Document:

aafinancial8kex106_462009.htm

    Exhibit   10.6

    
      
        
          
 

          SPONSORED
RESEARCH AGREEMENT

           

          

           

          THIS AGREEMENT, effective this 15 day of May
2006, by and between Apro Bio Pharmaceutical Corporation, a Utah Corporation,
having a principal office at 5820 Tolcate Woods Lane. Salt Lake City, Utah 84121
(hereinafter referred to as "Sponsor"), and THE REGENTS OF THE UNIVERSITY OF
COLORADO, a body corporate, contracting for and on behalf of the University of
Colorado at Denver and Health Sciences Center, a public educational institution
of the State of Colorado (hereinafter referred to as "University").

          

           

          WITNESSETH:

          WHEREAS, the Sponsor. simultaneously with this
Agreement, has executed an Exclusive License Agreement with the Regents of the
University of Colorado for certain Patent Rights to be exploited in the field of
use relative to the scope of work described in the attached Appendix A of this Agreement
(the "License Agreement")

           

          WHEREAS, the Sponsor desires research services
in accordance with the scope of work described in the attached Appendix A of this Agreement;
and

           

          WHEREAS, the performance of such research
services is consistent and compatible with and beneficial to the academic role
and mission of the University as an

          institution of
higher education.

           

          NOW THEREFORE, in consideration of the mutual
premises and covenants contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto expressly agree as follows:

           

          Article
1 - Definitions

           

          For purposes of
this Agreement, the following terms shall have the following
meanings:

           

          
            	
                    1.1

                  	
                    "Project"
      shall mean the research services to be performed under this Agreement
      as described
      in Appendix A
      hereof, under the direction and supervision of University's
      Principal Investigator (hereinafter called the
  "PI").

                  

          

           

          
            	
                    1.2

                  	
                    "Equipment"
      is defined as any tangible item of property with a unit cost of $5,000
      or more and
      an expected useful life of one year or
more.

                  

          

           

          
            	
                    1.3

                  	
                    "University
      Intellectual Property" shall mean individually and collectively all
      inventions,
      improvements, and discoveries, which are conceived and/or made in the
      performance of Project solely by one or more University
      personnel.

                  

          

           

          
            	
                    1.4

                  	
                    The term
      "Know-how" shall mean all unpatented and unpatentable technical
      information,
      trade secrets, devices, models, things, know-how, methods, documents,
      materials, and all other confidential information related to the Project
      which was developed by the Pl.

                  

          

           

          
            
              
              

            

            
              Page 1 of
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          Article
2 - Research work

           

          
            	
                    2.1

                  	
                    University
      will use its reasonable best efforts to conduct the Project in
      accordance
      with the terms and conditions of this Agreement, and will furnish the
      facilities necessary to carry out the
Project.

                  

          

           

          
            	
                    2.2

                  	
                    The Project
      will be carried out under the direction and supervision of Leland Shapiro, M. D., the
      University designated Pl.

                  

          

           

          
            	
                    2.3

                  	
                    University
      does not guarantee specific results, and the Project will be conducted
      only on
      reasonable best efforts basis.

                  

          

           

          
            	
                    2.4

                  	
                    University
      will keep accurate financial and scientific records relating to the
      Project and
      will make records available to Sponsor or its authorized representative
      throughout the Term of the Agreement during normal business hours upon
      reasonable notice.

                  

          

           

          Article
3 - Agreement Duration

           

          
            	
                    3.1

                  	
                    This
      agreement shall become effective on April 17 , 2006 and shall terminate on
      April 16.
      2009, unless a subsequent time extension, supplement, addition,
      continuation or renewal is mutually agreed upon in writing between the
      parties.

                  

          

           

          Article
4 - Compensation

           

          
            	
                    4.1

                  	
                    This is a
      fixed price Agreement. As consideration for the performance by
      University of
      its obligations under this Agreement, and subject to Paragraphs 4.2, 4.3
      and 16.1, Sponsor agrees to pay University a fixed-price total of One
      million Ninety Seven
      Thousand Four Hundred Sixty Dollars, ($1,097,460) Dollars,
      ($1,097,460) in
      accordance with the budget described in the attached Appendix A of this Agreement.
      Sponsor shall remit not less than Eighty Thousand Dollars ($80,000) of the
      total contract price within seven (7) days after the execution by both
      parties of this Agreement. The remaining amount of the contract price due
      under this Agreement shall be paid in increments upon receipt of invoices
      from University issued as prescribed in Appendix B for the
      duration of the period of performance. Invoices are due and payable within
      thirty (30) days.

                  

          

           

          
            	
                    4.2

                  	
                    If this
      Agreement is terminated for any reason by Sponsor under Paragraph
      16.1, Sponsor
      shall, up to a maximum of the amount stated in Paragraph 4.1 hereof,
      reimburse University for the total actual and reasonable costs incurred by
      University for the Project through the date of termination, including
      those costs necessary to implement the early termination of this Agreement
      and costs incurred by University as a result of non-cancelable obligations
      which may extend beyond the date of such
  termination.

                  

          

          

          
            
              
                
                  
                    	
                             

                          

                  

                  

                

                 

              

              
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                    4.3

                  	
                    If this
      Agreement is terminated for any reason by University under Paragraph
      16.1, Sponsor
      shall, subject to the provision hereafter and Paragraph 8, reimburse
      University for those actual and reasonable costs in Appendix A incurred by
      University for the Project through the date of termination; provided that
      in no event shall such costs exceed the amount stated in Paragraph 4.1
      hereof and such costs shall not include any charges or expenses incurred
      to implement the early termination or as a result of non-cancelable
      obligations of the University which may extend beyond the date of such
      termination.

                  

          

           

          
            
              	
                      4.4

                    	
                      All payment
      checks shall be made payable to University of Colorado Health Sciences
      Center. The Tax I.D.
      Number is 84-6000555. All payment checks shall be forwarded to the
      following address:

                    

            

          

           

          University of
Colorado at Denver and Health Sciences Center 

          Grants and
Contracts, #0604-108-LS

          F428, P.O. Box
238

          Denver, Colorado
80291-0238

           

          Article
5 - Reporting Requirements

           

          
            	
                    5.1

                  	
                    University will provide reports on the progress of Project in
      accordance with the following schedule:

                  

          

           

          
            
              
                
                  
                    	
                                Progress
      reports

                          	
                             Six
      months from effective date of this Agreement and annually
      thereafter.

