Document:

EXHIBIT 10.69 

TECHNICAL SUPPORT & SERVICES
AGREEMENT

          This
TECHNICAL SUPPORT & SERVICES AGREEMENT (this “Agreement”), is entered into as of
[December 30], 2004, by and between VaxGen,
Inc., a Delaware corporation (“VaxGen”),
and Celltrion, Inc., a corporation organized under the laws of the Republic of Korea (“Celltrion”).
VaxGen and Celltrion are at
times referred to herein collectively as the “Parties” and individually as a
“Party.”  

Recitals

          WHEREAS,
concurrently with the execution and delivery of this Agreement, VaxGen, Nexol
Biotech Co., Ltd., a corporation organized under the laws of the Republic of
Korea, Nexol Co., Ltd., a corporation organized under the laws of the Republic
of Korea, KT&G Corporation (formerly
Korea Tobacco & Ginseng Corporation), a corporation organized under the
laws of the Republic of Korea, and
J. Stephen & Company Ventures Ltd., a corporation organized under the laws
of the Republic of Korea (collectively with VaxGen, the “Joint Venture Partners”), are entering
into an Amended and Restated Joint
Venture Agreement (the “JVA”),
which sets forth certain rights and obligations of the Joint Venture Partners
in respect of Celltrion.

          WHEREAS,
pursuant to Section 3.2 of the JVA, the Joint Venture Partners agreed to cause Celltrion to enter into this
Agreement with
VaxGen in order to set forth the terms and conditions on which (a) Celltrion may use certain technology previously
transferred from VaxGen and (b) VaxGen may transfer in the future certain
technology and provide certain services
to Celltrion.

          NOW,
THEREFORE, in consideration of the mutual covenants and agreements of the
Parties set forth herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties hereby
agree as follows:

Terms of
Agreement

1.       DEFINITIONS. Each capitalized term used but not
specifically
defined in this Agreement shall have
the respective meaning ascribed to it below:

          1.1     “Affiliate” means,
with respect to a Party,
any Person or entity that controls, is controlled
by, or is under common control with such Party, where “control” means the ownership or voting control
of fifty percent
(50%) or more of the outstanding voting securities of the entity in question.

          1.2      “Agreement” means
this Technical Support & Services
Agreement.

          1.3      “Celltrion” has the
meaning set forth in the preamble of
this Agreement.

          1.4      “Claim” has the
meaning set forth in Section 7.1 of this Agreement.

          1.5
     “Confidential Information” has the meaning set forth
in Section 6.1 of this Agreement.

          1.6
     “Damages” has the meaning set forth in Section 7.4 of this Agreement.

          1.7
     “Disclosing Party” has the meaning set forth in Section 6.1 of this Agreement.

          1.8
     “Effective Date” has the meaning set forth in Section 9.1 of this Agreement.

          1.9
     “Future Technology” has the meaning set forth in Section 2.4 of this Agreement.

        1.10
     “Future Technology License” has the meaning set forth
in Section 2.4 of this Agreement.

       1.11
     “Intellectual Property Right” means any and all intellectual property rights
and industrial property rights and
all other proprietary rights, including patents, patent rights, copyrights, mask work rights, knowhow,
trademarks, and trade secrets and all registrations and applications for all of the foregoing in any
jurisdiction.

        1.12
     “JVA” has the meaning set forth in the Recitals of
this Agreement.

        1.13
     “Joint Venture Partners” has the meaning set forth in the Recitals of this Agreement.

        1.14
     “License” has the meaning set forth in Section 2.1 of this Agreement.

        1.15
     “Licensed Knowhow” means proprietary information, methods,
processes, techniques, data and
biological materials that are (a) owned by, or in the possession of, VaxGen as of the date hereof and which
VaxGen is
permitted to license or sublicense (and only for so long as VaxGen is so permitted) to Celltrion and
(b) set forth on Exhibit A; it
being understood that “Licensed
Knowhow” shall not include any proprietary information, methods, processes, techniques, data, biological
materials, or any
other knowhow which is (i) owned or developed by VaxGen or any other party, or comes into the possession of
VaxGen, in
each case, after the date of this Agreement, or (ii) not set forth on Exhibit A. The Parties hereby agree
that
certain of the items set forth on Exhibit A as of the date hereof may be
removed therefrom after the date hereof
by the mutual agreement of the Parties.

