Document:

Exhibit 10.1

 

PURCHASE AND SALE AGREEMENT

 

THIS PURCHASE AND SALE
AGREEMENT (the “Agreement”) is made and entered into effective as of November 5, 2020 (the “Effective Date”)
by and between PD TN/FL, LLC (the “Purchaser”), and Nashville Speedway, USA, Inc. (the “Seller”).

 

WITNESSETH:

 

WHEREAS, Seller is
the owner in fee simple of all that parcel of land located at approximately 350 acres with approximately 319 useable acres located
east of Marty Robbins Drive, Lebanon, Wilson County, Tennessee 37090, being identified as a portion of Map 141, Parcel 26.05 (hereinafter
referred to as the “Land”) and being more particularly describe on Exhibit A attached hereto and incorporated
herein by reference;

 

WHEREAS, Purchaser
desires to purchase from Seller the Land, water, mineral and air rights and any rights, privileges, and easements, if any, appurtenant
to the Land, and 26,868 gallons per day in sanitary sewer capacity (collectively the “Property”) and Seller desires
to sell and transfer the same to Purchaser;

 

NOW, THEREFORE, in
consideration of the premises and the mutual covenants and agreements herein contained and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE 1:
PROPERTY TO BE SOLD

 

1.1            Property
to be Sold. Purchaser agrees to buy and Seller agrees to sell and convey all of Seller’s right, title and interest in
and to the Property, pursuant to the terms and conditions set forth herein.

 

ARTICLE 2:
PURCHASE PRICE; EARNEST MONEY

 

2.1            Purchase
Price. The purchase price (the “Purchase Price”) for the Property shall be $14,355,000.00 and shall be paid at
Closing (as defined herein) by wire transfer received by Seller or the closing agent, as applicable, subject to a credit to Purchaser
for the Earnest Money (as defined in Section 2.2 below) and closing adjustments as set forth herein.

 

2.2            Earnest
Money. Within ten (10) business days from the full execution of this Agreement, Purchaser shall deposit with Seller the
sum of Five Hundred Thousand Dollars ($500,000.00) (the “Earnest Money”). The Earnest Money shall be held in trust
for the mutual benefit of the parties subject to the terms and conditions of this Agreement. If the sale of the Property closes
as contemplated, Purchaser will receive the benefit of the Earnest Money. The Earnest Money shall be non-refundable except in the
event of a default by Seller under this Agreement that is not cured within the applicable cure period.

 

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ARTICLE 3:
REPRESENTATIONS, WARRANTIES AND COVENANTS

 

Seller hereby represents, warrants and
covenants to Purchaser as follows, which shall be true as of the Effective Date and as of the Closing Date:

 

3.1            Authority
of Seller. Seller has the right and authority to enter into this Agreement and to sell the Property in accordance with the
terms and conditions hereof. The individual executing this Agreement on behalf of Seller has the right and authority to bind Seller
to the terms and conditions of this Agreement without joinder or approval of any other party.

 

3.2            No
Leases or Service Contracts. There are no leases, leasing agreements, maintenance agreements, security contracts, service contracts,
or any other agreements with respect to the Property.

 

3.3            Compliance
with Existing Laws. To Seller’s actual knowledge, the Property is not in violation of any laws, rules, statutes or regulations
applicable to the Property, including, without limitation, any laws, rules, statutes or regulations related to environmental protection,
wetlands, or public health and safety. From the Effective Date until the Closing, Seller shall comply in all material respects
with any laws, rules, statutes or regulations applicable to the Property.

 

3.4            Environmental
Condition of Property. Seller has not received written notice from any federal, state, or other agency with jurisdiction over
the Property (a) that the Property is in violation of any applicable federal, state or other law, ordinance or regulation
regarding hazardous materials, or (b) that Seller is in violation of any environmental laws.

 

3.5            Operation
of the Property. Seller covenants that, to the extent it is within Seller’s control, Seller will not voluntarily create
or cause or permit a lien or encumbrance to attach to or on the Property between the Effective Date and Closing. Seller shall operate
the Property in the ordinary course of business prior to the Closing. Seller shall not enter into any lease or service contract
affecting the Property without Purchaser’s prior written consent. The Property shall be in substantially the same condition
at Closing as existed on the Effective Date.

 

3.6            Survival.
The representations and warranties by Seller in this Agreement shall survive the Closing and the recording of the deed for a period
of six (6) months after the date of Closing.

 

3.7            AS
IS. Subject to the foregoing representations and warranties and any representations and warranties set forth in the closing
documents provided by Seller at Closing, Purchaser understands and acknowledges that Seller has not made and does not make any
representation or warranties whatsoever, oral or written, express or implied, to Purchaser with respect to the condition, state
of repair or operations of the Property, with respect to the suitability or fitness for the Purchaser’s intended use or purpose,
or any other matter whatsoever. Purchaser further hereby acknowledges and agrees that Purchaser has investigated or will investigate
all matters of concern to Purchaser with respect to the Property and that Purchaser is not relying and hereby expressly waives
any reliance on any representation or warranty, oral or written, express or implied, of Seller with respect to such matters. Purchaser
agrees to purchase the Property, as is, where is, with all faults. The provisions in the foregoing paragraph shall survive the
Closing.

 

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ARTICLE 4:
TITLE AND SURVEY

 

4.1            Title
Insurance. Purchaser shall, at Purchaser’s expense, within thirty (30) days from the Effective Date, obtain a commitment
for owner’s title insurance on the standard ALTA Owner’s Policy Form 2006 (the “Title Commitment”).
The Title Commitment and the title policy shall be issued by Fidelity National Title Insurance Company, Attn: Stuart Jones, Esq.,
6840 Carothers Parkway, Suite 200, Franklin, TN 37067 (the “Title Company”) and shall be provided by Purchaser’s
attorney. The Title Commitment shall indicate that title is owned by Seller, free and clear of all liens and encumbrances except
for the matters agreed to by Purchaser prior to Closing (the “Permitted Exceptions”). At the Closing, the Title Company
(i) shall insure that Purchaser is vested with good and marketable fee simple title to the Property, subject only to the Permitted
Exceptions and (ii) shall delete the standard exceptions for mechanics and materialmen’s liens, parties in possession,
 “gap” coverage, and matters which an accurate survey would disclose. Seller agrees to remove, at or before Closing,
any monetary liens encumbering the Property.

