Document:

EXHIBIT 10.1

          AMENDMENT NO. 5 TO AMENDED AND RESTATED COMMERCIAL LOAN AND
          -----------------------------------------------------------
                               SECURITY AGREEMENT
                               ------------------

    This AMENDMENT NO. 5 TO AMENDED AND RESTATED COMMERCIAL LOAN AND SECURITY
AGREEMENT (this "Agreement") is made as of the 9th day of August, 2007, by and
among TRANS-LUX CORPORATION, a Delaware corporation, with its chief executive
office and principal place of business located at 110 Richards Avenue, Norwalk,
Connecticut 06854 ("Borrower"), each of the other corporations signatory hereto
as guarantors (collectively, the "Guarantors"), and PEOPLE'S UNITED BANK
(formerly known as People's Bank), a Connecticut chartered banking corporation
with an office located at 350 Bedford Street, Stamford, Connecticut 06901
("Lender").

                                  WITNESSETH:

    WHEREAS, Lender has made certain loans (collectively, the "Loans") to
Borrower pursuant to a certain Amended and Restated Commercial Loan and Security
Agreement dated as of December 23, 2004 (the "Original LSA"), as amended by a
certain Amendment No. 1 to Amended and Restated Commercial Loan and Security
Agreement dated as of May 9, 2006, as further amended by a letter agreement
dated November 16, 2006, as further amended by a letter agreement dated April 2,
2007, and as further amended by a letter agreement dated May 17, 2007
(collectively, the "Amendments") (the Original LSA, as amended by the Amendments
and as further amended from time to time, being hereinafter referred to as, the
"LSA");

    WHEREAS, capitalized terms not otherwise defined in this Agreement shall
have the meanings ascribed to them in the LSA;

    WHEREAS, the Guarantors have guaranteed all obligations of the Borrower to
the Lender under the LSA and related Loan Documents pursuant to a certain
Amended and Restated Unlimited Guaranty dated as of December 23, 2004 (as the
same may be amended or reaffirmed from time to time, the "Guaranty Agreement");

    WHEREAS, as security for its obligations to the Lender, including, without
limitation, those arising under the LSA the Borrower has, among other things,
granted to the Lender a lien on and security interest in all of its personal
property assets pursuant to the LSA;

    WHEREAS, as security for their respective obligations to the Lender under
the Guaranty Agreement, each Secured Guarantor has granted to the Lender a lien
on and security interest in all if its personal property assets pursuant to a
certain Amended and Restated Guarantor Security Agreement dated as of December
23, 2004 (as the same may be amended or reaffirmed from time to time, the
"Guarantor Security Agreement");

    WHEREAS, Borrower and the Guarantors (collectively, the "Obligors") have
requested Lender (i) to amend the calculation of the Fixed Charge Coverage
Ratio; (ii) to increase the minimum Tangible Net Worth requirement to
$24,750,000; (iii) to amend the maturity dates of all Loans to May 1, 2009; and
(iv) to add an additional mandatory prepayment fees to be paid if the current
outstanding principal balance of the Loans are not reduced by $10,000,000 as of
certain specified dates; and

<PAGE>

    WHEREAS, Section 10.1 of the LSA provides that no modification or amendment
of the Credit Agreement shall be effective unless the same shall be in writing
and signed by the Lender and Borrower.

    NOW, THEREFORE, in consideration of One Dollar ($1.00) and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Lender and each Obligor agree as follows:

1.  Acknowledgments, Affirmations and Representations and Warranties.
    ----------------------------------------------------------------

    a.  The Obligors acknowledge, affirm, represent and warrant that:

        (i) All of the statements contained herein are true and correct and that
each understands that the Lender is relying on the truth and completeness of
such statements to enter into this Agreement.

        (ii) As of August 8, 2007, the Borrower is legally and validly indebted
to the Lender:  (A) by virtue of the Term Loan in the principal amount of
$7,500,000, (B) by virtue of the Revolving Loan in the principal outstanding
amount of $5,000,000, and (C) by virtue of the Converted Term Loan in the
principal amount of $5,337,500, plus interest and fees accrued and accruing on
each of the foregoing and costs and expenses of collection, including without
limitation, attorneys' fees, relating thereto and there is no defense, offset or
counterclaim with respect to any of the foregoing or independent claim or action
against the Lender.

        (iii) Each Guarantor is legally and validly indebted to the Lender by
virtue of the Guaranty Agreement and there is no defense, offset or counterclaim
with respect thereto or independent claim or action against the Lender.

        (iv) The resolutions previously adopted by the Board of Directors of the
Borrower and provided to the Lender have not in any way been rescinded or
modified and have been in full force and effect since their adoption to and
including the date hereof and are now in full force and effect, except to the
extent that they have been modified or supplemented to authorize this Agreement
and the documents and transactions described herein.

        (v) The Borrower has the power and authority to enter into, and has
taken all necessary corporate action to authorize, this Agreement and the
transactions contemplated hereby and thereby.

        (vi) The resolutions previously adopted by the Board of Directors of
each of the Guarantors and provided to the Lender have not in any way been
rescinded or modified and have been in full force and effect since their
adoption to and including the date hereof and are now in full force and effect,
except to the extent that they have been modified or supplemented to authorize
this Agreement and the documents and transactions described herein.

        (vii) Each Guarantor has the power and authority to enter into, and has
taken all necessary corporate action to authorize, this Agreement and the
transactions contemplated hereby and thereby.

                                        -2-
<PAGE>

        (viii) All representations, warranties and covenants contained in, and
schedules and exhibits to, the LSA, the Guaranty Agreement and the other Loan
Documents are true and correct in all material respects on and as of the date
hereof, are incorporated herein by reference and are hereby remade except that
Schedule 4.4(c) to the LSA relating to outstanding indebtedness of the Borrower
and the Guarantors is hereby updated and replaced with Schedule 4.4(c) attached
hereto.

        (ix) After giving effect to the amendments provided herein, no Default
currently exists under the LSA, the Guaranty Agreement or any of the other Loan
Documents and no condition exists which would constitute a default or an event
of default (howsoever defined) under any of the Loan Documents but for the
giving of notice or passage of time, or both.

        (x) The consummation of the transactions contemplated hereby is not
prevented or limited by, nor does it conflict with or result in a breach of
terms, conditions or provisions of the Borrower's or any Guarantor's Certificate
of Incorporation or Bylaws or any evidence of indebtedness, agreement or
instrument of whatever nature to which the Borrower or any Guarantor is a party
or by which it is bound, does not constitute a default under any of the
foregoing and does not violate any federal, state or local law, regulation or
order or any order of any court or agency which is binding upon the Borrower or
any Guarantor.

2.  Amendment of LSA and other Loan Documents.
    -----------------------------------------

    a.  Section 1.1 of the LSA entitled "Defined Terms" is amended as follows:
                                         -------------

        (i) by deleting the definition of "Maturity Date" set forth therein in
    its entirety and by substituting the following therefor:

        "Maturity Date" means:  (i) with respect to the Term Loan, May 1, 2009;
    (ii) with respect to all Converted Term Loans, May 1, 2009; and (iii) with
    respect to all outstanding Revolving Loans, May 1, 2009.

        (ii) by deleting the definition of "Forbearance and Amendment Fee" set
    forth therein in its entirety and by substituting the following therefor:

        "Forbearance and Amendment Fee" shall mean the fee to be paid by the
    Borrower to the Lender in consideration of the amendments and waivers
    granted by the Lender to the Borrower and the Guarantors as set forth in
    that certain Amendment No. 1 to Amended and Restated Commercial Loan and
    Security Agreement among the Borrower, the Guarantors and the Lender dated
    as of May 9, 2006, that certain letter agreement dated November 16, 2006,
    that certain letter agreement dated April 2, 2007, that certain letter
    agreement dated May 17, 2007, and that certain Amendment No. 5 to Amended
    and Restated Commercial Loan and Security Agreement among the Borrower, the
    Guarantors and the Lender dated as of August 9, 2007, which Forbearance and
    Amendment Fee shall be equal to $350,000 and shall be paid immediately upon
    the occurrence of an Additional Mandatory Prepayment Event.

