Document:

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Exhibit 10.1
FGI Industries, Ltd.
Non-Qualified Stock Option Agreement
Under the 2021 Equity Incentive Plan
FGI Industries, Ltd. (the “Company”), pursuant to its 2021 Equity Incentive Plan (the “Plan”), hereby grants an Option to purchase Company Shares to you, the Participant named below. The terms and conditions of the Option Award are set forth in this Agreement, consisting of this cover page and the Option Terms and Conditions on the following pages, and in the Plan document, a copy of which has been provided to you. Any capitalized term that is not defined in this Agreement shall have the meaning set forth in the Plan as it currently exists or as it is amended in the future.
	Name of Participant: [⚫]
	Vesting Commencement Date: [⚫]

	Target No. of Options:
	Grant Date: [⚫]

	Exercise Price Per Share: $
	Expiration Date: [⚫]

The actual number of Options received will be [⚫]% to [⚫]% of this target number of Options depending on the achievement of applicable performance metrics as provided herein.
​
Vesting and Exercise Schedule:
1.Performance Metrics.
​
The percent of Options covered by this Option Award which may vest pursuant to the Service Vesting Schedule below will be determined based on Fiscal Year [__] performance in a range of [⚫]% to a maximum of [⚫]% of Target Options as follows: 
​
	Weighting of Performance Vesting
	Performance Metric
	Threshold
	Target
	Maximum

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The number of Options to be subject to the Service Vesting Schedule will be calculated on a straight-line basis on the achievement according to the metrics above. No fractional Shares shall be issuable in respect of an exercise of the Option, and the number of Shares to be issued shall be rounded up or down to the nearest whole Share. No Options will vest, and all Options granted under this Award will be forfeited, if Threshold performance metrics are not met. The maximum number of Options which may be vested under the Service Vesting Schedule of this Award is [⚫]% of the Target Number of Options set forth in this Award.

​

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The number of Options to be subject to the Service Vesting Schedule will be determined by the Committee as soon as practicable in 20__ but no later than March 31, 20__ by multiplying the number of Target Options granted by the total percentage determined according the Performance Metrics for 20__.
​
2.Service Vesting Schedule.
​
Subject to providing continuous Service and the terms and conditions of the Agreement and the Plan, one-third (1/3) of the number of Options as determined according to the Performance Metrics above shall vest on the first anniversary of the Vesting Commencement Date and one-thirty-sixth (1/36) of the Option set forth above shall vest every month thereafter for the following two years.
​
Definitions:
For the purposes of this Agreement:
“Adjusted Net Income” shall mean GAAP net income excluding the tax-effected impact of certain non-recurring expenses and income such as expenses related to COVID-19 protocols and the impact of the Company’s PPP loan.
“Adjusted Operating Income” shall mean GAAP income from operations adjusted for the impact of certain non-recurring income and expenses such as expenses related to COVID-19 protocols and 2019 one-time antidumping/countervailing duty legal fees.
“After-Tax ROIC” shall mean NOPAT divided by Average Invested Capital. 
“Average Invested Capital” shall mean the average for two prior fiscal years of the Company’s Invested Capital.
“Free Cash Flow Conversion from Adjusted Net Income” shall mean Free Cash Flow divided by Adjusted Net Income on a trailing 3-year rolling basis. 
“Free Cash Flow” shall mean net cash provided by (used in) operating activities less purchases of property and equipment.
“Invested Capital” shall mean (i) the current portion of long-term debt; plus (ii) the non-current position of long-term debt; plus (iii) the value of the Company’s equity as reported in its consolidated financial statements for such period determined in accordance with GAAP; plus (iv) operating lease liabilities; plus (v) accumulated asset impairments; minus (vi) the Company’s cash and cash equivalent assets as reported in its consolidated financial statements for such period determined in accordance with GAAP. 
“NOPAT” shall mean Adjusted Operating Income, plus operating lease expenses, less taxes. 
​

