Document:

Exhibit 10.02

 

ASSET PURCHASE AGREEMENT

 

THIS AGREEMENT is made as of the 18th day
of March, 2014.

 

TONIX PHARMACEUTICALS (BARBADOS)
LTD.,

a company incorporated and duly licenced as an international business company existing under the laws of Barbados

 

(the “Purchaser”)

 

- and -

 

LEDER LABORATORIES, INC.,

a company incorporated under the laws of the State of Delaware

 

(the “Vendor”)

 

RECITALS

 

WHEREAS:

 

		A.	The Vendor desires to sell and assign to the Purchaser, and the Purchaser desires to purchase and
assume from the Vendor, the Purchased Assets (as hereinafter defined) pursuant to the terms and subject to the conditions contained
in this agreement;

 

		B.	Tonix Pharmaceuticals Holding Corp (“HoldCo”) is the sole shareholder of Tonix Pharmaceuticals,
Inc. (“Parent”), which is the sole shareholder of the Purchaser; and

 

		C.	HoldCo has agreed to issue and contribute 25,000 shares of its common stock (“Common Shares”)
to Parent, which in turn will contribute such Common Shares to Purchaser for Purchaser to use as partial consideration of the purchase
price to be paid hereunder.

 

NOW THEREFORE, in consideration
of the mutual covenants and agreements contained in this agreement and other good and valuable consideration (the receipt and sufficiency
of which are hereby acknowledged), the parties hereto as follows:

 

Article 1

PRINCIPLES OF INTERPRETATION

 

1.1                        
Definitions.

 

In this Agreement,
capitalized terms shall have the meanings set out in Appendix 1 hereto.

 

1.2                        
Schedules. The following schedules and appendices are deemed to be an integral part of this Agreement and are attached
hereto and incorporated herein by reference:

 

    	 

    	 

    

 

	Appendices
	 
	1	Definitions
	 	 
	2	Vendor’s Representations and Warranties
	 	 
	3	Purchaser’s Representations and Warranties
	 	 
	Schedules
	 
	1	Intellectual Property

 

1.3                        
Headings and Table of Content. The inclusion of headings and of a table of contents in this Agreement is for convenience
of reference only and shall not affect the construction or interpretation hereof.

 

1.4                        
Gender and Number. In this Agreement, unless the context otherwise requires, words importing the singular include
the plural and vice versa and words importing gender include all genders.

 

1.5                        
Currency. All amounts in this Agreement are references to U.S. currency.

 

1.6                        
Invalidity of Provisions. Each of the provisions contained in this Agreement is distinct and severable and a declaration
of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction shall not affect the
validity or enforceability of any other provision hereof.

 

1.7                        
Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto pertaining to the subject
matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written. There
are no warranties, conditions or representations (including any that may be implied by statute) and there is no agreement in connection
with such subject matter, except as specifically set forth or referred to in this Agreement. No reliance is placed on any warranty,
representation, opinion, advice or assertion of fact made by any party hereto or its directors, officers, employees, agents or
shareholders, to any other party hereto or its directors, employees, agents or shareholders, except to the extent that the same
has been reduced to writing and included as a term of this Agreement. Accordingly, there shall be no liability assessed in relation
to any such warranty, representation, opinion, advice or assertion of fact, except to the extent aforesaid.

 

1.8                        
Waiver, Amendment. Except as expressly provided in this Agreement, no amendment or waiver of this Agreement shall
be binding unless executed in writing by the parties to be bound thereby. No waiver of any provision of this Agreement shall constitute
a waiver of any other provision nor shall any waiver of any provision of this Agreement constitute a continuing waiver unless otherwise
expressly provided.

 

1.9                        
Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New
York, as such laws are applied to contracts entered into and to be performed within such state, without regard to any conflicts
of laws provisions. The parties agree to the exclusive jurisdiction of the courts located in New York, New York.

 

    	2

    	 

    

 

1.10        
Schedules. Any item disclosed in the schedules attached hereto, under any specific section or schedule number hereof,
shall be deemed to have been disclosed for all purposes of this Agreement in response to every section of this Agreement in respect
of which such disclosure is required. In no event shall any party hereto have any liability by virtue of its failure to disclose
in response to any section of this Agreement items which are disclosed herein in respect to another section of this Agreement.

 

Article 2

PURCHASE AND SALE

 

2.1                        
Agreement to Purchase/Sell. Subject to the terms and conditions of this Agreement, and with effect at the Time of
Closing, the Vendor hereby sells to the Purchaser and the Purchaser hereby purchases from the Vendor all right, title and interest
of the Vendor in and to the worldwide Intellectual Property and Intellectual Property Rights related to inventions described in
the provisional patent application listed on Schedule 1, including such provisional patent application (the “Purchased Assets”).

 

2.2                        
Payment of Purchase Price. The purchase price (the “Purchase Price”) for the Purchased Assets shall be
paid and satisfied by transfer to the Vendor of 25,000 fully paid and non-assessable Common Shares and $125,000 in cash.

 

Article 3

REPRESENTATIONS AND WARRANTIES

 

3.1                        
By the Vendor. The Vendor represents and warrants to the Purchaser (and acknowledges that the Purchaser is relying
upon the following representations and warranties in connection with entering into this Agreement and the transactions contemplated
hereby) as set out in Appendix 2 hereto.

 

3.2                        
By the Purchaser. The Purchaser represents and warrants to the Vendor (and acknowledges that the Vendor is relying
upon the following representations and warranties in connection with entering into this Agreement and the transactions contemplated
hereby) as set out in Appendix 3 hereto.

 

3.3                        
No Finder’s Fees. Each of the Vendor and the Purchaser represents and warrants to the other, in connection
with this Agreement, that it has not taken, and agrees that it will not take, any action that would cause the other to become liable
to any claim or demand for a brokerage commission, finder’s fee, fiscal advisory fee or other similar payment.

 

Article 4

COVENANTS

 

4.1                           Conduct
of the Vendor At Closing. The Vendor covenants and agrees with the Purchaser that at the Time of Closing:

 

		4.1.1	Corporate Authority. The Vendor shall deliver to the Purchaser evidence satisfactory to
the Purchaser’s counsel that all necessary corporate authorizations authorizing and approving the transactions contemplated
herein have been obtained.

