Document:

ex10_1.htm

 

 

 

 

                                                                                                                                          
EXHIBIT 10.1

Quick-Med Technologies, Inc.

AMENDMENT NO. 2 TO

PATENT AND TECHNOLOGY LICENSE AGREEMENT

OF 23 MARCH 2007

This is the second amendment to the Patent and Technology License Agreement (“Agreement”), of 23 March 2007, as previously amended by Amendment No. 1 on 27 March 2009, made by and between:

Quick-Med Technologies, Inc., a Nevada corporation having offices at 902 N.W. Fourth Street, Gainesville , Florida 32601, successor to Quick-Med Technologies, Inc, a Delaware corporation (“QMT”) and

Derma Sciences, Inc., a Pennsylvania corporation having offices at 214 Carnegie Center, Suite 300, Princeton, New Jersey 08540 (“DERMA”),

This Amendment No. 2 becomes effective as of the date signed by both parties (the “Effective Date”).

QMT and DERMA are sometimes referred to herein individually as a “Party” and collectively as “Parties.”

RECITALS

WHEREAS, DERMA desires to amend the Agreement to modify the products and materials that are subject to the Agreement;

WHEREAS, DERMA and QMT desire to extend the Agreement subject to certain conditions; and

WHEREAS, DERMA and QMT desire to make other material changes to the original Agreement;

NOW, THEREFORE, in consideration of the mutual obligations herein and intending to be legally bound, the Parties to the Agreement hereby agree to add new section 3.7 and to amend sections 1.14, 3.4, 3.5, 11.1, and 11.3 and Exhibits A, B, C, and E of the Agreement of 23 March 2007 to read as
follows.

1.  Definitions

1. 14           “Field” means the field of conforming gauze, gauze sponges, gauze bandage rolls, gauze packing strips, rayon/PET, cotton or cotton/polyester blend nonwoven sponges, and dressings constructed of
100% cotton or cotton/rayon blend sandwiched between layers of PET (Mylar) or PA (nylon) non-adherent perforated film used solely for wound care and sold to the institutional market not for resale as more specifically described on Exhibit E.  The Field specifically excludes products provided to, developed for, or sold to the general, over-the-counter consumer market and, subject to the non-exclusive rights granted to
DERMA pursuant to Section 2.1(b) hereof, the United States government, including, without limitation, the Department of Defense and/or agencies and military services thereof.

 

3.  Consideration; Royalties.

3.4           Minimum Royalties.  Subject to Sections 11.1 and 11.3, below, during the Initial Term DERMA shall pay to QMT minimum Royalties (“Minimum
Royalties”) as follows:

 

 

Table 3.4

 

	
Contract Year
	
Minimum Royalties

	
Contract Year 1
	
US$300,000

	
Contract Year 2
	
US$600,000

	
Contract Year 3
	
US$1,000,000

	
Contract Year 4
	
US$1,500,000

	
Contract Year 5
	
US$2,000,000

	
Contract Year 6
	
US$2,000,000

	
Contract Year 7
	
US$2,000,000

	
Contract Year 8
	
US$2,000,000

 

***** This material has been omitted pursuant to a request for confidential treatment and filed separately with the Securities and Exchange Commission.

 

-1-

 

 

In the event during Contract Years 1 through 5 DERMA fails to pay to QMT Royalties for a given Contract Year equal to or greater than the Minimum Royalties set forth above in the applicable Contract Year, QMT’s exclusive remedy for such failure (other than the collection of Royalties earned but not paid to QMT) shall be amendment of
this Agreement to remove DERMA’s exclusive rights relative to the Products or terminate the Agreement as more specifically set forth in Section 11.3.

 

In the event during Contract Years 6 through 8, DERMA fails to pay QMT Royalties equal to or greater than the Minimum Royalties set forth above for any of contract years 6, 7, and 8 at 75%, 85%, and 100% of the US$2,000,000 minimum royalties for those years respectively set forth above, QMT’s exclusive remedies (other than collection
of earned and unpaid royalties) shall be, at its sole option, cancellation of this Agreement or amendment of this Agreement to remove the exclusivity of DERMA’s rights relative to the Products as more specifically set forth in Section 11.3.

