Document:

Exhibit 10.1

 

***Text Omitted and Filed Separately with the
Securities and

Exchange Commission.  Confidential Treatment Requested

Under 17. C.F.R. Sections 200.80(b)(4) and
240.24b-2.

 

Execution Copy

 

FOURTH AMENDMENT

TO

COLLABORATIVE RESEARCH,
DEVELOPMENT, COMMERCIALIZATION AND LICENSE AGREEMENT

 

This Fourth Amendment is entered into as of March 22,
2009 (“Fourth Amendment Effective Date”), by and between Senomyx, Inc.
(“Senomyx”) and Ajinomoto Co., Inc. (“Ajinomoto”). 
Capitalized terms used herein without definition shall have the meaning
provided therefor in the First Collaboration Agreement (as defined below).

 

BACKGROUND

 

WHEREAS, Senomyx and Ajinomoto have previously entered into
that certain Collaborative Research, Development, Commercialization and License
Agreement, effective March 23, 2006, that certain First Amendment
thereto, dated October 6, 2006, that certain Second Amendment thereto, dated April 24,
2007, and that certain Third Amendment thereto, dated August 1, 2007
(collectively, the “First Collaboration Agreement”), for [...***...] Program I and [...***...]
Program II;

 

WHEREAS, the parties desire to extend the Collaborative
Period with respect to Senomyx [...***...] Compounds; and

 

WHEREAS, the parties have agreed to amend the First
Collaboration Agreement on the terms set forth herein and enter into this Fourth
Amendment for the purpose of documenting such amendment as required by Section 17.7
of the First Collaboration Agreement;

 

NOW, THEREFORE, in consideration of the foregoing premises,
the parties hereby agree to amend the First Collaboration Agreement as follows.

 

AGREEMENT

 

1.             Appendix A to the First
Collaboration Agreement is hereby amended by either adding or amending, as provided below, the following definitions:

 

“Collaborative Period” means (i) in
the case of [...***...] Program I the period beginning on the Effective Date and
ending three (3) years thereafter; and (ii) in the case of [...***...]
Program II the period beginning on the Effective Date and ending four (4) years
thereafter, unless extended by Ajinomoto as provided above.

 

2.             [...***...] for [...***...]
Program II within [...***...]
of the Fourth Amendment Effective Date.  After
[...***...], the Steering
Committee will decide whether it approves the same.

***Confidential Treatment Requested

 

 

3.             Section 3.3(C) of
the First Collaboration Agreement is hereby amended and restated in its
entirety as follows:

 

“(C)         Extension of the Collaborative Period.  The original three (3) year
Collaborative Period for [...***...]
Program II is extended for one (1) year, and thereafter, Ajinomoto shall
have three (3) consecutive options (“Extension Options”) to extend the
Collaborative Period for [...***...]
Program II each for consecutive one (1) year periods following the fourth
year of the Collaborative Period.  If
Ajinomoto chooses to extend the Collaborative Period for [...***...] Program II, Ajinomoto must notify Senomyx at least [...***...] prior to expiration of the Collaborative Period.  In such event, the Collaborative Period of [...***...] Program II shall be extended for one (1) year; provided,
however, that in no event shall the Research Fee in the Collaborative Period so
extended [...***...]”

 

4.             The fourth sentence of Section 7.3
of the First Collaboration Agreement is hereby replaced with the following two
sentences:

 

“The Research Fees for the
third year of the Collaborative Program shall be [...***...].  The Research Fees for the fourth year of the
Collaborative Program shall be [...***...],
and thereafter, the same will be decided through good faith negotiations
between Senomyx and Ajinomoto.”

 

5.             By this Fourth Amendment, [...***...]
hereby agrees to reimburse [...***...] for all actual and
reasonable out-of-pocket costs incurred by [...***...] for [...***...] from [...***...]
Program II in an amount not to exceed [...***...],
subject to [...***...] receipt from [...***...] of reasonably persuasive written evidence of such costs.  [...***...]. 
[...***...] will share [...***...] with [...***...], which will be considered
Confidential Information of [...***...] under the First Collaboration Agreement.

 

6.             Except as specifically
amended by this Fourth Amendment, the terms and conditions of the First
Collaboration Agreement shall remain
unchanged and in full force and effect.

 

7.             The parties will agree upon
a press release to announce the execution of this Fourth Amendment and its material terms, the form of which press release is attached
as Appendix A to this Fourth Amendment.  After issuance of such press release, Ajinomoto and Senomyx may
each disclose to third parties the information contained in such press release
without the need for further approval by the other party.

