Document:

Service Agreement, dated November 23, 2005, Jonathan O' Connell

 Exhibit 10.5 
 Subject to Contract/Contract denied 
 For Discussion Purposes Only 
 Dated 23 November , 2005 
 MERRION BIOPHARMA LIMITED 
 Jonathan O’Connell 
  

 SERVICE AGREEMENT 
  

  

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 THIS AGREEMENT is made on the 23rd day of November 2005 
 BETWEEN: 
  

	 	(1)	Merrion Biopharma Limited, a company registered in Ireland, whose registered office is at
                                        
                     (“the Company”); 

 and 
  

	 	(2)	Jonathan O’Connell 

 of 18 Belgrave Road, Monkstown,
Co. Dublin 
 WHEREAS the Board of Directors of the Company (“the Board”) have approved the terms of this Agreement under which you are to be
employed. 
 IT IS HEREBY AGREED as follows:- 
  

	1.	Appointment 

 The Company shall employ you
and you shall serve the Company as Chief Financial Officer on and subject to the terms and conditions specified herein (“the Employment”). 
  

	2.	Duties 

  

	2.1.	You shall be employed in the post of Chief Financial Officer in which capacity you shall devote all your time, attention and skill to your duties hereunder and shall at all times
act in the interest of the company and any subsidiary undertakings of the Company and/or any holding company of the Company and/or any subsidiary undertakings of such holding company for the time being (together the Group) and shall faithfully and
diligently perform such duties and exercise such powers consistent therewith as may from time to time be assigned to or vested in you by the Board of the Company, but subject to the foregoing you shall be responsible for overall financial operations
of the Company. You shall not knowingly do, or omit to do, or permit or suffer anything to be done or omitted, to the prejudice, loss or injury of the Group 

  

	2.2.	For the purposes of this clause 2, “subsidiary undertakings” is to have the meaning given to that term by Financial Reporting Standard no. 2 “Accounting for
Subsidiaries” issued by the Accounting Standards Board; and “holding company” shall have the same meaning as in 155 of the Companies Act, 1963 (as amended). 

  

	2.3.	The Company reserves the right to assign to you duties of a different nature either additional to or instead of those referred to in Clause 2.1 above, such duties being commensurate
with the duties of a Chief Financial Officer. 

  

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	2.4.	You shall obey the reasonable and lawful orders of your immediate superior or the Board, given by or with the authority of the Board, and shall comply with all the Company’s
rules, regulations, policies and procedures from time to time in force. 

  

	2.5.	You may be required in pursuance of your duties to perform services not only for the Company but also for any Associated Company and, without further remuneration (except as
otherwise agreed), to accept any such office or position in any Associated Company which is consistent with your position with the Company, as the Board or the Company may from time to time reasonably require. The Company may at its sole discretion
assign the employment to any Associated Company on the same terms and conditions as set out herein. 

  

	3.	Commencement Date 

 Your employment commenced
on 23 November 2005, and this will be deemed to be your commencement date for statutory purposes. 
 Subject to any provision herein for
earlier termination, your employment shall continue thereafter until terminated by not less that 6 months prior written notice given by either party to the other. 
  

	4.	Remuneration and financial matters 

  

	4.1.	Your gross salary will be €150,000 per annum payable monthly in arrears into your nominated bank account or by cheque, after the deduction of payroll taxes and other
lawful or authorised deductions. 

  

	4.2.	This salary will be reviewed upon the expiry of 12 months from the date of commencement being the 23rd November 2005 and thereafter annually by the Board of Directors of the
Company without any undertaking by the Company that your salary shall be automatically increased. Any increase in salary will not affect the remainder of the terms of this Agreement which shall remain in full force and effect notwithstanding such
increase. 

  

	4.3.	The Company may in its absolute discretion pay you such bonus or bonuses (up to a maximum of 25% of base salary in the first full year of working for the Company, or pro-rata for
part of the year if the bonus year ends prior to your first 12 months of working with the Company) as the Board of Directors or any duly appointed compensation committee established by the Board of Directors (Compensation Committee) may from
time to time in its absolute discretion determine. 

  

	4.4.	 The Company has a share option scheme in place. On your joining the company you will receive share options in the amount of 1.5% of the issued share capital of the
parent company at an option price of the par value of the share. The share options will be further adjusted to maintain your 1.5% of the Parent’s issued and outstanding stock (on a fully diluted basis) as of the date of closing a Series B
Fundraising by the company. For the purposes of this Clause 4.4 Series B Fundraising is defined as one or more related commitments which result or will result in the issuing of ordinary 

  

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shares ( or their equivalent, in the capital of the parent company) or other securities or debt convertible into such ordinary shares in consideration of the
investor(s) paying or committing to pay in cash or in kind in aggregate in excess of US$12 million. These options will vest over a three year period from the date of your commencing employment with the company. One third will vest on each of the
1st, 2nd and third anniversaries of your commencing employment with the company. In subsequent years, you shall be eligible to participate in the share option scheme subject to the terms and conditions of the scheme. The selection
of eligible employees to participate and the making of grants under the scheme will be at the absolute discretion of the Compensation Committee. A grant may be made to you at the discretion of the Compensation Committee subject to the provisions of
the scheme on the first anniversary of the date hereof if you remain the Company’s employment. Options granted (if any) will vest in accordance with the terms and provisions of the scheme and in accordance with such vesting conditions as may be
specifically applied to any such grant. The making of any grant to you under the scheme on any occasion shall not entitle to you receive further or other grants. 

  

	4.5.	All expenses necessarily and properly incurred in the performance of your duties hereunder and properly vouched shall be promptly reimbursed by the Company.

  

	4.6.	During the continuance of the employment hereunder, the Company shall maintain and pay the annual payments due in respect of Voluntary Health Insurance for you and your dependants
for Plan B plus Healthsteps Silver. 

  

	4.7.	You will also be entitled to avail of the following additional ancillary benefits, subject to certain terms and policies to be determined by the Company: paid holidays, personal
leave, subscriptions to relevant professional bodies and relevant professional/industry publications. 

  

	4.8.	Without prejudice to any other terms of this Agreement, your entitlement under clause 4.4, is subject to your not being in material breach of any of the terms of this Agreement as
at the date of grant or exercise of the relevant share option. 

  

	5.	Deductions 

 The Company shall be entitled at
any time during the Employment, or in any event on termination, to deduct from your remuneration hereunder any monies due from you to the Company including but not limited to any outstanding loans, advances, the cost of repairing any damage or loss
to the Company’s property caused by you (and of recovering the same), excess holiday, any sums due from you in respect of sickness benefit and any other monies owed by you to the Company. 
  

	6.	Illness 

  

	6.1.	In all cases involving absences due to illness of 3 or more consecutive working days you must provide up to date medical certificates to the Company. The Company has the right to
require at any given time that you submit to a medical examination or test by a doctor nominated by the Company, the fees of any such requested examination shall be reimbursed by the Company and you hereby authorise such doctor to disclose to and
discuss with the Company and the Company’s medical advisers the results of any such examinations or tests. 

  

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	6.2.	You shall continue to be paid during absence due to incapacity as a result of illness or injury, subject to the provisions of Clause 6.1, (such payments to be inclusive of any State
benefits to which you may be entitled) for a total of up to 12 weeks in any one year of employment under this Agreement. Thereafter you shall continue to be paid salary solely at the discretion of the Company. 

  

	6.3.	If the incapacity is or appears to be an occasion of actionable negligence of a third party in which damages are or may be recoverable, you shall immediately notify the Board of
that fact and of any claim, compromise settlement or judgment made or awarded in connection with it, and shall give to the Board all particulars which the Board may reasonably require and shall, if required by the Board, refund to the Company that
part of any damages recovered related to loss of earnings for the period of the incapacity as the Board may reasonably determine, provided that the amount to be refunded will not exceed the amount of damages or compensation recovered by him less any
cost borne by the you in connection with the recovery of such damages or compensation and will not exceed the total remuneration paid to him by way of salary in respect of the period of the incapacity. 

  

	7.	Pension and related benefits 

 The company
maintains a defined contribution pension scheme, with related life assurance and disability benefits. Details of these benefits will be provided to you on your joining the company. 
 Your admission to, and membership of, the scheme is subject to the trust deeds and rules governing, and Revenue limits applicable to, the Scheme from time
to time. 
  

	8.	Location 

 Your usual place of work will be
at our Dublin offices. However, the Company reserves the right, and by this contract you hereby agree, to carry out your work at such location as the Company may reasonably require, from time to time, however you will not be required to permanently
relocate outside the greater Dublin area. 
  

	9.	Hours 

 Your normal hours of work will be
from 9 am to 5:30pm, Monday to Friday, with one hour for lunch each day. However you will be expected to work appropriate hours in order to fully carry out your responsibilities, this may include evening or weekend work where necessary. 

 

	10.	Holidays 

  

	10.1.	You shall be entitled to receive your normal remuneration for all Public holidays and a further 25 working days’ holiday in each holiday year. You may only take your holiday at
such times as are agreed with your immediate superior. 

  

	10.2.	In the holiday years in which the Employment commences or terminates the entitlement to holiday shall accrue on a pro rata basis for each complete month of service.

  

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	10.3.	The Company reserves the right, at its sole discretion, to require you to take all or part of any outstanding holiday during any notice period or to make payment in lieu thereof.

  

	10.4.	Holiday entitlement for one holiday year cannot be taken in subsequent holiday years. 

  

	11.	Maternity and Adoptive Leave 

 The provisions
of the Maternity Protection Acts 1994 and 2004, the Adoptive Leave Act 1995 and Parental Leave Act, 1998 will apply. 
  

	12.	No Obligation to Provide Work 

 During any
period after notice of termination has been served by either party there shall be no obligation on the Company to require you to work or perform any duties or services for the Company or to provide you with any work and if the Company gives written
notice to you requiring you not to work or to perform any duties or services for any given period, or the Company has invoked Clause 17.5, then during such period you shall not, without prejudice to the other terms of this Agreement, be entitled to
attend at or have access to the offices or documents of the Company or take up any other position of employment or remuneration (save any previously approved by the Board of Directors) provided however that you will continue to be entitled to
receive your full remuneration and other benefits in accordance with the terms hereof. 
  

