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Exhibit 10.11  

 
 

AGREEMENT NOT TO COMPETE    
    

        This Agreement Not to Compete (this "Agreement") is made and entered into as of the 10th day of May,
2005, by and between Osmotics Pharma, Inc., a Colorado corporation (the "Buyer"), and  Osmotics Corporation, a Colorado corporation (the "Seller"). This Agreement shall become effective
concurrently with the Effective Time (as such term is defined in the Merger Agreement (as hereinafter defined)). 

EXPLANATORY STATEMENTS  

        WHEREAS Buyer and Seller are parties to a License Agreement (the "License Agreement") and a Technology Transfer
Agreement, each dated as of the 24th day of January, 2005 which agreements, among other things, contemplate the acquisition by Buyer of certain intellectual property assets of Seller (collectively the
"Transfer Agreements"). 

        WHEREAS
Buyer is a party to that certain Agreement and Plan of Merger by and among Buyer, Onsource Corporation and Onsource Acquisition Corp. (the "Merger
Agreement"). 

        WHEREAS
this Agreement is a material inducement to Buyer entering into the Transfer Agreements, and a condition to entering into the Merger Agreement. 

AGREEMENT  

        NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

        1.    Agreement Not to Compete.    During the Noncompetition Period
(as hereinafter defined), Seller shall not in any manner, directly or indirectly, including through entities controlled by Seller or otherwise, any place in the world: 

	(i)
	engage
or participate in the business of researching, developing, creating, manufacturing or selling any product:

	(a)
	incorporating
or utilizing cationic steroid antibiotics or cationic steroid molecules, or

	(b)
	incorporating
or utilizing the Barrier Repair Technology (as defined in the License Agreement) for sale in pharmacies, doctors' offices, hospitals or any other similar dispensing
facility pursuant to a physician's written order for a pharmacological prescription ((a) and (b) collectively called the "Business"), or

	(ii)
	market
any Barrier Repair Technology product in a manner that either:

	(a)
	refers
to or makes any direct comparison to a product of the Buyer, or

	(b)
	unreasonably
interferes with the Business or the rights of Buyer under the Technology Transfer Agreement and License Agreement, or

	(iii)
	otherwise
perform services for third parties which are currently competitive, or may at some time in the future become competitive, with Buyer with respect to the
Business (the "Competitive Services"), exclusive of the licensing agreement by and between the Seller and Skinmedica, Inc. ("Skinmedica") dated
June 20, 2003 which allows for Skinmedica to sell non-prescription products using the Barrier Repair Technology in physician offices and medical spas; or

	(iv)
	Own
or operate any business which presently does engage, or in the future may engage or participate in, Competitive Services or competes or unreasonably interferes with
the Business. 

        Seller
shall be deemed to be engaged in the business or performing Competitive Services if Seller shall engage in such Business or perform such services directly or indirectly, whether
for Seller's own 

 

account
or for that of another person, firm or corporation, or whether as stockholder, principal, partner, member, employee, agent, investor, proprietor, director, officer, employee or consultant, or
in any other capacity. Seller shall retain the right to develop, manufacture, test, market, sell or otherwise commercialize any product using the Barrier Repair Technology that does not directly
compete with the Business or violate the provisions of this Agreement. By way of example, Seller's products may be marketed to treat the effects of aging and dry skin including dry skin caused by
eczema. However, Seller may not market or sell any of its products solely as a treatment for eczema. To illustrate, Seller may market Triceram to treat dry skin caused by a number of listed conditions
of which eczema may be a listed condition. However, neither Triceram, nor any other Seller product, may claim to be a cream only for treating eczema. 

        For
the purposes of this Agreement the "Noncompetition Period" shall mean a period beginning on the Effective Time and ending at such time
as Buyer or its affiliates, successors or permitted assigns are no longer engaged in or planning to engage in the Business. 

        2.    Remedies.    The necessity of protection against the competition
of Seller and the nature and scope of such protection has been carefully considered and agreed upon by the parties hereto. Seller acknowledges that the nature of the Business is highly competitive,
and that Buyer, in entering into the Transaction Agreements, has relied on the fact that Seller will agree to restrict its ability to compete with Buyer or any current or future affiliate thereof in
the conduct of the Business. Seller and Buyer hereby agree and acknowledge that the duration, scope and geographic area applicable to the restrictions set forth in this Agreement are fair, reasonable
and necessary. Seller acknowledges that the consideration provided for herein is sufficient and adequate to compensate Seller for agreeing to the restrictions contained in this Agreement and that such
restrictions will not cause Seller undue hardship. If, however, any court determines that the foregoing restrictions are unreasonable and for that reason unenforceable, such restrictions shall be
modified, rewritten or interpreted to include as much of their nature and scope as will render them enforceable. Seller and Buyer agree that a monetary remedy for a breach of this Agreement will be
inadequate and will be impracticable and extremely difficult to prove, and further agree that such a breach would cause Buyer irreparable harm, and that Buyer shall be entitled to temporary and
permanent injunctive relief without the necessity of proving actual damages. Seller agrees that Buyer shall be entitled to such injunctive relief, including temporary restraining orders, preliminary
injunctions and permanent injunctions, without the necessity of posting bond or other undertaking in connection therewith. Any such requirement of bond or undertaking is hereby waived by Seller, and
Seller acknowledges that in the absence of such a waiver, a bond or undertaking may be required by the court. 

        3.    Consideration.    The consummation of the transactions
contemplated by the Transfer Agreements and the Merger Agreement shall constitute the consideration for Seller's covenants set forth in this Agreement. 

        4.    Notices.    Notices sent by Buyer or Seller hereunder shall be
made in writing in accordance with the Transfer Agreements or as Buyer and Seller may otherwise agree in writing. 

        5.    Governing Law.    This Agreement shall be governed by and
construed in accordance with the laws of the State of Colorado, without regard to principles of conflicts of law. 

        6.    Representation by Counsel.    Each party represents and agrees
with the other that such party has been represented by or had the opportunity to be represented by, independent counsel of such party's own choosing, and that such party has had the full right and
opportunity to consult with such party's respective attorney(s), that to the extent, if any, that it desired, such party availed itself of this right and opportunity, that such party or such party's
authorized officers (as the case may be) have carefully read and fully understand this Agreement in its entirety and have had it fully explained to them by such party's respective counsel, that each
is fully aware of the contents thereof and its meaning, intent and legal effect, and that such party or such party's authorized officer (as the case may 

2

 

be)
is competent to execute this Agreement and has executed this Agreement free from coercion, duress or undue influence. 

