Document:

EXHIBIT
10.44

 

Portions Subject
to Confidential Treatment Request Under Rule 406

 

 

CELLECTRATM
DEVICE

 

 

LICENSE
AGREEMENT

 

 

BETWEEN

 

VGX
PHARMACEUTICALS, INC.

 

AND

 

 

VGX
INTERNATIONAL, INC.

 

 

CELLECTRATM DEVICE LICENSE
AGREEMENT

 

This License Agreement (“AGREEMENT”) is between VGX Pharmaceuticals, Inc.  (“VGX”),
a Delaware corporation, with offices located at 450 Sentry Parkway East, Blue
Bell, Pennsylvania 19422, and VGX
International, Inc.  (“VI”),
a corporation having an address of Jung-Hun Building, #701, 944-1 Daechi
3-Dong, Gangnam-gu, Seoul,
Korea.

 

A.  Whereas VGX controls certain intellectual
property related to a CELLECTRATM Device (hereinafter referred to as “CELLECTRATM
DEVICE”) a medical device that utilizes electroporation technology for delivery
of plasmids into skeletal muscle cells and skin of humans.

 

B.  Whereas VGX and VI desire to enter an agreement for exclusive rights
to the development, sales, licensing, and marketing of the CELLECTRATM DEVICE in
humans in the Republic of Korea.

 

NOW, THEREFORE, in consideration of the promises and
covenants contained in this AGREEMENT and intending to be legally bound, the
parties hereby agree as follows:

 

1.                                       DEFINITIONS

 

1.1           APPROVED PRODUCT means a drug and/or vaccine product approved
for delivery in humans using a CELLECTRATM DEVICE.

 

1.2           CALENDAR QUARTER means each three-month period, or any
portion thereof, beginning on January 1, April 1, July 1 and October 1.

 

1.3           CALENDAR YEAR means each 12-month period beginning on January 1.

 

1.4           CELLECTRATM DEVICE means VGX’s electroporation device, including
applicators and needle arrays, for delivery of plasmids into skeletal muscle
cells and skin in humans which is/are made, made for, used by, imported by or
for, sold by or offered for sale for each indication and/or any agents and
contractors(s) to unrelated third parties which (1) in the absence of
this AGREEMENT would infringe on any claim of VGX PATENT RIGHTS described in
patents listed in Attachment I, or (2) use a process and/or machine
covered by any claim of VGX PATENT RIGHTS described in patents listed in
Attachment I.

 

1.5           EFFECTIVE DATE means the date on which VGX and VI have both
fully executed this AGREEMENT.

 

1.6           FAIR MARKET VALUE means the cash consideration which VGX or
VI thereof would realize from an unaffiliated, unrelated buyer in an arm’s
length sale of an identical item sold in the same quantity and at the same time
and place of the transaction.

 

1.7           IMPROVEMENT
means all discoveries and/or inventions (whether patented or not) made during
the term of this Agreement by VI which constitute (i) a modification of

 

1

 

CELLECTRATM DEVICE
(ii) a modification of KNOW-HOW TECHNOLOGY; or (iii) which, if
practiced, would infringe any claims of PATENT RIGHTS or which relate directly
or indirectly to the CELLECTRATM
DEVICE.  Made
as used herein means the discovery or invention was conceived or reduced to
practice.  Improvements do not include
any inventions or discoveries related to LICENSED PRODUCTS alone.

 

1.8           KNOW-HOW TECHNOLOGY means VGX’s technical information and
materials, including without limitation, technology, data, computer software
and algorithms for controlling the CELLECTRATM DEVICE and related equipment,
inventions (patentable or otherwise), practices, methods, knowledge, know-how,
skill and experience related directly or indirectly to the CELLECTRATM DEVICE.

 

1.9           LICENSED PRODUCT means any product where therapeutic genetic
constructs are used together with the CELLECTRATM DEVICE in administering
treatments to humans.

 

1.10         NET SALES is defined as the gross amount of monies or
cash equivalent or other consideration which is paid by unrelated third parties
to VI for a CELLECTRATM DEVICE and/or LICENSED PRODUCT by sale or other mode of
transfer, less all qualifying costs directly attributable to such sales, which
are made, made for, used or sold by VI, its agents, employees and/or
independent contractors.

 

1.11         PATENT RIGHTS mean those patents listed in ATTACHMENT I.

 

1.12         SALE means any bona fide transaction for which
consideration payment is received or expected for the sale, use, lease,
transfer or other disposition of a CELLECTRATM DEVICE and/or LICENSED PRODUCT to
an unrelated third party.  A SALE of
CELLECTRATM DEVICE and/or LICENSED PRODUCT shall be deemed completed at the time
VGX or VI, their agents, or their contractors receive payment for such
CELLECTRATM DEVICE and/or LICENSED PRODUCT.

 

1.13         SUBLICENSE means when used as a verb to, directly or
indirectly, sublicense, or grant any other right with respect to, or agree not
to assert, any intellectual property right granted to a Party under this
Agreement.  When used as a noun, “Sublicense”
shall mean any agreement to Sublicense.

 

1.14         TERRITORY means the Republic of Korea.

 

1.15         VGX PATENT RIGHTS means all of VGX’s interest in the rights
represented by or issuing from (including all claims referenced within) those
patent applications listed in Attachment I and all future interests in such
rights anywhere in the world of the CELLECTRATM DEVICE intellectual property.

 

2.             LICENSE

 

Subject to the terms and conditions of this
AGREEMENT, VGX shall grant VI an exclusive license to research, develop and
market the CELLECTRATM DEVICE for human use in the TERRITORY.  No other rights are granted by either party
hereunder.  

 

2

 

This agreement shall not impair VI’s freedom
(without any restriction or any obligation to VGX) to research, develop, and
market products for the CELLECTRATM DEVICE, except for the restrictions in this
Agreement.

 

2.1           VGX shall provide the CELLECTRATM DEVICE
including applicators and arrays, upon VI’s request.  VI shall reimburse VGX for the costs of such
CELLECTRATM DEVICE, applicators and needle arrays at the prices set forth in
Attachment II such prices may be adjusted form time to time upon mutual
agreement.  VI will pay VGX for all
shipping, insurance, handling and other costs related to delivery of the
CELLECTRATM DEVICE, applicators and needle arrays to VI.