	13.	Reasonableness of Restrictions 

 You
recognise that, whilst performing your duties for the Company, you will have access to and come into contact with trade secrets and confidential information belonging to the Company or to Associated Companies and will obtain personal knowledge of
and influence over its or their customers and/or employees. You therefore agree that the restrictions contained in this Agreement are reasonable and necessary to protect the legitimate business interests of the Company and its Associated Companies
both during and after the termination of the employment. 
  

	14.	Confidentiality 

  

	14.1. 	You shall neither during your Employment (except in the proper performance of your duties) nor at any time (without limit) after the termination thereof, directly or indirectly

  

	 	14.1.1. 	use for your own purposes or those of any other person, company, business entity or other organisation whatsoever; or 

  

	 	14.1.2. 	disclose to any person, company, business entity or other organisation whatsoever; 

 any trade secrets or confidential information relating or belonging to the Company or its Associated Companies including but not limited to any such information relating to customers, customer lists or 

  

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requirements, price lists or pricing structures, sales and marketing information, business plans or dealings, employees or officers, source codes and
computer systems, software, financial information and plans, designs, formulae, prototypes, product lines, services, research activities, any document marked ‘Confidential’ (or with a similar expression), or any information which you have
been told is confidential or which you might reasonably expect the Company would regard as confidential, or any information which has been given to the Company or Associated Company in confidence by customers, suppliers or other persons. 

 

	14.2. 	You shall not at any time during the continuance of the employment with the Company make any notes or memoranda relating to any matter within the scope of the Company’s
business, dealings or affairs otherwise than for the benefit of the Company or any Associated Company. 

  

	14.3. 	The obligations contained in Clause 14.1 shall not apply to any disclosures required by law, and shall cease to apply to any information or knowledge which may subsequently come
into the public domain after the termination of employment other than by way of unauthorised disclosure. 

  

	14.4. 	You shall not make or communicate any statement (whether written or oral) to any representative of the press, television, radio, or other media and shall not write any article for
the press or otherwise for publication on any matter connected with or relating to the business of the Company or any Associated Company without obtaining the prior approval of your immediate superior. 

  

	15.	Protective Covenants 

  

	15.1. 	You hereby agree that you will not, during the period of your employment hereunder and for a period of six months after you cease to be employed by the Company directly on your own
account, or on behalf of, or in conjunction with, directly or indirectly, any other person, firm or company within the Territory: 

  

	 	15.1.1. 	be engaged, concerned or interested either directly or indirectly in any capacity either on your own behalf of in conjunction with or on behalf of any person, firm, company,
business, concern or enterprise whatsoever any business wholly or partly in competition with the Relevant Business; or 

  

	 	15.1.2. 	directly or indirectly in any capacity either on your own behalf or in conjunction with or on behalf of any other person, firm, company, business, concern or enterprise whatsoever;

  

	 	(a)	solicit or entice or endeavour to solicit or entice away from the service of the Company any person employed by the Company in any capacity whatsoever whether or not such person
would commit a breach of his contract of employment by reason of leaving such service; 

  

	 	(b)	 canvass, solicit or approach or cause to be canvassed or solicited or approached for orders in respect of any services provided or any goods dealt in by the Company
any person, firm, company, business, concern or enterprise whatsoever who is or was at any time during the period of 1 year immediately preceding the termination of your employment a customer of or supplier to or in the habit of 

  

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dealing with the Company or who is or had been during the said 1 year period negotiating with the Company for the supply of such services or goods; or

  

	 	(c)	interfere or seek to interfere to take steps as may interfere with the continuance of supplies to the Company (or the terms relating to such supplies) from any persons who are or
who have been supplying components, materials, goods or services to the Company at any time during the 1 year period immediately preceding termination of your employment. 

 For the purposes of this clause 15 
  

	15.2. 	“Relevant Business” means the business of competing drug delivery and formulation technologies together with the carrying on or undertaking of such other business
trade or activity ancillary thereto and in connection therewith as the Board may deem appropriate and which the Company is undertaking or carrying on at the date of termination of your employment hereunder or during a period of twelve months prior
thereto. 

 “Territory” means Ireland. 
  

	15.3. 	Whilst the restrictions in this clause 15 are considered by the parties to be reasonable in all the circumstances as at the date hereof, it is acknowledged that restrictions of such
a nature may be invalid because of changed circumstances or other unforeseen reasons, and accordingly if any one or more such restrictions are judged to be void as going beyond what is reasonable in all the circumstances for the protection of the
interests of the Companies but would be valid if part of the wording thereof were deleted, the period thereof reduced or the range of activities or areas covered thereby reduced in scope, the said restrictions will be deemed to apply with such
modifications as may be necessary to make them valid and effective, and any such modifications shall not thereby affect the validity of any other restriction contained herein. 

  

	15.4. 	Nothing in this clause 15 will prevent you from holding shares or debentures quoted on a recognised investments exchange or any registered unit thereof comprising less than 3% of
the voting shares of any company or body. 

  

	16.	Intellectual Property Rights  

  

	16.1. 	Any document, memorandum, discovery, invention, process or improvement in procedure (Discovery) made or discovered by you (whether alone or jointly with others) while in the
employment of the Company shall forthwith be disclosed to the Company and shall belong to and be the absolute property of the Company or such Group company as the Company may nominate for the purpose. You shall, if and whenever required so to do
(whether during or after the termination of your employment hereunder), at the expense of the Company apply for or join in applying for letters patent or other equivalent protection in Ireland and/or any other part of the world for any such
discovery, invention, process or improvement as aforesaid and execute and do all instruments and things necessary for vesting the said letters patent, copyright or other equivalent protection when obtained and all right, title and interest to and in
the same in the Company (or its nominee) absolutely and as sole beneficial owner or in such other person as may be required. 

  

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	16.2. 	For the avoidance of doubt and without prejudice to the entitlements of the Company hereunder or otherwise, it is hereby agreed and acknowledged that all rights and interests in the
nature of copyright, database rights, trade mark rights and all other rights of an intellectual property nature created by you in pursuance of your duties hereunder shall belong to and be the exclusive property of the Company absolutely and you
hereby agree to issue such confirmations and enter into such other documents as the Company may request. You hereby irrevocably appoint the Company (by way of security for your obligations under this clause) to be your attorney in your name and on
your behalf to execute and do any such instruments or things and generally to use your name for the purpose of giving to the Company the full benefit of the provisions of this clause 16. 

  

	17.	Termination 

  

	17.1. 	The Company may terminate the Employment without notice, or pay in lieu of notice, if you shall at any time:- 

  

	 	17.1.1. 	be guilty of dishonesty, or other gross misconduct, or gross incompetence or wilful neglect of duty, or commit any other serious breach of this Agreement; or

  

	 	17.1.2. 	act in any manner (whether in the course of your duties or otherwise) which is likely to bring you, the Company or any Associated Company into disrepute or prejudice the interests
of the Company or any Associated Company; or 

  

	 	17.1.3. 	become bankrupt, apply for or have made against you a receiving order, or have any order made against you to reach a voluntary arrangement; or 

  

	 	17.1.4. 	resign as a director of the Company or any Associated Company (without the Board’s written consent); or 

  

	 	17.1.5. 	be or become of unsound mind; or 

  

	 	17.1.6. 	be guilty of continuing unsatisfactory conduct or poor performance of your duties, after having received a written warning from the Company relating to the same; or

  

	 	17.1.7. 	be convicted of an indictable offence; or 

  

	 	17.1.8. 	be or become prohibited by law from being a director; or 

  

	 	17.1.9. 	directly or indirectly advise or participate or act in concert (within the meaning of the City Code on Take-Overs and Mergers) with any person who makes or is considering making any
offer for the issued share capital of the Company. 

  

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 Any delay by the Company in exercising such right to termination shall not constitute a waiver thereof.

  

	 17.2. 
	 Subject to earlier termination pursuant to the terms of this Agreement, your Employment shall be deemed to have
terminated automatically and by mutual consent on the date of your 65th birthday. 

  

	17.3. 	On termination of your Employment, you shall forthwith return to the Company in accordance with its instructions all equipment, correspondence, records, specifications, software,
models, notes, reports and other documents and any copies thereof and any other property belonging to the Company or the Group (including but not limited to the Company car, keys, credit cards, equipment and passes) which are in your possession or
under your control. You shall, if so required by the Company, confirm in writing your compliance with your obligations under this Clause 17.3. 

  

	17.4. 	You agree that the Company may at its absolute discretion:- 

  

	 	17.4.1. 	require you not to attend at work and/or not to undertake all or any of your duties hereunder during all or any part of any period of notice (whether given by you or the Company),
PROVIDED ALWAYS that the Company shall continue to pay your salary and contractual benefits; and/or 

  

	 	17.4.2. 	terminate the Employment at any time with immediate effect by giving written notification that it will make a payment or (at the Company’s absolute discretion) a series of
payments in instalments representing basic salary (at the rate in force at the Termination Date) in lieu of the shortest period of notice with which the Company is entitled to terminate the Employment or (if shorter, where notice has been given by
either party) the remainder of the notice period. For the avoidance of doubt, such payment or payments shall not include the value of any benefits, bonus/incentive, commission, or holiday entitlement which would have accrued to you had you been
employed during any notice period and, further, you shall have no entitlement to such payment, or payments unless and until the Company notifies you in writing of its decision to make such payment(s) to you. 

  

	17.5. 	The Company shall have the right to suspend you with pay pending any investigation into any potential dishonesty, gross misconduct or any other circumstances which may give rise to
a right to the Company to terminate pursuant to Clause 17.1 above 

  

	17.6. 	The termination of the Employment shall be without prejudice to any right the Company may have in respect of any breach by you of any of the provisions of this Agreement which may
have occurred prior to such termination. 

  

	17.7. 	You agree that you will not at any time after the termination of the Employment represent yourself as still having any connection with the Company or Group, save as a former
employee for the purpose of communicating with prospective employers or complying with any applicable statutory requirements. 

  

	17.8. 	You shall forthwith resign in writing from all directorships, trusteeships and other offices you may hold from time to time with the Group without compensation for loss of office in
the event of:- 

  

	 	17.8.1. 	the termination of your employment; or 

  

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	 	17.8.2. 	either you or the Company serving on the other notice of termination pursuant to this Agreement. 