 

    	3

    	 

    

 

		4.1.2	Conveyance Documentation. The Vendor shall deliver within one (1) month from Closing to
the Purchaser all necessary deeds, conveyances, bills of sale, transfers, assignments and any other documents necessary or reasonably
required in the opinion of the Purchaser’s counsel to transfer effectively to the Purchaser good and marketable title to
the Purchased Assets, free and clear of all Charges, including evidence satisfactory to the Purchaser’s counsel that the
Vendor has obtained all Required Consents.

 

		4.1.3	Possession of Tangible Assets. The Vendor shall deliver to the Purchaser possession of the
notebooks and data records in respect of the Purchased Assets.

 

4.2                           Conduct of the Purchaser at Closing. The Purchaser covenants and agrees with the Vendor that at the Time of Closing:

 

		4.2.1	Corporate Authority. The Purchaser shall deliver to the Vendor evidence satisfactory to
the Vendor’s counsel that all necessary corporate authorizations authorizing and approving the transactions contemplated
herein have been obtained.

 

		4.2.2	Conveyance Documentation. The Purchaser shall deliver to the Vendor all assignments and
any other documents which require execution by the Purchaser, including a share certificate evidencing 25,000 Common Shares.

 

		4.2.3	Purchase Price. The Purchaser shall transfer its 25,000 Common Shares in satisfaction of
the Purchase Price in the manner set out in Section 2.3 hereof as well as payment of $125,000.

 

Article 5

SURVIVAL OF REPRESENTATIONS, WARRANTIES AND COVENANTS

 

5.1                           Survival of Representations, Warranties and Covenants. The representations, warranties and covenants contained in
this Agreement and in any document executed and delivered in connection with the completion of the transactions contemplated herein
shall survive the Closing and, notwithstanding such Closing and notwithstanding any investigations made by or on behalf of the
parties hereto, shall continue in full force and effect from and after the Closing Date as follows:

 

		5.1.1	as to all warranties and representations, for a period of 1 year following the Closing Date; and

 

		5.1.2	as to all covenants and obligations of the parties, until performed in full.

 

Without limiting the
generality of Section 5.1.2, the parties hereto agree that all indemnities contained herein, except as otherwise specifically set
forth herein, shall survive for one (1) year from Closing.

 

    	4

    	 

    

 

Article 6

INDEMNIFICATION

 

6.1                           Vendor Indemnification. The Vendor hereby agrees to indemnify and save harmless the Purchaser for and from any Losses
suffered by the Purchaser as a result of (i) any breach of representation or warranty on the part of the Vendor contained in this
Agreement or in any agreement, certificate or document delivered pursuant to this Agreement, and (ii) any breach or non-performance
by the Vendor of any covenant to be performed by it that is contained in this Agreement or in any agreement, certificate or document
delivered pursuant to this Agreement. Notwithstanding the foregoing, the total liability of the Vendor pursuant to this section
shall not exceed the Purchase Price.

 

6.2                           Purchaser Indemnification. The Purchaser hereby agrees to indemnify and save harmless the Vendor for and from any
Losses suffered by the Vendor as a result of (i) any breach of representation or warranty on the part of the Purchaser contained
in this Agreement or in any agreement, certificate or document delivered pursuant to this Agreement, and (ii) any breach or non-performance
by the Purchaser of any covenant to be performed by it that is contained in this Agreement or in any agreement, certificate or
document delivered pursuant to this Agreement. The remaining provisions of this Article setting out the terms and conditions of
the indemnity of the Vendor in favour of the Purchaser shall apply to the Purchaser’s indemnity of the Vendor, mutatis mutandis.

 

6.3                           Notice of Claim. A Party (the “Indemnitee”) shall promptly give notice to the other Party (the
“Indemnitor”) of any claim for indemnification pursuant to Article 6 (a “Claim”, which term
shall include more than one Claim). Such notice shall specify with reasonable particularity (to the extent that the information
is available):

 

		6.3.1	the factual basis for the Claim; and

 

		6.3.2	the amount of the Claim, or, if an amount is not then determinable, an approximate and reasonable
estimate of the likely amount of the Claim.

 

Any Claim arising as
a result of a breach of a representation or warranty contained in Appendix 2 or Appendix 3 shall be made not later than
the date on which, pursuant to Section 5.1, such representation or warranty terminated.

 

6.4                           Procedure for Indemnification.

 

		6.4.1	Investigation of Claim. Following receipt of notice from the Indemnitee of a Claim, the
Indemnitor shall have 30 days to make such investigation of the Claim as the Indemnitor considers necessary or desirable. For the
purpose of such investigation, the Indemnitee shall make available to the Indemnitor the information relied upon by the Indemnitee
to substantiate the Claim.

 

		6.4.2	Third Party Claims. With respect to any Third Party Claim, the Indemnitee shall have the
right, at its own expense, to participate in, or assume control of, the negotiation, settlement or defence of such Third Party
Claim at its discretion.

 

    	5

    	 

    

 

		6.4.3	Cooperation. The Indemnitor and the Indemnitee shall cooperate fully with each other with
respect to Third Party Claims and shall keep each other fully informed with respect thereto (including supplying copies of all
relevant documentation promptly as it becomes available).

 

6.5                           Interest on Claims. The amount of any Claim submitted under Section 6.1 shall bear interest from and including the
date the Indemnitee is required to make payment in respect thereof at the prime lending rate of interest expressed at a rate per
annum which Royal Bank of Canada establishes as a reference rate of interest for commercial demand loans in Canadian dollars, calculated
from and including such date to but excluding the date reimbursement of such Claim by the Indemnitor is made, and the amount of
such interest shall be deemed to be part of such Claim.

 

6.6                           Purchase Price Adjustment. The parties hereto agree that any amount paid pursuant to this Article for any breach
of representation or warranty on the part of either the Vendor or the Purchaser contained in this Agreement or in any agreement,
certificate or document delivered pursuant to this Agreement shall constitute an adjustment to the Purchase Price.

 

6.7                           Exclusive Remedy. From and after Closing, no party hereto shall be liable or responsible in any manner whatsoever
to the other parties, whether for indemnification or otherwise, except for indemnity expressly provided in this Article, which
provide the exclusive remedies and causes of action of the parties hereto with respect to any matter arising out of or in connection
with this Agreement or any agreement, certificate or other document delivered pursuant hereto.

 

Article 7

GENERAL MATTERS

 

7.1                           Location and Time of Closing. The closing of the transactions contemplated by this Agreement shall take place at
the Time of Closing at the offices of the Purchaser’s counsel.

