Document:

Exhibit 10.2

 

		From:	The Persons whose names and addresses are set out in Schedule 1 (the “Shareholders”)1

 

		To:	Volution Immuno Pharmaceuticals SA, a company incorporated and registered in Switzerland
with its registered office at Place Des Eaux Vives 6, Case Postale 3461, Geneve 3 1211, Switzerland (the “Company”).

 

_________________ 2015

 

Dear Sirs,

 

Working Capital Advance between (i) the
Shareholders and (ii) the Company

 

		1.	The Shareholders are pleased to make available to the Company a working capital advance in the
principal sum of up to the amount set out next to each Shareholder’s name in column (3) of Schedule 1 (being an aggregate
amount of up to GBP £2,000,000) (the “Loan”) on the terms and subject to the conditions of this letter
agreement (“Letter Agreement”). The Company may draw the Loan in one or more tranches (each, an “Advance”)
by at least five days’ written notice to the Shareholders (or by such shorter period of notice as the Shareholders may, in
their sole discretion, determine) in the form set out in Schedule 2 (a “Drawdown Notice”), provided that the
Company may not submit a Drawdown Notice if any of the events specified in paragraph 5 below is occurring or has occurred since
the date hereof.

 

		2.	The Company will repay the Loan together with interest on it no later than seven (7) days from
the Offering (as the term is defined in share exchange agreement between RPC Pharma Limited and Celsus Therapeutics PLC to be entered
into on or around the date hereof (the “SEA”)) or to the extent that the Offering contemplated by the SEA does
not complete soon after Completion (as defined in the SEA) or Completion (as defined in the SEA) does not occur then forthwith
on demand on the earlier of (i) written notice or (ii) the date falling five (5) years from the date hereof..

 

		3.	The principal amount of the Loan outstanding from time to time will carry interest at the rate
of three (3) per cent per annum accruing daily and payable in arrears upon repayment of the Loan.

 

		4.	The Company will make all payments under or in respect of this Letter Agreement for value on the
due date in sterling (the “Payment Account”). If any payment becomes due on a day which is not a day for which
banks are open for business in London and Geneva, the due date of such payment will be extended to the next day for which banks
are open for business in London and Geneva. The Company will make all payments under or in respect of this facility without set-off
or counter-claim and free and clear of any withholding or deduction for or on account of tax, save as may be required by law, provided
that if the Company is required to make such a deduction or withholding the Company will pay to us such amount as will, after tax
has been deducted or withheld, be the same amount as we would have been entitled to receive in the absence of the tax deduction
or withholding.

 

 

1 To be determined.

 

    	1

    	 

    

 

		5.	Notwithstanding the above provisions of this Letter Agreement, the Loan and all interest on it
will become due and payable or repayable forthwith on demand by us if: (i) the Company fails to pay any sum under this Letter Agreement
when due; or (ii) the Company is in breach of any provision of this Letter Agreement; or (iii) the Company is in default under
any other material financial obligation to any person; or (iv) an administration order is made in relation to the Company or a
receiver or manager or administrative receiver (or equivalent insolvency practitioner in Switzerland) is appointed in respect of
the Company or any of the Company’s assets or any shareholders' resolution is passed for the winding up of the Company or
any equivalent action in the Company’s jurisdiction is taken; or (v) any petition is presented or any resolution proposed
which may lead to any such occurrence referred to in (iv) above; or (vi) any distress or execution is levied on or affects any
of the Company’s property or assets; or (vii) the Company is unable to pay its debts as they fall due; or (viii) the Company
ceases to carry on business; or (ix) any regulatory or other third party consents or authorisations necessary or desirable for
the conduct of the Company’s business are rejected or withdrawn; (x) any occurrence referred to in any of paragraphs (iii)
to (ix) above takes place in relation to any subsidiary company of the Company, or any other event occurs, which we consider is
reasonably likely to have a material adverse effect on the business or financial condition of the Company or its ability to perform
its obligations hereunder.

 

		6.	The Company may make prepayment of the Loan (together with all interest accrued thereon) in whole
or in part by payment to the Payment Account at any time upon at least one day’s written notice to us.

 

		7.	The Company will pay, on demand and on a full indemnity basis, all costs and expenses (and any
applicable sale taxes) which we may from time to time incur in connection with enforcement of this Letter Agreement and/or the
Loan if the Company is in breach of any provision of this Letter Agreement.

 

		8.	Any demand or notice in respect of this Letter Agreement and/or the Loan will be in writing in
the English language and (without prejudice to any other effective means of serving it) may be served on the relevant party personally
or by commercial courier addressed to the relevant party at its registered office for the time being, or by fax to a fax number
which has been specified by that party for the service of notices upon it. Any such demand or notice so delivered personally shall
be deemed to have been received immediately upon delivery at such office, any such demand or notice sent by commercial courier
shall be deemed to have been received at the time of signature of the courier’s delivery receipt and any such notice sent
by fax shall be deemed to have been received at the time of transmission in legible form.