 You hereby irrevocably appoint the Company (by way of security for your obligations under this clause) to be your attorney in your name and on your behalf
to execute and do any such instruments or things and generally to use your name for the purpose of giving to the Company the full benefit of the provisions of this clause. 
  

	18.	Grievance and Disciplinary Procedure 

  

	18.1. 	You shall refer any grievance about the employment hereunder in writing to the Board. 

  

	18.2. 	All disciplinary matters relating to you will be dealt with by the Board. In considering any such matters, the Board will ensure that any matters of concern will be brought to your
attention and an opportunity given for an explanation before any decision is made as to the form (if any) of disciplinary action to be applied. 

  

	19.	Liquidation for Reconstruction or Amalgamation 

 You shall have no claim against the Company if the Employment is terminated by reason of the liquidation of the Company for the purposes of amalgamation or reconstruction provided that you are offered employment with any concern or
undertaking resulting from such amalgamation or reconstruction on terms and conditions which, taken as a whole, are not substantially less favourable than the terms of this Agreement. 
  

	20.	Severability 

 In the event that any of these
terms, conditions or provisions, or any part thereof, shall be determined to be invalid, unlawful or unenforceable, such term, condition or provision, or any part thereof, shall be severed from the remaining terms, conditions and provisions which
shall continue to be valid to the fullest extent permitted by law. 
  

	21.	Waiver 

 A waiver by either party or any
breach of the other party of any of the terms of this Agreement or the acquiescence of such party in any act (whether of commission or omission) which but for such acquiescence would be a breach as aforesaid shall not constitute a general waiver of
such term or of any subsequent act contrary thereto. 
  

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	22.	Data Protection 

  

	22.1. 	All personal information which the Company holds about you is protected by data protection laws. The Company takes its responsibilities under these laws seriously. The Company holds
some or all of the following personal data about you: 

  

	 	22.1.1. 	Address, date of birth, marital status, educational or previous employment background, history with the Company and details of current position, CVs, applications and interview
records, references, performance ratings or reviews, salary, bonuses, records of internet or email usage, CCTV images, records of disciplinary investigations/meetings or grievances, stock option, pension and other insurance documentation, payroll
details and other related data. 

  

	22.2. 	This information is required for routine management and administration of your contract of employment and to protect your rights under various employment laws. For these purposes it
may from time to time be necessary to disclose your personal information to third parties, including payroll processors, pension brokers/trustees, VHI or other insurer. It may also be necessary to disclose information in order to comply with any
legal obligations. The Company may need to share personal data including sensitive personal data with other related entities based in the United States, Australia or elsewhere This may involve a transfer of data, including your personal sensitive
data to a country which may not have the same data protection laws as Ireland. By signing this Agreement you expressly consent to the Company or any related Company holding, processing and disclosing any information or personal data as described
herein. 

  

	23.	Prior Agreements 

 This Agreement cancels and
is in substitution for all previous letters of engagement, agreements and arrangements (whether oral or in writing) relating to the subject-matter hereof between the Company and you all of which shall be deemed to have been terminated by mutual
consent. This Agreement constitutes the entire terms and conditions of the employment and no waiver or modification thereof shall be valid unless in writing, signed by the parties and only to the extent therein set forth. 
  

	24.	Law 

 This Agreement shall be governed by
Irish law and disputes arising under or about it shall be subject to the exclusive jurisdiction of the Irish Courts. 
  

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 IN WITNESS whereof the parties hereto have executed this Agreement as a Deed the day and year first above written.

  

					
	SIGNED AS A DEED by	  		  	
	Merrion Biopharma Ltd.	  	}	  	/s/ John Lynch
	acting by John Lynch	  	}	  	
	and Michael McKenna  }	  		  	/s/ Michael J. McKenna
			
	SIGNED AS A DEED and	  		  	}
	DELIVERED AS A DEED	  		  	}
	by Jonathan O’Connell in	  		  	}
	the presence of	  	}	  	/s/ Jonathan O’Connell

  

	Witness’	Name Gillian Mac Cormack 

  

					
	 Address
	  	 44     Millbrook Hall, Dublin
	  	
			
	 Occupation
	  	Office Manager	  	
			
	 Signature
	  	/s/ Gillian Mac Cormack	  	

  

 13Agreement for the Purchase of Certain Drug Delivery Assets of Elan Corporation

 Exhibit 10.6 
 Dated 23 December 2003 
 ELAN CORPORATION, plc 
 Vendor 
 and 
 ADAPTÍV BIOPHARMA LIMITED 
 Purchaser 
 AGREEMENT 
 for the purchase of certain drug delivery assets of 
 ELAN CORPORATION, plc 
  

 A & L GOODBODY 

 CONTENTS 
  

					
	1.	  	PRELIMINARY	  	3
	2.	  	SALE OF ASSETS	  	7
	3.	  	COMPLETION	  	9
	4.	  	APPORTIONMENT OF CONSIDERATION	  	10
	5.	  	FUTURE DISPOSAL OF ASSETS	  	11
	6.	  	RIGHTS OF INSPECTION	  	11
	7.	  	FURTHER OBLIGATIONS OF THE VENDOR	  	12
	8.	  	WARRANTIES	  	13
	9.	  	INDEMNITIES	  	14
	10.	  	LICENSING OF COMPOUNDS EMERGING FROM THE RESEARCH PROGRAMS	  	15
	11.	  	ANNOUNCEMENTS	  	16
	12.	  	RESTRICTED FINANCIAL TRANSFERS	  	16
	13.	  	MISCELLANEOUS PROVISIONS	  	16
	FIRST SCHEDULE	  	
	WARRANTIES	  	
	1.	  	CAPACITY AND TITLE	  	
	2.	  	LEGAL MATTERS	  	
	3.	  	EMPLOYMENT MATTERS	  	
	4.	  	ASSETS	  	
	SECOND SCHEDULE	  	
	PATENTS	  	
	THIRD SCHEDULE	  	
	KNOW-HOW	  	
	FOURTH SCHEDULE	  	
	GRS CAPITAL EQUIPMENT	  	
	FIFTH SCHEDULE	  	
	THE SUB-LICENCE AGREEMENT	  	
	SIXTH SCHEDULE	  	
	THE SIDE LETTER	  	
	SEVENTH SCHEDULE	  	
	LICENCE AGREEMENT	  	
	EIGHTH SCHEDULE	  	
	TARGETED GENETICS JOINT VENTURE	  	
	NINETH SCHEDULE	  	
	DATA ROOM INDEX	  	
	TENTH SCHEDULE	  	
	ELAN LICENCE TO ORASENSE	  	
	ELEVENTH SCHEDULE	  	
	SARLAN TERMINATION AGREEMENT	  	
	TWELTH SCHEDULE	  	
	AVLAN JOINT VENTURE	  	
	THIRTEENTH SCHEDULE	  	
	GIPET II LICENCE AGREEMENT	  	
	FOURTEENTH SCHEDULE	  	
	EMISPHERE ASSIGNMENT	  	

  

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 THIS AGREEMENT is dated 23 December 2003 and made between: 
  

	 	(1)	ELAN CORPORATION, plc(registered no.3035) having its registered office at Lincoln House, Lincoln Place, Dublin 2 (the Vendor); and 

  

	 	(2)	ADAPTÍV BIOPHARMA LIMITED (registered no. 368718) having its registered office at 25-28 North Wall Quay, Dublin (the Purchaser which expression shall include
its successors and assigns). 

 RECITALS 
  

	A.	The Vendor has certain assets which it wishes to divest. 

  

	B.	The Vendor has agreed to sell and the Purchaser has agreed to purchase free from all liens, charges and encumbrances the Assets for the consideration and upon the terms and subject
to the conditions of this Agreement. 

 IT IS HEREBY AGREED as follows: 
  

	1.	PRELIMINARY 

  

	1.1.	Definitions: In this Agreement and in the Schedules unless the context otherwise requires: 

 the 1963 Act means the Companies Act, 1963; 
 Agreed Rate means an annual rate of three per cent above the base rate from time to time offered by Allied Irish Bank plc; 
 Affiliate of a person means the person’s holding company, subsidiary and any other subsidiaries of its holding company (with the terms subsidiary and holding company having the meaning ascribed to them in Section 155 of the
1963 Act) and any Associated Company of such person or of any such subsidiary or holding company; 
 Allowable Deductions means amounts
up to but not exceeding 130% of the fully allocated Development Costs under any agreement which utilises or incorporates the Assets where such Development Costs have been fully reimbursed to the Purchaser by a third party under a development,
licence or similar agreement; 
 the Assets means the Patents, the Know-How, the GRS Capital Equipment and the Joint Venture Interests;

 Associated Company in relation to any person means any company or entity in which such person directly or indirectly owns or is
interested in more than 20 percent but not more than 50 percent of the voting share capital (or equivalent right of ownership); 
 Avlan
Joint Venture means the joint venture comprised and more particularly described in the agreements and arrangements listed in the TWELFTH SCHEDULE; 
 Blood Brain Barrier Technology means the Vendor’s technology for targeting of drugs to and/or the enablement and/or improvement of permeation of compounds through the blood/brain barrier; 
 Books and Records means all of the books, records, files, documents, data, information and correspondence of the Purchaser relating to the Assets;

 Breach means in relation to a Warranty any instance of the Warranty being untrue or misleading in any respect; 
 Business Day means any day on which banks are generally open for business in Dublin and London excluding Saturdays and Sundays; 
  

 3 

 Completion means completion of the sale and purchase of the Assets pursuant to this Agreement;

 Confidential Information means any and all information received or obtained as a result of, (i) the ownership of the Assets
and/or (ii) entering into or performing, or supplied by or on behalf of a party in the negotiations leading to, this Agreement and which in each case relates to: 
  

	 	(a)	the Assets; 

  

	 	(b)	the provisions of this Agreement; 

  

	 	(c)	the negotiations relating to this Agreement; 

  

	 	(d)	the subject matter of this Agreement; or 

  

	 	(e)	the Purchaser or any Affiliate of or shareholder or investor (direct or indirect) of the Purchaser; 