***Confidential Treatment Requested

 

2

 

8.             This Fourth Amendment will
be governed by the laws of the [...***...], as such laws are applied to contracts
entered into and to be performed entirely within such State.

 

9.             This Fourth Amendment shall
be effective as of the date first written above.

 

10.           This Fourth Amendment may be
executed in two counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument.

 

IN WITNESS WHEREOF, the
parties, through their authorized officers, have executed this Fourth Amendment
as of the date set forth hereinabove.

 

 

	
  SENOMYX,
  INC. 

  	
   

  	
  AJINOMOTO
  CO., INC. 

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Kent Snyder  

  	
   

  	
  By:

  	
  /s/ Kiyoshi Miwa  

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
  Kent Snyder 

  	
   

  	
  Name:

  	
  Kiyoshi Miwa 

  
	
  Title:

  	
  President and Chief
  Executive Officer

  	
   

  	
  Title:

  	
  Member of the
  Board & Corporate Vice President  

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
  3/23/09

  	
   

  	
  Date:

  	
  3/23/2009

  

 

***Confidential Treatment Requested

 

3

 

APPENDIX
A

FORM OF PRESS RELEASE

 

 

SENOMYX ANNOUNCES THE EXTENSION OF ITS COLLABORATIVE RESEARCH,
DEVELOPMENT, COMMERCIALIZATION AND LICENSE AGREEMENT WITH AJINOMOTO CO., INC.

 

SAN DIEGO, CA — March X,
2009  — Senomyx, Inc. (NASDAQ: SNMX),
a leading company focused on using proprietary technologies to discover and
develop novel flavor ingredients for the food, beverage, and ingredient supply
industries, announced today the extension of one of its discovery and development
programs with Ajinomoto Co., Inc., which was originally established in March 2006.  The two companies will continue to work
together on an exclusive basis on the discovery, development and
commercialization of new flavor ingredients for use in the soup, sauce and
culinary aids, noodles, and bouillon product categories in Asia.  This discovery and development program has
been extended for one year with three consecutive options of one year each that
could further extend the collaboration. Under the terms of the extension,
discovery and development funding paid by Ajinomoto to Senomyx will be at a
higher level than for previous years. In addition, Senomyx is entitled to
specified payments upon the achievement of milestones and royalty payments
based on sales of Ajinomoto products containing any flavor ingredients
developed under the agreement.  This
extension does not impact the companies’ activities with existing flavor
ingredients covered by the collaborative agreement.

 

“Senomyx
welcomes the opportunity to continue to work with Ajinomoto, a leading
worldwide manufacturer of food and culinary products, to discover and
commercialize new flavor ingredients,” said Kent Snyder, President and Chief
Executive Officer of Senomyx.  “Ajinomoto
is a Japan-based global company and we are pleased to extend our collaboration
with them to take advantage of their leading position in the Asian market.”

 

About Senomyx, Inc. (www.senomyx.com)

Senomyx
is a leading company using proprietary taste receptor technologies to discover
and develop novel flavor ingredients in the savory, sweet, salt, bitter, and
cooling areas.  Senomyx has entered into
product discovery, development, and commercialization collaborations with seven
of the world’s foremost food, beverage, and ingredient supply companies:
Ajinomoto Co., Inc., Cadbury plc, Campbell Soup Company, The Coca-Cola
Company, Firmenich SA, Nestlé SA, and Solae. 
Nestlé is currently marketing products that contain one of Senomyx’s
flavor ingredients.  For more
information, please visit www.senomyx.com.

 

Forward-Looking Statements

Statements
contained in this press release regarding matters that are not historical facts
are “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. Because such statements are subject to risks and
uncertainties, actual results may differ materially from those expressed or
implied by such forward-looking statements. Such statements include, but are
not limited to, statements regarding: Senomyx’s ability to identify and develop
novel flavor ingredients that provide a sufficiently potent effect; the
capabilities of Senomyx’s flavor ingredients, Senomyx’s ability, or Senomyx’s
collaborators’ ability, to commercialize products incorporating Senomyx’s
flavor ingredients in foods and culinary products; the duration of Senomyx’s
collaborative, research, development, commercialization and license agreement
with Ajinomoto and whether Ajinomoto will elect its option to extend the
collaboration for any additional periods and Senomyx’s right to receive
research fees, milestone payments and royalties under its agreements with its
collaborators. Risks that contribute to the uncertain nature of the
forward-looking statements include: Senomyx is dependent on its product discovery
and development collaborators for all of Senomyx’s revenue; Senomyx is
dependent on its current and any future product discovery and development
collaborators to develop and commercialize any flavor ingredients Senomyx may
discover; Senomyx may be unable to develop flavor ingredients useful for
formulation into products; Senomyx or its collaborators may be unable to obtain
and maintain the regulatory approval required for flavor ingredients to be
incorporated into products that are sold; even if Senomyx or its collaborators
receive a regulatory approval and incorporate Senomyx flavor ingredients

