (i) the date the Company or any
Subsidiary discovers the facts underlying such cause of action, or (ii) the
date the Company or any Subsidiary could have discovered such facts by the
exercise of reasonable diligence; provided, however, that if any shorter period
of limitations is otherwise applicable to any such cause of action, such
shorter period shall govern. Any claim or cause of action of the Company or
any Subsidiary, including claims predicated upon the negligent act or omission
of Indemnitee, shall be extinguished and deemed released unless asserted by
filing of a legal action within such period. This section shall not apply to
any cause of action which has accrued on the date hereof and of which
Indemnitee is aware on the date hereof, but as to which the Company has no
actual knowledge apart from Indemnitee’s knowledge.

     12. Binding Effect; Successors and Assigns.

          (a) The Company shall require any successor (whether direct or indirect,
by purchase, merger, consolidation, reorganization or otherwise) to all or
substantially all of the business or assets of the Company, by agreement in
form and substance satisfactory to Indemnitee and his or her counsel, expressly
to assume and agree to perform this Agreement in the same manner and to the
same extent the Company would be required to perform if no such succession had
taken place. This Agreement shall be binding upon and inure to the benefit of
the Company and any successor to the Company, including without limitation any
person acquiring directly or indirectly all or substantially all of the
business or assets of the Company whether by purchase, merger, consolidation,
reorganization or otherwise (and such successor will thereafter be deemed the
"Company” for purposes of this Agreement), but shall not otherwise be
assignable or delegatable by the Company.

          (b) This Agreement shall be binding upon and shall inure to the benefit of
and be enforceable by Indemnitee’s personal or legal representatives,
executors, administrators, successors, heirs, distributees, legatees and other
successors.

          (c) This Agreement is personal in nature and neither of the parties hereto
shall, without the consent of the other, assign or delegate this Agreement or
any rights or obligations hereunder except as expressly provided in Sections
13(a) and 13(b). Without limiting the generality or effect of the foregoing,
Indemnitee’s right to receive payments hereunder shall not be assignable,
whether by pledge, creation of a security interest or otherwise, other than by
a transfer by Indemnitee’s will or by the laws of descent and distribution,
and, in the event of any attempted assignment or transfer contrary to this
Section 13(c), the Company shall have no liability to pay any amount so
attempted to be assigned or transferred.

          (d) This Agreement shall continue in effect with respect to Indemnifiable
Claims regardless of whether Indemnitee continues to serve as a director,
trustee, officer, employee, agent or fiduciary of the Company or of any other
entity at the Company’s request.

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     13. Separability. Each provision of this Agreement is a separate
and distinct agreement and independent of the others, so that if any provision
hereof shall be held to be invalid or unenforceable for any reason, such
invalidity or unenforceability shall not affect the validity or enforceability
of the other provisions hereof. To the extent required, any provision of this
Agreement may be modified by a court of competent jurisdiction to preserve its
validity and to provide Indemnitee with the broadest possible indemnification
permitted under applicable law.

     14. Entire Agreement. This Agreement, together with all exhibits
hereto, constitutes the entire understanding and agreement of the parties with
respect to the subject matter hereof and supersedes any and all prior
negotiations, correspondence, agreements, understandings, duties or obligations
with respect to the subject matter hereof; provided, however, that if this
Agreement, in its entirety, is held to be invalid or unenforceable for any
reason, the indemnity agreement, if any, between the Company and Indemnitee
which was in effect immediately prior to the execution of this Agreement shall
govern.

     15. Interpretation; Governing Law; Venue. This Agreement shall be
construed as a whole and in accordance with its fair meaning. Headings are for
convenience only and shall not be used in construing meaning. This Agreement
shall be governed and interpreted in accordance with the laws of the State of
Delaware without regard to principles of conflicts of laws thereof. The party
bringing any action under this Agreement shall only be entitled to choose the
federal or state courts in the State of Delaware as the venue for such action,
and each party consents to the jurisdiction of the court chosen in such manner
for such action.

     16. Amendment and Termination. No amendment, waiver, modification,
termination or cancellation of this Agreement shall be effective unless in
writing signed by the party against whom enforcement is sought. The
indemnification rights afforded to Indemnitee hereby are contract rights and
may not be diminished, eliminated or otherwise affected by amendments to the
Company’s or any Subsidiary’s charter or bylaws (or similar constitutive
documents) or by amendments to any agreements other than agreements executed by
Indemnitee that expressly refer to this Agreement.

