Document:

Unassociated Document

    Exhibit 10.5

     

    LICENSE
AND ASSIGNMENT AGREEMENT

     

    between

     

    ND
PARTNERS LLC

     

    and

    

    CORMEDIX,
INC.

     

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    LICENSE
AND ASSIGNMENT AGREEMENT

    

    This
License and Assignment Agreement (hereinafter referred to as this "Agreement"),
effective this 30th day of January 2008 (the “Effective Date”), is entered into
by and between ND Partners LLC, a Delaware limited liability company having a
place of business at One Joy Street, Boston, MA 02108 (“Licensor”), and
CorMedix, Inc., a Delaware corporation having a place of business at 86 Summit
Avenue, Suite 301, Summit, NJ 07901 (the "Company").

     

    WHEREAS, the Company is
interested in obtaining an exclusive license in any and all rights Licensor has
in or to the Patent Rights and Know-how in the Field of Use (as defined below)
to develop, have developed, make, have made, use, have used, lease, import and
export, offer to sell, sell, have sold, produce, manufacture, distribute and
market products derived from such technologies in the Field of Use;

     

    WHEREAS, Licensor wishes to
grant to the Company an exclusive license in any and all rights Licensor has
under the Patent Rights and Know-how, in the Field of Use to make, have made,
use, have used, lease, import and export, offer to sell, sell, have sold,
produce, manufacture, distribute and market products derived from such
technologies in the Field of Use;

     

    WHEREAS, Licensor entered into
certain license and consulting agreements relating to the Technology;
and

     

    WHEREAS, Licensor desires to
assign such agreements to the Company, and the Company desires to receive such
assignments as more fully set forth herein.

     

    NOW, THEREFORE, in
consideration of the foregoing recitals, the premises and the mutual covenants
contained herein, the parties hereto, intending to be legally bound, agree as
follows:

     

    Article
1 Definitions

     

    For the
purposes of this Agreement, the following words and phrases shall have the
following meanings:

     

    1.1           “Affiliate”

     

    means,
with respect to any Person, any other Person which directly or indirectly
controls, is controlled by, or is under common control with, such
Person.  A Person shall be regarded as in control of another Person if
it owns, or directly or indirectly controls, at least fifty percent (50%) of the
voting stock or other ownership interest of the other Person, or if it directly
or indirectly possesses the power to direct or cause the direction of the
management and policies of the other Person by any means
whatsoever.

     

    1.2           “Applicable
Law(s)”

    

    means,
with respect to the United States, the FDCA (as defined below), all regulations
promulgated thereunder, and all other applicable laws, rules, regulations and
guidelines within the Territory that apply to the import, export, research and
development, manufacture, marketing, distribution, or sale of Licensed Products
in the Field of Use in the Territory or the performance of either party’s
obligations under this Agreement (including disclosure obligations as required
by the United States Securities and Exchange Commission or other comparable
exchange or securities commissions having authority over a party) to the extent
applicable and relevant to such party.

     

    [*] Certain information in this
document has been omitted and filed separately with the Securities and Exchange
Commission.  Confidential treatment has been requested with respect to
the omitted portions.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    1.3           “CE
Marking”

    

    means the
marking on a Licensed Product signifying that the Licensed Product complies with the essential
requirements of all applicable European Union directives.

    

    1.4           “Commercially
Reasonable Efforts”

    

    means,
with respect to Development and commercialization, the carrying out of
obligations or tasks using efforts and resources, including reasonably necessary
personnel, equivalent to the efforts that a similarly situated biotechnology or
pharmaceutical company (as the case may be) would typically devote to a product
of similar market potential, profit potential and strategic value and at a
comparable stage in development or product life resulting from its own research
efforts with a view toward optimizing the economic potential of the Licensed
Product, based on conditions then prevailing and taking into account issues of
safety and efficacy, product profile, difficulty in developing the Licensed
Product, market size and conditions, competition, the patent or other
proprietary position of the Licensed Product, the regulatory structure involved
and the potential profitability of the Licensed Product marketed or to be
marketed.

    

    
      1.5          
“Company
House Marks”

    

    

    means any
trademarks, trade names, domain names, or other names or marks used or
registered by the Company or its Affiliates to identify itself at any time
during the Term.

     

    1.6           “Competent
Authority(ies)”

     

    means
collectively the entities in each country in the Territory responsible for (a)
the regulation of medicinal products or medical devices, as applicable, intended
for human use or the establishment, maintenance and/or protection of rights
related to the Patent Rights, including but not limited to the FDA, the European
Agency for Evaluation of Medicinal Products (“EMEA”), and the Ministry of
Health, Labor and Welfare in Japan, and any other applicable administrative
agency in any country in the Territory having the aforementioned
responsibilities, and any successor entities thereto, (b) the establishment,
maintenance and/or protection of rights related to the Patent Rights, including
the United States Patent and Trademark Office (“USPTO”), and (c) any other
applicable regulatory or administrative agency in any country in the Territory
that is comparable to, or a counterpart of, the foregoing.

     

    1.7           “Control”

     

    means,
with respect to any material, information, or intellectual property right, that
a party owns or has a license to such material, information, or intellectual
property right and has the ability to grant to the other party access, a
license, or a sublicense (as applicable) to such material, information, or
intellectual property right on the terms and conditions set forth herein without
violating the terms of any agreement or other arrangement with any Third Party
existing at the applicable time.

     

    [*] Certain
information in this document has been omitted and filed separately with the
Securities and Exchange Commission.  Confidential treatment has been
requested with respect to the omitted portions.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    1.8           “Development”

    

    means the
Company’s, its Affiliates’ or its Sublicensees’ use of Commercially Reasonable
Efforts to secure Marketing Authorizations for Licensed Products in the
Territory.

     

    1.9           “DMF”

     

    means a
drug master file, as provided for in 21 C.F.R. § 314.420 in the
United States, device master file, as defined in 21 C.F.R. § 814.3 in the
United States (each as may be
amended, supplemented or replaced from time to time), or similar submission to
or file maintained with the FDA or other Competent Authority that may be used to
provide confidential detailed information about facilities, processes, or
articles used in the manufacturing, processing, packaging, and storing of one or
more human drugs or medical devices.

     

    1.10           “FDCA”

    

    means the
United States Federal Food, Drug, and Cosmetic Act, as amended, and the
regulations promulgated with respect thereto.

     

    1.11           “FDA”

     

    means the
United States Food and Drug Administration and any successor entity
thereto.

     

    1.12           “Field
of Use”

    

    means the
prevention, treatment, diagnosis, detection, monitoring, or predisposition
testing of any disease, state or condition in humans or animals.

     

    1.13           “Governmental
Approval(s)”

     

    means any
and all permits, licenses, approvals, and authorizations required by any
Competent Authority as a prerequisite to the development, clinical testing,
manufacturing, packaging, marketing, use, import, export or selling of a
Licensed Product in the Field of Use in the Territory.

     

    1.14           “IDE(s)”

    

    means an
investigational device exemption application as defined in 21 C.F.R. Part 812 in the
United States (as may be amended, supplemented or replaced from time to time),
or equivalent application to any Competent Authority of any other country in the
Territory, to commence clinical testing of a medical device, including but not
limited to any amendments, supplements, or supporting correspondence with
respect thereto.

     

    1.15           “IND(s)”

     

    means an
investigational new drug application as defined in 21 C.F.R. Part 312 et seq in
the United States (as may be amended, supplemented or replaced from time to
time), or equivalent application to any Competent Authority of any other country
in the Territory, to commence clinical testing of a drug, including but not
limited to any amendments, supplements, or supporting correspondence with
respect thereto.

     

    [*] Certain
information in this document has been omitted and filed separately with the
Securities and Exchange Commission.  Confidential treatment has been
requested with respect to the omitted portions.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    1.16           
“Improvements”

     

    shall
mean any modification, enhancement, or improvement of a Licensed Product, or any
inventions, discoveries, improvements (whether patentable or not), information,
and data, owned or Controlled by Licensor any time during the Term which would
be useful or necessary in the manufacture, use, or sale of any Licensed Product,
or the practice of which would infringe an issued or pending claim within the
Patent Rights.

     

    1.17           “Know-how”

     

    shall
mean all tangible or intangible information and know-how
(other than that which is the subject of a Valid Claim in the Patent Rights),
whether or not proprietary or patentable (but which has not been patented),
related to the Technology, the Licensed Product, or any Improvement or which is
useful to or necessary for the Company to develop or commercialize any Licensed
Product (including but not limited to: trade secrets, formulations, protocol,
results of experimentation, in vitro, preclinical or clinical design,
information or results, other proprietary materials, processes, including but
not limited to manufacturing processes, data, drawings and sketches, designs,
testing and test results, regulatory filings, and other information of a like
nature), owned or Controlled by Licensor as of the Effective Date or at any time
during the Term.

     

    1.18           “Licensed
Product(s)”

     

    shall
mean any product, including but not limited to the Technology, which, absent the
license granted by Licensor to the Company herein, would infringe one or more
Valid Claims included within the Patent Rights in the country in which the
product is made, used, leased, imported, exported, offered for sale or
sold.

    

    1.19           “Licensed
Trademarks”

    

    means any
trademarks, trade dress (including packaging design), logos, slogans, domain
names and designs, whether or not registered in a country or territory, owned by
Licensor and used to identify or promote the Licensed
Products.  Schedule 1.19 sets forth a complete list of Licensed
Trademarks.

     

    1.20           “Licensor
IND(s)/IDE(s)”

    

    means the
INDs and IDEs, whether now existing or previously submitted, described on
Schedule 1.20, and any filings, updates, material correspondence, or material
communications to or from any applicable Competent Authority with respect
thereto.

     

    1.21           “Marketing
Authorization”

     

    means all
necessary and appropriate regulatory approvals, including but not limited to
NDAs, PMAs, CE Markings, and/or 510(k)s, as applicable, and reimbursement and
pricing approvals, to allow a Licensed Product to be marketed and sold in the
Field of Use in a particular country in the Territory.

     

    1.22           “Milestone
Payment”

     

    means the
payments set out in Article 6.1.

     

    [*] Certain
information in this document has been omitted and filed separately with the
Securities and Exchange Commission.  Confidential treatment has been
requested with respect to the omitted portions.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    1.23           “NDA”

     

    means a
New Drug Application as defined in 21 C.F.R. Part 314.50 et
seq. in the United States (as may be amended, supplemented or replaced from time
to time), or equivalent application to any Competent Authority of any other
country in the Territory, to commence commercial sale and marketing of a drug
for human use, including but not limited to any amendments, supplements, or
supporting correspondence with respect thereto.

     

    1.24           “Net
Sales”

     

    shall
have the meaning set out below:

     

    
      
        	
              	
                1.24.1

              	
                “Net
      Sales” shall mean the total gross invoice amounts for sales or other
      dispositions for consideration of Licensed Products to customers who are
      not Affiliates, or are Affiliates, but are end users of the Licensed
      Products, by or on behalf of the Company or any of its Affiliates or
      Sublicensees (if applicable), whether invoiced or
      not, less the following
deductions:

              

      

    

     

    
      
        	
              	
                (a)

              	
                usual
      trade discounts to customers, including but not limited to
      cash,  quantity and trade discounts, rebates and other price
      reductions for such Licensed Product given to such
    customers;

              

      

    

     

    
      
        	
              	
                (b)

              	
                sales,
      tariff duties, value-added tax and/or use taxes directly imposed and with
      reference to particular sales (which does not include income, withholding
      or similar taxes);

              

      

    

     

    
      
        	
              	
                (c)

              	
                amounts
      allowed or credited on charge-backs and/or
  returns;

              

      

    

     

    
      
        	
              	
                (d)

              	
                bad
      debt deductions and uncollectible amounts actually written off during the
      applicable accounting period, up to a maximum of [*] of the
      gross invoice amounts for such royalty reporting
  period;

              

      

    

     

    
      
        	
              	
                (e)

              	
                outbound
      transportation prepaid or allowed and transportation
      insurance;

              

      

    

     

    
      
        	
              	
                (f)

              	
                packaging,
      freight, and insurance
charges;

              

      

    

     

    
      
        	
              	
                (g)

              	
                customs
      duties, surcharges and other governmental charges incurred in exporting or
      importing such Licensed Product to such customers;
  and

              

      

    

     

    
      
        	
              	
                (h)

              	
                wholesaler
      discounts and chargebacks and rebates granted to (1) managed healthcare
      organizations, (2) federal, state and/or provincial and/or local
      governments or other agencies, (3) purchasers and reimbursers, or (4)
      trade customers, including without limitation, wholesalers and chain and
      pharmacy buying groups.

              

      

    

    

    If the
Company receives non-cash consideration on account of the sale or other transfer
of Licensed Products to a third party, the fair market value of such non-cash
consideration on the date of the transfer will be the gross invoice price that
the Company currently charges independent third parties and shall be deemed the
Net Sales for such Licensed Products sold or otherwise transferred.

     

    [*] Certain
information in this document has been omitted and filed separately with the
Securities and Exchange Commission.  Confidential treatment has been
requested with respect to the omitted portions.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              1.24.2

            	
              Components
      of Net Sales (and the deductions listed above) shall be determined in
      accordance with United States generally accepted accounting principles
      applied on a consistent basis.

            

    

     

    
      	
               
      

            	
              1.24.3

            	
              Notwithstanding
      anything herein to the contrary, the transfer of a Licensed Product to (i)
      an Affiliate, Sublicensee, or other Third Party in connection with the
      research, development or testing of a Licensed Product or for purposes of
      resale, and (ii) to indigent or similar public support or compassionate
      use programs shall not be considered a sale of a Licensed Product under
      this Agreement.

            

    

     

    1.25          “Patent
Rights”

     

    means

     

    
      	
               
      

            	
              1.25.1

            	
              all
      U.S. and foreign patents and patent applications set forth in Schedule
      1.25;

            

    

     

    
      	
               
      

            	
              1.25.2

            	
              any
      and all U.S. or foreign patents, patent applications, or other rights
      issuing from, or filed subsequent to the date of this Agreement, based on
      or claiming priority to or from the applications, patents, and rights
      listed on Schedule 1.25, including but not limited to continuations,
      continuations in part, divisionals, reexaminations, extensions, reissues,
      substitutions, renewals, supplementary protection certificates,
      registrations, and confirmations of any of the foregoing, and any patents
      resulting from any application or right included in Articles 1.25.1 or
      1.25.2; and

            

    

     

    
      	
               
      

            	
              1.25.3

            	
              any
      other intellectual property rights owned or Controlled by the Licensor at
      any time during the Term of this Agreement relating to or claiming an
      Improvement or that Licensor has the ability to license or gains the
      ability to license to the Company relating to or claiming an Improvement;
      and any and all US or foreign patents, patent applications, or other
      rights, including continuations, continuations in part, divisionals,
      reexaminations, extensions, reissues, substitutions, renewals,
      supplementary protection certificates, registrations, and confirmations of
      such rights relating to or claiming, in each case, an
      Improvement.