        1.16
     “Licensed Patent Rights” means patents that are (a) owned by, or in the possession of, VaxGen as of
the date hereof and
which VaxGen is permitted to license or sublicense (and only for so long as VaxGen is so permitted) to Celltrion
and (b) set forth on Exhibit B; it being
understood that “Licensed Patent Rights” shall not include (i) any patents which are owned or developed
by VaxGen or any other
party, or come into the possession of VaxGen,
in each case, after the date of this Agreement, and (ii) any patents or rights
therein that are not set forth on Exhibit B. The Parties hereby agree that
certain of the items set forth on Exhibit
B, if any, as of the date hereof may be removed therefrom after the
date hereof by the mutual agreement of the Parties.

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       1.17
     “Licensed Product” shall mean any pharmaceutical formulation that is
manufactured in whole or in part
through the use of the Technology.

       1.18
     “Parties” has the meaning set forth in the preamble of
this Agreement.

       1.19
     “Party” has the meaning set forth in the preamble of this
Agreement.

       1.20
     “Person” means any natural person, corporation, limited
liability company, firm, partnership,
limited partnership, limited liability partnership, trust, association or other
entity, including any government or
agency thereof.

       1.21
     “Receiving Party” has the meaning set forth in Section 6.1 of this Agreement.

       1.22
     “SEC” means the United States Securities and Exchange
Commission.

       1.23      “Technology”
means, collectively, the
Licensed Knowhow and the Licensed Patent
Rights.

       1.24
     “VaxGen” has the meaning set forth in the preamble of this
Agreement.

2.      LICENSES

          2.1
     License Grant. Subject to the terms and conditions set forth in
this Agreement, including, but not limited to, Section 2.2 and Section 2.3,
VaxGen hereby grants to Celltrion a royalty free, non-exclusive,
non-transferable license (the “License”)
to use the Technology in the Republic of
Korea for the sole purpose of manufacturing Licensed Products for sale anywhere in the world.

          2.2
     Limitations on License. Notwithstanding anything to
the contrary set forth in Section 2.1:

                     (a)
     The License shall include the right to sublicense
(each, a “Sub-License”) the Technology or any portion thereof to any
third party (each, a “Sub-Licensee”)
for use solely in the Republic of
Korea; provided, that no such Sub-License shall be effective unless and
until the Sub-Licensee has agreed in
writing (i) to be bound by the terms, conditions, duties, and obligations set forth in this Agreement to the same
extent that Celltrion is bound, (ii) that VaxGen is not providing any representations or warranties in respect of
the Technology, and that the
Technology that is the subject of the Sub-License is sublicensed to
Sub-Licensee on an “as is” basis,
(iii) to indemnify VaxGen for Sub-Licensee’s use of the Technology to the same
extent that Celltrion is required to indemnify VaxGen pursuant to Section 7.4 hereof, (iv) that VaxGen
shall have no obligations whatsoever (A) to
Sub-Licensee, including, but not limited to, no obligations to provide support
or other services, or (B) in respect of Sub-Licensee’s use of the Technology, and that such Celltrion shall
be
solely responsible to such Sub-Licensee for all such obligations, (v) that the Sub-Licensee shall have
no rights whatsoever to further sublicense the Technology, and (vi) that the
Sub-License shall only be effective for so long as, and only to the extent that, VaxGen is permitted to license or
sublicense the Technology to Celltrion.

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                     (b)
     Celltrion
shall have the rights set forth in Section 2.1 in respect of the Technology or any portion thereof only for so
long
as, and only to the extent that, VaxGen is permitted to license or sublicense the same to Celltrion; it being
understood that VaxGen makes no representation and warranty as to the
Technology, the License, or any right it may now have, or continue to have in the future, in respect
thereof. 

                     (c)     Celltrion
shall not have any right to use the Technology to manufacture any Licensed Product outside of the Republic of
Korea without VaxGen’s prior written consent, which consent shall not unreasonably be withheld; provided,
that the
withholding of such consent by
VaxGen shall be deemed to be reasonable if VaxGen determines, in its sole
discretion, that the use of such
Technology outside of the Republic of Korea would directly or indirectly compete with VaxGen.

          2.3
     No Implied Rights. Except as specifically set forth in Section 2.1, VaxGen grants no other
rights of any kind or nature to Celltrion. Furthermore, there are no implied licenses or other rights of any kind
or nature
under this Agreement, and any rights not expressly granted to Celltrion hereunder are expressly
reserved by VaxGen.

