Document:

EX-10.2

 Exhibit 10.2 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF
PUBLICLY DISCLOSED. THE OMISSIONS HAVE BEEN INDICATED BY “[***].” 
 EXECUTION VERSION 

First Amendment to the Agreement for [***] 
  

 
 First Amendment 

(hereinafter referred to as “AMENDMENT”) 

to the Agreement for [***] dated 30.08.2019 

(hereinafter referred to as “AGREEMENT”) 

This AMENDMENT is made by and mutually agreed by and between: 

Alvotech hf 

Sæmundargata 15-19, 

101 Reykjavík, Iceland 

(“Alvotech”) 
 and

 STADA Arzneimittel AG 

Stadastraße 2-18 

61118 Bad Vilbel, Germany 

(“STADA”) 
 -
Alvotech and STADA are hereinafter individually referred as a “Party” or jointly as the “Parties” - 
 WHEREAS, the Parties want to turn
the Semi-Exclusive Countries into exclusive countries. 
 WHEREAS, the Parties want to extend the rights granted under the AGREEMENT for a certain
consideration. 
 Now, in consideration with what precedes, the Parties hereby wish to modify the AGREEMENT by the present AMENDMENT, which shall become an
integral part of the AGREEMENT. 
 Now therefore the Parties hereby agree as follows: 

 

	 	1.	 All terms used herein which are defined in the AGREEMENT shall, unless otherwise herein provided, have the same
meaning in this AMENDMENT. 

  

	 	2.	 All references to article numbers, unless otherwise specifically stated, are references to articles of the
AGREEMENT. 

  

	 	3.	 This AMENDMENT shall become effective upon its signature by both Parties (the “AMENDMENT Effective
Date”), and the date of this AMENDMENT shall be the date of the last signature of the Parties to this AMENDMENT. 

 First Amendment to the Agreement for [***] 

 
  
  

	 	4.	 The definition “Semi-Exclusive Countries“ under Article 1.52 shall be deleted and replaced by the
following definition: 

 1.52 Semi-Exclusive Countries
            None 
  

	 	5.	 The definition of “Territory” under Article 1.59 shall be deleted and be replaced by the following
definition: 

 1.59 Territory             [***]. 

 

	 	6.	 Article 2.3 (a) of the Agreement shall be deleted and replaced by the following 

2.3 
 (a) obtaining and
using [***] MAs for the Products(s) per country of the Territory, and 
  

	 	7.	 Article 7 shall be deleted and replaced as follows: 

 

	 	7.	 In consideration of the rights which ALVOTECH grants to STADA and its Affiliates under this Agreement, STADA
shall pay to ALVOTECH the consideration (“Consideration”) of up to [***], excluding VAT, payable as follows: 

  

	 	7.1	 € [***] Euros) at the time [***]; 

 

	 	7.2	 € [***] Euros) on [***]; 

 

	 	7.3	 € [***] Euros) on [***], and 

 

	 	7.4	 € [***] Euros) once [***]. 

 

	 	7.5	 € [***] Euros) if and when [***]. 

Payments under Articles 7.1 through 7.5 shall only be payable once. Thus, to illustrate the same, [***], the milestone under Article 7.4
shall be payable at that time. Due payments shall be made by STADA within [***] calendar days after receipt of the relevant invoice from ALVOTECH. 

All payments under this Agreement must be paid in Euro. 
  

	 	8.	 Unless otherwise expressly provided in this AMENDMENT, all terms and conditions of the AGREEMENT shall remain
in full force and effect. This AMENDMENT is incorporated and made a part of the AGREEMENT. 

  

	 	9.	 In the event of any conflict or inconsistency between the AGREEMENT and this AMENDMENT, the latter shall
prevail. 

  

	 	10.	 No modification to the AGREEMENT or this AMENDMENT, including a modification of this clause, shall be effective
unless made in writing with specific reference to the AGREEMENT and signed by the Parties. 

  

	 	11.	 Article 16.4 of the AGREEMENT shall apply to this AMENDMENT. 

  
  

Page 2 of 3 

 First Amendment to the Agreement for [***] 

 
  
  

 IN WITNESS HEREOF, the Parties hereto caused this AMENDMENT to be executed by their duly authorised
representatives: 
  

					
	 For and behalf of
 STADA Arzneimittel
AG
  
 /s/ Peter Goldschmidt
	 		 	 For and behalf of
 STADA Arzneimittel
AG
  
 /s/ Dr. Michael Mack

	 Name: Peter Goldschmidt
 Title: Chief Executive
Officer
  
	 		 	 Name: Dr. Michael Mack
 Title: Vice
President Biotechnology
  

	Bad Vilbel, March 2020	 		 	Bad Vilbel, 13 March 2020
			
	 For and behalf of
 Alvotech hf.