            

    

     

    The
parties shall use Commercially Reasonable Efforts to ensure that Schedule 1.25
shall be amended in writing from time to time to reflect the foregoing, provided
that any failure to do so shall not limit the scope of the definition of Patent
Rights established above.

     

    1.26           “Person”

    

    means an
individual, corporation, partnership, limited liability company, trust, business
trust, association, joint venture, non-profit organization, pool, syndicate,
sole proprietorship, unincorporated organization, university, governmental
authority or any other form of entity not specifically listed
herein.

     

    [*] Certain
information in this document has been omitted and filed separately with the
Securities and Exchange Commission.  Confidential treatment has been
requested with respect to the omitted portions.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    1.27           “PMA”

    

    means a
Premarketing Approval application, as defined in 21 C.F.R. Part 814 in the
United States (as it may be amended, supplemented or replaced from time to
time), or equivalent application to any Competent Authority of any other country
in the Territory, to commence commercial sale and marketing of a medical device
for human use, including but not limited to any amendments, supplements, or
supporting correspondence with respect thereto.

     

    1.28           “Registration(s)”

    

    means any
and all permits, licenses, authorizations, registrations or regulatory approvals
(including, but not limited to an IND, IDE, PMA, CE Marking or NDA) required
and/or granted by any Competent Authority as a prerequisite to the development,
manufacturing, packaging, shipping, marketing and/or selling of any
product.

     

    1.29           “Sublicensee”

     

    means a
Third Party that has entered in to an agreement with the Company licensing to
such Third Party any of the rights granted to the Company by the Licensor
pursuant to Article 2.1, or a Third Party that has entered into a license
agreement with any such Sublicensee licensing such Third Party the rights
granted to the Company by the Licensor and granted to such subsequent Third
Party licensee by the Sublicensee.

     

    1.30           “Technology”

    

    means all
forms and combinations of Taurolidine and other Taurinamide derivatives
(including without limitation such combinations with or without carboxylic acids
and/or salts, and with or without heparin) and all forms and combinations of
thixotropic gel.  Notwithstanding anything contained herein,
Technology shall not include vascular access port technology and catheter
technology (the “Excluded Technology”).  For clarity, no Excluded
Technology is licensed or assigned to Company pursuant to this
Agreement.

     

    1.31           “Term”

     

    has the
meaning set out in Article 11.1.

     

    1.32           “Territory”

     

    means the
world.

    

    1.33           “Third
Party”

    

    mean any
Person other than Licensor, Company and their respective
Affiliates.

     

    1.34           “Valid
Claim”

     

    means any
pending or issued claim included within the Patent Rights that has been filed in
good faith and has not expired, been withdrawn, permanently revoked, abandoned
nor deemed unenforceable, unpatentable, or invalid by a decision of a court or
other governmental agency of competent jurisdiction that is unappealable or
unappealed in the time allowed for appeal, and which has not been admitted to be
invalid or unenforceable through reissue or disclaimer or
otherwise.

     

    [*] Certain
information in this document has been omitted and filed separately with the
Securities and Exchange Commission.  Confidential treatment has been
requested with respect to the omitted portions.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    1.35          “510(k)

     

    means a
Premarket Notification submitted in accordance with 21 C.F.R. Part 807 in the
United States (as it may be amended, supplemented or replaced from time to
time), or equivalent notification or application to any Competent Authority of
any other country in the Territory, to commence commercial sale and marketing of
a medical device for human use, including but not limited to any amendments,
supplements, or supporting correspondence with respect thereto.

     

    Article
2 License Grant

     

    2.1          Grant
of License

     

    Subject
to the terms and conditions of this Agreement, Licensor hereby grants to the
Company an exclusive license under the Patent Rights and Know-how, with rights
to grant sublicenses (as set forth in Article 2.2), to conduct research,
develop, have developed, make, have made, use, have used, import, have imported,
export, have exported, offer for sale, have sold, sell, produce, manufacture,
distribute and market Licensed Products, in the Field of Use in the
Territory.

     

    2.2          Sublicenses

     

    
      
        	
              	
                 2.2.1

              	
                The
      Company shall have the right to grant sublicenses through multiple tiers
      of any and all rights granted to Company under this Agreement to its
      Affiliates or Third Parties in the Company’s sole
      discretion.  All sublicenses granted under this Article 2.2.1
      shall survive and be automatically assigned to Licensor upon termination
      of this Agreement, provided however,
      Licensor shall not be obligated to incur any obligations in excess of
      those of Licensor contained herein or
therein.

              

      

    

     

    
      
        	
              	
                 2.2.2

              	
                Notwithstanding
      the foregoing, if the Company believes that Licensor has terminated this
      Agreement for the primary purpose of doing business directly with the
      Sublicensee, the termination may be disputed under the provisions of
      Article 10.

              

      

    

     

    [*] Certain
information in this document has been omitted and filed separately with the
Securities and Exchange Commission.  Confidential treatment has been
requested with respect to the omitted portions.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    2.3           Assignment and Assumption of
Agreements.

     

    Licensor
entered into certain licensing and consulting agreements that relate to the
Technology as set forth on Schedule 2.3 (the “Assigned
Agreements”).  Subject to Article 11.5.4 hereof, Licensor hereby
assigns or otherwise transfers, as of the Effective Date, and the Company hereby
assumes, all of Licensor’s rights, obligations and responsibilities under the
Assigned Agreements following the Effective Date.  Notwithstanding the
foregoing, the parties acknowledge that, by this Agreement, the Licensor is not
assigning, and the Company is not assuming, any indemnification or other
liabilities or obligations under the Assigned Agreements with respect to any
matters occurring prior to the Effective Date or that relate to the acts and
omissions of Licensor, and that all liabilities and obligations under the
Assigned Agreements that arose prior to the Effective Date or with respect to
the acts or omissions of Licensor shall be the sole responsibility of the
Licensor, unless otherwise specifically agreed upon within this
Agreement. 

     

    2.4           Trademark
License

     

    Licensor
hereby grants to the Company an exclusive license, with the right to grant
sublicenses, to use and display the Licensed Trademarks in connection with the
marketing, promotion, and sale of Licensed Products in the Field of Use in the
Territory, subject to the terms of this Agreement.

     

    2.5           Covenant
Regarding Competing Products

     

    During
the Term, neither Licensor nor its Affiliates shall (i) engage, directly or
indirectly, in the development or commercialization of products within the
Antimicrobial Field (as defined below), or (ii) actively participate in the
management of any company engaged in the development or commercialization of
products within the Antimicrobial Field (“a Competitive Company”); provided,
however, that the foregoing shall not preclude Licensor from holding an equity
investment in a Competitive Company that does not constitute a controlling
interest in such Competitive Company.  As used herein, “Antimicrobial
Field” means the research, development, testing or sale of: (a) compositions,
methods or designs that provide or enhance antimicrobial protection for medical
devices and/or fluid conduits, or (b) treatments, formulations, or methods of
use comprising Taurolidine and other Taurinamide derivatives.

     

    Article
3 Technology and Regulatory Transfer

     

    3.1           Technology
and Regulatory Transfer

    

    Promptly
following the execution of this Agreement, Licensor shall make available to the
Company during regular business hours, at the facilities of Licensor or its
third party contractor, originals or copies of all Know-how (including but not
be limited to all pre-clinical or clinical data, trade secrets, human safety
data, preliminary efficacy data, and other regulatory data related to any
Licensed Product in its possession) Controlled by Licensor.  Company
shall have the opportunity to copy or remove from the premises any such
materials, at its own cost and expense, and will notify Licensor in writing once
Company has copied or removed all Know-How desired by
Company.  Company shall complete its review and removal of such
materials within four (4) weeks following the date upon which such materials are
made available by Licensor.  Licensor, in Licensor’s sole discretion
and at Licensor’s sole cost and expense, shall maintain or dispose of any
materials remaining in such facility after Company provides such
notice.  Upon execution of this Agreement, Licensor hereby assigns all
right, title, and interest in the Licensor IND(s)/IDE(s) relating to the
Licensed Products in the Field of Use to the Company, free and clear of all
liens, claims, and encumbrances.

     

    [*] Certain information in this
document has been omitted and filed separately with the Securities and Exchange
Commission.  Confidential treatment has been requested with respect to
the omitted portions.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    Licensor
shall, at the Company’s sole cost, take any and all actions requested by the
Company to effect the purposes of the foregoing as promptly as practicable
following the execution of this Agreement, which shall include but not be
limited to preparing and filing whatever filings, requests or applications are
required or deemed advisable by the Company to be filed with any Regulatory
Authority, if any, in connection with the assignment of the Licensor
IND(s)/IDE(s) (including but not limited to, if applicable with respect to the
FDA, a “transfer of ownership letter”). Such actions shall include providing the
Company with:

    

    
      	
            	
              a. 

            	
              copies
      of all regulatory submissions;

            

    

    

    
      	
               
      

            	
              b.

            	
              any
      communications with Competent Authorities and the minutes of any meetings
      with Competent Authorities relating to any Licensed
    Product;

            

    

    

    
      	
               
      

            	
              c.

            	
              DMFs
      and any trial, drug, device, or other master files relating to any
      Licensed Product, including copies of all case report
    forms;

            

    

    

    
      	
               
      

            	
              d.

            	
              copies
      of all listings and tables of results from the clinical trials relating to
      any Licensed Product;

            

    

    

    
      	
               
      

            	
              e.

            	
              copies
      of all treatment-related serious adverse event reports from the clinical
      trials relating to any Licensed
Product;

            

    

    

    
      	
               
      

            	
              f.

            	
              any
      retained samples of materials used in clinical trials relating to any
      Licensed Product;

            

    

    

    
      	
               
      

            	
              g.

            	
              access
      to contract and clinical research organizations (to the extent the
      Licensor is able using Commercially Reasonable Efforts) involved in the
      preclinical studies and clinical trials relating to any Licensed
      Product;

            

    

    

    
      	
               
      

            	
              h.

            	
              the
      data, files and results of any chemistry, manufacturing, or
      control-related activities regarding any Licensed
  Product.

            

    

     

    Article
4 Regulatory Compliance

     

    4.1          Ownership
and Maintenance of Governmental Approvals

     

    
      	
               
      

            	
              4.1.1

            	
              The
      Company may obtain, in its own name, all Marketing Authorizations for each
      country in the Territory for Licensed Products. Without limiting the
      generality of the foregoing, the Company shall prepare and submit in its
      own name and at its expense PMAs with the FDA in the U.S. and any other
      equivalent application with the Competent Authorities in other countries
      in the Territory.

            

    

     

    
      	
               
      

            	
              4.1.2

            	
              The
      Company shall secure and maintain in good standing, at its sole cost and
      expense, any and all Governmental Approvals (including, Marketing
      Authorizations, licenses, permits and consents, facility licenses and
      permits required by Applicable Laws or by the applicable Competent
      Authorities) necessary and/or required for the Company to perform its
      obligations under this Agreement and use Commercially Reasonable Efforts
      at its cost and expense to secure and maintain any variations and renewals
      thereof.  Licensor shall promptly notify Company of any written
      or oral notices received from, or inspections by, any Competent Authority
      relating to any such Governmental
Approvals.

            

    

     

    [*] Certain
information in this document has been omitted and filed separately with the
Securities and Exchange Commission.  Confidential treatment has been
requested with respect to the omitted portions.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    4.2           Rights
of Reference

     

    Licensor
shall grant and hereby grants the Company a free-of-charge right to reference
and use and have full access to all preclinical and clinical data, information,
and results, Governmental Approvals, and all other regulatory documents relating
to or useful for the Development of the Technology and Licensed Products in the
Field of Use, including but not limited to any IND, IDE, PMA, 510(k), NDA, DMF
(whether as an independent document or as part of any Governmental Approval),
and all chemistry, manufacturing and controls information, and any supplements,
amendments or updates to the foregoing, where such regulatory documents are
owned or Controlled by Licensor (for the purposes of this Article, the “Right of
Reference”). The Company may license the Right of Reference to Affiliates and to
Sublicensees.

     

    4.3           Access
to Manufacturers

     

    Licensor
grants to the Company a free-of-charge right to access (to the extent it has
such right) any suppliers of any form, component, or ingredient of or precursor
to the Technology or any Licensed Product, and shall, if and as requested by the
Company and at the Company’s sole cost, reasonably assist Company in
establishing supply relationships with such suppliers and/or assigning any
relevant supply agreements to the Company.

     

    Article
5 Development and Commercialization

     

    5.1           Development

     

    The
Company shall, at its sole expense, use Commercially Reasonable Efforts, itself
or through the activities of its Sublicensees and Affiliates, to perform the
Development and secure the Marketing Authorizations for Licensed
Products.  The Company’s Development program shall include preclinical
and clinical development of Licensed Products, including research and
development, manufacturing, and laboratory and clinical testing throughout the
Term of the License.

     

    5.2           Commercialization

     

    The
Company shall, at its sole expense, promptly following receipt of the necessary
Marketing Authorizations, use Commercially Reasonable Efforts to, itself or
through the activities of its Sublicensees and Affiliates, promote, market, sell
and commercialize thereafter, Licensed Products in the Territory within the
Field of Use.

     

    [*] Certain
information in this document has been omitted and filed separately with the
Securities and Exchange Commission.  Confidential treatment has been
requested with respect to the omitted portions.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    
      5.3         
Use
of Trademarks

    

     

    Company
will be solely responsible for the selection of all trademarks for use on or in
connection with Licensed Products marketed and sold by the Company and its
Sublicensees and Affiliates (such marks, the “Product Trademarks”), will be the
sole owner of any Product Trademarks other than the Licensed Trademarks,
including any Company House Marks, will be responsible for the filing,
prosecution, maintenance and defense of all registrations of the Product
Trademarks, and will be responsible for the payment of any costs relating to
filing, prosecution, maintenance and defense of the Product
Trademarks.  If Company, in its sole discretion, elects to use a
Licensed Trademark in connection with the promotion of a Licensed Product, then
Company shall use such mark in accordance with any trademark usage guidelines
provided by the Licensor.  Use of any such Licensed Trademarks shall
not give Company any right to such trademarks, other than as expressly set forth
in this Agreement.  Company acknowledges and agrees that the goodwill
generated by its use of the Licensed Trademarks will inure solely to the benefit
of Licensor.  Licensor acknowledges and agrees that the goodwill
generated by the Company’s use of any Product Trademarks other than Licensed
Trademarks will inure solely to the benefit of the Company. Company agrees not
to use or file any application to register any trademark or trade name that is
confusingly similar to any Licensed Trademarks.  Licensor agrees not
to use or file any application to register any trademark or trade name that is
confusingly similar to any Product Trademarks (other than Licensed Trademarks)
or Company House Marks.