 

2.2           VGX and VI shall share pre-clinical testing
data, and clinical results related to the product development and clinical
development of the CELLECTRATM DEVICE.

 

3.             COST SHARING, FEES, AND ROYALTIES

 

3.1           Cost Sharing, Fees and Royalties.

 

3.1.1        VI shall pay a cost sharing fee of $100,000
to reimburse VGX for
the costs in part of patents, agency fees, attorneys fees, and preclinical
development of CELLECTRATM DEVICE upon execution of this agreement.

 

3.1.2        In consideration of the exclusive rights to CELLECTRATM
DEVICE in the TERRITORY VI shall pay to VGX, on a quarterly
basis, a royalty of ****** the NET SALES of LICENSED PRODUCT in the TERRRITORY,
which is sold by VI, its agent(s), and/or sub-licensees of VI for a period of
ten (10) years from the date of the first SALE of CELLECTRATM DEVICE in the
TERRITORY or until such time as the related patent protection expires in such
TERRITORY, whichever is the later to occur. 
Said payments are due within ten (10) days after each CALENDAR
QUARTER.

 

3.1.3        VI shall pay VGX an annual maintenance fee of $25,000
to cover, among other
things, product enhancements, a portion of the on-going patent costs, agency
fees, attorneys fees for patents listed in Attachment I.  Said payments are due within ten (10) days
after each anniversary of the EFFECTIVE DATE.

 

3.1.4

 

3.2           Diligence and Milestone Fees.

 

3.2.1        VI shall use commercially reasonable efforts to
develop for SALE and to market CELLECTRATM DEVICE in the TERRITORY.  VI and VGX agree to the following R&D
milestones payments related to the use of CELLECTRATM DEVICE to develop LICENSED
PRODUCT in the TERRITORY.  Said payments
are due within sixty (60) days after the achievement of the respective
milestone event:

 

3

 

	
  Milestone

  	
   

  	
  Payment

  	
   

  
	
  Upon Filing of
  each IND

  	
   

  	
  $

  	
  100,000

  	
   

  
	
  Upon initiation
  of each Phase II

  	
   

  	
  $

  	
  150,000

  	
   

  
	
  Upon initiation
  of each Phase III clinical trial

  	
   

  	
  $

  	
  250,000

  	
   

  
	
  Upon each BLA
  approval

  	
   

  	
  $

  	
  500,000

  	
   

  
	
  Upon first
  commercial sale CELLECTRATM DEVICE for each BLA

  	
   

  	
  $

  	
  750,000

  	
   

  

 

3.3           Currency, Payment Method.

 

All dollar amounts referred to in this AGREEMENT
are United States dollars.  All payments
to VGX under this AGREEMENT shall be made in United States dollars by check or
wire-transfer.  If VI receives revenues
from SALES of CELLECTRATM DEVICE and/or LICENSED PRODUCT in currency other than
United States Dollars, revenues shall be converted into United States dollars
at the conversion rate for the foreign currency as published in the eastern
edition of The Wall Street Journal as of the last business day of the
applicable CALENDAR QUARTER.

 

4.             SUB-LICENSES

 

4.1           VI
shall have the right to sub-license the rights to CELLECTRATM DEVICE in the
TERRITORY such sub-licenses may not be granted without the prior written
approval of VGX, such approval not to be unreasonably withheld.

 

4.1.1        VI
shall pay to VGX ****** of any and all Sub-license Fees that VI receives.  Sub-license Fees shall include the net
proceeds of cash payments or non-cash compensation provided by Sub-licensees to
VI, including equity or rights to purchase equities.

 

5.             PATENTS

 

5.1           Grant-Back.  When
an IMPROVMENT is made or discovered by VI and/or its Affiliates, and such
Improvement would not have arisen but for the presence of CELLECTRATM DEVICE,
or KNOW-HOW TECHNOLOGY, and such IMPROVEMENT relates to CELLECTRATM DEVICE,
or KNOW-HOW TECHNOLOGY and does not include LICENSED PRODUCT, VI and its
employees and/or its Affiliates hereby assign its entire right, title and
interest in such IMPROVEMENT to VGX and agree to cooperate with VGX in
obtaining patent protection therefore at VGX’s cost, including, but not limited
to the execution of any and all lawful papers in the U.S.  and foreign patent offices.  VGX hereby grants VI the ability to use such
IMPROVEMENT under the terms of this Agreement to the extent VGX has the right
to convey the right to practice the Improvement to Licensee.

 

5.2           Patent
Applications.  Notwithstanding
the foregoing, VI shall not file any patent applications which disclose,
describe or require the presence of CELLECTRATM 

 

4

 

DEVICE,
or KNOW-HOW TECHNOLOGY absent consent from VGX. 
For the avoidance of doubt, VGX agrees that it shall consent to
disclosure in patent applications filed by VI concerning VI’s Product and the
use of VGX’s Confidential Information as may be reasonably necessary to comply
with the legal standards of disclosure and description.  VGX will have the right to review all
sections and examples relating to CELLECTRATM DEVICE,
or KNOW-HOW TECHNOLOGY thirty (30) days before the filing of such patent
application.  If VI files such an
application outside the scope of 5.1, VI and/or its Affiliates hereby grant VGX
and its Affiliates irrevocable world-wide, exclusive, royalty-free licenses to
such IMPROVMENT with the right to sublicense such rights to Third Parties, with
the right to further sublicense.

 

5.3           Patent
Infringement.  Should
VI become aware of any infringement or alleged infringement of any PATENT
RIGHTS, VI shall promptly notify VGX in writing of the name and address of the
alleged infringer and of the alleged acts of infringement, and provide any
available evidence of the alleged acts of infringement.  VGX shall not be obligated to prosecute
against any Third Party any suit for infringement of the aforesaid Patent
Rights.  In the event that VGX decides to
bring a patent infringement suit against the alleged Third Party infringer, VI
shall cooperate with VGX in the prosecution of any legal infringement action
and agrees to provide VGX with pertinent data and evidence which may be helpful
in the prosecution of such action of which it may have knowledge or which may
be readily available to it.  VGX shall
reimburse VI for reasonable expenses incurred by VI in assisting VGX in this
matter.  VGX shall have the exclusive
right (but not the obligation) to institute and conduct legal action against
Third Party infringers of the PATENT RIGHTS, and to enter into such settlement
agreements as may be deemed appropriate by VGX. 
VGX shall receive the full benefits of any compensatory or punitive
damages it obtains pursuant to bringing such suit.