 

4.2            Survey;
Plat. Purchaser shall obtain, at Purchaser’s expense, a survey of the Land (the “Survey”) certified by a
licensed surveyor as of a date which follows the Effective Date and shows the acreage of the Land. The Survey shall explicitly
delineate the area of the cemetery and the area of the cornflower preserve as well as the total acreage and boundaries of the Land
to be purchased. Purchaser shall obtain the Survey within 120 days from the Effective Date and provide Seller with a copy of the
Survey. Seller shall have the right to approve the Survey within ten (10) days from receipt, which approval will not be unreasonably
withheld, conditioned or delayed. In the event that Seller fails to provide notice of approval or disapproval within such 10-day
period, then Seller shall be deemed to have approved the Survey. The legal description on the Survey shall be conveyed to Purchaser
at Closing. To the extent that a subdivision or plat is required in connection with the sale of the Property, Purchaser shall be
responsible for the cost of any such subdivision or plat.

 

4.3            Title
and Survey Review. If the Title Commitment or Survey shows matters which are not satisfactory to Purchaser, Purchaser shall
give Seller written notice thereof within thirty (30) days following the last to be received by Purchaser of the Title Commitment
or Survey, and shall state in writing its objection to the same. Failure to give such notice within said thirty (30) day period
shall constitute approval of the Title Commitment and the Survey. Seller agrees, at or before Closing, to (i) satisfy or pay
all mortgages, deeds of trust, security agreements, financing statements, conditional assignments, or other instruments by which
Seller has granted the Property or any part thereof as collateral and (ii) remove from title any mechanics, materialmen and
laborer’s liens affecting the Property. Subject to the foregoing, within thirty (30) days after receipt of such objections,
Seller shall have the right, but shall not be obligated, to cure any objections. If Seller shall fail within such thirty (30) day
period to cure or commit to cure such objections, then Purchaser may elect, by written notice to Seller, either to: (i) terminate
this Agreement and receive a refund of the Earnest Money, upon which termination Seller and Purchaser shall have no further obligations
to one another pursuant to this Agreement except those obligations herein that specifically survive the termination of this Agreement
or (ii) waive all title defects which Seller is unwilling to cure and proceed with Closing hereunder as if said title defects
did not exist. Closing may be extended for up to 30 days in order for Seller to cure any title or survey defect which it has committed
to cure.

 

4.4            Access
and Inspection Rights. Purchaser shall have full right of access over, under and above the Property prior to Closing and Seller
shall cooperate with Purchaser in the course of Purchaser’s investigation. Without limiting the foregoing, Seller hereby
authorizes Purchaser, at Purchaser’s expense, to complete soil testing and sampling, environmental sampling and to clear
access paths using a bulldozer or similar equipment for applicable drill rigs, consistent with reasonable local commercial real
estate practice. Purchaser shall indemnify and hold harmless Seller from any liability, claim or demand arising out of the acts
or omissions of Purchaser or its agents, contractors, employees or other parties conducting activities on the Property on behalf
of Purchaser and such obligation shall survive the termination of this Agreement. Seller hereby authorizes Purchaser, at Purchaser’s
expense, to seek and obtain any and all permits, licenses, site and development plan approvals, permits and authorizations, zoning
approvals, curb-cut approvals, and any and all other approvals or consents as Purchaser may deem necessary in connection with its
proposed acquisition and/or proposed development of the Property. Seller, at no cost to Seller, shall cooperate with Purchaser
in seeking such approvals and consents and, if any such applications, approvals or permits are required to be sought in Seller’s
name, Seller shall seek such approvals upon Purchaser’s written request.

 

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ARTICLE 5:
CLOSING DELIVERIES

 

5.1            Closing
Documents. Seller shall deliver to Purchaser at or before the Closing a FIRPTA form, an IRS 1099 form, a Closing Statement,
an assignment of the sanitary sewer capacity, a sale restriction document consistent with Article 9 herein, and a Special
Warranty Deed, conveying title to the Property to Purchaser, free and clear of all liens, encumbrances, easements and restrictions,
except the Permitted Exceptions. At Closing, Seller shall also provide a certification that all of Seller’s representations
and warranties remain in full force and effect as of the date of Closing.

 

5.2            Title
Affidavit. Seller shall deliver at or before the Closing an affidavit and indemnity of Seller, in the form required by the
Title Company, stating, among other things, that there are no outstanding unpaid bills for which liens can be attached to the Property
and in form sufficient for the Title Company to provide “gap” coverage.

 

ARTICLE 6:
CLOSING

 

6.1            Closing;
Extension Right. The purchase and sale contemplated herein shall be consummated at the Closing (referred to herein as the
 “Closing”) which shall occur on or before May 31, 2021, or such earlier date as may be mutually agreed upon
by Seller and Purchaser. Possession of the Property shall be transferred to Purchaser on the date of the Closing, subject
only to the Permitted Exceptions.

 

6.2            Closing
Costs. Seller shall pay at Closing any liens against the Property that are not Permitted Exceptions. Purchaser shall all costs
related to the Title Commitment, title search fees, title policies and title endorsements, the Survey costs, the recording fees,
transfer taxes, loan title insurance costs, title insurance endorsement costs, and the costs of any environmental site assessment
or other inspection reports related to this transaction. Each party shall pay its own attorney’s fees in connection with
this transaction.

 

6.3            Tax
Prorations. All real property and personal taxes with respect to the Property shall be prorated between the parties as of the
date of Closing. Any back taxes assessed for any year prior to the year in which Closing occurs shall be paid in full by Seller
at Closing, including all delinquent and/or interest charges. Any expense related to a period subject to proration, the amount
of which is not known with certainty at Closing, shall be estimated for purposes of proration and subject to post-closing adjustments
as set forth herein.

 

ARTICLE 7:
NO REAL ESTATE COMMISSION

 

7.1            No
Real Estate Commission. Seller and Purchaser represent and warrant to each other that neither Seller nor Purchaser has dealt
with, consulted or engaged any real estate broker, or agent in connection with this transaction. Each party (an “Indemnitor”)
hereby agrees to indemnify and hold the other party (the “Indemnitee”) harmless from any liability, claim or demand,
cost or expense, including reasonable attorneys’ fees the Indemnitee may suffer or incur by reason of the claims of any real
estate broker or agent other than as provided above who may claim to have dealt with, consulted or been engaged by Indemnitor in
connection with this transaction. Notwithstanding anything contained herein to the contrary, this indemnity shall survive Closing
or termination of this Agreement and shall not be subject to the limitations on remedies contained in Article 8 below.

 

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ARTICLE 8:
DEFAULT

 

8.1            Default
by Purchaser. In the event that Purchaser fails to perform under this Agreement, including the failure to consummate the purchase
of the Property under the terms stated in this Agreement, Seller shall have the following exclusive remedy: Seller shall terminate
this Agreement after providing written notice to Purchaser and a ten (10) day period to cure, and Seller shall retain the
Earnest Money as liquidated damages. Seller agrees that the remedies set forth in this Agreement are fair and equitable and Seller
agrees that it will not assert the lack of mutuality of remedies as a defense in the event of a dispute.