        7.    Entire Agreement; Amendments; Waiver.    This Agreement
supersedes all prior agreements between the parties with respect to its subject matter, including the Transfer Agreements, and constitutes a complete and exclusive statement of the terms of the
agreement between the parties with respect to its subject matter. This Agreement may not be amended except by a written agreement executed by an authorized representative of the party to be charged
with the amendment. A waiver of any right under any provisions of this Agreement by either party hereto shall only be valid if such waiver is in writing and signed by the party to be charged. No
waiver of any right under any provisions of this Agreement on any occasion shall be a waiver of any other right or under any other provision or on any other occasion. No extension of time for
performance of any obligation or act shall be deemed an extension of the time for performance of any other obligation or act. 

        8.    Assignment; Beneficiaries.    No party may assign any of its
rights under this Agreement without the prior consent of the other parties, except that Buyer may assign any of its rights under this Agreement to any affiliate, subsidiary or corporate parent of
Buyer, or to any party to the Merger Agreement, or to any acquirer of substantially its assets or as collateral security for any borrowings. Subject to the preceding sentence, this Agreement will
apply to, be binding in all respects upon, and inure to the
benefit of the successors and permitted assigns of the parties. Nothing expressed or referred to in this Agreement is intended to benefit any person other than the parties hereto or to give any such
third person any legal or equitable right, remedy, or claim under or with respect to this Agreement or any provision of this Agreement. This Agreement and all of its provisions and conditions are for
the sole and exclusive benefit of the parties to this Agreement and their successors and assigns. 

        9.    Section Headings; Construction; Counterparts.    The headings of
sections in this Agreement are provided for convenience only and will not affect its construction or interpretation. All words used in this Agreement will be construed to be of such gender or number
as the circumstances require. Unless otherwise expressly provided, the word "including" does not limit the preceding words or terms. This Agreement may be executed in one or more counterparts, each of
which will be deemed to be an original copy hereof and all of which, when taken together, will be deemed to constitute one and the same agreement. 

        10.    No Interpretation Against Drafter.    This Agreement is the
product of negotiations between the parties hereto represented by counsel and any rules of construction relating to interpretation against the drafter of an agreement shall not apply to this Agreement
and are expressly waived. 

        11.    Further Assurances.    If at any time after the Effective Time
any further action is necessary or desirable to carry out the purposes of this Agreement, each of the parties shall use its best efforts to take such further action (including the execution and
delivery of such further instruments and documents) as any other party may reasonably request and to cooperate with such other party in connection with the foregoing. 

        12.    Severability.    In the event that, notwithstanding the
express, carefully considered agreement of Buyer and Seller set forth herein, any provision of this Agreement shall be deemed invalid, unenforceable or illegal, or if the period during which this
Agreement is to remain effective is found to exceed the legally permissible period or the territory with respect to which this Agreement is to be effective is found to exceed the legally permissible
territory, then notwithstanding such invalidity, unenforceability or illegality the remainder of this Agreement shall continue in full force and effect during the maximum period and for the maximum
territory legally permissible. 

3

 

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

	
OSMOTICS CORPORATION	
 	

 
	

By:	
 	

/s/  FRANCINE PORTER          
 Francine Porter, President	
 	

Date: 5/10/2005
	
OSMOTICS PHARMA, INC.	
 	

 
	

By:	
 	

/s/  STEVEN S. PORTER          
 Steven S. Porter, President	
 	

Date: 5/10/2005

4

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AGREEMENT NOT TO COMPETEExhibit
10.12

 

EXCLUSIVE LICENSE AGREEMENT

 

 

between

 

 

THE REGENTS OF THE UNIVERSITY OF
CALIFORNIA

 

 

and

 

 

OSMOTICS CORPORATION

 

 

for

 

 

Lipids for Epidermal Moisturization
and Repair of Barrier Function

 

 

UC Case No. 91-261

 

 

	
   

  	
  U.C. AGREEMENT

  CONTROL NUMBER

  2000-03-0672

  
	
   

  
	
   

  

 

 

TABLE OF CONTENTS

 

	
  Article No.            Title

  	
   

  	
  Page

  
	
  BACKGROUND

  	
   

  	
  1

  
	
  1. DEFINITIONS

  	
   

  	
  2

  
	
  2. LIFE OF PATENT EXCLUSIVE GRANT

  	
   

  	
  4

  
	
  3. SUBLICENSES

  	
   

  	
  5

  
	
  4. PAYMENT TERMS

  	
   

  	
  5

  
	
  5. LICENSE-ISSUE FEE

  	
   

  	
  6

  
	
  6. LICENSE-MAINTENANCE FEE

  	
   

  	
  6

  
	
  7. EARNED ROYALTIES AND MINIMUM ANNUAL
  ROYALTIES

  	
   

  	
  7

  
	
  8. DUE DILIGENCE

  	
   

  	
  8

  
	
  9. PROGRESS AND ROYALTY REPORTS

  	
   

  	
  8

  
	
  10. BOOKS AND RECORDS 

  	
   

  	
  10

  
	
  11. LIFE OF THE AGREEMENT 

  	
   

  	
  10

  
	
  12. TERMINATION BY THE REGENTS

  	
   

  	
  10

  
	
  13. TERMINATION BY LICENSEE

  	
   

  	
  11

  
	
  14. DISPOSITION OF LICENSED PRODUCT ON
  HAND UPON TERMINATION

  	
   

  	
  11

  
	
  15. USE OF NAMES AND TRADEMARKS

  	
   

  	
  11

  
	
  16. LIMITED WARRANTY

  	
   

  	
  12

  
	
  17. PATENT PROSECUTION AND MAINTENANCE

  	
   

  	
  13

  
	
  18. PATENT MARKING

  	
   

  	
  14

  
	
  19. PATENT INFRINGEMENT

  	
   

  	
  14

  
	
  20. INDEMNIFICATION 

  	
   

  	
  16

  
	
  21. NOTICES

  	
   

  	
  17

  
	
  22. ASSIGNABILITY

  	
   

  	
  17

  
	
  23. NO WAIVER

  	
   

  	
  18

  
	
  24. FAILURE TO PERFORM

  	
   

  	
  18

  
	
  25. GOVERNING LAWS

  	
   

  	
  18

  
	
