Document:

Exhibit 4.3

 

Global Note 

 

This Security is a Global Security within
the meaning of the Indenture hereinafter referred to and is registered in the name of The Depository Trust Company or a nominee
thereof. This Security may not be exchanged in whole or in part for a Security registered, and no transfer of this Security in
whole or in part may be registered, in the name of any Person other than The Depository Trust Company or a nominee thereof, except
in the limited circumstances described in the Indenture. 

 

Unless this certificate is presented
by an authorized representative of The Depository Trust Company to the issuer or its agent for registration of transfer, exchange
or payment and such certificate issued in exchange for this certificate is registered in the name of Cede & Co., or such
other name as requested by an authorized representative of The Depository Trust Company, any transfer, pledge or other use hereof
for value or otherwise by or to any person is wrongful, as the registered owner hereof, Cede & Co., has an interest herein.

 

SACHEM CAPITAL CORP. 

 

	No. 0001	
        $ 23,000,000.00

        CUSIP No.: 78590A 208

        ISIN:   US78590A2087

 

7.125% Notes due June 30, 2024

 

SACHEM CAPITAL CORP., a corporation duly
organized and existing under the laws of New York (herein called the “Company”, which term includes any successor Person
under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns,
the principal sum of TWENTY THREE MILLION AND 00/100 DOLLARS (U.S. $23,000,000.00) on June 30, 2024 and to pay interest thereon
from June 25, 2019, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly
on March 30, June 30, September 30 and December 30 in each year, commencing September 30, 2019, at the rate of 7.125% per
annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security is registered
at the close of business on the Regular Record Date for such interest, which shall be March 15, June 15, September 15,
or December 15 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Any
such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record
Date and may either be paid to the Person in whose name this Security is registered at the close of business on a Special Record
Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities
of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in said Indenture. This Security may be issued as part of a series.

 

     

     

    

 

Payment of the principal of (and premium,
if any, on) and any such interest on this Security will be made at the office of the Trustee located at 111 Fillmore Avenue, St.
Paul, MN 55107, Attention: Sachem Capital Corp. (7.125% Notes Due June 30, 2024) or at such other address as designated by the
Trustee, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public
and private debts; provided, however, that at the option of the Company payment of interest may be made by check
mailed to the address of the Person entitled thereto as such address shall appear in the Security Register; provided, further,
however, that so long as this Security is registered to Cede & Co., such payment will be made by wire transfer in
accordance with the procedures established by The Depository Trust Company and the Trustee.

 

Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.

 

Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.

 

IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed.

 

Dated: June __, 2019

 

	 	SACHEM CAPITAL CORP.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Attest	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.

 

Dated: June __, 2019

 

	 	U.S. BANK NATIONAL ASSOCIATION,    

as Trustee
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

     

     

    

 

Sachem Capital Corp. 

7.125% Notes due June 30, 2024

 

This Security is one of a duly authorized
issue of Senior Securities of the Company (herein called the “Securities”), issued and to be issued in one or more
series under an Indenture, dated as of June 21, 2019 (herein called the “Base Indenture”, which term shall have the
meaning assigned to it in such instrument), between the Company and U.S. Bank National Association, as Trustee (herein called the
“Trustee”, which term includes any successor trustee under the Base Indenture), and reference is hereby made to the
Base Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company,
the Trustee, and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and
delivered, as supplemented by the First Supplemental Indenture relating to the Securities, dated as of June 25, 2019, by and between
the Company and the Trustee (herein called the “First Supplemental Indenture”; the First Supplemental Indenture and
the Base Indenture collectively are herein called the “Indenture”). In the event of any conflict between the Base Indenture
and the First Supplemental Indenture, the First Supplemental Indenture shall govern and control.

 

This Security is one of the series designated
on the face hereof, which series is initially limited in aggregate principal amount to $23,000,000.00. Under a Board Resolution,
Officers’ Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without
the consent of the Holders of Securities, issue additional Securities of this series (in any such case “Additional Securities”)
having the same ranking and the same interest rate, maturity and other terms as the Securities. Any Additional Securities and the
existing Securities will constitute a single series under the Indenture and all references to the relevant Securities herein shall
include the Additional Securities unless the context otherwise requires. The aggregate amount of outstanding Securities represented
hereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions.

 

The Securities of this series are subject
to redemption in whole or in part at any time or from time to time, at the option of the Company, on or after June 30, 2021, at
a redemption price per security equal to 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments
otherwise payable for the then-current quarterly interest period accrued to, but excluding, the date fixed for redemption.

 

Notice of redemption shall be given in writing
and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, to each Holder of the Securities
to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at the Holder’s
address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 1104
of the Base Indenture.

 

If the Company elects to redeem only a portion
of the Securities, the Trustee will determine the method for selecting the particular Securities to be redeemed, in accordance
with Section 1.01 of the First Supplemental Indenture and Section 1103 of the Base Indenture. In the event of redemption
of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof
will be issued in the name of the Holder hereof upon the cancellation hereof.