 

		9.	Time shall be of the essence in respect of the Company’s obligations under or in respect
of this Letter Agreement but no failure by us to exercise or delay by us in exercising any right or remedy under or in respect
of this Letter Agreement shall operate as a waiver of it, nor shall any single partial or defective exercise by us of any such
right or remedy preclude any other or further exercise of that or any other right or remedy.

 

		10.	Each party shall bear its own legal, accounting and administrative expenses in connection with
the transactions contemplated hereby.

 

    	2

    	 

    

 

		11.	This Letter Agreement may be executed in counterparts and shall be effective when each party has
executed a counterpart. Each counterpart shall constitute an original of this Letter Agreement

 

		12.	This Letter Agreement, including any non-contractual obligations arising out of or in connection
with this Letter Agreement, shall be governed by and construed in all respects in accordance with the law of England and Wales.

 

		13.	To accept the terms of this Letter Agreement which is intended to be binding on both parties, please
sign and return the enclosed copy within two days from today's date, failing which this Letter Agreement shall lapse and the Loan
will not be made available to you.

 

	 	 
	Yours faithfully,	 
	 	 
	 	 
	Raymond Prudo	 
	 	 
	 	 
	Stuart Ungar	 
	 	 
	 	 
	David Neep	 
	 	 
	 	 
	David Byrne	 
	 	 
	 	 
	James Hill	 
	 	 
	 	 
	Nigel Brooksby	 
	 	 
	Agreed and accepted	 
	 	 
	 	 
	 	 
	for and on behalf of Volution Immuno Pharmaceuticals SA	 

 

	Dated: 	 	 

 

    	3

    	 

    

 

Schedule 12

 

	(1)

Shareholders Name	 	(2)

Address	 	
        (3)3

        Amount (GBP)

	Dr. Raymond Prudo	 	
        71 Shepherds Hill

        London

        N6 5RE

         
	 	 
	Dr. Stuart Ungar	 	
        Palm House

        Eastern Shores

        Abaco

        Bahamas

         
	 	 
	Mr David Neep	 	
        Long Roof

        Hervines Road

        Amersham

        Buckinghamshire

        HP6 5HS

         
	 	 
	Mr David Byrne	 	
        62 Culverden Road

        London

        SW12 9LS

         
	 	 
	Dr. James Hill	 	
        12 St. Georges Road

        Twickenham

        TW1 1QR

         
	 	 
	Mr Nigel Brooksby	 	
        43 The Ridgeway

        Rothley

        Leicester

        LE7 7LE
	 	 

 

 

2
Shareholder participants (and corresponding loan amount) to be determined.

3
To be determined.

 

    	4

    	 

    

 

Schedule 2

Drawdown Notice

 

		From:	Volution Immuno Pharmaceuticals SA (the “Company”)

		To:	Dr. Raymond Prudo

			Dr. Stuart Ungar

			Mr David Neep

			Mr David Byrne

			Dr. James Hill

			Mr Nigel Brooksby

			(together the “Shareholders”)

 

Dated:     ____________20__

 

Dear Sirs

 

Working Capital Advance between (i) the Shareholders
and (ii) the Company (the “Letter Agreement”)

		1.	We refer to the Letter Agreement. This is a Drawdown Notice. Capitalised but undefined terms in
this Drawdown Notice are as set out in the Letter Agreement.

 

		2.	We wish to borrow an Advance on the following terms:

 

	Proposed date of Advance:	[      ] (or, if that is not a Business Day, the next Business Day)
	Amount:	[       ] 

 

		3.	We confirm that as at date of this Drawdown Notice:

 

		(a)	no event specified in paragraph 5 of the Letter Agreement is occurring or has occurred since the
date of the Letter Agreement; and

 

		(b)	we are entitled to submit this Drawdown Notice in accordance with paragraph 1 of the Letter Agreement.

 

		4.	The proceeds of the Advance should be credited to [account].

 

		5.	This Drawdown Notice is irrevocable.

 

	Yours faithfully	 
	 	 
	 	 
	for and on behalf of Volution Immuno Pharmaceuticals SA	 

 

    	5Exhibit 10.3 

Lock-Up Agreement
 
 [ • ], 2015 

Celsus Therapeutics Plc
24 West 40th Street, 8th Floor
New York, NY 10018
  
Ladies and Gentlemen: 

The undersigned (the “Shareholder”) understands that Celsus Therapeutics Plc, a company organized under the laws of England and Wales (“Celsus”), has entered into a Share Exchange Agreement, dated as of July 10, 2015 (the “Agreement”), with RPC Pharma Limited, a company organized under the laws of Malta (the “Company”), pursuant to which Celsus will purchase all of the capital stock of Volution Immuno Pharmaceuticals SA (“Volution”) from the Company, Volution’s sole shareholder, in
exchange for ordinary shares of Celsus (the “Acquisition”). Capitalized terms used but not otherwise defined in this agreement (this “Lock-Up Agreement”) will have the meanings ascribed to such terms in the Agreement. 