          2.4
     License to Future Technology. Celltrion may from time to time request VaxGen to license, sublicense, or
otherwise transfer to
Celltrion other rights of any kind or nature, including, but not limited to, any proprietary information, methods,
processes, techniques, data, biological
materials, or patents which become owned or are developed by, or in the possession
of, VaxGen after the date of this Agreement (“Future Technology”). VaxGen shall have no
obligation to license or sublicense (a “Future Technology License”) any such
Future Technology, but may do so in
its sole discretion, which may be given or withheld for any reason or no reason. Any Future Technology License, if
granted, shall be on terms mutually agreeable to VaxGen and Celltrion and set forth in a writing duly executed and
delivered by the Parties.

3.      TECHNICAL SUPPORT
SERVICES

          3.1      Generally. If Celltrion
desires any technical support in
respect of the Technology, Celltrion
shall deliver a written request describing, in reasonable detail, the type of
technical support requested. VaxGen shall not be required to perform or
deliver any such technical support, but may
choose to do so in its sole discretion and, in such case (a) the price, terms
and conditions under which VaxGen will provide such technical support
shall be governed by this Section 3, and
(b) a detailed description of such technical support shall be set forth on Exhibit C, which exhibit shall
be duly
executed and delivered by the Parties and shall become a part of, and subject
to, this Agreement. Any services provided by VaxGen pursuant to this Section
3.1, if any, shall be performed in a commercially reasonable manner.

         3.2
      No Other Support. Except as provided in Section 3.1, VaxGen shall have no obligation to provide any
technical support or
other services to Celltrion.

         3.3
      Compensation. Celltrion shall pay VaxGen for its performance of
the technical support services as
follows:

                     (a)
     For each hour of time a VaxGen employee provides technical support, Celltrion shall pay VaxGen (i) the current
hourly
rate of such employee plus (ii) ninety percent

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(90%) of each such employee’s regular salary amount in
respect of
overhead; provided, however, that
if such employee is providing technical support for Celltrion on a full-time
basis in Korea, the percentage set
forth in clause (ii) above shall be adjusted as mutually agreed by the Parties.

                     (b)
     For
each independent contractor, consultant, agent, or other
representative engaged by VaxGen to
provide technical support for Celltrion, Celltrion shall reimburse VaxGen for
all of its costs.

                     (c)
     The
amount of compensation set forth in this Section 3.3 shall not be increased except by written agreement of the
Parties.

          3.4
    Reimbursement of Expenses. Celltrion shall reimburse VaxGen for all costs
and expenses incurred in the
performance of providing the technical support pursuant to Section 3, including,
but not limited to, costs and expenses for any employee, independent
contractor, consultant, agent, and/or other
representative of VaxGen, and all telephone, facsimile, shipping, postage,
lodging, and travel expenses; provided, that Celltrion’s prior written approval
shall be obtained before any travel expenses
are incurred. For any costs or expenses with respect to which VaxGen seeks reimbursement or payment from
Celltrion, VaxGen shall submit an itemized
written statement detailing such costs and expenses, which shall be provided in
a format reasonably acceptable to Celltrion.

          3.5
     Payment. All payments pursuant to Section 3 shall be due
and payable in United States dollars within sixty (60) days from the
invoice date and shall be remitted to VaxGen. If Celltrion fails to make any payments in full within such sixty
(60) day
period (a) VaxGen shall have no
further obligation of any kind or nature under this Agreement, (b) Celltrion
shall forever forfeit its rights to any Technology granted pursuant to
this Agreement, and (c) Celltrion shall continue to have the obligation to pay
to VaxGen any amounts owing to VaxGen under this Agreement, including, but not limited to, under Section 3
hereof.

4.      RESERVED.

5.      IP
OWNERSHIP

          5.1
    VaxGen Intellectual Property Rights. As between VaxGen
and Celltrion, VaxGen owns all rights,
title, and interest in and to the Technology, the Future Technology, and all Intellectual Property Rights
therein.

          5.2
     No Implied Rights. There are no implied rights,
including, but not limited to, licenses, Intellectual Property Rights, or other
rights, under this Agreement, and any rights not expressly granted to Celltrion by VaxGen hereunder are expressly
reserved by VaxGen.