                                        -3-
<PAGE>

    b.  Article 2 of the LSA is hereby amended by deleting Section 2.19A in its
entirety and by substituting the following therefor:

        "Section 2.19A Additional Mandatory Prepayments.
                       --------------------------------

        (a) Except for Routine Asset Transfers, in the event that the Borrower
or any Secured Guarantor sells, leases, assigns or otherwise transfers any of
its assets other than in the ordinary course of business, then, simultaneously
with such sale, lease, assignment or transfer (each such sale, lease, assignment
or transfer being referred to herein as an "Additional Mandatory Prepayment
Event"):  (a) the Revolving Loan Commitment shall automatically terminate; (b)
the obligation of the Lender to issue any Letters of Credit shall automatically
and immediately terminate; (c) the Borrower shall immediately prepay all Loans
and all other outstanding Obligations; (d) the Borrower shall deposit in an
account with the Lender an amount in cash equal to the Available Amount as of
the date of the Additional Mandatory Prepayment Event which amounts shall be
held by the Lender as collateral for the payment and performance of all
Reimbursement Obligations then arising or which in the future arise for any and
all outstanding Letters of Credit and the Lender shall have exclusive dominion
and control over such account; and (e) the Borrower shall pay to the Lender the
Forbearance and Amendment Fee.

        (b) (i) In the event that the outstanding principal balance of the Term
Loan plus the outstanding principal balance of the Converted Term Loan is
greater than $2,837,500 on October 31, 2007, the Borrower shall pay to the
Lender on November 1, 2007 a fee equal to $25,000 (the "$25,000 Fee") which
$25,000 Fee shall be in addition to any Forbearance and Amendment Fee that may
be due owing.

            (ii) In the event that the outstanding principal balance of the Term
Loan plus the outstanding principal balance of the Converted Term Loan is
greater than $2,206,250 on January 31, 2008, the Borrower shall pay to the
Lender on February 1, 2008 a fee equal to $50,000 (the "$50,000 Fee") which
$50,000 Fee shall be in addition to the $25,000 Fee and to any Forbearance and
Amendment Fee that may be due and owing.

            (iii) In the event that the outstanding principal balance of the
Term Loan plus the outstanding principal balance of the Converted Term Loan is
greater than $1,575,000 on April 30, 2008, the Borrower shall pay to the Lender
on May 1, 2008 a fee equal to $100,000 (the "$100,000 Fee") which $100,000 Fee
shall be in addition to the $25,000 Fee, the $50,000 Fee and to any Forbearance
and Amendment Fee that may be due and owing.

        Nothing in this Section 2.19A shall be deemed or implied, directly or
indirectly, to relieve the Borrower from making regularly scheduled principal
and interest payments under the Notes or otherwise waive any of the Borrower's
other obligations to the Lender, and the Borrower agrees and acknowledges that
all regularly schedule principal and interest payments under the Notes shall
continue to be made as set forth therein and that any prepayments shall be
applied in the inverse order of maturity and otherwise in accordance with the
terms of the LSA.

                                        -4-
<PAGE>

    c.  Section 5.8 of the LSA entitled "Reporting Requirements" is hereby
amended by adding the following sentence at the end of Section 5.8(c) therein:

        "In addition, the Borrower shall furnish or cause to be furnished to the
Lender within thirty (30) days after the end of each calendar month, a current
and completed Borrowing Base Certificate."

    d.  Section 7.1 of the LSA entitled "Minimum Fixed Charge Coverage Ratio" is
hereby deleted in its entirety and the following is substituted therefor:

        "Section 7.1 Minimum Fixed Charge Coverage Ratio.
                     -----------------------------------

        (A) Maintain as of the end of the fiscal quarter of the Borrower ending
on June 30, 2007, September 20, 2007 and December 31, 2007, in each case for the
then ended Rolling Period, a ratio of (i) EBITDA for such period minus total
Non-Financed Capital Expenditures during such period minus total dividends paid
during such period plus $1,475,000 (representing a non-cash charge for the early
extinguishment of debt) divided by (ii) Current Maturities of Long-Term Debt
paid during such then ended Rolling Period plus Interest Expense for such period
plus total cash taxes paid for corporate income taxes for such period of not
less than 1.10 to 1.00.

        (B) Maintain as of the end of the fiscal quarter of the Borrower ending
on March 31, 2008 and as of the end of each fiscal quarter thereafter, in each
case for the then ended Rolling Period, a ratio of (i) EBITDA for such period
minus total Non-Financed Capital Expenditures during such period minus total
dividends paid during such period divided by (ii) Current Maturities of
Long-Term Debt paid during such then ended Rolling Period plus Interest Expense
for such period plus total cash taxes paid for corporate income taxes for such
period of not less than 1.10 to 1.00.

    e.  Section 7.2 of the LSA entitled "Minimum Tangible Net Worth" is hereby
deleted in its entirety and the following is substituted therefor:

        "Section 7.2 Minimum Tangible Net Worth.  Maintain at all times on and
    after June 30, 2007, Tangible Net Worth of not less than $24,750,000."

    f.  Any reference in any of the Notes or any of the other Loan Documents to:
(i) the Amended and Restated Commercial Loan and Security Agreement between the
Borrower and the Lender dated as of December 23, 2004 (howsoever defined) shall
be amended to refer to and mean the Original LSA, as amended by the Amendments
and as further amended and modified by this Agreement.

3.  Effect of Amendment; Reaffirmation of Liens and other Obligations.  Lender
    -----------------------------------------------------------------
and each Obligor hereby agree and acknowledge that except as provided in this
Agreement, the LSA, the Guaranty Agreement, the Guarantor Security Agreement and
the other Loan Documents (together with all Schedules and Exhibits attached
hereto) remain in full force and effect and have not been modified or amended in
any respect, it being the intention of Lender and each Obligor that this
Agreement and the LSA be read, construed and interpreted as one and the same
instrument.  In

                                        -5-
<PAGE>

addition:  (i) the Borrower acknowledges, affirms and agrees that the Lender's
security interest in the Collateral shall continue to secure any and all of the
Borrower's indebtedness to the Lender, including without limitation, the
indebtedness arising under the LSA, as amended hereby; and (ii) each Guarantor
acknowledges, affirms and agrees that (A) the Obligations of the Borrower to the
Lender which have been guaranteed by such Guarantor include, without limitation
the Loans, as modified hereby; and (B) each Secured Guarantor acknowledges,
affirms and agrees that the Lender's security interest in the Collateral (as
defined in the Guarantor Security Agreement) shall continue to secure the
payment and performance of all of its obligations and liabilities to the Lender
arising under the Guaranty Agreement.

4.  Fees and Expenses.  In consideration of:  (a) the extension of the Maturity
    -----------------
Dates of the Loans as set forth herein, the Borrower shall pay to the Lender on
or before the date hereof an extension fee equal to $25,000; and (b) the
amendments to the financial covenants set forth herein, the Borrower shall pay
to the Lender on or before the date hereof a modification fee equal to $5,000.
In addition to the foregoing fees and any other fees that may be due to the
Lender under the Loan Documents, the Borrower agrees to pay all legal fees and
expenses of Lender incurred in connection with the preparation, negotiation and
execution of this Agreement and the other documents executed and/or delivered in
connection herewith.

5.  Governing Law.  This Agreement shall be governed by and construed in
    -------------
accordance with the laws of the State of Connecticut (except its conflicts of
laws provisions).

6.  Counterparts.  This Agreement may be executed in any number of identical
    ------------
counterparts, each of which shall be deemed to be an original, and all of which
shall collectively constitute a single agreement, fully binding upon and
enforceable against the parties hereto.