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By signing below or otherwise evidencing your acceptance of this Agreement in a manner approved by the Company, you agree to all of the terms and conditions contained in this Agreement and in the Plan document. You knowledge that you have received and reviewed these documents and that they set forth the entire agreement between you and the Company regarding your right to purchase the Company’s ordinary shares pursuant to this Option.
PARTICIPANT:FGI Industries, Ltd.:
​ ​By:​ ​
[NAME]Name:
Title:
​

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FGI Industries, Ltd.
2021 Equity Incentive Plan
Non-Qualified Stock Option Agreement
Option Terms and Conditions
	1.	Non-Qualified Stock Option. This Option is not intended to be an “incentive stock option” within the meaning of Section 422 of the Internal Revenue Code and will be interpreted accordingly.

	2.	Vesting and Exercisability of Option.

		(a)	Scheduled Vesting. This Option will vest and become exercisable as to the number of Shares and on the dates specified in the Vesting and Exercise Schedule on the cover page to this Agreement, so long as your Service to the Company does not end. The Vesting and Exercise Schedule is cumulative, meaning that to the extent the Option has not already been exercised and has not expired or been terminated or cancelled, you or the person otherwise entitled to exercise the Option as provided in this Agreement may at any time purchase all or any portion of the Shares subject to the vested portion of the Option.

		(b)	Accelerated Vesting. Notwithstanding Section 2(a), if and to the extent this Option is continued, assumed or replaced in connection with a Change in Control, and if during the twenty-four months after such Change in Control your Service is terminated by the Company other than for Cause, then this Option (or any replacement award) shall immediately vest and become exercisable in full and shall remain exercisable for one year following your termination of Service. In addition, vesting and exercisability of this Option may be accelerated during the term of the Option under the circumstances described in Sections 12(b) and 12(c) of the Plan, and at the discretion of the Committee in accordance with Section 3(b)(2) of the Plan.

	3.	Expiration. This Option will expire and will no longer be exercisable at 5:00 p.m. Central Time on the earliest of:

		(a)	The expiration date specified on the cover page of this Agreement;

		(b)	Upon your termination of Service for Cause;

		(c)	Upon the expiration of any applicable period specified in Section 6(e) of the Plan or Section 2 of this Agreement during which this Option may be exercised after your termination of Service; or

		(d)	The date (if any) fixed for termination or cancellation of this Option pursuant to Section 12 of the Plan.

	4.	Service Requirement. Except as otherwise provided in Section 6(e) of the Plan or Section 2 of this Agreement, this Option may be exercised only while you continue to provide 

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		Service to the Company or any Affiliate, and only if you have continuously provided such Service since the Grant Date of this Option.

	5.	Exercise of Option. Subject to Section 4, the vested and exercisable portion of this Option may be exercised in whole or in part at any time during the Option term by delivering a written or electronic notice of exercise to the Chief Financial Officer or to such other party as may be designated by such officer, and by providing for payment of the exercise price of the Shares being acquired and any related withholding taxes. However, notwithstanding the vesting schedule of this Option and the terms of this Agreement, no portion of the Option may be exercised prior to March 31, 2023. The notice of exercise must be in a form approved by the Company and state the number of Shares to be purchased, the method of payment of the aggregate exercise price and the directions for the delivery of the Shares to be acquired, and must be signed or otherwise authenticated by the person exercising the Option. If you are not the person exercising the Option, the person submitting the notice also must submit appropriate proof of his/her right to exercise the Option.

	6.	Payment of Exercise Price. When you submit your notice of exercise, you must include payment of the exercise price of the Shares being purchased through one or a combination of the following methods:

		(a)	Cash (including personal check, cashier’s check or money order);

		(b)	By means of a broker-assisted cashless exercise in which you irrevocably instruct your broker to deliver proceeds of a sale of all or a portion of the Shares to be issued pursuant to the exercise to the Company in payment of the exercise price of such Shares; or

		(c)	By delivery to the Company of Shares (by actual delivery or attestation of ownership in a form approved by the Company) already owned by you that are not subject to any security interest and that have an aggregate Fair Market Value on the date of exercise equal to the exercise price of the Shares being purchased; or

		(d)	By authorizing the Company to retain, from the total number of Shares as to which the Option is being exercised, that number of Shares having a Fair Market Value on the date of exercise equal to the exercise price for the total number of Shares as to which the Option is being exercised.