  26. PREFERENCE FOR U.S. INDUSTRY

  	
   

  	
  18

  
	
  27. GOVERNMENT APPROVAL OR REGISTRATION

  	
   

  	
  18

  
	
  28. EXPORT CONTROL LAWS

  	
   

  	
  19

  
	
  29. SECRECY

  	
   

  	
  19

  
	
  30. MISCELLANEOUS

  	
   

  	
  19

  
	
  ATTACHMENT A 

  ATTACHMENT B

  ATTACHMENT C

  	
   

  	
   

  

 

 

UC Case No.         91-261

 

EXCLUSIVE LICENSE AGREEMENT 

for

 

LIPIDS FOR EPIDERMAL MOISTURIZATION 

AND REPAIR OF BARRIER FUNCTION

 

This license agreement (“Agreement”) is
made effective this 28 day of June, 2000 (the “Effective Date”), between The
Regents of the University of California, a California corporation, having its
statewide administrative offices at 1111 Franklin Street, 12th Floor, Oakland,
California 94607-5200 (“The Regents”), and Osmotics Corporation, a Colorado
corporation, having a principal place of business at 1670 Broadway, Suite 800,
Denver, Colorado 80202 (“Licensee”).

 

 

BACKGROUND

 

 

A.            Certain
inventions, generally characterized as “Lipids for Epidermal Moisturization and
Repair of Barrier Function” (collectively the “Invention”), were made in the
course of research by Drs. Peter M. Elias and Kenneth R. Feingold at the
University of California, San Francisco and Dr. Carl R. Thornfeldt at Cellegy
Pharmaceuticals, Inc., and are covered by Regents’ Patent Rights, as defined
below.

 

B.            The
development of the Invention was sponsored, in part, by the Department of
Health and Human Services and, as a consequence, this license is subject to
overriding obligations to the United States (“U.S.”) Government under 35 U.S.C
§§200-212 and applicable governmental regulations including a non-exclusive
paid up license for or on behalf of the U.S. Government throughout the world.

 

C.            Drs.
Elias and Feingold are employees of the Veterans Administration Medical Center
and The Regents. In accordance with the policy of the U.S. Department of
Veterans Affairs (“VA”), Drs. Elias and Feingold reported the Invention (UC
Case No. 1991-261) to the

 

	
   

  	
  U.C. AGREEMENT

  CONTROL NUMBER

  2000-03-0672

  
	
   

  
	
   

  

 

1

 

VA for a determination of rights. The VA has determined that it would
not require assignment to the U.S. Government of the entire right, title and
interest to the Invention and that the inventors, Drs. Elias and Feingold, were
entitled to the entire right, title and interest in the Invention, subject to a
non-exclusive, irrevocable, royalty-free license to the U.S. Government with
the power to grant a license for all governmental purposes (“Attachment A).

 

D.            Drs.
Elias and Feingold have assigned their entire right, title and interest in the Invention
to The Regents.

 

E.             The Regents has been assigned Dr.
Thornfeldt’s interest in the Invention through an Assignment Agreement between
The Regents and Cellegy Pharmaceuticals, Inc., executed on March 8, 2000 (UC
Control No. 2000-30-0531) (“Attachment B”).

 

F.             A
previous exclusive license agreement for the Invention has been terminated in the
Assignment Agreement mentioned above, and The Regents is now free to offer the
full right, title and interest in the Invention to Licensee, subject to The
Regents’ continuing obligation to the U.S. Federal Government as outlined in
Paragraph B of this Background section.

 

G.            Licensee
wishes to obtain rights from The Regents for the exclusive commercial development,
use and sale of Licensed Product from the Invention, and The Regents is willing
to grant those rights so that the Invention may be developed to its fullest and
the benefits enjoyed by the general public.

 

H.            Licensee
is a “small business firm” as defined in 15 U.S.C. § 632.

 

I.              Both
parties recognize and agree that royalties due under this Agreement on Licensed
Product and Licensed Method will be paid by Licensee on both pending patent
applications and issued patents.

 

- - oo 0 oo - -

 

In view of the foregoing, the parties
agree:

 

 

1.  DEFINITIONS

 

1.1  “Affiliate”
means any corporation or other business entity in which Licensee owns or
controls, directly or indirectly, at least fifty percent (50%) of the
outstanding stock or other

 

2

 

voting rights entitled to elect directors or in which Licensee is owned
or controlled directly or indirectly by at least fifty percent (50%) of the
outstanding stock or other voting rights entitled to elect directors; but in
any country where the local law does not permit foreign equity participation of
at least fifty percent (50%), then an “Affiliate” includes any company in which
Licensee owns or controls, or is owned or controlled by, directly or
indirectly, the maximum percentage of outstanding stock or voting rights
permitted by local law.

 

1.2  “Field
of Use” means therapeutic and cosmetic applications in mammals, including humans.

 

1.3  “Licensed
Method” means any method that is covered by Regents’ Patent Rights, or the use
of which would constitute, but for the license granted to Licensee under this
Agreement, an infringement of any pending or issued claim within Regents’
Patent Rights.

 

1.4  “Licensed
Product” means any material that is either covered by Regents’ Patent Rights, that
is produced by the Licensed Method or that the use of which would constitute,
but for the license granted to Licensee under this Agreement, an infringement
of any pending or issued claim within Regents’ Patent Rights.

 

1.5  “Net
Sales” means the total of the gross invoice prices from the Final Sale of
Licensed Product to an independent, unaffiliated third party or Licensed Method
performed by Licensee, an Affiliate or a sublicensee, less the sum of the
following actual and customary deductions where applicable: cash, trade or
quantity discounts; sales, use, tariff, import/export duties or other excise
taxes imposed on particular sales (excepting value added taxes or income
taxes); transportation charges, including insurance; and allowances or credits
to customers because of rejections or returns. Final Sale means the sale which is
the last act of infringement of Regents’ Patent Rights within the control of
Licensee, an Affiliate or sublicensee, regardless of whether Licensee, an
Affiliate or sublicensee had control over prior infringing acts. For purposes
of calculating Net Sales, any distribution or transfer among the Licensee, an
Affiliate or sublicensee for end use by the Licensee, an Affiliate or
sublicensee (which event is the last act of infringement of Regents’ Patent
Rights) will be considered a Final Sale at the price normally charged to
independent, unaffiliated third parties.