7.  Capitalized Terms.  All capitalized terms not otherwise defined in this
    -----------------
Agreement shall have the meanings ascribed to such terms in the LSA.

8.  Benefit.  This Agreement shall inure to the benefit of and bind the parties
    -------
hereto and their respective successors and assigns.

                         [NEXT PAGE IS SIGNATURE PAGE]

                                      -6-
<PAGE>

    IN WITNESS WHEREOF, Lender, Borrower and Guarantors have executed this
Agreement as of the date first above written.

WITNESSES:

 /s/ Todd Dupee                         TRANS-LUX CORPORATION
--------------------------------

 /s/ Gadiel Ross                        By: /s/ Angela D. Toppi
--------------------------------           ----------------------------
                                           Name: Angela D. Toppi
                                           Its: Executive Vice President
                                           Duly Authorized

                                        TRANS-LUX DISPLAY CORPORATION
                                        TRANS-LUX MIDWEST CORPORATION
                                        TRANS-LUX WEST CORPORATION
                                        TRANS-LUX DURANGO CORPORATION
                                        TRANS-LUX SERVICE CORPORATION
                                        TRANS-LUX FOUR CORNERS CORPORATION
                                        TRANS-LUX LOS LUNAS CORPORATION
                                        TRANS-LUX MONTEZUMA CORPORATION
                                        TRANS-LUX REAL ESTATE CORPORATION
                                        TRANS LUX SUMMIT CORPORATION
                                        TRANS-LUX TAOS CORPORATION
                                        TRANS-LUX VALLEY CORPORATION
                                        TRANS-LUX WYOMING CORPORATION
                                        TRANS-LUX CASTLE ROCK COPORATION
                                        TRANS-LUX COCTEAU CORPORATION
                                        TRANS-LUX COLORADO CORPORATION
                                        TRANS-LUX DESERT SKY CORPORATION
                                        TRANS-LUX DREAMCATCHER CORPORATION
                                        TRANS-LUX HIGH FIVE CORPORATION
                                        TRANS-LUX LARAMIE CORPORATION
                                        TRANS-LUX LOMA CORPORATION
                                        TRANS-LUX SKYLINE CORPORATION
                                        TRANS-LUX STARLIGHT CORPORATION
                                        TRANS-LUX STORYTELLER CORPORATION
                                        TRANS-LUX NEW MEXICO CORPORATION
                                        TRANS-LUX HOLDING CORPORATION
                                        TRANS-LUX CINEMA CONSULTING CORPORATION
                                        TRANS-LUX LOVELAND CORPORATION
                                        TRANS-LUX MOVIE OPERATIONS CORPORATION
                                        TRANS-LUX MULTIMEDIA CORPORATION

 /s/ Todd Dupee                         TRANS-LUX CORPORATION
--------------------------------

 /s/ Gadiel Ross                        By: /s/ Angela D. Toppi
--------------------------------           ----------------------------
                                             Angela D. Toppi
                                             Its:  Executive Vice President

         [Signature Page (1) to Amendment No. 5 to Amended and Restated
                    Commercial Loan and Security Agreement]

<PAGE>

 /s/ Rosalyn Sastrunk                   PEOPLE'S UNITED BANK (formerly known as
--------------------------------        People's Bank)

 /s/ Faith Cenatiempo                   By: /s/ Martin H. Anderson
--------------------------------            ---------------------------
                                            Name: Martin H. Anderson
                                            Its: Vice President
                                            Duly Authorized

         [Signature Page (2) to Amendment No. 5 to Amended and Restated
                    Commercial Loan and Security Agreement]exhibit101.htm

    
      

      
Exhibit
      10.1

    
      ***CONFIDENTIAL
        PORTIONS OF THIS AGREEMENT HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE
        COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT***

      

    

    AMENDED
      AND RESTATED  EXCLUSIVE LICENSE AGREEMENT

    

    This
      AMENDED AND RESTATED Exclusive License Agreement (the
“Agreement”) is entered into as
      of  April 2,
      2007, having an effective date of April 5, 2007 (the
“Effective
      Date”) by and between OXIS
      International, a Delaware corporation
      (“OXIS”),
      located at 6040 N. Cutter Circle, Suite 317, Portland OR 97217 and
Alteon, Inc. (formerly known as haptoguard, Inc.,) a Delaware
      corporation located at 221 W. Grand Avenue, Suite 200, Montvale, NJ 07645
      (“Alteon ”). 

    

     

    Recitals

     

    Whereas,
      OXIS is the owner of certain Licensed Patents, Licensed Compounds, Licensed
      Know-How, Licensed Process, and Licensed Product (each as defined below), as
      described below;

     

    Whereas,
      Alteon is a biopharmaceutical company that is interested in developing and
      commercializing the Licensed Product; 

     

    Whereas,
      OXIS wishes to grant Alteon and Alteon desires to obtain an exclusive,
      worldwide license under the Licensed Patents, Licensed Compounds, Licensed
      Know-How, Licensed Process, and Licensed Product on the terms set forth
      herein.

     

    WHEREAS,
      Alteon and OXIS previously entered into an agreement, titled “Exclusive License
      Agreement” which was made effective as of February 28, 2004 ( the "Prior
      Exclusive License Agreement");

    

    WHEREAS,
      this Agreement is intended to cover the same intellectual property as described
      in the Prior Exclusive License Agreement and evidenced by the Licensed Patents
      Licensed Compounds, Licensed Know-How, Licensed Process and Licensed Product,
      but, among other things, expands the scope of the previous licenses to also
      include non cardiovascular indications;

    

    WHEREAS,
      the Parties now desire to enter into this “Amended and Restated Exclusive
      License Agreement” for the purpose of amending the Prior Exclusive License
      Agreement by  expanding the rights granted and making certain changes
      regarding the terms and conditions and rights and obligations of the Parties;
      and

    

    WHEREAS,
      the Parties intend that this Agreement shall supersede the Prior
      Exclusive  License Agreement from and as of the Effective Date;

    

    Now
      Therefore, for good and valuable consideration of the
      foregoing and the covenants and premises contained in this Agreement, the
      parties agree as follows:

     

    
      	
              1.  

            	
              Definitions

            

    

     

    The
      following capitalized terms shall have the meanings indicated for purposes
      of
      this Agreement.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    
      ***CONFIDENTIAL
        PORTIONS OF THIS AGREEMENT HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE
        COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT.

      

    

    1.1   “Affiliate”
      shall mean, as to any person or
      entity, which, directly or indirectly, controls, is controlled by, or is under
      common control with such person or entity.  For purposes of this
      definition, “control” shall mean the ownership of more than 50% of the shares of
      stock entitled to vote for the election of directors in the case of a
      corporation, and more than 50% of the voting power in the case of a business
      entity other than a corporation.

     

    1.2  “ANDA”
      shall mean an Abbreviated New Drug Application filed pursuant to the
      requirements of the FDA, or the equivalent application in any other country
      or
      jurisdiction, required before Commercial Sale of a drug
      product.  

     

    1.3   “Combination
      Product” any product that combines Licensed Product with any Alteon
      product or technology.

     

    1.4  “Confidential
      Information” shall have the meaning in Section 7

     

    1.5   “Disclosing
      Party” shall have the meaning provided in Section 6.1.

     

    1.6  “Disputes”
      shall have the meaning provided in Section 9.4.

     

    1.7   “FDA”
      shall mean the United States Food and Drug Administration or any successor
      agency.

     

    1.8  “Field”
      shall mean any and all uses including but not limited to the therapeutic,
      diagnostic, preventative, amerliorative, and/or prognostic for and in any
      indication, assay, disease and/or condition.  