However, if the Committee determines, in any given circumstance, that payment of the exercise price with Shares or by authorizing the Company to retain Shares is undesirable for any reason, you will not be permitted to pay any portion of the exercise price in that manner.
	7.	Withholding Taxes. You may not exercise this Option in whole or in part unless you make arrangements acceptable to the Company for payment of any federal, state, local or foreign withholding taxes that may be due as a result of the exercise of this Option. You hereby authorize the Company (or any Affiliate) to withhold from payroll or other amounts payable to you any sums required to satisfy such withholding tax obligations, and otherwise agree to satisfy such obligations in accordance with the provisions of Section 14 of the 

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		Plan. Unless otherwise determined by the Committee, you may satisfy such withholding tax obligations by delivering Shares you already own or by having the Company retain a portion of the Shares being acquired upon exercise of the Option, provided you notify the Company in advance of any exercise of your desire to pay withholding taxes in this manner. Delivery of Shares upon exercise of this Option is subject to the satisfaction of applicable withholding tax obligations. 

	8.	Delivery of Shares. As soon as practicable after the Company receives the notice of exercise and payment of the exercise price as provided above, and has determined that all other conditions to exercise, including satisfaction of withholding tax obligations and compliance with applicable laws as provided in Section 16(c) of the Plan, have been satisfied, it shall deliver to the person exercising the Option, in the name of such person, the Shares being purchased, as evidenced by issuance of a stock certificate or certificates, electronic delivery of such Shares to a brokerage account designated by such person, or book-entry registration of such Shares with the Company’s transfer agent. The Company shall pay any original issue or transfer taxes with respect to the issue or transfer of the Shares and all fees and expenses incurred by it in connection therewith. All Shares so issued shall be fully paid and nonassessable.

	9.	Transfer of Option. During your lifetime, only you (or your guardian or legal representative in the event of legal incapacity) may exercise this Option except in the case of a transfer described below. You may not assign or transfer this Option except (i) for a transfer upon your death in accordance with your will, by the laws of descent and distribution or pursuant to a beneficiary designation submitted in accordance with Section 6(d) of the Plan, (ii) pursuant to a domestic relations order, or (iii) with the prior written approval of the Company, by gift to a “family member” as the term is defined under General Instruction A(5) to Form S-8 under the Securities Act. The Option held by any such transferee will continue to be subject to the same terms and conditions that were applicable to the Option immediately prior to its transfer and may be exercised by such transferee as and to the extent that the Option has become exercisable and has not terminated in accordance with the provisions of the Plan and this Agreement.

	10.	No Stockholder Rights Before Exercise. Neither you nor any permitted transferee of this Option will have any of the rights of a stockholder of the Company with respect to any Shares subject to this Option until a certificate evidencing such Shares has been issued, electronic delivery of such Shares has been made to your designated brokerage account, or an appropriate book entry in the Company’s stock register has been made. No adjustments shall be made for dividends or other rights if the applicable record date occurs before your stock certificate has been issued, electronic delivery of your Shares has been made to your designated brokerage account, or an appropriate book entry in the Company’s stock register has been made, except as otherwise described in the Plan.

	11.	Governing Plan Document. This Agreement and Option are subject to all the provisions of the Plan, and to all interpretations, rules and regulations which may, from time to time, be adopted and promulgated by the Committee pursuant to the Plan. If there is any conflict 

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		between the provisions of this Agreement and the Plan, the provisions of the Plan will govern.

	12.	Choice of Law. This Agreement will be interpreted and enforced under the laws of the state of Delaware (without regard to its conflicts or choice of law principles).

	13.	Binding Effect. This Agreement will be binding in all respects on your heirs, representatives, successors and assigns, and on the successors and assigns of the Company.