 

     

     

    

 

Unless the Company defaults in payment of
the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities called for redemption.

 

Holders of Securities do not have the option
to have the Securities repaid prior to June 30, 2024.

 

The Indenture contains provisions for defeasance
at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to
this Security, in each case upon compliance with certain conditions set forth in the Indenture.

 

If an Event of Default with respect to Securities
of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in
the manner and with the effect provided in the Indenture.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding of each series
to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the
Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance
by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders
of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.

 

As provided in and subject to the provisions
of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture
or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given
the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less
than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee
to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity, security, or both satisfactory
to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request, and the Trustee shall
not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction
inconsistent with such request, and shall have failed to institute any such proceeding, for sixty (60) days after receipt
of such notice, request and offer of indemnity and/or security. The foregoing shall not apply to any suit instituted by the Holder
of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective
due dates expressed herein.

 

     

     

    

 

No reference herein to the Indenture and
no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency,
herein prescribed.

 

As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender
of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any
premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

 

The Securities of this series are issuable
only in registered form without coupons in denominations of $25 and any integral multiples of $25 in excess thereof. As provided
in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder
surrendering the same.

 

No service charge shall be made for any
such registration of transfer or exchange, but the Company, the Trustee, or the Security Registrar may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith.

 

Prior to due presentment of this Security
for registration of transfer, the Company, the Trustee, or the Security Registrar and any agent of the Company, the Trustee, or
the Security Registrar may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether
or not this Security be overdue, and none of the Company, the Trustee, the Security Registrar or any agent thereof shall be affected
by notice to the contrary.

 

All terms used in this Security which are
defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

The Indenture and this Security shall be
governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of laws.

 

To the extent any provision of this Security
conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.Exhibit 10.26

 

ASSIGNMENT AGREEMENT

 

DATE : 22.05.2019

 

BETWEEN

 

Mr Stanislas VEILLET, born on August 20th, 1965 at Paris, whose address is at 7 rue Edouard Ferron 91600 Savigny sur Orge,

 

Hereinafter referred as the “Assignor”,

 

ON ONE HAND,

 

AND

 

BIOPHYTIS, a Société anonyme with a share capital of 2 692 682 euros, organized under the laws of France, with its registered office located at 14 Avenue de l’Opéra — 75001 Paris, registered with the Paris Trade and Companies Registry number 492 002 225, represented by Nadine Coulm and Dimitri Batsis, duly authorized for the purposes hereof,

 

Hereinafter referred as the “Assignee” or “BIOPYHTIS”,

 

ON THE OTHER HAND.

 

S. VEILLET and BIOPHYTIS are hereinafter referred individually as a “Party” and collectively as “Parties”.

 

WHEREAS

 

BIOPHYTIS is a biotechnology company that develops drug candidates to treat age-related and genetic degenerative diseases, especially those affecting muscular and visual functions. On the Effective Date, the research and development works conducted by BIOPHYTIS are entitled the SARCOB Platform (as this term is defined in Article 1 below), in neuro-muscular diseases, and the MACULIA Platform (as this term is defined in Article 1 below), in retinal diseases (the SARCOB Platform and the MACULIA Platform being together hereinafter referred as the “Existing Platforms”).

 

S. VEILLET is the Chairman and Chief Executive Officer (Président Directeur Général) of BIOPHYTIS and as such he is a corporate officer and not an employee under French law.

 

S. VEILLET was, and continues to be, involved in the Existing Platforms as a scientist, and has been and continues to be involved in generating new inventions and research results. S. VEILLET is co-inventor of all inventions covered by the patent applications filed by BIOPHYTIS since its incorporation, and may continue to be co-inventor of patentable inventions.

 

 

With respect to his contribution to the Existing Platforms S. VEILLET declares the following:

 

a.              S. VEILLET is a co-inventor of the patentable inventions covered by the patent applications filed by and on behalf of BIOPHYTIS before July 13, 2015 (“Existing Patents”, as defined in Article 1 below).

 

b.              S. VEILLET is a co-inventor of the patentable inventions covered by the patent applications filed by and on behalf of BIOPHYTIS in 2017 and 2018 and on March 15, 2019 (“Current Patent Applications”, as defined in Article 1 below).

 

c.               S. VEILLET has contributed to the results generated in the Existing Platforms from the creation of the company and continues to be a contributor to the research projects within the Existing Platforms, which are being developed by BIOPHYTIS as at the Effective Date.

 

In addition, S. VEILLET may continue to contribute to the scientific development of the company and to be involved in future research projects and generate future results including future inventions which may be patented by and on behalf of BIOPHYTIS.

 

Since S. VEILLET is not an employee of BIOPHYTIS, he is therefore the owner of the inventions and results that he generates during his activity as a scientist.