     

    1.9   “First
      Commercial Sale” shall mean, with respect to any Licensed Product, the
      first sale on a commercial basis in an arm's length transaction for end use
      of
      such Licensed Product in a country after the governing health regulatory
      authority of such country has granted regulatory approval of such Licensed
      Product, to the extent such regulatory approval is required in such
      country.  Licensed Product distributed or used for clinical trial
      purposes shall not be considered sold, marketed or made publicly available
      for
      sale and shall not constitute first commercial sale.

     

    1.10  “Alteon
      Indemnitee” shall have the meaning provided in Section 9.1(b).

     

    1.11  “Generic
      Competition” shall mean on a country by country basis the commercial
      sale of a generic product containing the same compound as Licensed
      Product  as an active ingredient.

     

    1.12   “Indemnifying
      Party” shall have the meaning provided in Section 9.1(c).

     

    1.13   “Parenteral
      Formulation” shall mean Licensed Product formulated sterilely for
      administration through a needle or indwelling catheter to a human subject

     

    1.14   “Licensed
      Know-How” shall mean, with respect to the Field, all information, data,
      compositions, materials, method, processes, protocols, reports, techniques
      relating to***.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
      ***CONFIDENTIAL
        PORTIONS OF THIS AGREEMENT HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE
        COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT.

      

    

    1.15  “Licensed
      Compound” shall mean a set of compounds *** including a set of cyclic
      organoselenium compounds *** for use in the Field. 

     

    1.16  “Licensed
      Patents” shall mean any and all i) Patents covering the Licensed
      Compounds, Licensed Process, Licensed Know-How of the Prior Exclusive License
      Agreement which have a Valid Claim; and ii) ***;

     

    1.17  “Licensed
      Process” shall mean synthetic routes, materials, conditions, and/or
      processes relating to and for the manufacture of the Licensed Compounds and/or
      Licensed Product relating to the Field as disclosed  in the Licensed
      Patents .

     

    1.18  “Licensed
      Product” shall mean any products prepared, created, generated or
      synthesized by use of the *** BXT-51072 and the organoselenium compounds and
      formulations thereof ***. .  

     

    1.19   “Losses”
      shall have the meaning provided in Section 9.1(a).

     

    1.20   “NDA”
      shall mean a New Drug Application filed pursuant to the requirements of the
      FDA,
      or the equivalent application in any other country or
      jurisdiction.  

     

    1.21  “Net
      Sales” shall mean, except as specified in Section 3.6(c) hereof for the
      purposes set forth in such Section, the amount actually received by Alteon
      and
      its Affiliates for sales by Alteon or an Affiliate in a given jurisdiction
      of
      Licensed Product for use in the Field to independent purchasers in arm's length
      transactions, less the following customary and reasonable items, actually
      allowed or granted for such Licensed Product (if not previously deducted from
      the amount invoiced): 

     

    (a)  discounts,
      credits, retroactive price reductions, rebates, refunds, charge backs,
      allowances and adjustments, including Medicaid, managed care and similar types
      of rebates, rejections, market withdrawals, recalls and returns, and
      administrative fees charged by hospital buying groups and managed care
      organizations;

     

    (b)  trade,
      quantity and cash discounts and rebates actually allowed or given;

     

    (c)  sales,
      excise, turnover, value-added, and similar taxes assessed on
      the sale of the Product, and import and customs duties; 

     

    (d)  shipping
      and insurance charges, postage, and freight out;

     

    (e)  government
      imposed rebates or discounts; and

     

    (f)  payments
      of actual fees or royalties to bona fide third parties in connection with the
      commercialization, licensing,  or manufacture of Licensed
      Product

     

    1.22  Sales
      of
      Licensed Product by and between Alteon and its Affiliates and sublicensees
      are
      not sales to Third Parties and shall be excluded from Net Sales calculations
      for
      all purposes.  Sales of Product for use in conducting clinical trials
      of Licensed Product in a country in order to obtain the regulatory approval
      of
      Licensed Compounds and/or Product in such country shall be excluded from Net
      Sales calculations for all purposes.  Net Sales shall be determined in
      a manner consistent for all products sold by or on behalf of Alteon and in
      accordance with applicable U.S. generally accepted accounting
      principles.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
      ***CONFIDENTIAL
        PORTIONS OF THIS AGREEMENT HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE
        COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT.

      

    

    1.23  “Non-Parenteral
      Intravenous Formulation” shall mean Licensed Product formulated
      ***. 

     

    1.24  “OXIS
      Indemnitee” shall have the meaning provided in Section 9.1(a).

     

    1.25  “OXIS
      Improvements” shall mean any new invention related to active
      pharmaceutical ingredient production, formulation or chemical structure of
      the
      Licensed Processes and/or Licensed Compounds developed by OXIS whereby such
      improvements are covered under and/or disclosed by the Patents.

     

    1.26  “Patents”
      shall mean, with respect to the Field, (a) patents and patent applications,
      existing as of February 28, 2004 as set for in Appendix A of the Prior Exclusive
      License Agreement; (b) any and all corresponding foreign patents and patent
      applications, whether now existing or hereafter filed, (c) provisionals,
      substitutions, divisionals, reexaminations, reissues, renewals, extensions,
      term
      restorations, continuations, continuations-in-part, substitute applications
      and
      inventors’ certificates, arising from, or based upon, any of such patents or
      patent applications, and (d) patents issuing from any such patent
      applications.

     

    1.27  “Phase
      I Clinical Trial” shall mean a human clinical trial in any country
      conducted by Alteon or its Affiliate to initially evaluate the safety of
      Licensed Product in human subjects or that would otherwise satisfy the
      requirements of 21 CFR 312.21(a) or the equivalent laws, rules or regulations
      in
      a regulatory jurisdiction outside the United States.

     

    1.28  “Phase
      II Clinical Trial” shall mean a human clinical trial in any country
      conducted by Alteon or its Affiliate to initially evaluate the effectiveness
      of
      Licensed Product in human subjects with the disease or indication under study
      or
      that would otherwise satisfy the requirements of 21 CFR 312.21(b) or the
      equivalent laws, rules or regulations in a regulatory jurisdiction outside
      the
      United States.

     

    1.29  “Phase
      III Clinical Trial” shall mean the first patient dosed in a pivotal
      human clinical trial in any country conducted by Alteon or its Affiliate the
      results of which could be used to establish safety and efficacy of the Licensed
      Product as a basis for approval of an NDA for such Licensed Product or
      Additional Product or that would otherwise satisfy the requirements of 21 CFR
      312.21(c) or the equivalent laws, rules or regulations in a regulatory
      jurisdiction outside the United States.

     

    1.30   “Receiving
      Party” shall have the meaning provided in Section 6.1.

     

    1.31  “Regulatory
      Approval” shall mean approval of an NDA and satisfaction of any related
      applicable regulatory registration and notification requirements (if
      any).

     

    1.32  “Royalty
      Term” shall mean, with respect to each country in which Licensed
      Product is sold, on a product-by-product basis, that time period beginning
      on
      the First Commercial Sale of such Licensed Product covered by a Valid Claim
      in
      such country and expiring, on a country-by-country basis, the expiration in
      such
      country of the last-to-expire Licensed Patent with a Valid Claim.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
      ***CONFIDENTIAL
        PORTIONS OF THIS AGREEMENT HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE
        COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT.

      

    

    1.33  “Sublicense
      Fee” shall mean ***. 

     

    1.34  “Sublicensee”
      shall mean any Third Party to which Alteon or its Affiliate has granted rights
      in the to the Licensed Patents covering the Licensed Product pursuant to the
      terms of this Agreement.

     

    1.35  “Term”
      shall have the meaning provided in Section 8.1.

     

    1.36  “Third
      Party” shall mean any entity other than OXIS or Alteon or an Affiliate
      of OXIS or Alteon. 

     

    1.37  “U.S.”
      shall mean the United States.