 

5.4           Invalidity
of PATENT RIGHTS If, at any time during
this Agreement, VGX shall be unable to uphold the validity of any of the PATENT
RIGHTS against any alleged infringer, VI shall not have or assert any damage
claim or a claim for refund or reimbursement against VGX.  In the event that PATENT RIGHTS are not
upheld, royalties shall continue under this Agreement for VI’s rights under CELLECTRATM DEVICE.  However,
in the event PATENT RIGHTS are not upheld and VI is required to pay duplicate
royalties to a Third Party, VI shall pay VGX a reduced royalty rate of the
royalty rate minus the duplicate royalty rate. 
For the avoidance of doubt any patent that has not been withdrawn,
cancelled, abandoned, disclaimed, revoked or held unpatentable, invalid or
unenforceable by a final decision of a court or other governmental agency of
competent jurisdiction, which decision is unappealable or unappealed within the
time allowed for appeal is considered to be valid and upheld.

 

5.5           Challenges.  VI,
VI affiliates, VI Partners, or sublicensees are not permitted directly or
indirectly, to challenge the validity or enforceability of any of Patent Rights.
 Such breach shall result in termination
of this license.

 

5

 

6.             CONFIDENTIALITY

 

6.1           CONFIDENTIAL INFORMATION means and includes all
technical and business information, plans, inventions, developments, discoveries,
improvements, software, know-how, procedures, methods, techniques, formulae,
data, processes, studies, and other proprietary ideas, whether or not
patentable or copyrightable, that a party hereto identifies as confidential or
proprietary at the time it is delivered or communicated to the other party
hereto, or any other information that should reasonably be recognizable by its
nature to be confidential or trade secret information of a party (including,
without limitation, information respecting such party’s business plans, sales
and sales methods, customers and prospective customers).  CONFIDENTIAL INFORMATION should be in writing
and marked confidential or, if oral, should be reduced to writing within thirty
(30) days of disclosure and marked confidential.

 

6.2           Each party shall maintain in confidence and not
disclose to any third party any CONFIDENTIAL INFORMATION of the other party
during the term of this Agreement and for five (5) years after the date of
termination of this Agreement.  Each
party shall ensure that its employees have access to CONFIDENTIAL INFORMATION
of the other party only on a need-to-know basis, and are obligated to abide by
such party’s obligations under this Agreement. 
The foregoing obligation shall not apply to:

 

6.2.1        Information that is known to the receiving party
prior to the time of disclosure, and was not received directly or indirectly
from the disclosing party hereunder in violation of a confidentiality
obligation, unless independently developed by or for the receiving party,
without exposure to or benefit of the disclosing party’s CONFIDENTIAL
INFORMATION, in each case, to the extent evidenced by written records; and

 

6.2.2        Information disclosed to the receiving party,
without restriction, by a third party that has a right to make such disclosure;
and

 

6.2.3        Information that was or becomes patented,
published or otherwise part of the public domain as a result of acts by the
disclosing party or a third person developing or obtaining such information as
a matter of right; and

 

6.2.4        Information, which the disclosing party permits,
in writing, the receiving party to publicly disclose.

 

If
a receiving party is required to disclose any of the disclosing party’s
CONFIDENTIAL INFORMATION by order of a governmental authority or a court of
competent jurisdiction; the receiving party shall timely inform its disclosing
party, reasonably cooperate at the disclosing parties expense with any
reasonable action the disclosing party takes to attempt to obtain confidential
treatment of such information by the authority or court, and limit its
disclosure of such information to the extent practical.

 

7.             TERM AND TERMINATION

 

7.1           This AGREEMENT, unless sooner terminated as
provided in this AGREEMENT, shall terminate upon the earlier of: (a) expiration
of the last-to-expire patent or (b) twenty (20) years after the EFFECTIVE
DATE.

 

6

 

7.2           VI may terminate this Agreement (a) upon
thirty (30) days written notice to VGX, if the sale or other exploitation of
the CELLECTRATM DEVICE becomes technologically or commercially unfeasible; or (b) upon
sixty (60)-days written notice to VGX, and by doing all of the following:

 

7.2.1        Ceasing to make, have made, use, import, sell
and offer for sale CELLECTRATM DEVICE ; and

 

7.2.2        Paying all monies owed to VGX up to the date of
the termination excluding any future obligation under this AGREEMENT.

 

7.3           VGX may terminate this AGREEMENT, upon sixty
(60)-days written notice to VI, if any of the following events of default (“Default”)
occur:

 

7.3.1        VI is more than ninety (90) days late in paying
to VGX royalties, expenses or any other monies due under this AGREEMENT and VI
does not immediately pay VGX in full any amounts due upon demand; or

 

7.3.2        VI experiences a Trigger Event (defined in Section 7.4
below);

 

7.3.3        VI materially breaches this AGREEMENT and does
not cure the material breach within ninety (90) days after the receipt of the
written notice of such breach.

 

7.3.4        Is materially behind the Development Plan
timeline set forth in Attachment II and is unlikely or unable to cure such
delinquency in a reasonable period of time.

 

7.4           “Trigger Event” means any of the following:

 

If VI:

 

7.4.1        Becomes
insolvent, bankrupt or generally fails to pay its material debts as such debts
become due;

 

7.4.2        Is
adjudicated insolvent or bankrupt; admits in writing its inability to pay its
debts; or shall suffer a custodian, receiver or trustee for it or substantially
all of its property to be appointed and, if appointed without its consent, is
not discharged within thirty (30) days of such appointment;

 

7.4.3        Makes
an assignment for the benefit of creditors; or suffers proceedings under any
law related to bankruptcy, insolvency, liquidation or the reorganization,
readjustment or the release of debtors to be instituted against it and, if
contested by it, not dismissed or stayed within thirty (30) days;

 

7.4.4        If proceedings under any International law
related to bankruptcy, insolvency, liquidation, or the reorganization,
readjustment or the release of debtors are instituted or commenced by VI;

 

7

 

7.4.5        If any order for relief is entered relating to
any of the proceedings described in Sections 7.4.4;

 

7.4.6        If VI shall call a meeting of its creditors with
a view to arranging a composition or adjustment of its debts;

 

7.4.7        If VI shall, by any act or failure to act,
indicate its consent to, approval of or acquiescence in any of the proceedings
described in Sections 7.4.4, 7.4.5 or 7.4.6;

 

7.4.8        If VI has a “change of control”.  A “change of control” means a change in the
direct or indirect power to direct or cause the direction of the management and
policies of VI, whether through ownership or voting securities, by contract or
otherwise.  In the event of a “change in
control” of VI, VI shall promptly notify VGX of such change in control and VGX
shall be permitted to terminate this Agreement at VGX’s option.