     

    Article
6 Fees and Other Consideration

     

    6.1           Milestone
Payments

     

    As
further consideration for the license granted hereunder, the Company will make
the following one- time Milestone Payments to Licensor (or to such Third Parties
as Licensor may direct).

     

    
      	
               
      

            	
              6.1.1

            	
              Three
      Hundred Twenty-Five Thousand Dollars ($325,000) upon execution of this
      Agreement;

            

    

     

    
      	
               
      

            	
              6.1.2

            	
              [*];

            

    

     

    
      	
               
      

            	
              6.1.3

            	
              [*];

            

    

     

    
      	
               
      

            	
              6.1.4

            	
              [*];
      and

            

    

     

    
      	
               
      

            	
              6.1.5

            	
              [*].

            

    

     

    Each of
the Milestone Payments described above shall only be paid once upon their
respective accomplishments, regardless of the number of times such milestones
are achieved by one or more Licensed Products.

     

    6.2           Equity
Consideration

     

    Upon
execution of this Agreement, the Company shall issue to Licensor certain shares
of its Common Stock, par value $.001 per share, pursuant to a Subscription
Agreement, in the form attached hereto as Exhibit 6.2.1(a), which the parties
shall execute simultaneously with the execution of this Agreement, and subject
to the terms and conditions as set forth in a Stockholder Agreement in the form
attached hereto as Exhibit 6.2.1(b), between Company, Licensor, and other Third
Party signatories thereto (the “Stockholder Agreement”).  Upon
execution of this Agreement, the Company and Licensor shall enter into an Escrow
Agreement in the form attached hereto as Exhibit 6.2.1(c) pursuant to which the
Company shall place into escrow certain shares of its Common Stock, par value
$.001 per share, to be released pursuant to the terms of such Escrow Agreement
(the “Escrowed Shares”).

     

    [*] Certain information in this
document has been omitted and filed separately with the Securities and Exchange
Commission.  Confidential treatment has been requested with respect to
the omitted portions.

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    6.3           Place
of Payment, Taxes and Conversions

     

    All
payments under this Agreement shall be paid in United States dollars, unless
otherwise required by law, at such place as Licensor may reasonably designate
consistent with Applicable Laws and regulations. Any taxes, duties, or other
levies which the Company, its Affiliate or any Sublicensee shall be required by
law to pay or withhold on remittance of any payment(s) to Licensor due under
this Agreement shall be deducted from such payment(s) to Licensor. Any such
taxes, levies, or duties required under Applicable Law to be paid or withheld on
remittance of any payment(s) paid to Licensor under this Agreement shall be an
expense of, and borne solely by, Licensor, provided the Company sends to
Licensor proof of any such taxes, duties or other levies withheld and paid by
the Company for the benefit of Licensor, and further provided, the Company
cooperate, at Licensor’s expense, with any reasonable request to help ensure
that amounts withheld and/or paid are reduced and/or recovered to the extent
permitted by the relevant jurisdiction.  If any currency conversion
shall be required in connection with payments hereunder, such conversion shall
be made by using the exchange rate prevailing at Citibank, N.A. in New York, New
York on the last business day of the reporting period to which such payments
relate.

     

    6.4           Time
for Payment

     

    6.4.1
Milestone Payments payable to Licensor shall, notwithstanding the use of the
word “upon” throughout Article 6.1, become due and payable within [*] after
achievement of the indicated milestone.

     

    6.4.2 The
Company shall not be required to make a report pursuant to Article 7.2 until the
occurrence of the first commercial sale of a Licensed Product.

     

    6.5           Interest

     

    Amounts
which are not paid when due shall accrue interest from the due date until paid,
at a rate equal to the then prevailing prime rate of Citibank, N.A., plus
[*].

    

    Article
7 Reports and Records

    

    7.1           Records
and Audits

    

    The
Company shall keep full, true and accurate books of account containing all
particulars that may be reasonably necessary for the purpose of allowing
Licensor to determine if any Milestone Payments are payable hereunder or if any
Escrowed Shares are to be released hereunder. Said books of account shall be
kept at the Company’s principal place of business and the supporting data shall
be opened up to Licensor once per quarter upon reasonable notice to the Company
for inspection by Licensor’s internal audit division or by another designated
auditor selected by Licensor, except one to whom the Company has reasonable
objection, for the purpose of verifying the Company’s Statement (as defined
below) or compliance in other respects with this Agreement. If an inspection
shows an under-reporting or underpayment of the milestone payable, then the
Company shall reimburse Licensor for the reasonable, documented cost of the
inspection and, if such underreporting delayed the payment of any Milestone
Payment or the release of any Escrowed Shares, Company shall also
pay  any late charges as required by Article 6.5 of this Agreement.
Said books of account and the supporting data shall be made available to
Licensor for three (3) years following the expiration of the Term. All payments
required under this Article 7.1 shall be due within [*] days of the date
Licensor provides the Company notice of the payment due.  Licensor
shall cause its accounting firm to retain all financial information subject to
review under this Article 7.1 in strict confidence; provided, however, that
the Company shall have the right to require that the Licensor’s accounting firm,
prior to conducting such audit, enter into an appropriate non-disclosure
agreement with Company regarding such financial information.  The
accounting firm may disclose to Licensor any information that directly relates
to the determination of whether any Milestone Payments are payable hereunder or
if any Escrowed Shares are to be released hereunder, together with any related
computations prepared by the accounting firm.  The accounting firm may
not share any other information about the Company with
Licensor.  Licensor shall treat all such financial information as
Company’s Confidential Information.

     

    [*] Certain
information in this document has been omitted and filed separately with the
Securities and Exchange Commission.  Confidential treatment has been
requested with respect to the omitted portions.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    7.2          Statements

     

    Within
[*] from the end of each calendar quarter, the Company shall deliver to Licensor
complete and accurate reports, giving such particulars of the business conducted
by the Company during such period under this Agreement as shall be pertinent to
an accounting of payments that may be due to Licensor under this Agreement or
the release of Escrowed Shares hereunder (the “Statement”).  Delivery
of Statements shall conclude upon achievement of the last milestone set forth in
Articles 6.1 and 6.2, provided that a Statement for the calendar quarter in
which such milestone is achieved shall be provided. The Statement shall include
at least the following:

     

    
      	
               
      

            	
              7.2.1

            	
              Net
      Sales for each Licensed Product by the Company, each Affiliate, and each
      Sublicensee

            

    

     

    
      	
               
      

            	
              7.2.2

            	
              cumulative
      Net Sales for the applicable calendar
quarter;

            

    

     

    
      	
               
      

            	
              7.2.3

            	
              a
      breakdown of deductions applicable in computing Net Sales and taxes paid
      or withheld, if any;

            

    

     

    
      	
               
      

            	
              7.2.4

            	
              names
      and addresses of all Sublicensees and Affiliates of the Company;
      and

            

    

     

    
      	
               
      

            	
              7.2.5

            	
              a
      copy of each report from each Sublicensee as may be pertinent to an
      accounting of payments that may be due to Licensor or the release of
      Escrowed Shares hereunder.

            

    

     

    7.3          Confidential
Treatment of Reports

     

    Licensor
agrees to hold in confidence each Statement delivered by the Company pursuant to
this Article 7 for a period of seven (7) years following termination of this
Agreement. Notwithstanding the foregoing, Licensor may disclose any such
information required to be disclosed to its representatives and legal
and  financial advisors (subject to the restrictions set forth in
Article 15) and in its financial statements or as required by any stock exchange
or similar regulatory authority, or pursuant to any Applicable Laws, provided
that Licensor take reasonable steps to provide and assist the Company with the
opportunity, where reasonably appropriate, to (i) contest such subpoena,
requirement or order or (ii) seek protective or confidential treatment thereof,
including but not limited to reasonable advance notice to the Company of any
such required disclosure, to the extent reasonably practicable.  The
Licensor understands that it is the intention of the Company to become publicly
traded and that any information disclosed to Licensor under this Agreement,
including the Statement, may be deemed “material non-public information” under
state and federal securities laws.

     

    [*] Certain
information in this document has been omitted and filed separately with the
Securities and Exchange Commission.  Confidential treatment has been
requested with respect to the omitted portions.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    Article
8 Patent Prosecution and Maintenance

     

    8.1           Prosecution
and Maintenance

     

    Following
the Effective Date, the Company shall, at its expense, use Commercially
Reasonable Efforts to file, prepare, prosecute and maintain the Patent Rights
(as the same may be amended or supplemented in writing from time to time after
the date hereof), including, but not limited to, the filing of patent
applications, extensions, continuations, continuations in part, divisionals,
re-examinations, or re-issue applications that the Company determines may be
required to advance the purposes of this Agreement or otherwise to protect the
rights and licenses granted hereunder.  The Company shall control such
prosecution and maintenance, using counsel of its choosing, in the name of
Licensor, and agrees to keep Licensor reasonably informed with respect to the
status and progress of any such applications, prosecutions and maintenance
activities and to consult in good faith with Licensor and take into account
Licensor’s reasonable comments and requests with respect thereto prior to the
filing of any such documents.  Licensor shall promptly notify Company
in writing and reasonable detail of any Improvements and assist Company in
filing, prosecuting, and maintaining, in Licensor’s name, Patent Rights claiming
the same.  Both parties agree to provide reasonable cooperation to
each other to facilitate the application and prosecution of patents pursuant to
this Agreement and the Licensor shall execute all lawful papers and instruments
and make all rightful oaths and declarations as may be necessary in the
preparation, prosecution and maintenance of all patents and other filings
referred to in this Article 8.

     

    8.2           Patent
Term Extensions

    

    The
Company shall promptly notify Licensor of the issuance of each Governmental
Approval and, where reasonably possible and reasonably useful or valuable in the
commercialization of Licensed Products, use Commercially Reasonable Efforts to
apply or enable Licensor to apply for a patent term extension, adjustment or
restoration, supplementary protection certificate, or other form of market
exclusivity conferred by Applicable Laws (collectively, “Patent Term Extensions”) in the
relevant country of the Territory.  Licensor shall, to the extent
reasonably possible and reasonably useful or valuable in the commercialization
of Licensed Products, use Commercially Reasonable Efforts to, if and as
requested by the Company, and at the Company’s expense, obtain (or assist the
Company in obtaining) all available Patent Term Extensions. The Parties shall
cooperate with each other in obtaining Patent Term Extensions wherever and
whenever applicable, reasonably possible to obtain, and reasonably useful or
valuable in the commercialization of Licensed Products.

     

    8.3           Abandonment

     

    The
Company may, in its discretion, elect to abandon any patent applications or
issued patent in the Patent Rights.  Following such abandonment,
Licensor shall have the right, but not the obligation, to commence or continue
such prosecution and to maintain any such patent or patent application under its
own control and at its own expense and such patent or patent application shall
thereafter be excluded from the definition of Patent Rights for purposes of this
Agreement (and, as between the parties hereto, such abandoned patent
applications or issued patent in the Patent Rights shall, at the election of the
Licensor, become the sole and exclusive property of the
Licensor).  Prior to any such abandonment, the Company shall give
Licensor at least ninety (90) days notice, where practical, and a reasonable
opportunity to take over prosecution of such patent or patent
application.  The Company agrees to cooperate in such activities
including execution of any documents necessary to enable Licensor to retain
ownership and control of such patent or patent application.

     

    [*] Certain
information in this document has been omitted and filed separately with the
Securities and Exchange Commission.  Confidential treatment has been
requested with respect to the omitted portions.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

     

    Article
9 Infringement, Enforcement and Other Actions

     

    
      	
              9.1

            	
              Notice
      of Infringement of Patent Rights

            

    

     

    The
Company and Licensor shall promptly provide written notice, to the other party,
of any alleged infringement or any challenge or threatened challenge to the
validity, enforceability or priority of any of the Patent Rights, and provide
each other with any available evidence of such infringement, challenge or
threatened challenge by a Third Party of the Patent Rights and provide such
other party with any available evidence of such infringement.

     

    
      	
              9.2 

            	
              Prosecution
      or Defense of Patent Rights

            

    

     

    During
the Term, the Company shall have the first right and the obligation, to take
appropriate action (in the discretion of its board of directors) to enforce the
Patent Rights, to defend any declaratory judgments seeking to invalidate or hold
the Patent Rights unenforceable, to control any litigation or other enforcement
action and to enter into, or permit, the settlement of any such litigation,
declaratory judgments or other enforcement action pertaining to Patent Rights,
with respect to any potential, threatened, alleged, or actual infringement of,
or challenge, to, the Patent Rights, at its own expense and with counsel of its
choosing. In furtherance of such right, Licensor hereby agrees that the Licensor
may join Company as a party in any such suit (and will join at the Company’s
request), provided that the Company pay all of Licensor’s reasonable, documented
out-of-pocket expenses with respect thereto. If, within twelve (12) months of
the written notice provided for in Article 9.1, the Company (i) shall have been
unsuccessful in persuading the alleged infringer to desist or (ii) shall not
have brought and shall not be diligently prosecuting an infringement action as a
result of its board of directors’ good faith  determination that such
action is not in the Company’s best interest, then Licensor shall then have the
right to bring suit to enforce such Patent Rights, at its own expense; provided,
however, that, within thirty (30) days after receipt of notice of Licensor’s
intent to file such suit, Company shall have the right to jointly prosecute such
suit and to fund up to one-half (1⁄2) the costs of such suit in exchange for a
commensurate share of the proceeds of such suit.  Subject to the
effects of the foregoing in the event the Company exercises the aforementioned
right, any recovery of damages or amounts received in settlement pursuant to
this Article 9.2 shall be allocated pursuant to Article 9.5 below.