 Consideration shall have the meaning set out in clause 2.3; 
 Development Costs means the costs incurred by the Purchaser that are directly attributable to development work performed by or on behalf of the Purchaser under any agreement with a third party which utilises or
incorporates the Assets calculated in accordance with Irish generally accepted accounting principles; 
 Development Services means
those capabilities and services used or made available by the Purchaser to any third party or with respect to its own internal development activities; 
 Disclosure Letter means the letter of the same date as this Agreement from the Vendor to the Purchaser disclosing the exceptions to the Warranties; 
 Due Diligence Information means all documents, papers, writings, instruments and records made available in the Vendor’s data room and listed
on the data room index attached as the NINTH SCHEDULE; 
 Elan Licence to Orasense means the amended and restated license agreement by
and between Orasense Ltd, Isis Pharmaceuticals, Inc. and the Vendor dated 11 October 2002 (a copy of which is attached in the TENTH SCHEDULE); 
 Emisphere Assignment means the assignment between the Vendor and the Purchaser assigning to the Purchaser the Vendor’s rights and obligations under the Settlement Agreement (a copy of which is attached as the FOURTEENTH
SCHEDULE); 
 Encumbrance means any interest or equity of any person (including any right to acquire any option) or any mortgage,
charge, pledge, lien, assignment, hypothecation, security interest (including any created by law), title retention or other security agreement or arrangement or a rental, hire purchase, credit sale or other agreement for payment on deferred terms;

 Equipment and Supplies Lease means a lease agreement in the agreed form between the Vendor and the Purchaser in relation to certain
equipment and supplies executed on even date herewith; 
 Euro and the sign € means the currency of Ireland; 
 Gastro-Intestinal Permeation Enhancement Technology (previously known as “PROMDAS I and III”) means the Vendor’s proprietary
technology as directed to enabling and/or improving the permeation of compounds through the gastro-intestinal tract and into the blood stream including the use of novel branched chain permeation enhancers (PROMDAS III) and straight chain fatty acid
salt permeation enhancers (PROMDAS I); 
 Gipet II Licence means the licence of the Vendor’s proprietary technology (previously
known as “PROMDAS II”) as directed to enabling and/or improving the permeation of compounds through the gastro-intestinal tract and into the blood stream by the use of microemulsion permeation enhancer technology; 
  

 4 

 Gipet II Licence Agreement means the agreement between the Vendor and the Purchaser granting the
Gipet II Licence to the Purchaser (a copy of which is attached as the THIRTEENTH SCHEDULE); 
 GRS Capital Equipment means the
machinery and equipment listed in the FOURTH SCHEDULE; 
 GRS Improvements means improvements to formulations and methods for making
formulations that are retained in the stomach described in US Patent 4,996,058 and/or its foreign counterparts which expression shall not include US Patent 4,996,058 or its foreign counterparts; 
 IBAH Security Interest means the security interest granted to IBAH, Inc. pursuant to the patents security agreement between IBAH, Inc. and LDS
Technologies, Inc. dated 28 July 1995; 
 Intellectual Property means the Patents and the Know-How; 
 Ireland means Ireland excluding Northern Ireland; 
 Joint Ventures means the Targeted Genetics Joint Venture and the Avlan Joint Venture; 
 Joint
Venture Interests means all rights, title and interest (including ownership and licence rights) of the Vendor and any member of the Vendor Group at Completion under or in respect or arising out of the Joint Ventures, whether arising due to
common law, statute, contract or otherwise, to the extent such rights relate to intellectual property owned by the Joint Ventures or licensed to the Joint Ventures by the Vendor relating to the Technologies at such time as the Vendor acquires or
re-acquires (as the case may be) the unencumbered beneficial interest in the rights and is entitled to transfer or license such rights to the Purchaser; 
 Know-How means the know-how and related materials details of which are set out in of the THIRD SCHEDULE; 
 Knowledge of the Vendor means the knowledge following reasonable investigation of the officers, directors or senior managers of the Vendor with responsibility for, or the supervision of, the relevant matters; 
 Last Completion Date means 16 February 2004 (or such later date as may be agreed in writing by the parties); 
 Licence Agreement means the licence agreement between the Vendor and the Purchaser granting the Vendor certain rights in relation to the Assets (a
copy of which is attached in the SEVENTH SCHEDULE); 
 Net Proceeds of Disposal in respect of any Asset means the proceeds arising from
the disposal of that Asset less direct transactional costs and expenses such as are reasonable in the circumstances and after recoupment by the Purchaser of resources such as are reasonable in the circumstances in relation to such a disposal and an
internal rate of return of 20% per annum on those resources in each case committed by the Purchaser in connection with such Assets from Completion up until the point of sale. 
 Orasense means the joint venture between the Vendor and Isis Pharmaceuticals, Inc.; 
 Patents mean the patents and patent applications listed in the SECOND SCHEDULE; 
 the Purchaser’s Solicitors means A & L Goodbody; 
 Regulatory Authority includes any national, federal, municipal, state or local government, quasi-governmental body, any court of competent jurisdiction and any local, national or supranational agency,
inspectorate, minister, body, official or public or statutory person (whether autonomous or not), the US Food and Drug Administration or any statutory body or person; 
 Research Programs means the following research programs: VLA-4 inhibitors, beta secretase inhibitors, gamma secretase inhibitors, immunotherapy targeting an epitope within amyloid beta peptide, BK1 antagonists,
immunotherapty targeting an epitope within synuclein, small molecule targeting a pathway associated with metabolism, synthesis or clearance of synuclein, jun kinase inhibitors, immunotherapty targeting an epitope within NGF, immunotherapy targeting
an epitope within PN3, 

  

 5 

 
immunotherapy targeting an epitope within osteopontin, immunotherapty targeting an epitope within L-selectin, biologic or small molecule associated with
GFRalpha receptor and Fc-gamma-R1 inhibitors; 
 Sarlan Termination Agreement means the termination agreement between the Vendor, Elan
International Services, Ltd., Mixture Sciences, Inc. and Sarlan, Ltd dated 22 September 2003; 
 Settlement Agreement means the
settlement agreement and release between Emisphere Technologies, Inc. and the Vendor dated 14 March 2002; 
 Side Letter means the
letter from the Purchaser and Growcorp Group Limited to the Vendor regarding the allotment of shares in Adaptív, Inc. or, failing that, the Purchaser to the Vendor (a copy of which is attached as the SIXTH SCHEDULE); 
 Sub-Licence means the sub-licence of the Vendor’s interests in certain Intellectual Property relating to Orasense and the Intellectual
Property licensed to the Vendor pursuant to the Sarlan Termination Agreement in accordance with the terms of the Sub-Licence Agreement; 
 Sub-Licence Agreement means the agreement between the Vendor and the Purchaser granting the Sub-Licence to the Purchaser (a copy of which is attached as the FIFTH SCHEDULE); 
 Targeted Genetics Joint Venture means the joint venture comprised and more particularly described in the agreements and arrangements listed in the
EIGHTH SCHEDULE; 
 Taxation means all forms of taxation, duties, imposts and levies whether of Ireland or elsewhere, including (but
without limitation) income tax, corporation tax, corporation profits tax, advance corporation tax, capital gains tax, capital acquisitions tax, residential property tax, wealth tax, value added tax, customs and other import and export duties, excise
duties, vehicle registration tax, stamp duty, capital duty, social insurance, social welfare or other similar contributions and other amounts corresponding thereto whether payable in Ireland or elsewhere, and any costs, interest, surcharge, penalty
or fine relating to the same and any penalties chargeable for non-compliance with any statutory provisions or regulations in connection therewith; 
 Technologies means the following technologies: 
  

	 	(a)	Gastro-Intestinal Permeation Enhancement Technology; 

  

	 	(b)	GRS Improvements; 

  

	 	(c)	Vaccine Technology; and 

  

	 	(d)	Blood Brain Barrier Technology; 

 Vaccine Technology
means the Vendor’s proprietary technology directed to delivery of vaccines orally or parenterally. The Vaccine technologies shall include the Vendor’s proprietary targeting technology directed to the targeting of compounds to a specific
organ, cell or cell organelle; 
 Vendor Group means the Vendor and all of its Affiliates for the time being and from time to time;

 Warranties means the Warranties, representations and undertakings set out in clause 8 and the FIRST SCHEDULE; and 
 Warranty Claim means a claim for a Breach of any one or more of the Warranties. 
  

	1.2.	Interpretation: 

  

	 	1.2.1.	Save as otherwise provided herein, references to clauses, paragraphs and Schedules are to those contained in this Agreement. 

  

	 	1.2.2.	The Schedules form an integral part of this Agreement and reference to this Agreement includes reference thereto. 

  

	 	1.2.3.	Headings are inserted for convenience only and do not affect the construction of this Agreement. 

  

 6 

	 	1.2.4.	Unless the context otherwise requires, words importing the singular include the plural and vice versa, words importing the masculine include the feminine, references to persons are
deemed to include references to natural persons, partnerships, associations, bodies corporate, trusts and investment funds (in each case whether or not having a separate legal personality) but references to individuals are deemed to be references to
a natural person only; 

  

	 	1.2.5.	Reference in this Agreement to writing or similar expressions includes where the context so admits transmission by facsimile or comparable means of communication.

  

	 	1.2.6.	Unless the context otherwise requires, a word or phrase the definition of which is contained or referred to in section 2 of the 1963 Act has the meaning thereby attributed to it.

  

	 	1.2.7.	Unless the contrary is clearly stated, references to Acts, statutory instruments and other legislation are to legislation operative in Ireland and to such legislation amended,
extended or re-enacted (whether before or after the date hereof) from time to time, and include any legislation of which it is a re-enactment (whether with or without modification) and also include any subordinate legislation made from time to time
under that legislation. 

  

	 	1.2.8.	reference to any Irish legal term, concept, legislation or regulation (including, without limitation, those for any action, remedy, method of judicial proceeding, document, statute,
court official, governmental authority or agency) or any accounting term or concept, in respect of any jurisdiction other than Ireland is construed as a reference to the term or concept which most nearly corresponds to it in that jurisdiction.