     

    1.38  “Valid
      Claim” shall mean a claim of an issued patent included within the
      Licensed Patents in the Field, which claim has not lapsed, been cancelled or
      become abandoned irrevocably and has not been declared invalid or unenforceable
      by an unreversed and unappealable decision or judgment of a court or other
      appropriate body of competent jurisdiction, and which has not been admitted
      to
      be invalid or unenforceable through reissue, disclaimer or
      otherwise.

     

    
      	
              2.  

            	
              License;

            

    

     

    2.1  License
      Grant.  Subject to the terms and conditions of this
      Agreement, OXIS hereby grants to Alteon and its Affiliates during the Term,
      with
      respect to the Field an exclusive, sole, worldwide, royalty bearing license,
      with the right to grant sublicenses through multiple tiers of sublicenses,
      in,
      to, and under the Licensed Patents, Licensed Compounds, Licensed Know-How,
      Licensed Process, and Licensed Product to develop, distribute, market, make,
      have made, use, have used, sell, have sold, offer for sale, and import Licensed
      Compounds, Licensed Processes, and Licensed Products.  For the
      avoidance of doubt, it is understood and acknowledged by the parties hereto
      that
      the Licensed Patents hereunder is identical to the Licensed Patents and all
      reformulations disclosed in and covered by the Licensed Patents under the Prior
      Exclusive License Agreement.

     

    2.2  Sublicenses.  In
      the event that Alteon sublicenses any of its rights hereunder to a Sublicensee
      pursuant to Section 2.1,
      such sublicense shall, as a condition to the effectiveness of such sublicense,
      include terms and conditions consistent with the terms and conditions of the
      license granted under this Agreement (including, without limitation, Sections
      3.8 and 3.9 hereof).  Sublicenses, if any, granted hereunder, will be
      to Third Parties in an arm's length transaction under written agreements (each,
      a “Sublicense Agreement”), copies of which will be provided to OXIS, and
      conditioned on such Sublicensees’ agreement to accept and abide with the
      applicable terms and obligations of this Agreement or the Sublicense Agreement,
      as the case may be. 

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
      ***CONFIDENTIAL
        PORTIONS OF THIS AGREEMENT HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE
        COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT.

      

    

    2.3  Disclosure
      of Licensed Know-How.  . The parties hereto acknowledge that
      OXIS has provided Alteon with the Licensed Know-How required to give effect
      to
      the transactions contemplated herein.

     

    2.4  Cross
      Reference Letters.  OXIS agrees to provide Alteon within
      twenty (20) days of a written request from Alteon with a cross-reference letter
      to any OXIS regulatory applications and approvals relating to the Licensed
      Compounds.  The cross-reference letter shall be without limitation to
      clinical phase of the ongoing study.   Any such cross-reference
      letter shall remain in effect and may not be revoked by OXIS unless this
      Agreement is terminated.  OXIS shall be notified and be provided with
      copies of  such cross reference letters for the Licensed
      Compounds.  Alteon shall be responsible for OXIS’ reasonable fees and
      costs associated with the preparation of such cross-reference letters and any
      required subsequent actions relating thereto.

     

    
      	
              3.  

            	
              Consideration

            

    

     

    3.1  Upfront
      Payment.  In consideration for the Amended and Restated
      Exclusive License Agreement, Alteon will pay OXIS a non-refundable payment
      in
      the amount of Five Hundred Thousand US Dollars ($500,000) to be paid as follows:
      ***. Within Thirty days (30) from an  affirmative Alteon shareholder
      approval of a financing by Alteon of at least Twenty million dollars (20,000,000
      USD), Alteon shall pay OXIS for any amounts unpaid under this
      section.  For the avoidance of doubt, it is hereby understood by the
      parties the payment of such $500,000 fee is in addition to the amounts
      previously paid in connection with the Prior Exclusive License
      Agreement.  

     

    3.2   Equity
      Investment.  Within 14 days of the Effective Date, Alteon
      shall execute a share purchase agreement substantially in the form of Exhibit
      X
      hereto, for the purchase by Alteon and issuance by OXIS of Common Shares of
      OXIS, at a *** to the per share of common stock ***, but in any event not less
      than $*** per share, and for a total investment sum of
      $500,000.   Such issued shares shall be held by Alteon for not
      less than *** from the date of their issuance (it being understood that Alteon
      may not transfer in any manner such shares during this *** period, except as
      may
      be required by law).  During such *** period, OXIS shall use its
      commercially reasonable efforts to prepare a registration statement covering
      such shares (which may be also included in the context of *** so that upon
      the
      expiration of such period, the shares may be sold free or
      restrictions.   Notwithstanding anything to the
      contrary, in the event that the equity investment by Alteon contemplated by this
      Section 3.2 causes under applicable accounting standards and guidelines a
      requirement to prepare, review or otherwise generate consolidated financial
      statements reflecting the financing results of Alteon and OXIS, the parties
      hereto agree to use good faith efforts to restructure the equity investment
      in a
      manner so that such principals of consolidation do not apply (e.g. the issuance
      of non-voting shares) while preserving the economic benefit of the investment
      in
      OXIS.

    

    3.3    Alteon
      shall *** at least *** in the development program of *** for the development,
      discovery, regulatory advancement, intellectual property protection (which
      shall
      not include defenses against suits brought by third-parties against *** for
      infringement or other similar claims) and manufacture of the Licensed Product
      during the first *** following the execution of the this Amended and Restated
      Exclusive License Agreement *** hereunder.  It is the express intent
      of the parties that such development program(s) either under license under
      this
      Agreement or pursuant to any Sublicense Agreement which may be entered into
      pursuant hereof be for ***.
       

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
       

    

    
      
        ***CONFIDENTIAL
          PORTIONS OF THIS AGREEMENT HAVE BEEN OMITTED AND FILED SEPARATELY WITH
          THE
          COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT.

        

      

      ***
        AND
        the effect of any Sublicense Agreement on the royalty rates are below ***,
        then
        *** shall have a ***, not to exceed *** following its receipt of such reasonable
        ***, to enter into such ***.

      

        3.4  Milestone
          Payments.  Alteon will pay OXIS the amounts set forth below
          upon the first occurrence of each of the milestone events set forth below,
          each
          such payment to be made within *** days after achievement of such milestone
          event.  ***.

         

      

    

    
      
        	
                ***

              	
                ***

              
	
                ***

              	
                ***

              
	
                ***

              	
                ***

              
	
                ***

              	
                ***

              
	
                ***

              	
                ***

              
	
                ***

              	
                ***

              

      

    

     

    3.5   ***
      the
      period as set forth in 3.3 of the *** shall *** has not yet been *** within
      the
      *** set forth in Section 3.3 relating to the *** at its sole option may make
      a
      payment to *** start at the end of such *** in the following amounts:
      ***.

     

        3.6  Royalties.  (a)
      Upon the ***, Alteon shall pay to OXIS an incremental, tiered annual royalty
      on
      a country by country basis equal to the applicable royalty rate set forth below
      of *** as follows:

     

    Portion
      of Annual *** of Licensed Product    Royalty
      Rate

    ***            ***

    ***            ***

    ***            ***

    ***            ***

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    
      ***CONFIDENTIAL
        PORTIONS OF THIS AGREEMENT HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE
        COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT.

      

    

    

    (b)    Notwithstanding
      the
      royalty rates set forth above, in the event that (X) *** has NOT exercised
      any
      of its rights to *** AND (Y) Alteon is required to make actual payments of
      fees
      or royalties to bona fide third parties in connection with the
      commercialization, licensing or manufacture of Licensed Product (“Outside
      Payments”), then *** as follows:

    

    (i)    Subject
      to clause
      (iii) below, with respect to Outside Payments that are not related to the
      payment of royalties (the “Non-Royalty Outside Payments”), ***;

    

    (ii)    Subject
      to clause
      (iii) below, with respect to Outside Payments that are related to the payment
      of
      royalties (the “Royalty Outside Payments”), *** as follows:

    

    (X)    ***;
      and

    

    (Y)    ***.

