Document:

EX-10.22

 Exhibit 10.22 

FIRST AMENDMENT TO 

FORMATION AGREEMENT 
 This First Amendment
to the Formation Agreement (“Amendment”), effective as of August 26, 2008 (“Amendment Effective Date”), is between Valeritas, Inc., a Delaware corporation (“Company”) and BioValve Technologies,
Inc., a Delaware corporation (“BioValve”) and amends that certain Formation Agreement among the parties and BTI Tech, Inc., a Delaware corporation (“BTI”) dated August 22, 2006 (“Agreement”).

 WHEREAS, the parties desire to clarify certain understandings under the Agreement and amend other aspects of the Agreement and the Disclosure
Schedule thereto (“Disclosure Schedule”), each as specified herein. 
 WHEREAS, on August 6, 2008, BTI was merged into and with
BioValve. 
 NOW THEREFORE, in consideration of the premises and the parties’ mutual covenants, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows. 
 AGREEMENT 

1. Definitions. Except as otherwise set forth herein, all capitalized terms used in this First Amendment shall have the same meanings
as set forth in Agreement. 
 2. Device Assets. The definition for “Device Assets” in Section 1.1 shall be deleted in
its entirety and replaced with the following: 
 “‘Device Assets’ means all of BioValve’s assets
relating to BioValve’s drug delivery/medical device initiative, including without limitation the Patch Technology, Microneedle Technology, Needle-free Technology, Rapid Infusion Technology (as those terms are defined in Schedule 1.1 of
the Disclosure Schedule to the Agreement (‘Disclosure Schedule’ ), all precursors, portions and work in progress with respect thereto, and all other assets listed on Schedule 1.1 or otherwise necessary to the use and
exploitation thereof, provided that following the contribution contemplated in Section 2.1, Device Assets shall include the assets and liabilities transferred to BTI pursuant to such contribution.” 

3. Contribution of Assets. The first paragraph of Section 2.2 shall be deleted in its entirety and replaced by the following: 

“Section 2.2 Contribution of Assets. Except as provided in Section 2.3, as of the Effective Date, and after
giving effect to the conveyance set forth in Section 2.1, BioValve and BTI hereby assign, transfer, convey, and deliver to Company, irrevocably and exclusively throughout the world, free and clear of all Liens, all right, title, and interest
(including all Intellectual Property) in and to the Device Assets and all other assets, properties, rights and business of BioValve and BTI as of the Effective Date (other than any Excluded Asset) to the extent

 
relating to the Device Assets of every kind, whether known or unknown, fixed or unfixed, tangible or intangible, whether or not specifically referred to in this Agreement, as amended, and whether
or not reflected on the books and records of BioValve or BTI (collectively, the “Contributed Assets”). For the avoidance of doubt, Company has no obligation to license back to BioValve any right or interest in the Contributed Assets
for any purpose. The Contributed Assets shall include, without limitation, the following: 
 (a) all supplies and inventories, including
goods in transit, finished goods, works-in-process, components, raw materials and any other inventory (the “Contributed Inventory”); 

(b) all assets, furniture and fixtures (of every kind and nature and description, whether tangible or intangible, real, personal or mixed, in
each case to the extent related to the Device Assets) that are physically located on the Effective Date at the premises referenced in Section 4.2 hereof; 

(c) the Contracts set forth on Section 2.2(c) of the Disclosure Schedule (the “Scheduled Contracts”), including any licenses
contained therein, and any sums due to BioValve or BTI under any of the Scheduled Contracts; 
 (d) all lists, documents, records, written
information, notebooks, production drawings, production specifications, supplier lists, prototypes, product data, manuals, studies, reports, computer files and other computer readable media and any confidential information that has been reduced to
writing or electronic form, in each case, to the extent related to the Device Assets; 
 (e) all rights under express or implied warranties
from suppliers and vendors to the extent such rights relate to the Device Assets; 
 (f) all Intellectual Property, the Intellectual
Property Rights thereto and all related goodwill; 
 (g) all rights under any non-disclosure agreements, non-solicitation agreements and
non-competition agreements entered into with any parties to the extent related to the Device Assets as set forth in Section 2.2(g) of the Disclosure Schedule; 

(h) all prepaid expenses and other deposits to the extent related to the Device Assets; 

(i) other than with respect to Taxes, all rights and claims, including refunds, relating to or arising out of the Device Assets; 

(j) all rights, title and interests in and to trademarks set forth on Schedule 1.1, together with the goodwill symbolized thereby and
associated therewith; 
 (k) all other assets or movable property to the extent related to the Device Assets or necessary to exploit or
commercialize the Device Assets; and 

 (1) all licenses, permits, authorizations and approvals of, all pricing agreements and price
reimbursement agreements with, and all registrations, filings and other notifications to, any governmental agency or department necessary for the manufacturing, packaging, marketing, distribution, sale and/or use of the Device Assets within any
country or regulatory jurisdiction anywhere in the world, including, without limitation, any 510(k) clearances received from the U.S. Food and Drug Administration. 

4. Assumption of Liabilities. Section 2.4 shall be deleted in its entirety and replaced by the following: 

“Section 2.4 Assumption of Liabilities. Except as otherwise provided in this Agreement, from and after the
Effective Date, the Company shall assume and be liable for the following (and only the following) liabilities and obligations of BioValve: (a) all unpaid ordinary course, trade accounts payable related to the Device Assets (other than payables
to Affiliates of BioValve) listed in Section 2.4(b) of the Disclosure Schedule (the “Assumed Accounts Payable”), (b) the Indebtedness of BioValve listed in Section 2.4(b) of the Disclosure Schedule, (c) the
liabilities and obligations of BioValve to the extent related to the ownership, use or possession of the Contributed Assets (other than accounts payable that are not Assumed Accounts Payable or Indebtedness not assumed pursuant to the foregoing
Section 2.4(b) or liabilities that are Excluded Liabilities) and (d) up to $75,000 in the aggregate of any liabilities incurred by BioValve relating to the Legal Proceedings set forth in Section 2.5(d) of the Disclosure
Schedule.” 
 5. Excluded Liabilities. The following language shall be added at the beginning of Section 2.5(d): 

“(d) Except as specifically assumed by the Company pursuant to clause (d) of Section 2.4,” 

6. Further Assurances. The following language shall be added to the end of Section 2 as a new Section 2.7: 

“Section 2.7 Further Assurances. BioValve and BTI agree to assist Company, at the Company’s expense, in every
proper way to evidence, record and perfect the assignment in Section 2.2 herein, to apply for and obtain recordation of and from time to time enforce, maintain and defend the assigned rights, and to transfer and assign any regulatory approvals,
including but not limited to FDA 510(k) clearances, relating to the Device Assets to the Company. BioValve and BTI further agree to assist Company in every proper way, at the Company’s expense, to obtain any consents required under
Section 2.2(c) and to execute any agreements as reasonably requested by Company to effect the provisions of this Agreement.” 

 7. Contract Representations and Warranties. The following language shall be added to the
end of Section 3.1: 
 “No Scheduled Contract or Assumed Liability includes BioValve’s or BTI’s agreement to
indemnify, hold harmless or defend any third party with respect to any assertion of infringement or other violation of Intellectual Property Rights or warranting the lack thereof. All of the Scheduled Contracts are currently in effect, in good
standing and without any breach or default by either party. No event or circumstance has occurred, exists or is contemplated (including, without limitation, as a result of the authorization, execution and delivery of this Agreement or the
performance of any obligations under this Agreement or the consummation of any of the transactions contemplated thereby), that with or without notice or the lapse of time, could result in the (i) breach of any Scheduled Contract or Assumed
Liability, (ii) loss or expiration of any right or option by BioValve or BTI (or the gain thereof by any third party) under any Scheduled Contract or (iii) release, disclosure or delivery to any third party of any part of the Intellectual
Property Rights.” 
 8. Intellectual Property Representations and Warranties. The following language shall be added to the end
of Section 3 as new Sections 3.5 through 3.10: 
 “Except as otherwise set forth in the amended Disclosure Schedule delivered in
connection with this Amendment: 
 Section 3.5 Authority and No Conflict. BioValve and BTI have the full power,
right and authority to enter into and make the contributions and assignments and perform its other obligations under this Agreement without the consent, approval or authorization of any other person or entity, and this Agreement constitutes BioValve
and BTI’s valid and binding obligation enforceable in accordance with its terms. The execution and delivery of this Agreement by BioValve and BTI, and their compliance with the terms thereof, do not and will not conflict with or result in a
breach of any terms of, or constitute a default under, any agreement, obligation or instrument to which BioValve or BTI is a party or by which it is bound. 

