Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of October 1, 2012, by CTC Media, Inc., a Delaware corporation (the “Company”), and Nikolai Surikov (the “Executive”).

 

WHEREAS, the Company desires to employ the Executive, and the Executive desires to be employed by the Company;

 

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

 

1.             Term of Employment.  The Company hereby agrees to employ the Executive, and the Executive hereby accepts employment with the Company, upon the terms set forth in this Agreement, effective as of October 1, 2012 (the “Commencement Date”).  The Executive’s employment shall continue until it is terminated in accordance with the provisions of Section 5 (Employment Termination).

 

2.             Title; Capacity.

 

(a)           The Executive shall serve as Chief Financial Officer of the Company.  His job duties shall include managing the finance function of the Company and each of its subsidiaries (together, the “Group”), including, without limitation, the preparation of management accounts, U.S. GAAP financial statements and tax filings, and the Company’s periodic reports with the U.S. Securities and Exchange Commission; reporting to the Company’s audit committee; working with the Company’s external auditors to ensure the delivery of timely audit reports; supervising and assessing the Company’s internal control procedures; supervising financial due diligence reviews of proposed acquisition targets, and managing investor relations.  The Executive agrees to perform such other duties and responsibilities as the Company’s Chief Executive Officer or his designee shall from time to time reasonably assign to him.

 

(b)           The Executive shall be based at the group’s headquarters in Moscow, Russia or such other location as the Company and the Executive shall mutually agree.

 

(c)           The Executive shall be subject to the supervision of, and shall have such authority as is delegated to him by, the Company’s Chief Executive Officer or his designee, or the Company’s Board of Directors (the “Board”).

 

(d)           The Executive agrees to devote his entire business time, attention and energies to the business and interests of the Company during his employment with the Company and shall not engage in any other business activities without the prior written approval of the Chief Executive Officer.  The Executive agrees to abide by the rules, regulations, instructions, personnel practices and policies of the Company and any changes therein that may be adopted from time to time by the Company.

 

 

3.             Compensation and Benefits.

 

(a)           Base Salary.  The Company shall pay the Executive, in regular installments in accordance with the Company’s standard payroll practices, an annual base salary of USD $350,000 (the “Base Salary”), less all applicable Russian taxes and withholdings, to be converted to and paid in Russian rubles at the exchange rate in effect on October 1, 2012.  From January 1, 2014, such salary may be adjusted from time to time in accordance with normal business practice and upon mutual agreement of the parties.

 

(b)           Discretionary Bonus.

 

(i)            Beginning with 2013, the Executive shall be eligible for an annual discretionary target award of up to 60% of the Base Salary, less all applicable Russian taxes and withholdings, subject to the reasonable discretion of the Board or a committee thereof (which may include the Board or a committee thereof setting performance targets the achievement thereof being the criteria for determining whether the Executive shall be entitled to such award).  Whether such performance targets, if any, have been achieved will be decided by the Board or a committee thereof in its reasonable discretion.  In any event, the Executive must be an active employee of the Company on the date the bonus for any fiscal year is distributed in order to be eligible for a bonus award.

 

(ii)           For the year ending December 31, 2012, the Executive shall be eligible for a discretionary target award of up to 100% of the Base Salary for 2012, pro-rata from October 1, 2012, less all applicable Russian taxes and withholdings, subject to achievement of performance targets to be set by the Chief Executive Officer, the Board or a committee thereof.

 

(c)           Fringe Benefits.   The Executive shall be entitled to participate in all benefit programs that the Company establishes and makes available to its employees, if any, to the extent that Executive’s position, tenure, salary, age, health and other qualifications make him eligible to participate.

 

(d)           Reimbursement of Expenses.  The Company shall reimburse the Executive for all reasonable travel, entertainment and other expenses incurred or paid by the Executive in connection with, or related to, the performance of his duties, responsibilities or services under this Agreement, in accordance with policies and procedures, and subject to limitations, adopted by the Company from time to time.

 

(e)           Vacation. The Executive shall be eligible to accrue a maximum of 20 business days of paid vacation per calendar year, subject to proration to the Commencement Date, to be taken at such times as may be approved by and in the sole discretion of the Company.  Such vacation days shall accrue at the rate of 1.667 days per month.