     17. No Personal Liability. Indemnitee agrees that no director,
officer, employee, representative or agent of the Company or any of its
Subsidiaries shall be personally liable for the satisfaction of the Company’s
obligations under this Agreement, and Indemnitee shall look solely to the
assets of the Company for satisfaction of any claims hereunder.

     18. Counterparts. This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement and
shall become effective when one or more counterparts have been signed by each
party and delivered to the other.

     19. Notices. All notices, demands, requests, or other
communications which may be or are required to be given, served or sent by
either party to the other party pursuant to

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this Agreement, shall be in writing and shall be hand delivered, sent by
express mail or other overnight delivery service or mailed by registered or
certified mail, return receipt requested, postage prepaid, or transmitted by
telegram, telex or telecopy, addressed as follows:

	 	 	 	 	 	 	 
	 	 	If to the Company:
	 
	 	 	 	 	 	 
	 	 	 	 	GenVec, Inc.
	 	 	 	 	65 W. Watkins Mill Road
	 	 	 	 	Gaithersburg, MD 20878
	

	 	 	 	Attn:
	 	Jeffrey W. Church
	

	 	 	 	 	 	CFO, Treasurer & Corporate Secretary
	

	 	 	 	Facsimile:
	 	240-632-0735
	 
	 	 	 	 	 	 
	 	 	If to Indemnitee:

     Each party may designate by notice in writing a new address (or substitute
or additional persons) to which any notice, demand, request or communication
may thereafter be so given, served or sent. Each notice, demand, request, or
communication which shall be mailed, sent, delivered, telefaxed or telexed in
the manner described above, or which shall be delivered to a telegraph company,
shall be deemed sufficiently given, served, sent or received for all purposes
at such time as it is delivered to the addressee (with the return receipt, the
delivery receipt or, with respect to a telex or telefax, the answer back being
deemed conclusive evidence of such delivery) or at such time as delivery is
refused by the addressee upon presentation.

     20. Subrogation. In the event of payment under this Agreement, the
Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all papers required and shall do
everything that may be necessary to secure such rights, including the execution
of such documents necessary to enable the Company effectively to bring suit to
enforce such rights.

     21. No Construction as to Retention. Nothing contained in this
Agreement shall be construed as giving indemnitee any right to be retained as a
director of the Company for any period of time.

THE REMAINDER OF THIS PAGE IS INTENTIONALLY BLANK

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     IN WITNESS WHEREOF, the parties hereto have entered into this Agreement as
of the date first written above.

	 	 	 	 	 
	 	 	INDEMNITEE
	 
	 	 	 	 
	 	 	
 
	

	 	Name:	 	 
	 
	 	 	 	 
	 	 	GENVEC, INC.
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	
 
	

	 	 	 	Name:
	

	 	 	 	Title:exv10w26

 

EXHIBIT 10.26

Research Collaboration Agreement

This Research Collaboration Agreement (the “Agreement”) is made effective as of
the last date of the signatures below written (the “Effective Date”) between
Cordis Corporation, a Florida corporation, with an address at 7 Powderhorn
Drive, Warren, NJ 07059 (“Cordis”) and GenVec Inc., a Delaware corporation,
with an address at 65 West Watkins Mill Road, Gaithersburg, MD 20878
(“GenVec”). Cordis will supply NOGA Guided Myostar catheters to GenVec.
GenVec desires to use such Device for research purposes as described in the
attached draft clinical protocol outline (Appendix A) or as otherwise provided
in this Agreement.

	 	 	WHEREAS, Cordis is a manufacturer of intravascular medical devices;
	 
	 	 	WHEREAS, GenVec is a developer of gene-based medicines; and
	 
	 	 	WHEREAS, Cordis wishes for GenVec to undertake certain research studies
using Cordis’ Device (as defined below) and GenVec wishes to conduct such
research studies.
	 
	 	 	NOW, THEREFORE, in consideration of the mutual promises and undertakings,
the parties agree as follows:

Section 1. Definitions

	 	A.	 	“Compound” shall mean,
BIOBYPASS® (AdGV VEGF121.10), which is
an adenovector based on human adenovirus serotype 5 in which the E1
region is deleted from Ad5 bp 356 — 3510 and the E3 region is
partially deleted (GV10) containing the recombinant DNA sequence for
vascular endothelial growth factor 121 (“VEGF121”) under control of
the human cytomegalovirus immediate early promoter. The VEGF121
expression cassette is placed in the E1 region of the GV10 vector in
a rightward to leftward direction as it relates to the rest of the
adenovirus genome.
	 