 

3.5           Adjustments to Minimum Royalties.  There will be no reduction of Minimum Royalties in the event that DERMA determines not to proceed with the development or commercialization of a given Product or
ceases to sell or offer for sale a given Product (such event, “Discontinuance” and such Product(s), “Discontinued Product(s)”).   Provided, however, in the event the launch of a dressing constructed of 100% cotton or cotton/rayon blend sandwiched between layers of PET (Mylar) or PA (Nylon) non-adherent perforated film, either with or without an adhesive border, is delayed by virtue of failure of the FDA to grant 510(k) approval for use of the foregoing Product as a primary
dressing (such product, “Affected Product”) and provided that Derma had made appropriate submission to the FDA for a 510(k) approval of the foregoing Product no later than the last day of Contract Year 1, then Minimum Royalties payable pursuant to Section 3.4 shall be reduced by ten (10) percent starting with Contract Year 3 and ending at the end of Contract Year 5.  Provided, further, any reduction to Minimum Royalties relative to the Affected Product shall be removed, and Minimum Royalties
relative to such Affected Product shall be reinstated, effective 180 days from FDA 510(k) approval of such Affected Product for use as a primary dressing.

 

3.6           Launch Requirements and Product Discontinuance.  For each of the products listed in Table 3.6 below, DERMA agrees to make a First Commercial Sale by
the end of the Contract Year stated therein.  If DERMA fails to make such a First Commercial Sale for any product by the stated date (such event, “Discontinuance” and such Product(s), “Discontinued Product(s)”), then QMT has the right to remove that particular product from the Field and from Exhibit E.

Table 3.6

 

	
Product
	
Contract Year

	
Conforming Gauze
	
1

	
Gauze Sponges
	
1

	
Gauze Bandage Rolls
	
1

	
Gauze Packing Strips
	
2

	
Rayon/PET blend nonwoven sponges
	
2

	
Dressings constructed of 100% cotton or cotton/rayon blend sandwiched between layers of PET (Mylar) or PA (Nylon) non-adherent perforated film either with or without an adhesive border
	
2

***** This material has been omitted pursuant to a request for confidential treatment and filed separately with the Securities and Exchange Commission.

 

-2-

 

In the event that DERMA determines to cease making commercial sales of a given Product, then DERMA shall provide QMT with six (6) months notice of such Discontinuance.   In the event of a Discontinued Product, QMT shall have the right, at its sole option, to remove that particular product from the Field and from Exhibit E as
of the date of Discontinuance.

3.7           ***** Royalty Rate. Provided that DERMA successfully executes a private label agreement with MEDLINE under the conditions set forth in Section 11.1, below, a
royalty rate of ***** will apply only to DERMA private label sales to MEDLINE subject to the conditions set forth in Section 11.3.

11.  Term and Termination

11.1  Term.  Unless terminated sooner as provided in this Section 11, the initial term of this Agreement shall be for a period of five (5) years extending
from the Effective Date of June 23, 2009 to June 22, 2014 (“Initial Term”).  The Initial Term may be extended an additional three (3) years ending June 22, 2017 as provided below.  The Initial Term may be renewed for additional one-year terms (each a “Renewal Term”) by mutual agreement of the Parties.  

 

QMT agrees to extend the Initial Term three (3) years to June 22, 2017 provided that DERMA successfully (i) executes a private label agreement with Medline Industries, Inc., an Illinois corporation having offices at One Medline Place, Mundelein, IL 60060 (“MEDLINE”)
by March 1, 2010; (ii) MEDLINE achieves first commercial sale of a product incorporating NIMBUS technology no later than 120 days after the private label agreement is executed; and (iii) DERMA meets the performance requirement of 100% of the cumulative Contract Years 1 and 2 Minimum Royalties by the end of Contract Year 2.

 

11.3           DERMA’s Failure to Meet Minimum Royalties.

 

If during any of Contract Years 1 through 5 DERMA fails to make the subject Minimum Royalties payment, but nevertheless makes payments aggregating not less than ***** of the subject Minimum Royalties, QMT’s exclusive remedy shall be amendment of this Agreement to remove DERMA’s exclusive rights relative to the Products.  Provided,
further, in the event (a) for any given Contract Year 1 through 5 DERMA fails to make Royalty payments aggregating at least ***** of the subject Minimum Royalties requirement, or (b) for three Contract Years during Contract Years 1 through 5 DERMA fails to make Royalty Payments equal to or greater than meet the Minimum Royalties amounts set forth in Section 3.4 hereof, QMT’s exclusive remedies (other than collection of earned and unpaid royalties) shall be, at its sole option, cancellation of this Agreement
or amendment of this Agreement to remove DERMA’s exclusive rights relative to the Products.