 

3

 

1.6  “Regents’ Patent Rights”
means The Regents’ interest in the following subject matter:

 

	
  UC Case Number

  	
   

  	
  U.S. Application Number or

  U.S. Patent Number

  	
   

  	
  Filing or Issue Date

  
	
  91-261-1

  	
   

  	
  07/901,052 (now abandoned)

  	
   

  	
  June 19, 1992

  
	
  91-261-2

  	
   

  	
  07/953,603 (now abandoned)

  	
   

  	
  September 29, 1992

  
	
  91-261-3

  	
   

  	
  5,643,899

  	
   

  	
  July 1, 1997

  

 

including reissues, reexaminations and extensions and any corresponding
foreign applications or patents.

 

2.  LIFE OF PATENT EXCLUSIVE
GRANT

 

2.1  Subject
to the limitations set forth in this Agreement, The Regents grants to Licensee
a world-wide license under Regents’ Patent Rights to make, have made, use,
sell, offer to sell and import Licensed Product and to practice Licensed Method
to the extent permitted by law.

 

2.2  Except
as otherwise provided in this Agreement, the license granted in Paragraph 2.1
is exclusive for the life of the Agreement.

 

2.3  The
license granted in Paragraphs 2.1 and 2.2 is subject to all the applicable provisions
of any license to the U.S. Government executed by The Regents and is subject to
the overriding obligations to the U.S. Government under 35 U.S.C. §§ 200-212
and applicable governmental implementing regulations and the license to the
U.S. Government executed by Drs. Elias and Feingold (“Attachment C”).

 

2.4  The
license granted in Paragraphs 2.1 and 2.2 is limited to methods and products
that are within the Field of Use. For other methods and products, Licensee has
no license under this Agreement.

 

2.5  The
Regents reserves the right to use the Invention and associated technology for clinical,
educational and research purposes including publication of research results and
sharing such research results with other non-profit institutions for their use
of similar scope.

 

4

 

3.  SUBLICENSES

 

3.1  The
Regents also grants to Licensee the right to issue sublicenses to third parties
to make, have made, use, sell, offer to sell and import Licensed Product and to
practice Licensed Method in the Field of Use as long as Licensee has current
exclusive rights thereto under this Agreement. To the extent applicable,
sublicenses must include all of the rights of and obligations due to The
Regents and the U.S. Government contained in this Agreement.

 

3.2  Licensee
shall promptly provide The Regents with a copy of each sublicense issued; collect
and guarantee payment of all payments due The Regents from sublicenses; and summarize
and deliver all reports due The Regents from sublicensees.

 

3.3  Upon
termination of this Agreement for any reason,
The Regents, at its sole discretion, shall determine whether Licensee shall
cancel or assign to The Regents any and all sublicenses.

 

4.  PAYMENT TERMS

 

4.1  Paragraphs
1.3, 1.4 and 1.6 define Licensed Method, Licensed Product and Regents’ Patent
Rights, so that royalties are payable on products and methods covered by both
pending patent applications and issued patents. Royalties will accrue in each
country for the duration of Regents’ Patent Rights in that country and are
payable to The Regents when Licensed Product is invoiced, or if not invoiced,
when delivered to a third party.

 

4.2  Licensee
shall pay to The Regents earned royalties quarterly on or before February 28, May
31, August 31 and November 30 of each calendar year. Each payment will be for
earned royalties accrued within Licensee’s most recently completed calendar
quarter.

 

4.3  All
monies due The Regents are payable in U.S. dollars. Licensee is responsible for
all bank transfer charges. When Licensed Product is sold for monies other than
U.S. dollars, Licensee shall first determine the earned royalty in the currency
of the country in which Licensed Product was sold and then convert the amount
into equivalent U.S. funds, using the exchange rate quoted in The Wall Street Journal on the last
business day of the reporting period.

 

4.4  Royalties
earned on sales occurring in any country outside the U.S. may not be reduced by
any taxes, fees or other charges imposed by the government of such country on
the payment of royalty income. Notwithstanding the foregoing, all payments made
by Licensee in fulfillment

 

5

 

of The Regents’ tax liability in any particular country will be
credited against earned royalties or fees due The Regents for that country.

 

4.5  If,
at any time, legal restrictions prevent the prompt remittance of royalties by
Licensee from any country where a Licensed Product is sold, then Licensee shall
convert the amount owed to The Regents into U.S. funds and shall pay The
Regents directly from its U.S. source of funds for as long as the legal
restrictions apply.

 

4.6  If
any patent or patent claim within Regents’ Patent Rights is held invalid in a
final decision by a court of competent jurisdiction and last resort and from
which no appeal has or can be taken, then all obligation to pay royalties based
on that patent or claim or any claim patentably indistinct therefrom will cease
as of the date of final decision. Licensee will not, however, be relieved from
paying any royalties that accrued before the final decision or that are based
on another patent or claim not involved in the final decision or that are based
on The Regents’ property rights.

 

4.7  No
royalties may be collected or paid on Licensed Product sold to the account of
the U.S. Government, or any agency thereof, as provided for in the License to
the Government.

 

4.8  In
the event payments, rebillings or fees are not received by The Regents when
due, Licensee shall pay to The Regents interest charges at a rate of ten
percent (10%) per annum. Interest is calculated from the date payment was due
until actually received by The Regents.

 

5.  LICENSE-ISSUE FEE

 

Licensee shall pay to The Regents a
license-issue fee of fifty thousand dollars ($50,000) within sixty (60) days
after the Effective Date. This fee is non-refundable, non-cancelable and is not
an advance against royalties.

 

6.  LICENSE MAINTENANCE FEE

 

Licensee shall also pay to The Regents a
license maintenance fee of twenty-five thousand dollars ($25,000) beginning on
the one-year anniversary of the Effective Date and continuing annually on each
anniversary of the Effective Date. The license maintenance fee is not due on
any anniversary of the Effective Date if, on that date, Licensee is
commercially selling Licensed

 

6

 

Product and paying an earned royalty to The Regents on the sales of
that Licensed Product. License maintenance fees are non-refundable and not an
advance against earned royalties.

 

7. EARNED ROYALTIES AND MINIMUM ANNUAL ROYALTIES

 

7.1  Licensee
shall also pay to The Regents an earned royalty of five percent (5%) of the Net
Sales of Licensed Product or Licensed Method, except as provided for in
Paragraph 7.4.