 

7.5           The provisions of Sections 7.3 and 7.4 shall
apply to a Default of, or a Trigger Event experienced by, any agents and/or
contractors of VI ‘s rights hereunder if and to the extent that such Default
of, or Trigger Event experienced by, the agents and/or contractors(s) cause
VI to fail to meet its diligence obligations under Section 3.2.

 

7.6           In the event of a termination under Section 7.1
or 7.3, all duties of VGX (other than under Sections 7.11) and all rights (but
not duties) of VI (other than under Section 7.11) under this AGREEMENT
immediately terminate without the necessity of any action being taken either by
VI or by VGX, provided, however, that in no event shall the foregoing be
construed to obligate VI to pay any amounts accruing under Sections 3.1 and 3.2
after the date of termination except under Section 7.10.  Upon and after any termination of this
AGREEMENT, the rights covered by this agreement for VI and any agents and/or
contractors thereof to manufacture, sale, marketing, importation and/or
distribution of CELLECTRATM DEVICE shall terminate on the same date of the
termination of the agreement, except otherwise specified in this agreement or
agreed upon by both parties.

 

7.7           Upon termination of this AGREEMENT, each
(receiving) party shall, at the other (disclosing) party’s request, return to
the other party all CONFIDENTIAL INFORMATION (except for one copy for archival
purposes) of the other party provided hereunder.

 

7.8           Upon termination of this AGREEMENT under section
7.2 and 7.3, VI shall cause physical inventories to be taken as soon as
commercially practicable and in any event no later than sixty (60) days after
termination of: (a) all completed CELLECTRATM DEVICE on hand, under the
control of VI, its agents, or contractors thereof; and (b) such CELLECTRATM
DEVICE as are in the process of manufacture and component parts thereof as of
the date of termination of this AGREEMENT, which inventories shall be recorded
in writing.  VI shall deliver copies of
such written inventories, verified by an officer of VI, forthwith to VGX.  VGX shall have forty five (45) days after
receipt of 

 

8

 

such verified inventories within which to
challenge the physical inventory and request an audit thereof.

 

7.9           Upon termination of this agreement under section
7.1, VI shall pay all monies owed to VGX up to the date of the termination.

 

7.10         Notwithstanding the foregoing, if this AGREEMENT
terminates other than pursuant to Section 7.3.1 or 7.3.2 or 7.3.3, VI
shall have a period of six (6) months to sell off its inventory of CELLECTRATM
DEVICE existing on the date of termination of this AGREEMENT and shall pay
royalties to VGX with respect to such CELLECTRATM DEVICE within thirty (30) days
following the expiration of such six-month period.

 

7.11         Each party’s obligation to pay all monies owed
and accruing as of the date of termination under this AGREEMENT shall survive
termination of this AGREEMENT.  In
addition, the provisions of Sections 4, 5, 6, 7 and 8 shall survive such
termination.

 

8.             REPRESENTATIONS AND WARRANTIES OF VGX AND
VI; DISCLAIMER OF ADDITIONAL WARRANTIES; INDEMNIFICATION

 

8.1           VGX represents and warrants to VI that:

 

8.1.1        VGX has the full authority to execute and
deliver this AGREEMENT.

 

8.1.2        No material claim by any third party contesting
the validity, enforceability, collaborations, use or ownership of any of such
VGX PATENT RIGHTS has been made, is currently outstanding or is threatened
against VGX.

 

8.2           VGX and VI will work together to file the
patents and/or patent applications listed in ATTACHMENT I before the deadline
permitted by the relevant international and US patent laws.

 

8.3           VGX shall defend and indemnify and hold VI (and
its respective officers, directors and employees) harmless against any and all
Losses, arising out of, relating to, based on, or caused by (A) the breach
by VGX of any representation or warranty contained in this Agreement, (B) a
claim that the manufacture of the CELLECTRATM DEVICE by VGX for VI or other
activities of VGX under this Agreement infringe on the patent or other
intellectual property rights of a third party, (C) any governmental or
regulatory action arising out of VGX, or (D) any negligence or intentional
misconduct by VGX in connection with performing its obligations under this
Agreement, in each case except to the extent that such Losses arise from or are
aggravated in any substantial respect by the negligent acts of or failure to act
by VI or its agents and/or contractors.  VI
will promptly notify VGX of any such Losses which come to VI’s attention, but
failure to do so will not relieve VGX of its indemnification obligations under
this Section 8.3 except to the extent any such delay results in a material
prejudice to VGX.  Notwithstanding
anything to the contrary in this Agreement, VGX shall not be liable for any
Losses to the extent that the Losses suffered by VI (and its officers,
directors and employees) are the result of or in 

 

9

 

consequence of any failure by the
indemnified party to take reasonable and prudent action to mitigate any Losses.

 

8.4           VI shall defend and indemnify and hold VGX (and
its affiliates, including its agents and/or contractors, and their respective
officers, directors and employees) harmless against any Losses, arising out of,
relating to, based on, or caused by (A) the breach by VI of any
representation or warranty contained in this Agreement or (B) any
negligence or intentional misconduct by VI in connection with performing its
obligations under this Agreement, in each case except to the extent that such
Losses arise from or are aggravated by the negligent acts of or failure to act
by VGX, its agents and/or contractors.  VGX
will promptly notify VI of any such Losses which come to VGX’s attention, but
failure to do so will not relieve VI of its indemnification obligations under
this Section 6.4 except to the extent any such delay results in a material
prejudice to VI.  Notwithstanding
anything to the contrary in this Agreement, VI shall not be liable for any
Losses where the Losses suffered by VGX (and its affiliates, including its
agents and/or contractors, and their respective officers, directors and
employees) are the result of or in consequence of any failure by the
indemnified party to take reasonable and prudent action to mitigate any Losses.

 

8.5           To best of VGX’s knowledge, there are no pending
or threatened suits, claims, or actions of any type whatsoever against VGX with
respect to the CELLECTRATM DEVICE.