 

4

 

into
products, those products may never be commercially successful; and Senomyx’s
ability to compete in the flavor ingredients market may decline if Senomyx does
not adequately protect its proprietary technologies. These and other risks and
uncertainties are described more fully in Senomyx’s most recently filed SEC
documents, including its Annual Report on Form 10-K, under the headings “Risks
Related to Our Business” and “Risks Related to Our Industry.” All
forward-looking statements contained in this press release speak only as of the
date on which they were made. Senomyx undertakes no obligation to update such
statements to reflect events that occur or circumstances that exist after the
date on which they were made.

 

Contact:

Gwen
Rosenberg

Senomyx, Inc.

Vice
President, Investor Relations & Corporate Communications

(858)
646-8369

gwen.rosenberg@senomyx.com

 

####

 

5Exhibit 10.2

 

***Text Omitted and Filed Separately with the
Securities and

Exchange Commission.  Confidential Treatment Requested

Under 17. C.F.R. Sections 200.80(b)(4) and
240.24b-2.

 

Execution Copy

 

FIFTH AMENDMENT

TO THE COLLABORATIVE

RESEARCH AND LICENSE AGREEMENT

BETWEEN SENOMYX AND CAMPBELL

 

This Fifth Amendment (the
“Fifth Amendment”) is entered
into as of March 27, 2009 (the “Fifth Amendment Effective Date”), by and
between Senomyx, Inc. (“Senomyx”) and Campbell
Soup Company (“Campbell”).

 

WHEREAS, Senomyx and
Campbell entered into that certain Collaborative Research and License Agreement
dated March 28, 2001, as amended by that certain First Amendment dated July 26,
2002, that certain Second Amendment dated November 5, 2002, that certain
Third Amendment dated February 19, 2004 and that certain Fourth Amendment
dated February 24, 2006 (collectively, the “Agreement”), (capitalized terms used but not otherwise defined in
this Fifth Amendment shall have the meaning given such terms in the Agreement);
and

 

WHEREAS, Senomyx
and Campbell desire to amend the Agreement in the manner set forth in this
Fifth Amendment;

 

NOW, THEREFORE, in consideration of the foregoing premises and of the covenants, representations and agreements set forth below, the parties hereby agree to amend the Agreement as follows:
 
1.                                       Appendix A to the Agreement is hereby amended by either adding or amending, as provided below, the following definitions:
 
“Collaborative Period” means the period beginning on the Effective Date and ending upon March 28, 2010, unless terminated earlier in accordance with Section 3.2 or 13 or extended upon proper exercise of an Extension Option.
 
“Extension Option” has the meaning set forth in Section 7.1 of this Agreement.
 
“Proof of Concept” means identification of at least one Compound that provides [...***...] to a Senomyx sensory panel and confirmed and validated by a Campbell-conducted sensory panel and [...***...].  As an example, a [...***...].
 
“Taste Effect” as used herein means identification of at least one Compound that provides [...***...] [...***...].  As an example, [...***...].

 

***Confidential Treatment Requested

 

 

2.                                       The following language is hereby added to Section 2 of the Agreement:
 
“During the seventh year of the Collaborative Period and through the remainder of the Term, the parties shall conduct two in-person Steering Committee meetings (one at each party’s location) and two video conference Steering Committee meetings annually.”
 
3.                                       The following language is hereby added to the end of the first paragraph of Section 3.3 of the Agreement:
 
“The parties further acknowledge that (i) the specific products launched within the Field shall be commercially reasonable based on [...***...], (ii) that the specific products actually commercialized may change over time to reflect changing market conditions, new product introductions and/or product discontinuations in one more geographic territories and (iii) as a consequence of the foregoing, it is possible that [...***...], as amended from time to time.”
 
4.                                       Section 7.1 of the Agreement is hereby amended such that for the seventh year of the Collaborative Period, Campbell will pay Senomyx [...***...] for research support.  Such payment is earned and accrued as of the Fifth Amendment Date and shall be payable by Campbell on or before August 15, 2009.  Such payment will be used by Senomyx for the Collaborative Program.
 