6.      CONFIDENTIALITY

          6.1     Confidential Information. During the
term of this Agreement, each party (the “Receiving Party”) may be provided with, have access to,
or
otherwise learn confidential and/or proprietary information of the other party
(the “Disclosing Party”),
including, but not limited to, certain
technical information and materials, that is of substantial value to the
Disclosing Party (“Confidential Information”). The Parties
hereby acknowledge and agree that, unless  

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otherwise expressly stated in writing by the Disclosing
Party, all
information of any kind and in whatever medium provided by a Disclosing Party
to a Receiving Party shall be deemed to be Confidential Information.

          6.2
     Confidentiality Obligations. All Confidential Information shall be the
property of the Disclosing Party. The Receiving Party may disclose the Confidential
Information of the Disclosing Party
only to its employees and contractors who need to know the Confidential Information for purposes of performing
under, or
as contemplated by, this Agreement, and who are bound by the Receiving Party’s
standard employee or contractor (as applicable) confidentiality agreements, which standard agreements shall, at a
minimum, protect such Confidential
Information and provide restrictions against disclosing the same substantially similar to the disclosure
restrictions contained
in this Section 6. The Receiving Party will take measures to maintain
the confidentiality of the Confidential Information equivalent to those measures the Receiving Party uses to
maintain the
confidentiality of its own confidential information of like importance, but in no event less than reasonable
measures. The Receiving Party will
give immediate notice to the Disclosing Party of any unauthorized use or
disclosure of the Confidential
Information that comes to the attention of the Receiving Party’s senior management and shall assist the
Disclosing Party in
remedying such unauthorized use or disclosure.

          6.3
     Exceptions. The confidentiality obligations set forth in this
Section 6 do not extend to
Confidential Information which: (i) becomes part of the public domain through
no fault of the Receiving Party; (ii) is rightfully obtained by the Receiving
Party from a third party which had
the right to transfer such information without an obligation of confidentiality
and without breaching any agreement to
which it was a party; (iii) is independently developed by the Receiving Party without reference to, or use of,
the Disclosing Party’s Confidential Information, as evidenced by written
records; or (iv) was lawfully in the possession of the Receiving Party at the time of disclosure, without
restriction on
disclosure, as evidenced by written records. In addition, the Receiving Party may disclose Confidential
Information of
the Disclosing Party as may be
required by law, court order, governmental agency or quasi governmental agency,
including, but not limited to the SEC
and The Nasdaq National Market, with jurisdiction; provided, that before making such a
disclosure the Receiving Party first notifies the Disclosing Party promptly and in writing and cooperates with
the Disclosing Party, at the Disclosing Party’s reasonable request and expense, in any lawful action to
contest or limit
the scope of such required
disclosure.

          6.4
     Return of Confidential Information. Upon termination or expiration of this Agreement, the Receiving Party
will return to the
Disclosing Party or destroy all tangible copies of Confidential Information of the Disclosing Party in the
Receiving
Party’s possession or control and
will erase from its computer systems all electronic copies thereof.

7.      INFRINGEMENT
CLAIMS; INDEMNIFICATION; LIMITATIONS ON LIABILITY

          7.1
     Technology. Celltrion shall notify VaxGen no later
than five (5) business days after becoming
aware of (a) any third party claim, action, or proceeding of any kind (a “Claim”) brought
against Celltrion
that alleges that the Technology infringes on the Intellectual Property

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Rights of any
Person, and (b) any third party that is infringing, or that Celltrion suspects
is infringing, on the Technology or any Intellectual Property Rights in respect
thereof. Such notification shall be in
writing and, to the extent feasible, shall describe the Claim or the suspected or known infringing party or
parties
and the nature and extent of the infringement. VaxGen shall have the exclusive right, at its own cost and
expense, (i)
to control the defense and settlement
of any such Claim, and (ii) to take any and all actions, including, but not
limited to, bringing legal action,
to cause the alleged infringement to cease, and Celltrion shall cooperate with VaxGen, in all reasonable
respects, in respect
of such defense, settlement or action; provided.” that if VaxGen does
not notify Celltrion in writing of its election to control such defense or settlement, or to take such actions,
within thirty (30) days after being notified of the same by Celltrion, Celltrion shall be entitled, at
its own costs and expense, to control such defense and take such actions in its sole discretion.