 

8.6           All necessary corporate authorizations, consents
and approvals which are necessary or required for VGX to enter into this
Agreement have been duly obtained;

 

8.7           To the best of its knowledge, the entering into
of this Agreement by VGX will not (i) violate any Applicable Law or (ii) conflict
with or result in any breach of any of the terms, conditions or provisions of,
or constitute a default (or give rise to any right of termination, cancellation
or acceleration) under, or result in the creation of any lien, security
interest, charge or encumbrance upon any of the properties or assets of VGX,
under its organizational documents, as amended to date, or any material note,
indenture, mortgage, lease, agreement, contract, purchase order
or other instrument, document or agreement to which VGX is a party or by which
it or any of its properties or assets is bound or affected.

 

9.             ADDITIONAL PROVISIONS

 

9.1           Nothing in this AGREEMENT shall be deemed to
establish a relationship of principal and agent between VGX and VI, or between
or among any of either party’s agents or employees for any purpose whatsoever,
nor shall this AGREEMENT be construed as creating any other form of legal
association or arrangement which would impose liability upon one party for the
act or failure to act of the other party.

 

9.2           VI is not permitted to assign this AGREEMENT or
any part of it to any person or entity, either directly or by operation of law,
without the prior written consent of VGX in 

 

10

 

its sole discretion.  However, VI has the rights to contract out
the manufacturing of the products covered in this agreement and rights to
establish collaboration, development, and marketing partnership with a third
party.  In case any product covered in
this agreement is sold by a marketing partnership, VI shall have the
responsibility to pay royalty that is calculated on the bases of the combined
net sales of VI and its marketing partners. 
No assignment relieves VI of responsibility for the performance of any
accrued obligations, which it has prior to such assignment.

 

9.3           A waiver by either party of a breach of any
provision of this AGREEMENT will not constitute a waiver of any subsequent
breach of that provision or a waiver of any breach of any other provision of
this AGREEMENT.

 

9.4           Notices, payments, statements, reports and other
communications under this AGREEMENT shall be in writing and shall be deemed to
have been received as of the day after the date sent if sent by internationally
recognized express couriers (e.g., Federal Express) or by Express Mail, receipt
requested, and addressed as follows:

 

If for VGX:

 

VGX Pharmaceutical, Inc.

450 Sentry Parkway East

Blue Bell, PA 19422

Attention: Chief Executive Officer

 

If for VI:

 

VGX International

Jung-Hun Building, #701

944-1 Daechi 3-Dong

Gangnam-gu, Seoul, Korea

Attention: Vice President

 

Either
party may change its official address upon written notice to the other party.

 

9.5           This AGREEMENT shall be construed and governed
in accordance with the laws of the Commonwealth of Pennsylvania in the United
States of America, without giving effect to conflict of law provisions.  In the event that a party to this AGREEMENT perceives
the existence of a dispute with the other party concerning any right or duty
provided for herein, the parties will, as soon as practicable, confer in an
attempt to resolve the dispute.  If the
parties are unable to resolve such dispute amicably, then the parties hereby
submit to the exclusive jurisdiction of and venue in the either federal or
state courts located in the Eastern District of the Commonwealth of
Pennsylvania with respect to any and all disputes concerning the subject of
this AGREEMENT.  The parties agree to
accept original service of complaint via internationally recognized courier
with receipt confirmation.  Also, the
parties agree to waive the Hague Convention

 

11

 

requirements relating to translation of
certain documents to applicable foreign language which in this case is Korean.

 

9.6           VI shall comply with all prevailing laws, rules and
regulations that apply to its activities or obligations under this AGREEMENT.  Without limiting the foregoing, it is
understood that this AGREEMENT may be subject to United States laws and
regulations controlling the export of technical data, computer software,
laboratory prototypes and other commodities, articles and information,
including the Arms Export Control Act as amended in the Export Administration
Act of 1979, and that the parties’ obligations are contingent upon compliance
with applicable United States export laws and regulations.

 

9.7           If any provision of this AGREEMENT shall be held
to be illegal, invalid or unenforceable, then such illegality, invalidity or
unenforceability shall attach only to such provision, and shall not in any
manner affect or render illegal, invalid or unenforceable any other provision
of this AGREEMENT, and this AGREEMENT shall be carried out as if any such
illegal, invalid or unenforceable provision were not contained herein.

 

9.8           This AGREEMENT may not be changed, modified,
extended or terminated except by written amendment executed by an authorized
representative of each party.

 

[SIGNATURE
PAGE FOLLOWS]

 

12

 

IN WITNESS WHEREOF, the parties, intending to be
legally bound, have caused this AGREEMENT to be executed by their
duly-authorized representatives.

 

 

	
  VGX INTERNATIONAL, INC.

  	
    VGX PHARMACEUTICALS, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
    /s/ Bryan
  Kim

  	
   

  	
   

  	
    By:

  	
  /s/ Kevin W. 
  Rassas

  
	
   

  	
   

  	
   

  	
   

  
	
  Name: 

  	
  Bryan Kim

  	
   

  	
  Name:

  	
    Kevin W.  Rassas

  
	
   

  	
   

  	
   

  	
   

  
	
  Title: 

  	
  Vice President

  	
   

  	
  Title:

  	
    Senior Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
  4/16/08

  	
   

  	
  Date:

  	
    4.16.08

  
										

 

13QuickLinks
 -- Click here to rapidly navigate through this document

 
 

  EXHIBIT 10.45    
    

EMPLOYMENT AGREEMENT  

        This Employment Agreement (the "Agreement"), dated December 17, 2005, is made by
and between Viral Genomix, Inc. (VGX Pharmaceuticals), a Delaware corporation (the "Company"), and with its principal offices at 450 Sentry
Parkway E., Blue Bell, PA, 19422 and MR. KEVIN W. RASSAS ("Executive"), whose address is 717 Larchwood Lane, Villanova, PA 19085. 