If DERMA fails to pay to QMT royalties for Contract Year 6 at least 75% of the US$2,000,000 Minimum Royalty, QMT’s exclusive remedy (other than collection of earned and unpaid royalties) shall be, at its sole option, cancellation of this Agreement or amendment of this Agreement to remove the exclusivity of DERMA’s rights relative
to the Products.

 

If DERMA fails to pay to QMT royalties for Contract Year 7 at least 85% of the US$2,000,000 Minimum Royalty, QMT’s exclusive remedy (other than collection of earned and unpaid royalties) shall be, at its sole option, cancellation of this Agreement or amendment of this Agreement to remove the exclusivity of DERMA’s rights relative
to the Products.

 

If DERMA fails to pay to QMT royalties for Contract Year 8 at least 100% of the US$2,000,000 Minimum Royalty, QMT’s exclusive remedy (other than collection of earned and unpaid royalties) shall be, at its sole option, cancellation of this Agreement or amendment of this Agreement to remove the exclusivity of DERMA’s rights relative
to the Products.

 

Anything hereinbefore or hereinafter contained to the contrary notwithstanding, the remedies set forth in the immediately preceding paragraphs shall be the sole remedies available to QMT by reason of the failure of DERMA to pay to QMT Royalties equal to or greater than the Minimum Royalties set forth in Section 3.4 hereof.  The
right of QMT to terminate this Agreement or convert the license in the Exclusive Territory to non-exclusive, as hereinabove provided, shall not be affected in any way by its waiver or failure to take action with respect to any previous default.

 

 

***** This material has been omitted pursuant to a request for confidential treatment and filed separately with the Securities and Exchange Commission.

 

 

-3-

 

 

EXHIBITS

 

 

Exhibits A, B, C, and E as presented in the Agreement are amended to read as they appear below.

 

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by a duly authorized officer.

	  	
DERMA SCIENCES, INC.
	
QUICK-MED TECHNOLOGIES, INC.

	
Signature                                              
	
/s/ Ed Quilty
	
/s/ J Ladd Greeno

	
Name
	
Edward Quilty
	
J. Ladd Greeno

	
Title
	
CEO and President
	
CEO

	
Date
	
February 8, 2010
	
February 8, 2010

 

***** This material has been omitted pursuant to a request for confidential treatment and filed separately with the Securities and Exchange Commission.

 

 

 

-4-

EXHIBIT A

 

 

Patent Rights

 

 

Issued U.S. Patents

Intrinsically Bactericidal Absorbent Dressing and Method of Fabrication

U.S. 7, 045,673                                (5/16/06)

International Patents

 

Intrinsically Bactericidal Absorbent Dressing and Method of Fabrication

Australia                      773532                                (9/9/04)

Brazil                      Pending

Canada                                2,353,436                                (1/8/08)

China                      ZL 99814229.9                                (1/12/05)

Europe                                Pending

Indonesia                      ID 0 017 006                                (2/23/06)

India                      IN-0776-MUM                                (Allowed)

Japan                      Pending

Korea                      100689020                                (2/23/07)

Mexico                      248078                                (8/15/07)

Russia                      004160                                (2/26/04)

Antimicrobial Cationic Electrolyte Coating

South Africa                      2008/01601                                (5/27/09)

Published U.S. Patent Applications

Absorbent Materials with Covalently Bonded, Non-Leachable Polymeric Antimicrobial Surfaces and Methods for Preparation

U.S. 2002-0177828-A1                                           (11/28/02)

Controlled Release of Biologically Active Substances from Select Substrates

U.S. 2005-0033251-A1                                           (2/10/05)

Silicates and Other Oxides with Bonded Antimicrobial Polymers

U.S. 2006-0269493-A1                                           (11/30/06)

Absorbent Substrate with a Non-Leaching Antimicrobial Activity and a Controlled-Release Bioactive Agent