 

7.2                           Assignment. No party may assign its rights or benefits under this Agreement, without the prior written consent of
the other party hereto (such consent not to be unreasonably withheld or delayed). In the event of an assignment contemplated above,
any reference in this Agreement to the assignor shall be deemed to include the assignee. Subject to the foregoing, this Agreement
shall enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.

 

7.3                           Expenses. Except as provided in this Agreement, each of the parties hereto shall be responsible for the expenses
(including fees and expenses of legal advisers, accountants and other professional advisers) incurred by it, respectively, in connection
with the negotiation and settlement of this Agreement and the completion of the transactions contemplated hereby.

 

7.4                           Notices. Any notice or other communication required or permitted to be given hereunder shall be in writing and shall
be given by prepaid first-class mail, by facsimile or other means of electronic communication or by hand-delivery as hereinafter
provided. Any such notice or other communication, if mailed by prepaid first-class mail at any time other than during a general
discontinuance of postal service due to strike, lock-out or otherwise, shall be deemed to have been received on the fourth Business
Day after the post-marked date thereof, or if sent by facsimile or other means of electronic communication, shall be deemed to
have been received on the Business Day following the sending, or if delivered by hand shall be deemed to have been received at
the time it is delivered to the applicable address noted below either to the individual designated below or to an individual at
such address having apparent authority to accept deliveries on behalf of the addressee. Notice of change of address shall also
be governed by this section. In the event of a general discontinuance of postal service due to strike, lock-out or otherwise, notices
or other communications shall be delivered by hand or sent by facsimile or other means of electronic communication and shall be
deemed to have been received in accordance with this section. Notices and other communications shall be addressed as follows:

 

    	6

    	 

    

 

		(a)	if to the Purchaser:

 

Tonix Pharmaceuticals (Barbados)
Ltd.

c/o Chancery Corporate Services
Limited

Chancery House

High Street, Bridgetown

St. Michael BB11128

Barbados, W.I.

 

Attention: Jamar Arthur-Selman

Telephone No.: 1-246 431-0070

Facsimile No.:1-246 431-0076

Email:jarthurselman@ccslbb.com

 

 

		(b)	if to the Vendor:

 

Leder Laboratories, Inc.

245 E. 93rd St. 14E

New York, NY 10128

 

Attention:Mr. Seth Lederman

Telephone No.:1-212-980-9155
x103

Facsimile No.1-212-923-5700

EmailSeth.Lederman@TonixPharma.com

 

7.5                           Time of Essence. Time is of the essence of this Agreement.

 

7.6                           Further Assurances. Each of the parties hereto shall promptly do, make, execute, deliver, or cause to be done, made,
executed or delivered, all such further acts, documents and things as any other party hereto may reasonably require from time to
time for the purpose of giving effect to this Agreement.

 

7.7                           Counterparts. This Agreement may be signed in counterparts and each such counterpart shall constitute an original
document and such counterparts, taken together, shall constitute one and the same instrument.

 

Signature Page to Follow

 

    	7

    	 

    

 

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

 

	 	TONIX PHARMACEUTICALS (BARBADOS) LTD.
	 	 	 
	 	By: 	/s/ TREVOR A. CARMICHAEL	 
	 	 	Name: Sir Trevor A. Carmichael	 
	 	 	Title: Director	 
	 	 	 	 
	 	By: 	 /s/ SETH LEDERMAN	 
	 	 	Name: Dr. Seth Lederman	 
	 	 	Title: Director	 
	 	 	 	 
	 	By:	 	 
	 	 	CHANCERY CORPORATE SERVICES LIMITED	 
	 	 	Title: Director	 
	 	 	 	 
	 	 	Per: /s/ JAMAR ARTHUR-SELMAN	 
	 	 	Jamar Arthur-Selman	 
	 	 	Director	 
	 	 	 	 
	 	STARLING PHARMACEUTICALS, INC.
	 	 	 
	 	By: 	By: /s/ SETH LEDERMAN	 
	 	 	Name: Seth Lederman	 
	 	 	Title: Director	 

 

    	 

    	 

    

 

APPENDIX 1

 

DEFINITIONS

 

“Agreement”
means this Agreement and all schedules attached to this Agreement, in each case as they may be amended or supplemented from time
to time, and the expressions “hereof”, “herein”, “hereto”, “hereunder”,
“hereby” and similar expressions refer to this Agreement; and unless otherwise indicated, references to Articles and
sections are to Articles and sections in this Agreement;

 

“Business Day”
means any day, other than Saturday, Sunday or any statutory holiday in the State of Delaware;

 

“Charge”
means any charge, encumbrance, hypothec, lien, mortgage, pledge, privilege, prior claim, security interest or title retention agreement
of any nature or kind.

 

“Claim”
has the meaning attributed to such term in Section 6.3;

 

“Closing”
means the closing of the transactions contemplated by this Agreement;

 

“Closing Date”
means March 18, 2014, or such other date as may be agreed upon by the parties hereto;

 

“Common Shares”
means the common shares in the capital of the HoldCo;

 

“Constating
Documents” means, in respect of a corporation, its articles of incorporation, its by-laws and all amendments thereto;

 

“HoldCo”
means Tonix Pharmaceuticals Holding Corp;

 

“including”
means “including without limitation” and shall not be construed to limit any general statement which it follows to
the specific or similar items or matters immediately following it;

 

“Indemnitee”
has the meaning attributed to such term in Section 6.3;

 

“Indemnitor”
has the meaning attributed to such term in Section 6.3;

 

“Intellectual
Property” means all intangible or intellectual property of any kind, including: (i) any registered or unregistered
mark, trade-mark, service mark, business or trade name, domain name, distinguishing guise, logo, insignia, seal, design or symbol,
including all goodwill associated therewith; (ii) works of authorship, including drawings and software; (iii) industrial or utility
designs; (iv) inventions, discoveries, improvements; (v) integrated circuit topographies and mask works; and (vi) trade secrets,
confidential information, ideas, formulas, compositions, know-how, processes, procedures, methodologies, techniques, formulae,
calculations, designs, research and development information, data, specifications, analyses, plans, maintenance information and
all other technical, research or design information;

 

    	 

    	 

    

 

“Intellectual
Property Rights” means all rights to Intellectual Property existing under: (i) trademark law; (ii) copyright law;
(iii) design patent or industrial design law; (iv) patent law; (v) semi-conductor chip or mask work law; or (vi) any other statutory
provision or common law principle relating to such subject matter including trade secret law; including all grants and registrations
worldwide in connection with the foregoing and all other rights with respect thereto existing other than pursuant to grant or registration;
all applications for any such grant or registration, all rights to make such applications and the right to control their prosecution,
rights or priority under international conventions, and all amendments, continuations, divisions and continuations-in-part of such
applications, and all corrections, reissues, patents of addition, extensions and renewals of any such grant, registration or right.