 R E C I T A L S  

        WHEREAS, the Company desires to employ Executive and to have the benefit of his skills
and services, and Executive desires to accept employment with the Company, on the terms and conditions set forth herein; and 

        NOW, THEREFORE, in consideration of the mutual promises, terms, covenants and conditions set forth herein and in the
Non-Compete Agreement, and the performance of each, the parties hereto, intending legally to be bound, hereby agree as follows: 

1.    Employment; Term.    

        a.     The
Company hereby agrees to employ Mr. Rassas as Vice President of Business Development and Executive hereby agrees to accept such employment with the Company in
accordance with the terms and conditions of this Agreement. 

        b.     The
"Term" of this Agreement shall commence on December 17, 2005 (the "Commencement
Date") and continue for a period of three (3) years from the Commencement Date; provided,  however, that the Term of this
Agreement may be terminated earlier at any time as provided in Section 7 below. 

2.    Position and Duties.    

        a.     The
Company agrees to employ Mr. Rassas throughout the Term as Vice President of Business Development of the Company with such responsibilities, duties and
authority as are assigned to him by the Board of Directors (the "Board") of the Company, Chief Executive Officer or its designee. The Vice President of Business Development shall report to the Chief
Executive Officer and/or the Board of Directors. 

        b.     Executive
shall faithfully devote his full business/working time, attention and energy to the business and affairs of the Company and the performance of his duties
hereunder and to use reasonable efforts to perform such responsibilities faithfully and efficiently. 

        c.     Without
limiting the generality of the foregoing paragraph, during the Term, upon prior written consent of the Board or its designee, Executive shall be permitted to
serve on other Boards of Directors, professional associations and otherwise be involved with any family business or trust to the extent that, in the reasonable judgment of the Board or its designee,
such other business pursuits and activity do not materially (i) interfere with Executive's ability to discharge Executive's duties and responsibilities to the Company, whether or not such
activity is pursued for gain, profit or other pecuniary advantage, or (ii) violate the Conflicts provision of Executive's Non-Compete Agreement. 

3.    Compensation.    

        a.     Executive
shall be entitled to receive as compensation for his employment a base annual salary at a rate of $60,000 per annum (the "Base
Salary") which shall be paid to Executive by the Company or any of its affiliates on a monthly basis until April 30th, 2006. The annual salary rate will
increase to $120,000 per annum starting May 1st of 2006. 

        b.     Increases
in the Base Salary shall be reviewed annually by the Board during the Term and any such increases, if any, will be at the Board's or its designee's sole
discretion and will otherwise be consistent with the Company's annual policies and budget for payroll increases. 

 

4.    Bonus.    

        During
the Term, Executive shall be eligible to receive an incentive cash bonus up to the amount, based upon the criteria, and payable at such times, as may be determined by the Board
and targeted at thirty percent (30%) or more of the Base Salary. The amount shall be determined by the Board, in its sole and absolute discretion, which shall be binding and final, and shall be paid
in a one-time lump sum payment (less payroll taxes). To the extent that such cash bonus is to be determined in light of financial performance during a specified fiscal period and the
Agreement commences on a date after the start of such fiscal period, any cash bonus payable in respect of such fiscal period's results may be prorated. In addition, if the period of Executive's
employment hereunder expires before the end of a fiscal period, and if Executive is eligible to receive a cash bonus at such time (such eligibility being subject to the restrictions set forth in
Section 7 below), any cash bonus payable in respect of such fiscal period's results may be prorated. 

5.    Benefits; Stock Options and Warrant.    

        In
addition to the salary and cash bonus referred to above, Executive shall be entitled during the Term to participate in such employee benefits plans or programs of the Company, and
shall be entitled to such other fringe benefits, as are from time to time adopted by the Board and made available by the Company generally to employees of Executive's position, tenure, salary, age,
health and other qualifications. Without limiting the generality of the foregoing, Executive shall be eligible for such awards, if any, under the Company's employee benefits plans or programs as shall
be granted to Executive in the sole discretion of the Board or its designee. Executive acknowledges and agrees that the Company does not guarantee the adoption or continuance of any particular
employee benefits plan or program or other fringe benefits during the Term, and participation by Executive in any such plan or program shall be subject to the rules and regulations applicable thereto. 

        a.     On
or about December 17, 2005, the Board Resolution granted Mr. Rassas options to purchase One Hundred Thousand (120,000) shares of Common Stock of the
Company at a strike price of $0.30 per share pursuant to an Option Grant Agreement in substantially the form attached hereto as Exhibit A. These
options are subject to the rules and regulations of the 2001 Equity Incentive Plan. In addition, all shares of the Company's stock will be subject to those restrictions contained in the anticipated
future Company's Stockholder's Agreement. 

6.    Expenses.    

        The
Company will reimburse Executive, in accordance with the practices in effect from time to time for other officers or staff personnel of the Company, for all reasonable and necessary
business and traveling expenses and other disbursements incurred by Executive for or on behalf of the Company in the performance of Executive's duties hereunder, upon presentation by Executive to the
Company of appropriate vouchers and supporting documentation. 

7.    Termination.    

        Executive's
employment by the Company pursuant hereto is subject to termination as follows: 

        a.    Death or Disability.    The Company may by written notice to Executive or his personal representative terminate
Executive's employment on account of his death or total disability. In the case of Executive's death, Executive's employment shall be deemed to terminate on the date of Executive's death. For purposes
hereof, Executive shall be deemed to experience a "Total Disability" if Executive is considered totally disabled under any group disability plan
maintained by the Company and in effect at that time, or in the absence of any such plan, Executive shall be deemed to experience a Total Disability if he shall have been unable to perform his duties
hereunder on a full-time basis for 90 consecutive days or longer, or for shorter periods aggregating 120 days in any 360-day period. In the event of any dispute under
this Section 7(a), Executive shall submit to a physical examination by a 

2

 

licensed
physician mutually satisfactory to the Company and Executive, the cost of such examination to be paid by the Company, and the determination of such physician shall be determinative. In the
case of a Total Disability, until the Company shall have terminated Executive's employment hereunder in accordance with the foregoing, Executive shall be entitled to receive compensation provided for
herein notwithstanding any such Total Disability. In the event of the termination of Executive's employment on account of his death or such Total Disability, such termination shall be effective
immediately upon notice, in which case Executive or his representative will have no rights or claims against the Company under this Agreement except as follows: 

        (i)    Executive
(or his estate or representative, as applicable) shall be paid (A) any unpaid portion of his Base Salary computed on a pro
rata basis through the date of his termination and (B) any unreimbursed expenses; 

        (ii)   All
other of Executive's accrued but unpaid rights shall be as determined under any incentive compensation, stock option, retirement, employee welfare or other employee
benefits plan or program of the Company in which Executive is then participating at the time of his termination; and 