 

(f)            Insurance.  The Company shall provide the Executive with medical insurance, at the Company’s sole cost (other than any income tax liability of the

 

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Executive with respect to such benefit), with a reputable international insurance provider.  Such coverage shall be governed by the terms of the insurance policy and the Company will use its best efforts to cause such coverage to take effect promptly following the Commencement Date.

 

(g)           Equity Incentive Award.  The Company intends, by no later than December 31, 2012, to grant to the Executive an equity award (the “Equity Award”), in such amount and upon such terms and conditions as may be agreed between the Executive and the Compensation Committee of the Board, pursuant to a long-term incentive plan to be adopted by the Board.  The parties agree that the vesting of such Equity Award shall be deemed to have commenced as of the Commencement Date.

 

(h)           Transportation.  The Company shall provide the Executive with the exclusive use of a luxury class sedan car (which shall remain the property of the Company) and a driver during the term of the Executive’s employment with the Company.  The Company shall be responsible for insurance, maintenance and fuel expenses related to the car.

 

(i)            Personal assistant.  The Company shall provide the Executive with a personal assistant who shall work exclusively for the Executive.  Such personal assistant shall be fluent in English.

 

(j)            Mobile phone.  The Company shall provide the Executive with a mobile phone and shall pay the line rental and service fees and the cost of any business-related calls.

 

(k)           Equipment.  The Company shall consider on a case-by-case basis the Executive’s reasonable requests for home office equipment (such as a laptop computer, printer and/or fax machine) and, to the extent the Company believes the Executive’s service to the Company requires the use of such items, it shall provide them to the Executive (but, at all times, such items shall remain the property of the Company).

 

(l)            Indemnification Agreement.  The Company shall enter into an officer indemnification agreement with the Executive in the Company’s standard form (the “Indemnification Agreement”).

 

4.             Taxes.  The Executive shall be responsible for all of his own individual federal and/or local taxes payable in Russia or any other jurisdiction in which he is subject to tax and he shall pay such taxes directly or, to the extent required by Russian law, the Company shall withhold such taxes from payments it is required to make to the Executive hereunder.

 

5.             Employment Termination.  The employment of the Executive by the Company pursuant to this Agreement shall terminate upon the occurrence of any of the following:

 

(a)           At the election of the Company, for Cause, immediately upon written notice by the Company to the Executive.  For the purposes of this Agreement, “Cause” for termination shall be deemed to exist upon: (i) a good faith finding by the Company that (A) the Executive has failed to adequately perform his assigned duties for the

 

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Company in a manner that materially and adversely affects the Company, after written notice of such failure of such duties and a reasonable opportunity to correct such failure, or (B) the Executive has engaged in dishonesty, gross negligence or intentional misconduct that materially and adversely affects the Company; (ii) the Executive’s conviction of, or the entry of a pleading of guilty or nolo contendere by the Executive, to any crime involving moral turpitude or any felony; (iii) the Executive’s material breach of Section 7 (Non-Competition and Non-Solicitation) or Section 8 (Proprietary Information) hereof; or (iv) the Executive’s intentional violation of Company policy in a manner that materially and adversely affects the Company, after written notice of such violation and a reasonable opportunity to correct such failure.

 

(b)           At the election of the Company, without Cause, upon not less than six months’ prior written notice of termination.

 

(c)           At the election of the Executive, otherwise than for Good Reason (as defined below), upon not less than six months’ prior written notice of resignation.

 

(d)           At the election of the Executive for Good Reason upon not less than 60 calendar days’ notice.  For purposes hereof, the Executive shall be entitled to elect to terminate this Agreement for “Good Reason” for any of the following reasons: (i) a material reduction in the Executive’s duties and responsibilities, (ii) a reduction in the Executive’s Base Salary or maximum target bonus opportunity; (iii) a change of geographic location of the Executive’s principal base of operation to a location other than the greater Moscow metropolitan area; or (iv) the failure of the Company to pay any amounts due hereunder, subject to the Company’s right to cure for no less than 15 days after written notice from the Executive

 

(e)           Upon the Executive’s death or by the Company on account of the Executive’s Disability.  For purposes hereof, “Disability”  shall mean the inability of Executive to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment and shall be determined by the Board or a committee thereof on the basis of such medical evidence as the Board or such committee deems warranted under the circumstances.