Section 3.6 Ownership. BioValve and BTI are the sole and exclusive owners of the Contributed Assets and there are
no shared ownership interests of any kind in or to any of the Contributed Assets. All of the Intellectual Property Rights in the Contributed Assets are valid, enforceable and subsisting. No governmental registration of any of the Intellectual
Property Rights has lapsed, expired or been canceled, abandoned, opposed or the subject of a reexamination request. 

Section 3.7 No Outstanding Rights. BioValve and BTI have not previously assigned, transferred, licensed, pledged or
otherwise encumbered any of the Contributed Assets to any party other than the Company, or agreed to do so, and there are no outstanding options or rights granted to any third party in or to any of the Contributed Assets, or to acquire any rights or
licenses to any of the Contributed Assets. Execution and delivery of this Agreement will convey to and vest in Company good and marketable title to the Contributed Assets, free 

 
and clear of any liens, claims, security interests or other encumbrances, and will otherwise provide Company with unrestricted rights to use and exploit the Contributed Assets. 

Section 3.8 Inventorship. The sole inventors of the Device Assets are BioValve and BTI employees, all of whom were
acting within the scope of their employment with BioValve or BTI and are bound by valid and enforceable written assignments that are necessary and sufficient to irrevocably transfer all of their rights, title and interests therein to Bio Valve or
BTI. Each current and former employee and contractor of BioValve and BTI has executed and delivered (and to the best of BioValve’s and BTI’s knowledge respectively, is in compliance with) an agreement in substantially the form of
BioValve’s or BTI’s standard confidentiality and inventions assignment agreement, which agreements provide valid written assignments to BioValve or BTI of all rights, title and interests in and to any invention, work product or other
intellectual property rights conceived or developed thereunder, in whole or in part, by such persons. The Intellectual Property Rights do not include, and operation of the business relating to the Device Assets does not require, any
(i) invention of any past or present employee or contractor made prior to or outside the scope of their employment or engagement with BioValve or BTI or (ii) any confidential or proprietary information or trade secret of any former
employer of any such person or any other third party. 
 Section 3.9 Quiet Enjoyment. There have been no threats,
communications, claims, actions, proceedings or litigation, and there is no basis upon which a claim may be made against BioValve, BTI, the Company or any of their respective affiliates, that could give rise to any Assumed Liability or that
challenges the inventorship, ownership, scope, validity or enforceability of any of the Intellectual Property Rights. There is no instance where it has been held, claimed or alleged, whether directly or indirectly, and there is no basis upon which a
claim may be made, that the subject matter of any Intellectual Property Right infringes, misappropriates or otherwise violates any intellectual property right of a third party, or that any activity of a third party infringes or may infringe upon or
is in violation of any of the Intellectual Property Rights. 
 Section 3.10 Confidentiality. BioValve and BTI
have taken all commercially reasonable and appropriate steps to protect and preserve the confidentiality of all trade secrets and other proprietary information relating to the Device Assets and the Intellectual Property Rights therein
(“Business Confidential Information”). All use by and disclosure to employees or others of Business Confidential Information by BioValve and BTI has been pursuant to the terms of valid and binding written confidentiality and
nonuse/restricted-use agreements.” 

 9. Legal Fees. The following language shall be added to the end of Section 4.4: 

“Company will pay 50% of the outstanding legal fees of Foley Hoag LLP, counsel to certain of BioValve’s investors, with the
Company’s share of such fees not to exceed $87,500.” 
 10. Covenants. The following language shall be added to the end of
Section 4 as a new Sections 4.5 through 4.11: 
 “Section 4.5 Indemnification. BioValve shall defend and
indemnify certain investors in Company for any breach of its obligations, representations and warranties herein, as further specified in the Valeritas, Inc. Recapitalization and Preferred Stock Purchase Agreement dated August 26, 2008 (the
“Stock Purchase Agreement”). 
 Section 4.6 Non-Competition. During the Restricted Period (as
defined below), each party shall refrain from Competition (as defined below) with the other. For the purposes of this provision: “Competition” means (i) directly or indirectly, individually or in conjunction with others,
engaging in activities that compete with the Business (as defined below) of the other party, (ii) causing or attempting to cause any existing or prospective customer, supplier, client or account of in the area of the Business to terminate,
limit or in any manner modify, or fail to enter into, any actual or potential business relationship with the other party; “Business” means any business in which a party is engaged or has proposed to be engaged on the Amendment
Effective Date (provided, that, without limiting the generality of the foregoing, the Business of the Company shall specifically include any business that is based upon or uses the Contributed Assets); “Restricted Period” means a
period commencing as of the Amendment Effective Date and ending on the date five years following the Amendment Effective Date.” 

Section 4.7 Company Employees. BioValve acknowledge and agrees that all employees on the attached Appendix 3
are Company employees. BioValve agrees that it will not, beginning as of the date of this Amendment and for a period of two years thereafter (the “Restricted Period”), and anywhere in the world, directly or indirectly, on behalf of
BioValve or any affiliate, encourage or solicit any person who at the time of such encouragement or solicitation is an employee or consultant of, or advisor to, Company to terminate such person’s relationship with Company for any reason; or
solicit or recruit, directly or by assisting others, or attempt to solicit or recruit to BioValve or to any other person or entity who is or was a Company employee or consultant within the Restricted Period. 

Section 4.8 Intercompany Note. BioValve and Company will agree that all existing intercompany notes, accounts payable
and receivable, and other accounts shall be, and hereby are, canceled in consideration of the issuance by Company of a note in the form attached as Annex I in the principal amount of $1,771,508, which Company shall issue on or prior to
the date of this Amendment, which note provides that Company shall pay BioValve $1 million of the amounts outstanding under the note within seven (7) days of the issuance date 

 
and all remaining amounts outstanding under the note in equal monthly installments on or prior to February 26, 2009 (or the date of the Subsequent Closing (as such term is defined in the
Stock Purchase Agreement), if earlier). 
 Section 4.9 Rapid Infuser Payments. In the event that Company enters
into licensing or partnering agreements with any third party on an exclusive or non-exclusive basis, granting the third party a right to use the Rapid Infuser Technology in the development and/or commercialization of such Rapid Infuser Technology
alone or in combination with a pharmaceutical agent, Company shall pay BioValve an amount equal to nine percent (9%) of any cash upfront license or signing fees which Company actually receives from such third party and nine percent (9%) of
any cash development milestone payments, with a development milestone defined as any milestone payment for any purpose other than those described below as payments that are excluded (“License Payments”). Such payments will be made
to BioValve within thirty days after receipt by Company of such License Payments from the third party licensee. For clarity, Company’s payments to BioValve under this Section 4.9 shall not include (and will not be based on) any
(a) amounts that are payable directly in connection with the sale of a product incorporating the Rapid Infuser Technology, including royalties, profit shares or sales milestones, (b) payments for equity or debt of Company,
(c) payments for the manufacture or supply of products by Company, including research support or research reimbursement payments, (d) payment or reimbursement for services performed by Company, (e) payment on account of costs
associated with the prosecution, maintenance, enforcement, defense or suits with respect to intellectual property (the “Excluded Payments”). For payments in connection with licensing or partnering agreements related to a combination
of a pharmaceutical agent and the Rapid Infuser Technology in which Company has invested greater than $2 million in direct development costs prior to such licensing or partnering agreement (a “Combination Product”), ten
(10%) percent of the Licensing Payments from the Combination Product shall be deemed allocatable to the Rapid Infuser Technology and the baseline for the nine (9%) percent payments hereunder. Payment or consideration received by Company in
any form other than cash that directly relates to the Rapid Infuser Technology and is made in lieu of cash Licensing Payments shall be considered Licensing Payments for purposes of this Agreement. This provision shall survive a change of control. On
the signing of each new licensing agreement with a third party and on each February 1 following the Amendment Effective Date, Company will provide BioValve a written summary of the Licensing Payments agreed to including any revisions in a third
party agreement that affect BioValve’s payments and an updated status on the expected timing of those payments for the sole purpose of BioValve’s business planning. 

Section 4.10 Waiver and Release. BioValve hereby stipulates and agrees that it has and will have no rights, claims or
causes of action against Company with respect to any Excluded Assets and Excluded Liabilities, and hereby waives, releases and agrees not to assert or exercise any such rights, claims or causes of action, whether known or unknown, contingent or
accrued. 

 11. Device Assets and other Intellectual Property. Schedule 1.1 of the Disclosure Schedule
is hereby deleted and replaced in its entirety by the new Schedule 1.1 in the form attached hereto as Appendix 1. 
 12.
Schedule 2.2(c). Schedule 2.2(c) of the Disclosure Schedule is hereby deleted and replaced in its entirety by the new Schedule 2.2(c) in the form attached hereto as Appendix 2. 

13. BioValve Assets. Appendix 4 hereto contains a true and complete list all BioValve assets and property currently located on
Company’s premises. BioValve hereby covenants and agrees that it shall use commercially reasonable efforts to remove all such assets and property from Company’s premises on or before September 30, 2008. 