          7.2
     Reserved.

          7.3
     Indemnification by VaxGen. VaxGen shall defend at its own expense any Claim
brought against Celltrion, its
Affiliates (other than VaxGen), and any of their directors, officers, employees, and agents, and shall indemnify
Celltrion for any loses, obligations, liabilities, damages, judgments, awards, demands, claims,
actions, cause of action, assessments, expenses for penalties, fines, costs and expenses (collectively,
“Damages”), to the extent, but only to the
extent, the Claim or Damages are in respect of any injury to person arising out
of the use of any Technology by VaxGen; provided, that VaxGen shall have
no obligation to defend or indemnify under this Section 7.3 to the extent that the Claim or the Damages
arise
out of, or are related to, any
willful or negligent act or omission by Celltrion, its Affiliates (other than VaxGen),
or any of their directors, officers,
employees, and agents. VaxGen also shall have the right to control the defense of any such Claim or settlement
thereof.
VaxGen’s indemnify obligations in this Section 7.3 are expressly conditioned in
their entirety on Celltrion notifying VaxGen promptly in writing of any such
Claim, and Celltrion cooperating and assisting in the defense thereof. 

          7.4
     Indemnification by Celltrion. Celltrion shall defend at its own expense any Claim
brought against VaxGen, its Affiliates (other than Celltrion), and any of their
directors, officers, employees, and agents,
and shall indemnify VaxGen for any Damages to the extent, but only to the extent, the Claim or Damages are in
respect of any injury to person arising out of the use of any product manufactured or sold by
Celltrion and based primarily on a claim relating to the Technology; provided,
that Celltrion shall have no obligation to defend or indemnify under this Section 7.4
to the extent that the Claim or the Damages arise out of, or are related to,
any willful or negligent act or omission by VaxGen, its Affiliates (other than
Celltrion), or any of their
directors, officers, employees, and agents. Celltrion also shall have the right
to control the defense of any such
Claim or settlement thereof. Celltrion’s indemnity obligations in this Section 7.4 are expressly
conditioned in their entirety on
VaxGen notifying Celltrion promptly in writing
of any such Claim, and VaxGen cooperating and assisting in the defense thereof.

          7.5
     Limitations on Liability. Notwithstanding any other provision of this Agreement to the contrary, including,
but not
limited to, Sections 7.1 through Section 7.4, neither Party shall be liable to the other for
indirect, incidental,
special or consequential damages arising
out of or resulting from any term or condition of this Agreement, including,
but not limited to, any such damages
arising out of a breach of any provision hereof.

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8.      CONSENT AND COMPLIANCE WITH LAW

          8.1
     Compliance with Law by Celltrion. Celltrion shall comply
with all applicable international, national, regional, and local laws and regulations with
regard to its activities under this Agreement, including, but not limited to, any
applicable import and export laws and regulations and the U.S. Foreign Corrupt Practices
Act. Celltrion will obtain, at its own expense, all necessary permits, licenses, registrations,
and approvals needed in connection with any and all uses of the transferred
Technology.

          8.2
     Compliance with Law by VaxGen. VaxGen shall comply
with all applicable international, national, regional, and local laws and regulations with
regard to its activities under this Agreement, including, but not limited to, any
applicable import and export laws and regulations and the U.S. Foreign Corrupt
Practices Act.

9.      TERM AND TERMINATION

          9.1      Term. This Agreement shall be
effective on the date (the “Effective Date”)
that all of
the following three conditions are satisfied: (a) it has been executed and
delivered by the Parties, (b) the Parties have executed and delivered that certain (i)
Termination Agreement and (ii) letter agreement (relating to the agreement by
VaxGen to exercise its option to purchase shares of common stock of VaxGen-Celltrion, Inc.,
a California corporation, held by Celltrion), each dated on even date herewith, and (c) the JVA is executed and
delivered by the parties thereto. If and
when this Agreement becomes effective, and unless earlier terminated in accordance with Section 9.2, this
Agreement will
continue in effect until March 25, 2017. 