U.S.-2008-0206293-A1                                                      (8/28/08)

Method of Attaching an Antimicrobial Cationic Electrolyte to the Surface of a Substrate

U.S.-2009-0181157-A1                                                      (7/16/09)

Published International Patent Applications

Intrinsically Bactericidal Absorbent Dressing and Method of Fabrication

JP 2003-527145                                (9/16/03)

EP 1156766                                (11/28/01)

Absorbent Materials with Covalently Bonded, Non-Leachable Polymeric Antimicrobial Surfaces and Methods for Preparation

EP 1450966                                (9/1/04)

WO 03/039602 A2                                (5/15/03)

Non-Leaching Absorbent Wound Dressing and a Controlled-Release Bioactive Agent

WO 2007/024972 A2                                           (3/1/07)

Method of Attaching an Antimicrobial Cationic Electrolyte to the Surface of a Substrate

CN 101291743A                                (10/22/08)

EP 1937418                                (7/2/08)

WO 2007/024974 A3                                           (7/12/07)

 

 

***** This material has been omitted pursuant to a request for confidential treatment and filed separately with the Securities and Exchange Commission.

 

-5-

 

EXHIBIT B

 

 

Materials

 

 

Polydiallyldimethyl ammonium chloride with the specified substrate materials in Exhibit E (100% cotton and blends of rayon and PET)

 

***** This material has been omitted pursuant to a request for confidential treatment and filed separately with the Securities and Exchange Commission.

 

 

-6-

 

 

 

 

 

EXHIBIT C

 

 

Quick-Med Technologies, Inc. Trademark Policy

 

The Marks and Trademarks of Quick-Med Technologies, Inc. (“Licensor”) include without limitation: “Quick-Med Technologies” “QMT”, “Quick-Med”, “NIMBUS”, and accompanying logos and trade dress, including the QMT Cross Official Logo, which is subject to modification by Licensor from
time to time.  Licensor’s present Official Logo at March 15, 2007, is attached hereto as Appendix A.

 

The foregoing and attached are either registered trademarks or trademarks of Quick- Med Technologies, Inc., in the United States and worldwide.  All rights are reserved.

 

All use and appearance of Marks and accompanying logos and trade dress shall be in accordance with the Licensor’s Trademark Policy. Any use of any Licensor Marks, other Licensor related names and/or logos, or variations of Licensor Marks from those presented herein shall be pre-approved by Licensor.  Any use of images or
statements of Licensor’s employees shall be pre-approved by Licensor.

 

Licensor Policy on Use of Licensor Marks, Trademarks and Official Logo:

 

	
·  
	
All Licensed Products that include Licensor technology, and related product packaging, advertising, promotional and marketing materials, shall display Licensor’s Official Logo in a size and prominence in accordance with industry standards.

 

	
·  
	
Use of Licensor’s Official Logo (the Logo) shall maintain the integrity of the Logo’s design.  Unless provided or authorized in advance in writing by Licensor, no deviations from the then current Logo design or appearance are allowed.  All use of the Logo shall maintain its visual effectiveness.  No design elements
may be appended to the Logo.  The Logo shall not be presented with any alternative font or type style, change in letter spacing, or linear dropped shadows.   Distortion of the logo’s shape and lettering is not permitted.  Reproduction of the Logo shall be consistent, accurate, sharp, clear, and undistorted, and shall maintain the Logo’s correct colors.

 

	
·  
	
The color used in the Licensor’s Marks, including the Official Logo, is as follows:

 

First Column = Burgundy

Second Column = Black

Third Column = White

L:           36           0           100

A:           54           0           0

B:           1           0           0

C:           32           75           0

M:           100           68           0

Y:           46           67           0

K:           14           90           0

H:           333           0           0

S:           82           0           0

B:           62           0           100

R:           158           0           255

G:           29           0           255

B:           86           0           255

 

	
·  
	
Licensor’s Marks, including but not limited to its name and Official Logo shall be displayed in a size and prominence at least equal to similar marks, names and logos for similar products or methods on any product, packaging, documentation, advertising, promotional, marketing, and related materials in accordance with industry standards.  The
elements of the Licensor trade dress cannot be separated without the prior permission of Licensor.

 

 

***** This material has been omitted pursuant to a request for confidential treatment and filed separately with the Securities and Exchange Commission.