                          
	 	 
	
                                Final
      report

                          	
                            Within 90
      days of the termination of this
Agreement

                          

                  

                

              

            

          

           

          
            Article
5 - Reporting Requirements

             

            
              	
                      5.1

                    	The progress reports will indicate the work
      completed, the work to be performed during the next reporting period, any
      problems encountered and the proposed solution for each problem. The PI
      shall meet with the Sponsor at the University from time to time during the
      course of the Project to review progress and future
  activities.

            

             

          

           

          Article
6 - Publications and Academic Rights

           

          
            	
                    6.1

                  	
                    Sponsor
      recognizes that because University is a public institution of higher
      education and
      engages only in research that is compatible with its academic role and
      mission, the results of University research must be publishable. Sponsor
      agrees that University personnel engaged in Project shall be permitted to
      present at symposia, national or regional professional meetings, and to
      publish in journals, theses or dissertations, or otherwise of their own
      choosing, methods and results of Project, provided, however, that Sponsor
      shall have been furnished copies of any proposed publication to a journal,
      editor, or other third party not less than thirty days prior to the
      submission of such proposed
publication.

                  

          

          

          
            
              
                
                  
                    	
                          

                  

                  

                

                 

              

              
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                    6.2

                  	
                    University
      shall own all right, title and interest in and to any and all copyrights
      or copyrightable
      material, including software programs, first produced, composed, or fixed
      in any tangible medium of expression in the performance of work under this
      Agreement, and University shall have the sole right to determine the
      disposition of all or any thereof.

                  

          

           

          Article
7 - Confidential Information

           

          
            
              	
                      7.1. 

                    	
                      The parties
      may wish, from time to time, in connection with work contemplated under
      this Agreement, to disclose confidential information to each other
      ("Confidential Information"). Each party will use reasonable efforts to
      prevent the disclosure of
      the other party's Confidential Information to third parties for a period
      of five (5) years from receipt thereof, provided that the recipient
      party's obligation hereunder shall not apply to information
      that:

                    

            

          

           

          
            	
                     
      

                  	
                    a.

                  	
                    is not
      disclosed in writing or reduced to writing and so marked with an
      appropriate confidentiality legend within thirty (30) days of
      disclosure;

                  

          

           

          
            	
                     
      

                  	
                    b.

                  	
                    is already in
      recipient party's possession at the time of disclosure
      thereof;

                  

          

           

          
            	
                     
      

                  	
                    c.

                  	
                    is or later
      becomes part of the public domain through no fault of recipient
      party;

                  

          

           

          
            	
                     
      

                  	
                    d.

                  	
                    is received
      from a third party having no obligations of confidentiality to disclosing
      party;

                  

          

           

          
            	
                     
      

                  	
                    e.

                  	
                    is
      independently developed by the recipient party;
  or

                  

          

           

          
            	
                     
      

                  	
                    f.

                  	
                    is required
      by law or regulation to be
disclosed.

                  

          

           

          
            	
                    7.2

                  	
                    In the event
      that information is required to be disclosed pursuant to subsection
      (f), the
      party required to make disclosure shall notify the other to allow that
      party to assert whatever exclusions or exemptions may be available to it
      under such law or regulation.

                  

          

           

          
            	
                    7.3

                  	
                    Confidential
      Information shall be clearly marked by the disclosing party with the
      legend,
      "CONFIDENTIAL INFORMATION" or another appropriate proprietary legend. If
      disclosed orally, the employee(s) making the disclosure shall be
      responsible for clearly informing the recipient's employee(s), in writing
      within thirty (30) days, of the confidentiality of the information
      disclosed.

                  

          

          

          
            
              
                
                  
                    	
                          

                  

                  

                

                 

              

              
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          Article
8 — Patents, Improvements and Inventions

           

          
            	
                    8.1

                  	
                    Unless
      otherwise agreed to between the parties in the License Agreement
      between
      University and Sponsor dated April , 2006 ("License Agreement"), which
      agreement and its terms and conditions shall supercede any provisions to
      the contrary herein, all rights and title to University Intellectual
      Property and Know-How under Project shall belong to University which shall
      have the right, if it so chooses, to proceed at its expense to obtain
      patent protection to all inventions and discoveries arising
      therefrom.

                  

          

           

          
            	
                    8.2

                  	
                    In the event
      that University develops any improvements to the inventions claimed
      in the Patent
      Rights or to any other preexisting patent application or patent that is
      dominated by the Patent Rights in the License Agreement, then each such
      improvement or addition will be considered part of the License Agreement
      for no additional consideration.

                  

          

           

          
            	
                    8.3

                  	
                    Unless
      otherwise agreed to between the parties in the License Agreement, which
      agreement and
      its terms and conditions shall supercede any provisions to the contrary
      herein, subject to University obligations, if any, to the Federal
      Government arising from use of Federally supplied funds or equipment in
      the Project, and provided that Leland Shapiro is at the time obligated to
      assign intellectual property to University, in the event that during the
      term of this Agreement Leland Shapiro or anybody working in a laboratory
      under the supervision or direction of Leland Shapiro, makes any invention
      in the Field of Use of the License Agreement, the practice of which would
      not require the practice of an invention claimed in or covered by the
      Licensed Patent Rights ("Independent Invention"), then University hereby
      grants to Sponsor, without option fee other than the consideration of the
      research sponsored herein and the reimbursement of Institution for all
      patent expenses incurred for the subject Invention prior to and during the
      option period and appertaining license negotiation period, an option to
      acquire an exclusive, worldwide, royalty-bearing license of University's
      rights to any Independent Invention, which option shall extend for ninety
      (90) days after Sponsor's receipt of the Independent Invention disclosure.
      If Sponsor notifies University in writing of its exercise of the option
      within the option period, then the parties shall proceed in good faith to
      negotiate a license agreement within sixty (60) days after notification of
      exercise. If Sponsor does not exercise this option, or notifies University
      that it will not exercise this option, or the parties fail to sign a
      license agreement within said sixty (60) day negotiation period, then
      Sponsor's option to University's rights in the subject Independent
      Invention shall terminate.

                  

          

          

          
            
              
                
                  
                    	
                          

                  

                  

                

                 

              

              
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                    8.4

                  	
                    The parties
      mutually acknowledge that the United States government, as a matter of
      statutory right under Code of Federal Regulations, 37 CFR, Part 401,
      "Rights to Inventions Made by Non-Profit Organizations and Small Business
      Firms Under Government Grants, Contracts and Cooperative Agreements",
      holds or may hold a non-exclusive license and certain other rights under
      patents on inventions made as a consequence of research whose funding
      includes funds supplied by the United States government. In the event that
      the United States government has such rights or in the future is found to
      have such rights with respect to all or any new inventions or discoveries,
      any license contemplated or granted under this Agreement, even if termed
      "exclusive" license, shall be understood to be subject to the rights of
      the United States government, without any effect on the parties' remaining
      obligations, as set forth in the license or in this
    Agreement.