 
 /s/ Robert Wessman
	 		 	
	 Name: Robert Wessman
 Title: Chairman
	 		 	
			
	London, 11 March 2020	 		 	

  
  

Page 3 of 3EX-10.3

 Exhibit 10.3 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF
PUBLICLY DISCLOSED. THE OMISSIONS HAVE BEEN INDICATED BY “[***].” 
 EXECUTION VERSION 

Second Amendment (hereinafter 2nd Amendment) to the agreement for [***] dated
30 August 2019 as amended on 13 March 2020 (hereinafter AGREEMENT) 
 THIS
2nd AMENDMENT is made and mutually agreed by: 
 BETWEEN 

 

	 	1.	 Alvotech hf., registered in Iceland (Commercial register No. 710113-0410 having its
registered office at Semundargata 15-19, 101 Reykjavik, Iceland, Taxpayer Identification No or VAT-ID-No. 114178

 (“ALVOTECH”); 

AND 
  

	 	2.	 STADA ARZNEIMITTEL AG, having its registered office at Stadastraße
2-18, 61118 Bad Vilbel, Germany, 

 (“STADA”); 

(each a “Party” and together the “Parties”) 

WHEREAS 
  

	(A)	 The Parties signed the AGREEMENT for [***] on 30 August 2019 and amended it with first Amendment on
13 March 2020. 

  

	(B)	 The Parties have interest in development of [***] („Line Extension“). The Line Extension shall become
part of the Product definition as set forth in the AGREEMENT and as such shall become part of the AGREEMENT. 

  

	(C)	 Now, in consideration with what precedes, the Parties wish to amend the AGREEMENT with the 2nd Amendment, which shall become an integral part of the AGREEMENT. 

 NOW THEREFORE,
THE PARTIES AGREE AS FOLLOWS 
  

	 	1.	 All terms used herein which are defined in the AGREEMENT, shall, unless otherwise herein defined, have
the same meaning in this 2nd Amendment. 

  

	 	2.	 All references to article numbers, unless otherwise specifically stated, are references to articles of
the AGREEMENT. 

	 	3.	 This 2nd Amendment shall become effective upon its
signature by both Parties (the “2nd Amendment Effective Date”). 

  

	 	4.	 Unless explicitly stated in this Agreement, all terms and conditions of the AGREEMENT shall apply to the
Line Extension. Unless explicitly stated, nothing contained in this 2nd Amendment shall amend the terms of the AGREEMENT with regard to the Products other than the Line Extension.

  

	 	5.	 The Line Extension shall become part of the Product definition and part of the AGREEMENT, hence all
terms and conditions of the AGREEMENT shall apply to the Line Extension to the extent not regulated differently in this 2nd Amendment. Unless explicitly stated, no terms and regulations relating
to the Products (excluding the Line Extension) shall be amended by this 2nd Amendment. 

  

	 	6.	 ALVOTECH shall properly Develop the Line Extension and compile the necessary documents to be included in
the Dossier for the Line Extension (such as data on assembly, process validation, quality control and stability data) until July 2023 (“LE Dossier Target Date”) 

 

	 	7.	 Considering that STADA bears the development costs for the Line Extension as set forth in this 2nd Amendment, ALVOTECH shall not be entitled to the LE Commercialization (as defined below): (a) within the Territory, without STADA’s prior written approval, to be given or denied upon
STADA’s sole discretion or (b) outside of the Territory, without STADA’s prior written approval that will not be unreasonably withheld and/or denied. 

 

	 	8.	 For the purpose of this 2nd Amendment, the LE Commercialization shall mean: 

 

	 	(i)	 use of the development results with regard to the Line Extension and/or the Line Extension either itself,
through its Affiliates or a Third Party within and/or outside the Territory, and/or 

  

	 	(ii)	 grant of any rights or licenses to the development results with regard to the Line Extension and/or the Line
Extension within and/or outside the Territory, and/or 

  

	 	(iii)	 other disposal of the development results with regard to the Line Extension and/or the Line Extension within
and/or outside the Territory. 

 As STADA has Exclusive rights within the Territory, ALVOTECH shall in no event be entitled
to the LE Commercialization: (a) within the Territory without STADA’s prior written approval, to be given or denied upon STADA’s sole discretion or (b) outside of the Territory, without STADA’s prior written approval that
will not be unreasonably withheld and/or denied. 
  