 

 

-7-

 

EXHIBIT E

Products

 

	
1.
	
Conforming gauze bandage used as a secondary dressing to hold primary dressing in place:  either 100% cotton or a blend of rayon and PET

2.      Gauze sponges, gauze bandage rolls, gauze packing strips:  100% cotton

3.      100% cotton, Rayon/PET blend or cotton/polyester blend nonwoven sponges

	
4.
	
Dressings constructed of 100% cotton or cotton/rayon blend sandwiched between layers of PET (Mylar) or PA (Nylon) either with or without an adhesive border

***** This material has been omitted pursuant to a request for confidential treatment and filed separately with the Securities and Exchange Commission.

 

-8-Exhibit
10.59

 

INDEMNIFICATION
AGREEMENT

 

This Indemnification Agreement (“Agreement”) is made as of November 10,
2009 by and between priceline.com Incorporated, a company, incorporated under
the laws of the State of Delaware (the “Company”), and Kees Koolen (“Indemnitee”).

 

RECITALS

 

WHEREAS, Indemnitee has been asked and has agreed to and may be asked
in the future to act (if applicable) as incorporator, (managing) director,
officer, supervisory director, secretary, (general) proxy-holder,
administrator, liquidator, attorney, manager, employee, agent or in any other
capacity whatsoever of the Company or any of its (to be incorporated)
affiliated or group companies, including but not limited to Booking.com B.V.,
Booking.com Limited and their affiliated companies (collectively with the
Company, the “Group Companies”);

 

WHEREAS, the Company has agreed to indemnify Indemnitee in any of the
aforementioned capacities to the extent contemplated by this Agreement;

 

WHEREAS, the Company and Indemnitee wish to enter into this Agreement
to clearly delineate the aforementioned indemnification;

 

WHEREAS, the Board of the Company has approved the entering of this
Agreement on October 14, 2009.

 

NOW, THEREFORE, in consideration of the premises and the covenants
contained herein, the Company and Indemnitee do hereby covenant and agree as
follows:

 

Section 1.  Services.  This Agreement shall not be deemed an
employment contract between the Company and Indemnitee.

 

Section 2.               Indemnification.
 The Company shall indemnify and hold Indemnitee
harmless in accordance with the provisions of this Section 2 if Indemnitee
is, or is threatened to be made, a party to or a participant in any
Proceeding.  Pursuant to this Section 2,
Indemnitee shall be indemnified against all damages, losses, penalties,
monetary sanctions, costs, expenses (including reasonable fees, costs and
expenses of attorneys, accountants, tax specialists and other advisors and
court costs) (“Expenses”), judgments, fines and amounts paid in
settlement actually and reasonably incurred, suffered or paid by Indemnitee or
on his behalf in
connection with such Proceeding or any claim, issue or matter therein or
settlement whether by any of the Group Companies (or any (ultimate) shareholder
or group company of the Group Companies) or a third party (collectively: a “Claim”),
if Indemnitee acted in good faith and in a manner he reasonably believed to be in or not
opposed to the best interests of the relevant Group Companies on which behalf
he acted.  For purposes of this Agreement,
the term “Proceeding” shall include any threatened, pending or completed
action, suit, arbitration, alternate dispute resolution mechanism,
investigation, inquiry, administrative hearing or any other actual, threatened
or completed proceeding, whether of a civil, criminal, administrative or
investigative nature, in 

 

 

which Indemnitee
was, is or will be involved as a party or otherwise by reason of the fact that
Indemnitee is or was a director (managing or supervisory), officer, manager,
agent, employee, secretary, (general) proxy-holder, administrator, liquidator
or attorney of the Group Companies, in each case whether or not serving in such
capacity at the time any liability or expense is incurred for which
indemnification can be provided under this Agreement; provided, however,
that the term “Proceeding” shall not include any action, suit or arbitration
initiated by Indemnitee to enforce Indemnitee’s rights under this Agreement.

 

Notwithstanding any other provision of this Agreement, to the extent that
Indemnitee is by reason of his service to, within or for the benefit of the Group
Companies, a witness in any Proceeding to which Indemnitee is not a party, he shall be indemnified against all Expenses
actually and reasonably incurred by him or on his behalf in connection therewith.