                  

          

           

          
            	
                    8.5

                  	
                    Unless
      otherwise agreed to between the parties in the License Agreement, which
      agreement and
      its terms and conditions shall supercede any provisions to the contrary
      herein, nothing in Article 8 shall be construed as granting Sponsor
      expressly, by implication, or estoppel any rights or licenses to use
      inventions, improvements or discoveries not conceived and/or made in the
      performance of the Project, or under any patents not falling under the
      definition of University Intellectual property including patents,
      inventions and discoveries which may dominate University Intellectual
      Property and which may be owned or controlled by the Regents of the
      University of Colorado, the University Technology Corporation or any
      entity related thereto.

                  

          

           

          Article
9 - Liability, Indemnification, and Insurance

           

          
            	
                    9.1

                  	
                    University
      hereto agrees to be responsible and assume liability for its own
      wrongful or
      negligent acts or omissions, or those of its officers, agents or employees
      to the full extent allowed by law.

                  

          

           

          
            	
                    9.2

                  	
                    Notwithstanding
      any other provision of this Agreement to the contrary, no term or
      condition of
      this Agreement shall be construed or interpreted as a waiver, either
      express or implied, of any of the immunities, rights, benefits or
      protection provided to the Regents under governmental immunity laws from
      time to time applicable to the Regents, including, without limitation, the
      Colorado Governmental Immunity Act (CRS Section 24-10-101 through
      24-10-120).

                  

          

           

          
            	
                    9.3

                  	
                    Sponsor shall
      indemnify, save and hold harmless University, its employees and
      agents,
      against any and all claims, damages, liability and court awards including
      costs, expenses, and attorney fees incurred as a result of any act or
      omission by the Sponsor, or its employees, agents, Subcontractors, or
      assignees pursuant to the terms of this
  Agreement.

                  

          

          

          
            
              
                
                  
                    	
                          

                  

                  

                

                 

              

              
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                    9.4

                  	
                    Each party
      warrants and represents that it has adequate liability insurance for
      the
      protection of itself and its officers, employees, and agents, while acting
      within the scope of their employment by the
  party.

                  

          

           

          
            	
                    9.5

                  	
                    No liability
      hereunder shall result to a party by reason of delay in performance
      caused by
      force majeure, that is, circumstances beyond the reasonable control of the
      party, including,   without limitation, acts of God, fire,
      flood, war, civil unrest, or shortage of or inability to obtain material
      or equipment.

                  

          

           

          Article
10 - Equipment

           

          
            	
                    10.1

                  	
                    All equipment
      purchased by University under the terms of this Agreement shall become the
      property of University upon
acquisition.

                  

          

           

          Article
11 - Independent Contractor

           

          
            
              	
                      11.1

                    	
                      In the
      performance of all services hereunder, neither party is authorized or
      empowered to act as agent for the other for any purpose and shall not on
      behalf of the other enter into any contract, warranty, or representation
      as to any matter. Neither party shall be bound by the acts or conduct of
      the other.

                    

            

          

           

          Article
12 - Compliance with Laws

           

          
            
              	
                      12.1

                    	
                      Each party
      agrees that it will comply with all applicable federal, state and local
      laws, codes, regulations, rules and orders in the performance and
      direction of the work contemplated under this
  Agreement.

                    

            

          

           

          Article
13 - Governing Law

           

          
            
              	
                      13.1

                    	
                      This
      Agreement shall be governed and construed in accordance with the laws of
      the State of Colorado and any and all disputes arising hereunder shall be
      resolved in the courts of the State of Colorado; provided, however, that
      any patent question or controversy shall be resolved in the courts having
      jurisdiction over the patent or patents in question and in accordance with
      the laws applicable to such patent or
patents.

                    

            

          

           

          Article
14 - Assignment

           

          
            
              	
                      14.1

                    	
                      Neither party
      shall assign or transfer any interest in this Agreement, nor assign any
      claims for money due or to become due during this Agreement without the
      prior written approval of the other party, which approval shall not be
      unreasonably withheld. Notwithstanding the foregoing, Sponsor will not
      breach this
      agreement if it assigns this agreement to a successor in interest or
      assignee of all the business or assets of the Sponsor to which this
      agreement pertains.

                    

            

          

          

          
            
              
                
                  
                    	
                          

                  

                  

                

                 

              

              
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          Article
15 - Use of Name

           

          
            
              	
                      15.1

                    	
                      Each party
      agrees not to include the name or any logotypes or symbols of the other
      party or the names of any researchers at such institutions in any
      advertising, sales promotion or other publicity matter without the prior
      written approval of the other party, which approval shall not be
      unreasonably withheld or delayed.
      However, nothing in this Article or elsewhere in this Agreement is
      intended to restrict either party from disclosing the existence, nature,
      Project title, name of Sponsor and any additional matters required by law
      to be disclosed, or from including those items of information in the
      routine reporting of its
activities.

                    

            

          

           

          Article
16 - Term and Termination

           

          
            
              	
                      16.1

                    	
                      This
      Agreement may be terminated by either party upon written notice delivered
      to the other party at least sixty (60) days prior to the intended date of
      termination, provided however, that the Sponsor may not terminate this
      Agreement while the License Agreement is in effect. Termination of this
      Agreement, however effectuated, shall not release the parties from their
      rights and obligations under Articles 4, 6, 7, 8, 9 and 15.
      Either party shall have the right, at its option, to cancel and
      terminate this Agreement in the event that the other party shall become
      involved in insolvency, dissolution, bankruptcy or receivership
      proceedings affecting the operation of its business which have not been
      dismissed within sixty (60) days of the filing date or in the event that
      the other party shall discontinue its business for any
    reason.