  

	 	1.2.9.	Reference to any document includes that document as amended or supplemented from time to time. 

  

	 	1.2.10.	A document is in the agreed form if it is in the form of a draft agreed between and initialled by or on behalf of the parties hereto on or before the date hereof.

  

	 	1.2.11.	“including” and “includes” mean including or includes without limiting the generality of the foregoing. 

  

	 	1.2.12.	All references in this Agreement to costs, charges or expenses include any value added tax or similar tax charged or chargeable in respect thereof. 

 2. SALE OF ASSETS 
  

	2.1.	Sale and Purchase: Subject to the terms of this Agreement and the Emisphere Assignment, the Vendor shall sell as beneficial owner and the Purchaser shall purchase the Assets
in reliance on the provisions of this Agreement free from all Encumbrances and together with all rights now or hereafter attaching thereto. 

  

	2.2.	Other Benefits: 

  

	 	2.2.1.	If the Vendor receives any sums or benefits in respect of the Assets after the date of this Agreement, it shall forthwith account to the Purchaser therefor, save for:

  

	 	(1)	any payments received by the Vendor as a result of the restructuring of the Joint Ventures; 

  

	 	(2)	any payment received by the Vendor from any party to the Joint Ventures or any party to a joint venture involving any of the Assets which the Vendor was a party to at any time prior
to Completion; and 

  

	 	(3)	any royalties or other payments received by the Vendor pursuant to the Elan Licence to Orasense. 

  

 7 

	 	2.2.2.	The Vendor shall forthwith upon the execution hereof notify the interest of the Purchaser to the insurers of the GRS Capital Equipment and keep in force its existing insurance
policies in respect of the GRS Capital Equipment until the expiration of a period of 14 days following Completion the Purchaser paying the proportion of the insurance premiums from Completion. 

  

	2.3.	The Consideration: 

 The total consideration for the
sale of the Assets (the Consideration) is as follows: 
  

	 	2.3.1.	the sum of euro 1,800,000 in cash payable at Completion; 

  

	 	2.3.2.	10% of all or any revenues received by the Purchaser less Allowable Deductions during the term set out in clause 2.3.4 (or received by the Purchaser after such term where such
payments were due during such term) under development, manufacturing and licensing agreements which utilise or incorporate the Patents transferred, licensed or sublicensed by the Vendor to the Purchaser pursuant to this Agreement which, for the
avoidance of doubt, does not include the patents licensed to the Purchaser pursuant to the Gipet II Licence Agreement as these patents are subject to separate royalty provisions in the Gipet II Licence Agreement. For the avoidance of doubt, if in
respect of revenue received by the Purchaser, the Vendor recovers under this clause it will not also be entitled to recover under the equivalent clause in the Gipet II Licence Agreement. 

  

	 	2.3.3.	the allotment of shares in Adaptív, Inc. or, as applicable, the Purchaser to the Vendor in accordance with the terms of the Side Letter; and 

  

	 	2.3.4.	in respect of each Patent the payments provided for in clause 2.3.2 above will be made until the later of: 

  

	 	(a)	the expiration of the relevant Patent; or 

  

	 	(b)	15 years from Completion 

 which Consideration shall become
payable by the Purchaser within 30 days of the end of the financial quarter (beginning on, as appropriate, 1 January, 1 April, 1 July or 1 October) during which the relevant revenues were received by the Purchaser. 
  

	2.4.	The Joint Venture Interests and the IBAH Security Interest: 

  

	 	2.4.1.	The Vendor shall promptly perform, observe and duly discharge its contractual obligations relating to the Joint Ventures that affect the Intellectual Property and shall indemnify
the Purchaser against all proceedings, claims and demands in respect thereof. In particular, the Vendor shall indemnify and hold the Purchaser harmless from and against all costs, expenses or other amounts or sums payable or otherwise as may be or
become due and payable in connection with the sale and/or transfer of the Joint Venture Interests hereunder. 

  

	 	2.4.2.	The Purchaser shall promptly notify the Vendor in writing in the event that any proceedings are brought by a third party against the Purchaser due to the Vendor’s failure to
comply with its obligations under clause 2.4.1. The Vendor shall have the first right to decide whether the Vendor or the Purchaser shall control the defence of such proceedings on behalf of the Purchaser. If the Purchaser decides to control the
defence of such proceedings, the Purchaser shall reasonably cooperate with the Vendor in such efforts. 

  

	 	2.4.3.	Subject to clause 3.2, on or prior to Completion, the Vendor shall (i) procure that all Encumbrances affecting the Assets are discharged absolutely; (ii) lodge or procure
the lodgement of all necessary documentation in any public registry to note the removal of such Encumbrance, if the lodgement of any such documentation is required to note the removal of the Encumbrance; and (iii) agree the release of the IBAH
Security Interest or ensure that the Vendor can license the LDS Patents (as defined in the Gipet II Licence Agreement) to the Purchaser subject to the IBAH Security Interest pursuant to the Gipet II Licence Agreement, in either case in a form
reasonably acceptable to both parties. 

  

	 	2.4.4.	 In the event that the IBAH Security Interest is released prior to Completion, the Vendor shall assign to the Purchaser the LDS Patents (as defined in the Gipet II
Licence Agreement) and the parties shall not enter into the Gipet II Licence Agreement. The Purchaser shall pay euro 

  

 8 

	 	 
200,000 to the Vendor in consideration for this assignment and the terms of this Agreement will apply to such an assignment of the LDS Patents.

  

	2.5.	Purchase of all the Assets: The Purchaser will not be obliged to complete the purchase of any of the Assets unless the purchase of all of the Assets is completed
simultaneously. 

  

	2.6.	Value Added Tax: 

  

	 	2.6.1.	The parties shall use their best endeavours to ensure that by virtue of the provisions of sections 3(5)(b)(iii) and s.5(8) of the Value Added Tax Act, 1972 no value added tax will
be chargeable in respect of the sale and purchase hereby agreed to be made. 

  

	 	2.6.2.	If, notwithstanding the provisions referred to above, the Vendor is required to account to the Revenue Commissioners for any value added tax on the sale hereunder, such value added
tax shall be paid by the Purchaser to the Vendor upon delivery of an appropriate value added tax invoice. 

  

	 	2.6.3.	All value added tax payable in respect of goods and services supplied or deemed to be supplied by the Vendor prior to the close of business on Completion and all interest payable
thereon and penalties attributable thereto shall be paid to the Revenue Commissioners by the Vendor. 

 2.7. Equipment and Supplies Lease:
The Purchaser and the Vendor shall execute the Equipment and Supplies Lease on the date hereof whereupon it shall become in force and effective. 
  

	3.	COMPLETION 

  

	3.1.	Completion: Subject to clause 3.2, Completion shall take place prior to the Last Completion Date provided the Vendor has complied with the terms of clause 2.4.3(iii)
(relating to the IBAH Security Interest) (the Closing Condition) and the Vendor shall give the Purchaser at least five Business Days notice (or such other period as the parties may agree) of the date of Completion. 

 

	3.2.	Last Completion Date for Completion: If the Closing Condition has not been fulfilled by the Last Completion Date, this Agreement will terminate on the giving of notice of
termination by either party to the other party and such termination shall not result in either party having any liability to or obligation to bear the costs of the other party. The provisions in clauses 11 (Announcements), clause 13.1
(Confidentiality), clause 13.5 (Whole Agreement), clause 13.7 (Remedies Cumulative), clause 13.10 (Notices), clause 13.12 (Governing Law) and clause 13.13 (Jurisdiction) will continue in full force and effect notwithstanding termination of this
Agreement pursuant to this clause. 

  

	3.3.	Breach of Warranties prior to Completion: 

  

	 	3.3.1.	The Warranties are not repeated at Completion but this is without prejudice to the Purchaser’s right to claim a Breach of Warranty in respect of matters arising or events
occurring prior to the execution of this Agreement. 

  

	 	3.3.2.	Notwithstanding the foregoing if, after the signing of this Agreement and before Completion any event occurs or matter arises which (to the Knowledge of the Vendor) would have
resulted in any of the Warranties being unfulfilled, untrue, misleading, or incorrect in any material respect at Completion were they repeated at Completion, the Vendor shall: 

  

	 	(1)	immediately notify the Purchaser in writing fully thereof unless the Purchaser is already fully aware of the event or matter; 

  

	 	(2)	make any investigation concerning the event or matter which the Purchaser may require; and 

  

	 	(3)	take all steps (including the initiating of proceedings) that the Purchaser may require, 

 in each case at the reasonable cost of the Purchaser. 
  

	3.4.	 Obligation to maintain Assets prior to Completion: From the date of this Agreement until Completion, the Vendor shall not take any action which would be
contrary to good and prudent industry 

  

 9 

	 	 
practise for the preservation, protection and maintenance of the Assets and the intellectual property rights that are to be licensed to the Purchaser
pursuant to the terms of the Sub-Licence Agreement and the Gipet II Licence Agreement save that the Vendor shall take all reasonable steps in accordance with good and prudent industry practice to preserve, protect and maintain the Patents and the
patents and patent applications that are to be licensed to the Purchaser pursuant to the terms of the Sub-Licence Agreement and the Gipet II Licence Agreement. 

  

	3.5.	Actions at Completion: Upon Completion: 

  

	 	3.5.1.	the Vendor shall deliver to the Purchaser the GRS Capital Equipment and Know-How and assignments and transfers (in a form approved by the Purchaser) of the Patents together with
such evidence of corporate power and proper execution as the Purchaser may reasonably require; 

  

	 	3.5.2.	the Vendor shall deliver to the Purchaser the written assignments (where necessary) duly executed by the Vendor or, as appropriate, the relevant transferring Affiliate, in a form
reasonably acceptable to the Purchaser, for Assets where written assignments are required; 

  

	 	3.5.3.	subject to clause 2.4.4, the Vendor and the Purchaser shall enter into the Licence Agreement, the Sub-Licence Agreement, the Emisphere Assignment, the Side Letter and the Gipet II
Licence Agreement; and 

  

	 	3.5.4.	subject to clause 2.5, the Purchaser shall on Completion pay to the Vendor the cash element of the Consideration referred to in clause 2.3.1. 