 

The indemnification obligation of the Company will apply irrespectively
of whether the Indemnitee is still employed by, involved in or renders his
service (in whatever capacity) to the relevant Group Companies at the moment the
Claim is made, or whether the Claim dates from a date before or after the
signing of this Agreement, as well as irrespectively of whether the third party
is residing or seated in the Netherlands or abroad and irrespectively of
whether the Claim will be executed before a Dutch or foreign judge, or whether
the payments are due on account of a settlement (provided that such settlement
must be approved in advance by the Company, which approval will not be
unreasonably withheld, conditioned or delayed). 
The right to indemnification as provided for in this Agreement shall
inure to the benefit of Indemnitee’s heirs, executors and personal and legal
representatives.

 

Section 3.               Exclusions;
Limitations.  Notwithstanding any
provision in this Agreement to the contrary, and unless a court of competent
jurisdiction determines that indemnification should be provided in a final
non-appealable judgment, the Company shall not be obligated under this
Agreement to make any indemnity:

 

(a)           for which payment
has actually been made to or on behalf of Indemnitee under any insurance policy
or other indemnity provision, except with respect to any excess beyond the
amount paid under any insurance policy or other indemnity provision (for which
excess the Company shall be and remain liable);

 

(b)           for claims initiated
or brought by Indemnitee against the Company or any Group Company, except (i) with
respect to Proceedings brought by Indemnitee to enforce a right to
indemnification under this Agreement or (ii) if the Board of Directors of
the Company has approved the initiation or bringing of such claim;

 

(c)           for any settlement
of any Proceeding by Indemnitee effected without the Company’s written consent,
which consent will not be unreasonably withheld, conditioned or delayed;

 

(d)           (i) for any
breach of Indemnitee’s duty of loyalty (as defined by Dutch law) to the
relevant Group Companies, (ii) for acts or omissions by Indemnitee not in
good faith 

 

 

or which involve
willful or intentional misconduct, gross negligence or a knowing and willful violation
of law on the part of Indemnitee, (iii) for unlawful payment of a dividend
or distribution or unlawful stock or equity purchase or redemption by any Group
Company, or (iv) for any transaction from which Indemnitee derived an
improper and actual personal benefit; or

 

(e)           for which payment is
prohibited by applicable law,

 

The Company’s obligation to indemnify Expenses hereunder to Indemnitee
who is or was serving at the request of the Company as a director, officer,
employee or agent of any other corporation, partnership, joint venture, trust,
employee benefit plan or other enterprise shall be reduced by any amount
Indemnitee has actually received as indemnification from such other
corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise.

 

Section 4.              Procedure
for Notification and Defense of Claim.

 

(a)           To
obtain indemnification under this Agreement, Indemnitee shall first submit to
the Company a written request therefor specifying in reasonable detail the claims
or circumstances under which Indemnittee believes he is entitled to
indemnification hereunder.

 

(b)           The Company will be
entitled to participate in the Proceeding at its own expense.

 

Section 5.               Duration
of Agreement; Binding Effect.  This
Agreement shall continue until and terminate upon the later of: (a) the
expiry of the relevant applicable statue of limitations of any Claim, or (b) the
final termination of any Proceeding, including any appeal, then pending in
respect of which Indemnitee is granted rights of indemnification hereunder.
This Agreement shall be binding upon the Company and its successors and assigns
and shall inure to the benefit of Indemnitee and his heirs, executors and administrators.

 

Section 6.               Repayment.  If and to the extent that it is established
by a competent court that one of the exceptions set forth in Clause 3 applies,
then all amounts paid by the relevant Companies pursuant to this Agreement in
relation to the events in question shall be deemed advance payments and
Indemnitee shall be required to repay such amounts to the relevant Companies,
unless otherwise provided for in the decision of the competent court or agreed
upon by parties to this Agreement.

 

Section 7.               Advance
Payment; D&O Insurance.  The
right to indemnification conferred by this Agreement shall include the right to
be paid by the Company the reasonable expenses incurred in defending or
otherwise participating in any proceeding in advance of its final
disposition.  The Company shall cover
Indemnitee under directors’ and officers’ liability insurance both during and,
while potential liability exists, after the employment, which insurance shall
cover all Group Companies.