     

    
      	
              9.3 

            	
              Infringement
      by Licensed Product

            

    

     

    In the
event that a claim or suit is asserted or brought against the Company alleging
that the manufacture or sale of any Licensed Product by the Company, an
Affiliate of the Company, or any Sublicensee, or the use of such Licensed
Product by any customer of any of the foregoing, infringes proprietary rights of
a Third Party, the Company shall give written notice thereof to Licensor. The
Company may, in its sole discretion, modify such Licensed Product to avoid such
infringement and/or may settle on terms that it deems advisable in its sole
discretion, provided that any final disposition of the litigation that will
restrict the claims in or admit any invalidity of any Patent Rights(s) shall not
be made without consultation with and approval by Licensor, such approval not to
be unreasonably withheld. Otherwise, the Company shall have the first right and
obligation, to defend any such claim or suit. If the Company has, based on its
board of directors’ good faith determination, not exercised such right to defend
or entered into settlement discussions concerning such alleged infringement
within the sooner of (i) twelve (12) months of the assertion of such a claim or
(ii) thirty (30) days of the filing of such a suit, or if the Company notifies
Licensor that it has decided not to undertake such defense or enter into
settlement discussions with respect to its alleged infringement as a result of
its board of directors’ good faith determination that such action is not in the
Company’s best interest, then Licensor shall then have the right, but not the
obligation, to defend such alleged infringement, at its sole expense, provided
however that no settlement affecting Patent Rights will be agreed upon without
Company’s prior written consent.

    

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    

    
      
        
           

        

        
          16

          
            

          

        

        
           

        

      

    

     

    
      	
              9.4 

            	
              Control
      of Infringement Action

            

    

    

    The party
controlling any action, suit, or defense under Article 9.2 or 9.3 (the
“Controlling Party”) shall be free to enter into a settlement, consent judgment,
or other voluntary disposition of any such action, provided, however, that (i)
the Controlling Party shall consult with the other party (the “Secondary Party”)
prior to entering into any settlement thereof and (ii) any settlement, consent
judgment or other voluntary disposition of such actions which (1) materially
limits the scope, validity, or enforceability of any Patent Rights or, if the
Company is the Secondary Party, patents or patent applications owned or
Controlled by the Company, (2) subjects the Secondary Party to any
non-indemnified liability, payment obligation, or injunction, or (3) admits
fault or wrongdoing on the part of the Secondary Party must be approved in
writing by the Secondary Party, such approval not to be unreasonably
withheld.  The Secondary Party shall provide the Controlling Party
notice of its approval or denial of such approval within fifteen (15) business
days of any request for such approval by the Controlling Party, provided that
(i) in the event the Secondary Party wishes to deny such approval, such notice
shall include a written description of the Secondary Party’s reasonable
objections to the proposed settlement, consent judgment, or other voluntary
disposition and (ii) the Secondary Party shall be deemed to have approved such
proposed settlement, consent judgment, or other voluntary disposition in the
event it fails to provide such notice within such fifteen (15) business day
period.

     

    
      	
              9.5 

            	
              Allocation
      of Damages Recovered

            

    

     

    Any
recovery of damages or amounts received in settlement by Company or its
Affiliates under Article 9.2 or 9.3 shall be applied first in satisfaction of
any unreimbursed expenses and legal fees of the Company and Licensor relating
thereto, with the balance remaining from any such recovery or settlement being
allocated as follows: (i) amounts reasonably attributable to lost profits on
Licensed Products shall be treated as Net Sales by the Company and (ii) the
remaining balance shall be retained by the Company.  Any recovery of
damages or amounts received in settlement by Licensor under Articles 9.2 or 9.3
shall be applied first in satisfaction of any unreimbursed expenses and legal
fees of the Company and Licensor relating thereto, with the balance remaining
from any such recovery being allocated as follows: (i) any amounts reasonably
attributable to any intellectual property rights of the Company (other than
those licensed or assigned to the Company hereunder) being paid to Company and
(ii) the remaining balance shall be retained by the Licensor.

     

    
      	
              9.6 

            	
              Cooperation

            

    

     

    In any
suit to enforce and/or defend the Patent Rights pursuant to this Agreement, or
defend against any alleged infringement of Third Party intellectual property
rights by the manufacture, use, sale, or import of a Licensed Product, the
Secondary Party shall, at the request and expense of the Controlling Party,
cooperate in all respects and, to the extent possible, have its employees
testify when requested and make available relevant records, papers, information,
samples, specimens, and the like.

     

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    

    
      
        
           

        

        
          17

          
            

          

        

        
           

        

      

    

     

    Article
10 Dispute Resolution

     

    
      	
              10.1 

            	
              Disputes

            

    

     

    
      	
               
      

            	
              10.1.1

            	
              The
      parties recognize that disputes as to certain matters may from time to
      time arise during the Term which relate to either party’s rights and/or
      obligations hereunder or to the interpretation, performance, breach, or
      termination of this Agreement (a “Dispute”). It is the objective of the
      parties to establish procedures to facilitate the resolution of a Dispute
      in an expedient manner by mutual cooperation and without resort to
      litigation. To accomplish this objective, the parties agree to follow the
      procedures set forth in this Article 10 if and when a Dispute arises under
      this Agreement.

            

    

     

    
      	
               
      

            	
              10.1.2

            	
              A
      Dispute among the parties will be resolved as recited in this Article 10.
      Any Disputes relating to or arising under this Agreement shall be promptly
      presented to the Chief Executive Officers of Licensor and the Company, or
      their respective designees (who must be members of a party’s senior
      management) for resolution. From the date of referral of a Dispute to the
      Chief Executive Officers or their designees of the parties and until such
      time as any matter has been resolved by the parties or has been finally
      settled by arbitration hereunder, the running of the cure periods (if any)
      as to which a party must cure a breach that is part of the subject matter
      of any Dispute shall be suspended. In the event that the Chief Executive
      Officers of Licensor and the Company, or their respective designees,
      cannot after good faith negotiations resolve the Dispute within forty-five
      (45) days (or such other period of time as mutually agreed to by the
      parties in writing) of being requested by a party to resolve a Dispute,
      the parties agree that such Dispute shall be resolved by binding
      arbitration in accordance with this Article
  10.1.

            

    

     

    
      	
               
      

            	
              10.1.3

            	
              If
      a party intends to begin arbitration to resolve such Dispute, such party
      shall provide written notice (the “Arbitration Notice”) to the other party
      informing such other party of such intention and the issues to be
      resolved. Any arbitration hereunder shall be conducted pursuant to the
      Commercial Arbitration Rules of the American Arbitration Association
      (“AAA”; such rules, the “AAA Rules”), except as modified herein. The
      arbitration shall be conducted by a panel of three (3) independent,
      neutral arbitrators that are industry experts experienced in the issues
      comprising the Dispute and have no past, present or reasonably anticipated
      future affiliation with either party (the “Panel”).  Company and
      Licensor shall each be entitled to select one (1) such arbitrator, with
      the two such arbitrators so selected selecting the third such
      arbitrator.  In the event either party fails to select its
      arbitrator within such ten (10) day period, the arbitrator selected by the
      other party within such ten (10) day period shall be entitled to select
      such arbitrator.  The arbitration shall take place in New York,
      New York and be conducted in English. The Panel shall apply the laws of
      the State of New York, without regard to its conflicts of laws provisions.
      The Panel shall issue appropriate protective orders to protect each
      party’s Confidential Information. If a party can demonstrate to the Panel
      that the complexity of the issue or other reasons warrant the extension of
      one or more timetables in the AAA Rules, the Panel may extend such
      timetables but in no event shall the proceeding extend more than twelve
      (12) months from the date of filing of the arbitration notice with the
      AAA. The Panel’s decision shall be in writing. The Panel shall have the
      authority to award any remedy allowed by law, including but not limited to
      compensatory damages, pre-judgment interest, and punitive or other
      damages. Each party shall bear its own costs, fees and expenses in the
      arbitration and shall share equally the Panel’s fees, unless the Panel
      determines that its fees are to be paid by the non-prevailing
      party.  Notwithstanding anything to the contrary, without
      prejudice to the above procedures, either party may seek, in a court of
      competent jurisdiction, injunctive relief or other provisional judicial
      relief if, in its reasonable judgment, such action is necessary to avoid
      irreparable damage or otherwise enforce its rights
    hereunder

            

    

     

    [*] Certain information in this
document has been omitted and filed separately with the Securities and Exchange
Commission.  Confidential treatment has been requested with respect to
the omitted portions.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    
      	
              10.2 

            	
              Performance
      to Continue

            

    

     

    This
license shall remain in full force and effect until a Dispute is resolved. Each
party shall continue to perform its obligations, and shall be permitted to
continue to exercise its rights, under this Agreement pending final resolution
of any Dispute arising out of or related to this Agreement; provided, however,
that a party may suspend performance of its obligations during any period in
which the other party fails or refuses to perform its obligations.

     

    
      	
              10.3 

            	
              Determination
      of Patents and Other Intellectual
Property

            

    

     

    Notwithstanding
Article 10.1, any dispute relating to the ownership, scope, validity or
infringement of intellectual property rights (including any determination of
validity of claims, infringement or claim interpretation relating to Licensor’s
Patent Rights) shall be submitted
exclusively to the courts.

     

    
      	
              10.4 

            	
              Statute
      of Limitation and Time-Based Defenses
Tolled

            

    

     

    All
applicable statutes of limitation and time-based defenses (such as estoppel and
laches) shall be tolled while any arbitration proceedings are pending and during
any arbitration proceedings.  The parties shall cooperate in taking
any actions necessary to achieve this result.

     

    Article
11 Term and Termination

     

    
      	
              11.1 

            	
              Term

            

    

     

    This
Agreement shall become effective on the Effective Date and shall expire on a
country-by-country basis upon the earlier of (i) the date of the expiration of
the last to expire Valid Claim contained in the Patent Rights in such country in
the Territory or (ii) the payment and release of all amounts due under Articles
6.1 and 6.2 (the “Term”), unless earlier terminated as provided in Articles 11.2
or 11.4.

     

    
      	
              11.2 

            	
              Termination
      for Material Breach

            

    

     

    Upon any
material breach or default of this Agreement by the Company (including but not
limited to non-payment), Licensor shall have the right to terminate this
Agreement and the rights, privileges and license granted hereunder by giving
sixty (60) days prior written notice to the Company. If said breach is incapable
of being cured, or if upon the expiration of the sixty (60) day period, if the
Company shall not have cured such breach or default, this Agreement shall, at
the option of Licensor, terminate upon written notice of
Licensor.   In the event of a bona fide dispute over any material
breach, the parties shall attempt to resolve such dispute in accordance with
Article 10.  Notwithstanding anything herein to the contrary, if the
nature of the breach is such that additional time is reasonably needed to cure
such breach, and Company has commenced and continues with good faith diligent
efforts to cure such breach, then Licensor shall provide Company with additional
time in which to cure such breach.

     

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    

    
      
        
           

        

        
          19

          
            

          

        

        
           

        

      

    

     

    
      	
              11.3 

            	
              Expiration
      of Term on a Country by Country
Basis

            

    

     

    Upon the
expiration of the Term in each country in the Territory, the Company will have
an irrevocable, perpetual, fully paid-up, royalty-free exclusive license, with
rights of sublicense (through multiple tiers), under all rights granted under
this Agreement to conduct research, develop, have developed, make, have made,
use, have used, import, have imported, export, have exported, offer for sale,
have sold, sell, produce, manufacture, distribute and market Licensed Products
in such country.

     

    
      	
              11.4 

            	
              Termination
      by Company

            

    

     

    The
Company shall have the right at any time to terminate this Agreement in its
entirety or on a country-by-country basis by giving sixty (60) days notice
thereof in writing to Licensor, following a good faith determination by the
Company’s Board of Directors not to proceed with the development of Licensed
Products.

     

    
      	
              11.5 

            	
              Consequences
      of Termination

            

    

     

    Upon the
termination of this Agreement by either party, the following shall
occur:

     

    
      	
               
      

            	
              11.5.1

            	
              Subject
      to Article 11.5.2, the Company and its Affiliates (as the case may be)
      shall have no right to practice within the Patent Rights or use any of the
      Patent Rights and Know-how, and all rights, title or interest in, or other
      incidents of ownership under the Patent Rights and Know-how shall revert
      to and become the sole property of Licensor, and the licenses granted
      under Article 2.1 shall automatically
terminate.

            

    

     

    
      	
               
      

            	
              11.5.2

            	
              Notwithstanding
      Article 11.5.1, if this Agreement is terminated other than pursuant to
      Article 11.4, the Company and its Affiliates shall have the right, at the
      Company’s sole discretion, to sell all completed Licensed Products and
      complete (or have completed) any Licensed Products in the process of
      manufacture at the time of such termination and sell the same, in each
      case for a period not to exceed six (6) months after the effective date of
      such termination.  All such sales of Licensed Products by the
      Company and its Affiliates shall be included in Net Sales.  If
      the Company and its Affiliates elect not to sell off any such inventory of
      Licensed Products, then the Company shall, at Licensor’s election,
      transfer and deliver, all Licensed Products (including those in the
      process of manufacture at the time of such termination) to the Licensor,
      who shall pay the Company (i) the fair market value therefor if the
      termination is as the result of Licensor’s breach of this Agreement and
      (ii) [*]% of the fair market value if this Agreement or any provisions of
      this Agreement are terminated by the Company for any other
      reason.  Following such transfer, the Licensor shall have the
      right to sell all completed Licensed Products (and retain all proceeds
      therefrom).

            

    

     

    
      	
               
      

            	
              11.5.3

            	
              Notwithstanding
      anything to the contrary, each sublicense granted under this Agreement by
      the Company or its Affiliates to a Sublicensee shall, to the extent not
      imposing obligations on Licensor in excess of those contained herein,
      survive such termination and be automatically assigned to Licensor as
      provided for in Article 2, in order to provide for the applicable
      Sublicensees’ continued enjoyment of their rights under such
      sublicenses.

            

    

     

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    

    
      
        
           

        

        
          20

          
            

          

        

        
           

        

      

    

     

    
      
        	
              	
                11.5.4 

              	
                Upon
      any termination of this Agreement, other than due to the Licensor’s
      material breach: (i) for no additional consideration, the Company will
      assign or otherwise transfer, and the Licensor will assume, all of the
      Company’s rights, obligations and responsibilities under the Assigned
      Agreements as of the effective date of such termination, but excluding the
      Exclusive License and Consulting Agreement between Licensor and
      Hans-Dietrich Polaschegg, dated as of April 29, 2005, and (ii) the parties
      will enter into a mutually agreeable arrangement for a royalty-bearing
      non-exclusive or exclusive license (as may be negotiated by the parties)
      under any modifications, enhancements, or improvements of a Licensed
      Product, or any Company Inventions (as defined below), to make, use, sell,
      offer for sale, and import Licensed Products (collectively, the
      “Reversion”). As used above, “Company Inventions” means any inventions,
      discoveries, improvements (whether patentable or not), information, and
      data, and any related patent rights, in each case that are owned or
      Controlled by the Company as of the effective date of such termination and
      which are used in or would be infringed by the manufacture, use, or sale
      of any Licensed Product as conducted as of such termination effective
      date. For clarity, Licensor shall not assume any indemnification or other
      liabilities or obligations under the Assigned Agreements that occurred or
      arose from transactions occurring or actions or inactions prior to the
      Reversion but after the Effective Date that arose under or in connection
      with this Agreement (“Company Liabilities”). Company Liabilities shall be
      the sole responsibility of the Company. If, following good faith
      negotiations, the parties are unable to agree on mutually agreeable terms
      with respect to the license described in clause (ii) above within ninety
      (90) days following the effective date of termination of this Agreement,
      then the parties shall submit such dispute for final resolution to
      mediation in New York, NY (with the mediator being mutually acceptable to
      the parties hereto), with the cost thereof being shared equally by the
      Company and the Licensor. In no event shall the termination of this
      Agreement result in any forfeiture or loss of any equity securities of the
      Company that are issued to Licensor pursuant to Section 1 of the
      Subscription Agreement.