5.                                       The following language is hereby added to the end of Section 7.1 of the Agreement:
 
“The parties hereby agree that Campbell will have the option to extend the Collaborative Period of the Agreement upon the following terms and conditions:
 
7.1.1.       Campbell shall have three (3) consecutive options (“Extension Options”) to extend the Collaborative Period each for consecutive one (1) year periods following the seventh year of the Collaborative Period.  In the event Campbell elects to exercise an Extension Option, the Collaborative Period shall be extended on the same terms and conditions as set forth in the Agreement, subject to a potential increase in funding of research support in accordance with Sections 7.1.2 through 7.1.4. The Extension Options herein granted are not assignable separate and apart from this Agreement.

 

***Confidential Treatment Requested

 

 

7.1.2.       Each Extension Option is conditional upon:  (i) Campbell providing Senomyx written notice of its election to exercise the Extension Option [...***...] prior to the end of the Collaborative Period or any prior extension thereof; and (ii) Campbell paying to Senomyx a non-refundable non-creditable lump sum payment of [...***...] for research support for each one year extension, which shall be subject to adjustment in the case of achievement of Taste Effect and/or Proof of Concept as described below.  Such payments will be used by Senomyx for the Collaborative Program and shall be payable by Campbell [...***...] of the date of written notification under (i) above; provided, however, if research support is adjusted upward in the case of achievement of Taste Effect and/or Proof of Concept as provided below, such payments may be made in equal installments on a quarterly basis during the applicable annual period.  Failure of Campbell to properly notify Senomyx or to timely pay the research support payment pursuant to this Section 7.1 will be deemed by Senomyx as an election by Campbell not to extend the Collaborative Period and, in such event, the parties’ research and development obligations pursuant to Section 3 of the Agreement will expire and thereafter Campbell shall have no right to exercise any subsequent Extension Option.
 
7.1.3.       Subject to the remainder of this paragraph, upon achievement of a Taste Effect, the research support under this Section 7.1 will increase to an annual rate of [...***...] (subject to potential future adjustment in the event of achievement of Proof of Concept as described below). Such funding rate will be increased [...***...].  Following achievement of a Taste Effect, the difference between the new annualized funding rate for periods after the [...***...] year of the Collaborative Period, pro-rated as of the date of achievement of the Taste Effect, and the amounts previously paid for research support during the applicable year of the then current Collaborative Period shall be paid in equal quarterly installments payable at the end of each calendar quarter for the remainder of the given year of the Collaborative Period.
 
7.1.4.       Subject to the remainder of this paragraph, upon achievement of Proof of Concept, the research support under this Section 7.1 will increase to an annual rate of [...***...].  Such funding rate will be increased [...***...].  Following achievement of Proof of Concept, the difference between the new annualized funding rate for periods after the [...***...] year of the Collaborative Period,

 

***Confidential Treatment Requested

 

 

pro-rated as of the date of achievement of the Proof of Concept, and the amounts previously paid for research support during the applicable year of the then current Collaborative Period shall be paid in equal quarterly installments payable at the end of each calendar quarter for the remainder of the given year of the Collaborative Period.  For the avoidance of doubt, (a) if Taste Effect is achieved after Proof of Concept, the funding level will not be reduced and (b) the research funding for the [...***...] year of the Collaborative Period will be fixed at [...***...] notwithstanding achievement of either Taste Effect or Proof of Concept during such year.”
 
6.                                       The following language is hereby added to the end of Section 8.2 of the Agreement:
 
“Notwithstanding the foregoing, Senomyx agrees not to unreasonably withhold its consent to any sublicense by Campbell of its rights under Section 8.1 of the Agreement, in whole or in part, to one or more of its wholly-owned Affiliates provided that as a condition to each such sublicense: (A) Campbell assumes the responsibility for performance by any such sublicensee under a sublicense of the equivalent obligations (or such portion thereof) imposed upon Campbell under the Agreement (including without limitation diligence obligations under Section 3 of this Agreement, the timely payment of amounts due and other obligations under Section 7 of this Agreement and confidentiality obligations under Section 10 of this Agreement); (B) Campbell agrees to be responsible for and to guarantee payment of royalties due on sales of products containing Product Compounds by any such sublicensee; (C) the method for calculating and reporting royalties payable to Senomyx by each such sublicense shall be no less favorable to Senomyx than what is contemplated under Section 7; (D) Campbell agrees to immediately notify Senomyx of any material breach of a sublicensee’s obligations to Senomyx and take immediate steps to remedy any such breach by a sublicensee, including without limitation termination of such sublicense if requested by Senomyx; (E) each permitted sublicensee must affirmatively agree to indemnify Senomyx Indemnitees and IP Indemnities (as those terms are defined in Section 15.5) on terms consistent with Campbell’s obligations under Section 15.5; and (F) Campbell shall provide Senomyx with a list of the Affiliate(s) products in the Field for which a potential sublicense is to be granted and shall update such list for each permitted sublicensee on a quarterly basis during the term of the applicable sublicense. The parties further mutually agree and understand that sublicensees shall not have the further right to sublicense any rights under this Agreement to other Affiliates or Third Parties, in either instance, without Senomyx’s prior written consent. Campbell further agrees to provide to Senomyx a copy of each proposed sublicense agreement for review, as well as a copy of any final agreement approved by Senomyx. In addition, any amendment to a previously approved sublicense agreement shall require the same review and approval by Senomyx, in advance, as the original sublicense agreement. Upon termination of this Agreement for any reason any sublicense by Campbell to an Affiliate shall immediately terminate.