                    

            

          

           

          
            
              	
                      16.2

                    	
                      The failure
      of Sponsor to make the required payments to the University as outlined in
      Article 4, within
      fourteen (14) calendar days
      after written notice of such failure to pay shall constitute a default of
      this Agreement by Sponsor. A default by Sponsor shall relieve the
      University, at its choice, of any and all of its obligations or duties
      under this Agreement and shall also divest Sponsor of all of its rights
      under this Agreement. However, Sponsor default of this Agreement shall not
      relieve Sponsor of all its obligations under and throughout the term of
      this Agreement, including but not limited to its obligations to pay the
      University. By exercising its rights under this default provision, the
      University does not waive any rights it may have to pursue and collect the
      entire unpaid monies owed to the
      University by Sponsor under this Agreement. Furthermore, should the
      University prevail in its pursuit of unpaid monies from Sponsor, the
      parties agree that Sponsor will be responsible for all of the University's
      reasonable attorney fees,
      collection costs, and court fees associated with pursuing such
      action.

                    

            

          

          

          
            
              
                
                  
                    	
                          

                  

                  

                

                 

              

              
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          Article
17 - Changes, Modifications, and Amendments

           

          
            	
                    17.1 

                  	
                    This
      Agreement constitute the entire agreement between the parties with respect
      to the subject matter hereof. Neither party shall be bound by any
      agreement, covenants or warranties made by its agents or employees, or any
      other persons, either oral or written, unless such agreements, covenants
      and warranties shall be reduced to writing and signed by the authorized
      officer of such party and shall expressly refer to this Research
      Agreement. The failure of either of the parties at any time or times to
      require performance by the other of any provisions hereofshall in no
      manner affect the right of the first-mentioned party thereafter to enforce
      the same. The waiver by either of the parties of any breach of any
      provision hereof shall never be construed to be a waiver of any succeeding
      breach of such provision or a waiver of the provisions
    itself.

                  

          

           

          
            
              	
                      17.2 

                    	
                      If any
      provision of this Agreement is judicially determined to be void or
      unenforceable, such provision shall be deemed to be severable from the
      other provisions of this Agreement which shall remain in full force and
      effect. Either party may request that a provision otherwise void or
      unenforceable be reformedso as to be
      valid and enforceable to the maximum extent permitted by
    law.

                    

            

          

           

          Article
18 - Notices

           

          
            
              	
                      18.1

                    	
                      Notice
      hereunder shall be deemed sufficient if given by registered mail, postage
      prepaid, and addressed to the Party to receive such notice at the address
      given below, or such other address as may hereafter be designated by
      notice in writing. Notices shall be deemed to have been given upon receipt
      or, if mailed by registered mail, within five days after the mailing
      date.

                    

            

          

           

          
            	
                    For the
      University: 

                    Original
      to:

                  	
                     

                    Leland
      Shapiro

                    Campus Box
      B168

                    Biomedical
      Research Building, Room 401 S/M Infectious Diseases Division

                    4200 E.
      9th
      Avenue Denver, CO 80262 (Phone) 303-315-3558

                     

                  
	
                    Copy
      to:

                  	
                    Pamela Jones,
      Ph.D, Director

                    Office of
      Contracts and Grants Fitzsimons Building 500

                    Mail Stop
      F-428

                    P.O. Box
      6508

                    Aurora, CO
      80045-0508

                    (Phone) (303)
      724-0090

                     

                     

                     

                  

          

          

           

          

          

          
            
              
                
                  
                    	
                          

                  

                  

                

                 

              

              
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                    For
      Sponsor:                                                                      

                    Original
      to:

                     

                     

                     

                    Copy
      to:    

                  	
                     

                    David
      Olson

                    Chief
      Executive Officer 5820 Tolcate Woods Lane Salt lake City, Utah 84121 (Phone)
      720-493-4601

                     

                    Mark N.
      Schneider, Esq.

                    4764 South
      900 East, Suite 3-C Salt Lake City, Utah 84117 (Phone) (801)
      263-3576

                  

          

          

           

          Article
19 - Order of Precedence

           

          
            
              	
                      19.1

                    	
                      In the event
      of any inconsistency between this Agreement and any other attachments or
      documents, this Agreement shall
control.

                    

            

          

           

           

           

          INTENTIONALLY LEFT
BLANK

           

          

          

          

          
            
              
                
                  
                    	
                          

                  

                  

                

                 

              

              
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          IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as
of the date set forth herein by their duly authorized
representatives.

           

          
            
              	
                      APRO BIO
      PHARMACEUTICAL CORPORATION

                    	
                      THE REGENTS
      OF THE UNIVERSITY OF COLORADO,
      a body corporate, contracting for and on behalf of the University of
      Colorado Health Sciences Center

                    

            

          

           

        

        
          

           

          
            
              
                
                  	
                          By:

                        	
                          /s/ David C.
      Olson

                        	
                          By:

                        	
                          /s/
      Harlan L. Ray

                        
	
                          Name:

                        	
                          David C.
      Olson

                        	
                          Name:

                        	
                          Harlan L.
      Ray

                        
	
                          Title:

                        	
                          CEO

                        	
                          Title:

                        	
                          Contracts
      Manager

                          Grants and
      Contracts

                        
	
                          Date:

                        	
                          5/15/06

                        	
                          Date:

                        	
                          5/11/06

                        
	 
    	 
    	 
    	 
    
	 
    	 
    	 
    	 
    
	 
    	 
    	
                          Principal
      Investigator

                           

                        
	 
    	 
    	
                          By:

                        	
                          /s/ Leland
      Shapiro, M.D

                        
	 
    	 
    	
                          Name:

                        	
                          Leland
      Shapiro, M.D

                        
	 
    	 
    	
                          Title:

                        	
                          Associate
      Professor of Medicine

                        
	 
    	 
    	
                          Date:

                        	
                          4/27/2006

                        
	 
    	 
    	 
    	 
    

                

              

            

          

        

         

        
          

          
            
              
                
                  
                    	
                          

                  

                  

                

                 

              

              
                Page 11
of 17

                
                  

                

              

              
                 

              

            

          

          

          APPENDIX
A

           

          YEAR
1

           

          A.
ANTHRAX

          
            
              
                
                  	
                          Mouse
      anthrax toxin experiments:

                        	 	 	 
	
                          Reagents
      (mice, anthrax toxin, experimental materials)

                        	 	 	50,000	 
	
                          In Vitro experiments at
      Shapiro laboratory:

                        	 	 	 	 
	
                          Salary
      support (1 technician)

                        	 	 	75,000	 
	
                          Salary
      support (part time technical assistance)

                        	 	 	5,000	 
	
                          Principal
      Investigator (Dr. Shapiro)- 20% time

                        	 	 	30,000	 
	 	 	 	 	 
	
                          Materials for
      in vitro
      experiments:

                        	 	 	 	 
	
                              -Cells: mouse
      Raw 264.7 cells, human U937 cells,

                        	 	 	10,000	 
	
                              Human
      peripheral blood mononuclear cells (PBMC),

                        	 	 	 	 
	
                              human
      fibroblasts

                        	 	 	 	 
	
                              -ELISA and
      Electrochemiluminescence assays for interleukin (IL)-1,
    IL-6,

                        	 	 	25,000	 
	
                              IL-8, IL-10,
      IL-18, Tumor necrosis factor (TNF), IL-1 receptor
    antagonist.