 

S. VEILLET represents and warrants that he has already assigned to BIOPHYTIS his share of intellectual property and ownership rights on and to the inventions generated before July 13, 2015, including those covered by the Existing Patents, and acknowledges that he has no claim in this respect.

 

S. VEILLET has also assigned or agreed to assign to BIOPHYTIS his share of intellectual property and ownership rights on and to the inventions covered by the Current Patent Applications. In addition, S. VEILLET is willing to assign to BIOPHYTIS his share of intellectual property and ownership rights on and to the Current Results (as defined in Article 1 below).  BIOPHYTIS is willing to pay an appropriate consideration for the assignment of these rights.

 

Finally, both Parties’ intention is that S. VEILLET continues his activity as a scientist for BIOPHYTIS and its Affiliates (as defined in Article 1 below) and continues to assign to BIOPHYTIS his ownership rights on the Results he contributes to generate, as long as he remains involved in the operational and scientific activities of BIOPHYTIS or of any of BIOPHYTIS’ Affiliates. The Parties wish to agree on an appropriate compensation mechanism in this respect.

 

NOW, THEREFORE, in consideration of the foregoing preamble and the mutual covenants herein contained, and for good and sufficient consideration, the sufficiency of which is acknowledged by both Parties, the Parties hereby agree as follows:

 

Article 1 — DEFINITIONS AND INTERPRETATION

 

“Affiliate” means, with respect to a particular entity, any other entity that directly or indirectly is controlled by, controls or is under common control with such entity. For the purposes of this

 

 

definition only, the term “control” is defined pursuant to Article L. 233-3 of the French Code of Commerce.

 

“Agreement” means the present agreement, its appendices and its amendments which shall constitute an integral part hereof.

 

“Change of Control” means the acquisition, whether by way of sale, exchange of shares, merger, by a third party industrial pharmaceutical and/or biotech company (as opposed to financial investors) of all (100%) of the share capital and voting rights.

 

“Current Patent Applications” means:

 

·                  No. 1. The French patent application n°FR1753775 filed on April, 28th 2017 and entitled “20-Hydroecdysone extract of pharmaceutical grade, its use and its preparation” in the name of BIOPHYTIS and SORBONNE UNIVERSITE and naming R. LAFONT, P. DILDA, W. DIOH, P. DUPONT, S. DEL SIGNORE and S. VEILLET as inventors;

 

·                  No. 2. The French patent application n°FR1758071 filed on May, 31st 2017 and entitled “Use of 20-hydroxyecdysone and the derivatives thereof in the treatment of myopathies” in the name of BIOPHYTIS, CNRS and SORBONNE UNIVERSITE and naming R. LAFONT, P. DILDA, M. LATIL, M. SEROVA, O. AGBULUT and S. VEILLET as inventors;

 

·                  No. 3. The French patent application n°FR1851778 filed on February, 28th 2018 and entitled “Phytoecdysones for their use in the prevention of the loss of muscular strength during an immobilisation” in the name of BIOPHYTIS and SORBONNE UNIVERSITE and naming R. LAFONT, P. DILDA, M. LATIL and S. VEILLET as inventors;

 

·                  No. 4. The French patent application n°FR 1902726, entitled “Phytoecdysones and their derivatives for their use in the treatment of neuromuscular diseases “ filed on March 15, 2019 and in the name of BIOPHYTIS and SORBONNE UNIVERSITE and naming M. LATIL, P. DILDA, R. LAFONT, and S. VEILLET as inventors;

 

·                  No. 5. The French patent application n°FR 1902727, entitled “Phytoecdysones and their derivatives for their use in the treatment of alterations of the respiratory function” filed on March 15, 2019 and in the name of BIOPHYTIS and SORBONNE UNIVERSITE and naming M. LATIL, P. DILDA, R. LAFONT, and S. VEILLET as inventors;

 

as well as any and all (i) provisional and non-provisional applications, foreign patent application, patent cooperation treaty (PCT) applications, substitutions, continuations, continuations-in-part, divisions and renewals of the above describe patent applications, (ii) all patents granted thereon, and (iii) all reissues, re-examinations and extensions or restorations, including supplementary protection certificates or the equivalent thereof, granted thereon and corresponding priority rights.

 

 

“Current Research Projects” means any research project of BIOPHYTIS that has been performed or has started before the Effective Date according to the Lab books and/or to the contracts entered into by BIOPHYTIS and/or any of its Affiliates.

 

“Current Results” means any and all Results conceived in whole or in part or made by S. Veillet in the performance of any Current Research Projects during the Employment Period and which are not covered by a Current Patent Application.

 

“Effective Date” means the date of signature by the last Party to sign the Agreement.

 

“Employment Period” means the period during which S. Veillet occupies the position of a corporate officer or mandataire social of BIOPHYTIS or any of its Affiliates, whether he is also a salaried employee of BIOPHYTIS or any of its Affiliates or not.