  

	3.6.	Joint Venture Interests 

  

	 	3.6.1.	Upon completing the restructuring of a Joint Venture, the Vendor shall, provided the Vendor is under no contractual restrictions or confidentiality obligations, deliver to the
Purchaser a copy of the execution version of the restructuring agreements as soon as practicable. 

  

	 	3.6.2.	With respect to either Joint Venture, if any Joint Venture Interests are assigned or licensed to the Vendor pursuant to the restructuring of a Joint Venture after Completion, the
Vendor shall transfer such Joint Venture Interest, to the extent possible, to the Purchaser for no additional consideration. 

  

	4.	APPORTIONMENT OF CONSIDERATION 

 The value
attributed by the Vendor and the Purchaser to the Assets is as follows and the total amount of the consideration payable under clause 2.3.1 is accordingly allocated as follows: 
  

			
	 Asset
	  	 Consideration

		
	GRS Capital Equipment	  	euro 1,100,000
		
	Patents and Know-How relating to Gastro-Intestinal Permeation Enhancement Technology	  	euro 400,000
		
	Patents and Know-How relating to GRS Improvements	  	euro 200,000
		
	Patents and Know-How relating to Blood Brain Barrier Technology and Vaccine Technology	  	euro 100,000
		
	As between the Patents and the Know-How referred to above the Purchaser has attributed the consideration referred to above as follows:	  	
		
	Irish situate Patents (including European patents and applications and PCT applications, with an Irish dimension):	  	euro 250,000
		
	The Know-How and all other Patents:	  	euro 450,000 together with any future payments to be made pursuant to clause 2.3 and clause 5

  

 10 

 The Purchaser acknowledges that the Vendor makes no representation about the realisable value of the
Assets. 
  

	5.	FUTURE DISPOSAL OF ASSETS 

  

	5.1.	Upon disposal by the Purchaser of any of the Assets, the Purchaser shall pay the following relevant percentage of the Net Proceeds of Disposal received by the Purchaser to the
Vendor within one month of receipt by the Purchaser of the Net Proceeds of Disposal on the following basis: 

  

			
	 Calendar Year of Disposal
	  	% payable
to the Vendor
	 2003
	  	50
	 2004
	  	50
	 2005
	  	30
	 2006
	  	20
	 2007
	  	15
	 2008
	  	15
	 2009
	  	10
	 2010
	  	5

 For the avoidance of doubt, the Calendar Year of Disposal shall be deemed to be the calendar year
in which any binding arrangement for the disposal of the Assets or any of them comes into effect. 
  

	6.	RIGHTS OF INSPECTION 

  

	6.1.	For the 180 day period following the close of each calendar year, the Purchaser will, in the event that the Vendor requests such access, provide independent certified accountants
(the Accountants) with access, at all reasonably times during usual business hours, to the Purchaser’s book and records relating to the Assets, solely for the purpose of ensuring that the correct amount was paid by the Purchaser to the
Vendor pursuant to clauses 2 or 5 for the calendar year then ended (the Revised Consideration Amount). The Vendor will procure that the Accountants will use all reasonable endeavours to ensure that such access will be conducted in a manner
that does not materially affect the operation of the Purchaser’s business or that of its Affiliates, provided that this requirement shall not unduly hamper the Accountants in carrying out their task pursuant to this clause.

  

	6.2.	The Accountants may not disclose any information to the Vendor other than: 

  

	 	6.2.1.	whether or not they believe that the correct Revised Consideration Amount was paid; 

  

	 	6.2.2.	if they do not believe that the correct Revised Consideration Amount was paid, then what such correct amount should have been. 

  

	6.3.	If the Vendor notifies the Purchaser within the 180 day period referred to in clause 6.1 that the Accountants disagrees with the amount paid by the Purchaser to the Vendor pursuant
to clauses 2 or 5 for the relevant year (the Consideration Amount), the Vendor and the Purchaser have 30 days starting on the day after receipt of the notification from the Vendor to agree the items in dispute. 

  

	6.4.	Within 10 days of agreement pursuant to Clause 6.23 (or Expert determination in accordance with clause 6.6 (as the case may be)): 

  

	 	6.4.1.	if the Revised Consideration Amount for the relevant year is greater than the Consideration Amount for the relevant year, the Purchaser shall pay to the Vendor the difference
between the Revised Consideration Amount and the Consideration Amount together in each case with interest at the Agreed Rate (accrued daily and compounded monthly) from 31 December of the relevant year until payment. 

 

 11 

	6.5.	If the payment under Clause 6.4 paid by the Purchaser to the Vendor exceeds five per cent, of the Consideration Amount for the relevant year, the cost of the Accountants pursuant to
this clause 6 shall be borne by the Purchaser; otherwise, such cost shall be borne by the Vendor. 

  

	6.6.	If the Purchaser and the Vendor fail to agree on any matter arising from this clause 6 within the timeframe provided in clause 6.23, the Purchaser or the Vendor may refer the matter
in dispute to an independent firm of chartered accountants agreed by the Purchaser and the Vendor in writing or, failing agreement on the identity of the independent firm of chartered accountants within 10 days starting on the day after the relevant
timeframe expires, to such independent firm of chartered accountants shall be nominated by the President for the time being of the Institute of Chartered Accountant of Ireland (the Expert). 

  

	6.7.	The Expert shall act on the following basis: 

  

	 	6.7.1.	the Expert shall act as an expert and not as an arbitrator; 

  

	 	6.7.2.	the Expert’s terms of reference shall be to determine the matter in dispute within 14 days of his appointment; 

  

	 	6.7.3.	the parties shall each provide the Expert with all information which the Expert reasonably requires; 

  

	 	6.7.4.	the decision of the Expert is, in the absence of fraud or manifest error, final and binding on the parties; and 

  

	 	6.7.5.	the Expert’s costs shall be paid by the Purchaser and the Vendor in such proportion as the Expert may determine. 

  

	7.	FURTHER OBLIGATIONS OF THE VENDOR 

  

	7.1.	No Solicitation: For the purpose of assuring to the Purchaser the full benefit of the Assets, the Vendor undertakes with the Purchaser and its successors in title that:

  

	 	7.1.1.	for the period of 2 years after the date of this Agreement it will not either on its own behalf or in conjunction with or on behalf of any other person, firm or company solicit or
entice away from the Purchaser any officer, manager or servant whether or not such person would commit a breach of his contract of employment by reason of leaving service; and 

  

	 	7.1.2.	it will procure that no company owned or controlled by it including without limitation any Affiliate (and, insofar as it is able to ensure the same, no subsidiaries of any of them)
will act in such a way as would be a contravention of the obligations contained in this clause 7.1 if he or it were himself to so act. 

  

	7.2.	For the purpose of assuring to the Purchaser the full benefit of the Assets and without prejudice or limitation to the terms of clause 7.1, the Vendor undertakes with the Purchaser
and its successors in title that: 

  

	 	7.2.1.	for the Protected Period relevant to any Asset it will not either on its own behalf or in conjunction with or on behalf of any other person, firm or company solicit or entice away
from the Purchaser any officer, manager or servant whether or not such person would commit a breach of his contract of employment by reason of leaving service; and 

  

	 	7.2.2.	it will procure that no company owned or controlled by it including without limitation any Affiliate (and, insofar as it is able to ensure the same, no subsidiaries of any of them)
will act in such a way as would be a contravention of the obligations contained in this clause 7.2 if he or it were himself to so act; 

 and in this clause 7.2 the Protected Period relevant to any Asset is the period commencing on Completion and continuing for as long as any amounts are payable by the Purchaser under clause 2.3 in relation to that Asset. 

 

	7.3.	 Modification: Whilst the restrictions in clause 7 are considered by the parties to be reasonable and indispensable in all the circumstances as at the date
hereof, it is acknowledged that restrictions of such 

  

 12 

	 	 
nature may be invalid because of changed circumstances or other unforeseen reasons and, accordingly, if any one or more such restrictions should be held to
be void by any court or Regulatory Authority but would be valid if part of the wording thereof were amended or the period thereof reduced, the said restrictions will apply with such modifications as may be necessary to make them valid and effective,
and any such modifications will not thereby affect the validity of any other restriction contained herein. 

  

	8.	WARRANTIES 

  

	8.1.	Warranties: 

  

	 	8.1.1.	The Vendor hereby warrants and represents to and undertakes with the Purchaser and its successors in title in relation to the Assets in the terms set out in the FIRST SCHEDULE
subject only to any matter expressly provided for under the terms of this Agreement. 

  

	 	8.1.2.	The Vendor acknowledges that the Purchaser has entered into this Agreement in reliance upon (inter alia) the Warranties. 

  

	 	8.1.3.	Each of the Warranties is separate and independent and is not to be limited by reference to anything in this Agreement. 

  

	 	8.1.4.	Claims may not be made by the Purchaser under the Warranties where the relevant circumstances should have been evident to the Purchaser acting as a prudent purchaser when reviewing
the Due Diligence Information in such manner and detail as would enable a prudent purchaser to make an informed assessment of the risk in question. 

  

	 	8.1.5.	If following Completion, the Purchaser becomes aware that there has been any material Breach of Warranty, the Purchaser will not be entitled to rescind this Agreement or otherwise
treat it as terminated but will be entitled to claim damages and exercise any other right, power or remedy available to it under this Agreement or at law. 

  

	8.2.	Limitations: Notwithstanding the provisions of clause 8.1, the Vendor will not be liable under this Agreement in respect of any claim unless: 

  

	 	8.2.1.	notice of it is given in writing by the Purchaser to the Vendor setting out brief particulars of the grounds on which such claim is based within 2 years following Completion and
there will be no such time limit in so far as any claim relates to any statutory or criminal fine or penalty; and 

  

	 	8.2.2.	the aggregate amount of all claims for which the Vendors would otherwise be liable under this Agreement exceeds euro 85,000 but if liability exceeds that figure then all claims,
including claims previously notified, will accrue against the Vendor 

 or to the extent that the aggregate amount of the
liability of the Vendor for all claims made under this Agreement would thereby exceed the aggregate of all sums paid to the Vendor Group hereunder (this aggregate amount shall not include any amount relating to the shares in Adaptív, Inc. or,
as applicable, the Purchaser allotted to the Vendor pursuant to the Side Letter); Provided however that: 
  

	 	(1)	in the case of any claim relating to the Vendor’s title to any of the Assets is to be without limitation; and 

  

	 	(2)	the limitations and exclusions in this clause 8.2 will not apply to any claim which arises as a consequence of, or is delayed as a result of, fraud, wilful misconduct or wilful
concealment by the Vendor or any officer or employee of the Vendor. 