	14.	Other Agreements. You agree that in connection with the exercise of this Option, you will execute such documents as may be necessary to become a party to any stockholder, voting or similar agreements as the Company may require.

	15.	Restrictive Legends. The Company may place a legend or legends on any certificate representing Shares issued upon the exercise of this Option summarizing transfer and other restrictions to which the Shares may be subject under applicable securities laws, other provisions of this Agreement, or other agreements contemplated by Section 14 of this Agreement. You agree that in order to ensure compliance with the restrictions referred to in this Agreement, the Company may issue appropriate “stop transfer” instructions to its transfer agent.

	16.	Compensation Recovery Policy. To the extent that any compensation paid or payable pursuant to this Agreement is considered “incentive-based compensation” within the meaning and subject to the requirements of Section 10D of the Exchange Act, such compensation shall be subject to potential forfeiture or recovery by the Company in accordance with any compensation recovery policy adopted by the Board of Directors of the Company or any committee thereof in response to the requirements of Section 10D of the Exchange Act and any implementing rules and regulations thereunder adopted by the Securities and Exchange Commission or any national securities exchange on which the Company’s ordinary shares is then listed. This Agreement may be unilaterally amended by the Company to comply with any such compensation recovery policy.

	17.	Electronic Delivery and Acceptance. The Company may deliver any documents related to this Option Award by electronic means and request your acceptance of this Agreement by electronic means. You hereby consent to receive all applicable documentation by electronic delivery and to participate in the Plan through an on-line (and/or voice activated) system established and maintained by the Company or the Company’s third-party stock plan administrator.

By signing the cover page of this Agreement or otherwise accepting this Agreement in a manner approved by the Company, you agree to all the terms and conditions described above and in the Plan document.

Page 7Exhibit 10.1

  

  
    
      
         

        

        CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED

        BY [***], HAS BEEN OMITTED BECAUSE ROIVANT SCIENCES LTD. (THE “COMPANY”)

        HAS DETERMINED THAT THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD

        LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED.

      

    

    

    

    
      
        	
                DATED

              	
                25th  July 2022

              

        

        

        GLAXOSMITHKLINE TRADING SERVICES LIMITED

         

        -and-

         

        DERMAVANT SCIENCES GMBH

        

        

        
          

        PARTIAL TERMINATION AND SUPPLEMENTARY FEE AGREEMENT

        in relation to the

        CLINICAL SUPPLY AGREEMENT

        in respect of Tapinarof and clinical placebo

        and in relation to the

        COMMERCIAL SUPPLY AGREEMENT

        in respect of Tapinarof

         

        
          
            

        

        
        THIS AGREEMENT is made the 25th day of July 2022

         

        BETWEEN:

         

        
          	(1)	
                  GLAXOSMITHKLINE TRADING SERVICES LIMITED, a company incorporated in Ireland with number 406446, whose registered office is at 12 Riverwalk, Citywest Business Campus,
                    Citywest, Dublin 24, Ireland and whose principal place of business is at 980 Great West Road, Brentford,Middlesex TW8 9GS,United Kingdom(“GSK”);

                

        

         

        

        AND

        

        

        	(2)	
                DERMAVANT SCIENCES GMBH, a company incorporated in Switzerland with number CHE- 449.750.216, whose registered office is at Viaduktstrasse 8, 4051 Basel, Switzerland Purchaser ,

              

         

        
          
            (each a “Party” and together the “ Parties”).

          

           

        

        WHEREAS:

         

        

        
          	(A)	
                  GSK and Dermavant GmbH entered into a Clinical Manufacturing and Supply Agreement in respect of Tapinarof and Clinical Placebo dated 20 August 2018, [***] ( the “Clinical Supply Agreement “).

                

           

          	(B)	
                   GSK and Dermavant GmbH entered into a Commercial Manufacturing and Supply Agreement in respect of Tapinarof dated 1 April 2019, [***] (the “Commercial supply Agreement”).

                

           

          	(C )	
                  Each of the Clinical Supply Agreement and the Commercial Supply Agreement contemplates that GSK may supply API in addition to (respectively) Clinical Product and Commercial Product.