 

6.             Effect of Termination.

 

(a)           Upon any termination of this Agreement in accordance with Section 5, the Company shall pay to the Executive any accrued but unpaid Base Salary, accrued but unpaid vacation days and any unreimbursed expenses to which the Executive is entitled (the “Accrued Amounts”).

 

(b)           In addition to any Accrued Amounts, if the Company elects to terminate this Agreement without Cause pursuant to Section 5(b) above or if the Executive elects to terminate this Agreement for Good Reason pursuant to Section 5(d) above, then, in either case, the Company shall pay the Executive, within 75 days following such termination, a severance payment equal to six months of the Executive’s then current Base Salary, less all applicable Russian federal and local taxes and withholdings; provided, however, that

 

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any severance payment shall be conditioned at the election of the Company upon the Executive signing a standard form of mutual release.

 

(c)           In addition to any Accrued Amounts, if this Agreement is terminated by the Company upon the Executive’s death or in connection with the Executive’s Disability, the Company shall pay the Executive (or in the case of his death, his estate or heirs), within 75 days of such termination, the pro rata portion of the annual bonus for the fiscal year in which the termination occurred subject to the achievement of the performance objectives for such year and, if the termination occurs prior to the date of payment of the annual bonus for the prior fiscal year, the annual bonus for the prior fiscal year subject to the achievement of the performance objectives for such prior fiscal year, each to be paid when bonuses for such years are generally paid to the Company’s three most senior executives; provided, however, that any such payments shall be conditioned at the election of the Company upon the Executive (or his legal representative or heirs, as appropriate) signing a standard form of mutual release.

 

(d)           Any post-termination payments or benefits due and payable to the Executive by operation of law (but not pursuant to any other agreement with the Company) shall be deducted from any amount of severance otherwise payable under this Section 6.

 

(e)           This Section 6 shall survive the termination of this Agreement.

 

7.             Non-Competition and Non-Solicitation.

 

(a)           During the term of the Executive’s employment and for a period of one (1) year with respect to subclause (i) below, and for a period of two (2) years with respect to subclause (ii) and (iii) below, after the termination of such employment, the Executive will not directly or indirectly:

 

(i)            as an individual proprietor, partner, stockholder, officer, employee, director, joint venturer, investor, lender, or in any other capacity whatsoever (other than as the holder of not more than two percent (2%) of the total outstanding stock of a publicly held company), engage in the business of television broadcasting (including the production of programming for television) in (A) Russia, (B) in any other country in the Commonwealth of Independent States (as comprised as of the date hereof) or (C) in any other country in which the Company or any member of the Group is then operating or in which it has undertaken material preparations to begin operating;

 

(ii)           recruit, solicit or induce, or attempt to induce, any employee or employees of the Group to terminate their employment with, or otherwise cease their relationship with, the Group; or

 

(iii)          solicit, divert or take away, or attempt to divert or to take away, the business or patronage of any of the current or prospective business partners, advertisers or affiliate stations of the Group with whom the Executive had significant contact while employed by the Company.

 

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(b)           If any restriction set forth in this Section 7 is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable.

 

(c)           The Executive acknowledges and agrees that the restrictions contained in this Section 7 are necessary for the protection of the business and goodwill of the Group and are considered by the Executive to be reasonable for such purpose.  The Executive agrees that any breach of this Section 7 will cause the Company substantial and irrevocable damage and therefore, in the event of any such breach, in addition to such other remedies which may be available, the Company shall have the right to seek specific performance and injunctive relief.

 

(d)           The provisions of Section 7 survive the termination of the Executive’s employment and the termination of this Agreement.

 

8.             Proprietary Information.

 

(a)           The Executive agrees that all information and know-how, whether or not in writing, of a private, secret or confidential nature concerning the Group’s business or financial affairs (collectively, “Proprietary Information”) is and shall be the exclusive property of the Group.  By way of illustration, but not limitation, Proprietary Information may include business processes, methods and techniques; planned programming schedules; material terms of contracts, research data, personnel data, computer programs and supplier lists.  The Executive shall not disclose any Proprietary Information to others outside the Group or use the same for any unauthorized purposes without written approval of the Chief Executive Officer or the Board, either during or after his employment, unless and until such Proprietary Information has become public knowledge without fault by the Executive.

 

(b)           The Executive agrees that all files, letters, memoranda, reports, records, data, notebooks, program listings, or other written, photographic, or other tangible material containing Proprietary Information, whether created by the Executive or others, which shall come into his custody or possession, shall be and are the exclusive property of the Group to be used by the Executive only in the performance of his duties for the Group.