          9.2
     Termination

                      (a)
     Each Party will have the right to
terminate this Agreement, effective immediately, by giving the other Party written
notice of termination, if:

                               (i)
     the other Party
materially breaches any of its obligations under this Agreement and fails to
cure such breach to the reasonable satisfaction of the terminating Party within
thirty (30) days after receipt of written notice thereof from the terminating
Party;

                               (ii)
     the other Party (A) is not paying, or
admits in writing its inability to pay, its
debts generally as they become due, (B) has an order for relief under any
applicable bankruptcy or insolvency law involuntarily entered against it, (C)
makes an assignment for the benefit
of creditors, or applies for, seeks, consents to, or acquiesces in, the
appointment of a receiver,
custodian, trustee, examiner, liquidator or similar official for it or any
substantial part of its property,
(D) institutes any proceeding seeking to have entered against it an order for
relief under any applicable
bankruptcy or insolvency law to adjudicate it insolvent, or seeking
dissolution, winding up, liquidation, reorganization, arrangement, marshalling
of assets, adjustment or composition
of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or
fails to
file an answer or other pleading denying the material allegations of any such proceeding filed against it;
or

                               (iii)
     the other Party dissolves,
liquidates, or ceases to conduct business.

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                     (b)
     VaxGen shall have the right, but not the
obligation, to terminate this Agreement
if VaxGen is no longer a shareholder of Celltrion. Any such termination shall
be effective upon delivery by VaxGen
of a written notice of such termination to Celltrion.

          9.3
     Effects of Termination

                     (a)
     Upon expiration or termination of this Agreement by VaxGen, Celltrion shall immediately (i) discontinue all use
of the
Technology, (ii) return all Technology and VaxGen Confidential
Information that is in tangible form to VaxGen, and (ii) destroy or erase any and all other Technology or VaxGen
Confidential Information.

                     (b)
     Upon expiration or termination of this
Agreement by Celltrion, VaxGen shall
immediately (i) return all Celltrion Confidential Information that is in
tangible form to Celltrion, and (ii)
destroy or erase any and all other Celltrion Confidential Information.

          9.4
     Survival. Upon the expiration or termination of this
Agreement, all of the provisions of
this Agreement shall terminate and no longer have any force or effect, except
that Sections 1,
5, 6, 7, 9.3, 9.4, and 11 will survive such expiration or
termination; provided, that (a) if
Celltrion terminates this Agreement pursuant to Section 9.2, Sections 2.1
through 2.3 shall survive the termination of this Agreement in
respect of any Technology licensed to Celltrion prior to the termination of this Agreement, and (b) the
termination or
expiration of this Agreement shall
not in any way affect the right of any Party to seek damages or any other
available remedy for any breach of this Agreement that occurred prior to the
date of such termination or expiration. In addition, any amounts owing
by one Party to the other under this Agreement
as of the date of such termination or expiration shall be paid no later than
five (5) business days after such
termination or expiration.

10.      RESERVED

11.      GENERAL

          11.1
     Governing Law; Consent to
Jurisdiction. This
Agreement shall be governed by, and construed in accordance with, the laws of
the State of California without regard to principles of conflicts of law. Any proceeding which arises
out of or relates in any way to the subject matter of this Agreement shall be brought in the Superior Court of
California, County of San Francisco,
or the United States District Court for the Northern District of California.
The Parties hereby consent to the
jurisdiction of the State of California and the United States of America, and waive their right to challenge any
proceeding
involving or relating to this Agreement on the basis of lack of jurisdiction
over the person or forum non conveniens.

          11.2
     Notices. All notices, requests, demands, claims, and other
communications permitted or required to be given under this Agreement shall be
in writing. Any such notice, request,
demand, claim, or other communication shall be deemed duly given and received
(a) when delivered personally to the
recipient, (b) one (1) business day after being sent to the recipient by reputable overnight courier service,
charges prepaid, (c) one (1) business day after being sent to the recipient by facsimile transmission or
electronic mail
(with electronic verification of its
transmission), or (d) four (4) business days after being mailed to the
recipient

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by certified or registered mail, return receipt
requested and postage prepaid, and addressed to the intended recipient as set
forth below:

	
 

	
 

	
 

	
 

	
(a)

	
If to VaxGen:

	
 

	
 

	
 

	
 

	
 

	
VaxGen, Inc.

	
 

	
 

	
1000 Marina Boulevard

	
 

	
 

	
Brisbane, California 94005-1841

	
 

	
 

	
Attention: Dr. Lance K. Gordon, CEO

	
 

	
 

	
Facsimile: (650) 624-1001

	
 

	
 

	
Email: lgordon@vaxgen.com

	
 

	
 

	
 

	
 

	
(b)

	
If to Celltrion:

	
 

	
 

	
 

	
 

	
 

	
Celltrion, Inc.