As a material inducement to the willingness of each of Celsus and the Company entering into the Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Shareholder agrees that during the period beginning on the Completion Date and continuing until and including the 180 day anniversary of the Completion Date (the “Restricted Period”), the Shareholder (or its successors, assigns or designees) will not (A) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any
option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any Celsus Shares or any securities convertible into or exercisable or exchangeable for Celsus Shares, including without limitation, such other securities of Celsus which may be deemed to be beneficially owned by the Shareholder in accordance with the rules and regulations of the Securities and Exchange Commission and securities of Celsus which may be issued upon exercise of a share option or warrant (collectively, the “Shareholder’s Shares”) or (B) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Celsus Shares or such other securities, whether any such transaction described in clause (A) or (B) above is to be settled by delivery of Celsus Shares or such other securities, in cash or otherwise (the “Restrictions”). 

None of the Restrictions apply to the disposal of any of the Shareholder’s Shares or of any interest therein: (i) pursuant to acceptance of any offer (regardless of whether it is recommended by the board of the Company or not) made by any person in force to holders of the same class of shares as the Shareholder’s Shares to acquire the whole or any part of the shares of such class; or (ii) pursuant to an irrevocable commitment or undertaking to accept a general offer of the kind referred to in (i); or (iii) pursuant to a scheme of arrangement under Part 26 of the Companies Act 2006 (the “Act”) providing for
the acquisition by any person of the whole or any part of the shares of such class of shares as the Shareholder’s Shares; or (iv) to a shareholder of the Shareholder provided that (a) any such disposal (when taken together with all other such disposals to a shareholder of the Shareholder) does not account for more than 70% of the Shareholder’s Shares and (b) such person or entity shall enter into a deed prior to the transfer to be bound, mutatis mutandis by the restrictions contained in this Lock Up Agreement; or (v) pursuant to a conversion or redesignation of any of the Shareholder’s Shares of one class to become shares of another class (but for the avoidance of doubt the Restrictions shall apply to any such shares issued as a result of such conversion or redesignation). 

1

 

 

An attempted transfer in violation of this Lock-Up Agreement will be of no effect and null and void, regardless of whether the purported transferee has any actual or constructive knowledge of the transfer restrictions set forth in this Lock-Up Agreement, and will not be recorded on the share transfer books of Celsus. Celsus may cause the legend set forth below, or a legend substantially equivalent thereto, to be placed upon any certificate(s) or other documents or instruments evidencing ownership of the Shareholder’s Shares: 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AND MAY ONLY BE TRANSFERRED IN COMPLIANCE WITH A LOCK-UP AGREEMENT, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY. 

The Shareholder hereby represents and warrants that the Shareholder has full power and authority to enter into this Lock-Up Agreement. All authority conferred or agreed to be conferred and any obligations of the Shareholder under this Lock-Up Agreement will be binding upon the successors, assigns, heirs or personal representatives of the Shareholder. 

The Shareholder understands that each of Celsus and the Company is relying upon this Lock-Up Agreement in proceeding toward consummation of the Acquisition. The Shareholder further understands that this Lock-Up Agreement is irrevocable and is binding upon the Shareholder’s heirs, legal representatives, successors and assigns. 

This Lock-Up Agreement and any claim, controversy or dispute arising under or related to this Lock-Up Agreement will be governed by and construed in accordance with English law, without regard to the conflict of laws principles thereof. Each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute relating to the Lock-Up Agreement. Each party irrevocably agrees that any process in any legal action or proceedings relating to any dispute relating to the Lock-Up Agreement may be served on it in accordance with the provisions of clauses 13 and 14 of the Agreement. 

The Shareholder understands that if the Agreement is terminated in accordance with its terms, the Shareholder will be released from all obligations under this Lock-Up Agreement. This Lock-Up Agreement automatically terminates on the expiry of the Restricted Period. 

This Lock-Up Agreement sets out the entire agreement and understanding between the Parties in respect of the subject matter of this Lock-Up Agreement. 

This Lock-Up Agreement may be executed in any number of counterparts (including facsimile or PDF), each of which when executed and delivered, shall be deemed an original, but all the counterparts together shall constitute one and the same instrument. 

This Lock-Up Agreement has been entered into as on the date stated at the beginning of it. 

		 		 	
	Signed by	 	)	 	  
	for and on behalf of	 	) 	 	  
	Celsus Therapeutics Plc	 	Director	 	  
	
	Signed by	 	)	 	  
	for and on behalf of	 	) 	 	  
	RPC Pharma Limited	 	Director	 	  

2

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