                        	 	 	 	 
	
                              -Miscellaneous
      materials (plasticware, tissue culture medium components)

                        	 	 	10,000	 
	 	 	 	 	 
	
                          Equipment:

                        	 	 	 	 
	
                              -ELISA plate
      washer

                        	 	 	6,000	 

                

              

            

          

           

          B.
BACTERIAL PNEUMONIA

           

          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	
                                        Salary
      Support (1 technician)

                                      	 	 	50,000	 
	
                                        Cell lines +
      primary respiratory epithelia cells derived from

                                      	 	 	20,000	 
	
                                        Patients
      undergoing bronchoscopy

                                      	 	 	 	 
	
                                        Gram negative
      rod bacteria + bacterial culture/quantification materials

                                      	 	 	10,000	 
	 	 	 	 	 
	 	 	 	 	 
	
                                        C. MYCOBACTERIA

                                      	 	 	 	 
	
                                        Mycobacterium
      culture materials + quantification plates

                                      	 	 	15,000	 
	
                                        Assays to
      detect cytotoxicity, cytokine production

                                      	 	 	15,000	 
	
                                        Reagents,
      including AAT and synthetic mimics, cell culture medium

                                      	 	 	5,000	 
	
                                        Total direct
      costs

                                      	 	 	326,000	 
	
                                        Indirect
      costs (26% of direct costs)

                                      	 	 	84,760	 
	 	 	 	 	 
	
                                        GRAND
      TOTAL

                                      	 	 	410,760	 

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

           

          
 

          
            
              
                
                  
                    	
                          

                  

                  

                

                 

              

              
                Page 12
of 17

                
                  

                

              

              
                 

              

            

          

          

          YEAR
2

          These will
represent continuations of the above projects with scaling back of the anthrax
project

           

          A.
ANTHRAX

           

          
            
              
                
                  	 
    	 	
                          US Dollars

                        	 
	
                          In Vitro experiments at
      Shapiro laboratory:

                        	 	 	 
	
                          Salary
      support (1 technician)

                        	 	 	75,000	 
	
                          Salary
      support (part time technical assistance)

                        	 	 	35,000	 
	
                          Principal
      Investigator (Dr. Shapiro) - 20% time

                        	 	 	30,000	 
	 	 	 	 	 
	
                          Materials:

                        	 	 	 	 
	
                              -ELISA and
      Electrochemiluminescence assays for interleukin (IL)-1,
    IL-6,

                        	 	 	30,000	 
	
                              IL-8, IL-10,
      IL-18, Tumor necrosis factor (TNF), IL-1 receptor
    antagonist.

                        	 	 	 	 
	
                              -Miscellaneous
      materials (plasticware, tissue culture medium components)

                        	 	 	20,000	 
	
                              -Alpha-l-antitrypsin
      (clinical grade)

                        	 	 	10,000	 
	 	 	 	 	 
	
                          Equipment:

                        	 	 	 	 
	
                              -PCR
      Machine

                        	 	 	10,000	 

                

              

            

          

           

          B.
BACTERIAL PNEUMONIA

          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	 	 	 	 	 
	
                                        Salary
      Support (1 technician)

                                      	 	 	50,000	 
	 	 	 	 	 
	
                                        Cell lines +
      materials + primary respiratory epithelia cells

                                      	 	 	20,000	 
	 	 	 	 	 
	
                                        C. MYCOBACTERIA (typical +
      atypical)

                                      	 	 	 	 
	 	 	 	 	 
	
                                        Salary
      support + materials costs

                                      	 	 	10,000	 
	 	 	 	 	 
	
                                        Total direct
      costs

                                      	 	 	290,000	 
	
                                        Indirect
      costs (26% of direct costs)

                                      	 	 	75,400	 
	 	 	 	 	 
	
                                        GRAND
      TOTAL                                           

                                      	 	 	365,400	 

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

           

          
 

          
            
              
                
                  
                    	
                          

                  

                  

                

                 

              

              
                Page 13
of 17

                
                  

                

              

              
                 

              

            

          

          

          YEAR
3

           

          A.
ANTHRAX

          
            
              
                
                  
                    
                      	 
    	 	
                              US Dollars

                            	 
	
                              In Vitro experiments at
      Shapiro laboratory:

                            	 	 	 
	
                              Salary
      support (1 technician)

                            	 	 	75,000	 
	
                              Salary
      support (part time technical assistance)

                            	 	 	35,000	 
	
                              Principal
      Investigator (Dr. Shapiro) - 20% time

                            	 	 	30,000	 
	 	 	 	 	 
	
                              Materials:

                            	 	 	 	 
	
                                  -ELISA and
      Electrochemiluminescence assays for interleukin (IL)-1,
    IL-6,

                            	 	 	20,000	 
	
                                  -IL-8, IL-10,
      IL-18, Tumor necrosis factor (TNF), IL-1 receptor
    antagonist.

                            	 	 	 	 
	
                                  -Miscellaneous
      materials (plasticware, tissue culture medium components)

                            	 	 	25,000	 
	
                                  -Alpha-1-antitrypsin
      (clinical grade)

                            	 	 	10,000	 
	 	 	 	 	 
	
                              Equipment:

                            	 	 	 	 
	
                              —70°C
      Freezer

                            	 	 	10,000	 

                    

                  

                

              

            

          

           

          B.
BACTERIAL PNEUMONIA

           

          
            
              
                
                  
                    
                      
                        
                          	
                                  Salary
      Support (1 technician) + materials

                                	 	 	50,000	 
	 	 	 	 	 
	 	 	 	 	 
	
                                  Total direct
      costs                                           

                                	 	 	255,000	 
	
                                  Indirect
      costs (26% of direct costs)

                                	 	 	66,300	 
	
                                  GRAND
      TOTAL

                                	 	 	321,300	 

                        

                      

                    

                  

                

              

            

          

           

          Total
3 year budget    1,097,460

           

          Location
of studies: all studies will be performed at UCHSC.