 

“Losses”
means in respect of any matter, all claims, demands, proceedings, losses, damages, liabilities, deficiencies, costs and expenses
(including all reasonable legal and other professional fees and disbursements, interest, penalties and amounts paid in settlement)
arising as a consequence of such matter;

 

“Parent”
means Tonix Pharmaceuticals, Inc.;

 

“Person”
means any individual, partnership, limited partnership, joint venture, syndicate, sole proprietorship, company or corporation with
or without share capital, unincorporated association, trust, trustee, executor, administrator or other legal personal representative,
regulatory body or agency, government or governmental agency, authority or entity however designated or constituted;

 

“Purchase Price”
has the meaning attributed to such term in Section 2.2;

 

“Purchased Assets”
has the meaning attributed to such term in Section 2.1;

 

“Purchaser”
has the meaning attributed to such term in the preamble to this Agreement;

 

“Purchaser’s
Claim” has the meaning attributed to such term in Section 6.3;

 

“Required Consents”
means, collectively, all consents required from any Third Party in order to assign and transfer any of the Purchased Assets;

 

“Purchaser”
has the meaning attributed to such term in the preamble to this Agreement.

 

    	 

    	 

    

 

APPENDIX 2

 

VENDOR’S REPRESENTATIONS AND
WARRANTIES

 

2.1                                      
Incorporation and Status. The Vendor is duly incorporated and validly existing under the laws of the State of Delaware.

 

2.2                                      
Due Authorization. The execution and delivery of this Agreement and all other agreements, the execution of which
by the Vendor is herein contemplated, have been duly authorized by all necessary corporate action and the Vendor has all requisite
corporate power and authority to enter into all such agreements and to perform and discharge its obligations thereunder in accordance
with their respective terms.

 

2.3                                      
Execution and Binding Effect. This Agreement has been duly and validly executed and delivered by the Vendor and constitutes
a valid and binding obligation of the Vendor enforceable against it in accordance with its terms, except as enforcement may be
limited by bankruptcy, insolvency and other laws affecting creditors’ rights generally and except that equitable remedies
may be granted only in the discretion of a court of competent jurisdiction.

 

2.4                                      
No Contravention. The execution and delivery of this Agreement and all other agreements, the execution of which is
contemplated hereby by the Vendor and the observance and performance of the terms and provisions of any such agreements on its
part to be observed and performed and the completion of the transactions provided for in this Agreement: (i) do not constitute
a violation of applicable law or a violation or breach of the Constating Documents or, subject to obtaining the Required Consents,
any provision of any contract, indenture, trust deed, bond, debenture, security agreement, agreement or other instrument to which
the Vendor is a party or by which it is bound, or any order, writ, injunction, decree, statute, rule, by-law or regulation applicable
to it; (ii) subject to obtaining the Required Consents, would not constitute a default (nor would with the passage of time or the
giving of notice or both or otherwise, constitute a default) under any contract, indenture, trust deed, bond, debenture, security
agreement or other instrument to which the Vendor is a party or by which it is bound; and (iii) would not result in the creation
or imposition of any Charge on any of the property or assets of the Vendor.

 

2.5                                      
Approvals, Consents and Notices Relating to the Vendor. Except for the Required Consents, no authorization, consent
or approval of, or filing with, or notice to any court or other Person is required to be obtained or given by the Vendor in connection
with the execution, delivery or performance of this Agreement by the Vendor.

 

2.6                                      
Purchased Assets. The Vendor owns the Purchased Assets with good and marketable title thereto, free and clear of
any Charge and of any rights or privileges capable of becoming a Charge.

 

2.7                                      
Intellectual Property. Schedule 1 contains a complete list of the Purchased Assets. The Vendor is authorized to assign
the Intellectual Property to the Purchaser. The Vendor has not granted any right, title or interest in and to the Intellectual
Property used by it to any other Person. The Vendor has not received any notice claiming that the development, manufacture, commercialization,
sale, distribution or other use of the Purchased Assets infringes upon Intellectual Property Rights of any other Person, and is
not aware of any such infringement.

 

2.8                                      
No Other Representations and Warranties. Other than as set forth in this Appendix 2, the Vendor is not making any
representations or warranties.

 

    	 

    	 

    

 

APPENDIX 3

 

PURCHASER’S REPRESENTATIONS AND
WARRANTIES

 

3.1                                      
Incorporation and Status. The Purchaser is a subsisting corporation validly incorporated and organized under the
laws of Barbados.

 

3.2                                      
Due Authorization. The execution and delivery of this Agreement and all other agreements, the execution of which
by the Purchaser is herein contemplated, have been duly authorized by all necessary corporate action and the Purchaser has all
requisite corporate power and authority to enter into all such agreements and to perform and discharge its obligations thereunder
in accordance with their respective terms.

 

3.3                                      
Execution and Binding Effect. This Agreement has been duly and validly executed and delivered by the Purchaser and
constitutes a valid and binding obligation of the Purchaser enforceable against it in accordance with its terms, except as enforcement
may be limited by bankruptcy, insolvency and other laws affecting creditors’ rights generally and except that equitable remedies
may be granted only in the discretion of a court of competent jurisdiction.

 

3.4                                      
No Contravention. The execution and delivery of this Agreement and all other agreements, the execution of which is
contemplated hereby by the Purchaser and the observance and performance of the terms and provisions of any such agreements on its
part to be observed and performed and the completion of the transactions provided for in this Agreement: (i) do not constitute
a violation of applicable law or a violation or breach of the Constating Documents or any provision of any contract, indenture,
trust deed, bond, debenture, security agreement, agreement or other instrument to which the Purchaser is a party or by which it
is bound, or any order, writ, injunction, decree, statute, rule, by-law or regulation applicable to it; (ii) would not constitute
a default (nor would with the passage of time or the giving of notice or both or otherwise, constitute a default) under any contract,
indenture, trust deed, bond, debenture, security agreement or other instrument to which the Purchaser is a party or by which it
is bound; and (iii) would not result in the creation or imposition of any Charge on any of the property or assets of the Purchaser.