              

      

       

      
        	
              	
                11.5.5

              	
                If
      such termination was made by the Company pursuant to Article 11.4 then the
      payments described in Article 6.1 and Article 6.2 shall survive any such
      termination solely with respect to products the manufacture, use or sale
      of which would infringe one or more issued patents licensed pursuant to
      the Exclusive License and Consulting Agreement between Licensor and
      Hans-Dietrich Polaschegg, dated as of April 29, 2005. Such payments shall
      be made pursuant to the terms of Articles 6.3, 6.4 and
  6.5.

              

      

      
      

    

    
      	
              11.6 

            	
              Partial
      Termination

            

    

     

    Upon the
early termination of this Agreement by either party in respect of a country, the
terms of Article 11.5 shall apply in respect of such country; provided, however,
that the Company shall use Commercially Reasonable Efforts to sell any Licensed
Products located in such country that have not yet been sold in another country
in which it is marketing the Licensed Products.

     

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    

    
      
        
           

        

        
          21

          
            

          

        

        
           

        

      

    

    

    
      	
              11.7 

            	
              Survival

            

    

     

    Upon
termination of this Agreement for any reason, nothing herein shall be construed
to release either party from any obligation that matured prior to the effective
date of such termination, and the following provisions shall survive such
termination: Articles 6 (solely to the extent expressly provided in Section
11.5.5), 7, 9 (with respect to infringement occurring prior to such
termination), 10, 11, 13, 14, 15, and 16.

     

    Article
12 Representations and Warranties

     

    
      	
              12.1 

            	
              Licensor
      Warranties

            

    

     

    Except as
is set forth on the Disclosure Schedule prepared and delivered by Licensor to
the Company, Licensor represents and warrants that, except as described on
Schedule 12.1:

     

    
      	
               
      

            	
              12.1.1

            	
              Licensor
      owns all right, title, and interest in and to the Patent Rights and
      Know-how, including the exclusive, absolute, irrevocable right, title and
      interest thereto, free and clear of all liens, charges, encumbrances or
      other restrictions or limitations of any kind whatsoever.  As of
      the Effective Date, the Patent Rights are existing and, to the best of
      Licensor’s knowledge, are valid and enforceable, in whole or in
      part.

            

    

     

    
      	
               
      

            	
              12.1.2

            	
              There
      is no claim, pending or threatened, of infringement, interference or
      invalidity regarding any part or all of the Patent Rights or Know-how or
      their use.

            

    

     

    
      	
               
      

            	
              12.1.3

            	
              The
      US and foreign patent applications and patents itemized on Schedule 1.25
      set forth all of the patents and patent applications necessary or useful
      for practicing the Technology in the Field of Use owned by or licensed to
      Licensor on the Effective Date.

            

    

     

    
      	
               
      

            	
              12.1.4

            	
              The
      Licensor is a limited liability company duly formed, validly existing and
      in good standing under the laws of Delaware.  The Licensor has
      the requisite power and authority to execute and deliver this Agreement
      and to consummate the transactions contemplated hereby.  The
      execution and delivery of this Agreement and the performance and
      consummation of the transactions contemplated hereby by the Licensor have
      been duly authorized by all necessary action on the part of the
      Licensor.  This Agreement has been duly executed and delivered
      by the Licensor and, subject to the due authorization, execution and
      delivery of this Agreements by the Company, this Agreement constitutes a
      valid and binding obligation of the Licensor, enforceable against the
      Licensor in accordance with its terms, except as such enforcement may be
      affected by bankruptcy, reorganization, insolvency, moratorium or similar
      laws affecting creditor’s rights generally and except for general
      principles of equity.

            

    

     

    
      	
               
      

            	
              12.1.5

            	
              No
      consent, approval or authorization of, or declaration or filing with, any
      Governmental Authority or other Third Party (a “Consent”) is required on
      the part of the Licensor in connection with its execution, delivery, and
      performance of this Agreement or the consummation of the transactions
      contemplated hereby.

            

    

     

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    

    
      
        
           

        

        
          22

          
            

          

        

        
           

        

      

    

     

    
      	
               
      

            	
              12.1.6

            	
              There
      are no suits or actions, administrative, arbitration or other proceedings,
      or governmental investigations pending or, to the knowledge of the
      Licensor, threatened against or affecting the Licensor with respect to
      Licensed Products or the Patent Rights.  No Person has notified
      the Licensor in writing of any material claim against the Licensor
      alleging any personal property or economic injury, loss or damage incurred
      as a result of or relating to the use of the Technology or any Licensed
      Products.  There is no judgment, order, injunction, decree, writ
      or award against the Licensor that is not satisfied and remains
      outstanding with respect to the Technology, Patent Rights, or any Licensed
      Product.

            

    

     

    
      	
               
      

            	
              12.1.7

            	
              Schedule
      12.1.7 hereto sets forth a true and complete list of each license,
      contract or other agreement (together with certain other agreements and
      any amendments to any of the foregoing) to which the Licensor is a party
      or by or to which any property of the Licensor is otherwise bound or
      subject that relates to the Licensed Products or the Patent Rights,
      including but not limited to the Assigned Agreements (collectively, the
      “Material Agreements”).  True and complete copies of all
      Material Agreements have been previously delivered to the
      Company.  Each of the Material Agreements is valid, binding and
      in full force and effect, and enforceable by the Licensor, in each case in
      accordance with its respective terms.  No Person (other than the
      Licensor) that is a party to any Material Agreement or is otherwise bound
      thereby is, to the knowledge of the Licensor, in default or breach thereof
      and no event, condition or act exists that, with the giving of notice or
      the lapse of time or both, would give rise to such a default or breach
      thereof or a right of cancellation by the Licensor
      thereunder.  The Licensor is not in default or breach in any
      material respect of any of the Material Agreements and, no event,
      condition or act exists that, with the giving of notice or the lapse of
      time or both, would give rise to a default or breach by the Licensor
      thereof or a right of cancellation thereunder by any other party
      thereto.   Except as set forth on Schedule 12.1.7, each
      Assigned Agreement is assignable by Licensor to the Company without the
      Consent of any other person.

            

    

     

    
      	
               
      

            	
              12.1.8

            	
              To
      the knowledge of the Licensor, none of the Patent Rights, Licensed
      Products, or Technology, nor the practice, development, use, manufacture,
      sale, or import of any of the foregoing, infringes or conflicts in any
      material respect with, and the Licensor has not received any notice of
      infringement of, or conflict with, any license, patent, copyright,
      trademark, service mark or other intellectual property right of any Third
      Party and, to the knowledge of the Licensor, there has not been and is not
      currently any infringement or unauthorized use by any Third Party of any
      of the Patent Rights, Technology, Know-how, or Licensed
      Products.  Except as provided herein, the validity or
      enforceability of any of the Patent Rights and or the title of the
      Licensor thereto has not been questioned in any litigation, governmental
      inquiry or proceeding to which the Licensor is a party and, to the
      knowledge of the Licensor, no such litigation, governmental inquiry or
      proceeding is threatened.

            

    

     

    
      	
               
      

            	
              12.1.9

            	
              Licensor
      owns all right, title, and interest to the Licensor IND(s)/IDE(s) free and
      clear of all liens, claims, and encumbrances, the Licensor IND(s)/IDE(s)
      constitute the only INDs, IDEs, or regulatory filings of any kind
      concerning any Licensed Product, and there are no Governmental Approvals
      in place or effective in any jurisdiction with respect to any Licensed
      Product.

            

    

     

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    

    
      
        
           

        

        
          23

          
            

          

        

        
           

        

      

    

     

    
      	
              12.2

            	
              Company
      Warranties

            

    

     

    
      	
               
      

            	
              The
      Company represents and warrants
that:

            

    

     

    12.2.1  The
Company is a corporation duly formed, validly existing and in good standing
under the laws of Delaware.  The Company has the requisite power and
authority to execute and deliver this Agreement and to consummate the
transactions contemplated hereby.  The execution and delivery of this
Agreement and the performance and consummation of the transactions contemplated
hereby by the Company have been duly authorized by all necessary action on the
part of the Company.  This Agreement has been duly executed and
delivered by the Company and, subject to the due authorization, execution and
delivery of this Agreements by the Licensor, this Agreement constitutes a valid
and binding obligation of the Company, enforceable against the Company in
accordance with its terms, except as such enforcement may be affected by
bankruptcy, reorganization, insolvency, moratorium or similar laws affecting
creditor’s rights generally and except for general principles of
equity.

     

    12.2.2  No
consent, approval or authorization of, or declaration or filing with, any
Competent Authority, other governmental authority, or other Third Party is
required on the part of the Company in connection with its execution, delivery,
and performance of this Agreement or the consummation of the transactions
contemplated hereby.

     

    Article
13 Limitation of Liability, Indemnity

     

    
      	
              13.1 

            	
              NO
      IMPLIED WARRANTIES

            

    

     

    EXCEPT AS
SET FORTH IN ARTICLE 12, LICENSOR DOES NOT MAKE AND EXPRESSLY DISCLAIMS ALL
REPRESENTATIONS AND WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED,
INCLUDING, BUT NOT LIMITED TO, WARRANTY OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE.

     

    
      	
              13.2 

            	
              Indemnity

            

    

     

    
      	
               
      

            	
              13.2.1

            	
              The
      Company agrees to defend, indemnify and hold harmless Licensor, its
      Affiliates, directors, employees and officers (“Licensor Indemnitees”)
      from and against all third party liability, demands, damages, including
      without limitation reasonable legal fees and expenses, and losses
      including death, personal injury, illness or property damage to the extent
      arising directly or indirectly out of the Company’s use, manufacture,
      sale, or other disposition of Licensed Products under the terms of this
      Agreement, to the extent not resulting from any Licensor Indemnitees’
      breach of this Agreement, negligence, willful misconduct, or failure to
      comply with Applicable Laws.

            

    

    

    
      	
               
      

            	
              13.2.2

            	
              Licensor
      agrees to defend, indemnify and hold harmless the Company, its Affiliates,
      directors, employees, and officers (“Company Indemnitees”) from and
      against all third party liability, demands, damages, including without
      limitation reasonable legal fees and expenses, and losses (including but
      not limited to death, personal injury, illness or property damage) to the
      extent arising directly or indirectly out of (a) any of the Assigned
      Agreements for any act or omission of Licensor occurring prior to the
      Effective Date, or any breach of a representation or warranty made by
      Licensor under such Assigned Agreements (excluding the Exclusive License
      and Consulting Agreement with Hans-Dietrich Polaschegg, dated as of April
      29, 2005), (b) any claim relating to the Licensor’s acquisition of the
      Patent Rights, Know-how, Technology, and Assigned Agreements from the
      bankruptcy proceeding for Biolink Corporation, or (c) any claim relating
      to activities undertaken or performed in connection with the Technology by
      or on behalf of Biolink Corporation or Licensor prior to the Effective
      Date.

            

    

     

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    

    
      
        
           

        

        
          24

          
            

          

        

        
           

        

      

    

    

    
      
        	
              	
                13.2.3

              	
                In
      the event that either party intends to seek indemnification for any claim
      under Article 13.2.1 or 13.2.2, it shall inform the other party of the
      claim promptly after receiving notice of the
  claim.

              

      

    

    

    
      In the
case of a claim for which Licensor seeks indemnification under Article 13.2.1,
Licensor shall permit the Company to direct and control the defense of the claim
and shall provide such reasonable assistance as is reasonably requested by the
Company (at the Company’s cost) in the defense of the claim, provided that
nothing in this Article 13.2.3 shall permit the Company to make any admission on
behalf of Licensor, or to settle any claim or litigation which would impose any
financial obligations on Licensor without the prior written consent of Licensor,
such consent not to be unreasonably withheld or delayed.

    

    

    
      In the
case of a claim for which the Company seeks indemnification under Article
13.2.2, the Company shall permit Licensor to direct and control the defense of
the claim and shall provide such reasonable assistance as is reasonably
requested by Licensor (at Licensor’s cost) in the defense of the claim, provided
that nothing in this Article 13.2.3 shall permit Licensor to make any admission
on behalf of the Company, or to settle any claim or litigation which would
impose any financial obligations on the Company without the prior written
consent of the Company, such consent not to be unreasonably withheld or
delayed.

    

    

    
      	
              13.3 

            	
              LIMITATION
      OF LIABILITY

            

    

    

    EXCEPT
WITH REGARD TO DAMAGES ARISING FOR INFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS,
BREACHES OF ARTICLES 14.3, ARTICLE 15, PAYMENT TO THIRD PARTIES OR ANY DUTY TO
INDEMNIFY FOR SPECIAL, PUNITIVE, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES
UNDER ARTICLE 13.2.1 OR 13.2.2, IN NO EVENT SHALL EITHER PARTY OR ITS AFFILIATES
BE LIABLE FOR SPECIAL, PUNITIVE, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES,
WHETHER BASED ON CONTRACT, TORT OR ANY OTHER LEGAL THEORY AND IRRESPECTIVE OF
WHETHER SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF ANY SUCH LOSS OR
DAMAGE.

    

    Article
14 Use of Names and Publication

    

    
      	
              14.1 

            	
              Use
      of Name

            

    

    

    Nothing
contained in this Agreement shall be construed as granting any right to the
Company or its Affiliates to use in advertising, publicity, or other promotional
activities any name, trade name, trademark, or other designation of Licensor or
any of its units (including contraction, abbreviation or simulation of any of
the foregoing) without the prior, written consent of Licensor; provided that
Company may identify Licensor as the licensor under this Agreement without such
consent to actual or potential investors, investment bankers, acquirers,
acquisition targets, and strategic partners, and where the use of such names may
be required by Applicable Law.