        (iii)  in
the case of Executive's Total Disability only, (A) the Company shall continue Executive's medical benefits coverage existing at the time of his termination
for as long as permissible under the Company's health benefits policies (not to exceed 60 days) and the Company further agrees to pay Executive's COBRA premiums for 6 months thereafter,
with such premiums to provide for coverage at the same level and subject to the same terms and conditions (including, without limitation, any applicable co-pay obligations of Executive,
but excluding any applicable tax consequences for Executive) as in effect for Executive at the time of termination, and (B) Executive shall further receive a lump-sum payment,
within 15 days after the effective date of termination, equal to the aggregate amount of Executive's Base Salary as in effect immediately prior to such termination that would be payable over a
period of 6 months following the effective date of such termination. 

        b.    Involuntary Termination for Cause.    In the event the Company terminates Executive's employment for Cause (as
such term is defined below), such termination ("Termination For Cause") shall be effective immediately upon notice thereof, in which case Executive will
have no rights or claims against the Company under this Agreement except as follows: 

        (i)    Executive
shall be paid (A) any unpaid portion of his Base Salary computed on a pro rata basis through the date of
his termination and (B) any unreimbursed expenses; and 

        (ii)   All
other of Executive's accrued but unpaid rights shall be as determined under any incentive compensation, stock option, retirement, employee welfare or other employee
benefits plan and program of the Company in which Executive is then participating at the time of his termination. 

        "Cause" shall mean: (1) conviction of Executive of any felony; (2) participation by Executive in any fraud or act of
dishonesty against the Company; (3) material violation by Executive of (i) any contract between the Company and Executive, or (ii) any statutory duty of Executive to the Company;
(4) conduct of Executive that, based upon a good faith and reasonable factual investigation and determination by the Board, demonstrates Executive's gross unfitness to serve; or (5) the
continued, willful refusal or failure by Executive to perform any material duties reasonably requested by the Board and/or Chief Executive Officer;  provided, however, that in the case of conduct described in clauses (3), (4) and
(5) hereof, such conduct shall not constitute "Cause" unless (a) the Board shall have given Executive written notice setting forth with specificity (i) the conduct deemed to
constitute "Cause," (ii) reasonable action that would remedy the objectionable conduct and (iii) a reasonable time (not less 

3

 

than
10 days) within which Executive may take such remedial action, and (b) Executive shall not have taken such specified remedial action within such specified reasonable time. 

        c.    Involuntary Termination Without Cause.    The Company may terminate Executive's employment, other than on
account of death, Total Disability or for Cause, on 30 days written notice ("Termination Without Cause"), in which case Executive will have no
rights or claims against the Company under this Agreement except as follows: 

        (i)    Executive
(or his estate or representative, as applicable) shall be paid (A) any unpaid portion of his Base Salary computed on a pro
rata basis through the date of his termination, and (B) any unreimbursed expenses; 

        (ii)   All
other of Executive's accrued but unpaid rights shall be as determined under any incentive compensation, stock option, retirement, employee welfare or other employee
benefits plan and program of the Company in which Executive is then participating at the time of his termination; 

        (iii)  Executive
shall receive severance payments in the form of monthly payments of Executive's Base Salary (as in effect immediately prior to such termination) and of the
Pro Rata Bonus Amount (as such term is defined below) for a period of 6 months following the effective date of such termination; and 

        (iv)  The
Company shall continue Executive's medical benefits coverage existing at the time of his termination for as long as permissible under the Company's health benefits
policies (not to exceed 60 days) and the Company further agrees to pay Executive's COBRA premiums for 6 months thereafter, with such premiums to provide for coverage at the same level
and subject to the same terms and conditions (including, without limitation, any applicable co-pay obligations of Executive, but excluding any applicable tax consequences for Executive) as
in effect for Executive at the time of termination.. 

        For
the purposes of this Agreement, "Pro Rata Bonus Amount" shall mean one-twelfth (1/12th) of the greater of
(A) the most recent annual cash bonus paid to Executive prior to the date of his termination, or (B) the average of the three most recent annual cash bonuses paid to Executive prior to
the date of his termination. The rights of Executive and the obligations of the Company under this Section 7(c) shall remain in full force and effect notwithstanding the expiration of the Term,
whether by failure of the Board to extend such Term or otherwise, and the failure of the Board to extend such Term shall be deemed a Termination Without Cause under this Section 7(c). 

        d.    Voluntary Termination For Good Reason.    Executive may terminate his employment for good reason
("Termination For Good Reason") upon 30 days written notice. In the event of Termination for Good Reason, Executive shall be entitled to receive
the payments and other rights provided in Section 7(c) hereof. For purposes of this Agreement, termination for "Good Reason" shall mean voluntary
termination by Executive of his employment with the Company based on one of the following events: 

        (i)    the
material diminution in Executive's position, title, responsibilities or authority from those in effect at the Commencement Date; 

        (ii)   the
breach by the Company of any of its material obligations under this Agreement. 

        e.    Voluntary Termination.    Executive may otherwise terminate his employment without Good Reason upon
30 days written notice, in which case Executive (or his estate or representative, as applicable) shall be paid (A) any unpaid portion of his Base Salary on a pro
rata basis through the date of the termination, and (B) any unreimbursed expenses. 

4

 

        f.    Forfeiture of Rights.    In the event that, subsequent to termination of Executive's employment hereunder,
Executive breaches any of the provisions of the Non-Compete Agreement in any material respect, all payments and benefits to which Executive may otherwise have been entitled to pursuant to
this Section 7 hereof shall immediately terminate and be forfeited. 

8.    Remedies.    

        In
addition to other remedies provided by law or equity, upon a breach by Executive of any of the covenants contained herein or in the Non-Compete Agreement, the Company
shall be entitled to have a court of competent jurisdiction enter an injunction against Executive enjoining Executive and prohibiting any further breach of the covenants contained herein. Executive
acknowledges that a breach or threatened breach by Executive of the provisions of this Agreement will cause irreparable damage to the Company because Executive's services to be performed hereunder are
of a unique, special and extraordinary character. Thus, the Company shall be entitled to injunctive relief without the necessity of proving actual damages and the Company shall not be required to post
a bond or other security in support of such injunctive relief. 