	 	9.	 Upon STADA’s consent for the LE Commercialization in and/or outside the Territory according to
Article 7 of this 2nd Amendment, ALVOTECH shall reimburse to STADA [***] percent ([***]%) of the consideration already paid by STADA for the Development of the Line Extension pursuant to Article
19 of this 2nd Amendment (“LE Commercialization Fee”) within [***] calendar days, upon: (i) [***] and (ii) [***]. ALVOTECH shall pay the LE Commercialization Fee based on STADA’s
invoice and ALVOTECH shall pay STADA such LE Commercialization Fee only upon the first fulfilment of conditions for its payment, i.e. it shall be one-time payment only irrespective of the number of times
[***]. ALVOTECH shall immediately inform STADA thereof in writing of occurrence of fulfilment of abovementioned conditions. 

  
 2 

	 	10.	 ALVOTECH shall Develop the Line Extension until the LE Dossier Target Date. This timeline can be
extended by up to [***] months if justified by the demands of the Development Plan in which case the Parties (both acting reasonably) will agree to amend the LE Dossier Target Date accordingly. 

 

	 	11.	 ALVOTECH shall provide STADA [***] updates on the status of the Development and shall keep STADA
immediately informed about any material deviation in the Development Plan including development costs. Upon completion of the Development ALVOTECH shall without undue delay deliver documentation for the Line Extension and such documentation shall
become part of the Dossier. 

  

	 	12.	 ALVOTECH shall compile corresponding Dossier for the Line Extension meeting the same EU guidelines as
the Dossier and shall provide it to STADA without undue delay. In case STADA wants to have the Line Extension Dossier meeting guidelines outside the EU and provided STADA pays for it, ALVOTECH offers to do this as work for hire at the expense of
STADA. 

  

	 	13.	 Upon completion, compilation and handover of the Dossier for the Line Extension to STADA, according to
Article 12 of this 2nd Amendment, STADA shall be responsible for submitting respective registration procedure. Accordingly, Article 5.1 of the Agreement shall not be applicable for the Line
Extension and unless the Parties agree differently, STADA shall initiate and obtain the Marketing Authorisation for the Line Extension in the Territory by itself and at its own expense. 

 

	 	14.	 Article 1.22 (“Floor Price”) shall be deleted and be replaced by a new definition as follows
for the Line Extension and all other Products: 

 “1.22 Floor Price means the “Floor Price(s) for the Finished
Products” as set forth in Annex 1.” 
  

	 	15.	 The Article 2.1 (a) of the Agreement shall be amended as follows: 

“2.1(a)1. with respect to all presentations of the Product other than the Line Extension (grant of rights for the Line Extension is set
forth in 2.1(a)2) the rights to own an equal and undivided joint ownership interest (with ALVOTECH or its applicable Affiliate(s)) in the Territory in and to (i) the Product IP Owned Rights and (ii) the Created Product IP Rights; 

2.1(a)2. With respect to the Line Extension ALVOTECH shall own the (i) Product IP Owned Rights and (ii) the Created Product IP Rights
with regard to the Line Extension; ALVOTECH grants to STADA in the Territory the fully paid-up, royalty-free, perpetual, irrevocable and sub-licensable right (through
multiple tiers) to the (i) Product IP Owned Rights and (ii) the Created Products IP Rights. 
  

	 	16.	 Reference to Article 2.1.(a) is replaced with reference to Articles 2.1(a)1 and 2.1.(a)2 in Article
2.1.(d). 

  

	 	17.	 Article 2.2 of the AGREEMENT shall not be applicable to the Line Extension and new Article 2.2.1 shall
be introduced: 

  
 3 

	 	18.	 “2.2.1. Subject to all other applicable terms and conditions of this Agreement, and provided STADA
is not in an uncured material breach of this Agreement and/or the Supply Agreement, STADA’s rights under Article 2.1(a)2 of the AGREEMENT with respect to the Line Extension only shall at all times be: (a) in the case of any manufacturing
related rights non-exclusive and (b) in the case of marketing, promoting, selling, offering, importing and/or distributing Exclusive Rights. For clarity, this applies only to the Line Extension and not to
any other presentation of the Product. Article 8.6 shall not apply to the Line Extension.” 