 

“Existing Patents” means the patent applications filed by BIOPHYTIS before July 13, 2015 as well as any and all (i) provisional and non-provisional applications, foreign patent application, patent cooperation treaty (PCT) applications, substitutions, continuations, continuations-in-part, divisions and renewals of such patent applications, (ii) all patents granted thereon, and (iii) all reissues, re-examinations and extensions or restorations, including supplementary protection certificates or the equivalent thereof, granted thereon and corresponding priority rights.

 

“First Commercial Sale” means, on a product-by-product basis, of a product covered by at least one of the Current Patent Application and/or Future Patent Applications, the first commercial sale to a third party by BIOPHYTIS, its Affiliates, successor-in-interest, licensee or sublicensee of such product.

 

“Future Patent Application” means (i) any patent or patent application based on Current Results for which S. VEILLET is designated as an inventor or co-inventor and/or (ii) a patent application filed on the basis of Future Results and for which S. VEILLET is designated as an inventor or co-inventor, as well as any and all (x) provisional and non-provisional applications, foreign patent application, patent cooperation treaty (PCT) applications, substitutions, continuations, continuations-in-part, divisions and renewals of such patent applications described in (i) and (ii), (y) all patents granted thereon, and (z) all reissues, re-examinations and extensions or restorations, including supplementary protection certificates or the equivalent thereof, granted thereon and corresponding priority rights.

 

“Future Research Projects” means any new research project in which BIOPHYTIS and/or one of its Affiliates is involved and which starts after the Effective Date.

 

“Future Results” means any and all Results conceived in whole or in part or made by S. VEILLET during the Employment Period and that are obtained in the performance of any Future Research Project.

 

“License” shall mean any agreement pursuant to which any of BIOPHYTIS or its Affiliates transfers any rights in any Current Patent Application and/or Future Patent Application to a third party, including a license agreement to exploit such Current Patent Application and/or Future Patent

 

 

Application, an assignment of such Current Patent Application and/or Future Patent Application or an option to license or acquire such Current Patent Application and/or Future Patent Application.

 

“License Income” means any and all consideration actually received by BIOPHYTIS and/or its Affiliates pursuant to any License, including up-front, milestone, success, bonus, maintenance and royalty payments (to the exclusion of payments in relation to patent cost), whether in cash or in the form of shares, options, or other securities obtained from a third party pursuant to the License.

 

“Net Sales” means gross amounts actually received by BIOPHTYIS or any of its Affiliates for the sale of one or more drug products covered by any Current Patent Application and/or Future Patent Application within any given Platform, less the following deductions: (1) promotional allowances, rebates, quantity and cash discounts, and other usual and customary credits, refunds, discounts and allowances (including without limitation retroactive price reduction); (2) chargebacks, and other payments to customers in connection with the sales; (3) discounts, fees allowance or rebates(includingwithout limitation those granted to wholesalers, distributors, buying groups, retailers or those to federal, state/provincial, municipal and other governments, their agencies and purchasers and reimbursers); (4) amounts repaid or credited by reasons or rejections, damages or return or recall of goods, or because of retroactive price adjustments; and (5) an amount equal to two per cent (2%) of gross sales as an allowance for freight, postage, shipping and insurance expenses in connection with delivery of products to customers whenever this expense is not paid/borne by the customers (6) regulatory fees corresponding to annual fees due under Section 9008 of the United States Patient Protection and Affordable Care Act of 2010 (Pub. L. No. 111-48) and other comparable laws and allocated to the sales of drug products; (7) bad debts relating to sales of drug products that are written off in accordance with GAAP or IFRS; however, if eventually paid they should be included in the NET SALES for the period when the payment is made, (8) custom, taxes, duties, or other governmental charges (other than income taxes) levied on, absorbed, or otherwise imposed on the sales of the drug product. All such deductions shall be determined on an accrual basis in accordance with generally accepted accounting principles consistently applied.

 

“Net Sales Statement” has the meaning ascribed to it in Article 4.3(b).

 

“Non-Cash License Income” has the meaning ascribed to it in Article 4.3.

 

“Patent Application” means a Current Patent Application or a Future Patent Application.

 

“Platform” shall mean the research and development works which cover the same family of chemical molecules targeting the same molecular receptor or biological pathway for a family of pathologies which are clinically connected. For clarity, the term Platform shall cover the Existing Platforms as defined in the preamble as well as any new Platform (other than the Existing Platforms) that BIOPHYTIS or its Affiliates may develop after the Effective Date during the term of this Agreement.

 

 

“Platform Cap” means, on a Platform by Platform basis, an amount of two million one hundred thousand (€2,100,000) Euros excluding VAT.

 

“Results” means all results (i.e. information, data, document, measurement, know-how, method, process, trade secret, invention, discovery, finding, utility, formulation, composition, materials, equipment and software) arising from any research projects in which BIOPHYTIS and/or one of its Affiliates is involved, within or outside the Existing Platforms, including results of the different collaboration projects and services agreement entered into by BIOPHYTIS or its Affiliates.