 

(c)           The Executive agrees that his obligation not to disclose or use information, know-how and records of the types set forth in paragraphs (a) and (b) above, also extends to such types of information, know-how, records and tangible property of business partners of the Group or other third parties who may have disclosed or entrusted the same to the Group or to the Executive in the course of the Group’s business.

 

(d)           The provisions of Section 8 survive the termination of the Executive’s employment and the termination of this Agreement.

 

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9.             No Restrictions On Employment.  The Executive hereby represents that he is not bound by the terms of any agreement with any previous employer or other party to refrain from using or disclosing any trade secret or confidential or proprietary information in the course of his employment with the Company or to refrain from competing, directly or indirectly, with the business of such previous employer or any other party.  The Executive further represents that his performance of all the terms of this Agreement and as an employee of the Company does not and will not breach any agreement to keep in confidence proprietary information, knowledge or data acquired by him in confidence or in trust prior to his employment with the Company.

 

10.           Notices.  All notices required or permitted under this Agreement shall be in writing in English and shall be deemed to have been duly given when delivered either in person and shall be deemed effective upon personal delivery or upon sending by a reputable overnight courier service, addressed to the other party at the address shown on the signature page hereto, or at such other address or addresses as either party shall designate to the other in accordance with this Section 10.

 

11.           Entire Agreement.  This Agreement, together with the Indemnification Agreement and any agreement in respect of the Equity Award, constitutes the entire agreement between the parties and supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter of this Agreement.

 

12.           No Cumulative Benefits.  In connection with the Executive’s employment with the Company, he will be asked to serve in the capacity of officer and/or director of other Group companies.  In connection therewith and consistent with Russian law, the Executive will be required to enter into employment contracts and other similar agreements with such Group companies (“Other Group Employment Contracts”).  Payments, benefits and entitlements under this Agreement and under all Other Group Employment Contracts shall not be cumulative.  Any payments, benefits or entitlements provided for under any Other Group Employment Contract shall be deducted from any payments, benefits or entitlements due under this Agreement.

 

13.           Amendment.  This Agreement may be amended or modified only by a written instrument executed by both the Chief Executive Officer (or another officer designated by the Board) and the Executive.

 

14.           Governing Law.  This Agreement shall be governed by and construed under and in accordance with the laws of the State of Delaware.

 

15.           Arbitration. Any dispute concerning, arising out of or relating to this Agreement shall be submitted to binding arbitration before the London Court of International Arbitration (the “LCIA”) and the arbitration shall be conducted pursuant to the LCIA Rules.  The number of arbitrators shall be one (the “Arbitrator”), who shall be appointed by the LCIA.  The arbitration shall be conducted in accordance with the following additional provisions:

 

(i)            The parties shall commence the arbitration by jointly filing a written submission with the LCIA.

 

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(ii)           The seat of arbitration shall be London, England; the language to be used in the arbitral proceedings shall be English; and the governing law shall be the substantive internal laws of the State of Delaware.

 

(iii)          Not later than 30 calendar days after the conclusion of the arbitration hearing, the Arbitrator shall prepare and distribute to the parties a writing setting forth the arbitral decision and the Arbitrator’s reasons therefor.  Any award rendered by the Arbitrator shall be final, conclusive and binding upon the parties, not subject to appeal, and judgment thereon may be entered and enforced in any court of competent jurisdiction, provided that the Arbitrator shall have no power or authority to grant injunctive relief, specific performance or other equitable relief.

 

(iv)          The Arbitrator shall have no power or authority, to (x) modify or disregard any provision of this Agreement, including the provisions of this Section 15, or (y) address or resolve any issue outside the scope of the arbitration provision that is not submitted by the parties.

 

(v)           The parties shall not be entitled to discovery, and the Arbitrator shall have no power to order discovery of documents, oral testimony or other materials.

 

(vi)          In connection with any arbitration proceeding pursuant to this Agreement, each party shall bear its or his own costs and expenses.

 

16.           Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of both parties and their respective successors and assigns, including any corporation with which or into which the Company may be merged or which may succeed to its assets or business, provided, however, that the obligations of the Executive are personal and shall not be assigned by him.