	 	B.	 	“Confidential Information” shall have the meaning set forth
in Section 5A of this Agreement.
	 
	 	C.	 	“Conflicting Transaction” shall mean any contractual
relationship with any third party concerning the sale, license,
issuance, assignment or other transfer to the third party of any
exclusive rights to any patents, patent applications or any other
intellectual property rights with respect to the Compound for use in
treating chronic cardiac ischemia.
	 
	 	D.	 	“Co-Principal Investigators” will be selected and mutually
agreed between Cordis and GenVec.
	 
	 	E.	 	“Cordis Inventions” shall mean all Inventions conceived,
reduced to practice or otherwise developed solely by one or more
employees of Cordis in connection with the performance of the
Project.
	 
	 	F.	 	“Device” shall consist of a set including the following
disposable components: one (1) NOGA MyoStar Injection Catheter; one
(1) Mapping Catheter and one (1) Patch. Device shall be essentially
the same as used in previous Phase I feasibility trial.

[*]=CERTAIN INFORMATION IN THIS EXHIBIT HAS BEEN OMITTED AND FILED SEPARATELY
WITH THE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO
THE OMITTED PORTIONS.

1

 

	 	G.	 	“GenVec Inventions” shall mean all Inventions conceived,
reduced to practice or otherwise developed solely by one or more
employees of GenVec in connection with the performance of the
Project.
	 
	 	H.	 	“Inventions” shall mean inventions, developments,
discoveries, software, know-how, methods and techniques.
	 
	 	I.	 	“Joint Inventions” shall mean all Inventions conceived,
reduced to practice or otherwise developed by one or more employees
of Cordis and one or more employees of GenVec in connection with the
performance of the Project.
	 
	 	J.	 	“Principal Investigator” shall mean * or a successor agreed
between Cordis and GenVec.
	 
	 	K.	 	“Product” shall mean a combination product that incorporates
the Compound and the Device.
	 
	 	L.	 	“Project” shall mean the Phase II OUS clinical research
project entitled “A Multicenter, Randomized, Double-Blind,
Placebo-Controlled Study Evaluating Efficacy of NOGA-Guided/ Myostar
Catheter Delivery of BIOBYPASS (AdGVVEGF121.10) In “No Option”
Patients With Class III-IV Stable Angina” outlined in Appendix A
attached hereto and incorporated herein (as such project may be
modified as provided in this Agreement), which shall be performed
under the direction of the Principal Investigator and Co-Principal
Investigators.
	 
	 	M.	 	“Term” shall have the meaning set forth in Section 9A of this
Agreement.

Section 2. Research Work

	 	A.	 	GenVec and Cordis shall use reasonable efforts to perform
their respective obligations concerning the Project in a
professional and workmanlike manner and substantially in accordance
with the terms and conditions of this Agreement, including, without
limitation, the milestones described in Appendix B. Cordis and
GenVec shall, promptly after the execution of this Agreement,
finalize the clinical protocol for the Project to take into account
any changes to Appendix A required or suggested by regulatory
authorities or agreed upon by the parties, and may, at any time,
amend such protocol by mutual written agreement. Cordis shall not
unreasonably withhold or delay its agreement to any such changes
proposed by GenVec.
	 
	 	B.	 	The parties shall select and agree upon the Co-Principal
Investigators in time to complete the first milestone provided in
Appendix B at the time set forth in Appendix B. Cordis shall not
unreasonably withhold or delay its agreement to any Co-Principal
Investigator proposed by GenVec.

Section 3. Reports and Meetings

	 	A.	 	An intermediate report (the “Intermediate Report”) shall be
submitted by GenVec within one (1) month of completion of the
interim analysis of data, as described in Appendix B.
	 
	 	B.	 	A final report shall be submitted by GenVec within one (1)
month of completion of the Project (the “Final Report”) that shall
in reasonable detail set forth GenVec’s findings and conclusions
about the Project, including, without limitation, the Product, and
be accompanied by all primary and secondary end point data generated
in the performance of the Project.

2

 

	 	C.	 	During the Term, neither party shall unreasonably refuse the
other party’s request to meet with representatives of the other
party at times and places mutually agreed upon to discuss the
Project.

3

 

Section 4. Cordis Payments and Support.

	 	A.	 	Cordis shall provide Devices to support the Project *.
Delivery of such Devices shall be made by Cordis to GenVec, the
Principal Investigator or Co-Principal Investigators, as and when
required for performance of the Project, DDP (Incoterms 2000) the
location where the Devices are to be used. Cordis warrants that
such Devices shall be free from defects in materials and workmanship
and conform to the specifications therefor.
	 