 

“Royalty Payment” shall have the meaning set forth in Article 4.3.

 

Interpretation: any words that follow ‘include’, ‘includes’, ‘including’, ‘in particular’ or any similar words and expressions shall be construed as illustrative only and shall not limit the sense of any word, phrase, term, definition or description preceding those words.

 

Article 2 — PURPOSE OF THE CONTRACT

 

The purpose of this contract is to acknowledge the assignment by S. VEILLET to BIOPHYTIS of all his rights to and under the Existing Patents and Current Patent Applications, and to organize the assignment and transfer by S. VEILLET to BIOPHYTIS and/or its Affiliates of his rights on and to any and all Current Results for the agreed price.

 

The Parties also agree hereby on the financial compensation for the assignment by S. VEILLET to BIOPHYTIS and/or its Affiliates of any rights on and to Future Results including any rights as a co-inventor of patentable inventions to be covered by Future Patent Applications.

 

The provisions of this Agreement shall only apply to Results generated by S. VEILLET during the period ending on the earlier of (i) the term of this Agreement and (ii) the Employment Period.

 

Article 3 — ASSIGNMENT OF RIGHTS

 

3.1           Confirmatory Assignment of the Existing Patents. S. VEILLET acknowledges that he has already assigned to BIOPHYTIS, which accepted it, his share of intellectual property and ownership rights on and to the inventions generated before July 13, 2015 and for which the Existing Patents have been filed in the name of BIOPHYTIS and the designated co-owners.  Considering the conditions under which his share of intellectual property and ownership rights has been assigned to BIOPHYTIS with respect of these inventions as well as considering the conditions of this Agreement, S. VEILLET further acknowledges that he has no rights or claim of any kind whatsoever with respect to such inventions and with respect to such Existing Patents; that are fully owned by BIOPHYTIS and the designated co-owners.

 

3.2           Confirmatory Assignment of Current Patent Applications. S. VEILLET acknowledges that he has already assigned or agreed to assign to BIOPHYTIS, which accepted it, his share of intellectual property and ownership rights on and to the inventions covered by the Current Patent Applications filed in the name of BIOPHYTIS and the designated co-owners. S. VEILLET further acknowledges that he has no right or claim of any kind whatsoever on such inventions

 

 

(except with respect to the payment of the price described in Article 4.1) and that the Current Patent Applications are fully owned by BIOPHYTIS and the designated co-owners.

 

3.4           Assignment of Current Results and corresponding Future Patent Applications. S. VEILLET hereby assigns to BIOPHYTIS or any of its Affiliates, for the agreed price described under Article 4.1, all his intellectual property and ownership rights on the Current Results, and acknowledges that, as a result of such assignment, he has no right or claim of any kind whatsoever with respect to such Current Results and with respect to any Future Patent Applications covering such Current Results.

 

3.5           Assignment of Future Results and corresponding Future Patent Applications. S. VEILLET hereby irrevocably and unconditionally agrees to assign to BIOPHYTIS or any of its Affiliates, all his intellectual property and ownership rights on the Future Results and Future Patent Applications covering such Future Results for the agreed price described under Article 4.1.

 

3.6           General. The above assignments include the right to sue for and obtain injunctive relief, damages and other relief in respect of any past, present, and future infringements or misuse of the assigned Results, patents or patent applications, the right to apply for any intellectual property title or protection and to prosecute the assigned patents or patent applications in any country in the world, and the right to claim priority from any of the assigned patents or patent applications under any applicable conventions, including the Paris Convention, and any other relevant international convention and/or treaty.

 

3.7           Further Assistance. S. VEILLET agrees to sign any necessary document to allow for the assignments contemplated under this Article to be valid and enforceable. BIOPHYTIS and/or its designated Affiliates shall be granted with the full ownership in S. VEILLET’s share in the Current Results and Future Results; and S. VEILLET’s share in all corresponding Future Patent Applications or other intellectual property title in relation to these Current Results and Future Results shall be solely owned by BIOPHYTIS and/or its designated Affiliates.  S. VEILLET shall have no right or claim of any kind whatsoever on the assigned Current Results and Future Results (except with respect to the payment of the price described in Article 4). For clarity, and subject to the payment of the agreed lump sum in 4.3, the mere fact that S. VEILLET agrees, explicitly or implicitly, that a Future Patent Application be filed by BIOPHYTIS or any of its Affiliates in its(their) name shall be sufficient to formalize the assignment by S. VEILLET, with no additional document being necessary, except if required by applicable law.