 

17.           Acknowledgment.  The Executive states and represents that he has carefully read this Agreement, understands the contents herein, freely and voluntarily assents to all of the terms and conditions hereof, and signs his name of his own free act.

 

18.           No Waiver.  No delay or omission by the Company in exercising any right under this Agreement shall operate as a waiver of that or any other right.  A waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not be construed as a bar or waiver of any right on any other occasion.

 

19.           Validity/Severability.  In case any provision of this Agreement shall be invalid, illegal or otherwise unenforceable, the validity, legality and enforceability of the remaining provisions shall in no way be affected or impaired thereby.

 

20.           Captions.  The captions of the sections of this Agreement are for convenience of reference only and in no way define, limit or affect the scope or substance of any section of this Agreement.

 

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

 

 

	
 
    	
 
    	
CTC   MEDIA, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/   BORIS PODOLSKY
    
	
 
    	
 
    	
By:
    	
Boris   Podolsky
    
	
 
    	
 
    	
 
    	
Chief   Executive Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address:
    	
31A   Leningradsky Prospekt
    
	
 
    	
 
    	
 
    	
Moscow   125284
    
	
 
    	
 
    	
 
    	
Russia
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
NIKOLAI   SURIKOV
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/   NIKOLAI SURIKOV
    
					

 

9Exhibit 10.8

 

October 22, 2012

 

Bente Juel Riis, MD

Clinical Trial Leader & Medical Advisor / Clinical Studies

Nordic Bioscience Clinical Development VII A/S

Herlev Hovedgade 207

DK-2730 Herlev, Denmark

Phone: +45 3696 4595

 

Re:                             Letter of Intent for Clinical Trial Services to be provided by Nordic Bioscience Clinical Development VII A/S (“NB”) to Radius Health, Inc. (“Radius”)

 

Dear Bente:

 

Radius and NB are parties to that certain Clinical Trial Services Agreement dated as of the March 29, 2011 (the “CTS Agreement”) and a certain Work Statement NB-1 under the CTS Agreement.  Pursuant to Section 2.1 of the CTS Agreement, we have been negotiating the definitive terms of a certain Work Statement NB-3 under the CTS Agreement for the performance of “An Extension Study to Evaluate Six Months of Standard-of-Care Osteoporosis Management Following Completion of 18 Months of BA058 or Placebo Treatment in Protocol BA058-05-003 (the “Study”). This Letter of Intent (“LOI”) evidences the willingness of Radius to provide funding for NB’s performance of the work described or referred to herein, which work is directed towards the early stages of the Study.

 

1.                          Radius hereby authorizes NB and NB accepts to commence the following work to facilitate initiation of the Study: (a) assuming the role of legal representative of Radius in all local regulatory interactions; (b) preparing, compiling, translating and submitting the Study regulatory and ethics dossiers to the competent authorities; (c) providing continuing support of submitted documents to ensure their successful and timely approval; (d) identifying and qualifying all proposed Study centers; (e)  prepare any third party vendor qualifications and agreements; and (f) enroll initial study subjects (collectively, the “Activities”).

 

2.                          Radius will pay NB the sum of euro 806,468 within 3 working days after NB accepts this LOI (the “Initial Payment”).  The USD budget will be paid according to invoices received from Synarc Inc. and other pass through costs will be invoiced monthly.

 

3.                          The data, results, materials and samples generated by NB in the performance of the Activities and all ideas, inventions and discoveries, whether patentable or not, conceived or reduced to practice by NB as a result of the performance of the Activities, shall be the sole and exclusive property of Radius as provided under Article 6 of the CTS Agreement.  NB shall comply with the provisions of Article 6 of the CTS Agreement in the performance of the Activities.  Except as provided in this Section 3, the transfer of information or materials hereunder shall not constitute any grant, option, or license under any patent or other rights of the providing party.

 

 

October 22, 2012

 

4.                          Each party agrees that it will not without the prior written consent of the other party disclose publicly the terms and conditions of this LOI or the subsequent negotiations between the parties, except to the extent required by law.  The parties agree that the provisions of Article 5 of the CTS Agreement shall apply to the transactions contemplated by this LOI.