 

8.2            Default
by Seller. If Seller fails to perform under this Agreement, Purchaser shall have the right, after providing written notice
to Seller and a ten (10) day period to cure, either (i) to receive back the Earnest Money, and thereby terminate this
Agreement, or (ii) to require specific performance on the part of Seller and receive any attorneys’ fees and expenses
related to the enforcement of Purchaser’s rights under this Agreement, but shall have no other remedies at law or in equity.
Purchaser agrees that the remedies set forth in this Agreement are fair and equitable and Purchaser agrees that it will not assert
the lack of mutuality of remedies as a defense in the event of a dispute.

 

8.3            Indemnity
Survival. The foregoing provisions relating to liquidated damages shall not apply in any way to the indemnities provided by
each party to the other pursuant to this Agreement.

 

ARTICLE 9:
MISCELLANEOUS PROVISIONS

 

9.1            Completeness;
Waiver. This Agreement constitutes the final and entire agreement between the parties hereto with respect to the transactions
contemplated herein, and it supersedes all prior discussions, understandings or agreements between the parties. Failure by Seller
and Purchaser to insist upon or enforce any of its rights hereto shall not constitute a waiver thereof, except as provided herein.

 

9.2            Assignment
and Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of each of the parties hereto, their
respective heirs, permitted successors, permitted assigns, beneficial owners and representatives.

 

9.3            Governing
Law. This Agreement shall be governed by and construed under the laws of the State of Tennessee. The parties agree that the
venue for any litigation arising out of this Agreement shall be the court of competent jurisdiction in Wilson County, Tennessee.

 

9.4            Counterparts/Facsimiles/PDF.
To facilitate execution, this Agreement may be executed in as many counterparts as may be required; and it shall not be necessary
that the signature of, or on behalf of, each party, or that the signatures of the persons required to bind any party, appear on
one or more such counterparts. All counterparts shall collectively constitute a single agreement. Execution evidenced by facsimile
signature and/or PDF signature shall be deemed an original for all purposes.

 

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9.5            Notice.
All notices, consents and other communications hereunder shall be in writing and shall be (i) personally delivered or (ii) sent
by a nationally recognized overnight courier service or (iii) sent by first class, registered or certified mail, return receipt
requested, postage prepaid as follows:

 

		(a)	If to Seller, to the address stated below, or to such address as may have been furnished by Seller
to Purchaser in writing:

 

Nashville Speedway,
USA, Inc.

Attn: Denis
McGlynn, Chief Executive Officer

3411 Silverside
Road

Tatnall
Bldg., Suite 201

Wilmington,
DE 19810

 

With copy
to:      Price Thompson, Esq.

Rochelle,
McCulloch & Aulds, PLLC

109 North
Castle Heights Avenue

Lebanon,
Tennessee 37087

 

		(b)	If to Purchaser, to the address stated below, or to such other address as may have been furnished
by Purchaser to Seller in writing:

 

PDC TN/FL, LLC

Attn: Whitfield Hamilton
and Jeff Konieczny

35 Music
Square East, Suite 301

Nashville
Tennessee 37203

 

With copy to:      C.
Mark Carver, Esq.

Sherrard Roe Voigt &
Harbison, PLC

150 Third Avenue South,
Suite 1100

Nashville, TN 37201

 

Any such notice, request, consent or other
communications shall be deemed received (i) at such time as it is personally delivered by hand, (ii) one business day
after deposit with a courier delivery service, or (iii) on the third business day after it is mailed, as the case may be.

 

9.6            Further
Assurances. The parties shall execute such additional documents and do such other acts as may be reasonably required to carry
out the intent of this Agreement. Without limitation, Seller shall make available resolutions, certificates of existence, by-laws,
operating agreements, and such other documents as may be required to evidence Seller’s power and authority to carry out this
Agreement.

 

9.7            Time
of the Essence. Time is of the essence with respect to the performance of each of the covenants and agreements under this Agreement.

 

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9.8            Attorneys’
Fees. In the event that a party hereto engages attorneys to enforce its rights in connection with or related to this Agreement
(including suits after Closing which are based on or related to this Agreement), the prevailing party in any such action shall
be entitled to receive from the non-prevailing party its reasonable attorneys’ fees and costs, and court costs.

 

9.9            Business
Day. If any date or any period provided in this Agreement ends on a Saturday, Sunday or legal holiday, the applicable period
shall be extended to the first business day following such Saturday, Sunday or legal holiday.

 

9.10            Representation
by Counsel. The parties acknowledge that each party to this Agreement has been represented by counsel and such counsel have
participated in the negotiation and preparation of this Agreement. This Agreement shall be construed without regard to any presumption
or rule requiring that it be construed or constructed against the party who has drafted or caused the Agreement to be drafted.

 

9.11            Confidentiality.
Seller and Purchaser agree that Seller may disclose the terms of this Agreement and include a copy of the Agreement in an SEC filing.
Subject to the foregoing, Seller and Purchaser agree that the terms of this Agreement shall remain strictly confidential but the
parties shall have the right to disclose the terms of this Agreement to accountants, attorneys, investors, lenders, zoning officials,
planning officials, designers, architects, and other such parties with a need to know so long as such parties agree to maintain
the confidentiality of the terms of this Agreement to the extent reasonably possible. In the event that the transaction contemplated
by this Agreement closes, then Seller and Purchaser each shall have the right to make public announcements regarding the sale.

 

9.12            Notice
by Counsel. Anything contained in this Agreement to the contrary notwithstanding, all notices pursuant to this Agreement, whether
from Seller to Purchaser or from Purchaser to Seller, will be effective if executed by and sent by the attorney of the party sending
such notice. Purchaser and Seller hereby agree that if a notice is given hereunder by counsel, such counsel may communicate directly
in writing with all principals, as may be required to comply with the notice provisions of this Agreement.

 

9.13            OFAC
for Purchaser. Neither Purchaser (which includes its partners, members, principal stockholders, any other constituent entities
or persons, overseers, trustees and senior executive officers) nor any direct or indirect constituents of Purchaser that either
directly or indirectly own 25% of Purchaser or directly or indirectly control Purchaser have been designated as a “specifically
designated national and blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign
Asset Control at its official website, http://www.treas.gov/ofac/t11 or at any replacement website or other replacement official
publication of such list. Purchaser is not in violation of compliance with the regulations of the Office of Foreign Asset Control
of the Department of Treasury and any statute, executive order (including the September 24, 2001 Executive Order Blocking
Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or any other governmental
action relating thereto. This representation will be true at all times from the time this is made and until all obligations under
the Agreement are satisfied. Purchaser represents that all OFAC information provided by Purchaser to Seller in connection with
this Agreement is true and complete.