  

	8.3.	Notwithstanding anything to the contrary in this Agreement and in particular the provisions of clause 8.1: 

  

	 	8.3.1.	nothing in this Agreement will be deemed to relieve the Purchaser from any common law or duty to mitigate any loss or damage incurred by him; 

  

	 	8.3.2.	no person other than the Purchaser will be entitled to make a Warranty Claim or other claim under this Agreement, neither will damages be calculated by reference to loss or damage
suffered by any person other than the Purchaser; 

  

 13 

	 	8.3.3.	if any circumstances, giving rise to a Warranty Claim arise, the Purchaser shall give written notice to the Vendor and keep the Vendor fully informed of all material developments;

  

	 	8.3.4.	in the case of notice of a claim under clause 8.2, if proceedings are not issued and served on the Vendor in respect of that claim within three calendar months after the expiration
of the 2 year period (or greater number of months if agreed in writing by the Vendor) the claim will be deemed to be withdrawn, and the subject matter will not be capable of being the subject of a further claim; and 

  

	 	8.3.5.	the Vendor will not be liable in respect of any Warranty Claim to the extent that it arises or is increased or extended as a result of any of the following occurring with
retrospective effect: 

  

	 	(1)	an increase in the rate of Taxation; 

  

	 	(2)	a change in the law or in any regulation, requirement or code of conduct of any relevant agency or Regulatory Authority; or 

  

	 	(3)	any parliamentary statement, or statement by the Revenue Commissioners concerning any change in Revenue practice. 

  

	8.4.	Recovery from Third Parties: Where the Purchaser has or may have a claim against a third party in relation to any matter which may give rise to a claim under this Agreement,
the Purchaser shall procure that all reasonable endeavours are used to recover any amounts due from any such third party and shall forthwith upon such recovery reimburse the Vendor the amount so recovered (net of costs of recovery) up to the amount
paid by the Vendor under this Agreement. 

  

	8.5.	Co-operation: In relation to any claim or alleged claim under this Agreement and without prejudice to the validity of the claim or alleged claim in question, the Purchaser
shall allow the Vendor and its accountants, solicitors and other professional advisers to investigate the matter or circumstance alleged to give rise to such claim and whether and to what extent any amount is payable in respect of such claim
pursuant to the terms of this Agreement and for such purpose the Purchaser shall give (subject to its being paid all costs and expenses incurred in complying with this clause 8.5) all such reasonable assistance as the Vendor or its accountants,
solicitors or other professional advisers may on reasonable notice request, including access to and copies of any relevant documents or information in the possession of the Purchaser except to the extent that such documents or information are
regarded (in the Purchaser’s sole judgement) as confidential to the activities of the Purchaser or any of its subsidiaries. 

  

	8.6.	Treatment of Payments under Warranties: Any payment made to the Purchaser will be treated for all purposes as a reduction in the consideration referred to in clause 2.3.

  

	9.	INDEMNITIES 

  

	9.1.	The Purchaser shall indemnify, defend and hold harmless the Vendor against any and all claims and proceedings (whether successful or otherwise), liabilities, expenses, including
reasonable attorney’s fees, responsibilities and damages by reason of any claim, including proceedings, action, liability or injury arising out of: 

  

	 	9.1.1.	the research, development, testing, manufacture, transport, packaging, use, storage, handling, distribution, marketing, advertising, promotion and/or sale of a product produced
directly or indirectly from the Assets or pursuant to the sub-licence or licence (as applicable) of any Intellectual Property included in the Sub-Licence or the Gipet II Licence by the Purchaser or any of its Affiliates or any third party on behalf
of the Purchaser; 

  

	 	9.1.2.	any claims or proceedings made or brought against the Vendor or the Purchaser on behalf of any persons seeking damages for personal injury (including death) and/or for costs of
medical treatment, which claims relate in any way to a product produced directly or indirectly from the Assets or pursuant to the sub-licence or licence (as applicable) of any Intellectual Property included in the Sub-Licence or the Gipet II Licence
by the Purchaser or any of its Affiliates or any third party on behalf of the Purchaser; and 

  

 14 

	 	9.1.3.	any claim for infringement of intellectual property rights and any other claim made against the Purchaser, the Vendor or a sub-licensee of the Vendor or the Purchaser alleging
infringement or other unauthorised use of the proprietary rights of a third party arising from the manufacture, importation, use, offer for sale, sale or other commercialisation of a product produced directly or indirectly from the Assets or
pursuant to the sub-licence or licence (as applicable) of any Intellectual Property included in the Sub-Licence or the Gipet II Licence by the Purchaser or any of its Affiliates or any third party on behalf of the Purchaser;

 in all cases, in respect of events occurring after Completion. 
  

	9.2.	The Vendor shall indemnify, defend and hold harmless the Purchaser against any and all claims and proceedings (whether successful or otherwise), liabilities, expenses, including
reasonable attorney’s fees, responsibilities and damages by reason of any claim, including proceedings, action, liability or injury arising out of: 

  

	 	9.2.1.	the research, development, testing, manufacture, transport, packaging, use, storage, handling, distribution, marketing, advertising, promotion and/or sale of a product produced
directly or indirectly from the Assets by the Vendor or any of its Affiliates or any third party on behalf of the Vendor; 

  

	 	9.2.2.	any claims or proceedings made or brought against the Vendor or the Purchaser on behalf of any persons seeking damages for personal injury (including death) and/or for costs of
medical treatment, which claims relate in any way to a product produced directly or indirectly from the Assets by the Vendor or any of its Affiliates or any third party on behalf of the Vendor; and 

  

	 	9.2.3.	any claim for infringement of intellectual property rights and any other claim made against the Purchaser, the Vendor or a sub-licensee of the Vendor or the Purchaser alleging
infringement or other unauthorised use of the proprietary rights of a third party arising from the manufacture, importation, use, offer for sale, sale or other commercialisation of a product produced directly or indirectly from the Assets by the
Vendor or any of its Affiliates or any third party on behalf of the Vendor, 

 in all cases, in respect of events occurring
prior to Completion. 
  

	9.3.	In fulfilling their indemnification obligations hereunder, both parties shall: 

  

	 	9.3.1.	reasonably and regularly consult with the other party in relation to the progress and status of any action, claim or proceedings; and 

  

	 	9.3.2.	not make any statements, enter into any settlement, agreement or consent to any judgment in respect of any actions, claims and/or proceedings, without the other party’s prior
written consent. 

  

	9.4.	The indemnifying party (in accordance with clauses 9.1 and 9.2 above) and/or their relevant Affiliate shall: 

  

	 	9.4.1.	notify the other party of any claim or proceedings, or threatened claim or proceedings; 

  

	 	9.4.2.	subject to the terms of the Licence Agreement, the Gipet II Licence Agreement and the Sub-Licence Agreement, permit the other party to take full control of such claim or
proceedings, with counsel reasonably acceptable to the indemnifying party; 

  

	 	9.4.3.	reasonably co-operate in the investigation and defence of such claim or proceedings solely at the other party’s sole cost and expense. 

 10. LICENSING OF COMPOUNDS EMERGING FROM THE RESEARCH PROGRAMS 
  

	10.1.	 The Purchaser and the Vendor shall within 90 days of prior written notice from the Vendor to the Purchaser, enter into a licence agreement granting the Vendor a
licence to research, develop, make, have made, promote, import, use, market, sell and offer for sale any composition of matter or articles of manufacture compromising or utilising any compound arising from the Research Programs. The 

  

 15 

	 	 
maximum royalty payable by the Vendor under such a licence agreement will be 2% of the Vendor’s net sales and the other terms of the licence agreement
will contain reasonable commercial terms that would be agreed between two third parties acting reasonably and negotiating at arms length. 

  

	10.2.	With respect to any licence granted in accordance with clause 10.1 above, at the Vendor’s option following the execution of the Development Agreement (as defined below), the
Purchaser shall, provided it has the required resources available, provide to the Vendor or its designee all Development Services necessary to initiate and complete the Development of a new formulation of such article of manufacture or composition
of matter utilising the Technologies. The Purchaser shall use Commercially Reasonable and Diligent Efforts to discharge its obligations with respect to each composition of matter or article of manufacture submitted to it pursuant to the Development
Agreement. Any activities conducted by the Purchaser pursuant to this clause 10.2 shall be governed by the terms of a separate agreement which will be executed by the parties within 90 days of the date of the Vendor’s notice (the Development
Agreement). This Development Agreement will contain reasonable commercial terms that would be agreed between two third parties acting reasonably and negotiating at arms length. 

  

	11.	ANNOUNCEMENTS 

 The Vendor and the Purchaser shall
consult together as to the terms of, timetable for and manner of publication of, any announcement to shareholders, employees, customers or suppliers or to the Irish Stock Exchange or other authorities or to the media or otherwise which either may
desire or be obliged to make regarding the subject-matter of this Agreement. Subject as aforesaid and save as may be required by law, neither the Vendor nor the Purchaser shall make or authorise any announcement concerning the subject-matter of this
Agreement. 
  

	12.	RESTRICTED FINANCIAL TRANSFERS 

 The Vendor hereby
declares for the purpose of the Financial Transfers Act, 1992 that it is not resident in any jurisdiction to which financial transfers (within the meaning of the said Act) are restricted by order of the Minister for Finance in accordance with the
provisions of that Act and does not hold any of the Assets and will not receive any part of the consideration hereunder as nominee for any person so resident, and the Purchaser declares for the purpose of the said Act that it is not so resident, it
is not acquiring the Assets as nominee for any persons so resident and it is not to its knowledge controlled directly or indirectly by persons so resident. 
  