 

7.2  Licensee
shall pay to The Regents a minimum annual royalty of thirty-seven thousand five
hundred dollars ($37,500) for the first year of commercial sale and fifty
thousand dollars ($50,000) per year thereafter for the life of Regents’ Patent
Rights, beginning with the year of the first commercial sale of Licensed
Product, but no later than April 30, 2002. For the first year of commercial
sale, Licensee’s obligation to pay the minimum annual royalty will be pro-rated
for the number of months remaining in that calendar year when commercial sales
commence and will be due the following February 28, to allow for crediting of
the pro-rated year’s earned royalties. For subsequent years, the minimum annual
royalty will be paid to The Regents by February 28 of each year and will be
credited against the earned royalty due for the calendar year in which the
minimum payment was made.

 

7.3  In
addition to royalties, Licensee hereby agrees to pay The Regents fifteen
percent (15%) of any non-royalty income received by Licensee from the
sublicensing of any of Regents’ Patent Rights (“Attributed Income”). Attributed
Income shall not include research and development (charged at cost), debt,
earned royalties or reimbursement for patent costs or other expenses.

 

7.4  
In the event Licensee enters into a business arrangement with a third
party for the development of Licensed Product and the earned royalty paid by
the third party to Licensee is five percent (5%) or less, then Licensee shall
pay to The Regents an earned royalty of two and one half percent (2.5%).
However, in the event that the earned royalty paid by the third party to
Licensee is five percent (5%) or greater, then Licensee shall pay to The
Regents one-half (50%) of that earned royalty.

 

7

 

8.  DUE DILIGENCE

 

8.1  Licensee, upon execution of this Agreement,
shall diligently proceed with the development, manufacture and sale of Licensed
Product and shall earnestly and diligently endeavor to market the same within a
reasonable time after execution of this Agreement and in quantities sufficient
to meet market demands.

 

8.2
 Licensee shall endeavor to obtain all
necessary governmental approvals for the manufacture, use and sale of Licensed
Product.

 

8.3  Licensee shall:

 

8.3.1  market Licensed Product for cosmetic use by
April 30, 2001;

 

8.3.2  reasonably fill the market demand for
Licensed Product following commencement of marketing at any time during the
exclusive period of this Agreement; and

 

8.3.3  market a Licensed Product for non-human,
mammalian therapeutic use by April 30, 2003; and

 

8.3.4  market a Licensed Product for human
therapeutic use by April 30, 2004.

 

8.4  If Licensee is unable to perform any of the
above provisions, then The Regents has the right and option to either terminate
this Agreement or reduce Licensee’s exclusive license to a nonexclusive
license. This right, if exercised by The Regents, supersedes the rights granted
in Article 2 (Life of Patent Exclusive Grant).

 

8.5  In addition to the obligations set forth
above, Licensee shall spend an aggregate of not less than one hundred thousand
dollars ($100,000) for the marketing and development of Licensed Product for
cosmetic use during the first two (2) years of this Agreement; however, development
costs shall not be less than fifty thousand dollars ($50,000). Marketing and development
costs for each subsequent Licensed Product shall not be less than one hundred thousand
dollars ($100,000), of which development costs shall not be less than fifty
thousand dollars ($50,000).

 

9.  PROGRESS AND ROYALTY REPORTS

 

9.1  Beginning February 28, 2001, and
semi-annually thereafter, Licensee shall submit to The Regents a written
progress report covering Licensee’s (and any Affiliate’s or sublicensee’s)
activities related to the development and testing of all Licensed Product and
the obtaining of the

 

8

 

governmental
approvals necessary for marketing. Progress reports are required for each
Licensed Product until the first commercial sale of that Licensed Product
occurs in the U.S. and shall be again required if commercial sales of such
Licensed Product are suspended or discontinued.

 

9.2  Progress reports submitted under Paragraph
9.1 shall include, but are not limited to, the following topics:

 

-                       summary of
work completed

-                       key
scientific discoveries

-                       summary of
work in progress

-                       current
schedule of anticipated events or milestones

-                       market
plans for introduction of Licensed Product and

-                       a summary
of resources (dollar value) spent in the reporting period.

 

9.3  Licensee has a continuing responsibility to
keep The Regents informed of the large or small business entity status (as
defined by the U.S. Patent and Trademark Office) of itself and its sublicensees
and Affiliates.

 

9.4  Licensee shall report to The Regents in its
immediately subsequent progress and royalty report the date of first commercial
sale of a Licensed Product in each country.

 

9.5  After the first commercial sale of a Licensed
Product anywhere in the world, Licensee shall make quarterly royalty reports to
The Regents on or before each February 28, May 31, August 31 and November 30 of
each year. Each royalty report will cover Licensee’s most recently completed
calendar quarter and will show:

 

9.5.1  the gross sales and Net Sales of Licensed
Product sold during the most recently completed calendar quarter;

 

9.5.2  the number of each type of Licensed Product
sold;

 

9.5.3  the royalties, in U.S. dollars, payable with
respect to sales of Licensed Product;

 

9.5.4  the method used to calculate the royalty; and

 

9.5.5  the exchange rates used.

 

9.6  If no sales of Licensed Product have been
made during any reporting period, then a statement to this effect is required.

 

9

 

10.  BOOKS AND RECORDS

 

10.1  Licensee shall keep accurate books and
records showing all Licensed Product manufactured, used and/or sold under the
terms of this Agreement. Books and records must be preserved for at least five
(5) years from the date of the royalty payment to which they pertain.

 

10.2  Books and records must be open to inspection
by representatives or agents of The Regents at reasonable times. The Regents
shall bear the fees and expenses of examination. If an error in royalties of
more than five percent (5%) of the total royalties due for any year is discovered
in any examination, then Licensee shall bear the fees and expenses of that examination.

 

11.  LIFE OF THE AGREEMENT

 

11.1  Unless otherwise terminated by operation of
law or by acts of the parties in accordance with the terms of this Agreement,
this Agreement will be in force from the Effective Date until the date of
expiration of the last-to-expire patent licensed under this Agreement; or until
the last patent application licensed under this Agreement is abandoned and no
patent in Regents’ Patent Rights ever issues.