 

Article 4 — FINANCIAL CONDITIONS

 

4.1           In consideration for the rights assigned with respect to the inventions covered by the Current Patent Applications and Future Patent Application based on Current Results and/or on Future Results, BIOPHYTIS agrees to pay to S. VEILLET, subject always to the Platform Cap:

 

(a)         a lump sum of 90.000 (ninety thousand) Euros excluding VAT to be paid following the first filing of a Patent Application, in accordance with Article 4.2; and

 

 

(b)         a lump sum of 90.000 (ninety thousand) Euros excluding VAT to be paid following first publication of a Patent Application, in accordance with Article 4.2; and

 

(c)          the RoyaltyPayment, which applies on a Platform by Platform basis, as calculated in accordance with Article 4.3.

 

Upon payment of the lump sums and of any Royalty Payment described under Article 4.3, no additional payment will be due by BIOPHYTIS or any of its Affiliates to S. VEILLET in consideration for the use and exploitation of the Current Results, Future Results, Current Patent Applications and Future Patent Applications with respect to any given Platform. It is expressly agreed that the addition of all payments under this Article 4.1 (i.e. both lump sums and the Royalty Payment) shall be capped, on a Platform per Platform basis, at the Platform Cap, so that in no event shall the consideration received by S. VEILLET for the the rights assigned hereunder, including for the assignment of its rights on Future Results and/or Future Patent Applications, exceed the Platform Cap for any given Platform. In the event that the Platform Cap is reached for a Platform, any subsequent assignment, pursuant to this Agreement, of rights falling in the scope of such Platform shall be made for a symbolic price of one (1) Euro.

 

4.2           Sums payable pursuant to Article 4.1 shall be paid by BIOPHYTIS to S. VEILLET as follows:

 

(a)         a lump sum of four hundred and fifty thousand Euros (EUR 450,000) excluding VAT, corresponding to the aggregate price of all Current Patent Applications which have already been filed, within 30 days following the Effective Date.

 

(b)         as regards any sum payable pursuant to Article 4.1(a), within 30 days of the first filing of the relevant Patent Application; it is specified that the first filing of a Patent Application shall be that giving priority date to such Patent Application.

 

(c)          as regards any sum payable pursuant to Article 4.1(b), within 30 days of the first publication of the relevant Patent Application; and

 

(d)         as regards any sum payable pursuant to Article 4.1(c), in accordance with the provisions of Article 4.3(a) and/or 4.3(b), as the case may be.

 

Once the payment of the first lump sum as provided in Article 4.2(b) has been made by BIOPHYTIS and/or by any of its Affiliates, S. VEILLET will have no rights or claims on the invention covered by the Current Results, and/or the Future Results, and on any corresponding Future Patent Applications, except for payments referred to in Article 4.1(b) and 4.1(c), as applicable.

 

4.3           As provided under Article 4.1(c), as further consideration for the rights assigned hereunder, the following amounts shall be payable by BIOPHYTIS to S. VEILLET (the “Royalty Payment”):

 

(a)         In the event that BIOPHYTIS enters into a License, BIOPHYTIS shall pay to S. VEILLET a royalty amount equal to 6.5% of any License Income, within thirty (30) days after receipt by BIOPHYTIS of such License Income, provided that such payments to S. VEILLET shall be

 

 

capped at the Platform Cap for each Platform. It is expressly agreed that, to the extent any part of the License Income is payable in the form of shares, options, or other securities obtained from the third party pursuant to the License (“Non-Cash License Income”), BIOPHYTIS shall, at its entire discretion, be entitled to elect to pay to S. VEILLET all or part of the Non-Cash License Income in shares of such third party up to 6.5% of the shares of such third party received by Biophytis and provided that such shares are traded on a regulated market (otherwise, the corresponding amount has to be paid in cash) or with cash or a combination of the latter. In the event that the Parties do not agree on the computation of the Non-Cash License Income made by BIOPHYTIS, any matter in dispute shall be resolved by an independent expert jointly appointed by the Parties within fifteen (15) business days of a request made by either Party. If the Parties cannot reach an agreement as to the appointment of the expert, the expert shall be appointed by the President of the Commercial Court of Paris at the request of either Party. The independent expert shall perform its duties pursuant to article 1592 of the French civil Code, and its decision shall be final and binding on the parties save in case of fraud or manifest error. The fees of the independent expert shall be borne equally by the Parties; and/or

 

(b)         In the event BIOPHYTIS commercialises by its own means or through one of its Affiliates other than through a License one or more drug products covered by any Current Patent Application and/or Future Patent Application within any given Platform, BIOPHYTIS shall pay to S. VEILLET a royalty amount equal to 6.5% of any Net Sales, within thirty (30) days of the end of each quarter following First Commercial Sale, provided that such payments to S. VEILLET shall be capped at the Platform Cap for each Platform. For the purposes of determining whether any amount is payable to S. VEILLET pursuant to the preceding sentence in respect of any calendar quarter following the First Commercial Sale (including the calendar quarter during which the First Commercial Sale occurs), BIOPHYTIS shall prepare, within fifteen (15) days of the end of each calendar quarter, a statement of the Net Sales of the Company for the relevant products covered by any Current Patent Application and/or Future Patent Application within any given Platform, in accordance with the requirements of French GAAP applied in a manner consistent with their application in the accounts of BIOPHYTIS (each a “Net Sales Statement”). BIOPHYTIS’s obligation under this provision shall end on the date on which BIOPHYTIS has discharged its obligation to pay S. VEILLET pursuant to this paragraph. S. VEILLET  will have the right to request an audit of the computation of the Net Sales made by BIOPHYTIS by an auditor appointed by S. VEILLET.  In case of a discrepancy of more than 5% between actual Net Sales and the Net Sales Statement for any given calendar quarter, the fees of such auditor shall be borne by BIOPHYTIS