9.    Arbitration.    

        Any
claim, dispute or controversy arising out of or in connection with this Agreement, or any breach thereof, shall be arbitrated by the parties before a sole arbitrator (who shall have
substantial experience in the pharmaceutical and life sciences industry) conducted in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration
Association then in effect. The arbitrator shall have the authority to order discovery but shall not have the authority to add to, detract from or modify any provision hereof nor to award punitive
damages to any injured party. A decision by the sole arbitrator shall be final and binding. Judgment may be entered on the arbitrator's award in any court having jurisdiction. The direct expense of
any arbitration proceeding shall be borne by the Company. Each party shall bear its own counsel fees. Such arbitration shall take place in Philadelphia, Pennsylvania. The parties hereto consent to the
jurisdiction of the state and federal courts located in the Commonwealth of Pennsylvania with respect to any action arising under this Agreement. Notwithstanding the foregoing, the Company shall be
entitled to seek injunctive or other equitable relief, as contemplated by Section 10 hereof, from any court of competent jurisdiction, without the need to resort to arbitration. 

10.    Assignment; Binding Nature.    

        This
Agreement shall be binding upon and inure to the benefit of the parties and their respective successors, heirs (in the case of Executive) and permitted assigns. No rights or
obligations of the Company under this Agreement may be assigned or transferred by the Company except that such rights or obligations may be assigned or transferred to the successor of the Company or
its business if the assignee or transferee assumes all of the liabilities, obligations and duties of the Company, as contained in this Agreement, either contractually or as a matter of law. If any
such successor of the Company or its business does not agree to so assume such liabilities, obligations and duties, Executive may immediately resign, which shall be deemed a Termination For Good
Reason under the provisions of this Agreement. No rights or obligations of Executive under this Agreement may be assigned or transferred by Executive other than Executive's rights to compensation and
benefits, which may be transferred only by will or operation of law, except as otherwise specifically provided or permitted hereunder. 

5

 

11.    Notice.    

        Any
notice (including notice of a change of address) permitted or required to be given pursuant to the provisions of this Agreement shall be in writing and sent by certified mail,
postage pre-paid, return receipt requested, or by hand delivery to the parties at the following addresses: 

If to the Company:

Viral
Genomix, Inc.

450 Sentry Parkway E.

Blue Bell, PA, 19422

Attention: Corporate Secretary 

With a copy to:

If to the Executive:

KEVIN
W. RASSAS

717 Larchwood Lane

Villanova, PA 19085. 

        Notice
properly given by mail shall be deemed effective three business days after mailing, and if hand-delivered, upon receipt. 

12.    Entire Agreement.    

        This
Agreement and the Non-Compete Agreement constitute the complete agreements and understandings between the Company and Executive concerning Executive's employment by the
Company, and supersede any and all previous agreements or understandings concerning such employment, whether written or oral, between Executive and the Company. 

13.    Modification.    

        This
Agreement may not be waived, amended or modified without the express written consent of the party against whom enforcement of such Agreement is sought. 

14.    Waiver.    

        Except
as set forth herein, no delay or omission to exercise any right, power or remedy accruing to any party shall impair any such right, power or remedy or shall be construed to be a
waiver of or an acquiescence to any breach hereof. No waiver by either party of any breach by the other party of any condition or provision contained in this Agreement to be performed by such other
party shall be deemed a waiver of a similar or dissimilar condition or provision at the same or any prior or subsequent time. Any waiver must be in writing and signed by Executive and the Chairman of
the Board. 

15.    Invalidity of Any Provision.    

        If
any portion of this Agreement is held invalid or inoperative, the other portions of this Agreement shall be deemed valid and operative and, so far as is reasonable and permitted by
the law, effect shall be given to the intent manifested by the portion held invalid or inoperative. 

16.    Applicable Law.    

        This
Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania, without regard to the principles of conflict of laws thereof. 

6

 

17.    Counterparts.    

        This
Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same
agreement. 

18.    Headings.    

        The
Section headings contained in this Agreement are for reference purposes only and will not affect in any way the meaning or interpretation of this Agreement. 

19.    Binding Effect.    

        The
provisions of this Agreement will be binding upon, and will inure to the benefit of, the respective heirs, legal representatives and successors of the parties thereto. 

20.    Termination of Other Agreements.    

        The
execution of this Agreement by Viral Genomix and the Executive terminates and voids for all purposes any other Agreements, if any, between the parties. 

[SIGNATURE PAGE FOLLOWS]

7

 

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

					
	 	 	 VIRAL GENOMIX, INC.
	

 	
 	
By:	
 	
/s/ J. Joseph Kim

 
	 	 	Name:	 	Dr. J. Joseph Kim, Ph.D.
	 	 	Title:	 	President & CEO
	

 	
 	
 EXECUTIVE:
	

 	
 	
/s/ Kevin W. Rassas

  Mr. KEVIN W. RASSAS

8

 
 FIRST AMENDMENT TO THE EMPLOYMENT AGREEMENT DATED

DECEMBER 17, 2005  

        This is the First Amendment ("Amendment") to the Employment Agreement between VGX Pharmaceuticals, Inc. ("VGX") and Kevin Rassas
("Executive") dated as of 20th day of August, 2008 (the "Effective Date"), amending the Employment Agreement ("Agreement") dated December 17, 2005 between VGX and Executive. All
undefined terms contained herein shall have the meaning set forth in the Agreement. 

        WHEREAS,
both parties wishes to amend the Agreement as follows: 

        NOW,
THEREFORE, for good and valuable consideration and intending to be legally bound, the parties hereby agree as follows: 

	1.
	The
base annual salary the Executive is entitled to receive for his employment is $150,700.00 per annum

	2.
	Executive
is entitled to 20 business days (4 weeks) as a Company paid vacation days annually. 

							
	Mr. Kevin Rassas

717 Larchwood Lane

Villanova, PA, 19085	 	VGX Pharmaceuticals

450 Sentry Parkway

Blue Bell, PA 19422

Telephone: 267-440-4205
	 	 	 	 	 	 	 
	/s/ Kevin Rassas

  Kevin Rassas

Sr. VP of Business Development	 	/s/ Gene J. Kim

  Gene J. Kim

Chief Financial Officer
	
 Date:	
 	
August 20, 2008

 	
 	
Date:	
 	
August 20, 2008

 

9

QuickLinks

EXHIBIT 10.45

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00152-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00152-of-00352.parquet"}]]