14. Scope of Amendment. This Amendment shall be effective and binding upon the parties as of the Amendment Effective Date. Except and
only to the extent specifically modified herein, all of the terms and conditions of the Agreement are hereby ratified and confirmed and shall remain in full force and effect. In case of any conflict or inconsistency between the provisions of this
Amendment and the Agreement, this Amendment shall control. This Amendment may be executed in multiple counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. In making proof of
this Amendment, it shall not be necessary to produce or account for more than one such counterpart. 

 IN WITNESS WHEREOF, intending to be legally bound, the parties have caused their duly authorized
officers to execute this Amendment as an instrument under seal, as of the Amendment Effective Date. 
  

					
		 	COMPANY:
		
		 	VALERITAS, INC.
			
		 	By:	 	 /s/ Chris Searcy

			
		 	Name:	 	 CHRIS SEARCY

			
		 	Title:	 	 Interim CEO

		
	Address:	 	 9 Campus Drive

		
		 	 Parsippany NJ 07054

		
		 	PARENT:
		
		 	BIOVALVE TECHNOLOGIES INC.
			
		 	By:	 	  

			
		 	Name:	 	  

			
		 	Title:	 	  

		
	Address:	 	  

		
		 	  

  

 IN WITNESS WHEREOF, intending to be legally bound, the parties have caused their duly authorized
officers to execute this Amendment as an instrument under seal, as of the Amendment Effective Date. 
  

					
		 	COMPANY:
		
		 	VALERITAS, INC.
			
		 	By:	 	  

			
		 	Name:	 	  

			
		 	Title:	 	  

		
	Address:	 	  

		
		 	  

		
		 	PARENT:
		
		 	BIOVALVE TECHNOLOGIES INC.
			
		 	By:	 	 /s/ Robert R. Gonnelli

			
		 	Name:	 	 Robert R. Gonnelli

			
		 	Title:	 	 President & CEO

		
	Address:	 	 9 Campus Drive

		
		 	 Parsippany NJ 07054

  

 APPENDIX 1 

Schedule 1.1 – Intellectual Property 

Trademarks: h-Patch, e-Patch, Micro-Trans, Mini-Ject, V-Go 

* * * 
 As used in the Agreement, the Patch Technology,
Microneedle Technology, Needle-free Technology, and Rapid Infuser Technology shall have the following meanings and shall include, without limitation, the technologies and intellectual property disclosed or claimed in the patents or patent
applications listed in Table 1 below, as well as the inventions which are not yet the subject of any patent filing listed in Table 2 below, including methods of making or using the same. 

1. Patch Technology shall encompass: infusion devices in which drug delivery is controlled by controlling displacement of a medicinal reservoir via hydraulic
fluid flow controlled by a restrictor between the fluid and the medicinal cartridge with or without a floating needle fluid path into the skin; skin-mounted infusion pumps with floating needles; spring-driven hydraulic infusers utilizing
highly-viscous hydraulic fluid in which the contents of a drug reservoir can be expelled with minimum extension of the spring from it’s fully compressed length, so that the force applied by the spring remains relatively constant throughout the
infusion; electrochemically-controlled gas generation displacement infusers; wearable mechanically driven infusers having basal delivery capability and patient controlled bolus delivery capability intended for, or capable of, the same or a similar
use as other Company technologies and that are intended to be or are researched, developed or commercialized by Company; infusion devices known as h-Patch; infusion devices known as e-Patch; infusion devices known as V-Go; methods of making or using
any of the foregoing; and ancillary devices and methods for use with any of the foregoing. 
 2. Microneedle Technology shall encompass: delivery or
sampling devices using microneedle arrays applied to a body surface; microneedles, either hollow or solid structures, having integrated drug reservoirs; microneedles combined with a membrane; microneedle structures filled or coated with dissolvable
solids; products known as Micro-Trans; methods of making or using any of the foregoing; and ancillary devices and methods for use with any of the foregoing. 

3. Needle-free Technology shall encompass: devices using multi-stage energetic materials for dynamically propelling compounds or compositions across a
biological barrier into the body; devices known as Mini-Ject; methods of making or using any of the foregoing; and ancillary devices and methods for use with any of the foregoing. 

4. Rapid Infusion Technology shall encompass: devices that deliver solutions across the skin using a displacement method driven by a controlled slip anchor
producing forces large enough to deliver compounds with viscosity ranging from 1 cps to 50 cps intended to deliver low to high volumes (i.e., less than one milliliter to about 20 milliliters). These devices include

 
devices intended for large volume subcutaneous administration by the patient for formulations of peptides, proteins, small molecules and antibodies that are most often administered by IV
infusion. The Rapid Infusion Technology shall also include any work created by Company as part of the services performed by Company for “BioValve that is owned by BioValve under that certain Agreement For Service between the parties and dated
May 23, 2008. 
 TABLE 1: Patents and Patent Applications: 
  

																			
	 Valeritas Ref.

No.
	 	 Country
	 	 Title
	 	 Priority
Appl. No.
	 	 Priority

Date
	 	 Application
No.
	 	 Filing Date
	 	 Status
	 	 Patent No.
	 	 Issue Date

	BVTP-P01-002	 	US	 	Injection Devices	 	60/112,805	 	18-Dec-98	 	09/465,573	 	17-Dec-99	 	Granted	 	US 6,406,455 B1	 	18-Jun-02
	BVTP-P02-002	 	US	 	Injection Devices	 	60/112,805	 	18-Dec-98	 	10/175,541	 	18-Jun-02	 	Granted	 	US 6,960,184	 	1-Nov-05
	BVTP-P03-002	 	US	 	Injection Devices	 	60/112,805	 	18-Dec-98	 	11/063,500	 	22-Feb-05	 	Published	 		 	
	BVTP-PWO-002	 	WO	 	Injection Devices	 	Same as above	 	Same as above	 	US99/30172	 	17-Dec-99	 	 Closed (entry into national stage

completed)
	 		 	
	BVTP-PEP-002	 	EP	 	Injection Devices	 	Same as above	 	Same as above	 	99968496.2	 	17-Dec-99	 	Granted	 	1144031	 	26-Oct-05
	BVTP-P01-003	 	US	 	Electroactive Pore	 	60/120,879	 	18-Feb-99	 	09/507,317	 	18-Feb-00	 	Granted	 	US 6,314,317 B1	 	6-Nov-01
	BVTP-P02-003	 	US	 	Electroactive Pore	 	60/120,879	 	18-Feb-99	 	09/878,573	 	11-Jun-01	 	Granted	 	US 6,490,483 B2	 	3-Dec-02
	BVTP-P03-003	 	US	 	Electroactive Pore	 	60/120,879	 	18-Feb-99	 	10/306,767	 	26-Nov-02	 	Granted	 	US 7,187,969 B2	 	6-Mar-07
	BVTP-PWO-003	 	WO	 	Electroactive Pore	 	Same as above	 	Same as above	 	US00/04273	 	18-Feb-00	 	 Closed (entry into national stage

completed)
	 		 	
	BVTP-PJP-003	 	JP	 	Electroactive Pore	 	Same as above	 	Same as above	 	2000-599456	 	18-Feb-00	 	Abandoned	 		 	
	BVTP-PIL-003	 	IL	 	Electroactive Pore	 	Same as above	 	Same as above	 	144948	 	18-Feb-00	 	Pending	 		 	
	BVTP-PHK-003	 	HK	 	Electroactive Pore	 	Same as above	 	Same as above	 	2102212.6	 	18-Feb-00	 	Abandoned	 		 	
	BVTP-PEP-003	 	EP	 	Electroactive Pore	 	Same as above	 	Same as above	 	00914640.8	 	18-Feb-00	 	Granted	 	1161277	 	11-Oct-06
	BVTP-PDE-003	 	DE	 	Electroactive Pore	 	Same as above	 	Same as above	 	00914640.8	 	18-Feb-00	 	EP patent validated In DE	 	1161277	 	2-Feb-07
	BVTP-PGB-003	 	GB	 	Electroactive Pore	 	Same as above	 	Same as above	 	00194640.8	 	18-Feb-00	 	EP patent validated in GB	 	1161277	 	11-Oct-06
	BVTP-PCA-003	 	CA	 	Electroactive Pore	 	Same as above	 	Same as above	 	2362814	 	18-Feb-00	 	Abandoned	 		 	
	BVTP-PAU-003	 	AU	 	Electroactive Pore	 	Same as above	 	Same as above	 	36003/00	 	18-Feb-00	 	Granted	 	767510	 	26-Feb-04
	BVTP-P01-004	 	US	 	Injection Device	 	60/174,876	 	7-Jan-00	 	09/755,906	 	5-Jan-01	 	Granted	 	US 6,616,627 B2	 	9-Sep-03
	BVTP-P02-004	 	US	 	Injection Device	 	60/174,876	 	7-Jan-00	 	10/658,116	 	8-Sep-03	 	Published	 		 	
	BVTP-PWO-004	 	WO	 	Injection Device	 	Same as above	 	Same as above	 	US01/00346	 	4-Jan-01	 	 Closed (entry into national stage

completed)
	 		 	
	BVTP-PEP-004	 	EP	 	Injection Device	 	Same as above	 	Same as above	 	1908589.3	 	4-Jan-01	 	Published	 		 	
	BVTP-PCA-004	 	CA	 	Injection Device	 	Same as above	 	Same as above	 	2396569	 	4-Jan-01	 	Pending	 		 	
	BVTP-PAU-004	 	AU	 	Injection Device	 	Same as above	 	Same as above	 	36441/01	 	4-Jan-01	 	Granted	 	783680	 	9-Mar-06
	BVTP-PA1-004	 	WO	 	Injection Device	 	Same as above	 	Same as above	 	2006200790	 	24-Feb-06	 	Pending	 		 	

																			
	 Valeritas Ref.