                

          

          

        

        
          	(D)	
                  On 30 September 2019, the GSK Group divested its manufacturing site at Cork, Ireland (the “Cork Site”)  to Thermo Fisher Scientific Cork Limited ( “ Thermo
                      Fisher”). Thermo Fisher has, since this date, operated the Manufacturing Site in respect of Existing Clinical API, New Clinical API and Commercial API and has, to the extent applicable, acted as GSK’s Nominated Manufacturer in
                    respect of API and as GSK’s Sub- contractor in connection with the performance of Development Services under the Commercial Supply Agreement.

                

        

        

        

        	(E)	
                Purchaser wishes to engage Thermo Fisher directly in relation to the manufacture and supply of API and has requested that GSK agree to terminate each of the Clinical Supply Agreement and the Commercial Supply Agreement insofar as it
                  relates to API, including the Manufacture and supply of, or Technology Transfer in respect of, API.

              

         

        	(F)	
                Purchaser has further proposed that, in consideration of GSK agreeing to such partial termination of each of the Clinical Supply Agreement and the Commercial Supply Agreement, it will pay GSK certain supplementary fees.

              

        

        

        
          1

          
            

        

        NOW IT IS AGREED as follows:

         

        	1.	
                Definitions and Interpretation

              

         

        	1.1	
                In this Agreement:

              

         

        
          [***]

        

         

        
          “Effective Date” Means 25th of July 2022

          

          

          “Non-Fee API” has the meaning given in Clause 5.3 below.

          

          

          “Supplementary Fee” means, [***].

          

          

          “TF Clinical API “ means API Manufactured by Thermo Fisher at the Cork Site and supplied to Purchaser between the Effective Date and 20 August 2022
            (being the date of expiry of the current Renewal Term of the Clinical Supply Agreement) that would, but for the partial termination of the Clinical Supply Agreement effected pursuant to Clause 2 of this Agreement, have been New Clinical API.

           

          

          “TF Commerical API” means API Manufactured by Thermo Fisher at the Cork Site and supplied to Purchaser after the Effective Date that would, but for the
            partial termination of the Commercial Supply Agreement effected pursuant to Clause 3 of this Agreement, have been Commercial API.

          

          

          “Total API Purchased “ means the combined aggregate amount of API purchased in a Calendar Year by Purchaser without regard to its supplier or its subsequent use.

          

          

          	1.2	
                  Capitalised terms used, but not defined, in this Agreement have the meanings given in the Commercial Supply Agreement or the Clinical Supply Agreement (as applicable).

                

          

          

          	1.3	
                  The provisions of clause 1.2 of the Commercial Supply Agreement are hereby incorporated by reference mutatis mutandis as if set out in this Agreement.

                

          

          

          	2.	
                  Partial Termination of Clinical Supply Agreement.

                

          

          

          	2.1	
                  In consideration of Purchaser‘s obligations Pursuant to Clause 5 below, and subject to Clause 2.6 below, GSK hereby agrees that, with effect from the Effective Date, the Clinical Supply Agreement is terminated insofar as it relates
                    to the Manufacture and supply of, Development Services in respect of, or Technology Transfer in respect of, API.

                

           

          	2.2	
                  Without prejudice to the generality of Clause 2.1 above, the Parties hereby acknowledge and agree that, with effect from the Effective Date:

                

          

          

        

        
          2

          
            

        

        	 	(a)	
                the only Product to which the Clinical Supply Agreement applies shall be New Clinical Products and New Clinical Placebo (and references in the Clinical Supply Agreement to "Product " will be
                  read and construed accordingly);

              

         

        	 	(b)	
                GSK shall have no obligation under the Clinical Supply Agreement to Manufacture or supply API, or to perform any Development Services in respect of API;

              

         

        	 	(c)	
                GSK shall have no obligation under the Clinical Supply Agreement to facilitate, support or otherwise undertake any Technology Transfer in respect of API; and

              

         

        	 	(d)	
                Purchaser shall be released from any obligation to purchase API from GSK under the Clinical Supply Agreement.