	
 

	
 

	
1001-5 Dongchun-Dong, Yeonsu-Gu
  

	
 

	
 

	
Incheon City, 405-220, Korea 

	
 

	
 

	
Attention: Mr. Jung-Jin, Seo 

	
 

	
 

	
Facsimile: 82-32-850-5040 

	
 

	
 

	
Email: jjseo@celltrion.com

          11.3
     Counterparts; Facsimile Signatures. This Agreement may be executed in one or
more counterparts and by facsimile signature, each of which shall be considered
an original and all of which, together, shall be deemed one and the same
agreement.

          11.4
     Entire Agreement. This Agreement (including the exhibits hereof)
constitutes the entire agreement
between the Parties with respect to the subject matter hereof, and supersede all
prior and contemporaneous agreements and understandings of the Parties with
respect thereto, whether oral or written.

          11.5
     Severability. In the event that any provision of this Agreement,
or the application thereof, becomes or is declared by a court of
competent jurisdiction to be illegal, void or
unenforceable, the remainder of this Agreement will continue in full force and
effect. The Parties further agree to replace such void or unenforceable
provision of this Agreement with a valid and
enforceable provision that will achieve, to the extent possible, the economic,
business and other purposes of such void or unenforceable provision.

          11.6
     Assignment. Neither Party to this Agreement may assign this
Agreement or any of its rights,
interests, or obligations hereunder; provided, that VaxGen may assign
its rights and obligations under
this Agreement to any third party or parties that acquire, in one transaction
or series of related transactions,
all or substantially all of its assets or control of fifty percent (50%) or more of its voting securities in connection
with any merger, stock sale, or other business combination or
transaction.

          11.7
     Waiver. Any term of this Agreement or the performance
thereof may only be waived in writing
by the Party entitled to the benefit or performance of such term.

10

          11.8
     Amendments.This Agreement may not be amended except in
writing signed by the Parties.

          11.9
     Successors and Assigns.The terms and conditions of this Agreement shall
inure to the benefit of, and be
binding upon, the respective successors and permitted assigns of the Parties.
Nothing in this Agreement, express or implied, is intended to confer upon any
Party, other than the Parties hereto or their
respective successors and permitted assigns, any rights, remedies,
obligations, or liabilities under, or by reason of, this Agreement, except as
expressly provided in this Agreement.

          11.10
   Titles and Subtitles.The titles and subtitles used in this Agreement
are used for convenience only and are not to be considered in construing
or interpreting this Agreement.

          11.11
  Further Assurances.Each Party to this Agreement shall take all
actions and execute all documents
reasonably necessary to effectuate the purposes and intents of this Agreement.

          IN
WITNESS WHEREOF, the Parties have
executed this Agreement as of the date first above
written.

	
 

	
 

	
 

	
 

	
 

	
VAXGEN, INC.

	
 

	
CELLTRION, INC.

	
 

	
 

	
 

	
 

	
 

	
By:

	

	
 

	
By: 

	

	
 

	

	
 

	
 

	

	
Name: 

	
Dr. Lance Gordon

	
 

	
Name: 

	
Jung-Jin Seo

	
 

	

	
 

	
 

	

	
Title: 

	
Chief Executive Officer

	
 

	
Title: 

	
CEO & Representative
  Director

	
 

	

	
 

	
 

	

11Exhibit 10.1

                         WATTS WATER TECHNOLOGIES, INC.

                       Non-Employee Director Compensation

      The annual compensation payable by Watts Water Technologies, Inc. (the
"Corporation") to non-employee Directors as determined by the Board of Directors
of the Corporation on February 6, 2007 is as follows:

      1.    $30,000 annual retainer

      2.    Annual grant of Class A Common Stock under the Corporation's 2004
            Stock Incentive Plan with a fair market value on the date of grant
            equal to $45,000

      3.    $2,000 for each regularly scheduled Board of Directors meeting
            attended in person

      4.    The Chairman of the Board of Directors shall receive an additional
            annual retainer of $5,000

      5.    The Chairman of the Audit Committee shall receive an additional
            annual retainer of $10,000

      6.    The Chairman of each of the Compensation Committee and the
            Nominating and Corporate Governance Committee shall receive an
            additional annual retainer of $3,000

      There shall be no additional compensation paid for attendance at meetings
of committees of the Board of Directors or for participation in meetings of the
Board of Directors held by telephone conference call.

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