     

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    

    
      
        
           

        

        
          25

          
            

          

        

        
           

        

      

    

     

    
      	
              14.2 

            	
              No
      Agency

            

    

     

    Nothing
herein shall be deemed to establish a relationship of principal and agent
between Licensor and the Company, nor any of their agents or employees for any
purpose whatsoever. This Agreement shall not be construed as creating a
partnership between the Licensor and the Company, or as creating any other form
of legal association or arrangement, which would impose liability upon one party
for the act or failure to act of the other party.

     

    
      	
              14.3 

            	
              Publication

            

    

     

    In the
event that Licensor or any Affiliate, employee, officer, director, or
shareholder thereof desires to publish or disclose, by written, oral or other
presentation, any information included in the Patent Rights, Know-how, or any
material information related thereto, Licensor shall provide the Company with a
copy of the proposed publication, presentation, or disclosure at least sixty
(60) days prior to its submission for presentation, publication, or
disclosure.  The Company may request that Licensor, no later than
sixty (60) days following the receipt of such proposed publication,
presentation, or disclosure, (i) delay such presentation, publication or
disclosure for up to an additional ninety (90) days in order to enable the
Company to file, or have filed on their behalf, a patent application, copyright
or other appropriate form of intellectual property protection related to the
information to be disclosed or request that Licensor do so, (ii) remove the
Company’s Confidential Information from such presentation, publication or
disclosure, and/or (iii) make any other reasonable changes to such proposed
publication, presentation, or disclosure, as applicable.  Upon receipt
of such request, Licensor shall (i) arrange for a delay of such presentation,
publication or disclosure until such time as the Company or Licensor have filed,
or had filed on its behalf, such patent application, copyright or other
appropriate form of intellectual property protection in form and in substance
reasonably satisfactory to the Company and Licensor, (ii) remove the Company’s
Confidential Information from such presentation, publication or disclosure,
and/or (iii) reasonably consider any other reasonable changes proposed by the
Company.  If Licensor does not receive any request from the Company to
delay such presentation, publication or disclosure, Licensor may submit such
material for presentation, publication or other form of disclosure, subject to
Licensor’s obligations under Article 15.

     

    Article
15 Confidentiality

     

    
      	
              15.1 

            	
              Confidentiality
      and Non-Use

            

    

     

    Any
proprietary or confidential information relating to the Technology, Patent
Rights, Know-how (including but not limited to patent prosecution documents
relating to Patent Rights), reports and records provided under Article 7, and
any other reasonably confidential or proprietary information concerning a
party’s business or technology disclosed to the other party under this
Agreement, including the terms of this Agreement, collectively constitute the
“Confidential Information.” Neither party will use or disclose the Confidential
Information for any purpose unrelated to the exercise of their rights or
fulfillment of their obligations under this Agreement, and will hold it in
confidence during the Term and for a period of seven (7) years after the
termination or expiration of the Term. Each party shall exercise with respect to
the Confidential Information the same degree of care as the party exercises with
respect to its own confidential or proprietary information of a similar nature,
but in no event less than reasonable care, and shall not disclose it or permit
its disclosure to any Third Party (except to those of its employees,
consultants, or agents who are bound by a substantially similar obligation of
confidentiality of this Agreement). However, such undertaking of confidentiality
shall not apply to any information or data which:

     

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    

    
      
        
           

        

        
          26

          
            

          

        

        
           

        

      

    

     

    
      	
               
      

            	
              15.1.1

            	
              The
      receiving party receives without obligation of confidentiality at any time
      from a third-party lawfully in possession of same and having the right to
      disclose same;

            

    

     

    
      	
               
      

            	
              15.1.2

            	
              is,
      as of the date of this Agreement, in the public domain, or subsequently
      enters the public domain through no fault of the receiving
      party;

            

    

     

    
      	
               
      

            	
              15.1.3

            	
              is
      independently developed by the receiving party as demonstrated by written
      evidence without reference to or benefit of information disclosed to the
      receiving party by the disclosing
party;

            

    

     

    
      	
               
      

            	
              15.1.4

            	
              is
      disclosed pursuant to the prior written approval of the disclosing party;
      or

            

    

     

    
      	
               
      

            	
              15.1.5

            	
              is
      required to be disclosed pursuant to Applicable Law or legal process
      (including, without limitation, to a governmental authority) provided that
      recipient will (i) give prior written notice of such required disclosure
      to the other party, to the extent reasonably practicable, (ii) give
      reasonable assistance to the other party, as requested thereby, seeking
      confidential or protective treatment thereof, and (iii) only disclose such
      Confidential Information to the extent required by such Applicable Law or
      legal process.

            

    

     

    
      	
              15.2 

            	
              Limited
      Disclosure by Licensor

            

    

     

    Licensor
acknowledges and agrees that the Know-how licensed to the Company has value to
the Company in being maintained as confidential. Therefore, Licensor shall not
disclose the Know-how to any Third Party without the Company’s prior written
consent.

     

    
      	
              15.3 

            	
              Material
      Non-Public Information

            

    

     

    The
Licensor understands that it is the intent of the Company to register its
capital stock on a national securities exchange, on the National Association of
Securities Dealers, Inc. Automated Quotation System, or the Over The Counter
Bulletin Board and accordingly, the Licensor understands that confidential
information provided to it by the Company pursuant to the terms of this
Agreement may constitute “material non-public information” concerning the
Company.

     

    Article
16 Miscellaneous Provisions

     

    
      	
              16.1 

            	
              Assignment

            

    

     

    This
Agreement and the rights and duties appertaining hereto may not be assigned by
either party without first obtaining the written consent of the other party,
which consent shall not be unreasonably withheld. Any such purported assignment
without the written consent of the other party shall be deemed null and
void.  Notwithstanding the foregoing, either party may assign this
Agreement without the consent of the other party (i) to a purchaser, merging, or
consolidating corporation, or acquirer of all or substantially all of the other
party’s assets or business (or that portion thereof to which this Agreement
relates) and/or pursuant to any reorganization of the party or (ii) to an
Affiliate of the party.

     

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    

    
      
        
           

        

        
          27

          
            

          

        

        
           

        

      

    

     

    
      	
              16.2 

            	
              Binding
      Nature and Inurnment

            

    

     

    This
Agreement will not be binding upon the parties until it has been signed below on
behalf of each party, in which event, it shall be effective as of the Effective
Date. As of the Effective Date, this Agreement is binding upon and inures to the
benefit of the parties and their respective permitted successors and
assigns.

     

    
      	
              16.3 

            	
              Counterparts;
      Facsimile

            

    

     

    This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument. This Agreement may be signed and delivered to the other party by
facsimile signature; such transmission will be deemed a valid
signature.

     

    
      	
              16.4 

            	
              Entire
      Agreement; Amendment

            

    

     

    The
parties hereto acknowledge that this Agreement, including the Exhibits,
Schedules and documents incorporated by reference, sets forth the entire
agreement and understanding of the parties hereto as to the subject matter
hereof, and shall not be subject to any change of modification except by the
execution of a written instrument subscribed to by the parties hereto and shall
supersede all previous communications, representations or understandings, either
oral or written, between the parties relating to the subject matter hereof. No
subsequent alteration, amendment, change or addition to this Agreement shall be
binding upon the parties hereto unless reduced to writing and signed by the
respective authorized officers of the parties.

     

    
      	
              16.5 

            	
              Force
      Majeure

            

    

     

    Neither
party is responsible for delays resulting from causes beyond its reasonable
control, including without limitation fire, explosion, flood, war, strike, or
riot, provided that the nonperforming party uses Commercially Reasonable Efforts
to avoid or remove those causes of nonperformance and continues performance
under this Agreement with reasonable dispatch whenever the causes are
removed.

     

    
      	
              16.6 

            	
              Further
      Assurances

            

    

     

    From time
to time during the Term, at the request of either party, the other party shall
execute and deliver such documents and take such other action as the requesting
party may reasonably request to consummate more effectively the transactions
contemplated hereby.

     

    
      	
              16.7 

            	
              Headings

            

    

     

    The
headings of the several articles are inserted for convenience of reference only
and are not intended to be a part of or to affect the meaning or interpretation
of this Agreement.

     

    
      	
              16.8 

            	
              Law

            

    

     

    This
Agreement shall be construed, governed, interpreted and applied in accordance
with the laws of the State of New York, without regard to principles of
conflicts of laws.

     

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    

    
      
        
           

        

        
          28

          
            

          

        

        
           

        

      

    

     

    
      	
              16.9 

            	
              Payments,
      Notices and Other Communications

            

    

     

    Any
payment, notice or other communication required or permitted to be given
pursuant to this Agreement shall be in writing and sent by certified first class
mail, postage prepaid, by hand delivery or by facsimile if confirmed in writing,
in each case effective upon receipt, at the addresses below or as otherwise
designated by written notice given to the other party:

    

    In the
case of Licensor:

    

    ND
Partners LLC

    One Joy
Street

    Boston,
MA 02108

    Attention:  Anastasios
Parafestas

     

    With a
copy to:

    BRL Law
Group LLC

    31 St.
James Avenue, Suite 850

    Boston,
MA 02116

    Attention:  Thomas
B. Rosedale

    Tel:
617-399-6935

    Fax:
617-399-6930

    

    In the
case of the Company:

    

    CorMedix,
Inc.

    86 Summit
Avenue, Suite 301

    Summit,
NJ 07901

    Attn:
President

    Tel:

    Fax:

     

    
      	
              16.10 

            	
              Payment
      of Own Fees and Expenses

            

    

     

    Each of
the Company and Licensor shall be responsible for their own expenses relating to
the preparation and consummation of this Agreement and, except as specified
herein, the agreements and transactions contemplated hereby.

     

    
      	
              16.11 

            	
              Severability

            

    

     

    The
provisions of this Agreement are severable, and in the event that any provision
of this Agreement shall be determined to be invalid or unenforceable under any
controlling body of law, such invalidity or unenforceability shall not in any
way affect the validity or enforceability of the remaining provisions
hereof.

     

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    

    
      
        
           

        

        
          29

          
            

          

        

        
           

        

      

    

     

    
      	
              16.12 

            	
              Waiver

            

    

     

    The
failure of either party to assert a right hereunder or to insist upon compliance
with any term or condition of this Agreement shall not constitute a waiver of
that right or excuse a similar subsequent failure to perform any such term or
condition by the other party. Any waiver of any rights or failure to act in a
specific instance relates only to that instance and is not an agreement to waive
any rights or fail to act in any other instance.

     

    [Signature
page to follow.]

     

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    

    
      
        
           

        

        
          30

          
            

          

        

        
           

        

      

    

     

    IN WITNESS WHEREOF, the
parties hereto have executed this Agreement, in triplicate by proper persons
thereunto duly authorized.

    

    
      
        	
                ND PARTNERS LLC

              	
                CORMEDIX, INC.

              
	 
      	 
      
	
                By:  Spinnaker Capital LLC, its Managing Member  

              	 
      
	 
      	 
      
	
                By:

              	
                  /s/ Anastasios Parafestas

              	 
      	
                By:

              	
                /s/ Bruce Cooper

              	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
                Name:

              	
                  Anastasios Parafestas

              	 
      	
                Name:

              	
                Bruce Cooper

              	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
                Title:

              	
                  Manager

              	 
      	
                Title:

              	
                CEO

              	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	
                Date:

              	
                  1/30/08

              	 
      	
                Date:

              	
                1/30/08

              	 
      

      

    

    
       

      [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

       

    

    
      
        
           

        

        
          31Unassociated Document

    Exhibit 10.7

     

    EXCLUSIVE LICENSE AND
CONSULTING AGREEMENT

    

    This
Exclusive License and Consulting Agreement (the “Agreement”) is
entered into by and between CorMedix, a Delaware limited liability company (the
"Company"), and
Hans-Dietrich Polaschegg (the “Consultant”) as of
this 30 day of January, 2008 (the “Effective
Date”).  Exhibit A includes
definitions of terms used but not otherwise defined within the body of this
Agreement, and Exhibit
A and such definitions shall be incorporated by reference to this
Agreement.

    

    BACKGROUND

     

    1.            
Consultant is the owner of (i) the Gel Lock Invention, and (ii) the Treatments
Invention.

     

    2.            
Consultant had entered into that certain Exclusive License and Consulting
Agreement (the “Original Agreement”) with ND Partners, LLC (“NDP”), dated April
29, 2005 and NDP assigned all rights, title and interest to the Original
Agreement to Company in connection with the License and Assignment Agreement
entered into between NDP and Company.  Consultant and Company agree
that this Agreement replaces, in its entirety, the Original
Agreement.

    3.            
The Company wishes to license the Assets from Consultant on an exclusive
worldwide basis, and Consultant wishes to grant an exclusive worldwide license
in the Assets to the Company.

    

    4.            
The Company wishes to receive consulting services from Consultant, and
Consultant wishes to provide consulting services to the Company.

    

    AGREEMENT

    

       
In consideration of the mutual covenants and promises contained herein and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by the parties hereto, the parties agree as
follows:

    

    I.            
LICENSE.

    

    1.           License Grant; Defense and
Ownership.

    

    (a)         Consultant
hereby grants to the Company a License to the Assets.

    

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    (b)         The
Company agrees to timely file and pursue, with respect to the Inventions, patent
applications, divisionals, and/or continuations-in-part in Japan and the United
States, to the extent patent protection is available in each of these
countries.  The Company shall be responsible for seeking all necessary
approvals for the Assets and shall defend the Assets from third party
infringement.  Any award collected from enforcing rights against any
third-party infringers shall be split between Company and Consultant after
deduction of costs for collecting the award at the ratio [*].  The
Company shall be responsible for taking all actions necessary to maintain,
preserve and protect its interests in the Assets, including, without limitation,
timely filing any registrations, documents or certificates with the appropriate
governmental authorities and paying all required fees in connection
therewith.  The Company shall own any and all regulatory submissions,
including all applications and associated government licenses, approvals, and
certificates relating to the Assets.  The Company shall, at its sole
expense, use Commercially Reasonable Efforts, itself or through the activities
of its Sublicensees and Affiliates, to perform the Development and secure the
Marketing Authorizations for Licensed Products.  The Company’s
Development program shall include preclinical and clinical development of
Licensed Products, including research and development, manufacturing, and
laboratory and clinical testing throughout the Term of the
License.  Specifically, Company intends to [*].  The Company
shall, at its sole expense, promptly following receipt of the necessary
Marketing Authorizations, use Commercially Reasonable Efforts to, itself or
through the activities of its Sublicensees and Affiliates, promote , market,
sell and commercialize thereafter, Licensed Product.