	 	B.	 	*, Cordis shall provide reasonable training and support in
the use of the Devices to the clinical sites for the Project, at
such sites, as and when required for performance of the Project.
	 
	 	C.	 	Cordis shall provide reasonable clinical and regulatory
expertise to support GenVec in its interactions with the Principal
Investigator and Co-Principal Investigators and efforts to obtain
regulatory approvals within Europe and the U.S.
	 
	 	D.	 	Cordis shall pay GenVec $* within 30 days of execution of
this Agreement for GenVec to perform the Project.
	 
	 	E.	 	To the extent that GenVec’s costs of the Project exceed $*.
GenVec shall invoice Cordis for its share of such excess costs from
time to time, and Cordis shall pay the invoiced amounts within *
days after GenVec’s invoice. Prior to Cordis’ obligation to pay any
additional moneys, GenVec must provide Cordis written notice that
GenVec’s costs of the Project are to exceed $* and provide Cordis
with an accounts summary of how the original $* was spent. If
Cordis determines in reasonable good faith that the original $* was
not spent as mutually agreed to in the budget or in a reasonable
prudent manner, Cordis shall have the right to terminate this
Agreement by written notice to GenVec within 30 days after Cordis’
receipt of GenVec’s notice and accounts summary.
	 
	 	F.	 	If Cordis fails to make any payment when due, unless Cordis
has a reasonable basis to contest the payment and has notified
GenVec thereof, GenVec may accrue and charge interest on such late
payments at the rate of 1% per month from the date the payment was
due until the date paid.
	 
	 	G.	 	While it is understood that Cordis is free to enter into
other research agreements with third parties that are otherwise
similar to this Agreement, Cordis agrees that during the Term of
this Agreement it shall not enter into any new collaborative
agreement with a third party in which the focus of the agreement is
research concerning *.

Section 5. Confidentiality

	 	A.	 	During the Term, the parties may provide each other with
confidential information and materials including, but not limited
to, data, drawings, models, processes, trade secrets and devices
(“Confidential Information”). The parties confirm that the reports
and data provided under Section 3 are Confidential Information of
GenVec.
	 
	 	B.	 	A party receiving Confidential Information from the other
party shall not disclose any Confidential Information of the other
party to any third party, nor use the same for its own benefit, nor
permit its use for the benefit of others without the prior written
consent of the disclosing party. Notwithstanding the foregoing, a
party may use Confidential Information of the other party for
performance of the Project and for other purposes relating to
development of the Product and disclose Confidential Information of
the other party to its employees and contractors who are involved in
such activities and who have undertaken, in writing, obligations of
confidentiality comparable in scope to those set forth in this
Agreement.

4

 

	 	C.	 	The obligations of confidentiality assumed by the parties
hereunder shall not apply to any information which:
	 

	 	i.	 	was known by the receiving party before
disclosure by the other party, as evidenced by prior written
records;
	 
	 	ii.	 	becomes published or otherwise generally known
to the public through no fault of the receiving party;
	 
	 	iii.	 	was rightfully obtained by the receiving party
from a third party under no obligation to the disclosing
party not to disclose the information;
	 
	 	iv.	 	is developed by the receiving party
independently of disclosures made under this Agreement or
other confidential disclosures by the disclosing party; or
	 
	 	v.	 	is required by law to be non-confidentially
disclosed by the receiving party, provided that the receiving
party gives the disclosing party prior written notice before
its disclosure and cooperates with the disclosing party in
efforts to limit or minimize the effects of the disclosure.

	 
	 	D.	 	The parties’ obligations of confidentiality with respect to
Confidential Information shall continue for a period of three years
from the expiration or termination of this Agreement.

Section 6. Ownership and Publication of Data

	 	A.	 	Subject to the provisions of Section 7, the data generated in
the performance of the Project shall be owned jointly by Cordis and
GenVec. The parties recognize that the results of the Project may
be publishable. Subject to the provisions of this Agreement,
GenVec, and with GenVec’s consent the Principal Investigator and
other investigators engaged in the Project, shall be permitted to
present at symposia and other professional meetings, and to publish
in journals, theses, dissertations or otherwise, the methods and
results of the Project, in the form of presentations, journal
articles, papers or otherwise.
	 