  

	 	19.	 Article 7 of the AGREEMENT shall not be applicable to the Line Extension. A new Article 7b) shall be
added to the AGREEMENT as follows: 

 “Article 7.b) In consideration of the rights which ALVOTECH grants to STADA and
its Affiliates under the AGREEMENT with regard to the Line Extension, STADA shall pay ALVOTECH a consideration in the amount of 2.889.230.-€ (two million eight hundred eighty-nine thousand and two hundred and thirty Euros), which are the
costs for the Development of the Line Extension. In the event the actual costs for the Development of the Line Extension exceed such consideration up to [***]%, the Parties shall bear these exceeding amounts (up to [***]%) in equal parts. In the
event the actual costs exceed the above stated consideration by more than [***]%, ALVOTECH shall bear such exceeding amount (i.e. the amount exceeding [***]% of the consideration). The Parties agree that all payments under this 2nd Amendment shall be made in Euros. 
 The consideration shall be payable as follows: 

 

							
	 	  	 Milestone
	  	 Amount in EUR
	  	 Target date

	1	  	[***]	  	[***]%	  	January 2021
	2	  	[***]	  	[***]%	  	February 2023
	3	  	[***]	  	[***]%	  	July 2023
		  	Total	  	2.889.230	  	

 Due payments shall be made by STADA within [***] calendar days after receipt of the relevant invoice from
ALVOTECH. All payments under this Article 7b) shall be paid in Euros.” 
  

	 	20.	 Article 8.4 of the AGREEMENT shall be amended as follows for the Line Extension and all other Products:

 “The prices for the Products (including the Line Extension) supplied to STADA, its Affiliates and/or Distributors
as Finished Product are set forth in Annex 1 under subsection “Supply Prices for Finished Products (including the Line Extension)”. 
  

	 	21.	 In Articles 9.4 to 9.9. of the AGREEMENT the reference to the “Product” shall be replaced with
the reference to the “PRODUCT, EXCLUDING THE LINE EXTENSION”. For the purpose of Articles 9.4 to 9.9, the term “PRODUCT, EXCLUDING THE LINE EXTENSION” shall mean the term “Product” as defined in the original AGREEMENT
dated 30 August 2019 without subsequent amendments, i.e. it does not refer to the Line Extension (as defined in this 2nd Amendment). If the AGREEMENT is terminated

  
 4 

	 	
for the PRODUCT, EXCLUDING THE LINE EXTENSION pursuant to Articles 9.4 to 9.9. of the AGREEMENT, then such termination shall be automatically applicable to the Line Extension as well; Termination
of the AGREEMENT pursuant to Articles 9.4 to 9.9 shall not be possible for the Line Extension only. However, Articles 7 and 8 of this 2nd Amendment shall survive termination or expiration of the
AGREEMENT in any event of termination or expiration on a perpetual basis. 

 In case of termination of the AGREEMENT pursuant
to Articles 9.4 to 9.9., then, with regard to the Line Extension, ALVOTECH shall pay the LE Commercialization Fee always subject to fulfilment of conditions for such refund as set forth in Articles 7 and 8 of this 2nd Amendment. ALVOTECH shall inform STADA without delay of such circumstances and ALVOTECH shall refund STADA upon receipt of STADA’s invoice within [***] days. For clarity, termination and
payment of the LE Commercialization Fee as set forth in Article 21 of this 2nd Amendment shall be the only remedy in case of termination of the AGREEMENT for the Line Extension as set forth in
Article 21 of this 2nd Amendment. ALVOTECH shall pay the LE Commercialization Fee based on STADA’s invoice and ALVOTECH shall pay STADA such LE Commercialization Fee only upon the first
fulfilment of conditions for its payment, i.e. it shall be one-time payment only irrespective of [***]. 

The consequences of termination of the AGREEMENT with regard to the PRODUCT, EXCLUDING THE LINE EXTENSION shall not be amended and shall remain
valid. 
  

	 	22.	 Article 14.1 of the AGREEMENT shall not be applicable for the Line Extension. 

 

	 	23.	 Article 15.2 of the AGREEMENT is amended as follows: 

“15.2 Upon expiration of the Exclusivity Period, in respect of the Territory, except as otherwise stated in this Article 15, (a) STADA
will keep the Dossier (and its rights to use the Dossier) for the Product (including the Line Extension), (b) the rights granted to STADA under Articles 2.1 through 2.3 shall become non-exclusive, fully paid-up and continue in force on a perpetual basis (but remain subject to the restrictions contained therein) for all presentations of the Product, other than the Line Extension , (c) the rights granted to STADA
under Article 2.1 for marketing, promoting, selling, offering, importing and/or distributing of the Line Extension only, in the Territory shall remain Exclusive, fully paid up and continue in force on a perpetual basis and (d) the Exclusive
Purchase Obligation for the Product (including the Line Extension) shall terminate.” 
  