	13.	MISCELLANEOUS PROVISIONS 

  

	13.1.	Confidentiality: 

  

	 	13.1.1.	The Vendor undertakes with the Purchaser that it shall preserve the confidentiality of, and not directly or indirectly reveal, report, publish, disclose, transfer or use for its own
or any other purposes Confidential Information except: 

  

	 	(1)	in the circumstances set out in clause 13.1.2; 

  

	 	(2)	to the extent otherwise expressly permitted by this Agreement; or 

  

	 	(3)	with the prior written consent of the Purchaser. 

  

	 	13.1.2.	The Vendor is permitted to disclose Confidential Information: 

  

	 	(1)	where the Confidential Information, before it is furnished to the Vendor, is in the public domain; 

  

	 	(2)	where the Confidential Information, after it is furnished to the Vendor, enters the public domain otherwise than as a result of: (i) a breach by the Vendor of its obligations
in this clause 13.1 or (ii) a breach by the person who disclosed that Confidential Information of a confidentiality obligation where the Vendor is aware of such breach; 

  

 16 

	 	(3)	if and to the extent that the Vendor discloses Confidential Information to any person: 

  

	 	(a)	in compliance with any requirement of law; 

  

	 	(b)	in response to a requirement of any securities exchange, Regulatory Authority or governmental authority or court having jurisdiction over the Vendor; or 

  

	 	(c)	in order to obtain Tax or other clearances or consents from the Revenue Commissioners or other relevant taxing or any Regulatory Authority, 

 provided that any such information disclosable pursuant to paragraphs (a), (b) or (c) may be disclosed only to the extent specifically required
by law and only after consultation with the Purchaser. 
  

	 	13.1.3.	The restrictions contained in this clause 13.1 will continue to apply after Completion and will apply in relation to the existence and provisions of this Agreement and information
relating to the Purchaser regardless of whether or not Completion occurs. 

  

	13.2.	Costs and Expenses: Each party to this Agreement will pay its own costs. 

  

	13.3.	Severability: All the clauses restrictive of competition in this Agreement are distinct and severable, and if any clause is held unenforceable, illegal or void in whole or in
part by any court, Regulatory Authority or other competent authority, it shall to that extent be deemed not to form part of this Agreement, and the enforceability, legality and validity of the remainder of this Agreement will not be affected.

  

	13.4.	Succession and Assignment: This Agreement will be binding upon and enure for the benefit of the successors of the parties. The benefit of any provision of this Agreement may
be enforced by the beneficial owners for the time being of the Assets, and accordingly the benefit of any provision in this Agreement may be assigned by the Purchaser and its successors in title without the consent of the Vendor.

  

	13.5.	Whole Agreement: This Agreement (together with any document that may be executed pursuant to the terms of clause 3.2) and the Disclosure Letter supersede all prior
representations, arrangements, understandings and agreements between the parties hereto relating to the subject-matter hereof, and sets forth the entire, complete and exclusive agreement and understanding between the parties relating to the
subject-matter hereof. 

  

	13.6.	Survival: The provisions of this Agreement insofar as the same have not been performed at Completion will remain in full force and effect notwithstanding Completion.

  

	13.7.	Remedies Cumulative: The provisions of this Agreement, and the rights and remedies of the parties under this Agreement, are cumulative and are without prejudice and in
addition to any rights or remedies a party may have at law or in equity. No exercise by a party of any one right or remedy under this Agreement, or at law or in equity, shall (save to the extent, if any, provided expressly in this Agreement, or at
law or in equity) operate so as to hinder or prevent the exercise by it of any other such right or remedy. 

  

	13.8.	Waiver: Any liability to the Purchaser under this Agreement may be in whole or in part released, varied, compounded or compromised by the Purchaser in its absolute discretion
as regards the Vendor or other party under such liability without in any way prejudicing or affecting its rights against any other party under the same or a like liability whether joint or several or otherwise. A waiver by the Purchaser of any
breach by any party hereto of any of the terms, provisions or conditions of this Agreement or the acquiescence of the Purchaser in any act (whether commission or omission) which but for such acquiescence would be a breach as aforesaid will not
constitute a general waiver of such term, provision or condition or of any subsequent act contrary thereto. 

  

	13.9.	Further Assurance: At the request of the Purchaser, the Vendor shall (and shall procure that any other necessary parties shall) execute and do all such documents, acts and
things as may reasonably be required subsequent to Completion by the Purchaser for assuring to or vesting in the Purchaser (including its nominee or nominees) the beneficial ownership of the Assets. 

  

 17 

	13.10.	Notices: 

  

	 	13.10.1.	Any notice or other communication to be given or served under this Agreement shall be in writing, addressed to the relevant party and expressed to be a notice or communication under
this Agreement and, without prejudice to the validity of another method of service may be delivered or sent by pre-paid registered post or facsimile addressed as follows: 

  

					
	 The Vendor:
	  	Address:	  	Lincoln House
		  		  	Lincoln Place
		  		  	Dublin 2
			
		  		  	Attention: Company Secretary
			
		  		  	Facsimile no: +353 1 6624949
			
	 The Purchaser: Address:
	  		  	3015 Lake Drive
		  		  	National Digital Park
		  		  	Citywest
		  		  	Dublin 24
			
		  		  	Attention: Michael Donnelly
			
		  		  	Facsimile no:+353 1 4661002

 or to such other address or facsimile number as the addressee may have previously substituted by
notice. 
  

	 	13.10.2.	Any such notice or other communication will be deemed to have been duly served or given: 

  

	 	(1)	in the case of delivery, at the time of delivery; 

  

	 	(2)	in the case of posting 48 hours after posting and proof that the envelope containing the notice or communication was properly addressed, prepaid, registered and posted will be
sufficient evidence that the notice or other communication has been duly served or given); or 

  

	 	(3)	in the case of facsimile, upon transmission, subject to the correct code or facsimile number being received on the transmission report 

 provided however that if a notice is not given or served during usual business hours on a Business Day, it will be deemed to be given or served on the
next following Business Day. 
  

	 	13.10.3.	A party giving or serving a notice or other communication hereunder by facsimile shall also give or serve a copy thereof by post, but without prejudice to the validity and
effectiveness of the service by facsimile. 

  

	13.11.	Document Retention and Access to Documents and Information 

  

	 	13.11.1.	To facilitate the resolution of any claims made by or against or incurred by the Vendor or any of its Affiliates or officers or directors in any legal proceeding or governmental
investigation commenced by or against the Vendor or any of its Affiliates or officers or directors prior to Completion or commenced after Completion but based on events occurring prior to Completion (each a Parent Proceeding), upon reasonable
notice, Purchaser shall at the Vendor’s reasonable cost and expense; 

  

	 	(1)	afford the officers, employees and authorised agents and representatives of the Vendor or any of its Affiliates reasonable access (including the right to make copies at their own
expense), during normal business hours, to the offices, properties, Books and Records and the Know How provided, however, that the employees of the Vendor involved in scientific research and development pursuant to their employment with the Vendor
shall not be afforded the foregoing right of access; 

  

 18 

	 	(2)	to the extent that the Vendor or any of its Affiliates is legally required to produce original documents for inspection in a Parent Proceeding, cooperate with the Vendor or any of
its Affiliates in making such original documents available for inspection by parties to the Parent Proceedings; and 

  

	 	(3)	furnish to the officers, employees and authorised agents and representatives of the Vendor, or any of its Affiliates such additional financial and other information regarding the
Assets as the Vendor or any of its Affiliates may from time to time reasonably request provided, however, that the foregoing shall not unreasonably interfere with the business or operations of the Purchaser and that employees of the Vendor involved
in scientific research and development pursuant to their employment with the Vendor shall not have access to any information furnished by the Purchaser pursuant to this clause 13.11.1(3) without the prior written consent of the Purchaser; and

  

	 	(4)	not prevent any of its employees previously employed by the Vendor who have knowledge relating to the Assets arising from their previous employment by the Vendor whose assistance,
testimony or presence is necessary to assist the Vendor or any of its Affiliates in evaluating any such claims and/or in defending against such claims, including the presence of such persons as witnesses in hearings or trials for such purposes from
so assisting the Vendor or any of its Affiliates; provided, however, that the foregoing shall not unreasonably interfere with the business or operations of the Purchaser and the Vendor shall pay the reasonable costs incurred by the Purchaser in
complying with its obligations under this clause 13.11.1(4). 

  

	 	13.11.2.	The Purchaser agrees to maintain all Know How and Books and Records for a period of six (6) years after the Completion. After such six-year period, before the Purchaser shall
dispose of any Know How and/or Books and Records, it shall provide to the Vendor at least 90 calendar days’ prior written notice to such effect and the Vendor shall be given an opportunity, as its sole cost and expense, to remove and retain all
or any part of the Know How and/or Books and Records as the Vendor may select. 

  

	13.12.	Governing Law: This Agreement and all relationships created hereby will in all respects be governed by and construed in accordance with Irish law. 

 

	13.13.	Jurisdiction: 

 It is irrevocably agreed that
the Irish courts are to have exclusive jurisdiction to settle any disputes which may arise out of or in connection with this Agreement or its performance and accordingly that any suit, action or proceedings so arising may be brought in such courts.

  

 19 

 IN WITNESS whereof this Agreement has been entered into on the date first herein written 
  

					
	SIGNED by Liam Daniel on behalf of	 		 	
	ELAN CORPORATION, plc	 		 	
	in the presence of:	 		 	    /s/ Liam Daniel
		 		 	Signature
			
	 	 		 	    /s/ Peter Thornton
		 		 	Witness Signature
			
	Peter Thornton	 		 	
	Witness Name	 		 	
			
	Lincoln HSE, Lincoln Place, Dublin 2	 		 	
	Witness Address	 		 	
			
	Accountant	 		 	
	Witness Occupation	 		 	
			
	SIGNED by Michael Donnelly on behalf of	 		 	
	ADAPTIV BIOPHARMA LIMITED	 		 	
	in the presence of:	 		 	    /s/ Michael Donnelly
		 		 	Signature
			
	 	 		 	    /s/ Michael Barr
		 		 	Witness Signature
			
	Michael Barr	 		 	
	Witness Name	 		 	
			
	25/28 Northwall Quay Dublin 1	 		 	
	Witness Address	 		 	
			
	Solicitor	 		 	
	Witness Occupation	 		 	

  

 20

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