              

         

        	2.3	
                Notwithstanding anything to the contrary in the Clinical Supply Agreement, GSK shall with effect from the Effective Date have no liability in respect of New Clinical Product that is Defective as a result of any Defect in the API used
                  in the Manufacture of such New Clinical Product (whether pursuant to clauses 15 and 20 of the Clinical Supply Agreement or otherwise) unless:

              

         

        	 	(a)	
                such Defect in the API is the direct result of any breach by GSK of its obligations under the Clinical Supply Agreement; or

              

         

        	 	(b)	
                such API is Existing Clinical API or New Clinical API that was Manufactured and  supplied to Purchaser prior to the Effective Date,

              

         

        and (unless an exception in sub-clauses (a) and (b) applies), any New Clinical Product that is Defective as a result of a Defect in API shall, as between the Parties and for the purposes
          of the Clinical Supply Agreement, be deemed to be non-Defective.

        

        

        
          
            	2.4 	
                    With  effect  from  the Effective Date, but without prejudice to Purchaser's other rights and remedies under the Clinical Supply Agreement, GSK shall have no obligation to replace any Existing Clinical API
                      or New Clinical API supplied prior to the Effective Date and subsequently found to be Defective (provided, however, that GSK will, in accordance with and subject to the terms of the Clinical Supply Agreement in force immediately prior
                      to the Effective Date, refund any amounts paid for Existing Clinical API or New Clinical API supplied prior to the Effective Date that is subsequently found to be Defective).

                  

          

        

        

        

        	2.5	
                The Parties acknowledge and agree that GSK is not, as of the Effective Date, holding or storing any Maintained Excess Clinical API and that Purchaser has paid all Storage Fees (if any) due under clause 5.4 of the Clinical Supply
                  Agreement in respect of such Maintained Excess Clinical API.

              

         

        	2.6	
                For  the  avoidance of  doubt,  nothing in this Agreement shall affect the Parties' rights and  obligations in respect of the provision by Purchaser of API on a toll Manufacturing basis for use in the Manufacture by GSK of New Clinical
                  Product.

              

        

        

        
          3

          
            

        

        	3.	
                Partial Termination and Amendment of Commercial Supply Agreement

              

         

        	3.1	
                In consideration of Purchaser’s obligations pursuant to Clause 5 below, and subject to Clause 3.7 below, GSK hereby agrees that, with effect from the Effective Date, the Commercial Supply Agreement is terminated insofar as it relates
                  to API.

              

         

        	3.2	
                Without prejudice to the generality of Clause 3.1 above, the Parties hereby acknowledge and agree that, with effect from the Effective Date:

              

         

        	 	(a)	
                the only Product to which the Commercial Supply Agreement applies shall be Commercial Products (and references in the Commercial Supply Agreement to "Product”will be read and construed accordingly);

              

        

        

        	 	(b)	
                GSK shall have no obligation under the Commercial Supply Agreement to Manufacture or supply API, or to perform any Development Services in respect of API;

              

        

        

        	 	(c)	
                GSK shall have no obligation under the Commercial Supply Agreement to facilitate, support or otherwise undertake any Technology Transfer in respect of API; and

              

         

        	 	(d)	
                Purchaser shall be released from any obligation to purchase, or to pay any Unused Capacity Fee in respect of, Commercial API (or any API) from GSK under the Commercial Supply Agreement.

              

        

        

        	3.3	
                Notwithstanding anything to the contrary in the Commercial Supply Agreement, GSK shall with effect from the Effective Date have no liability in respect of Commercial Product that is Defective as a result of any Defect in the API used
                  in the Manufacture of such Commercial Product (whether pursuant to clauses 16 and 21 of the Commercial Supply Agreement or otherwise) unless:

              

         

        	 	(a)	
                such Defect in the API is the direct result of any breach by GSK of its obligations under the Commercial Supply Agreement; or

              

         

        	 	(b)	
                such API is Commercial API that was Manufactured and supplied to Purchaser prior to the Effective Date,

              

         

        and (unless an exception in sub-clauses (a) and (b) applies), any Commercial Product that is Defective as a result of a Defect in API shall, as between the Parties and for the purposes
          of the Commercial Supply Agreement, be deemed to be non-Defective.