          

          
            
              
                 

              

              
                Page 14
of 17

                
                  

                

              

              
                 

              

            

          

          

          APPENDIX
B

           

          Year 1 -
$410,760

           

          1.    $80,000 within 7
days of execution of this Agreement.

           

          2.    $200,000 on or
before July 1, 2008, changed to Sept. 15, 2006 (DO) (HLR)
(DNA)

           

           

          3.    $130,760 on or
before October 1, 2006, changed to December 15, 2006

           

          
            
              
              

            

          

          
                        Year 2-
$365,400    Year 2 payments
shall be moved back two months (HLR)

          

          
            1.         $95,000
on or before January 1, 2007

             

            2.         $90,000
on or before April 1, 2007

             

            3.         $90,000
on or before July 1, 2007

             

            4.         $90,400
on or before October1, 2007

             

                        Year 3 payments shall be moved back two
months. (HLR)    Year
3- $321,300

          

           

          

          1.         $80,000
on or before January 1, 2008

           

          2.         $80,000
on or before April 1, 2008

           

          3.         $80,000
on or before July 1, 2008

           

          4.         $81,300
on or before October1, 2008

           

          Invoices to be
issued 30 days prior to payment due dates.

          

          
            
              
                
                  
                    	
                          

                  

                  

                

                 

              

              
                Page 15
of 17

                
                  

                

              

              
                 

              

            

          

           

           

           

          
            AMENDMENT
TO SPONSORED RESEARCH AGREEMENT

            

            This
Amendment made this 8th day
of  January, 2009 by and between the Regents of the University of
Colorado, a body corporate, for and on behalf of the University of Colorado
Health Sciences Center, hereinafter referred to as “Institution”, and Apro Bio
Pharmaceutical Corporation, a Utah Corporation, having a principal office at
5350 South Roslyn St. Ste 400, Greenwood Village, CO 80111, hereinafter referred
to as “Sponsor”.

            

            WHEREAS,
the parties hereto previously entered into a contract dated May 15, 2006,
executed on May 15, 2006 for services to be performed by Dr. Leland Shapiro,
Principal Investigator on behalf of the Institution, and;

            

            NOW
THEREFORE, it is desired to amend the contract as follows:

            

            APENDIX
B

            

            Year 3-
$321,300

            

             
1. $80,000 on or before April 1, 2009

            

              2.
$80,000 on or before July 1, 2009

            

              3. $80,000 on
or before October 1, 2009

            

              4. $81,300
on or before January 1, 2010

            

            Invoices
to be issued 30 days prior to payment due dates.

            

            
              
                
                

              

              
                Page 16
of 17

                
                  

                

              

              
                
                

              

            

            

            

            

            All other
terms and conditions of said Agreement shall remain in full force and
effect.

            

            Executed
this 8th day of
January, 2009.

            

            IN
WITNESS WHEREOF, the parties hereto have executed this Amendment
below:

            

            

            
              	
                      INSTITUTION:

                    	
                      SPONSOR:

                    
	
                      Regents
      of the University of Colorado,

                    	
                      Apro
      Bio Pharmaceuticals Corporation

                    
	
                      a
      body corporate, for and on behalf of

                    	 
      
	
                      the
      University of Colorado Health Sciences Center

                    	 
      
	 
      	 
      
	 
      	 
      
	
                      By:  /s/ Harlan L.
Ray

                    	
                      By:  /s/ Vicki D.E.
      Barone

                    
	
                      UCDHSC
      Grants and Contracts

                    	
                      Vicki
      D.E. Barone

                    
	
                      Harlan
      L. Ray

                    	
                      Chair

                    
	
                      Contracts
      Manager

                    	 
      
	
                      Grants
      and Contracts

                    	 
      

            

            
 

             

            
              
                
                

              

              
                Page 17
of 17aafinancial8kex107_462009.htm

     

    
      Exhibit 
10.7

      SERVICES
AGREEMENT

       

      This
Services Agreement (Agreement) is entered into by and between The Board of
Governors of The Colorado State University System, acting by and through
Colorado State University, an institution of higher education of the State of
Colorado ("University"), and Apro Bio Pharmaceutical, a Corporation organized
under the laws of the state of Colorado, with a place of business located at
5350 S. Roslyn Street, Suite 300, Greenwood Village, Colorado 80111
("Client").

       

      NOW
THEREFORE, in consideration of the above and the mutual promises contained
herein, the parties agree as follows:

       

      
         

        
          	
                   
      

                	
                  1.

                	Independent
      Contractors. It is understood and agreed by the parties that the
      University is an independent
      contractor with respect to the Client and that this Agreement is not
      intended and shall not be construed to create an employer/employee or
      a joint venture relationship between the  University and the
      Client. The University shall be free from the direction and control of the
      Client in the performance of the University's obligations under this
      Agreement, except that the Client may indicate specifications, standards
      requirements and deliverables for satisfaction of the University's
      obligations under this Agreement.

        

         

      

      
        	
                 
      

              	
                2.

              	
                Term.
      This Agreement shall be
      effective upon execution by both parties ("Effective Date") and shall
      terminate 1 year from the Effective Date, unless sooner terminated as
      provided herein or extended by written agreement of the
      parties.

              

      

       

      
        	
                 
      

              	
                3.

              	
                Scope of Work.
      The University agrees to perform the services described in the
      Scope of Work attached hereto (the "Services") and made a part hereof as
      Exhibit A, under the direction and supervision of the Principal
      Investigator, Dr. Diane
Ordway-Rodriguez.

              

      

       

      
        	
                 
      

              	
                4.

              	
                Payment.
      The Client agrees to pay the University for the Services performed
      under this Agreement in a fixed price amount of $38,929 payable 50% upon
      execution; 40% at mid-project; 10% upon University's submission of the
      final report.

              

      

       

      
        	
                 
      

              	
                5.

              	
                Ownership of
      Information. At all times during and following the term of this
      Agreement, including any extensions or renewals hereof, all records,
      information and data provided to the University by the Client or developed
      during the performance of the Services under this Agreement by the
      University and/or the Client ("Project Records") shall be and remain the
      sole property of the Client. Upon the Client's request and at Client's
      expense the University and the Principal Investigator shall execute any
      documents needed in order to perfect the ownership title of all Project
      Records. Except as provided in paragraph 7 of this Agreement, any Project
      Records shall be provided to or returned to the Client upon request after
      termination of this Agreement.

              

      

       

      
        	
                 
      

              	
                6.

              	
                Reporting
      Requirements.