 

9.14            OFAC
for Seller. Neither Seller (which includes its partners, members, principal stockholders, any other constituent entities or
persons, overseers, trustees and senior executive officers) nor any direct or indirect constituents of Seller that either directly
or indirectly own 25% of Seller or directly or indirectly control Seller have been designated as a “specifically designated
national and blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign Asset
Control at its official website, http://www.treas.gov/ofac/t11 or at any replacement website or other replacement official publication
of such list. Seller is not in violation of compliance with the regulations of the Office of Foreign Asset Control of the Department
of Treasury and any statute, executive order (including the September 24, 2001 Executive Order Blocking Property and Prohibiting
Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or any other governmental action relating thereto.
This representation will be true at all times from the time this is made and until all obligations under the Agreement are satisfied.
Seller represents that all OFAC information provided by Seller to Purchaser in connection with this Agreement is true and complete.

 

SIGNATURES ON FOLLOWING PAGE.

 

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IN WITNESS WHEREOF,
the parties hereto have executed this Agreement effective as of the Effective Date.

 

	SELLER: 	Nashville Speedway, USA, Inc., a Tennessee
    corporation
	 	 
	 	By:	/s/ Denis McGlynn
	 	Title:	Chairman
	 	 
	 	 
	PURCHASER: 	PDC TN/FL, LLC, a Delaware limited liability company
	 	 
	 	By:	/s/ Whitfield Hamilton
	 	Title:	Partner
	 	 

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EXHIBIT A

 

DRAWING SHOWING LOCATION OF THE PROPERTY

 

 

 

    9arct-ex1032_97.htm

 

CERTAIN INFORMATION IDENTIFIED 

BY BRACKETED ASTERISKS ([* * *]) 

HAS BEEN OMITTED FROM THIS EXHIBIT BECAUSE 

IT IS BOTH NOT MATERIAL AND WOULD BE

 COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

 

Exhibit 10.32

 

SUPPLY AGREEMENT

This SUPPLY AGREEMENT (the “Agreement”), dated as of August 17, 2020 (the “Effective Date”), is being entered into by and between Arcturus Therapeutics, Inc., a Delaware corporation (“Arcturus”), and the Israeli Ministry of Health (the “MOH”).  Arcturus and the MOH may be referred to herein by name or individually, as a “Party” and collectively, as the “Parties.”

BACKGROUND

WHEREAS, Arcturus is a messenger RNA medicines company focused on the discovery, development and commercialization of therapeutics for rare diseases and vaccines;

WHEREAS, Arcturus is currently developing a vaccine candidate intended to protect against the SARS-CoV-2 coronavirus (“LUNAR-COV19”);

WHEREAS, LUNAR-COV19 is being developed utilizing Arcturus’ self-transcribing and replicating internal messenger RNA (STARRTM) technology and Arcturus’ LUNAR® lipid-mediated delivery in order to produce a low dose SARS-CoV-2 coronavirus vaccine (the “Vaccine”);

WHEREAS, Arcturus has commenced a Phase 1/2 clinical trial (the “Clinical Trial”) of the Vaccine in Singapore under the authority of the Singapore Health Sciences Authority;

WHEREAS, the MOH is entering into this Agreement to secure certain rights to purchase quantities of the Vaccine from Arcturus, subject to the terms and conditions set forth herein;

WHEREAS, the MOH acknowledges that the Vaccine has not been approved for use by any Regulatory Authority as of the Effective Date;

WHEREAS, Arcturus acknowledges that it will not ship any Vaccine to the MOH until Arcturus has first received Regulatory Approval from the MOH to ship the Vaccine into the State of Israel; and

WHEREAS, Arcturus and the MOH are entering into this Agreement to set forth the terms and conditions under which Arcturus will supply to the MOH, and the MOH will purchase from Arcturus, doses of the Vaccine.

NOW, THEREFORE, in consideration of the covenants, conditions and undertakings hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows.

Article I
DEFINITIONS

The following terms shall have the following meanings when used in this Agreement:

1

 

1.1“Affiliate” means, with respect to either Party, any business entity controlling, controlled by, or under common control with such Party.  For the purpose of this definition only, “control” means (i) the possession, directly or indirectly, of the power to direct the management or policies of a business entity, whether through the ownership of voting securities, by contract or otherwise, or (ii) the ownership, directly or indirectly, of at least fifty percent (50%) of the voting securities or other ownership interest of a business entity.

1.2“Business Day” means any day other than a Saturday or Sunday or a day on which banks are required or authorized to be closed in the City of New York, New York or in the City of Tel Aviv, Israel.

1.3“cGMP” means current Good Manufacturing Practices promulgated by the FDA, including within the meaning of 21 C.F.R. Parts 210 and 211, as amended.

1.4“Confidential Information” means all information of whatsoever nature (whether oral, written, electronic or in any other form) including data, know-how, trade secrets, manufacturing processes and systems, samples of goods, software techniques, procedures, test methods, unpublished financial statements and information, licenses, prices, price lists, pricing policies, customer and supplier lists, customer and supplier names and other information relating to customers and suppliers, marketing techniques and marketing development tactics and plans, and all other information containing or consisting of material of a technical, operational, administrative, economic, marketing, planning, business or financial nature or in the nature of Intellectual Property, in each case, disclosed by Arcturus or any Affiliate of Arcturus to the MOH or any of its employees, agents or contractors, or disclosed by the MOH to Arcturus or any of its Affiliates, or its or their employees, agents or contractors pursuant to this Agreement.  For clarity all of Arcturus’ Intellectual Property shall be deemed Confidential Information of Arcturus.

1.5“Data Release Date” means the date that Arcturus first publicly releases results from the Clinical Trial.

1.6“Initial Clinical Trial Milestone Date” means the date Arcturus notifies the MOH in writing that Arcturus has commenced dosing of the Vaccine in the first expansion cohort of the Clinical Trial.

1.7“Initial Reserve Purchase Price” means [***].

1.8“Intellectual Property” means each of the following: (i) copyrights, trademarks, trade secrets, patent rights, supplementary patent certificates, patent extensions, know-how, concepts, database rights, and rights in trademarks, trade secrets and designs (whether registered or unregistered), (ii) applications for registration, and the right to apply for registration, for any of the same, (iii) all other intellectual property rights and equivalent or similar forms of protection existing anywhere in the world, (iv) inventions, developments, methods or processes, including any intellectual property rights in the foregoing and (v) modifications or improvements to any of the items in clauses (i)-(iv).

1.9“Laws” means all laws, statutes, rules, regulations and ordinances, as amended from time to time, of the United States, Singapore and the State of Israel, in each case applicable to the obligations of Arcturus or the MOH or their respective Affiliates, as the context requires, under this Agreement, including (i) all applicable federal, state and local laws and regulations of the United States, the State of Israel and Singapore, (ii) the U.S. Federal Food, Drug and Cosmetic Act, (iii) the State of Israel and Singapore equivalents to the U.S. Federal Food, Drug and Cosmetic Act, and (iv) cGMP, where applicable.