No.
	 	 Country
	 	 Title
	 	 Priority
Appl. No.
	 	 Priority

Date
	 	 Application

No.
	 	 Filing Date
	 	 Status
	 	 Patent No.
	 	 Issue Date

	BVTP-P01-007	 	US	 	Injection Systems	 	 60/250,410
 60/250,425

60/250,537
 60/250,573
	 	30-Nov-00	 	10/001,002	 	30-Nov-01	 	Published	 		 	
	BVTP-P02-007	 	US	 	Dermal Drug Injection Systems	 	same as above	 	same as above	 	09/999,549	 	30-Nov-01	 	Published	 		 	
	BVTP-P03-007	 	US	 	Dermal Drug Injection Systems	 	same as above	 	same as above	 	10/007,061	 	30-Nov-01	 	Granted	 	US 7,150,409	 	19-Dec-06
	BVTP-PWO-007	 	WO	 	Dermal Drug Injection Systems	 	Same as above	 	same as above	 	US01/46029	 	30-Nov-01	 	 Closed (entry into national stage

completed)
	 		 	
	BVTP-PKR-007	 	KR	 	Dermal Drug Injection Systems	 	Same as above	 	same as above	 	2003-7007279	 	30-Nov-01	 	Abandoned	 		 	
	BVTP-PJP-007	 	JP	 	Dermal Drug Injection Systems	 	Same as above	 	same as above	 	2002-552611	 	30-Nov-01	 	Published	 		 	
	BVTP-PEP-007	 	EP	 	Dermal Drug Injection Systems	 	Same as above	 	same as above	 	01994145.9	 	30-Nov-01	 	Published	 		 	
	BVTP-PCA-007	 	CA	 	Dermal Drug Injection Systems	 	Same as above	 	same as above	 	2430499	 	30-Nov-01	 	Pending	 		 	
	BVTP-PAU-007	 	AU	 	Dermal Drug Injection Systems	 	Same as above	 	same as above	 	2002246572	 	30-Nov-01	 	Abandoned	 		 	
	BVTP-PA1-007	 	AU	 	Dermal Drug Injection Systems	 	Same as above	 	same as above	 	2007202665	 	8-Jun-07	 	Pending	 		 	
	BVTP-P01-011	 	US	 	Fluid Delivery and Measurement Systems and Methods	 	 60/250,538
 60/250,408

60/250,295
 60/250,927

60/250,422
 60/250,413

60/250,403
  

60/324,412
	 	 30-Nov-00

24-Sep-01
	 	10/006,526	 	30-Nov-01	 	Granted	 	US 6,939,324 B2	 	6-Sep-05
	BVTP-P02-011	 	US	 	Fluid Delivery and Measurement Systems and Methods	 	same as above	 	same as above	 	11/219944	 	6-Sep-05	 	 Pending
 (Allowed)
	 		 	
	BVTP-PWO-011	 	WO	 	Fluid Delivery and Measurement Systems and Methods	 	Same as above	 	same as above	 	US01/46028	 	30-Nov-01	 	 Closed (entry into national stage

completed)
	 		 	
	BVTP-PEP-011	 	EP	 	Fluid Delivery and Measurement Systems and Methods	 	Same as above	 	same as above	 	01988242.2	 	30-Nov-01	 	Published	 		 	
	BVTP-PCA-011	 	CA	 	Fluid Delivery and Measurement Systems and Methods	 	Same as above	 	same as above	 	2430590	 	30-Nov-01	 	Pending	 		 	
	BVTP-P01-023	 	US	 	Microneedle, Microneedle arrays, and systems and methods relating to same	 	60/323,417	 	19-Sep-01	 	10/251,480	 	19-Sep-02	 	Published	 		 	
	BVTP-P01-025	 	US	 	Gas Pressure Actuated Microneedle Arrays, and Systems and methods relating to same	 	60/323,852	 	21-Sep-01	 	10/252,739	 	23-Sep-02	 	Published	 		 	

																			
	 Valeritas Ref.

No.
	 	 Country
	 	 Title
	 	 Priority
Appl. No.
	 	 Priority

Date
	 	 Application
No.
	 	 Filing Date
	 	 Status
	 	 Patent No.
	 	 Issue Date

	BVTP-PWO-025	 	WO	 	Gas Pressure Actuated Microneedle Arrays, and Systems and methods relating to same	 	Same as above	 	same as above	 	US02/30117	 	23-Sep-02	 	 Closed (entry into national stage

completed)
	 		 	
	BVTP-PEP-025	 	EP	 	Gas Pressure Actuated Microneedle Arrays, and Systems and methods relating to same	 	Same as above	 	same as above	 	2766341.8	 	23-Sep-02	 	Published	 		 	
	BVTP-PCA-025	 	CA	 	Gas Pressure Actuated Microneedle Arrays, and Systems and methods relating to same	 	Same as above	 	Same as above	 	02499838	 	23-Sep-02	 	Pending	 		 	
	BVTP-P01-027	 	US	 	Stacked Microneedle Systems	 	60/174,023	 	30-Dec-99	 	09/747,768	 	22-Dec-00	 	Published	 		 	
	BVTP-PWO-027	 	WO	 	 Stacked

Microneedle
 Systems
	 	Same as above	 	Same as above	 	US00/35144	 	22-Dec-00	 	 Closed (entry into national stage
 completed)
Pending
	 		 	
	BVTP-PEP-027	 	EP	 	 Stacked

Microneedle
 Systems
	 	Same as above	 	Same as above	 	00990324.6	 	22-Dec-00	 	Published	 		 	
	BVTP-PCA-027	 	CA	 	 Stacked

Microneedle
 Systems
	 	Same as above	 	Same as above	 	2396767	 	22-Dec-00	 	Pending	 		 	
	BVTP-PA1-027	 	AU	 	 Stacked

Microneedle
 Systems
	 	Same as above	 	Same as above	 	2005222551	 	13-Oct-05	 	Pending	 		 	
	BVTP-P02-028	 	US	 	Microneedle Adapter	 	60/247,571	 	9-Nov-00	 	10/412,384	 	11-Apr-03	 	Abandoned	 		 	
	BVTP-P03-028	 	US	 	Microneedle Adapter	 	60/247,571	 	9-Nov-00	 	11/977,158	 	22-Oct-07	 	 Pending
 Abandoned
	 		 	
	BVTP-PWO-028	 	WO	 	Microneedle Adapter	 	Same as above	 	Same as above	 	US01/46845	 	8-Nov-01	 	 Closed (entry into national stage

completed)
	 		 	
	BVTP-P01-029	 	US	 	Microneedle Array Systems	 	60/257,757	 	21-Dec-00	 	10/027,115	 	20-Dec-01	 	Granted	 	US 7,027,478 B2	 	11-Apr-06
	BVTP-PW0-029	 	WO	 	Microneedle Array Systems	 	Same as above	 	Same as above	 	US01/49797	 	20-Dec-01	 	Closed (no entry into national stage)	 		 	
	BVTP-P01-030	 	US	 	Switchable Microneedle Arrays and Systems and Methods relating to same	 	60/325,522	 	28-Sep-01	 	10/260,711	 	30-Sep-02	 	Abandoned	 		 	
	BVTP-P02-030	 	US	 	Switchable Microneedle Arrays and Systems and Methods relating to same	 	60/325,522	 	28-Sep-01	 	11/975,353	 	18-Oct-07	 	Pending	 		 	
	BVTP-PWO-030	 	WO	 	Switchable Microneedle Arrays and Systems and Methods relating to same	 	Same as above	 	Same as above	 	US02/30993	 	30-Sep-02	 	 Closed (entry into national stage

completed)
	 		 	

																			
	 Valeritas Ref.