 

5.                          This LOI may be accepted in writing by NB until October 24, 2012 and will terminate if not accepted by 5:00 PM Eastern Standard time on that date.  This LOI if entered into will expire on the earlier of (a) the date of execution of the Definitive Agreement or (b) November 15, 2012 (unless extended by mutual agreement of the parties) unless it is sooner terminated (i) by mutual agreement of the parties at any time; or (ii) by either party based on a breach by the other party under this LOI that is not cured within 10 days following notice of such breach; or (iii) by Radius at any time by giving NB at least 10 days’ prior written notice.

 

6.                          Upon any expiration or termination of this LOI prior to the payment of the Initial Amount, Radius will pay NB any monies due and owing NB up to the effective date of termination, for Activities actually performed and all authorized expenses actually incurred, as well as for any non-cancellable or non-refundable expenses incurred by NB in the performance of the Activities provided, that under no circumstances will Radius be obligated to make payments in excess of the Initial Payment.  Upon any expiration or termination of this LOI under circumstances where the parties do not enter into the Definitive Agreement, NB will refund to Radius any unused portion of the Initial Payment. Upon expiration of this LOI where the parties enter into the Definitive Agreement, the Initial Payment shall be credited against the initial payment(s) owed by Radius to NB under the Definitive Agreement. Termination or expiration of this LOI shall not relieve either party from any obligation accrued hereunder prior to the date of such termination.

 

7.                          The parties shall continue good faith negotiations in an effort to reach agreement on the terms and conditions of Work Statement NB-3.  It is understood and agreed that the obligations of the parties to effect the transactions contemplated by this LOI are subject to completion of Work Statement NB-3 on terms satisfactory to the parties. Until such time as Work Statement NB-3 is executed, NB agrees to perform its work in connection with the Activities in accordance with the terms set forth in this LOI and subject to such other reasonable instructions and directions as may be given to it by Radius from time to time.

 

8.                          Except for the agreements and obligations contained in Sections 2, 3, 4, 6 and 9 hereof, this LOI represents only the parties’ current good faith intention to negotiate and enter into Definitive Documents.  It is not, and is not intended to be, a binding agreement between the parties (except as to Sections 2, 3, 4, 6 and 9), and neither party shall have any liability to the other party if such party fails to execute Definitive Documents for any reason (other than liabilities arising under Sections 2, 3, 4, 6 and 9).

 

 

October 22, 2012

 

9.                          This LOI shall be governed by, and construed in accordance with, the laws (other than the conflicts of laws provisions) of New York.  This LOI and the CTS Agreement represent the entire agreement between the parties with respect to the Study and supercede all prior agreements, understandings and negotiations, both oral and written, between the parties with respect to the subject matter hereof and there are no agreements, understandings, representations or warranties between the parties (and no party has relied on, any agreement, understanding, representations or warranties) other than those set forth or referred to herein.  This LOI may not be amended, terminated, waived or rescinded except pursuant to a written agreement duly executed by the parties hereto.  This LOI may be signed in counterparts, each of which shall constitute an original but all of which shall constitute one and the same instrument.  This LOI is not intended to confer upon any person not a party hereto (and their successors and assigns) any rights or remedies hereunder.  This LOI shall not be assignable by NB without the prior written consent of Radius, and any purported assignment without such consent shall be void.

 

10.                   Unless otherwise provided herein, any notice, report, payment or document to be given by one party to another shall be in writing and shall be deemed given when delivered personally or mailed by certified or registered mail, postage prepaid (such mailed notice to be effective on the date which is 3 working days after the date of mailing), or sent by nationally recognized overnight courier (such notice sent by courier to be effective 1 working day after it is deposited with such courier), or sent by telefax or email (such notice sent by telefax or email to be effective when sent, if confirmed by certified or registered mail or overnight courier as aforesaid) to the address set forth above or to such other place as a party may designate as to itself by written notice to the other party.

 

If you agree to the foregoing, please execute both counterparts of this LOI and return one fully executed counterpart to the undersigned.  The other counterpart is for your records.

 

Sincerely yours,

 

	
/s/   B. Nicholas Harvey
    	
 
    
	
B. Nicholas Harvey
    	
 
    
	
Sr.   Vice President and Chief Financial Officer
    	
 
    

 

AGREED AND ACCEPTED

 

	
/s/   Bente Juel Riis
    	
 
    
	
Bente Juel Riis, MD
    	
 
    
	
Clinical   Trial Leader & Medical Advisor / Clinical Studies
    	
 
    
	
Nordic   Bioscience Clinical Development VII A/S

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