 

3.5                                      
Approvals, Consents and Notices Relating to the Purchaser. No authorization, consent or approval of, or filing with,
or notice to any court or other Person is required to be obtained or given by the Purchaser in connection with the execution, delivery
or performance of this Agreement by the Purchaser.

 

3.6                                      
Transfer of Common Shares. The transfer of Common Shares to Vendor is being made free and clear of any Charge.

 

3.7                                      
No Other Representations and Warranties. Other than as set forth in this Appendix 3, the Purchaser is not making
any representations or warranties.

 

    	 

    	 

    

 

SCHEDULE 1

 

INTELLECTUAL PROPERTY

 

US Provisional Patent Number 61785873 – Novel Smallpox
Vaccines, and all other patent applications claiming priority thereof, including US Nonprovisional Patent Application No. 14207727.PODD-EX10.1_2014.03.21

Exhibit 10.1

Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company’s application requesting confidential treatment under Rule 24b-2 of the Exchange Act — [ . . . *** . . . ] denotes omissions.

SETTLEMENT AND CROSS LICENSE AGREEMENT

This Settlement and Cross License Agreement (hereinafter, the “Agreement”), effective as of September 18, 2013 (hereinafter, the “Effective Date”), is made by and among Insulet Corporation, a Delaware corporation having its principal office at 9 Oak Park Dr., Bedford, MA, 01730 (hereinafter, “Insulet”), Medtronic Inc., a Minnesota corporation having its principal office at 710 Medtronic Parkway, Minneapolis, MN 55432-5604 (hereinafter, “Medtronic”), Medtronic MiniMed Inc., a Delaware corporation having its principal office at 18000 Devonshire Street, Northridge, CA 91325 (hereinafter, “MiniMed”), Medtronic Puerto Rico Operations Co., a corporation organized under the laws of the Cayman Islands (hereinafter, “MPROC”), and MiniMed Distribution Corp., a Delaware corporation having its principal office at 18000 Devonshire Street, Northridge, CA 91325 (hereinafter “MDC”). Insulet, Medtronic, MiniMed, MPROC and MDC are each hereinafter referred to individually as a “Party”, and collectively as the “Parties”.
RECITALS

WHEREAS, MiniMed, MDC and MPROC (collectively hereinafter, “Plaintiffs”), have sued Insulet in the United States District Court, Central District of California, under case number “2:12-CV-8048-PA-CWx” and the Parties wish to settle the lawsuit;

WHEREAS, Insulet and MiniMed have each developed are developing, have patented and expect to patent, certain technology relating to diabetes care;

WHEREAS, Insulet and Medtronic intend to (i) resolve and avoid certain blocking situations and patent infringement litigation and (ii) enable each other to develop and market independently from each other existing, improved and/or new and innovative products; and

WHEREAS, each of the Parties wishes to enter into this Agreement under which the parties will cross-license certain technology in the design, development and sale of certain products relating to diabetes care, in accordance with the terms and conditions hereinafter provided.

NOW, THEREFORE, in consideration of the promises and agreements set forth herein and other valuable consideration, the Parties, each intending to be bound, agree as follows:
		
	1.
	DEFINITIONS

All references to Articles and Sections, if any, shall be references to Articles and Sections of this Agreement. In addition, except as otherwise expressly provided herein, the following terms in this Agreement shall have the meanings set forth below:

1.1    “Affiliate” of an entity shall mean, on or after the Effective Date,

		
	(a)
	an organization, which directly or indirectly controls such entity;

		
	(b)
	an organization, which is directly or indirectly controlled by such entity;

		
	(c)
	an organization, which is controlled, directly or indirectly, by the ultimate parent company of such entity.

Control as per (a) to (c) is defined as owning more than fifty percent of the voting stock of a company or having otherwise the power to govern the financial and the operating policies or to appoint the management of an organization.

1.2    “Closed-Loop” means a system comprising an insulin pump and CGM in which adjustments are ultimately made to insulin delivery without any action by a human.

1.3    “Continuous Glucose Monitoring” or “CGM” means a device that is designed to measure glucose levels, and which automatically records or reports glucose values in regular increments of no more than five (5) minutes.

1.4    “Control” or “Controlled” means, with respect to any Patents, the ability of a Party (whether by ownership, license or otherwise) to grant access to, to grant use of, or to grant a license or a sublicense of or under such Patents without violating the terms of any agreement or other arrangement with any Third Party. 

1.5    “Infringement Litigation” means the lawsuit in the United States District Court, Central District of California, under case number “2:12-CV-8048-PA-CWx”.

1.6    “Insulet Claims” mean any claims within any Patent Controlled by Insulet.

1.7    “MiniMed Claims” mean any claims within any Patent Controlled by MiniMed.

1.8    “Patent” shall mean any U.S. or foreign patent or patent application, and any related divisionals, continuations, continuations-in-part, renewals, reissues, re-examinations and extensions of the foregoing (as and to the extent applicable), in all cases now existing and hereafter filed, issued, in-licensed, acquired or expired.

1.9    “Party” or “Parties” has the meaning set forth in the Preamble.

1.10    “Third Party” means any entity other than the Parties and their respective Affiliates.
		
	2.
	LICENSE AND SETTLEMENT

2.1    License Grant to Insulet.  Subject to the terms and conditions of this Agreement and to the extent legally permissible under applicable anti-trust laws, Plaintiffs hereby grant Insulet a non-exclusive, fully paid-up, worldwide right and license to (a) United States Patent No. 6,551,276; United States Patent No. 7,109,878; and all family members of such Patents, including such family’s non-U.S. Patents and Patents issued after the Effective Date; (b) MiniMed Claims covering use of nitinol to effect the delivery of a fluid via an ambulatory external pump; and (c) MiniMed Claims covering integration and/or interaction of CGM with other medical devices, including without limitation, insulin delivery devices or systems (the “Insulet License”).  

		
	2.1.1
	The Insulet License shall not extend to any MiniMed Claims that alone, or in combination with the Insulet License, cover Closed-Loop implementation, functionality, design and/or algorithms.

		
	2.1.2
	The Insulet License shall not include the right to assign or grant sublicenses, other than to Affiliates, sellers of Insulet products or “have-made” licenses solely for Insulet sales or distribution.