 

11.2  Any
termination of this Agreement will not affect the rights and obligations set
forth in the following Articles:

 

Article
10            Books and Records

Article
14            Disposition of Licensed
Product on Hand Upon Termination

Article
15            Use of Names and Trademarks

Article
20            Indemnification

Article
24            Failure to Perform

Article
29            Secrecy

 

12.  TERMINATION BY THE REGENTS

 

If
Licensee fails to perform or violates any term of this Agreement, then The Regents
may give written notice of default (“Notice of Default”) to Licensee. If
Licensee fails to repair the default within sixty (60) days of the effective
date of Notice of Default, then The Regents may terminate this Agreement and
its licenses by a second written notice (“Notice of Termination”). If a Notice
of Termination is sent to Licensee, then this Agreement will automatically
terminate on the effective date of that notice. Such termination will not
relieve Licensee of its obligation to

 

10

 

pay any fees owing at the
time of termination and will not impair any accrued right of The Regents. These
notices are subject to Article 21 (Notices).

 

13.  TERMINATION BY LICENSEE

 

13.1  Licensee has the right at any time to
terminate this Agreement in whole or as to any portion of Regents’ Patent
Rights by giving notice in writing to The Regents. Such notice of termination
will be subject to Article 21 (Notices) and termination of this Agreement will
be effective sixty (60) days from the effective date of such notice.

 

13.2  Any termination under the above Paragraph 13.1
does not relieve Licensee of any obligation or liability accrued under this
Agreement prior to termination or rescind any payment made to The Regents or
anything done by Licensee prior to the time termination becomes effective.
Termination does not affect in any manner any rights of The Regents arising
under this Agreement prior to termination.

 

14.  DISPOSITION OF LICENSED PRODUCT ON HAND UPON
TERMINATION

 

Upon
termination of this Agreement, Licensee is entitled to dispose of all
previously made or partially made Licensed Product, but no more, within a
period of one hundred and twenty (120) days provided that the sale of Licensed
Product is subject to the terms of this Agreement, including, but not limited
to, the rendering of reports and payment of royalties required under this
Agreement.

 

15.  USE OF NAMES AND TRADEMARKS

 

15.1  Nothing contained in this Agreement confers
any right to use in advertising, publicity or other promotional activities any
name, trade name, trademark or other designation of either party hereto
(including contraction, abbreviation or simulation of any of the foregoing).
Unless required by law, the use by Licensee of the name “The Regents of the
University of California” or the name of any campus of the University of
California is prohibited.

 

15.2  The Regents is free to release to the
inventors and senior administrators employed by The Regents the terms and
conditions of this Agreement. If such release is made, then The Regents shall
give notice of the confidential nature and shall request that the recipient
does not

 

11

 

disclose such terms and
conditions to others. If a third party inquires whether a license to Regents’
Patent Rights is available, then The Regents may disclose the existence of this
Agreement and the extent of the grant in Article 2 (Life of Patent Exclusive
Grant) to such third party, but will not disclose the name of Licensee or any
other terms or conditions of this Agreement, except where The Regents is required
to release information under either the California Public Records Act, a
governmental audit requirement or other applicable law.

 

16.  LIMITED WARRANTY

 

16.1  The Regents warrants to Licensee that it has
the lawful right to grant this license.

 

16.2
 This license and the associated
Invention are provided WITHOUT WARRANTY OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE OR ANY OTHER WARRANTY, EXPRESS OR IMPLIED. THE REGENTS MAKES
NO REPRESENTATION OR WARRANTY THAT LICENSED PRODUCT OR LICENSED METHOD WILL NOT
INFRINGE ANY PATENT OR OTHER PROPRIETARY RIGHT.

 

16.3  IN NO EVENT MAY THE REGENTS BE LIABLE FOR ANY
INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES RESULTING FROM EXERCISE OF THIS
LICENSE OR THE USE OF THE INVENTION OR LICENSED PRODUCT.

 

16.4
 This Agreement does not:

 

16.4.1  express or imply a warranty or representation
as to the validity or scope of any of Regents’ Patent Rights;

 

16.4.2
 express or imply a warranty or
representation that anything made, used, sold, offered for sale or imported or
otherwise disposed of under any license granted in this Agreement is or will be
free from infringement of patents of third parties;

 

16.4.3  obligate The Regents to bring or prosecute
actions or suits against third parties for patent infringement except as
provided in Article 19 (Patent Infringement);

 

16.4.4  confer by implication, estoppel or otherwise
any license or rights under any patents of The Regents other than Regents’
Patent Rights as defined in this Agreement, regardless of whether those patents
are dominant or subordinate to Regents’ Patent Rights; or

 

16.4.5  obligate The Regents to furnish any know-how
not provided in Regents’ Patent Rights.

 

12

 

17.  PATENT
PROSECUTION AND MAINTENANCE

 

17.1 
As long as Licensee has paid patent costs as provided for in this Article 17,
The Regents shall diligently endeavor to prosecute and maintain the U.S. and
foreign patents comprising Regents’ Patent Rights using counsel of its choice,
and The Regents shall provide Licensee with copies of all relevant
documentation so that Licensee may be informed of the continuing prosecution,
and Licensee agrees to keep this documentation confidential. The Regents’
counsel will take instructions only from The Regents, and all patents and
patent applications under this Agreement will be assigned solely to The
Regents.

 

17.2  The Regents shall use
reasonable efforts to amend any patent application to include claims reasonably
requested by Licensee to protect the products contemplated to be sold under
this Agreement.

 

17.3  Licensee shall apply for an extension of the term of
any patent included within Regents’ Patent Rights if appropriate under the Drug
Price Competition and Patent Term Restoration Act of 1984 and/or European,
Japanese and other foreign counterparts of this Law.  Licensee shall prepare all documents and The
Regents agrees to execute the documents and to take additional action as
Licensee reasonably requests in connection therewith.

 

17.4  If either party (in the
case of The Regents, the Licensing Associate responsible for administration of
this Agreement) receives notice pertaining to infringement or potential
infringement of any issued patent included within Regents’ Patent Rights under
the Drug Price Competition and Patent Term Restoration Act of 1984 (and/or
foreign counterparts of this Law), then that party shall notify the other party
within ten (10) days after receipt of notice of infringement.

 

17.5  Licensee shall bear the
costs of preparing, filing, prosecuting and maintaining all U.S. and foreign patent
applications contemplated by this Agreement. Costs billed by The Regents’
counsel will be rebilled to Licensee and are due within thirty (30) days of
rebilling by The Regents. These costs include patent prosecution costs for the
Invention incurred by The Regents prior to the execution of this Agreement not
paid by The Regents’ previous licensee, and
any patent prosecution costs that may be incurred for patentability
opinions, re-examination, re-issue,

 

13

 

interferences or inventorship determinations. Prosecution costs billed
before the full execution of this Agreement will be due within thirty (30) days
of the execution of this Agreement.