	 	24.	 Article 15.3.(e), (f) and (g) of the AGREEMENT shall not be applicable to the Line Extension.

  

	 	25.	 A new Article 15.3 (h) of the AGREEMENT shall be included for the Line Extension: 

(h) By STADA with regard to the Line Extension only, if the Dossier for the Line Extension is not delivered to STADA by the LE Dossier Target
Date or, if later, by such later date (up to a maximum of a further six (6) months) as is necessary to accommodate the demands of the Development Plan. 
  

	 	26.	 The effects of termination as set forth in Articles 15.5 and 15.6 of the AGREEMET shall apply if STADA
terminates the AGREEMENT pursuant Article 15.3 (h) analogously, i.e. limited to the Line Extension. 

  
 5 

	 	27.	 Annex 1 – Prices of the AGREEMENT shall be amended as follows for the Products, including the Line
Extension: 

 “[***]” 

The remaining part of Annex 1 (Reports, Audit, Orders) shall remain unchanged and in effect. 

 

	 	28.	 TERMINATION 

STADA shall have the right to terminate this 2nd Amendment, i.e. the Development of the Line Extension,
prior to completion of the Development of the Line Extension with ten (10) days written notice without cause. Upon such termination, then: (a) rights with regard to the Line Extension as set forth in this 2nd Amendment and the AGREEMENT shall cease, (b) STADA shall return to ALVOTECH any documents delivered in relation to the Line Extension, (c) STADA shall not be obliged to pay any further
milestone for the Development of the Line Extension, (d) subject to the last sentence of this Article 28 of the 2nd Amendment, ALVOTECH shall not be obliged to return any consideration
received in relation to the Line Extension, (e) subject to the last sentence of Article 28 of this 2nd Amendment, neither Party shall have any further obligations to each other under the
AGREEMENT with regards to the Line Extension except for those provisions which are intended to take effect after termination. If conditions for refund of the milestones as set forth in Articles 7 and 8 of this 2nd Amendment are fulfilled, ALVOTECH shall inform STADA without delay and ALVOTECH shall upon receipt of invoice reimburse STADA [***]% of consideration already paid by STADA to ALVOTECH within [***]
days of receipt of STADA’s invoice. ALVOTECH shall pay STADA the LE Commercialization Fee only upon the first fulfillment of the conditions for its payment, i.e. it shall be one-time payment only
irrespective of [***]. 
 Articles 7 and 8 of this 2nd Amendment shall survive termination or
expiration of the AGREEMENT in any event of termination or expiration on a perpetual basis. 
  

	 	29.	 The rights and remedies as set forth in Article 28 shall be the sole and exclusive remedy of STADA in
relation to termination for convenience. 

  

	 	30.	 All clauses of the AGREEMENT that have not been amended in this Amendment shall remain unchanged and in
full effect. In the event of discrepancy between the AGREEMENT and this 2nd Amendment, the latter shall prevail with regard to the Line Extension. 

 

	 	31.	 This 2nd Amendment may be executed in any number of
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same document. 

  

	 	32.	 This 2nd Amendment may be executed by standard
electronic signature software (such as DocuSign). Exchanging executed signed document in .pdf format via e-mail shall have the same legal force and effect as the exchange of original wet-ink signatures. 

 Each Party hereby waives any right to raise any defence or claim
in any proceeding arising under or related to the 2nd Amendment, based upon execution of this 2nd Amendment by means of such electronic
signatures or maintenance electronically. 

  
 6 

 IN WITNESS whereof this Amendment has been duly executed on behalf of the Parties the dates written below

  

					
	STADA Arzneimittel AG	 		 	Alvotech hf.
			
	 /s/ Peter Goldschmidt
	 	    	 	 /s/ Mark Levick

	Name: Peter Goldschmidt	 		 	Name: Mark Levick
	Title: Chief Executive Officer	 		 	Title: Chief Executive Officer
			
	Bad Vilbel, April 20th, 2021	 		 	Basel, 2021-May-03/14:31 GMT
			
	 /s/ Dr. Uwe Landvatter
	 		 	
	Name: Dr. Uwe Landvatter	 		 	
	Title: Senior Director Global BD&L	 		 	
			
	Bad Vilbel, April 20th, 2021	 		 	

  
 7

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