	 	B.	 	GenVec shall furnish Cordis with two copies of any proposed
publications or presentations at least forty-five (45) days before
their submission for publication or presentation or as far in
advance as is reasonably possible. Cordis shall have forty-fine
(45) days after receipt of said copies to object to such proposed
publication or presentation if such materials disclose patentable
subject matter owned by Cordis (including, without limitations,
owned jointly with GenVec) or Confidential Information of Cordis
protected from disclosure under Section 5. If Cordis makes no
objection within such time period, GenVec shall be free to proceed
with such publication or presentation. If Cordis objects, GenVec
shall (i) in the case of an objection regarding the disclosure of
patentable subject matter, refrain from making such publication or
presentation for a reasonable period of time, not to exceed sixty
(60) days, to enable a patent application to be prepared and filed,
or (ii) remove the objectionable material.
	 
	 	C.	 	Subject to Section 13E, Cordis shall not use the trade name
or trademarks of GenVec or the name of any member of the Project
staff in any publicity, advertising or news release without the
prior written approval of an authorized representative of GenVec,
and GenVec shall not use the trade name or trademarks of Cordis or
the name of any employee of Cordis in any publicity without the
prior written approval of Cordis.

Section 7. Ownership and Protection of Intellectual Property

	 	A.	 	GenVec acknowledges that Cordis has certain intellectual
property rights to its medical devices (“Cordis Technology”). As
between the parties, Cordis shall retain all

5

 

	 	 	 	proprietary rights and interest in Cordis’ Technology. GenVec
shall have no rights or interest in Cordis’ Technology other than
the right to use Cordis’ Technology to perform the Project in
accordance with this Agreement.
	 
	 	B.	 	Cordis Acknowledges that GenVec has certain intellectual
property rights related to the Compound, its adenovector technology
and related development, construction, manufacturing, and quality
technologies and methods for using these technologies (“GenVec
Technology”). As between the parties, GenVec shall retain all
proprietary rights and interest in all GenVec Technology. Cordis
shall have no rights or interest in any GenVec Technology other than
the right to use GenVec Technology to perform the Project in
accordance with this Agreement.
	 
	 	C.	 	Inventions conceived, reduced to practice or otherwise
developed in connection with the performance of the Project related
solely to GenVec Technology shall be the property of GenVec.
	 
	 	D.	 	Inventions conceived, reduced to practice or otherwise
developed in connection with the performance of the Project related
solely to Cordis Technology shall be the property of Cordis.
	 
	 	E.	 	Joint Inventions from the Project that are not related solely
to Cordis Technology or GenVec Technology shall be jointly owned by
GenVec and Cordis and each shall have the right to practice, license
and otherwise exploit the same without the consent of or accounting
to the other party. If a party wishes to pursue applying for a
patent on, or similar governmental action to protect, a Joint
Invention, the parties shall seek to agree concerning a strategy for
the protection of the same in countries of interest to the parties.
With respect to any country, if the parties agree to share the
expenses, all costs of obtaining patent or other protection,
including reasonable attorneys fees, shall be shared equally between
the parties, and the parties shall consult and cooperate with
respect to all material actions. If one party does not wish to
pursue patent or other protection on a Joint Invention in any
particular country, it shall inform the other party in writing and
indicate that it does not wish to share in the expenses. Upon
receipt of such writing, the party then pursuing the patent or other
protection at its own expense shall own solely any patent,
registration or the like in that country that issues from that
application and other patents, registrations or the like claiming
priority thereto, including, without limitation, any continuations,
divisionals, or continuations in part. The party not sharing in the
expenses shall have a fully paid up, royalty free, nonexclusive
license in the relevant country to make, have made, use, import,
offer for sale, sell and otherwise practice the relevant Joint
Invention.
	 
	 	F.	 	GenVec Inventions that are not related solely to Cordis
Technology shall be owned by GenVec.
	 
	 	G.	 	Cordis Inventions that are not related solely to GenVec
Technology shall belong to Cordis.
	 
	 	H.	 	The owner of an Invention described in Section 7F or G hereby
grants the other party a fully paid up, royalty free, non-exclusive
license to make, have made, use, import, offer for sale, sell and
otherwise practice the relevant Invention.
	 
	 	I.	 	The licensee under a license granted in Section 7E or H may
grant or authorize sublicenses to its contractors and in connection
with products and services it provides and grants of licenses under
material intellectual property rights it owns, and the licensee may
assign such license in connection with the disposition or
restructuring of that portion of its business to which the license
relates.