1.10“Manufacture” means the processes and procedures for the supply of the Vaccine Doses, including, (i) the supply and quality control of the Raw Materials, (ii) the manufacture of the Vaccine in 

22

 

bulk at a Manufacturing Site, (iii) fill and finish, (iv) the quality control and release by a responsible person of the Vaccine Doses and (v) the storage of the Vaccine Doses until shipment.

1.11“Manufacturing Site” means any manufacturing site at which the Vaccine has been Manufactured, which locations will be identified by Arcturus to the MOH in writing.

1.12“Person” means an individual, a corporation, a partnership, an association, a trust or other entity or organization, including a government or political subdivision or an agency thereof.

1.13“Raw Materials” means all LUNAR-COV19 drug substance, raw materials, supplies, components and packaging necessary to manufacture and ship Vaccine Doses.

1.14“Regulatory Approval” means, with respect to a product in a particular country or jurisdiction of the Territory, all approvals, licenses, permits, certifications, registrations or authorizations necessary for the sale or supply of such product in such country or jurisdiction, but excluding pricing approvals.  

1.15“Regulatory Authority” means any international, federal, state or local governmental or regulatory body, agency, department, bureau, court or other entities (including the Specified Regulatory Agencies) responsible for (A) the regulation (including pricing) of any aspect of pharmaceutical or medicinal products intended for human use or (B) health, safety or environmental matters generally.

1.16“Representative” means a Party’s employees, agents and other representatives (including contractors, consultants and advisors).

1.17“Required Regulatory Approval” means (i) the approvals and authorizations of the MOH that are necessary for the importation and use of the Vaccine in the Territory for emergency, conditional or permanent use, and (ii) [***].

1.18“Reserve Period” means the period beginning on the Effective Date and ending on [***].

1.19“Specified Regulatory Approval Date” means the date that Arcturus receives approval to administer, use or sell the Vaccine from at least one of the Specified Regulatory Agencies for emergency, conditional or permanent use.

1.20“Specified Regulatory Agencies” means: [***].

1.21“SDEA” means a Safety Data Exchange Agreement entered into by the Parties relating to the Vaccine.

1.22“Specifications” means the specifications for the Vaccine that are provided by Arcturus to the MOH in writing at least thirty (30) days before delivery of the Vaccine.

1.23“Stockpiling Period” means the period beginning on the Effective Date and ending on [***].

1.24“Taxes” means all taxes and duties that are assessed by any national, federal, state, local or non-U.S. Governmental Authority, including, without limitation, sales, use, excise, value-added and withholding taxes.

1.25“Territory” means the State of Israel.

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1.26“Vaccine Dose” means a dose of the Vaccine to be delivered to the MOH pursuant to the terms and conditions of this Agreement, [***].

1.27“Vaccine Dose Formulation” means the dosage formulation of the Vaccine that is approved pursuant to the Required Regulatory Approval.  If multiple Vaccine Dose Formulations are approved which vary based on the age or other demographic of the intended recipient population, Arcturus and the MOH will discuss how many Vaccine Doses are to be shipped for each such approved dosage formulation of the Vaccine.

Article II
PURCHASE AND SUPPLY OF VACCINE DOSES

2.1Purchase of Initial Reserve Doses of Approved Vaccine.

(a)the MOH is hereby agreeing to purchase, and securing access to, Vaccine Doses from Arcturus for use by the MOH in the Territory (the “Initial Reserve Doses”).

(b)the MOH will purchase [***] Initial Reserve Doses (the “Initial Reserve Amount”); [***].

(c)If (i) the MOH does not exercise its right to reduce the Initial Reserve Amount to [***] and (ii) if the Vaccine Dose Formulation is equal to or less than [***] μg, the Initial Reserve Amount will be increased from [***] Initial Reserve Doses to [***] Initial Reserve Doses at no additional cost to the MOH.

(d)Arcturus will deliver the Initial Reserve Doses to the MOH pursuant to the terms of this Agreement, including Section 2.4.

2.2Right to Purchase Additional Reserve Doses of Approved Vaccine.  Upon written notice to Arcturus at any time during the Reserve Period, the MOH will be entitled to purchase an additional [***] Vaccine Doses (the “Additional Reserve Doses”) from Arcturus for use in the Territory.  Arcturus will deliver the Additional Reserve Doses to the MOH pursuant to the terms of this Agreement, including Section 2.4.

2.3Right to Purchase Stockpiling Doses of Approved Vaccine.  Upon written notice to Arcturus at any time during the Stockpiling Period, the MOH will be entitled to purchase up to an additional [***] Vaccine Doses (the “Stockpiling Doses”) from Arcturus for use in the Territory.  Arcturus will deliver the Stockpiling Doses to the MOH pursuant to the terms of this Agreement, including Section 2.4.

2.4Arcturus Preferred Distribution List. [***].

2.5Other Related Services.  Arcturus may provide other related products and services to the MOH, other than the Initial Reserve Doses, the Additional Reserve Doses (if any) and the Stockpiling Doses (if any), as may be agreed to in writing by the Parties from time to time.  Such writing shall include the scope and fees for any such products and services and shall be appended to this Agreement or set forth in a separate agreement.

2.6Escrow Agent and Escrow Agreement.  Arcturus and the MOH will jointly appoint an escrow agent selected by Arcturus, who shall be acceptable to the MOH, to serve as the escrow agent (the “Escrow Agent”) pursuant to the terms of an Escrow Agreement to be executed by Arcturus, the MOH and 

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the Escrow Agent (the “Escrow Agreement”).  The Escrow Agreement will provide that the MOH will pay portions of the Vaccine purchase price to the Escrow Agent pursuant to the terms of Article VI.

Article III
MANUFACTURING OF VACCINE DOSES

3.1Manufacturing Responsibility.  Arcturus shall be responsible, at its sole cost and expense, for Manufacture, inspecting, testing and delivering the Vaccine in compliance with this Agreement, the Specifications, cGMPs and all applicable Laws as may be reasonably necessary to enable Arcturus to deliver to the MOH the Initial Reserve Doses, the Additional Reserve Doses (if any) and the Stockpiling Doses (if any) pursuant to the terms and conditions of this Agreement.

3.2Facilities.  Arcturus shall ensure that the Manufacture of all Vaccine Doses takes place in a facility approved in accordance with cGMP by at least one of the Specified Regulatory Agencies, selected by Arcturus, and operating in compliance with all applicable Laws.

3.3Subcontracting.  [***].