No.
	 	 Country
	 	 Title
	 	 Priority
Appl. No.
	 	 Priority

Date
	 	 Application
No.
	 	 Filing Date
	 	 Status
	 	 Patent No.
	 	 Issue Date

	BVTR-PEP-030	 	EP	 	Switchable Microneedle Arrays and Systems and Methods relating to same	 	Same as above	 	Same as above	 	02780401.2	 	30-Sep-02	 	Abandoned	 		 	
	BVTP-PCA-030	 	CA	 	Switchable Microneedle Arrays and Systems and Methods relating to same	 	Same as above	 	Same as above	 	2500452	 	30-Sep-02	 	Pending	 		 	
	BVTP-P02-032	 	US	 	Microneedle with Membrane	 	60/325,736	 	28-Sep-01	 	10/993,927	 	19-Nov-04	 	Abandoned	 		 	
	BVTP-P03-032	 	US	 	Microneedle with Membrane	 	60/325,736	 	28-Sep-01	 	12/152,138	 	12-May-08	 	Pending	 		 	
	BVTP-PWO-032	 	WO	 	Microneedle with Membrane	 	Same as above	 	Same as above	 	US02/31153	 	30-Sep-02	 	 Closed (entry into national stage

completed)
	 		 	
	BVTP-PEP-032	 	EP	 	Microneedle with Membrane	 	Same as above	 	Same as above	 	02773681.8	 	30-Sep-02	 	Published	 		 	
	BVTP-PCA-032	 	CA	 	Microneedle with Membrane	 	Same as above	 	Same as above	 	2500453	 	30-Sep-02	 	Pending	 		 	
	BVTP-P01-034	 	US	 	Microneedle Array Patch	 	60/416,740	 	7-Oct-02	 	10/681,777	 	7-Oct-03	 	Abandoned	 		 	
	BVTP-P02-034	 	US	 	Microneedle Array Patch	 	60/416,740	 	7-Oct-02	 	11/975,717	 	19-Oct-07	 	Pending	 		 	
	BVTP-PEP-034	 	EP	 	Microneedle Array Patch	 	Same as above	 	Same as above	 	03808167.5	 	7-Oct-03	 	Published	 		 	
	BVTP-PWO-034	 	WO	 	Microneedle Array Patch	 	Same as above	 	Same as above	 	US03/31847	 	7-Oct-03	 	 Closed (entry into national stage

completed)
	 		 	
	BVTP-P01-035	 	US	 	Hydraulically Actuated Pump for Long Duration Medicament Administration	 	60/465,070	 	23-Apr-03	 	10/831,354	 	23-Apr-04	 	Published	 		 	
	BVTP-PWO-035	 	WO	 	Hydraulically Actuated Pump for Long Duration Medicament Administration	 	60/465,070	 	23-Apr-03	 	US04/12797	 	23-Apr-04	 	 Closed (entry into national stage

completed)
	 		 	
	BVTP-PEP-035	 	EP	 	Hydraulically Actuated Pump for Long Duration Medicament Administration	 	60/465,070	 	23-Apr-03	 	04760179.4	 	23-Apr-04	 	Published	 		 	
	BVTP-PJP-035	 	JP	 	Hydraulically Actuated Pump for Long Duration Medicament Administration	 	60/465,070	 	23-Apr-03	 	2006-513327	 	23-Apr-04	 	Published	 		 	
	BVTP-PCA-035	 	CA	 	Hydraulically Actuated Pump for Long Duration Medicament Administration	 	60/465,070	 	23-Apr-03	 	2523267	 	23-Apr-04	 	Pending	 		 	
	BVTP-PAU-035	 	AU	 	Hydraulically Actuated Pump for Long Duration Medicament Administration	 	60/465,070	 	23-Apr-03	 	200423285.8	 	23-Apr-04	 	Pending	 		 	

																			
	 Valeritas Ref.

No.
	 	 Country
	 	 Title
	 	 Priority
Appl. No.
	 	 Priority

Date
	 	 Application

No.
	 	 Filing Date
	 	 Status
	 	 Patent No.
	 	 Issue Date

	BVTP-P01-037	 	US	 	Methods and Devices for Delivering Agents Across Biological Barriers	 		 		 	11/198,024	 	5-Aug-05	 	Published	 		 	
	BVTP-PAU-037	 	AU	 	Methods and Devices for Delivering Agents Across Biological Barriers	 	11/198,024	 	5-Aug-05	 	2006278258	 	7-Aug-06	 	Pending	 		 	
	BVTP-PJP-037	 	JP	 	Methods and Devices for Delivering Agents Across Biological Barriers	 	Same as above	 	Same as above	 	2008-525284	 	7-Aug-06	 	Pending	 		 	
	BVTP-PEP-037	 	EP	 	Methods and Devices for Delivering Agents Across Biological Barriers	 	Same as above	 	Same as above	 	06801016.4	 	7-Aug-06	 	Pending	 		 	
	BVTP-PWO-037	 	WO	 	Methods and Devices for Delivering Agents Across Biological Barriers	 	Same as above	 	Same as above	 	US06/030981	 	7-Aug-06	 	Published	 		 	
	BVTP-P01 -038	 	US	 	Methods and Devices for Delivering GLP-1 and Uses Thereof	 	60/585,330	 	2-Jul-04	 	11/175990	 	5-Jul-05	 	Published	 		 	
	BVTP-PWO-038	 	WO	 	Methods and Devices for Delivering GLP-1 and Uses Thereof	 	Same as above	 	Same as above	 	US05/023818	 	5-Jul-05	 	Abandoned	 		 	
	BVTP-P60-1000	 	US	 	Multi-Cartridge Fluid Delivery Device	 		 		 	60/787,616	 	30-Mar-06	 	Abandoned	 		 	
	BVTP-PWO-1000	 	WO	 	Multi-Cartridge Fluid Delivery Device	 	60/787,616	 		 	US2007/065363	 	30-Mar-07	 	Pending	 		 	

 Table 2: Inventions Relating to h-Patch Not Yet the Subject of Patent Applications 

 

	•	 	Coating for rubber components to control or reduce static friction 

  

	•	 	Hydraulic fluid rate control using restrictor control methods with viscosity ranges from 20 cps to 100,000 cps 

  

	•	 	Precision manufacturing method of molding medicinal cartridge to control diameter accuracy 

  

	•	 	Live action adhesive to allow relative movement of device versus skin and needle assembly increasing skin comfort 

  

	•	 	Filling system adapter for V-Go system 

  

	•	 	User interface; audible and tactile click 

  

	•	 	Method of needle release and safety lockout 

  

	•	 	Method of manufacture for viscous manifold 

 APPENDIX 2 

Schedule 2.2(c) – Scheduled Contracts 

2.2(c) — Scheduled Contracts. 

The Scheduled Contracts shall include all agreements pertaining to the Contributed Assets, including without limitation those included in the
Contract Table below. 
 CONTRACT TABLE 
  

					
	 Partner
	  	 Date
	  	 Description

	Centocor, Inc.	  	December 31, 2003	  	Centocor to evaluate the use of BioValve’s needle free injection devices in certain biologic pharmaceutical products.
			
	Georgia Tech Research Corp. and Redeon, Inc.	  	March 23,1999	  	Georgia Tech Research grants to Redeon an exclusive nontransferable license with a right to sub-license technology pertaining to “Microneedle Device for Transport of Molecules Across Tissue.” Redeon was subsequently
purchased by BioValve Technologies Inc.
			
	Taming of the Shrewsbury LLC	  	June 2, 2006	  	Letter of Intent regarding possible lease of property located at 800 Boston Turnpike, Shrewsbury, MA for a period of ten (10) years and three (3) months effective November 1,
2006.

					
			
	F. Hoffmann-La Roche Ltd.	  	November 14, 2007	  	BioValve agrees to conduct a study to develop new technology based on existing BioValve and Roche proprietary technology and assign any newly developed technology arising from the Study to Roche.
			
	Ferring	  	November 28, 2007	  	For performance of a feasibility study of desmopressin with BioValve’s proprietary transdermal delivery system.
			
	FM Healthcare Solutions LLC	  	June 1, 2006	  	FM Healthcare to provide recruiting and general human resources services.

 APPENDIX 3 

Valeritas Employees 
 Barowich, Raymond

 Brazauskas, Heather 
 Brown, Joseph 

Capolongo, Mario 
 Carter, Michele 

Connors, Dan 
 Descoteaux, Alan 

Dickie, Anne 
 Dube, Daniel 

Huie, Scott 
 Johnson, Matthew 

Levesque, Stephen 
 Lewis, Mark 

Lifrieri, Judith 
 Looby, Joseph 

McAllister, Devin 
 McGuinness, Lisa 

Nagy, Deborah 
 Nase, David 

Nguyen, Hung 
 Orellana, Alma 

Pham, Tam 
 Scott, Maria 

Sisu, Valentin 
 Standley, Robert 

Tamayo, Oscar 
 Taylor, Mark 

Trobec, Michelle 
 Volke, Urmas “Ernie” 

Aycock, Kathryn 
 Charvat, Tara L. 