              

      

       

      6.1 The
University agrees that all Project Records as defined in the Scope of Work or
detailed description thereof shall be made available to Client at any reasonable
time, subject to the reporting requirements set forth in the Scope of
Work.

       

      6.2
Client shall have the right to audit the records of the University related to
the Services performed under this Agreement, during normal business hours and
upon reasonable notice to University. Such audit may include the financial
records of University relating to the Services. University shall reasonably
cooperate with Client in satisfying any requirement or order

      

      
        
          
             

          

          
            Page 1 of
6

            
              

            

          

          
             

          

        

      

      

      issued by
any governmental agency or court, including but not limited to the inspection of
University's records or facility.

       

      
         

        
          	
                   
      

                	
                  7.

                	Confidentiality.

        

         

      

      7.1 Each
party has certain documents, data, information, and methodologies that are
confidential and proprietary to that party ("Confidential Information").
Confidential Information of the Client shall also include any information
developed or produced as part of the Services performed under the Scope of Work.
During the term of this Agreement, either party may, as the "Disclosing Party,"
disclose its Confidential Information to the other party (the "Recipient"), in
writing, visually, or orally. Recipient shall receive and use the Confidential
Information for the sole purpose of the performance of this Agreement, and for
no other purpose (except as may be specifically authorized by the Disclosing
Party, in writing). Recipient agrees not to make use of the Confidential
Information except for such Services and agrees not to disclose the Confidential
Information to any third party or parties without the prior written consent of
the Disclosing Party.

       

      7.2
Recipient shall use its reasonable best efforts to preserve the confidentiality
of the Confidential Information (using the same or similar protections as it
would as if the Confidential Information were Recipient's own, and in any event,
not less than reasonable care). Recipient shall obligate its affiliates with
access to any portion of the Confidential Information to protect the proprietary
nature of the Confidential Information.

       

      7.3
"Confidential Information" shall not include, and Recipient shall have no
obligation to refrain from disclosing or using, information which:

       

      7.3.1 is
generally available to the public at the time of this Agreement;

       

      7.3.2
becomes part of the public domain or publicly known or available by publication
or otherwise, not through any unauthorized act or omission of
Recipient;

       

      7.3.3 is
lawfully disclosed to the Recipient by third parties without breaching any
obligation of non-use or confidentiality;

       

      7.3.4 has
been independently developed by persons in Recipient's employ or otherwise who
have no contact with Confidential Information, as proven with written records;
or

       

      7.3.5 is
required to be disclosed by law; provided that, in the event that Recipient is
required to disclose Confidential Information under this subsection 7.3.5, it
will promptly notify the Disclosing Party, and the Disclosing Party may, at its
sole discretion and expense, initiate legal action to prevent, limit or
condition such disclosure.

       

      7.3.6 no
portion of Client's Information shall be construed as coming within exceptions
7.3.1 to 7.3.4, solely on the basis that more generalized information embracing
such portion of Client's Information falls within any of the exceptions or on
the basis that elements of such portion of the Client's Information are
independently within any of the exceptions.

       

      7.4
Notwithstanding any other provision of this Agreement, a party may retain one
copy of the other party's Confidential Information in its confidential files,
for the sole purpose of establishing compliance with the terms
hereof.

      

      
        
          
             

          

          
            Page 2 of
6

            
              

            

          

          
             

          

        

      

      

      
        	
                 
      

              	
                8.

              	
                Publication.
      The University, as a state institution of higher education, engages
      only in research that is compatible, consistent, and beneficial to its
      academic role and mission. Therefore, significant results of research
      activities must be reasonably available for publication. The parties
      acknowledge that the
      University shall have the right to publish results. The University agrees,
      however, that during the term of this Agreement and for 6 months
      thereafter, the Sponsor shall have 60 days to review and comment on any
      proposed publication. In addition, the University agrees to delays, upon
      the Client's request, such publication(s) to the extent reasonable to
      permit the Client to file U.S. and foreign patent applications comprising
      the results. The University further agrees that any proprietary
      information supplied to it by the Sponsor during the course of research
      performed by the University will not be included in any published material
      without prior approval by the
Sponsor.

              

      

       

      
        	
                 
      

              	
                9.

              	
                Equipment.
      Unless otherwise provided in the Scope of Work or in a writing
      signed by the parties, all equipment purchased with funds provided under
      this Agreement for use in connection with this Agreement shall be the
      property of the University, and shall be dedicated to providing Services
      under this Agreement while this Agreement is in
  effect.

              

      

       

      
        	
                 
      

              	
                10.

              	
                Liability; Insurance.
      Each party hereto agrees to be responsible for its own wrongful or
      negligent acts or omissions, or those of its officers, agents, or
      employees to the full extent allowed by law. Liability of the University
      is at all times herein strictly limited and controlled by the provisions
      of the Colorado government Immunity Act, C.R.S. secs. 24-10-101, et
      seq. as now
      or hereafter amended. Nothing in this Agreement shall be construed
      as a waiver of the protections of said Act. During the term hereof each
      party represents that it maintains general liability insurance covering
      itself and its employees in the performance of this contract, in an
      aggregate amount of not less than one million dollars ($1,000,000.00), all
      or part of which may be self-insured. A party will furnish the other party
      a certificate evidencing such insurance upon written
    request.

              

      

       

      
        	
                 
      

              	
                11.

              	
                Exclusive Warranty; Disclaimer.
      University warrants that all deliverables provided under this
      Agreement will be provided substantially in accordance with the Scope of
      Work and/or written protocol provided by Client. All other warranties,
      express and implied, are hereby expressly disclaimed INCLUDING WARRANTIES OF
      MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.
      University shall not be liable for any indirect, special,
      incidental, consequential or punitive loss or damage of any kind,
      including but not limited to lost profits (regardless of whether or not
      University knows or should know of the possibility of such loss or
      damages). The liability of either party under this Agreement shall not
      exceed the amount paid or payable to the University under this
      Agreement.

              

      

       

      
        	
                 
      

              	
                12.

              	
                Use
      of Tradenames and Service
      Marks. Neither party obtains by this Agreement any right, title, or
      interest in, or any right to reproduce or to use for any purpose, the
      name, tradenames, trade- or service marks, or logos (the "Marks"), or the
      copyrights of the other party. Neither party will include the name of the
      other party or of any employee of that party in any advertising, sales
      promotion, or other publicity matter without the prior written approval of
      that other party. In the case of the University, prior written approval is
      required from the University Vice President for Research. In the case of
      the Client, prior written approval is required from an authorized
      representative of the Client.