Article IV
CLINICAL TRIALS AND REGULATORY APPROVAL

4.1Clinical Trials Arcturus is fully responsible for all costs and expenses of, and the administration of, the Clinical Trial and any other clinical trials initiated by Arcturus or its Affiliates or licensees other than the MOH.  Any clinical trial that may be initiated or sponsored and paid for by the MOH will be on terms approved in advance by Arcturus in a separate agreement.

4.2Regulatory Approvals.  [***].

4.3Notice Obligations.  Arcturus will provide the MOH with prompt written notice of its receipt of any Required Regulatory Approval or that Arcturus and its Affiliates have discontinued worldwide clinical development of the Vaccine due to clinical failure or otherwise.

4.4Pharmacovigilance.  The Parties will cooperate with regard to the reporting and handling of safety information involving the Vaccine in accordance with applicable Laws on pharmacovigilance and clinical safety.  Upon either Party’s written request, the Parties will negotiate in good faith and enter into an SDEA within such time period as is necessary to ensure that all regulatory requirements are met (but in no event later than ninety (90) days after the date of such written request), which will define the pharmacovigilance responsibilities of the Parties and include safety data exchange procedures governing the exchange of information affecting the Vaccine (including serious adverse events and emerging safety issues to enable each Party to comply with all of its legal and regulatory obligations related to the Vaccine).

4.5Records and Data.  Arcturus shall provide to the MOH all Manufacture and clinical records and data reasonably requested by the MOH.  Arcturus will make available to the MOH all preclinical and clinical data reasonably requested by the MOH.

4.6Recordkeeping.  Arcturus shall maintain materially complete and accurate books, records, test and laboratory data, reports and all other information relating to Manufacture and clinical trials, including all information required to be maintained by Laws, in accordance with Arcturus standard operating procedures.  Such information shall be maintained in forms, notebooks and records for the longer of (a) a period of at least two (2) years from the relevant Vaccine expiration date, (b) a period of five (5) years after the last delivery of the Vaccine Doses under this Agreement, or (c) as required under applicable 

55

 

Laws.  The Parties will each maintain records necessary to permit a Recall of any Vaccine Doses provided under this Agreement.  

4.7Recall.  In the event either Party believes a recall, field alert, Vaccine Doses withdrawal or field correction (“Recall”) may be necessary with respect to any Vaccine Doses provided under this Agreement, it shall immediately notify the other Party in writing.  [***].

4.8Cooperation.  Each Party agrees to (a) make its personnel reasonably available at their respective places of employment to consult with the other Party on issues related to the activities conducted in accordance with this Article IV or otherwise relating to the development of the Vaccine and the Vaccine Doses and thereafter in connection with any request from any Regulatory Authority, including with respect to regulatory, scientific, technical and clinical testing issues, or otherwise, and (b) otherwise provide such assistance as may be reasonably requested by the other from time-to-time in connection with the activities to be conducted under this Article IV or otherwise relating to the development of the Vaccine and the Vaccine Doses and obtaining the Required Regulatory Approvals, including providing requested information to, and collaborating with, the applicable Specified Regulatory Agencies in connection with seeking the Required Regulatory Approvals.

Article V
DELIVERY

5.1Cooperation on Delivery Dates.  Arcturus will keep the MOH updated on a regular basis regarding the expected delivery dates for Vaccine Doses and the MOH will keep Arcturus updated on a regular basis regarding the process of Regulatory Approvals.  Without limiting the foregoing, Arcturus and the MOH will arrange monthly telephonic meetings to discuss timing and status of regulatory approvals and expected delivery dates.

5.2Location.  The Initial Reserve Doses, Additional Reserve Doses (if any) and Stockpiling Doses (if any) will be delivered by, or on behalf of, Arcturus to a single location in the Territory to be mutually agreed upon by Arcturus and the MOH (the “Specified Location”).  [***].

5.3Delivery of the Reserved and Stockpiling Doses. [***].

5.4Expiration Date.  Each Vaccine Dose shall have an expiration date that is at least three (3) months from the date of delivery.

5.5Acceptance/Rejection of Vaccine Doses; Product Claim.  The MOH may claim a remedy (a “Product Claim”) for any Vaccine Doses delivered to the MOH under this Agreement for which Arcturus did not perform the Manufacturing of the Vaccine Doses in accordance with the Specifications, cGMPs, or applicable Laws (the “Deficient Product”).  The MOH will inspect the Vaccine Doses and documentation provided by or on behalf of Arcturus (such documentation shall include: (a) Certificate of analysis including batch release specifications, (b) batch release document signed by the responsible professional, (c) Manufacturing deviations, (d) official batch release certificate by the competent authority, (e) a cGMP certificate, (f) shipping and storage data and (g) such other documentation as shall be reasonably requested by the MOH at least fourteen (14) days prior to delivery to the extent that such information can be reasonably provided by Arcturus without any material expense and without delaying the delivery date) upon delivery and will give Arcturus written notice of all Product Claims (if any) within thirty (30) days after such delivery (or, in the case of any deficiency at the time of delivery to the MOH under this Agreement that was not reasonably susceptible to discovery upon such delivery, within thirty (30) days after discovery by the MOH).  If the MOH fails to provide a Product Claim within the applicable thirty (30) days period, then the Vaccine Doses will be considered to have been accepted by the MOH on the thirtieth (30th) day 

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after delivery.  If the MOH makes a Product Claim under this Section 5.4, Arcturus will either (i) promptly replace the Deficient Product at Arcturus’s cost within sixty (60) days of the date of such Product Claim or (ii) provide the MOH with a rejection notice with respect to such Product Claim.  If Arcturus provides a rejection notice with respect to a Product Claim, the Parties shall cooperate in good faith to resolve such dispute within thirty (30) days of delivery by Arcturus of a rejection notice.

5.6Legal Title.  Title and risk of loss to the Initial Reserve Doses, Additional Reserve Doses (if any) and Stockpiling Doses (if any) shall transfer to the MOH upon delivery of the applicable Vaccine Doses to the Specified Location through shipping methods selected by Arcturus and reasonably agreed to by the MOH.  Arcturus will remain responsible for the Vaccine Doses and any associated risk of loss until delivery of the Vaccine Doses to the Specified Location.  Delivery of the Vaccine Doses will be complete when the Vaccine Doses have been delivered to the MOH at the Specified Location using the agreed upon shipping methods.  The MOH will be the importer of record for the Initial Reserve Doses, Additional Reserve Doses (if any) and Stockpiling Doses (if any) and shall be solely responsible for import clearance with respect to the Initial Reserve Doses, Additional Reserve Doses (if any) and Stockpiling Doses (if any).  The Escrow Agreement will provide that the applicable escrowed funds will not be released until [***] after Arcturus notifies the Escrow Agent that the applicable Vaccine Doses have been delivered to the MOH at the Specified Location using the agreed upon shipping methods and evidence that such delivery has been accepted by the MOH; provided that the Escrow Agreement will provide that the if the MOH notifies the Escrow Agent of any good faith dispute as to the completion of the required delivery of the applicable Vaccine Doses to the MOH at the Specified Location using the agreed upon shipping methods, the Escrow Agent will not release the applicable funds until such dispute has been resolved.