 

17.6  Licensee may request The
Regents to obtain patent protection on the Invention in foreign countries if
available and if it so desires. Licensee shall notify The Regents of its
decision to obtain or maintain foreign patents not less than sixty (60) days
prior to the deadline for any payment, filing or action to be taken in
connection therewith. This notice concerning foreign filing must be in writing,
must identify the countries desired and must reaffirm Licensee’s obligation to
underwrite the costs thereof. The absence of such a notice from Licensee to The
Regents will be considered an election not to obtain or maintain foreign
rights.

 

17.7  Licensee’s obligation to underwrite and to pay patent
prosecution costs will continue for so long as this Agreement remains in
effect, but Licensee may terminate its obligations with respect to any given
patent application or patent upon three (3) months’ written notice to The
Regents. The Regents will use its best efforts to curtail patent costs when a
notice of termination is received from Licensee. The Regents may prosecute and
maintain such application(s) or patent(s) at its sole discretion and expense,
but Licensee will have no further right or licenses thereunder. Non-payment of
patent costs may be deemed by The Regents as an election by Licensee not to
maintain application(s) or patent(s).

 

17.8  The Regents may file, prosecute
or maintain patent applications at its own expense in any country in which
Licensee has not elected to file, prosecute or maintain patent applications in
accordance with this Article 17 and those applications and resultant
patents will not be subject to this Agreement.

 

18.  PATENT
MARKING

 

Licensee shall mark all Licensed Product made, used or sold under the
terms of this Agreement, or their containers, in accordance with the applicable
patent marking laws.

 

19.  PATENT
INFRINGEMENT

 

19.1  If Licensee learns of the
substantial infringement of any patent licensed under this Agreement, then
Licensee shall call The Regents’ attention thereto in writing and provide The
Regents with reasonable evidence of infringement. Neither party will notify a
third party of the

 

14

 

infringement
of any of Regents’ Patent Rights without first obtaining consent of the other
party, which consent will not be unreasonably denied. Both parties shall use
their best efforts in cooperation with each other to terminate infringement
without litigation.

 

19.2  Licensee may request that The Regents take legal action
against the infringement of Regents’ Patent Rights. Such request must be in
writing and must include reasonable evidence of infringement and damages to
Licensee. If the infringing activity has not abated within ninety(90) days
following the effective date of request, then The Regents has the right to:

 

19.2.1  commence suit on its own account;
or

 

19.2.2  refuse to participate in the suit, and

 

19.2.3  The Regents shall give notice of its election in
writing to Licensee by the end of the one-hundredth (100th) day after receiving
notice of written request from Licensee. Licensee may thereafter bring suit for
patent infringement at its own expense, if and only if The Regent elects not to
commence suit and if the infringement occurred during the period and in a
jurisdiction where Licensee had exclusive rights under this Agreement. If,
however, Licensee elects to bring suit in accordance with this Paragraph 19.2,
then The Regents may thereafter join that suit at its own expense. Licensee
agrees not to bring suit for patent infringement without following the
procedures of this Paragraph 19.2, and both parties agree to be bound by the
outcome of a suit for patent infringement through the pendency of such a suit
under this Paragraph 19.2.

 

19.3  Legal action, as is decided on, will be at the expense
of the party bringing suit and all damages recovered thereby will belong to the
party bringing suit, but legal action brought jointly by The Regents and
Licensee and fully participated in by both will be at the joint expense of the
parties and all recoveries will be shared jointly by them in proportion to the
share of expense paid by each party.

 

19.4  Each party shall cooperate with the other in litigation
proceedings instituted hereunder, but at the expense of the party bringing
suit. Litigation will be controlled by the party bringing the suit, except that
The Regents may be represented by counsel of its choice in any suit brought by
Licensee at The Regents expense.

 

15

 

20.  INDEMNIFICATION

 

20.1  Licensee shall indemnify, hold harmless and defend The
Regents, its officers, employees and agents, the sponsors of the research that
led to the Invention and the inventors of the patents and patent applications
in Regents’ Patent Rights and their employers against any and all claims,
suits, losses, liabilities, damages, costs, fees and expenses resulting from or
arising out of exercise of this license or any sublicense. This indemnification
includes, but is not limited to, any product liability.

 

20.2  Licensee, at its sole cost and expense, shall insure
its activities in connection with the work under this Agreement and obtain,
keep in force and maintain insurance as follows or an equivalent program of
self-insurance.

 

20.3  Comprehensive or commercial form general liability
insurance (contractual liability included) with limits as follows:

 

-                                           Each Occurrence $1,000,000

-                                           Products/Completed Operations Aggregate
$5,000,000

-                                           Personal and Advertising Injury $1,000,000

-                                           General Aggregate (commercial form only)
$5,000,000

 

The
coverage and limits referred to under the above do not in any way limit the
liability of Licensee. Licensee shall furnish The Regents with certificates of
insurance showing compliance with all requirements. Certificates must:

 

-                                           Provide for thirty (30) days’ advance
written notice to The Regents of any modification.

-                                           Indicate that The Regents has been endorsed
as an additional Insured under the coverage referred to under the above.

-                                           Include a provision that the coverage will
be primary and will not participate with nor will be excess over any valid and
collectable insurance or program of self-insurance carried or maintained by The
Regents.

 

20.4  The Regents shall notify Licensee in writing of any
claim or suit brought against The Regents in respect of which The Regents
intends to invoke the provisions of this Article 20 (Indemnification).
Licensee shall keep The Regents informed on a current basis of its defense of
any claims under this Article 20 (Indemnification).

 

16

 

21.  NOTICES

 

21.1  Any notice or
payment required to be given to either party shall be deemed to have been
properly given and to be effective:

 

21.1.1  on the date of delivery if delivered in person to the
respective addresses given below or to another address as designated in writing
by the party changing its prior address;

 

21.1.2  on the date of mailing if mailed by first-class
certified mail, postage paid to the respective addresses given below or to
another address as designated in writing by the party changing its prior
address; or

 

21.1.3  on the date of mailing if mailed by any global
express carrier service that requires the recipient to sign the documents
demonstrating the delivery of such notice of payment, to the respective
addresses given below or to another address as designated in writing by the
party changing its prior address.