6

 

	Section 8.	 	Conflicting Transactions
	 
	 	A. *	 	 
	 
	Section 9.	 	Term and Termination
	 
	 	B.	 	The term of this agreement shall be 3 years beginning on the
Effective Date, or until three months after Final Report is received
by Cordis, whichever comes first. The parties may extend the term
of this Agreement by written agreement.
	 
	 	C.	 	If proper written approval from European governmental
authorities to conduct the Project is not obtained within ninety
days after the date for such approval set forth in Appendix B, and
an alternative strategy cannot mutually be agreed upon, either party
shall have the right to terminate this Agreement, and if it does so,
Cordis shall be entitled to a refund of any amounts already paid to
GenVec, less amounts already spent or committed to being spent on
the Project.
	 
	 	D.	 	If GenVec enters into a Conflicting Transaction, Cordis shall
have the right to terminate this Agreement, and if it does so,
Cordis shall be entitled to a refund of any amounts already paid to
GenVec, less amounts already spent or committed to being spent on
the Project.
	 
	 	E.	 	If proper written approval from U.S. governmental authorities
to conduct the Project is not obtained within ninety days after the
date for such approval set forth in Appendix B, or regulatory
authorities require that the Project be halted, or GenVec elects to
discontinue development of the Compound based on results of the
Project, and an alternative strategy cannot mutually be agreed upon,
GenVec shall have the right to terminate this Agreement, and if it
does so, Cordis shall be entitled to a refund of any amounts already
paid to GenVec, less amounts already spent or committed to being
spent on the Project.
	 
	 	F.	 	Either party may terminate this Agreement upon thirty (30)
days written notice if the Principal Investigator or Co-Principal
Investigators become unable or unwilling to continue performance of
the Project.
	 
	 	G.	 	This Agreement may be terminated, prior to the expiration of
its term, by either party by giving written notice of its intent to
terminate and stating the grounds therefore if the other party shall
materially breach or materially fail in the observance or
performance of any representation, warranty, guarantee, covenant or
obligation under this Agreement. The party receiving the notice
shall have 30 days from the date of receipt thereof to cure the
breach or failure. In the event such breach or failure is cured,
the notice shall be of no effect.
	 
	 	H.	 	This Agreement may be terminated, prior to the expiration of
its term, upon fifteen (15) days written notice by either party: (i)
in the event that the other party hereto shall (1) apply for or
consent to the appointment of, or the taking of possession by, a
receiver, custodian, trustee or liquidator of itself or of all or a
substantial part of its property, (2) make a general assignment for
the benefit of its creditors, (3) commence a voluntary case under
the United States Bankruptcy Code, as now or hereafter in effect
(the “Bankruptcy Code”), (4) file a petition seeking to take
advantage of any law (the “Bankruptcy Laws”) relating to bankruptcy,
insolvency, reorganization, winding-up, or composition or
readjustment of debts, (5) fail to controvert in a timely and
appropriate manner, or acquiesce in writing to, any petition filed
against it in any involuntary case under the Bankruptcy Code, or (6)
take any corporate action for the purpose of effecting any of the
foregoing; or (ii) if a proceeding or case shall be commenced
against the other party hereto in any court of competent
jurisdiction, seeking (1) its liquidation, reorganization,
dissolution or winding-up, or the composition or readjustment of its
debts, (2) the appointment of a trustee, receiver, custodian,
liquidator or the like of the party or of all or any substantial
part of its assets, or (3) similar relief under any Bankruptcy Laws,
or an

7

 

	 	 	 	order, judgment or decree approving any of the foregoing shall be
entered and continue unstayed for a period of 60 days; or an order
for relief against the other party hereto shall be entered in an
involuntary case under the Bankruptcy Code.
	 
	 	I.	 	In the event of termination for whatever reason, the parties
agree to cooperate and take all reasonable steps necessary to
discontinue ongoing activities under this Agreement to protect the
safety and well-being of patients enrolled in ongoing clinical
studies.
	 
	Section 10.	 	Independent Contractor

	 	 	GenVec shall be an independent contractor. The manner in which the
Project is undertaken shall be at the sole control and discretion of
GenVec. Cordis shall not be responsible for the acts of GenVec or its
personnel while performing this Project. Neither GenVec nor Cordis shall
have or hold itself out as having the right or authority to assume or
accept any obligation or responsibility, whether express or implied, on
behalf of the other party.

	Section 11.	 	Insurance
	 
	 	A.	 	Each party warrants and represents that it has a commercially
reasonable level of liability insurance.

	Section 12.	 	Representations, Warranties; Indemnification and Limitation of
Liability.
	 