        

        

        	3.4	
                [***]

              

        

        

        	3.5	
                With effect from the Effective Date:

              

        

        

        
          4

          
            

        

        	 	(a)	
                clause 2.3 of the Commercial Supply Agreement is hereby deleted and replaced with the words"Not Used ";and

                

              

        

        	 	(b)	
                the following provision shall be added to the Commercial Supply Agreement as new clause 18.2A:

              

         

        
          	 	
                  18.2A

                	
                  Any proposal by the Purchaser to make any change to the Specifications,  (including the introduction of any alternative or additional source of API to be used in the Manufacture of
                    Commercial Product), shall be notified in writing to GSK and shall be subject to the Technical Change Procedure. Any change made pursuant to this Clause 18.2A shall be implemented [***].

                

           

          

        

        	3.6	
                The Parties acknowledge and agree that GSK is not, as of the Effective Date, holding any Commercial API [***] and that Purchaser has paid all Storage Fees (if any) due under clause 11.2 of the Commercial Supply Agreement.

              

         

        	3.7	For the avoidance of doubt, nothing in this Agreement Shall affect the Parties' rights and obligations in respect of the provision by Purchaser of Commercial API on a toll Manufacturing basis for
                use in the Manufacture by GSK of Commercial Product.

         

        	4.	
                CapEx Letter Agreement

              

         

        The Parties acknowledge and agree that all obligations of the Parties under or pursuant to the CapEx Letter Agreement have been fully performed prior to the Effective Date.

        

        

        	5.	
                Supplementary Fees [***]

              

         

        	5.1	
                In consideration of GSK agreeing to effect the partial termination of the Clinical Supply Agreement and Commercial Supply Agreement in accordance with Clauses 2 and 3 above, and with effect from the Effective Date, Purchaser hereby
                  agrees to pay to GSK:

              

         

        	 	(a)	
                Supplementary Fees, determined in accordance with [***]

              

        

        

        
          
            [***]

            

          

        

        

        

        
          	5.2	
                  Supplementary Fees and [***] will be invoiced by GSK, and paid by Purchaser, in [***], converted in each case from [***] using the spot rate of exchange published by [***] on the Business Day immediately preceding the date of the
                    relevant invoice.

                

        

        

        

      

      
        	5.3	
                No Supplementary Fee or [***] shall be payable by Purchaser in respect of any API to the extent that such API is:

              

        

        

        
          5

          
            

        

        	

              	(a)	
                Commercial API purchased by Purchaser under the Commercial Supply Agreement prior to the Effective Date; or

              

         

        	

              	(b)	
                TF Commercial API (or any API) purchased by Purchaser after the expiry of the Initial Term of the Commercial Supply Agreement,

              

         

        Collectively."Non-Fee API".

         

        	5.4	
                Purchaser shall report on all purchases of API (including TF Commercial API) other than Non- Fee API. GSK shall invoice Purchaser on an annual basis for any Supplementary Fees and [***] payable in respect of the prior Calendar Year (or
                  First Supply Period, as applicable). Each such invoice shall be issued by the end of the Calendar Quarter following the Calendar Year (or First Supply Period) to which it relates. For the avoidance of doubt, Purchaser shall not be
                  required to report on any purchases of API made after the expiry of the Initial Term of the Commercial Supply Agreement.

              

      

       

      	5.5	
              Any Supplementary Fees and be included and [***] Payable in respect of API shall be included [***] in the Actual Cost of such API for the purposes of Schedule 3 to the Commercial Supply Agreement.

            

       

      
        	5.6	
                [***], and notwithstanding clause 43 of the Commercial Supply Agreement, GSK may [***].