		
	2.1.3
	MiniMed represents and warrants that if MiniMed makes any future transfer of MiniMed Claims covered by the Insulet License, such transfer shall be subject to the Insulet License. 

		
	2.1.4
	MiniMed further represents and warrants that, as of the Effective Date, MiniMed has not transferred any MiniMed Patents to a non-practicing entity. 

2.2    License Grant to Medtronic.  Subject to the terms and conditions of this Agreement and to the extent legally permissible under applicable anti-trust laws, Insulet hereby grants Medtronic a non-exclusive, fully paid-up, worldwide right and license to (a) Insulet Claims covering use of nitinol to effect the delivery of a fluid via an ambulatory external pump; (b) Insulet Claims covering automatic insertion of a needle, cannula, and/or sensor; and (c) Insulet Claims covering integration and/or interaction of two or more of the following: ambulatory external drug delivery pumps; blood glucose monitoring devices; infusions sets; and/or insertion devices (the “Medtronic License”).  

		
	2.2.1
	The Medtronic License shall not include the right to assign or grant sublicenses, other than to Affiliates, sellers of Medtronic products or “have-made” licenses solely for Medtronic sales or distribution.

		
	2.2.2
	Notwithstanding the foregoing, nothing in the Medtronic License confers any rights to Medtronic to use, sell, offer to sell, manufacture, or import a one-piece ambulatory external drug delivery pump which adheres to the body, has no controls on the pump itself, is operated via a hand-held remote, and is disposed of in its entirety after use.

		
	2.2.3
	Medtronic agrees that it will not cause or ask Flextronics International Ltd. or one of its Affiliates to design or manufacture a one-piece ambulatory external drug delivery pump that adheres to the body. 

		
	2.2.4
	Insulet represents and warrants that if Insulet makes any future transfer of Insulet Claims covered by the Medtronic License, such transfer shall be subject to the Medtronic License.

		
	2.2.5
	Insulet further represents and warrants that, as of the Effective Date, Insulet has not transferred any Insulet Patents to a non-practicing entity. 

2.3    Settlement.  Within two (2) business days of MiniMed’s receipt of the Payment (defined below), the Plaintiffs and Insulet shall file a joint motion to dismiss all claims and counterclaims in the Infringement Litigation with prejudice.  Each Party shall bear its own attorneys’ fees and costs.  
		
	3.
	REMUNERATION

3.1    One Time Payment.  Insulet shall pay MiniMed a non-refundable amount of 
 
[ . . . *** . . . ] no later than October 21, 2013 (the “Payment”).  The Payment shall be made by wire transfer to MiniMed as follows:

Payments to MiniMed shall be made to the following account held by MiniMed with full discharge of Insulet:

[ . . . *** . . . ]
		
	4.
	CO-DEVELOPMENT

4.1    MiniMed and Insulet agree to work in good faith and with a reasonable time frame to discuss and attempt to negotiate a co-development and distribution arrangement whereby Insulet would develop a version of a CGM augmented insulin pump using the Insulet OmniPod System and the MiniMed CGM.
		
	5.
	TERM

5.1    Term.  This Agreement shall commence on the Effective Date and continue to be effective until the expiration of the last MiniMed Claim included in the Insulet License and the last Insulet Claim included in the Medtronic License (the “Term”).  
		
	6.
	CHANGE OF CONTROL AND COVENANTS

6.1    Change of Control.  If a controlling interest or substantially all of the assets of the business unit or entity of either MiniMed or Insulet is acquired by or sold to a Third Party, the non-exclusive license transfers to the acquiring Third Party.  Notwithstanding the foregoing, if MiniMed or Insulet is acquired by a Third Party, and such Third Party is then in the business of manufacturing, marketing and/or distributing ambulatory external insulin pumps, then the non-exclusive license granted to such Party under Article 2 shall immediately terminate.  

6.2    Covenant Not to Sue.  Each Party hereby covenants that it will not bring a lawsuit or cause of action against, or directly or indirectly challenge, or otherwise voluntarily assist a Third Party in any way to challenge, any other Party or any of its Affiliates, manufacturers, distributors or customers, in any venue or in any manner, for patent infringement based on the making, having made, selling, offering to sell, using or importing of any existing product, or any feature, element, component and/or existing combination thereof, as any of them exist in any existing commercially available products as of the Effective Date.  

6.3    Surviving Covenant. MiniMed and Insulet represent and warrant that if either MiniMed or Insulet makes any future transfer of a Patent otherwise covered by the covenant defined in Section 6.2, such transfer shall be made subject to the obligations stated in Section 6.2.  
		
	7.
	REPRESENTATIONS AND WARRANTIES 

7.1    Medtronic hereby represents and warrants to Insulet, itself and on behalf of each of the Plaintiffs, as follows:
		
	7.1.1
	Medtronic, Inc. is a corporation validly existing and in good standing under the laws of the State of Minnesota.  Medtronic MiniMed, Inc. and MiniMed Distribution Corp. are each corporations validly existing and in good standing under the laws of the State of Delaware. Medtronic Puerto Rico Operations Co. is a corporation validly existing and in good standing under the laws of the Cayman Islands.  Medtronic, MiniMed, MDC and MPROC each has all requisite power and authority to enter into this Agreement, to grant the Insulet License, to otherwise carry out the transactions and perform its obligations as contemplated hereby;

		
	7.1.2 
	This Agreement has been duly authorized, executed and delivered by each of Medtronic, MiniMed, MDC and MPROC and constitutes a legal, valid and binding obligation of each of Medtronic, MiniMed, MDC and MPROC, enforceable in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, moratorium or similar laws affecting the rights of creditors’ generally;

		
	7.1.3
	The execution and delivery by each of Medtronic, MiniMed, MDC and MPROC of this Agreement, the consummation of the transactions contemplated hereby and the performance by Medtronic, MiniMed, MDC and MPROC of their respective obligations hereunder, including, without limitation, the grant of the Insulet License, will not conflict with, violate or constitute a breach of, or constitute a default under, any agreement, instrument, judgment, order or requirement of law or governmental rule to which Medtronic, MiniMed, MDC or MPROC is presently a party or by which any of them is presently bound;

		
	7.1.4
	MiniMed is the sole owner of the MiniMed Claims covered by the Insulet License, and such claims are free and clear of all liens, claims, encumbrances, and interests of any kind that would have the effect of waiving or diminishing the Insulet License; and

		
	7.1.5
	None of Medtronic, MiniMed, MDC or MPROC has taken or omitted to take any action which would have the effect of waiving or diminishing the Insulet License.