              

      

       

      
        	
                 
      

              	
                13.

              	
                Termination.
      Either party may terminate this Agreement, without cause, upon not
      less

              

      

      

      
        
          
             

          

          
            Page 3 of
6

            
              

            

          

          
             

          

        

      

      

      than
sixty (60) days' written notice, given in accordance with the Notice provisions
of this Agreement. Termination of this Agreement shall not relieve a party from
its obligations incurred prior to the termination date. Upon early termination
of this Agreement by Client, except in the case of a material breach by
University, Client shall pay all costs accrued by University as of the date of
termination including non-cancelable obligations for the term of this Agreement,
which shall include all appointments of staff incurred prior to the effective
date of the termination. University shall exert its best efforts to limit or
terminate any outstanding financial commitments for which Client is to be
liable. University shall furnish, within ninety (90) days of the effective
termination, a final
report of all costs incurred and all funds received and shall reimburse Client
for payments which may have been advanced in excess of total costs incurred with
no further obligations to Client.

       

      Any
Confidential Information disclosed during the term of this Agreement (including
any extensions hereof) shall be subject to Section 7 for a period of three (3)
years from the date of disclosure irrespective of any termination of this
Agreement.

       

      
        	
                 
      

              	
                14.

              	
                Default.
      A party will be considered in default of its obligations under this
      Agreement if such party should fail to observe, to comply
      with, or to perform any term, condition, or covenant contained in this
      Contract and such failure continues for thirty (30) days after the
      non-defaulting party gives the defaulting party written notice thereof. In
      the event of default, the non-defaulting party, upon written notice to the
      defaulting party, may terminate this Contract as of the date specified in
      the notice, and may seek such other and further relief as may be provided
      by law. Notwithstanding the foregoing, in the event of a breach or
      threatened breach of paragraph 7 orl 1 of this Agreement, the
      non-defaulting party may terminate the Agreement immediately without
      affording the defaulting party the opportunity to cure, and may seek an
      injunction or restraining order as required to prevent unauthorized
      disclosures of Confidential Information or unauthorized use of its Marks
      or copyrights.

              

      

       

      
        	
                  

              	
                15.

              	
                Notices.
      All notices and other correspondence related to this Agreement shall be in
      writing and shall be effective when delivered by: (i) certified mail with
      return receipt, (ii) hand delivery with signature or delivery receipt
      provided by a third party courier service (such as FedEx, UPS, etc.),
      (iii) fax transmission if verification of receipt is obtained, or (iv)
      email with return receipt, to the designated representative of the party
      as indicated below. A party may change its designated representative for
      notice purposes at any time by written notice to the other party. The
      initial representatives of the parties are as
  follows:

              

      

       

      To
University:

       

      Chris
Getzelman

      Office
of
Sponsored Programs

      Campus
Delivery 2002

      Colorado
State University

      Fort
Collins, CO 80523-2002

       

      Tele:
970-491-0439

       

      Fax:
970-491-6147

      Chris.getzelman
research.colOstate.edu

       

      
        
          
          

        

        
          Page 4 of
6

          
            

          

        

        
          
          

        

      

       

      A copy of
any notice concerning a

      breach,
alleged breach, or dispute

      arising
under this Agreement shall also be sent to:

       

      Office of
the General Counsel

      01
Administration Building

      0006
Campus Delivery

      Colorado
State University

      Fort
Collins, CO 80523-0006

      Tel:
970-491-6270

      

      To
Client:

       

      David
Olson

      Apro Bio
Pharmaceutical

      5350 S.
Roslyn Street

      Suite
300

      Greenwood
Village, Colorado 80111

      

      
        
          
             

          

          
            Page 5 of
6

            
              

            

          

          
             

          

        

      

       

      
         

        
          	
                   
      

                	
                  16.

                	Legal Authority.
      Each party to this Agreement warrants that it possesses the legal
      authority to enter
      into this agreement and that it has taken all actions required by its
      procedures, bylaws, and/or applicable law to exercise that authority, and
      to lawfully authorize its undersigned signatory to execute this agreement
      and to bind it to its terms. The person(s) executing this agreement on
      behalf of a party warrant(s) that such person(s) have full authorization
      to execute this agreement. This Agreement shall not be binding upon
      Colorado State University, its governing board or the State of Colorado
      unless signed by the University Vice-President for Research or his/her
      authorized delegate.

        

         

      

      
        	
                 
      

              	
                17.

              	
                Entire
      Agreement. This Agreement constitutes the entire agreement between
      the parties, and supersedes any previous contracts, understandings, or
      agreements of the parties, whether verbal or written, concerning the
      subject matter of this Agreement.

              

      

       

      
        	
                 
      

              	
                18.

              	
                Amendment.
      No amendment to this Agreement shall be valid unless it is made in
      a writing signed by the authorized representatives of the
      parties.

              

      

       

      
        
          	
                   
      

                	
                  19.

                	Severability. In the
      event that any provision of this Agreement is held unenforceable
      for any reason,
      the remaining provisions of this Agreement shall remain in full force and
      effect.

        

         

      

      
        	
                 
      

              	
                20.

              	
                Governing Law,
      Jurisdiction and Venue. This Agreement shall be governed by and
      construed under the laws of the State of Colorado. Any claim arising under
      this Agreement shall be filed and tried in the District Court, City and
      County of Denver, State of
Colorado.

              

      

       

      
        	
                 
      

              	
                21.

              	
                Assignment.
      This Agreement shall not be assigned without the prior written
      consent of the other party, which consent shall not be unreasonably
      withheld or delayed, provided however, such consent shall not be required
      in the case of a sale or transfer to a third party of all or substantially
      all of a Party's business. Subject to the foregoing, this Agreement shall
      inure to the benefit of and be binding on the successors and permitted
      assigns of the parties.

              

      

       

      IN
WITNESS WHEREOF, the parties have executed this Agreement the day and year
written below.

      
        

        
          
            	
                    The
      Board of Governors of the Colorado
      

                    State
      University System, acting
      by 

                    and
      through Colorado State University:

                     

                  	
                    Client

                  
	
                    (LJ)
      By: /s/ Lynn
      Johnson

                    Name:
      Lynn Johnson

                    Title:  Director,
      Special Programs

                  	
                    By:
      /s/David C.
      Olson

                    Name:
      David Olson

                    Title:
      President and CEO

                  
	 
      	 
      
	
                    Date:
      5/23/07

                  	
                    Date:  6/18/07

                  

          

        

         

         

      

      

      
        
          
             

          

          
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