    

    (iii)    Notwithstanding
      clauses (i) and (ii) above of this Section 3.6(b), in no event shall the royalty
      rates payable to OXIS under this Section 3.6 be ***.

    

    

    (c)    As
      used in this
      Section 3.6 only, Net Sales shall NOT include clause (f) of the definition
      of
      Net Sales contained in Section 1.21 hereof.

    

    

    3.7  ***
      shall
      have the sole and exclusive right, and its sole discretion, to *** as follows
      (for the avoidance of doubt, it is hereby understood that each of the following
      provisions in this Section 3.7 shall be construed independent of the other
      so
      that the exercise of any right under on subsection of this Section 3.7 shall
      not
      limit or otherwise affect another subsection of this Section 3.7):

     

    (a)  Upon
      ***;

     

    (b)   On
      or before July 1, 2009, ***:

     

    (i)   ***;
      or

     

    (ii)   ***

     

    (c)  On
      or
      before July 1, 2010, ***;

     

    (d)  On
      or
      before July 1, 2012, ***;

     

    (e)  ***.

     

    3.8  Sublicense
      Fee.  (a) Subject to *** as hereinafter described in Section
      3.8(b) below, Alteon or its Affiliates shall pay to OXIS an amount equal to
      ***
      of the Sublicense Fee received from any Sublicensee pursuant to the Sublicense
      Agreement.  ***.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
      ***CONFIDENTIAL
        PORTIONS OF THIS AGREEMENT HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE
        COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT.

      

    

    (b)
      *** shall have the sole and exclusive right, and its sole discretion,
      ***:

     

    ***.

     

    

     

    3.9  Calculation
      and Payment of Royalties and Percentage of Sublicense
      Fees.

     

    (a)  Notwithstanding
      anything in this Agreement to the contrary, during the Royalty Term for a given
      country, the applicable royalty payable on *** in such country shall be ***
      of
      the royalty rate payable under Section 3.6 for so long as there is a ***
      covering such Licensed Product in such country. ***.

     

    (b)  Payments
      pursuant to Sections 3.4, 3.6 and 3.8 and reports for the sale of Licensed
      Product shall be calculated and reported for each calendar
      quarter.  All payments due to OXIS pursuant to Sections 3.4, 3.6
      and 3.8 shall be paid within *** of the end of each calendar quarter, unless
      otherwise specifically provided herein.  Each such payment shall be
      accompanied by a report *** in U.S. dollars, the method used to calculate such
      royalty and the exchange rates used, as applicable.  All payments to
      OXIS including those with respect to the Sublicense Fee will be paid within
      thirty (30) days of receipt of payments from Sublicensee.

     

    3.10  Tax
      Withholding.  Any tax required to be withheld by Alteon or
      any Affiliate or Sublicensee under the laws of any foreign country for the
      account of OXIS under this Article 3 shall be deducted from the applicable
      payment to OXIS and promptly paid by Alteon or said Affiliate or Sublicensee
      for
      and on behalf of OXIS to the appropriate governmental authority (provided that,
      if Alteon assigns its obligations under this Agreement to a non-U.S. Affiliate,
      the amount of any withholding taxes deducted from payments by such Affiliate
      to
      OXIS shall not exceed the amount of any withholding taxes that would have been
      deducted by Alteon had Alteon made such payment to OXIS), and Alteon or the
      Affiliate shall furnish OXIS with proof of payment of such tax together with
      official or other appropriate evidence issued by the appropriate governmental
      authority sufficient to enable OXIS to support a claim for income tax credit
      in
      respect of any sum so withheld.

     

    3.11  Exchange
      Rate; Manner and Place of Payment.  All payments hereunder
      shall be payable in U.S. dollars.  For payments made on sales of
      Licensed Product, with respect to each quarter, for countries other than the
      U.S., whenever conversion of payments from any foreign currency shall be
      required, such conversion shall be made at a rate of exchange equal to the
      rate
      of exchange for the currency of the country from which payments are payable
      as
      published in The Wall Street Journal, Western Edition, on the last
      business day of the calendar quarter for which a payment is due.  All
      payments owed under this Agreement shall be made by wire transfer to a bank
      and
      account designated in writing by OXIS, unless otherwise specified in writing
      by
      OXIS.

     

    3.12  Prohibited
      Payments. Notwithstanding any other provision of this Agreement, if
      Alteon is prevented from making any such payment by virtue of the statutes,
      laws, codes or governmental regulations of the country from which the payment
      is
      to be made, then such royalty may be paid by depositing funds in the currency
      in
      which accrued to OXIS’s account in a bank acceptable to OXIS in the country
      whose currency is involved. 

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
      ***CONFIDENTIAL
        PORTIONS OF THIS AGREEMENT HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE
        COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT.

      

    

    3.13  Records;
      Audits.  Alteon shall, and shall cause its Affiliates and
      Sublicensees to, keep complete and accurate records pertaining to the sale
      of
      Licensed Product and payment of Sublicense Fees in sufficient detail to permit
      OXIS to confirm the accuracy of payments due hereunder.  Upon written
      request to Alteon by OXIS, and no more than ***, OXIS shall have the right
      to
      cause an independent, certified public accountant reasonably acceptable to
      Alteon to audit such records to confirm Net Sales and royalty payments and
      payments with respect to Sublicense Fees for any calendar year ending not more
      than three (3) years prior to the date OXIS requests such audit.  OXIS
      agrees to treat, and to cause such accountant to treat, all such information
      as
      confidential and not to use or disclose any such information for any purpose
      except to determine compliance with this Agreement.  For the avoidance
      of doubt, Alteon, its Affiliates and Sublicensees shall not be obligated to
      provide OXIS or such accountant with access to any records or information other
      than that which is necessary to confirm Net Sales, royalty payments or payments
      with respect to Sublicense Fees payable under this Agreement.  Such
      audits may be exercised during normal business hours upon reasonable prior
      written notice to Alteon.  If any audit or examination shall reveal a
      deficiency of any payment due, Alteon shall make payment to OXIS of such
      deficiency.  Payment shall be made within ten (10) days following
      announcement of the results of the audit to Alteon and OXIS.  The
      parties shall promptly make any adjustments necessary to reflect the results
      of
      such audit.  OXIS shall bear the full cost of such audit unless such
      audit discloses a shortfall by more than *** from the actual amount of any
      payment due under this Agreement, in which case, Alteon shall bear the full
      cost
      of such audit.  

     

    
      	
              4.  

            	
              Intellectual
                Property

            

    

     

    4.1  Prosecution
      and Maintenance of Licensed Patents.  Alteon shall control,
      prosecute and maintain all Patents included in the Licensed
      Patents.  Alteon shall provide OXIS with an opportunity to review and
      discuss with Alteon prosecution strategy and to consult with Alteon on the
      content of patent filings with respect to Licensed Patents.  Alteon
      shall be responsible for all costs, fees and expenses incurred from and after
      the Effective Date in connection with the filing, prosecution and maintenance
      of
      such Licensed Patents.   Alteon undertakes to notify OXIS in
      writing in a timely manner if it does not desire to support the continued
      prosecution, appeals, or maintenance of any of the Patents included in the
      Licensed Patents.  In the event Alteon declines to maintain any of the
      Patents included in the Licensed Patents, OXIS may, at its own expense, continue
      to prosecute or maintain such Licensed Patent, in which case all rights with
      respect to such Patents shall be transferred to OXIS.

     

    4.2  Enforcement
      of Licensed Patents.  Each party shall promptly notify the
      other in writing of any alleged or threatened infringement of any Patent
      included in the Licensed Patents of which such party becomes
      aware.  