 

	
  In the case of Licensee:

  	
   

  	
  Osmotics Corporation

  
	
   

  	
   

  	
  1670 Broadway, Suite 800

  
	
   

  	
   

  	
  Denver, CO 80202

  
	
   

  	
   

  	
  Attention:

  	
  Carl Genberg

  
	
   

  	
   

  	
   

  	
  Vice President, Business Development

  
	
   

  	
   

  	
   

  
	
  In the case of The Regents:

  	
   

  	
  The Regents of the University of California

  
	
   

  	
   

  	
  Office of Technology Transfer

  
	
   

  	
   

  	
  1111 Franklin Street, 5th Floor

  
	
   

  	
   

  	
  Oakland, CA 94607-5200

  
	
   

  	
   

  	
  Attention:

  	
  Executive Director

  
	
   

  	
   

  	
   

  	
  Research Administration and

  
	
   

  	
   

  	
   

  	
  Technology Transfer

  
	
   

  	
   

  	
  RE:

  	
  UC Case No. 91-261

  
					

 

22.  ASSIGNABILITY

 

This Agreement may be assigned by The Regents, but is personal to
Licensee and assignable by Licensee only with the written consent of The
Regents, which consent will not be unreasonably withheld.

 

17

 

23.  NO
WAIVER

 

No waiver by either party of any default of this Agreement may be
deemed a waiver of any subsequent or similar default. A suspension of duty
under this Agreement due to force majeure shall not be for a period longer than
one year.

 

24.  FAILURE
TO PERFORM

 

If either party finds it necessary to undertake legal action against
the other on account of failure of performance due under this Agreement, then
the prevailing party is entitled to reasonable attorney’s fees in addition to
costs and necessary disbursements.

 

25.  GOVERNING
LAWS

 

THIS AGREEMENT WILL BE INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF CALIFORNIA WITHOUT REGARD TO WHICH PARTY DRAFTED
PARTICULAR PROVISIONS OF THIS AGREEMENT, but the scope and validity of any
patent or patent application will be governed by the applicable laws of the
country of the patent or patent application. Disputes between the parties
regarding this Agreement will utilize only courts within California for
disputes that go to court.

 

26.  PREFERENCE
FOR U.S. INDUSTRY

 

Because this Agreement grants the exclusive right to use or sell the
Invention in the U.S., Licensee agrees that any products sold in the U.S.
embodying this Invention or produced through the use  thereof will be manufactured substantially
in the U.S.

 

27.  GOVERNMENT APPROVAL OR REGISTRATION

 

Licensee shall notify The Regents if it becomes aware that this
Agreement is subject to any U.S. or foreign government reporting or approval
requirement. Licensee shall make all necessary filings and pay all costs
including fees, penalties and all other out-of-pocket costs associated with
such reporting or approval process.

 

18

 

28.  EXPORT
CONTROL LAWS

 

Licensee shall observe all applicable U.S. and foreign laws with
respect to the transfer of Licensed Product and related technical data to
foreign countries, including, without limitation, the International Traffic in
Arms Regulations (ITAR) and the Export Administration Regulations.

 

29.  SECRECY

 

29.1  With regard to confidential
information (“Data”), which can be oral or written or both, received from The
Regents regarding this Invention, Licensee agrees:

 

29.1.1  not to use Data except
for the sole purpose of performing under the terms of this Agreement;

 

29.1.2 to safeguard Data against disclosure to others with the same
degree of care as it exercises with its own data of a similar nature;

 

29.1.3  not to disclose Data to
others (except to its employees, agents, consultants who are bound to Licensee
by a like obligation of confidentiality) without the express written permission
of The Regents, except that Licensee is not prevented from using or disclosing
any Data that:

 

29.1.3.1         Licensee can demonstrate by written records
was previously known to it;

29.1.3.2         is now or becomes in the future, public
knowledge other than through acts or omissions of Licensee; or

29.1.3.3         is lawfully obtained by Licensee from
sources independent of the The Regents; and

 

29.1.4  that the secrecy obligations of Licensee with respect
to Data will continue for a period ending five (5) years from the
termination date of this Agreement.

 

3.0.  MISCELLANEOUS

 

30.1  The headings of the several
sections are inserted for convenience of reference only and are not intended to
be a part of or to affect the meaning or interpretation of this Agreement.

 

30.2  This Agreement is not
binding on the parties until it has been signed below on behalf of each party.
It Is then effective as of the Effective Date.

 

19

 

30.3  No amendment or modification of this Agreement is valid
or binding on the parties unless made in writing and signed on behalf of each
party.

 

30.4  This Agreement embodies the entire understanding of the
parties and supersedes all previous communications, representations or
understandings, either oral or written, between the parties relating to the
subject matter hereof.

 

30.5  In case any of the provisions contained in this
Agreement is held to be invalid, illegal or unenforceable in any respect, that
invalidity, illegality or unenforceability will not affect any other provisions
of this Agreement and this Agreement will be construed as if the invalid,
illegal or unenforceable provisions had never been contained in it.

 

30.6  None of the provisions of this Agreement is intended to
create any form of joint venture between the parties, rights in third parties
or rights that are enforceable by any third party.

 

30.7  This Agreement includes Attachments A-C.

 

 

IN WITNESS WHEREOF, both The Regents and Licensee have executed this
Agreement, in duplicate originals, by their respective and duly authorized
officers on the day and year written.

 

 

	
  OSMOTICS
  CORPORATION

  	
  THE
  REGENTS OF THE UNIVERSITY

  OF CALIFORNIA

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Carl Genberg

  	
   

  	
  By:

  	
  /s/ Alan B. Bennett

  	
   

  
	
   

  	
  (Signature)

  	
   

  	
   

  	
  (Signature)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
  CARL GENBERG

  	
   

  	
  Name: Alan B. Bennett

  	
   

  
	
   

  	
  (Please Print)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  VP BUS. DEVELOPMENT

  	
   

  	
  Title:

  	
  Executive Director

  
	
   

  	
   

  	
  Research Administration and

  Technology Transfer

  
	
   

  	
   

  
	
  Date:

  	
  27 June 2000

  	
   

  	
  Date:

  	
  June 13, 2000

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Approved as to legal form:

  	
  /s/ Edwin H. Baker

  	
   

  	
  June 13, 2000

  
	
   

  	
   

  	
  Edwin H. Baker

  	
  Date

  
	
   

  	
   

  	
  University Counsel

  
	
   

  	
   

  	
  Office of General
  Counsel

  
																	

 

20

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