    

    (c)         Consultant
shall not at any time do or cause to be done any act or thing challenging,
contesting, impairing, invalidating, or tending to impair or invalidate any of
the Company’s rights in the Assets or any registrations derived from such
rights.

    

    2.           Initial
Payment.  In consideration of the License granted hereunder,
the Company shall pay to Consultant an aggregate of U.S. $5,000 within thirty
(30) days after the date of this Agreement.

    

    3.           Royalty
Payments.

    

    (a)         The
Company shall pay Consultant royalty payments (the “Royalty Payments”)
with respect to products sold by the Company, any of its Affiliates or any of
their respective partners if the use, manufacture or sale of Assets contained
within such product is covered by or encompassed within the scope of one or more
claims contained in a then unexpired patent of an Invention as outlined in Table
1.

    

    
      
        
          
            
              
                
                  
                    	
                            (A) equal to

                          	 	
                            (C) of Net Sales if cumulative Net

                            Sales exceed

                          	 	
                            (D) and are not more than

                          
	
                            [*]

                          

                  

                

              

            

          

        

      

    

    

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    Table
1

    

    The
Royalty Payments shall be paid at the rate set forth in column (A) of Table 1
for Product or Products sold anywhere in the world.  The calculation
of Net Sales is performed using the factors in Table 2 specified for various
territories.

    

    
      
        
          
            
              
                
                  	
                          Case
      I

                        	 	
                          Case
      II

                        	 	
                          Case
      III

                        
	
                          [*]

                        

                

              

            

          

        

      

    

    Table
2

    

    Case I: [*]

    Case II: [*]

    Case
III: [*]

     

     

    (b)  Royalties may also be
additionally reduced if, Company determines, after consultation with counsel,
that it is reasonably necessary to obtain a third party license to patent rights
to avoid infringement thereof by a product embodying the Gel Lock Invention
(such third party patent rights “Blocking Rights”).

      The
reduction in the royalties paid to Polaschegg may be reduced by an additional
[*]% of the aggregate amount paid by Company to third parties for Blocking
Rights.

    The
Treatments Invention shall not have a reduction of royalties based on additional
patented features.

     

    
      	
               
      

            	
              (c)

            	
              The
      Royalty Payment shall be paid in United States dollars by the Company
      within [*] following the end of each calendar quarter (the first such
      quarter to be that in which royalties first accrue) in an amount equal to
      the Royalty Payment accruing during that calendar quarter measured in
      currency of the country in which sales shall have been made by the
      Company, its Affiliates or their respective partners and converted into
      United States dollars at such country’s official banker’s rate in effect
      on the last day of such calendar quarter.  The Royalty Payment
      shall be accompanied by reports which shall indicate the sales by the
      Company, its Affiliates and their respective partners for the previous
      calendar quarter and shall show the amount of the Royalty Payment due with
      sufficient information to enable confirmation by
    Consultant.

            

    

     

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    Examples
of Royalty Payment Calculations are outlined in Exhibit B.

     

    If a
dispute arises regarding the royalty payment and the calculation of the royalty
payment, the company shall continue to pay royalties without using reductions
pending resolution.  The dispute shall be settled according to Section
7 - Arbitration.  Any resulting payments made at the wrong rate shall
be corrected by future royalty payments.  Failure to pay within sixty
days at the end of each calendar quarter constitutes a breach of the contract by
the Company.

     

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    4.           Minimum Royalty
Payments.

     

    Minimum Royalty Payments will be paid
on the inventions within rates already defined.  If new IP is
developed and applied to the inventions then the Minimum Royalty Payment will be
adjusted according to the table below.  The Minimum Royalty Payments
will not be additive, the highest Minimum Royalty Payment for a particular year
shall be paid and the Minimum Royalty Payment will continue until the last
patent expires.  Minimum Royalty Payments shall cease to be paid upon
the first commercial sale of Invention, only if royalties from commercial sales
exceed Minimum Royalty Payments.

     

    New
Minimum Royalty Payments

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            	
                                                    Royalty

                                                    for

                                                    Calendar

                                                    year

                                                  	 	
                                                    Gel Lock

                                                    Patent

                                                  	 	
                                                    Taurolidine

                                                    Treatment

                                                    Patent

                                                  	 	
                                                    Example:

                                                    First New

                                                    development to

                                                    inventions

                                                    Assume it

                                                    filed in 2009

                                                  	 	
                                                    Example:

                                                    Second
      New

                                                    development
      to

                                                    inventions 

                                                    Assume it filed

                                                    in
      2010

                                                  
	
                                                    [*]

                                                  

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    Table
3

    Note:
Starting year of each patent is the year patent filed in any country (Priority
date)

    

    (c)         Notwithstanding
anything to the contrary in this Agreement, the Company shall no longer be
obligated to make any Royalty Payment or other payment with respect to any
Assets as to which the applicable patents have expired.

    

    5.           Representations and
Warranties.  Consultant hereby represents and warrants to the
Company that:

    

    (a)         Except
for the rights previously transferred to the Company, Consultant is the
exclusive owner of, and has good, valid and marketable title to the Assets, free
and clear of all mortgages, pledges, charges, liens, security interests, or
other encumbrances or agreements, has the right to use without payment to a
third party all of the Assets and has the right to license the Assets to the
Company pursuant to the terms of this Agreement.  No claim is pending
or, to Consultant’s knowledge, threatened against Consultant to the effect that
(i) Consultant’s right, title and interest in and to the Assets is reduced,
invalid or unenforceable by Consultant or that any of the Assets infringes,
misappropriates, dilutes or otherwise violates the rights of a third party, or
(ii) challenging Consultant’s ownership or use of, or the validity,
enforceability or registerability of the Assets and, to the knowledge of
Consultant, there is no reasonable basis for a claim regarding any of the
foregoing. 

    

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    (b)         There
exists no prior act or current conduct or use by Consultant or any third party
that would void or invalidate any of the Assets, and Consultant has not brought
or threatened a claim against any person (i) alleging infringement,
misappropriation, dilution or any other violation of the Assets, or
(ii) challenging any person’s ownership or use of, or the validity,
enforceability or registerability of, any Assets and, to the knowledge of
Consultant, there is no reasonable basis for a claim regarding any of the
foregoing.  

    

     
(c)           None of the
Assets infringes or is alleged to infringe any patent, trademark, service mark,
trade name, copyright or other proprietary right of any third party or is a
derivative work based on the work of any other person.

     

    6.           Company
may terminate the licensing agreement of an Asset by giving 60 days
notice.  If the Company terminates the licensing agreement of an Asset
then the rights associated with such asset shall revert back to
Consultant.  In this case the Consultant has the right to terminate
the Consulting Services.  Consultant may terminate the licensing
agreement of an Asset if no product has been made available to the market eight
years after the Effective Date or the priority date of any new patent, whatever
is later. Consultant may terminate the licensing agreement and/or the Consulting
Services upon the material breach of this Agreement by Company, provided that
such breach has not been cured by Company within sixty days of receipt of notice
from Consultant that Company is in breach.  In the event Consultant
terminates this Agreement, all rights of the Assets will revert to
Consultant.

    

    II.        
   CONSULTING
SERVICES.

    

    1.           Services.  From
time to time, the Company may request Consultant to perform Services on its
behalf.  If the Company requests Services from Consultant not related
to the Antimicrobial and Vascular Access Space, Consultant shall not be
obligated to perform such services but may, in his discretion, perform such
services on such terms and conditions as mutually agreed to between the Company
and Consultant.  In the event the Company requests Consultant to
perform Services on its behalf and such requested Services may conflict with
other obligations of Consultant, then Consultant shall immediately notify the
Company of such conflict, and the parties shall then work together in good faith
to resolve such conflict in a mutually beneficially manner to permit Consultant,
without violating any obligations to any other party, to perform such
Services.  The parties shall work together in good faith to set
reasonable deadlines and to communicate regularly to measure progress and to
adjust priorities, as may be necessary or appropriate from time to
time.

    

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    2.           Time
Commitment.  Consultant agrees to make himself available to the
Company to perform the Services for at least thirty (30) days each calendar year
during the Consulting Period.  Company agrees to pay the equivalent of
at least thirty (30) days each calendar year to Consultant.

    

    3.           Compensation of
Consultant.  The Company shall pay Consultant 200 Euros per
hour for Services consisting of scientific work, 250 Euros per hour for Services
consisting of legal work (which shall include, without limitation, Services
provided with respect to infringement cases and serving as an expert witness) or
such other compensation mutually agreed to between the Company and
Consultant.  Consultant shall be reimbursed by the Company for all
reasonable and bona fide business expenses which are pre-approved by the
Company.  Any request for reimbursement shall be accompanied by proper
receipts for the reimbursable amounts.

    

    4.           Non-Competition.  During
the term of this Agreement and the Non-Compete Period, Consultant shall not
engage in any business that competes, directly or indirectly, with the business
of the Company with respect to the Assets or with any other idea, invention or
activity within the Antimicrobial and Vascular Access
Space.  Consultant may, however, pursue ideas, inventions or
activities with respect to New Ideas to which the Company has waived or not
exercised in Right of First Refusal (as defined herein) in accordance with this
Agreement.  Consultant agrees and acknowledges that the restrictions
set forth in this paragraph are reasonable and necessary to protect legitimate
business interests of the Company and that payments to be made to Consultant
hereunder are in consideration of such restrictions and other rights transferred
to the Company hereunder.

    

    5.           Non-Solicitation.
Consultant agrees that until the end of the Non-Compete Period, Consultant
(whether as a partner, shareholder, member, owner, officer, director, employee,
principal, agent, creditor, trustee or consultant of any entity or otherwise)
will not, without the prior written consent of the Company, directly or
indirectly, (a) induce or attempt to influence any employee, consultant or
contractor of the Company or any of its subsidiaries to leave their employ, (b)
hire or contract with any person who is an employee, consultant or contractor of
Company or any of its subsidiaries, (c) aid or agree to aid any competitor,
customer or supplier of Company or any of its subsidiaries in any attempt to
hire any person who shall have been employed with Company or any of its
subsidiaries within the eighteen month period preceding such requested aid, or
(d) induce or attempt to influence any person or business entity who was a
customer, supplier or partner of Company or any of its subsidiaries during any
portion of the Non-Compete Period to transact business with a competitor of the
Company or any of its subsidiaries.

    

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

    6.           Non-Disclosure.  Consultant
acknowledges that his relationship with the Company is one of high trust and
confidence in that in the course of his service to the Company, he will have
access to and contribute to confidential and proprietary information of the
Company.  Consultant agrees to hold in confidence and not to directly
or indirectly reveal, publish, disclose, or transfer any of the Confidential
Information to any person or entity without the prior written consent (which
shall include approval given via email) of the Company.  Consultant
agrees not to utilize Confidential Information for any purposes, except in the
course of Consultant’s rendering of services to the Company.  Any and
all materials furnished to Consultant by the Company or relating to the business
of the Company shall be returned to the Company upon the Company’s
request.  Consultant understands that the Company is now, and may
hereafter be subject to, non-disclosure or confidentiality agreements with third
parties that require the Company to protect and/or refrain from the use of
confidential or proprietary information of such third parties in accordance with
the terms set forth therein.  As directed by the Company, Consultant
hereby agrees to be bound by, and hereby becomes bound to, the terms of such
agreements in the event that Consultant has access to the confidential and
proprietary information of such third parties.

    

    7.           Assignment and Disclosure of
Developments.  If at times during the Consulting Period,
Consultant shall (either alone or with others), while performing Services for
the Company, make, conceive, create, discover, invent or reduce to practice any
invention, idea, composition, method, modification, discovery, design,
development, improvement, process, software program, work of authorship,
documentation, formula, data, technique, know-how, trade secret or intellectual
property right whatsoever or any interest therein, whether or not patentable or
registrable under patent, copyright, trademark or similar statutes or subject to
analogous protection (herein called “Developments”), and
if said “Developments” are directly related to the Assets then:

    

    (i)          such
Developments and the benefits thereof are and shall immediately become the sole,
exclusive and absolute property of the Company and its successors and assigns,
as “works made for hire” or otherwise to the fullest extent permissible by
law;

    

    (ii)         Consultant
shall promptly disclose to the Company (or any persons designated by it) each
such Development;

    

    (iii)        as
may be necessary to ensure the Company’s ownership of such Developments,
Consultant hereby assigns any rights (including, but not limited to, any
patents, copyrights and trademarks) he may have or acquire in the Developments
and benefits and/or rights resulting therefrom to the Company and its successors
and assigns without further consideration or compensation (other than royalties
and other amounts to be paid pursuant to this Agreement);

    

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

    (iv)        Consultant
shall communicate, without delay, and without disclosing to others the same, all
available information relating thereto (with all necessary documentation, code,
specifications, plans and models) to the Company; and

    

    (v)         Consultant
shall assist the Company in all respects in obtaining, maintaining and securing
any patent, copyright and/or other statutory or non-statutory protection which
may be obtained for the foregoing as the Company may request and hereby assigns
to the Company all rights and interests in and to any such patents, copyrights
and other protection.

    

    (vi)        Company
will compensate Consultant for these efforts according to the agreed consulting
rate and royalty payments due under this Agreement.

    

    8.           Cooperation in Perfecting
Rights to Developments.  Consultant will, during and after the
Consulting Period, at the request and sole cost of the Company, promptly sign,
execute, make and do all such deeds, documents, acts and things as the Company
and its duly authorized agents may reasonably require:

    

    (a)         to
apply for, obtain, register and vest in the name of the Company alone (unless
the Company otherwise directs) letters patent, copyrights, trademarks or other
analogous protection in any country throughout the world and when so obtained or
vested to renew and restore the same; and

    

    (b)         to
defend any judicial, opposition or other proceedings in respect of such
applications and any judicial, opposition or other proceedings or petitions or
applications for revocation of such letters patent, copyright, trademark or
other analogous protection.

    

    In the event the Company is unable,
after reasonable effort, to secure Consultant’s signature on any application for
letters patent, copyright or trademark registration or other documents regarding
any legal protection relating to a Development, whether because of Consultant’s
physical or mental incapacity or for any other reason whatsoever, Consultant
hereby irrevocably designates and appoints the Company and its duly authorized
officers and agents as Consultant’s agent and attorney-in-fact, to act for and
in Consultant’s behalf and stead to execute and file any such application or
applications or other documents and to do all other lawfully permitted acts to
further the prosecution and issuance of letters patent, copyright or trademark
registrations or any other legal protection thereon with the same legal force
and effect as if executed by Consultant.