     

    (a)   With
      respect to any infringement or misappropriation in the United States, Europe
      or
      any other territory of any Patent included in the Licensed Patents, Alteon
      shall
      have the sole and exclusive first right, but not the obligation, to direct,
      bring and control any action or proceeding in its own name, with respect to
      such
      infringement or misappropriation at its own expense and by counsel of its own
      choice, and OXIS shall have the right, at its own expense, to be represented
      in
      any such action by counsel of its own choice.  If Alteon fails to
      bring such an action or proceeding, OXIS may commence such a proceeding and
      the
      fees and expenses associated with such proceeding shall be borne equally by
      OXIS
      and Alteon.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    
      ***CONFIDENTIAL
        PORTIONS OF THIS AGREEMENT HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE
        COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT.

      

    

    (b)  In
      the
      event Alteon brings an infringement action in accordance with this
      Section 4.2,
      OXIS shall cooperate fully, including if required to bring such action, the
      furnishing of a power of attorney.  ***.

     

    4.3  Third
      Party Infringement Claims.  Each party shall promptly notify
      the other in writing of any allegation by a Third Party that the activity of
      either of the parties pursuant to this Agreement infringes or may infringe
      the
      intellectual property rights of such Third Party.  Alteon shall have
      the sole and exclusive right to control, direct or defend in its own name any
      defense, action, appeal of any such claim, action, proceeding, re-examination,
      opposition, at its own expense and by counsel of its own choice without the
      consent of OXIS.   If Alteon fails to defend any such claim
      against OXIS, and the failure to so defend would have an adverse effect on
      any
      Patent within the Licensed Patents, then OXIS shall then have the right to
      assume the defense against such claim at its own expense and by counsel of
      its
      own choice.  Neither party shall have the right to settle any patent
      infringement litigation under this Section 4.3 relating to the Patents in a
      manner that diminishes the rights or interests of the other party without the
      consent of such other party (which shall not be unreasonably
      withheld).  During the pendency of any such proceeding or any appeal
      thereof, any payment hereunder to OXIS shall be paid by Alteon into an
      interest­-bearing escrow account pending the outcome of such proceeding.
      Upon a favorable final resolution of such proceeding or any appeal thereof
      retaining the full rights, Alteon shall resume paying OXIS the full royalties,
      and all funds in such escrow account shall be paid to OXIS. Upon an unfavorable
      final resolution of such proceeding or any appeal thereof, the funds in such
      escrow account shall be applied toward the damage award in such action, if
      any,
      and the balance, if any, paid to OXIS.

     

    4.4  Cooperation
      of the Parties.  Each party agrees to cooperate fully in the
      preparation, filing, and prosecution of any Licensed Patents under this
      Agreement and in the obtaining and maintenance of any patent extensions,
      supplementary protection certificates and the like with respect to any Patent
      claiming a Licensed Product being developed or commercialized by Alteon or
      Sublicensees.  Such cooperation includes, but is not limited to,
      promptly informing the other party of any matters coming to such party’s
      attention that may affect the preparation, filing, prosecution or maintenance
      of
      any Patents.

     

    
      	
              5.  

            	
              Joint
                Development Committee.

            

    

                            

     (a)  Formation
      of JDC.  Alteon and OXIS shall form a separate Joint Development
      Committee (“JDC”).  The JDC shall be comprised of *** members *** from
      Alteon; and *** from OXIS.  

     

     (b)  Meetings.  Meetings
      of each of the JDC may be called by either Party on *** written notice to the
      other unless such notice is waived by the Parties.  Such committees
      may be convened, polled or consulted from time to time by means of
      telecommunication, video communication, or correspondence.  The JDC
      will meet at least ***, at sites to be designated by the chairpersons of such
      committees or through teleconference or video conference, as agreed upon by
      the
      JDC.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    
      ***CONFIDENTIAL
        PORTIONS OF THIS AGREEMENT HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE
        COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT.

       

      (c)  Agendas.  Each
        Party will disclose to the other proposed agenda items along with appropriate
        Information at least *** in advance of each meeting of the
        JDC.

    

     

    (d)  Responsibilities
      of the JDC.  The JDC will oversee the Parties’ efforts for
      development and will oversee and coordinate the Parties’ efforts with respect to
      Development.  The JDC will review and comment on the Development Plans
      and Development Budgets and make non-binding recommendations as may be requested
      by either OXIS or Alteon with respect to adjustment of Development, budget
      and
      timetables and the assessment of whether a Licensed Product shall proceed to
      the
      next stage of Development.  OXIS will update the JDC periodically, but
      at least ***, of all Development activities.  The JDC will review and
      approve, with respect to Development, the addition of new indications, provided,
      however, that it is understood that the JDC shall act in a separate advisory
      capacity only and shall not at any time be deemed to be a committee or
      subcommittee of the Board of Directors or scientific advisory board of either
      OXIS or Alteon.  The JDC shall not at any time be authorized to enter
      into agreements for itself or on behalf of either OXIS or Alteon.

     

    (e)   All
      decisions by the JDC that relate to Alteon/Oxis Development shall be made by
      ***, after an open and informed discussion of the matters as to which decisions
      are being made, including, but not limited to those matters relating to the
      portion of the Development Plan and Budget directed to Alteon/Oxis
      Development.

     

    
      	
              ·  

            	
              All
                publication submissions, regulatory filings, by either company shall
                be
                first submitted to this committee for approval which approval shall
                not be
                unreasonably withheld

            

    

    

    
      	
              ·  

            	
              Clinical
                Development Responsibilities: Alteon will be responsible for all
                clinical
                development, patent and regulatory filings, process
                development/manufacturing scale-up, supply of product (via third
                party
                contractor) and costs required to obtain regulatory approval in the
                U.S.
                and other  Regulatory filings   Oxis shall take
                all reasonable actions to permit Alteon development and commercialization
                to advance. OXIS shall provide any and all cross references letters
                to
                OXIS Drug Master Files or other regulatory files,  for Product
                regulatory filings

            

    

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    
      	
              6.  

            	
              Confidentiality

            

    

     

    6.1  Confidentiality.  The
      parties agree that, during the Term, and for a period of five (5) years
      thereafter, each party (the “Receiving Party”) will maintain in
      confidence, and will not use, all Confidential Information disclosed to it
      by
      the other party (the “Disclosing Party”) under this Agreement,
      except to the extent expressly authorized by this Agreement or otherwise agreed
      in writing by the parties.  The parties agree that the financial terms
      of the Agreement will be considered Confidential Information of both
      parties.  The Receiving Party shall use at least the same standard of
      care as it uses to protect proprietary or confidential information of its own
      (but at least reasonable care) to ensure that its employees, agents, consultants
      and other representatives do not disclose or make any unauthorized use of the
      Disclosing Party’s Confidential Information.  Each party will promptly
      notify the other upon discovery of any unauthorized use or disclosure of the
      other party’s Confidential Information.