		
	7.2 
	Insulet hereby represents and warrants as follows:

		
	7.2.1
	Insulet is a corporation validly existing and in good standing under the laws of Delaware and Insulet has all requisite power and authority to enter into this Agreement, to grant the Medtronic License, to otherwise carry out the transactions and perform its obligations as contemplated hereby;

		
	7.2.2
	This Agreement has been duly authorized, executed and delivered by Insulet and constitutes a legal, valid and binding obligation of Insulet enforceable in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, moratorium or similar laws affecting the rights of creditors’ generally;

		
	7.2.3
	The execution and delivery by Insulet of this Agreement, the consummation of the transactions contemplated hereby and the performance by Insulet of its obligations hereunder, including, without limitation, the grant of the Medtronic License will not conflict with, violate or constitute a breach of, or constitute a default under, any agreement, instrument, judgment, order or requirement of law or governmental rule to which Insulet is presently a party or by which it is presently bound;

		
	7.2.4
	Insulet is the sole owner of the Insulet Claims covered by the Medtronic License, and such claims are free and clear of all liens, claims, encumbrances, and interests of any kind that would have the effect of waiving or diminishing the Medtronic License; and 

		
	7.2.5
	Insulet has not taken or omitted to take any action which would have the effect of waiving or diminishing the Medtronic License.

		
	8.
	MAINTENANCE AND ENFORCEMENT OF LICENSED PATENTS

8.1    Maintenance.  During the Term MiniMed shall have the sole responsibility to prosecute, defend and maintain, at its sole discretion and expense, the MiniMed Patents, without an accounting to Insulet and Insulet shall have the sole responsibility to prosecute, defend and maintain, at its sole discretion and expense, the Insulet Patents, without an accounting to Medtronic, MiniMed, MDC or MPROC.

8.2    Enforcement.  Neither Medtronic nor Insulet, as licensee, shall have any obligation or duty to notify the other of any Third Party claim or other Third Party activity relating to any MiniMed Claims or Insulet Claims covered by the Insulet License or Medtronic License, as applicable. Under no circumstances shall Medtronic, a Plaintiff or any of their respective Affiliates have an obligation or a right to enforce the Insulet Claims against any Third Party, nor shall Insulet or any of its Affiliates have an obligation or a right to enforce the MiniMed Claims against any Third Party.
		
	9.
	CONFIDENTIALITY

9.1    Confidentiality.  The terms of this Agreement shall be maintained in strict confidence by the Parties, except to the extent required by law including, for clarity, the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).  Any Party may disclose the fact that the Infringement Litigation has been settled.  Notwithstanding anything in this Agreement, the Parties agree that if disclosure is required pursuant to SEC regulations, the disclosing Party shall use diligent efforts to limit disclosures, obtain confidential treatment and provide prompt notice of such disclosure to the other Party.  Once such disclosures have been made pursuant to SEC regulations, the Parties agree that information and/or terms made in the disclosure shall no longer be confidential information as defined by this Section 9.

9.2    Notwithstanding the foregoing, Insulet acknowledges and agrees that the contents of this Agreement will be disclosed by Medtronic in a separate patent infringement litigation Medtronic has pending with Animas Corporation.  Medtronic will ensure that such disclosure shall be done pursuant to the highest confidentiality designation under the associated protective order (e.g. OUTSIDE ATTORNEYS’ EYES ONLY).  
		
	10.
	DISPUTE RESOLUTION

10.1    Except in the event that a Party shall reasonably determine that it must seek a preliminary injunction, temporary restraining order or other provisional relief, upon the occurrence of a dispute between the Parties, including, without limitation, any breach of this Agreement or any obligation relating thereto, such matter shall be referred to the President of MiniMed and the President of Insulet, or their designees.  The Presidents, or their designees, as the case may be, shall negotiate in good faith to resolve such dispute in a mutually satisfactory manner for thirty (30) days, or such longer period of time to which the Presidents may agree.  If such efforts do not result in mutually satisfactory resolution of the dispute, then, in the event of a dispute other than a material breach, the Parties may (but are not required to) attempt to resolve the dispute as provided below.  In the event of a material breach, the Parties shall attempt to resolve the dispute as provided below:   
10.2     Each Party with a proposal for resolution of the matter (a "Proposing Party") shall prepare a brief (a "Brief") which includes a summary of the issue, its proposed resolution of the issue and considerations in support of such proposed resolution;

10.3    Not later than ten (10) business days following notice by a Party requesting the dispute resolution procedure provided in this Section 10, such Briefs shall be submitted to a reputable and experienced mediation service mutually selected by the Parties (the "Mediator").  If the Parties cannot agree on a Mediator, each Party shall select one (1) mediator and those two (2) mediators will mutually select the Mediator.  Both Parties shall equally share the cost of the Mediator.  All other costs shall be borne by the Party incurring them;
10.4    During a period of twenty (20) business days, the Mediator and the Parties shall diligently attempt to reach a resolution of the dispute;
10.5    In the event that after such twenty (20) business day period the Parties are still unable to reach resolution of the dispute, the Mediator shall provide the Parties with a  proposed resolution in written form within the following five (5) business days.  The proposed resolution of the Mediator shall not be binding on the Parties.  Such proposed resolution shall be implemented by the Parties only with the consent to the Parties.    
10.6    To the extent permitted by applicable law, all statutes of limitations and defenses based on the passage of time shall be tolled while any such negotiations are pending.  The Parties shall take whatever action may be necessary and reasonable to effectuate such tolling.
10.7    In the event that the Parties determine not to implement the proposed resolution of the Mediator, after a ten (10) business day "cooling off" period, determined from the date that the Parties receive a proposed resolution from the Mediator, either Party may pursue any available remedies at law or in equity.
		
	11.
	RELEASES

11.1    Plaintiffs’ Release.  Subject to MiniMed’s receipt of the Payment and as of the Effective Date, the Plaintiffs hereby fully, finally, and forever release and discharge Insulet and its Affiliates, and its customers, distributors and manufacturers (but only with respect to such customer’s, distributor’s and manufacturer’s use, sale or manufacture of Insulet products), directors, officers, managers and employees from any and all patent infringement claims, which Plaintiffs asserted or could have asserted in the Infringement Litigation. 