    

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

    9.           No Violation of Rights of
Third Parties.  Consultant hereby represents that Consultant is
not a party to, or bound by the terms of, any agreement with any third party
which conflicts with this Agreement, including requiring Consultant to refrain
from using or disclosing any trade secret or confidential or proprietary
information in the course of Consultant’s consulting engagement with the Company
or to refrain from competing, directly or indirectly, with the business of such
third party.  Consultant further represents that the performance of
all the terms of this Agreement and Consultant’s performance as a consultant of
the Company does not and will not breach any agreement to keep in confidence
proprietary information, knowledge or data acquired by Consultant in confidence
or in trust prior to Consultant’s engagement as a consultant by the Company, and
Consultant will not disclose to the Company or induce the Company to use any
confidential or proprietary information or material belonging to any third
party.  Consultant has not entered into, and Consultant agrees not to
enter into, any agreement, either written or oral, in conflict with the terms of
this Agreement.

    

    10.         Right of First
Refusal.  If Consultant conceives of a New Idea expanding or
competing with the ideas laid out in the Assets during the Consulting Period and
the Company is interested in obtaining a license to such New Idea, Consultant
shall first offer to license the New Idea to the Company and the parties shall
work together in good faith towards the successful negotiation of such a
license.

    

    11.         Indemnification.  In
cases where any loss or damage results from or arises out of any
misrepresentation, any non-fulfillment of any representation, responsibility,
covenant or agreement on the part of either party hereto, or such party’s
negligence or misconduct (including but not limited to cases where a third party
initiates a claim, suit, judgment, or cause of action against the other party)
(collectively, the “Indemnifying Party”), the Indemnifying Party shall be solely
liable for, and shall indemnify, defend, and hold harmless the other party and
his or its Affiliates, strategic partners, managers, members, successors and
assigns from any such claims, suits, judgments, causes of action, losses, or
damages, and shall pay reasonable attorneys' fees, costs and expenses incident
thereto; provided, however, in no event shall either party to this Agreement be
liable for any amounts in excess of payments actually made to Consultant
pursuant to this Agreement.  For purposes of clarity, this paragraph
II.11 shall not apply in cases where the Indemnifying Party’s liability arose
from or relates to actions taken or not taken at the instruction of the other
party hereto and such indemnifying party takes or omits to take such action
while using his or its best efforts in furtherance thereof.

    

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

    12.         Taxes and Legal
Authority.  The parties acknowledge and agree that under this
Agreement, Consultant is and remains an independent contractor and in no way is
or shall become an employee or agent of the Company or its Affiliates either
under the laws of the United States of America, Austria or any other state,
country or territory.  Consultant is not the legal representative of
the Company for any purpose whatsoever (unless the Company, in writing,
specifically authorizes Consultant to so act), and Consultant shall not have the
power to bind or obligate the Company for any purpose
whatsoever.  Consultant agrees that he has and shall retain sole
responsibility for all employment taxes and insurance and all income taxes and
related taxes due under either the laws of the United States or any of its
political subdivisions or the laws of Austria or any of its political
subdivisions or taxes due or payable in any other state, country, or
territory.  The Company shall have the right to withhold taxes from
payments to Consultant if required to do so by either United States law or
Austrian law or by any international treaty.

    

    13.         Consultant
Rights.  Notwithstanding anything to the contrary contained
herein, Consultant shall have the right to write and publish papers regarding
the Assets and speak publicly about the Assets, provided, however, during the
consulting period Consultant shall deliver to the Company at least 30 days prior
to publication a copy of any proposed publication or writing relating to the
Assets and the Company shall have the right to review and approve the contents
of such publication or writing with respect to the Assets to ensure that the
speculations and/or conclusions in such publication or writing (a) are in line
with the Company’s interests and, (ii) do not violate any provision of this
Agreement.   This limitation does not apply to information
available in the public domain or data already generated prior to the Effective
Date.

    

    14.         Freedom to Conduct Business
Unimpaired.  Consultant acknowledges and agrees that the
Company, its Affiliates and their respective partners shall be free to pursue
their respective business goals and that Net Sales may be affected
thereby.  This Agreement shall not be deemed to impose any express or
implied obligation on the Company, its Affiliates or their respective partners
to maximize Net Sales for all or any portion of any period with respect to which
amounts may be payable hereunder or to impair the freedom of the Company, its
Affiliates or their respective partners to conduct their respective businesses
as they deem appropriate.

    

    III.           MISCELLANEOUS.

    

     1.          Injunctive
Relief.  Each of the parties hereto acknowledges that any
remedy at law for breach of the other party’s covenants under this Agreement
will be inadequate and, accordingly, in the event of any breach or threatened
breach of this Agreement, the non-breaching party shall be entitled, in addition
to all other remedies, to injunctive relief restraining any such breach, without
any bond or other security being required.

    

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    

    2.           Non-Waiver.  No
delay or omission by either party hereto in exercising any right under this
Agreement shall operate as a waiver of that or any other right.  A
waiver or consent given by either party on any one occasion shall be effective
only in that instance and shall not be construed as a bar or waiver of any right
on any other occasion.

     

    3.           Amendment.  This
Agreement may be amended or modified only by a written instrument executed by
both the Company and Consultant.

     

    4.           
Assignment.  This Agreement and the rights
and duties appertaining hereto may not be assigned by either party without first
obtaining the written consent of the other party, which consent shall not be
unreasonably withheld. Any such purported assignment without the written consent
of the other party shall be deemed null and void.  Notwithstanding the
foregoing, either party may assign this Agreement without the consent of the
other party (i) to a purchaser, merging, or consolidating corporation, or
acquirer of all or substantially all of the other party’s assets or business (or
that portion thereof to which this Agreement relates) and/or pursuant to any
reorganization of the party or (ii) to an Affiliate of the party.

     .

     

    5.           Entire
Agreement.  This Agreement contains the entire understanding
between the parties regarding the subject matter hereof and supersedes, replaces
and takes precedence over any prior understanding or oral or written agreement
between the parties respecting the subject matter of this
Agreement.  There are no representations, agreements, arrangements,
nor understandings, oral or written, between the parties hereto relating to the
subject matter of this Agreement which are not fully expressed
herein.

     

    6.          
Severability.  In
the event any provision of this Agreement shall be held invalid, the same shall
not invalidate or otherwise affect in any respect any other term or terms of
this Agreement, which term or terms shall remain in full force and
effect.

     

    7.           Arbitration. The
parties agree that any claim or dispute arising out of or relating to this
Agreement, its performance, or alleged breach which is not disposed of by
agreement of the parties shall be finally settled by binding arbitration in
Brussels in accordance with the Rules of Arbitration of the ICC as presently in
force by a single, impartial arbitrator, chosen mutually by the parties hereto.
The arbitrator shall have no jurisdiction to award punitive damages. Any award
in such arbitration shall be in writing in English specifying the factual and
legal basis therefor and shall be final and binding upon the parties, and
judgment upon the award rendered by the arbitrator may be entered in any court
having jurisdiction thereof.  The costs of an arbitrator (including
any required travel and lodging expenses of the arbitrator) shall be borne
one-half (1/2) by each party to the arbitration.  All other expenses
and costs incurred in connection with an arbitration hearing or proceeding shall
be paid by the party incurring such expenses or costs.  The procedures
described in this Section III.7 shall be the exclusive manner for any party
hereto to seek enforcement or interpretation of the terms of, or to resolve any
dispute under, this Agreement.  Notwithstanding anything to the
contrary in this Section III.7, the Company shall be permitted to enforce its
rights under Section III.1 in any court having jurisdiction.  The
parties hereto consent to the jurisdiction of any court located in London,
England for purposes of Section III.1 hereof and for purposes of enforcing an
arbitration award entered into accordance herewith.  This Agreement
shall be governed and construed by the laws of  London, England and
any arbitrator shall render any decision in accordance with such
laws.

     

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    8.           Interpretation.  If
any restriction set forth in this Agreement is found by any court of competent
jurisdiction or arbitrator to be unenforceable because it extends for too long a
period of time or over too great a range of activities or in too broad a
geographic area, it shall be interpreted to extend only over the maximum period
of time, range of activities or geographic area as to which it may be
enforceable.

     

    9.           The
Product will carry information in the package insert and User manual stating the
patent numbers which cover the product.

     

    *
* * * *

    

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date
first set forth above.

     

    
      
        
          	
                  COMPANY:

                
	 
      
	
                  CorMedix
      Inc.

                
	 
      
	
                  /s/
      Bruce Cooper

                
	 
      
	
                  Name: 
      Bruce Cooper

                
	
                  Its:      
      CEO

                
	 
      
	
                  CONSULTANT:

                
	 
      
	
                  /s/
      Hans-Dietrich Polaschegg

                
	
                  Hans-Dietrich
      Polaschegg

                

        

      

    

    

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    EXHIBIT
A

    

    DEFINITIONS

    

    Breach
and the like shall mean:

    

    (a)         the
Company fails to make a Royalty Payment or any other royalty payment required to
be made by the Company to Consultant hereunder;

    

    (b)         the
Company fails to make any filing or payment required to keep an Asset current
within the extended period allowed; or

    

    (c)         the
Company does not file and pursue patent applications, divisionals, and/or
continuations-in-part for each Invention in each of the United States, Japan,
and the European Five, to the extent patent protection is available in each of
these countries (including all possible extensions of time).

    

    

    “Affiliate” shall mean
any partnership, corporation, other legal entity or person that directly or
indirectly through one or more intermediaries, controls, is controlled by, or is
under common control with, the Company.

    

    “Antimicrobial and Vascular
Access Space” shall mean: (a) composition, methods, and designs that
provide or enhance antimicrobial protection for medical devices and/or fluid
conduits for vascular access, (b) treatments, formulations, and methods of use
comprising Taurolidine, and not including (x) any improved and/or novel vascular
access devices and methods, work or method used for hydraulical or mechanical
characterization of access devices, e.g., hydraulic resistance, residence time,
flow, flow distribution, mechanical dimensions and strength, or (y) any work or
method for characterizing fistulas, grafts, blood vessels, detecting stenosis in
or blood loss from blood vessels or extracorporeal circuits).

     

    “Assets” shall mean
the Inventions, together with (A) all developments, know-how, and other
intellectual property rights, including but not limited to all trademarks,
copyrights and patents relating thereto, that relate to or derive from the
Inventions for any application, such as catheter lock gels, microbiology test
data and so forth, and (B) the Developments.

    

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    

    “Commercially Reasonable
Efforts” - means, with respect to Development and Commercialization, the
carrying out of obligations or tasks using efforts and resources, including
reasonably necessary personnel, equivalent to the efforts that a similarly
situated biotechnology or pharmaceutical company (as the case may be) would
typically devote to a product of similar market potential, profit potential and
strategic value and at a comparable stage in development or product life
resulting from its own research efforts with a view toward optimizing the
economic potential of the Licensed Product, based on conditions then prevailing
and taking into account issues of safety and efficacy, product profile,
difficulty in developing the Licensed Product, market  size and
conditions, competition, the patent or other proprietary position of the
Licensed Product, the regulatory structure involved and the potential
profitability of the Licensed Product marketed or to be marketed.

     

    “Confidential
Information” means information or material proprietary to the Company or
designated as confidential by the Company, which Consultant develops or of which
he may obtain knowledge or access to as a result of his relationship with the
Company.  This includes information originated, discovered, or
developed in whole or in part by Consultant under this Agreement and includes,
but is not limited to the following types of information and other information
of a similar nature (whether or not reduced to writing): business plans, methods
and practices of doing business, financial information and terms and conditions
of current contractual relations with customers and/or suppliers, pricing
information, and customer and supplier lists.  Confidential
Information also includes any information which the Company treats as
proprietary or designates as confidential, whether or not owned or developed by
the Company.

    

    “Consulting Period”
shall mean the period commencing on the date of this Agreement and terminating
on the third anniversary hereof.

    

    “Gel Lock Invention”
shall mean the U.S. patent application #20040156908 titled “Prevention of
Indwelling Device Related Infection: Composition and Methods”, together will all
divisionals, continuations-in-part and all other associated U.S. and foreign
applications filed or to be filed in connection therewith.

    

    “Inventions” shall
mean the Gel Lock Invention and the Treatments Invention, collectively, and each
of the Inventions shall be an “Invention”.

    

    “License” shall mean
an exclusive, worldwide, perpetual, non-terminable, fully paid-up (subject to
royalties  and terms described in this Agreement) license to the
Assets to practice, make, use, offer to sell, sell, design, reproduce, market,
display, operate, transfer or dispose of the Assets.

    

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    

    “Net Sales” shall mean
the invoiced price of a Product sold commercially by the Company, its Affiliates
or any of their strategic partners minus all discounts, allowances, returns,
rebates, transportation costs, shipping costs, insurance charges, duties,
value-added taxes and sales taxes.  The invoiced price of Products
sold by the Company, its Affiliates or any of their respective strategic
partners to any of its or their respective Affiliates for the purpose of resale
by such party shall not be included in Net Sales, but the resale of such
Products by such parties shall be included in Net Sales.

    

    “New Idea” shall mean
any idea, composition, method, modification, discovery, design, development,
improvement, process, technique, know-how or intellectual property in the field
of or related to the Antimicrobial and Vascular Access Space developed,
conceived of or created outside of the consulting relationship between
Consultant and the Company, and to which no third party (other than Consultant)
has any rights.

    

    “Non-Compete Period”
shall mean a period commencing on the date hereof and continuing for six (6)
months after the later of (a) the termination of this Agreement, or (b) the
latest date on which the Company is obligated to make a Royalty Payment or any
other royalty payment hereunder.

    

    “Services” shall
include, without limitation, providing research and development assistance on
catheter lock gels, sepsis treatments, and other potential products that may be
derived from the Assets, producing embodiments of such potential products,
providing advice and assistance with respect to maintenance of the Assets, using
reasonable best efforts to obtain, protect and enforce all legal protections for
inventions relating to the Assets and assisting the Company with its
development, marketing and sales of products and services in the Antimicrobial
and Vascular Access Space.

    

    “Treatments Invention”
shall mean the provisional U.S. patent application filed on April 28, 2004
titled “Taurolidine Formulations and Delivery: Therapeutic Treatments and
Antimicrobial Protection against Bacterial Biofilm Formation”, together with
patent applications, divisionals, continuations-in-part, and all other
associated U.S. and foreign applications filed or to be filed.

    

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    EXHIBIT
B

    

    Royalty
Payment Calculations and Sample Example

    

    [*]

    

    [*]
Certain information in this document has been omitted and filed separately with
the Securities and Exchange Commission.  Confidential treatment has
been requested with respect to the omitted portions.

    
      
         

      

      
        18

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