DeCicco, Arleen 
 Gonnelli, Robert 

Lang, Kathleen 
 Larrabee, Bardsson 

Manning, Ronald 
 Nardi, Ronald 

Nguyen, Matthew 
 Ojert, Hokan L. 

Penn, Gerald 
 Slevin, James 

Stout, Mike 
 Timberlake, John 

Toth, Ernie 

 APPENDIX 4 

BioValve Assets on Company Premises 
  

													
	 	  	 BioValve Technologies Inc. Lab
Equipment

	 Number
	  	 Description
	  	 Model
	  	 Serial #
	  	 Location
	  	 Department
	  	 Status

	1	  	Varian ProStar HPLC Column Valve Module	  	320	  	560	  	Shrewsbury	  	microneedle lab.	  	not in use
	1	  	Varian ProStar HPLC Solvent Delivery Module	  	210	  	1114	  	Shrewsbury	  	microneedle lab.	  	not in use
	1	  	Varian ProStar HPLC Solvent Delivery Module	  	210	  	1116	  	Shrewsbury	  	microneedle lab.	  	not in use
	1	  	Varian ProStar HPLC UV VIS Detector	  	500	  	134	  	Shrewsbury	  	microneedle lab.	  	not in use
	1	  	VWR Thermo -80° C Freezer	  	5416	  	802199	  	Shrewsbury	  	fridge area	  	in use
	1	  	Amana Refrigerator	  	DRB2101A	  	11306610AC	  	Shrewsbury	  	fridge area	  	in use
	1	  	Mettler Balance	  	AG245	  	1117461638	  	Shrewsbury	  	clean room	  	in use
	1	  	NuAire CO2 Incubator	  	NU5500	  	15358092500	  	Shrewsbury	  	warehouse	  	not in use
	1	  	Forma Scientific Incubator	  	3158	  	30861-2272	  	unknown	  		  	
	1	  	DuPont Sorvall Refrigerated High Speed Centrifuge	  	RC-5B	  	-	  	unknown	  		  	
	1	  	Forma Scientific Class IIA/B3 Biological Safety Cabinet	  	1184	  	14486-269	  	Shrewsbury	  	microneedle lab.	  	in use
	1	  	Packard Top Count NXT Microplate Scintillation and Luminescence Counter	  	C990600	  	428654	  	Purdue	  		  	
	1	  	Packard Top Count NXT Microplate Scintillation and Luminescence Counter Base	  	A7401279	  	-	  	Purdue	  		  	
	1	  	Jouan Centrifuge	  	CR4-22	  	49311011	  	Purdue	  		  	
	1	  	Packard Multiprobe Liex Robotic Liquid Handling System	  	AMP11E1	  	A28655	  	Purdue	  		  	
	1	  	Scotsman Ice Cooler	  	AFE400 A-1A	  	564246-09D	  	Shrewsbury	  	warehouse	  	not in use
	1	  	Perkin Elmer GeneAmp	  	PCR9600	  	N15115	  	unknown	  		  	

													
	 	  	 BioValve Technologies Inc. Lab
Equipment

	 Number
	  	 Description
	  	 Model
	  	 Serial #
	  	 Location
	  	 Department
	  	 Status

	1	  	Mettler Balance	  	AG 204	  		  	unknown	  		  	
	1	  	Mettler Top Loading Balance	  	PG2002-5	  		  	unknown	  		  	
	1	  	Edwards Vacuum Pump	  	RV5	  	27254982	  	Shrewsbury	  	clean room	  	in use
	1	  	VWR Vacuum Oven	  	1400E	  	1203501	  	Shrewsbury	  	clean room	  	in use
	1	  	Turner BioSystems Fluorometer	  	Modulus	  	PP#1	  	Shrewsbury	  	 microneedle

lab.
	  	in use
	1	  	Motic Digital Microscope	  	DM 143	  	-	  	Shrewsbury	  	 microneedle

lab.
	  	in use
	1	  	Cavro Syringe Pump	  	XLP 6000	  	 XLP

0508231604
	  	Shrewsbury	  	 microneedle

lab.
	  	in use
	1	  	DryVac System	  	-	  	-	  	unknown	  		  	
	1	  	4X4 Cimaric Stirrer	  	-	  	-	  	unknown	  		  	
	1 set	  	Balance Standards 2100g to 0.01g	  	-	  	-	  	unknown	  		  	
	1	  	RV2 Stage w/LN Cord	  	-	  	-	  	unknown	  		  	
	1	  	7X7 Cimaric Stirrer	  	-	  	-	  	unknown	  		  	
	1	  	Rotary Evaporator	  	-	  	-	  	Purdue	  		  	
	1	  	Recirculating Water Aspirator	  	-	  	-	  	unknown	  		  	
	1	  	Marble Balance Slab	  	-	  	-	  	Shrewsbury	  	various	  	in use
	1	  	Tank Dolly	  	-	  	-	  	Shrewsbury	  	warehouse	  	not in use
	1	  	Hydrogenation Apparatus	  	-	  	-	  	unknown	  		  	
	1	  	HPLC System	  	-	  	-	  	unknown	  		  	
	1	  	ph Meter	  	-	  	-	  	Shrewsbury	  	 microneedle

lab.
	  	not in use
	1	  	Chiracel System	  	-	  	-	  	unknown	  		  	
	79 feet	  	VWR Lab Casework and Epoxy Table Tops	  	-	  	-	  	Shrewsbury	  	quality	  	in use
	1	  	VWR 6” Fume Hood with Fan	  	-	  	-	  	Shrewsbury	  	quality	  	in use
	1	  	VWR Oven	  		  	1000799	  	Shrewsbury	  	 microneedle

lab.
	  	in use
	1	  	VWR Refrigerator	  	-	  	-	  	Shrewsbury	  	fridge area	  	in use
	1	  	Kenmore Freezer	  	-	  	-	  	Shrewsbury	  	fridge area	  	in use
	1	  	Thermolyne Furnace	  	FB1415M	  	1.05E+12	  	Shrewsbury	  	 microneedle

lab.
	  	in use
	1	  	Branson Ultrasonic Cleaner	  	1510R	  	 RKB05038481

00
	  	Shrewsbury	  	process lab.	  	in use
	1	  	Mettler Balance	  	AG 245	  	119130501	  	Shrewsbury	  	 engineering

lab.
	  	in use
	1	  	YSI Glucose Analyzer	  	2300D	  	01G0908AA	  	Shrewsbury	  	analytical lab.	  	not in use

													
	 	  	 BioValve Technologies Inc. Lab
Equipment

	 Number
	  	 Description
	  	 Model
	  	 Serial #
	  	 Location
	  	 Department
	  	 Status

	1	  	OHAUS Balance	  	E12140	  	F0541120072 983	  	Shrewsbury	  	 microneedle

lab.
	  	in use
	1	  	Dell Computer and Monitor for Lab	  	-	  	-	  	Shrewsbury	  	 microneedle

lab.
	  	not in use
	1	  	Medica Ion Analyzer	  	Easylyte	  	19863ANKC	  	Shrewsbury	  	analytical lab.	  	not in use
	1	  	Barnstead Nanopure Diamond	  	D11901	  	1.19001E+12	  	Shrewsbury	  	analytical lab.	  	not in use
	1	  	National Glassware Washer	  	MLW661E	  	80947	  	Shrewsbury	  	autoclave rm.	  	not in use
	1	  	National Oven	  	NL141D	  	80826	  	Shrewsbury	  	autoclave rm.	  	not in use
	1	  	Geltinge Castle Autoclave	  	133LS	  	99J60370	  	Shrewsbury	  	 mechanical

rm.
	  	not in use
	Several	  	Microneedle Sheets	  	-	  	-	  	Shrewsbury	  	 microneedle

lab.
	  	in use
	Several	  	Microneedles on Reels	  	-	  	-	  	Shrewsbury	  	 microneedle

lab.
	  	in use
	Several	  	Microneedle Launcher Prototypes	  	-	  	-	  	Shrewsbury	  	 microneedle

lab.
	  	in use
	1	  	Canon Copier	  	NP6050	  	NDK19924	  	Shrewsbury	  	process eng.	  	not in use
	1	  	Minolta Color Laser Printer	  	QMSMC 2200	  	90251968	  	Shrewsbury	  	front office	  	not in use
	20	  	Desk and Side Chairs	  	-	  	-	  	Shrewsbury	  	various	  	unknown
	24 feet	  	VWR lab casework and epoxy table tops.	  	-	  	-	  	Shrewsbury	  	warehouse	  	not in use
	3	  	Desktop computers and monitors	  	-	  	-	  	Shrewsbury	  	warehouse	  	not in use
	8	  	Small bags of vials containing drug compound and or cell lines (stored in the freezer)	  		  		  	Shrewsbury	  	- 80 Freezer	  	not in use
	17g	  	Dar100	  	Lot#911.H.94.5 05	  	-	  	unknown	  		  	
	200g	  	Dar 200A	  	Lot#01 DAR09-01 (DR-05-522)-18	  	-	  	 Shrewsbury