	 	A.	 	Cordis and GenVec each warrant to the other that:

	 
	 	i.	 	it has the power to execute, deliver and
perform the terms and conditions of this Agreement and has
taken all necessary actions to authorize the execution,
delivery and performance hereof;
	 
	 	ii.	 	the execution, delivery or performance of this
Agreement will not contravene any provision of any law,
statute, rule, regulation or policy, whether oral or written,
of any local, state or federal authority or of either party;
	 
	 	iii.	 	the execution, delivery or performance of this
Agreement will not constitute a violation of, be in conflict
with, or result in a breach of, any agreement or contract to
which it is a party;
	 
	 	iv.	 	it will adhere to all federal, state or local
requirements applicable to its performance hereunder; and
	 
	 	v.	 	it will use commercially reasonable efforts to
maintain an adequate supply of qualified personnel to ensure
the timely completion of its obligations hereunder.

	 
	 	B.	 	Cordis and GenVec agree to defend, indemnify and hold
harmless the other party from and against any and all third party
claims and demands, and resulting losses, liability, expenses, or
damages such other party may suffer, pay or incur as a result of the
indemnifying party’s breach of any of its warranties set forth in
this Agreement.
	 
	 	C.	 	IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR ANY PUNITIVE,
EXEMPLARY, MULTIPLIED, INDIRECT, INCIDENTAL, SPECIAL OR
CONSEQUENTIAL DAMAGES, ATTORNEYS’ FEES OR COSTS, AND EACH PARTY
HEREBY IRREVOCABLY WAIVES ANY RIGHT TO SEEK THE FOREGOING.

Section 13. Miscellaneous

8

 

	 	A.	 	Governing Law. This Agreement shall be governed and
construed in accordance with the laws of the State of New York.
	 
	 	B.	 	Assignment. This Agreement shall not be assigned by either
party without the prior written consent of the other party hereto,
which shall not be withheld or delayed unreasonably, except that
either party may assign this agreement to one of its affiliated
companies or to the purchaser of all or substantially all of its
assets relating to this Agreement or in connection with a merger,
disposition or other restructuring of its business relating to this
Agreement.
	 
	 	C.	 	Agreement Modification. Any change to this Agreement shall
be valid only if the change is made in writing and signed by
authorized representatives of the parties hereto.
	 
	 	D.	 	Dispute Resolution. Any controversy or claim arising out of
or relating to this Agreement or the validity, inducement, or breach
thereof, shall be settled by arbitration before a single arbitrator
in accordance with the Commercial Arbitration Rules of the American
Arbitration Association (“AAA”) then pertaining, except where those
rules conflict with this provision, in which case this provision
controls. The parties hereby consent to the jurisdiction of the
federal district court for the district in which the arbitration is
held for the enforcement of this provision and the entry of judgment
on any award rendered hereunder. Should such court for any reason
lack jurisdiction, any court with jurisdiction shall enforce this
clause and enter judgment on any award. The arbitration shall be
held in Washington, D.C., and in rendering the award the arbitrator
must apply the substantive law of New York (except where that law
conflicts with this clause), except that the interpretation and
enforcement of this arbitration provision shall be governed by the
Federal Arbitration Act. The arbitrator shall be neutral,
independent, disinterested, impartial and shall abide by The Code of
Ethics for Arbitrators in Commercial Disputes approved by the AAA.
Within 45 days of initiation of arbitration, the parties shall reach
agreement upon and thereafter follow procedures assuring that the
arbitration will be concluded and the award rendered within no more
than eight months from selection of the arbitrator. Failing such
agreement, the AAA will design and the parties will follow
procedures that meet such a time schedule. Each party has the right
before or, if the arbitrator cannot hear the matter within an
acceptable period, during the arbitration to seek and obtain from
the appropriate court provisional remedies such as attachment,
preliminary injunction, replevin, etc., to avoid irreparable harm,
maintain the status quo or preserve the subject matter of the
arbitration.
	 
	 	E.	 	Public Disclosure. Either party may issue a press release
disclosing the collaboration after written approval is obtained from
the other party, such approval not to be unreasonably withheld or
delayed. Each party has the right to preview all such planned press
releases. Neither party is obligated to agree to any specific
financial terms being disclosed.
	 
	 	F.	 	No waiver of any default in the performance of any of the
duties or obligations arising out of this Agreement shall be valid
unless in writing and signed by the waiving party.
	 