5.7Shipping and Handling Costs.  Arcturus will be solely responsible for shipping the Vaccine Doses and for all shipping and handling costs incurred to ship the Initial Reserve Doses, Additional Reserve Doses (if any) and Stockpiling Doses (if any) to the Specified Location.

Article VI
PAYMENTS

6.1General.  The price per Vaccine Dose to be paid by the MOH is not dependent on the dosage size and it calculated instead on a dose by dose basis subject to the definition of “Vaccine Dose” and the illustrative examples set forth therein; provided that pursuant to Section 2.1(c), If (a) the MOH does not exercise its right to reduce the Initial Reserve Amount to [***] and (b) if the Vaccine Dose Formulation is equal to or less than [***] μg, the Initial Reserve Amount will be increased from [***] Initial Reserve Doses to [***] Initial Reserve Doses at no additional cost to the MOH.

6.2Payment for Initial Reserve Doses. [***].

6.3Payment for Additional Reserve Doses. [***].

6.4Payment for Stockpiling Doses. [***].

6.5Payment in United States Dollars.  The MOH shall make all payments required by this Agreement in United States dollars, by bank wire transfer in immediately available funds as directed in the applicable written invoice.  In the event that any payment is not received by Arcturus on or before the applicable due date, then Arcturus may, in addition to any other remedies available at equity or in law or set forth in this Agreement, at its option, charge interest on the outstanding sum from the due date (both before and after any judgment) at [***] (including any partial month) until paid in full (or, if less, the maximum amount permitted by applicable Law).

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6.6Taxes.  [***].

Article VII
REPRESENTATIONS AND WARRANTIES

7.1MOH Representations and Warranties.  The MOH represents and warrants to Arcturus as follows:

(a)The MOH has all requisite power and authority to enter into this Agreement.  The person signing this Agreement has the necessary authority to legally bind the MOH to the terms set forth herein. 

(b)The MOH’s execution of this Agreement and performance of the terms set forth herein will not cause the MOH to be in conflict with or constitute a breach of its constitutional documents nor any other agreement, court order, consent decree or other arrangement, whether written or oral, by which it is bound.

(c)The MOH’s execution of this Agreement and performance hereunder are in, and will be in, compliance with all applicable Laws in all material respects.

(d)This Agreement is its legal, valid and binding obligation, enforceable against the MOH in accordance with the terms and conditions hereof.

7.2Arcturus Representations and Warranties.  Arcturus represents and warrants to the MOH as follows:

(a)Arcturus is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. 

(b)Arcturus has all requisite power and authority to enter into this Agreement and has the requisite skill, knowledge, staffing, financial resources, capacity and ability to carry out its obligations hereunder.  The person signing this Agreement has the necessary authority to legally bind Arcturus to the terms set forth herein.

(c)Arcturus’s execution of this Agreement and performance of the terms set forth herein will not cause Arcturus to be in conflict with or constitute a breach of its organizational documents nor any other agreement, court order, consent decree or other arrangement, whether written or oral, by which it is bound.

(d)Arcturus’s execution of this Agreement and performance hereunder are in, and will be in, compliance with any applicable Law in all material respects.

(e)As of the Effective Date, to the best of Arcturus’s knowledge, the Manufacture, export, import and use of the Vaccine and the Vaccine Doses does not infringe any third party patents.  Arcturus shall not violate the trade secrets, or any other proprietary rights, of any third party in Manufacture and delivery of the Vaccine Doses pursuant to this Agreement.

(f)Arcturus is not debarred and Arcturus has not and will not use in any capacity the services of any person debarred under subsection 306(a) or (b) of the U.S. Generic Drug Enforcement Act of 1992, or other applicable Law, nor have debarment proceedings against Arcturus or any of its employees or permitted subcontractors been commenced.

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(g)This Agreement is its legal, valid and binding obligation, enforceable against Arcturus in accordance with the terms and conditions hereof, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally or by the principles governing the availability of equitable remedies. 

(h)As of the Effective Date, there are no claims, judgments or settlements against or owed by Arcturus or its Affiliates, or pending or, to the best of Arcturus’s knowledge, threatened claims or litigation, relating to the Vaccine or the Vaccine Doses.

(i)The Vaccine Doses (until the expiration date thereof) supplied by Arcturus under this Agreement (and the Manufacture thereof) shall be free from defects in material and workmanship.  The Vaccine Doses supplied by Arcturus under this Agreement (other than developmental quantities not required to be produced in accordance with cGMPs) shall, upon tender of delivery, conform to and shall have been processed and, if applicable, packaged, in conformance with cGMPs, the Specifications, and in accordance with all applicable Laws.  The Vaccine Doses shall not be adulterated or misbranded by Arcturus.

(j)All Vaccine Doses delivered hereunder shall be free and clear of all security interests, liens, or other encumbrances of any kind or character.

7.3Disclaimer.  EACH PARTY AGREES AND ACKNOWLEDGES THAT, EXCEPT AS SET FORTH IN THIS ARTICLE VII, NEITHER PARTY MAKES ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND WHATSOEVER, IMPLIED OR STATUTORY, AND EACH PARTY HEREBY EXPRESSLY DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES, IMPLIED OR STATUTORY, INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AGAINST NON-INFRINGEMENT OR THE LIKE, OR ARISING FROM COURSE OF PERFORMANCE.

Article VIII
Indemnification

[***].

Article IX 
CONFIDENTIALITY AND PUBLICITY

9.1Obligations of Confidentiality.  From the Effective Date and for a period of ten (10) years, or for a perpetual time with respect to trade secrets, after this Agreement terminates, each Party and its Affiliates shall:

(a)keep the Confidential Information of the other Party or its Affiliates strictly confidential;

(b)not disclose the Confidential Information of the disclosing Party to any other person or entity other than with the prior written consent of the disclosing Party; and

(c)not use the Confidential Information of the disclosing Party for any purpose other than the performance of its obligations under this Agreement.

9.2Representatives.  During the Term of this Agreement the receiving Party may disclose the Confidential Information of the disclosing Party to its Affiliates and Representatives to the extent that it is 

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necessary for the purposes of this Agreement.  The Party disclosing the information to its Representatives shall ensure that each Representative is made aware of and complies with the receiving Party’s obligations of confidentiality under this Agreement.  Each receiving Party shall be responsible for any breach of this Article IX by its Representatives.

9.3Permitted Disclosures.