27.6 grms. Lot # 0309073 20 35 grms. Lot # 0309073 20
	  	- 80 Freezer	  	not in use
	2	  	1 kg. batches of DAR 100A	  	-	  	-	  	Shrewsbury	  	fridge area	  	not in use

	
	 BioValve Technologies Inc. Office Equipment

	 Description

	 Canon D860 Copier
 Brother Intellifax 2820

Executive Machine Shredder
 ATT Phones

Motorola SB V1250 Cable Modem
 Mac Airport Extreme Router
A1034
 GE Water Cooler
 Sharp Carousel Microwave

Cusinart Coffee Maker
 Global Horizon Filing Cabinets

Steelcase Desks
 Steelcase Credenzas

Office Star Swivel Desk Chairs
 Office Star Guest Chairs

Boardroom Table
 Boardroom Chairs

Boardroom Credenza
 Framed Whiteboard

Boardroom Partition Screens
 8 ft. cubicles with built in desks
and cupboards
 Small Conference Table
 Chairs

Vacuum
 5-Drawer Yawnee Erbe File Cabinet

5-Drawer Steelcase Horizontal File Cabinets
 Bookshelves

Potted Plants
 Acer 15” Plasma Screen

Dell Docking Station
 Dell Latitude D600 Laptop Computer

Mac G5 Desktop Computer
 Mac 21” Plasma Screen

i-Mac 20” Computer
 HP 240 All-in-One Printer

HP 3550 Printer and wireless network
  

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 ANNEX 1 

Intercompany Noteex107- FormofOptionAwardAgreementforPerformanceGoal

Exhibit 10.7

A PORTION OF THIS EXHIBIT HAS BEEN REDACTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT BY MAGELLAN PETROLEUM CORPORATION UNDER RULES AND REGULATIONS PROMULGATED BY THE SECURITIES AND EXCHANGE COMMISSION.  THE REDACTED PORTION IS MARKED WITH [*****] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION ALONG WITH SUCH REQUEST FOR CONFIDENTIAL TREATMENT.

MAGELLAN PETROLEUM CORPORATION
FORM OF NONQUALIFIED STOCK OPTION
PERFORMANCE AWARD AGREEMENT

THIS AGREEMENT is made as of the date (the “Grant Date”) set forth below, between Magellan Petroleum Corporation, a Delaware corporation (the “Company”), and the undersigned individual (the “Optionee”), pursuant to the Magellan Petroleum Corporation 2012 Omnibus Incentive Compensation Plan, as amended from time to time (the “Plan”).  Terms used but not defined herein shall have the meaning set forth in the Plan.
 

Options Data.
 
        
Optionee’s Name:                         [NAME]
    
		
	Shares of Stock Subject to Options:
	[NUMBER] 

    
Grant Date:                             [DATE]
    
Exercise Price per Share:                     $[PRICE] per share
    
Expiration Date:                         [DATE]

1.    Grant of Options.  The Company hereby awards to the Optionee the right and option to purchase from the Company, at the Exercise Price set forth above, all or any whole number portion of the aggregate number of shares of Common Stock (the “Stock”) set forth above. The right to purchase any one share of Stock hereunder shall be referred to as an “Option”.  The Options are Nonqualified Options.
 
2.    Terms and Conditions.  The Options evidenced hereby shall be subject to the provisions of the Plan (which are incorporated herein by reference) and the following terms and conditions:
 
A PORTION OF THIS EXHIBIT HAS BEEN REDACTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT BY MAGELLAN PETROLEUM CORPORATION UNDER RULES AND REGULATIONS PROMULGATED BY THE SECURITIES AND EXCHANGE COMMISSION.  THE REDACTED PORTION IS MARKED WITH [*****] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION ALONG WITH SUCH REQUEST FOR CONFIDENTIAL TREATMENT.

(a)    Vesting.    As of the Grant Date, the Options are not exercisable and are subject to forfeiture as described further below. All of shares of Stock Subject to Options as set forth in the Options Data box above shall vest and become exercisable, subject to ongoing employment or as otherwise specifically provided herein, proportionately upon the achievement of the Performance Goals set forth below:
	
					
	 
	 
	PERFORMANCE GOALS
	 
	WEIGHT

	 
	 
	 
	 
	 

	PERFORMANCE GOAL #1
	 
	The decision by the Board that the Company has received a commercially viable commitment for the provision of CO2 to the Poplar field at a price of no more than $[*****] per MCF (not including transportation costs).
	 
	20%

	 
	 
	 
	 
	 

	PERFORMANCE GOAL #2
	 
	A decision by the Board that the Poplar Field is a commercially viable CO2-EOR project, ready for full field development either internally or externally.
	 
	40%

	 
	 
	 
	 
	 

	PERFORMANCE GOAL #3
	 
	The Board's determination to move the U.K. play forward, as evidenced by the decision to commence, or an arrangement by which a third party will commence the operation of a well in the Weald Basin in the UK.
	 
	20%

	 
	 
	 
	 
	 

	PERFORMANCE GOAL #4
	 
	The Board's decision to move forward with the Farnham Dome project, which shall be marked by both (i) the Board’s identification of an applicable project for use of CO2 from Farnham Dome and (ii) a decision by the Board to purchase Farnham Dome or exercise the right to enter into a CO2 purchase agreement for Farnham Dome’s CO2  for use in connection with that project or in other projects.
	 
	20%

(iii)    In accordance with Section 162(m) of the Code, the Plan Administrator shall determine, in its sole discretion, when a Performance Goal has been achieved.
     (b)    Expiration Date; Effect of Specified Terminations.  The Options evidenced hereby shall expire on the date specified above, or earlier as provided in Section 15 of the Plan, subject to the following:

(i)    If the Company terminates the Optionee’s employment for Cause or the Optionee terminates his employment for any reason at a time when grounds for a termination for Cause exist, then all of the Options, whether exercisable or not exercisable, shall immediately terminate. 

(ii)    In the event the Optionee terminates his employment for Good Reason, as defined below, when Section 2(b)(i) does not apply or if the Company terminates the Optionee’s employment for any reason other than Cause, the following shall apply:
(A) The Optionee may exercise any Options that were vested and exercisable as of the termination of Optionee’s employment (unless previously terminated or exercised) at any time prior to the earlier of (i) the first anniversary of such termination of employment or (ii) the Expiration Date.  
(B) Those Options that were neither vested, exercised nor terminated prior to termination of employment shall be multiplied by a fraction (1) the numerator of which is the number of full calendar months of Optionee’s employment that have elapsed between the last day of the month ending immediately before the Grant Date and the date of the Optionee’s termination of employment and (2) the denominator of which is 36.  The resulting number of Options (the “Suspense Options”) shall remain outstanding for a period of 275 days following Optionee’s termination of employment, and shall remain allocated among the remaining Performance Goals pro rata as the Options were originally assigned among those Performance Goals which remain unmet.  Any such remaining Options which are not Suspense Options shall immediately terminate.  For example, assume that as of Optionee’s termination of employment, Performance Goals #2 and #4 remain unmet.  The allocation of Suspense Options is as follows:
	
			
	Open Goals
	Original Percentage
	Percentage of Suspense Shares Allocated to Open Goals

	Performance Goal #2
	40%
	67%

	Performance Goal #4
	20%
	33%

If any remaining Performance Goals are satisfied during such 275 day period, the Suspense Options which vest upon achievement of such Performance Goal shall become exercisable until the earlier of (i) the first anniversary of the termination of employment or (ii) the Expiration Date, and the remaining unexercisable Suspense Options shall then terminate.  The Options described under this Section 2(b)(ii)(B) which are not Suspense Options or otherwise vested or exercised as of termination of employment shall terminate as of Optionee’s termination of employment.
(C) A termination for Good Reason shall mean a termination of employment for Good Reason as described in Section 7 of the Optionee’s Employment Agreement, as amended in whole or in part from time to time.
(iii)    if the Optionee terminates his employment with the Company for any reason (other than as described in Section 2(b)(i) or Section 2(b)(ii) above), the Optionee may exercise the vested Options (to the extent not previously terminated or exercised) at any time prior to the earlier of (i) ninety (90) days following such termination of employment or (ii) the Expiration Date, but only to the extent that the Options were exercisable by the Optionee as of the date of termination of his employment; and

(iv)    except as otherwise provided in Section 2(b)(ii)(B) above, if the Optionee’s employment with the Company is terminated for any reason, the Options shall, to the extent not then exercisable, be canceled by the Company without any consideration.
 