 

***Confidential Treatment Requested

 

 

7.                                       Section 14.4 of the Agreement is hereby amended and restated in its entirety as follows:
 
“Survival.  The obligations and rights of the parties under Sections 7.8, 9.1 through 9.7, 10, 14, 15.2(B), 15.3, 15.4(B), 15.5, 16, 17, 18 and Appendix A, will survive termination or expiration of this Agreement.”
 
8.             A new Section 17 is hereby added to the Agreement as follows:
 
“17.   Right of First Negotiation.   In the event that (i) Campbell exercises all three consecutive Extension Options, (ii) the Collaborative Period expires on March 28, 2013, (iii) Campbell has and continues to be in compliance with the terms of the Agreement, (iv) and Proof of Concept has not been achieved prior to March 28, 2013, then under those circumstances and until [...***...] before Senomyx first grants a license to any Compound for use in the Field to a Third Party, Senomyx will present that opportunity first to Campbell.  Campbell must inform Senomyx of commercial interest in such opportunity in writing within [...***...] of receipt of written notice from Senomyx and specific financial terms.  In the event that Senomyx does not receive such written notification within such [...***...] period or if such terms offered by Campbell are not acceptable to Senomyx, then Senomyx shall be free to enter into agreements with one or more Third Parties for their use of any Compound for use in the Field.  If the terms offered by Campbell are acceptable to Senomyx, the parties shall negotiate in good faith to complete a license agreement for such Compound in the Field for a period not to exceed [...***...]. In the event that the parties do not enter into a license agreement for such Compound within such [...***...] period, then Senomyx shall be free to enter into agreements with one or more Third Parties for their use of any Compound for use in the Field.  For the avoidance of doubt, if the Collaborative Period terminates prior to March 28, 2013, the rights and obligations under this Section 17 will not apply.”
 
9.             A new Section 18 is hereby added to the Agreement as follows:
 
“In the event that the Collaborative Period expires on March 28, 2013 and the Steering Committee has not selected a Selected Compound for development, Campbell will be [...***...] to [...***...], under confidentiality, [...***...] by Senomyx [...***...] that were [...***...] and that were [...***...] to Campbell during the Collaborative Period.  For the avoidance of doubt, Campbell [...***...] that such [...***...] and nothing herein shall impose any additional obligation upon Senomyx.”
 
10.           Miscellaneous.
 

10.1                         The parties
will agree upon a press release to promptly announce the execution of this
Fifth Amendment and its material terms, the form of which press release shall
have been mutually agreed prior to the execution of this Fifth Amendment. After
issuance of such press release, Campbell and Senomyx may each disclose to third
parties the information contained in such press release without the need for
further approval by the other party.

 

***Confidential Treatment Requested

 

 

10.2                         Except as specifically amended by this
Fifth Amendment, the terms and conditions of the Agreement shall remain in full
force and effect.

 

10.3                         This Fifth Amendment shall be governed by
the laws of the State of California; as such laws are applied to contracts
entered into and to be performed entirely within such state.

 

10.4                         This Fifth Amendment may be executed in
two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute the same instrument.

 

[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK]

 

 

IN WITNESS WHEREOF, the parties have executed this
Fifth Amendment as of the Fifth Amendment Effective Date.

 

	
  SENOMYX, INC.  

  	
  CAMPBELL SOUP COMPANY  

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Kent Snyder 

  	
   

  	
  By:

  	
  /s/ M. Carl Johnson, III 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
  Kent Snyder 

  	
   

  	
  Name:

  	
  M. Carl Johnson, III 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  President & CEO 

  	
   

  	
  Title:

  	
  SVP & Chief Strategy Officer 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
  March 26, 2009

  	
   

  	
  Date:

  	
  3/27/09

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