(a)The obligations imposed by this Article IX upon the receiving Party shall not apply to any Confidential Information of the disclosing Party which:

(i)is in or comes into the public domain other than as a result of a breach of this Agreement;

(ii)is known to the receiving Party prior to obtaining the same from the disclosing Party, as demonstrated by written records; or

(iii)is obtained by the receiving Party from a third party who is not obligated to keep the information confidential.

(b)A receiving Party may disclose Confidential Information of the disclosing Party if it is required to disclose such Confidential Information by applicable Law or a valid order of a court, provided that (to the extent permitted by applicable Law) the receiving Party promptly notifies the disclosing Party in writing of the requirement of such disclosure, takes reasonable and lawful actions to avoid or minimize the degree of such disclosure and to have confidential treatment accorded to any Confidential Information disclosed, and cooperates fully with the disclosing Party in connection with the disclosing Party’s efforts to apply for a protective order or take other appropriate action to restrict disclosure of the Confidential Information.

9.4Press Releases.  Each Party agrees to consult with the other party with respect to the text and timing of any press release that may be made by such party with respect to the entry into this Agreement or the purchase by the MOH of Vaccine Doses from Arcturus.

9.5Filing of this Agreement.  [***].

Article X
INTELLECTUAL PROPERTY

10.1Arcturus Existing Intellectual Property.  All Intellectual Property rights that are owned or controlled by Arcturus at the commencement of this Agreement shall remain under the ownership or control of Arcturus throughout the Term and thereafter.  For clarity, all Intellectual Property related to the Vaccine, the Vaccine Doses or the Manufacture of the Vaccine or the Vaccine Doses that exist as of the Effective Date shall be deemed Arcturus’s Intellectual Property and Arcturus shall retain and own and have the exclusive right, title and interest in and to all such Intellectual Property.

10.2New Intellectual Property.  All new Intellectual Property that is generated, developed, conceived or reduced to practice under this Agreement that (a) is related to the Vaccine, the Vaccine Doses or the Manufacture of the Vaccine or the Vaccine Doses, including any modifications or improvements to any of the foregoing or (b) that is otherwise based on, uses or incorporates any of Arcturus’ Confidential Information, shall be deemed to be “Arcturus’s Intellectual Property”, and shall be the exclusive property of Arcturus.

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Article XI
TERM AND TERMINATION

11.1Term.  This Agreement shall commence on the Effective Date and shall continue until the date that Arcturus completes the delivery of all Vaccine Doses that are to be delivered to the MOH pursuant to this Agreement (the “Term”).

[***].

Article XII
FORCE MAJEURE

[***].

Article XIII
MISCELLANEOUS

13.1Notice.  Any notice, request, instruction or other document to be given hereunder by any party to the other shall be in writing and delivered personally or sent by registered or certified mail, postage prepaid, by electronic mail or overnight courier:

(a)If to Arcturus:

Arcturus Therapeutics, Inc.

10628 Science Center Drive, Suite 250

San Diego, CA 92121

Attn: Joseph E. Payne, President & CEO

Email: [***]

with a copy (which shall not constitute notice) to:

Dentons US LLP

1221 Avenue of the Americas

New York, NY 10020

Attention: Jeffrey A Baumel, Esq.

Email: Jeffrey.baumel@dentons.com

(b)If to the MOH:

Ministry of Health

39 Yirmiyahu St. Jerusalem 9446724

Attention: [***]

Email: [***]; [***]

with a copy (which shall not constitute notice) to:

Ministry of Health

39 Yirmiyahu St. Jerusalem 9446724

Attention: Legal Department 

Email: [***]

Director General

1111

 

Email: [***] 

In case the notice pertains to any action under Section 13.6, the notice must also be sent to:

Administration of Courts

Legal Assistance to Foreign Countries 

22 Kanfei Nesharin St.

Jerusalem 9546435

Israel

Attention: Legal adviser for the Administrator of Courts

Email:[***]
[***]

or to such other persons or addresses as may be designated in writing by the party to receive such notice as provided above.  Any notice, request, instruction or other document given as provided above shall be deemed given to the receiving party upon actual receipt, if delivered personally; three (3) Business Days after deposit in the mail, if sent by registered or certified mail; upon confirmation of successful transmission if sent by electronic mail; or on the next Business Day after deposit with an overnight courier, if sent by an overnight courier.

13.2Assignment.  Neither this Agreement, any rights nor any interest hereunder shall be assignable by either Party without prior written consent of the other Party, such consent not to be unreasonably withheld, except that this Agreement may be assigned by Arcturus without the MOH’s prior written consent to a third party that acquires all or substantially all of Arcturus’ assets and provided that such third party is not listed on the Specially Designated Nationals And Blocked Persons List maintained by the Office of Foreign Assets Control of the US Department of the Treasury.  This Agreement shall be binding upon the successors and permitted assigns of the Parties and the name of a Party appearing herein shall be deemed to include the name of such Party’s successors and permitted assigns to the extent necessary to carry out the intent of this Agreement.  Any assignment that does not comply with this Section 13.2 shall be void.

13.3Further Actions.  Each Party agrees to execute, acknowledge and deliver such further instruments, and to do all such other acts, as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement. 

13.4Waiver.  No provision of this Agreement shall be waived by any act, omission or knowledge of any Party or its agents or employees except by an instrument in writing expressly waiving such provision and signed by a duly authorized officer of the waiving Party. 

13.5Descriptive Headings.  The descriptive headings of this Agreement are for convenience only, and shall be of no force or effect in construing or interpreting any of the provisions of this Agreement. 

13.6Governing Law and Venue; Waiver of Jury Trial. [***].

13.7Severability.  Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement. 

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13.8Independent Contractors.  This relationship between Parties created by this Agreement is one of independent contractors and neither Party shall have the power or authority to bind or obligate the other except as expressly set forth in this Agreement.

13.9Entire Agreement; Amendments.  This Agreement, SDEA and the Escrow Agreement, constitutes the entire understanding and agreement between the parties with respect to the subject matter of this Agreement and supersede any and all prior agreements, understandings and arrangements, whether oral or written, between the parties relating to the subject matter of this Agreement.  No term of this Agreement may be amended except upon written agreement of both Parties, unless otherwise expressly provided in this Agreement.

13.10Counterparts.  This Agreement may be executed in counterparts, each of which will be considered an original, but all of which together will constitute the same instrument.  Once signed, any reproduction of this Agreement made by reliable means (e.g., photocopy, portable document format (PDF) or facsimile) is considered an original.

[Signature page follows]

 

1313

 

To evidence their agreement to be bound by this Agreement, the MOH and Arcturus have executed and delivered this Agreement as of the Effective Date.

		
	
ARCTURUS THERAPEUTICS, INC.

By: 

Name: 

Its: 
	
ISRAELI MINISTRY OF HEALTH

By: 

Name: 

Its: 

 

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