(c)    Exercise of Option.  

(i) Options which have become exercisable may be exercised by (x) providing written notice of exercise ten (10) days prior to the date of exercise, specifying the whole number of shares for which the Options are being exercised, which notice shall be addressed to the Company at its principal place of business, and (y) paying the aggregate Exercise Price specified above, using any of the permitted methods of payment provided in Section 7.3(d) of the Plan.

(ii) The Company shall, upon payment of the aggregate Exercise Price and the Optionee’s delivery of any agreement as reasonably required by the Plan Administrator as described below, make prompt delivery of the shares of Stock for which the award has been exercised, provided that if any law or regulation requires the Company to take any action before issuing the same, then the date of delivery of such Stock shall be extended for the period necessary to complete such action. No Stock shall be issued and delivered upon exercise of any Option unless and until the Company’s counsel has determined that the Company has complied with all applicable securities laws and any other law or regulation applicable to such issuance. The Plan Administrator may require that the Optionee furnish or execute such other documents as the Plan Administrator shall reasonably deem necessary to (A) evidence such exercise, and (B) comply with or satisfy the requirements of applicable securities law or other applicable law.
 
     (d)    Withholding Taxes.  Without regard to the method of exercise and payment, the Optionee shall pay to the Company, upon notice of the amount due, any withholding taxes payable with respect to such exercise, which payment may be made, subject to the consent of the Plan Administrator, with shares of Stock which would otherwise be issued pursuant to the Options.

      (e)    Acceleration.  Notwithstanding any other provisions of this Award to the contrary, any unexercised Options (which have not otherwise terminated) shall immediately vest and become exercisable in full upon the occurrence of:

(i) a Change of Control of the Company (which term, for clarity, is as defined in the Plan and not in any other agreement), or

(ii) the sale or other disposition of all, or substantially all, of the Company’s assets located in the United States.

(f)    Interpretation.  Optionee hereby acknowledges that this Award Agreement is governed by the Plan, a copy of which Optionee hereby acknowledges having received, and by such administrative rules and regulations relative to the Plan and not inconsistent therewith as may be adopted and amended from time to time by the Plan Administrator (the “Rules”).  Optionee agrees to be bound by the terms and provisions of the Plan and the Rules.  In the event of any conflict between the Plan and this Agreement, the terms of the Plan shall govern.
3.    Optionee’s Obligations.  The Optionee acknowledges that the Options constitute additional consideration for the obligations set forth in any applicable employment agreement, any applicable written Company policy or any other agreement executed between the Company and the Optionee (the “Obligations”).  By executing this Award Agreement the Optionee reaffirms the Obligations.  All unexercised Options shall expire as of the date of any material breach of the “Obligations,” as reasonably determined by the Plan Administrator.

4.    Miscellaneous.  

(a) Nontransferability of Option. 
(i)  Restrictions Generally.  All rights hereunder are personal to the Optionee and neither the Options nor any of the rights of the Optionee hereunder may be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) except by the laws of descent and distribution, nor shall any Option or any rights with respect thereto be subject to execution, attachment or similar process.  Upon any attempted transfer, assignment, pledge, hypothecation or other disposition of the Option or of any rights with respect thereto contrary to the provisions of this Award Agreement, or upon the placement or levy of any attachment or similar process on the Option or any of the Optionee’s rights hereunder, the Option and all such rights shall expire and become null and void, unless the Plan Administrator, in its discretion, determines otherwise.
(ii)  Permitted Transfers.   Notwithstanding anything to the contrary in Section 4(a)(i) above, the Optionee may, with the consent of the Company, which shall not be unreasonably withheld, transfer by gift, of an Option to a trust or trusts (or other entity approved by the Plan Administrator in its discretion) for the exclusive benefit of one or more members of the Optionee's Immediate Family, provided that the Option shall continue to be subject to all of the terms and conditions of this Award Agreement and the Plan as if no such transfer had occurred and the Optionee and the transferee shall execute and deliver to the Company such instruments or agreements as the Company may reasonably require to confirm the foregoing.  As used herein, “Immediate Family” means, with respect to any person, such person’s child, stepchild, grandchild, parent, stepparent, grandparent, spouse, brother, sister, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, including adoptive relationships (or other family relationships specifically approved by the Plan Administrator).   Options are also subject to transfer pursuant to the specific terms of any duly issued domestic relations order or divorce decree.
(b)  No Special Rights.  The Optionee shall have no rights as a stockholder of the Company with respect to any Stock subject to an Option unless and until a certificate representing such Stock is duly issued and delivered to the Optionee or such share of Stock is otherwise duly issued.  No adjustment shall be made for dividends or other rights for which the record date is prior to the date such share of Stock is issued.  Nothing herein or in the Plan shall be deemed to confer on the Optionee any right to continued employment with the Company or limit in any way the right of the Company to terminate such employment at any time.
(c) Amendment; Modification.  This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Optionee. 

(d) Notices.  Any notices or other communications required or permitted under this Agreement (“Notices”) shall be in writing and shall be either personally delivered, sent by express or first class mail (postage prepaid), return receipt requested, or sent by nationally recognized overnight courier service (overnight delivery, charges prepaid), addressed as follows: 

If to the Company:    

Magellan Petroleum Corporation
1775 Sherman Street, Suite 1950
Denver, CO 80203
Attn: Corporate Secretary

with copies to:

One Stone Partners LLC
730 Fifth Avenue, 15th Floor
New York, NY 10019
Attn: Robert Israel

and:

Bachelder & Dowling, P.A.
120 Exchange Street, 4th Floor
Portland, ME 04101
Attn:  Stephan G. Bachelder, Esq.
If to the Optionee:    To the Optionee’s address as set forth in the Company’s payroll records.

Either party may change its address for Notices by written Notice to the other given in accordance with this Section 4(d).  Notices shall be deemed given when delivered personally, three days after deposit in the U.S. mail, or two business days after deposit with a nationally recognized overnight courier service, as applicable.    

(e) Decisions Binding.  Any Plan Administrator interpretation of the provisions of the Plan or this Option Agreement shall be final and binding on all parties.

(f) Governing Law.  This Agreement shall be construed and governed in accordance with the laws of the State of Colorado, excluding any conflicts or choice of law principles which might otherwise result in construction or interpretation of the Agreement under the substantive law of another jurisdiction; provided, however, that all corporate law matters with respect to the Company shall be governed by the Delaware General Corporation Law.

(g)  Entire Agreement; Successors and Assigns.  This Agreement and the Plan (i) contain the entire Agreement of the parties relating to the Options and supersede any prior agreements or understandings with respect thereto; and (ii) shall be binding upon and inure to the benefit of the Company, its successors and assigns and the Optionee, his heirs, devisees and legal representatives.  In the event of the Optionee’s death or a judicial determination of his incompetence, reference in this Agreement to the Optionee shall be deemed to refer to his legal representative, heirs or devisees, as the case may be. The Optionee shall keep the terms of this Agreement strictly confidential, other than as may be necessary to enforce his or her rights hereunder or as otherwise required by law.
(h)  No Right Under This Agreement or Plan to Continued Employment.  Nothing contained in this Agreement or the Plan shall confer on Optionee any right to continue to be employed by the Company or any subsidiary thereof, or shall limit the Company’s right to terminate the employment of Optionee at any time; provided, however, that nothing contained in this Agreement shall affect any separate contractual provisions that exist between Optionee and the Company or its subsidiaries with respect to the employment of Optionee.
(i)  Receipt of Award and Related Documents.  Optionee hereby acknowledges the receipt, either directly or electronically, of the Award, a Copy of the Plan, and prospectus for the Plan.
(j)  Execution in Counterparts; Delivery of Signatures.  This Agreement may be executed in counterparts, and executed signature pages may be delivered by email or fax transmission.  Execution of a written instrument for this Agreement may be evidenced by any appropriate form of electronic signature or affirmative email or other electronic response attached to or logically associated with such written instrument, which is executed or adopted by a party with an indication of the intention by such party to execute or adopt such instrument for purposes of execution thereof.

* * * * * *

IN WITNESS WHEREOF, the Company has caused this instrument to be executed by its authorized officer, as of the date identified below.
 
                                
		
	Agreed to:
	 MAGELLAN PETROLEUM CORPORATION

                
By:        By:    
Optionee:                          Name: 
Title:     
Date:     

1

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