                

              

         

        	5.7	
                The provisions of clauses 13.2 to 13.5 of the Commercial Supply Agreement shall apply mutatis mutandis to any invoice issued by GSK in respect of Supplementary Fees and [***] pursuant to this
                  Agreement.

              

        

        

      

      	5.8	
              GSK may nominate any member of the GSK Group to issue invoices in respect of, and receive payment of, Supplementary Fees and [***] payable under this Agreement,

            

       

      	6.	
              General

            

       

      	6.1	
              The provisions of this Agreement are without prejudice to:

            

       

      	 	(a)	
              the continuation in full force and effect in accordance with its terms of the Clinical Supply Agreement in respect of New Clinical Products and New Clinical Placebo; and

            

       

      	 	(b)	
              the continuation in full force and effect in accordance with its terms of the Commercial Supply Agreement in respect of Commercial Product.

            

      

      

      	6.2	
              The partial termination of each of the Clinical Supply Agreement and the Commercial Supply Agreement shall not release either Party from any liability or right of action which at the Effective Date has already accrued to such Party or
                which may thereafter accrue in respect of any act or omission prior to the Effective Date, including:

            

      

      

      
        6

        
          

      

      	 	(a)	
              rights in respect of the recovery of any monies due under the Clinical Supply Agreement and/or the Commercial Supply Agreement; and

            

       

      	

            	(b)	
              rights and obligations accrued in respect of API prior to the Effective Date (including, for the avoidance of doubt but subject to Clauses 2.4 and 3.4 above, in circumstances in which the exceptions in Clause 2.3(a) and (b), or Clause
                3.3(a) and (b) apply).

            

      

      

      	6.3	
              This Agreement shall be exclusively governed by, and construed in accordance with, the laws of the State of Delaware regardless of laws that might otherwise govern under any applicable conflict of laws principles.

            

       

      	6.4	
              This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be deemed to be an original and all of which counterparts taken together shall constitute but one and the same instrument. The
                exchange of copies of this Agreement and of executed signature pages by facsimile transmission or by email transmission in portable document format (PDF), or similar format, shall constitute effective execution and delivery of such
                instrument(s) as to the Parties and may be used in lieu of the original Agreement for all purposes. Signatures of the Parties transmitted by facsimile or by email in portable document format (PDF), or similar format, shall be deemed to be
                their original signatures for all purposes.

            

       

      	6.5	
              The provisions of clauses 41 (Variation, Waiver and Amendment), 46 (Dispute Resolution) and 47.2 and 47.3 (Governing Law
                  and Jurisdiction) of the Commercial Supply Agreement are hereby incorporated mutatis mutandis as if set out in this Agreement.

            

       

      [The signatures follow on the next page.]

       

      

      
        7

        
          

      

      IN WITNESS of which each Party has caused this Agreement to be duly executed by its duly authorised representative in a manner binding upon it on the day and year first before written.

       

      

      
        	
                For and on behalf of

              	 
	
                GLAXOSMITHKLINE TRADING SERVICES LIMITED

              	 
	 	 
	
                Signature:

              	
                /s/ Elena Mata Lozano

              	 
	 	 	 
	
                Name: 

              	
                Elena Mata Lozano

              	 
	 	 	 
	
                Title:

              	
                ICT Data Manager

              	 
	 	 	 
	
                Date:

              	
                02-Aug-2022

              	 

         

        

        
          	
                  For and on behalf of

                	 
	
                  DERMAVANT SCIENCES GMBH

                	 
	 	 
	
                  Signature:

                	
                  /s/ Markus Rohrwild

                	 
	 	 	 
	
                  Name: 

                	
                  Dr. Markus Rohrwild

                	 
	 	 	 
	
                  Title:

                	
                  Presiding Managing Director

                	 
	 	 	 
	
                  Date:

                	
                  August 10,2022

                	 

        

         

        

      

      Partial Termination and Supplementary Fee Agreement in relation to the Clinical Supply Agreement (Tapinarof) and Commercial Supply Agreement (Tapinarof)

       

      

      
        8

        
          

      

      [***]

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