11.2.    Insulet Release.  Subject to MiniMed’s receipt of the Payment and as of the Effective Date, Insulet hereby fully, finally, and forever releases and discharges Plaintiffs and their Affiliates, and Plaintiffs’ customers, distributors and manufacturers (but only with respect to such customer’s, distributor’s and manufacturer’s use, sale or manufacture of Plaintiffs’ products) directors, officers, managers and employees from any and all patent infringement claims, which Insulet asserted or could have asserted in the Infringement Litigation. 
		
	12.
	MISCELLANEOUS

12.1    Assignment.  This Agreement may not be assigned by a Party without the prior written consent of the other Parties.  Any successor or assignee shall assume all obligations of its predecessor or assignor, as applicable, under this Agreement. No assignment shall relieve a Party of responsibility for the performance of any accrued obligation that the Party has hereunder. 

12.2    Entire Agreement.  This Agreement constitutes the entire agreement between the Parties hereto with respect to the within subject matter and supersedes all previous agreements directed to such subject matter whether written or oral. This Agreement may not be changed or modified orally except by an instrument in writing signed by all Parties.

12.3    Severability.  Should any part or provision of this Agreement be held unenforceable, invalid or illegal, the validity of the remaining part or provisions shall not be affected by such holdings. In such case, the Parties shall agree without delay on a valid substitute term which shall approximate as closely as possible the purpose of the invalid or unenforceable term.

12.4    Notices.  All notices hereunder shall be in writing and shall be delivered personally, mailed by overnight delivery, registered or certified mail, postage prepaid, mailed by express mail service or given by facsimile, to the following addresses of the respective Parties:

If to Medtronic:                  Medtronic MiniMed, Inc.
Attention: Vice President and Chief Counsel
18000 Devonshire Street
Northridge, CA 91325
Facsimile: 818-576-6228 

Copy to:                             Medtronic Inc.
Attention: Senior Vice President, General Counsel and Secretary
710 Medtronic Parkway
Minneapolis, MN 55432
Facsimile: (763) 572-5459

If to Insulet:                        Insulet Corporation
Attention: President
9 Oak Park Dr
Bedford, MA 01730
Facsimile: (781)  357-5011

Copy to:                              Insulet Corporation
Attention: General Counsel
9 Oak Park Dr
Bedford, MA 01730
Facsimile: (781) 357-4281

Notices shall be effective upon receipt if personally delivered, on the third business day following the date of mailing if sent by certified or registered mail, and on the second business day following the date of delivery to the express mail service if sent by express mail, or the date of transmission if sent by facsimile. A Party may change its address listed above by written notice to the other Parties.

12.5    Choice of Law.  The validity, performance, construction, and effect of this Agreement and any disputes, claims or controversies arising out of or in connection with this Agreement shall be governed by the laws of the State of Delaware, without reference to choice or conflict of law rules otherwise applicable.

12.6    No Third Party Beneficiaries.  Nothing in this Agreement, expressed or implied, is intended to confer on any person other than the Parties hereto or their respective successors or assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement.

12.7    Waiver.  None of the terms, covenants and conditions of this Agreement can be waived except by the prior written consent of the Party waiving compliance therewith. Failure by either Party to enforce any rights under this Agreement shall not be construed as a waiver of such rights, nor shall a waiver by either Party in one or more instances be construed as constituting a continuing waiver or as a waiver in other instances.

12.8    Force Majeure.  No Party shall be responsible to the other Parties for failure or delay in performing any of its obligations under this Agreement or for other non-performance hereof provided that such delay or non-performance is occasioned by a cause beyond the reasonable control and without fault or negligence of such Party, including, but not limited to earthquake, fire, flood, explosion, discontinuity in the supply of power, court order or governmental interference, act of God, strike or other labor trouble and provided that such Party will inform the other Party as soon as is reasonably practicable and that it will entirely perform its obligations immediately after the relevant cause of the Force Majeure has ceased its effect.

12.9    Publicity.  No Party shall make any public announcement concerning the transactions contemplated herein, or to make any public statement which includes the name of the other Party(ies) or any of its (or their) Affiliates, or otherwise use the name of the other Party(ies) or any of its (or their) Affiliates in any public statement or document, except as may be required by law or judicial order or rule of a relevant stock exchange (and then only following 48-hour prior written notice to the other Party(ies)).

12.10    Headings; Definitions.  The captions used herein are inserted for convenience of reference only and shall not be construed to create obligations, benefits, or limitations.  With respect to defined terms, the singular shall include the plural and the masculine gender shall include the feminine and the neuter, and vice versa, as the context requires.

12.11    Counterparts.  This Agreement may be executed in counterparts, all of which taken together shall be regarded as one and the same instrument.

12.12    Independence.  Unless otherwise described herein, nothing contained in this Agreement shall be construed as creating a partnership, joint venture or agency or employment relationship between any of the Parties.  In the performance of this Agreement, each Party shall act as an independent contractor to the other.  Neither Party shall have any authority or power to contract or in any manner incur liability, retrospectively or prospectively, of any kind or nature for or in the name of the other Party or for which the other Party could or might be held liable to Third Parties.

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

12.14    Survival.  The rights and obligations of the Parties contained in the following Articles and Sections (and related definitions) shall expressly survive the expiration of this Agreement: 6.2, 6.3, 9, 10, 11, 12.3-12.5, 12.9 and 12.14.

[Signature page follows]

IN WITNESS WHEREOF, and intending to be bound, the Parties hereto have duly executed this Agreement by their duly authorized representatives as of the Effective Date:

MEDTRONIC, INC.

By:    /s/ Gary L. Ellis    
Name:  Gary L. Ellis
Title:  Senior Vice President and Chief Financial Officer

MEDTRONIC MINIMED, INC.

By:   /s/ Gary L. Ellis    
Name: Gary L. Ellis
Title:  Vice President and Chief Financial Officer

MINIMED DISTRIBUTION CORP.

By:   /s/ Gary L. Ellis    
Name: Gary L. Ellis
Title:  Vice President and Chief Financial Officer

MEDTRONIC PUERTO RICO OPERATIONS CO.

By:   /s/ Gary L. Ellis    
Name:  Gary L. Ellis
Title:  Vice President and Chief Financial Officer

INSULET CORPORATION

By:    /s/ Duane DeSisto    
Name: Duane DeSisto
Title:   President and CEO

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