 

Section 8.               Severability.  If any provision or provisions of this
Agreement shall be held to be invalid, illegal or unenforceable for any reason
whatsoever: (a) the validity, legality and enforceability of the remaining
provisions of this Agreement (including without limitation, 

 

 

each portion of
any Section of this Agreement containing any such provision held to be
invalid, illegal or unenforceable, that is not itself invalid, illegal or
unenforceable) shall not in any way be affected or impaired thereby and shall
remain enforceable to the fullest extent permitted by law; (b) such
provision or provisions shall be deemed reformed to the extent necessary to conform
to applicable law and to give the maximum effect to the intent of the parties
hereto; and (c) to the fullest extent possible, the provisions of this
Agreement (including, without limitation, each portion of any Section of
this Agreement containing any such provision held to be invalid, illegal or
unenforceable, that is not itself invalid, illegal or unenforceable) shall be
construed so as to give effect to the intent manifested thereby.

 

Section 9.               Entire
Agreement.  This Agreement
constitutes the entire agreement between the parties hereto with respect to the
subject matter hereof and supersedes all prior agreements and understandings,
oral, written and implied, between the parties hereto with respect to the
subject matter hereof.

 

Section 10.             Notice
by Indemnitee.  Each party agrees
promptly to notify the other parties in writing upon being served with any
summons, citation, subpoena, complaint, indictment, information or other
document relating to any Proceeding, claim or matter which may be subject to
indemnification hereunder.

 

Section 11.             Notices.  All notices, requests, demands and other
communications under this Agreement shall be in writing and shall be deemed to
have been duly given if (a) delivered by hand and receipted for by the
party to whom said notice or other communication shall have been directed, (b) mailed
by certified or registered mail with postage prepaid, on the third business day
after the date on which it is so mailed, (c) mailed by reputable overnight
courier and receipted for by the party to whom said notice or other
communication shall have been directed or (d) sent by facsimile
transmission, with receipt of oral confirmation that such transmission has been
received:

 

(a)           If to Indemnitee, at
such address as Indemnitee shall provide to the Company.

 

(b)           If to the Company to:

 

priceline.com Incorporated

800 Connecticut Avenue

Norwalk, Connecticut 06854

Attention:  General Counsel

 

or to any other
address as may have been furnished to Indemnitee by the Company.

 

Section 12. No Termination. The parties hereby waive their
rights, if any, in whole or in part, to annul, terminate, rescind, dissolve or
cancel this Agreement, including on the basis of Sections 6:265 or 6:228 of the
Dutch Civil Code, or make any request thereto.

 

Section 13.             Applicable
Law and Consent to Jurisdiction.  This
Agreement and the legal relations among the parties shall be governed by, and
construed and enforced in accordance 

 

 

with, the laws of
the State of Delaware, without regard to its conflict of laws rules.  The Company and Indemnitee hereby irrevocably
and unconditionally (i) agree that any action or proceeding arising out of
or in connection with this Agreement shall be brought only in the Delaware
Court of Chancery (the “Delaware Court”), and not in any other state or
federal court in the United States of America or any court in any other
country, (ii) consent to submit to the exclusive jurisdiction of the Delaware
Court for purposes of any action or proceeding arising out of or in connection
with this Agreement, (iii) appoint, to the extent such party is not
otherwise subject to service of process in the State of Delaware, The Corporation
Trust Company, Wilmington, Delaware as its agent in the State of Delaware as
such party’s agent for acceptance of legal process in connection with any such
action or proceeding against such party with the same legal force and validity
as if served upon such party personally within the State of Delaware, (iv) waive
any objection to the laying of venue of any such action or proceeding in the
Delaware Court, and (v) waive, and agree not to plead or to make, any
claim that any such action or proceeding brought in the Delaware Court has been
brought in an improper or inconvenient forum.

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed
as of the day and year first above written.

 

	
   

  	
  priceline.com
  Incorporated

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jeffery H.
  Boyd

  
	
   

  	
   

  	
  Name:

  	
  Jeffery H. Boyd

  
	
   

  	
   

  	
  Title:

  	
  President and
  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Indemnitee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kees Koolen

  
	
   

  	
   

  	
  Name: Kees
  Koolen

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00168-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00168-of-00352.parquet"}]]