 

(c)          In the event of a Change of Control of BIOPHYTIS before the payments made to S. VEILLET hereunder have reached the Platform Cap for any Platform of the Company existing at the time of such Change of Control, then BIOPHYTIS shall pay to S. VEILLET within 30 days of such Change of Control a lump sum equal to (x) two million one hundred thousand (€2,100,000) Euros excluding VAT for each such Platform, minus (y) the aggregate sum of all amounts paid to S.VEILLET hereunder in respect of such Platform.  Following such

 

 

payment, the Royalty Payment shall no longer be due with respect to the Platform(s) of the Company existing at the time of such Change of Control; and

 

(d)         For the avoidance of doubt, whether payments to S. VEILLET are made by BIOPHYTIS pursuant to paragraph (a) or paragraph (b) above, or pursuant to both paragraphs where products covered by any Current Patent Application and/or Future Patent Application within any given Platform are commercialized both under a License and by BIOPHYTIS or one of its Affiliates, in no circumstance shall such payments exceed the Platform Cap for each Platform.

 

Article 5 — REPRESENTATIONS AND WARRANTIES OF S. VEILLET

 

S. VEILLET declares and warrants that as of the Effective Date:

 

·                  he has disclosed all Results to which he is a contributor under the Current Research Projects in which he participated prior to the Effective Date and that he has not filed any other French or foreign patent application or any other title relating to the inventions protected by the Current Patent Applications or to the disclosed Results.

 

·                  he owns all the rights necessary for the conclusion of this Agreement free of any encumbrance.

 

·                  he has not granted any right to any third party on his share of ownership of the patents filed in the name of BIOPHYTIS and/or of the Results.

 

·                  he did not assign, in any form whatsoever, all or part of the Results to a third party in his sole name.

 

·                  he has not knowingly undertaken, prior to the Effective Date, any action likely to affect the validity of the patents filed in the name of BIOPHYTIS, nor, more generally, any action likely to impede the enjoyment, use and/or exploitation of the Patents filed in the name of BIOPHYTIS and/or the Results.

 

·                  he will not by any intentional action or omission cause to BIOPHYTIS any disturbance of enjoyment, use or exploitation of the patents, Patent Applications or Results.

 

·                  he provided BIOPHYTIS with any and all information in his possession which could affect the patent, patent applications or Results with respect to their validity or value.

 

Article 6 — OBLIGATIONS OF S. VEILLET

 

S. VEILLET shall provide BIOPHYTIS, within thirty (30) days following the Effective Date (or, as regards future inventions or Future Results, following their creation), with all relevant information

 

 

and documents necessary for the transfer, use and/or exploitation of the inventions and/or Results to which he contributed.

 

From the Effective Date S. VEILLET is prohibited from using, except in his capacity as director, officer, employee or consultant of BIOPHYTIS (as the case may be), any invention covered by the Existing Patents, the Current Patent Applications and/or any Future Patent Application as well as any Results to which he contributed or contributes.

 

S. VEILLET hereby irrevocably and unconditionally gives all power to BIOPHYTIS or to any person appointed by BIOPHYTIS to perform all legal formalities necessary for the assignment of his rights as described hereunder, which formalities shall be performed at the cost of BIOPHYTIS.

 

Until expiration of the Employment Period, S. VEILLET (i) undertakes to regularly inform the board of directors and the scientific committee of BIOPHYTIS in relation to (a) his contribution to the development of inventions and (b) their patentability, and (ii) agrees that he will not proceed, on behalf of BIOPHYTIS, with the filing of new patents in relation to which he is one of the inventors, unless the board of directors of BIOPHYTIS has approved such filing upon the prior recommendation of the scientific committee of BIOPHYTIS.

 

Article 7 — TERM AND TERMINATION

 

This Agreement shall become effective on the Effective Date and shall remain in effect until no further payments are due hereunder. However, as indicated in Article 2, the provisions of this Agreement shall only apply to Results generated during the Employment Period.

 

Without prejudice and in addition to any other contractual remedy the non-breaching Party may have with respect to this Agreement, either Party may, upon a material breach of this Agreement by the other Party terminate this Agreement. The termination for material breach will be effective automatically thirty (30) days after receipt by the defaulting Party of a formal notice of breach of its obligations, which remained uncured during this period.