	 	G.	 	The provisions of Sections 5, 6, 7, 9, 12, 13A, 13D, 13F, 13G
and 13H shall survive expiration or termination of this Agreement.
	 
	 	H.	 	All communications hereunder shall be deemed made if given by
facsimile, by registered or certified mail, postage prepaid and
addressed to the party to receive such communication at the address
given below, or such other address as may hereafter be designated by
notice in writing:

	 	 	If to Cordis:       Cordis Corporation

9

 

	 
	14201 NW 60th Avenue
	Miami Lakes, FL 33014
	Attention: New Business Development

                          For Technical Communications:

	 	 	 
	*	 	
Telephone: *
	 	 	
Facsimile: *

	 	 	 
	If to GenVec:	 	
GenVec, Inc.
	 	 	
65 West Watkins Mill Road
	 	 	
Gaithersburg, MD 20878
	 	 	
Attention: Corporate Development

[End of Text; Signatures on Following Page]

10

 

     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
in duplicate as of the day and year first above written.

	 	 	 	 	 
	 	 	Cordis Corporation
	 	 	 	 	 
	 	 	
By:	 	 
	 	 	 	 	

	 	 	 	 	 
	 	 	
Title:	 	 
	 	 	 	 	

	 	 	 	 	 
	 	 	GenVec, Inc.
	 	 	 	 	 
	 	 	By: E. Michael Egan
	 	 	 	 	 
	 	 	Title: Senior VP Commercial Development

11

 

Appendix A

     Clinical Protocol Outline

	 	 	 
	Investigational

Drug:	 	
BIOBYPASS as previously defined in Section 1A as the Compound.
	 	 	 
	Device Name:	 	
Cordis-Webster NOGA/MYOSTARTM Transendocardial Injection
SystemTM as previously defined in Section 1F as the Device.
	 	 	 
	Title Of Study:	 	
A Multicenter, Randomized, Double-Blind, Placebo-Controlled
Study Evaluating Efficacy of NOGA-Guided/ Myostar Catheter
Delivery of BIOBYPASS (AdGVVEGF121.10) In “No Option”
Patients With Class III-IV Stable Angina
	 	 	 
	Trial Phase:	 	
Phase II
	 	 	 
	Enrollment:	 	
A total of 125 patients randomized to BIOBYPASS
(AdGVVEGF121.10) treatment (single dose) or placebo
treatment in a * randomization.
	 	 	 
	Clinical Site

Locations:	 	
Up to * Clinical Centers Located in Europe
	 	 	 
	Study Population:	 	
Inclusion criteria
	 	 	 
	 	 	
Subjects with documented coronary artery disease experiencing

chronic, refractory coronary ischemia with:
	 
	 	 	
   1.   *
	 	 	
   2.   *
	 	 	
   3.   *
	 	 	
   4.   *
	 	 	
   5.   *
	 	 	
   6.   *
	 	 	
   7.   *
	 	 	
   8.   *
	 	 	 
	 	 	
Exclusion criteria
	 	 	 
	 	 	
   1.   *
	 	 	
   2.   *
	 	 	
   3.   *
	 	 	
   4.   *
	 	 	
   5.   *
	 	 	
   6.   *
	 	 	
   7.   *
	Purpose:	 	
To * BIOBYPASS (AdGVVEGF121.10) delivered using Biosense
NOGA/MYOSTARTM transendocardial injection system on * in
patients with chronic refractory coronary ischemia.
	 	 	 
	Structure:	 	
Multi-center, randomized, prospective comparison of treatment
and placebo control group(s) with blinded patient and *
evaluation. *

12

 

	 	 	 
	Screening	 	
All patients shall receive oral and written information, and
sign a written informed consent.
	 	 	 
	 	 	
*
	 	 	 
	 	 	
   1.   *
	 	 	
   2.   *
	 	 	
   3.    *
	 	 	
   4.   *
	 	 	
   5.   *
	 	 	
   6.   *
	 	 	
   7.   *
	 	 	
   8.   *
	 	 	
   9.   *
	 
	 	 	
*
	 
	 	 	
   1.   *
	 	 	
   2.   *
	 	 	 
	Randomization	 	
The patient is *.

The patient is *.

The patient is *.

	 	 	 
	*	 	* 
	 	 	 
	Sponsor(S):	 	
GenVec, Inc.;
	 	 	 
	Principal	 	 
	Investigator:	 	
*
	 	 	 
	Steering

Committee:	 	
*
	 	 	 
	*	 	
*

13

 

Appendix B

Project Milestones

*

14

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