 

In the event of termination of the Agreement for whatever reason, BIOPHYTIS shall be entitled to require the assignment of any and all other Future Results which may have been developed by S. VEILLET up to the effective date of termination, it being specified that :

 

·                                          Article 4.1 shall remain applicable to the assignment of any Future Results in relation to which a Future Patent Application has been filed prior to the effective date of termination; and

 

·                                          as regards any other Future Results which have not yet given rise to the filing of any Future Patent Applications, S. VEILLET shall  be entitled to the payment of a single and definitive lump sum of 90.000 (ninety thousand) Euros excluding VAT, which shall be payable upon the effective date of termination

 

 

in both cases subject always to the provisions of Article 4.1 relating to the Platform Cap, to the extent that such Future Results are within the scope of any Platform of the Company as at the time of termination.

 

Article 8 — FURTHER DOCUMENTS

 

S. VEILLET undertakes to transfer and to sign any documents that BIOPHYTIS may need to ensure it can exercise its rights hereunder in their entirety.

 

Article 9 — RECORDATION

 

S. VEILLET hereby irrevocably and unconditionally grants BIOPHYTIS with all powers necessary to require or perform, at its own expense, all formalities, registration, publication and mention everywhere in any administration.

 

Article 10 — MISCELLANEOUS

 

10.1                                              Invalidity of a clause.

 

Should one or more provisions of the present Agreement be held to be invalid by law or regulation - and in particular the laws or regulations of the European Union or based on a definitive decision of a competent court, all the other provisions shall remain in full effect and the Parties shall make the necessary modifications without delay while respecting, as closely as possible, the spirit of the present Agreement at the Effective Date.

 

10.2                                              Modifications of the Agreement.

 

This Agreement may only be modified by a written addendum signed by duly authorised representatives of the Parties.

 

10.3                                              Entire Understanding.

 

The present Agreement expresses the entire understanding of the Parties relating to its object. No general or specific condition appearing in any document sent or given to the Parties can be integrated in the present Agreement.

 

10.4                                              Waiver.

 

In the event that one of the Parties does not exercise its rights following the breach by the other Party of any of the terms or conditions of the present Agreement, this shall not be interpreted to be a waiver of the obligations of the said term or condition for the future.

 

10.5                                              Independent Contractors.

 

This Agreement shall under no circumstances be construed as creating an association relationship or a de facto partnership between the Parties, each of which shall be considered as an independent co-contractor.

 

 

10.6                                              Notices.

 

All notifications for the present Agreement shall be delivered in hand or sent by registered letter with acknowledgement of receipt to the PARTY for which the notice is intended at the following address:

 

For BIOPHYTIS:

 

14 Avenue de l’Opéra — 75001 Paris

 

For S. VEILLET:

 

7 rue Edouard Ferron 91600 Savigny sur Orge

 

10.7                                              Confidentiality.

 

The Agreement is confidential between the Parties. Accordingly, the Parties undertake not to disclose anything about the content of the Agreement, unless they are required to do so by law or to assert their rights in court, or except, on a need-to-know basis to persons (counsel, banker, board members, investors) in order to allow for the performance of their obligations under Agreement, subject to those persons being bound equivalent confidentiality obligations.

 

10.8                       Hardship

 

Each Party hereby acknowledges that the provisions of article 1195 of the French Civil Code shall not apply to it with respect to its obligations under this Agreement and that it shall not be entitled to make any claim under article 1195 of the French Civil Code including, but not limited to, in case of fluctuation of interest rates or market conditions.

 

Each Party further acknowledges, after due consideration, that there are no circumstances that cannot be foreseen at the time this Agreement is entered into which could make the performance of its obligations excessively onerous and each Party agrees to bear its own risks in relation thereto.

 

Article 11 — APPLICABLE LAW AND DISPUTE RESOLUTION

 

The present Agreement and all disputes and claims arising under this Agreement, will be interpreted and governed by the laws of France, without regard or giving effect to its conflict of laws principles.

 

The Parties undertake to make their best effort in order to settle any dispute arising from or in relation to the Agreement. All disputes between the Parties in connection with or arising out of the existence, validity, construction, performance and termination of this Agreement (or any terms thereof), which the Parties are unable to resolve between themselves within thirty (30)

 

 

days of the notice of dispute from either Party, shall be submitted to the exclusive jurisdiction of the competent courts of Paris, France.

 

The present AGREEMENT has been drafted in English in two (2) original versions, one (1) for each PARTY.

 

	
For Biophytis:
    	
 
    	
For Mr. VEILLET:
    	
/s/ Stanislas Veillet
    
	
 
    	
 
    	
 
    
	
Nadine Coulm: 
    	
/s/ Nadine Coulm
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Dimitri   Batsis: 
    	
/s/ Dimitri Batsis

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