     

    Public
      Disclosures. Subject to the further provisions of this Section, neither
      Party shall originate any written publicity, news release or public
      announcement, whether to the public or press, concerning this Agreement,
      including the subject matter to which it relates, performance under it or any
      of
      its terms, or any amendment hereto save only such announcements that are i)
      approved by both parties in which such approval shall not be unreasonable
      withheld; and ii) required by law (or the applicable rules of any securities
      exchange or market on which a Party’s securities are listed or traded) to be
      made or that are otherwise agreed by the Parties or expressly permitted in
      this
      Agreement.  Such announcements shall be factual and as brief as
      reasonable under the circumstances.  In addition, each Party agrees to
      submit to the other Party, for review and written approval, any question and
      answer sheet or similar materials (“Q & A”) prior to using such materials as
      the basis for written or oral disclosures, which written or oral disclosures
      must, in any event, be consistent in content with the information contained
      in
      the approved Q & A.  Routine references to this Agreement and the
      arrangements hereunder shall be allowed in the usual course of business, and
      shall be consistent with any approved Q & A relating
      thereto.  Once information has been approved for disclosure as part of
      an approved Q & A or publication under this Section, either Party may use
      such approved information in written publicity, news releases, public
      announcements and other future communications with Third Parties.  If
      a Party decides to make an announcement or any filing with a governmental agency
      or securities exchange or market as required by law or the applicable rules
      of
      any securities exchange or market on which a Party’s securities are listed or
      traded, it will give the other Party at least three (3) calendar days advance
      notice, where possible, of the text of the announcement or content of the filing
      so that the other Party will have an opportunity to comment upon the
      announcement or filing.  To the extent that the receiving Party
      reasonably requests that any information in the materials proposed to be
      disclosed be maintained as confidential, the disclosing Party shall use
      commercially reasonable efforts to request confidential treatment of such
      information pursuant to Rule 406 of the Securities Act of 1933 or Rule 25b-2
      of
      the Securities Exchange Act of 1934, as applicable (or any other applicable
      regulation relating to the confidential treatment of information), except to
      the
      extent that the disclosing Party receives advice from its legal counsel that
      such Confidential Information is required to be disclosed under applicable
      laws
      or regulations.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    6.2  Exceptions.  The
      obligations of confidentiality contained in Section  6.1
      will not apply to the extent that it can be established by the Receiving Party
      by competent written evidence that such Confidential Information:

     

    (a)  was
      already known to the Receiving Party, other than under an obligation of
      confidentiality, at the time of disclosure by the Disclosing Party;

     

    (b)  was
      generally available to the public or otherwise part of the public domain at
      the
      time of its disclosure to the Receiving Party;

     

    (c)  became
      generally available to the public or otherwise part of the public domain after
      its disclosure and other than through any act or omission of the Receiving
      Party
      in breach of this Agreement;

     

    (d)  was
      independently discovered or developed by the Receiving Party without the use
      of
      Confidential Information of the Disclosing Party; or

     

    (e)  was
      disclosed to the Receiving Party, other than under an obligation of
      confidentiality, by a Third Party who had no obligation not to disclose such
      information to others.

     

    6.3  Authorized
      Disclosure.  The Receiving Party may disclose the
      Confidential Information of the Disclosing Party to the extent such disclosure
      is reasonably necessary in the following instances:  

     

    (a)  filing,
      prosecuting or maintaining the Licensed Patents in accordance with this
      Agreement;

     

    (b)  practicing
      the licenses granted hereunder or preparing and submitting regulatory filings
      with respect to Licensed Products;

     

    (c)  prosecuting
      or defending litigation or complying with applicable court orders or
      governmental laws, rules or regulations including, but not limited to,
      disclosures required by the FDA or the Securities and Exchange Commission;
      or

     

    (d)  disclosure
      to Affiliates, Sublicensees, employees, consultants, agents or other Third
      Parties who have a need to know such information for purposes of this Agreement
      or in connection with due diligence or similar investigations, and disclosure
      to
      potential Third Party investors in confidential financing documents, provided,
      in each case, that any such Affiliate, Sublicensee, employee, consultant, agent
      or Third Party is subject to obligations of confidentiality and non-use
      comparable to those set forth in this Section 0.  

     

    
      
        
        

      

      
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    Notwithstanding
      the foregoing, in the event a party is required to make a disclosure of the
      other party’s Confidential Information pursuant to Section 6.3 (c),
      it will, except where impracticable, give reasonable advance notice
      to
      the other party of such disclosure and use efforts to secure confidential
      treatment of such information at least as diligent as such party would use
      to
      protect its own confidential information, but in no event less than reasonable
      efforts.  In any event, the parties agree to take all reasonable
      action to avoid disclosure of Confidential Information hereunder.  The
      parties will consult with each other on the provisions of this Agreement to
      be
      redacted in any filings made by the parties with the Securities and Exchange
      Commission or as otherwise required by law and on any disclosure to Third
      Parties.

     

    
      	
              7.  

            	
              Representations
                and Warranties

            

    

     

    7.1  Representations
      and Warranties of OXIS.  OXIS represents and warrants to
      Alteon that, except for the Prior Exclusive License Agreement: 

     

    (a)  OXIS
      has
      as of the Effective Date, and will have during the Term, sufficient rights
      and
      power to grant the licenses to Alteon which it purports to grant herein free
      and
      clear of any and all liens and any requirements of charges, fees, rights,
      conditions or restrictions of any kind and, as of the Effective
      Date;

     

    (b)   has
      not and will not grant, license, convey, assign, and/or transfer to any Third
      Party any rights to Licensed Patents, Licensed Compounds, Licensed Know-How,
      and
      Licensed Products, inconsistent with the licenses and other rights granted
      hereunder;

     

    (c)  is
      the
      sole owner, and has the entire  right, title and interest in the
      Licensed Patent, Licensed Compounds, Licensed Products, and Licensed Know-How;
      and such Licensed Patents are valid, in full force, and
      enforceable.

     

    (d)  there
      are, as of the Effective Date, and during the Term shall be, no outstanding
      liens, encumbrances, agreements or understandings of any kind, requirements
      of
      charges, fees, rights, conditions or restrictions of any kind, either written,
      oral or implied, regarding the Licensed Patents or Licensed Products to which
      OXIS or its Affiliates is a party or which are binding upon OXIS its Affiliates
      which are inconsistent or in conflict with any provision of this
      Agreement;

     

    (e)  as
      of the
      Effective Date, OXIS or its Affiliates has received no written claim or
      accusation that the practice of the Licensed Products  or the
      manufacture, use or sale of Licensed Products infringes or may infringe any
      Third Party patent;

     

    (f)  as
      of the
      Effective Date, OXIS or its Affiliates has not received a written notification
      of any interference proceeding, opposition proceeding, cancellation proceeding
      or other protest proceeding relating to the Licensed Patents being instituted
      against OXIS or its Affiliates; and

     

    (g)  no
      obligations of any kind currently exist on the part of OXIS with respect to
      the
      Prior Exclusive License Agreement, and OXIS has materially complied with all
      terms and conditions of the Prior Exclusive License Agreement (except in the
      case where any such obligation is already qualified by materiality in which
      case
      this representation shall be deemed to apply without further
      qualification).

     

    
      
        
        

      

      
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    7.2  Mutual
      Representations and Warranties.  Each party hereby represents
      and warrants to the other party that:

     

    (a)  it
      is
      duly authorized to execute and deliver this Agreement and to perform its
      obligations hereunder;

     

    (b)  this
      Agreement is a legal and valid obligation binding upon it and enforceable in
      accordance with its terms; and

     

    (c)  the
      execution, delivery and performance of this Agreement do not conflict with
      any
      agreement, instrument or understanding, oral or written, to which it is a party
      or by which it may be bound, nor violate any law or regulation of any court,
      governmental body or administrative or other agency having jurisdiction over
      it.

     

    7.3  Representations
      and Warranties of Alteon.

    Alteon
      represents and warrants that:

     

    (a)  the
      merger and related transactions with relating to [Alteon] have been completed
      as
      contemplated by the original [Agreement of Merger] (the “Merger”);

     

    (b)  Alteon
      is
      the successor-in-interest to HaptoGuard, Inc. with respect to the Prior
      Exclusive License Agreement and the transactions contemplated
      therein;

     

    (c)  no
      obligations of any kind currently exist on the part of Alteon with respect
      to
      the Prior Exclusive License Agreement, and Alteon has materially complied with
      all terms and conditions of the Prior Exclusive License Agreement (except in
      the
      case where any such obligation is already qualified by materiality in which
      case
      this representation shall be deemed to apply without further
      qualification);

     

    (d)  with
      respect to the Warrant (as defined in the Prior Exclusive License Agreement),
      such Warrant has been duly and validly exercised by means of a deemed “cashless”
exercise in connection with the Merger and 551,800 shares of Alteon have been
      issued to OXIS in connection with such exercise; and ;

     

    (e)  Alteon
      has not sublicensed or entered into any agreement, commitment or understanding
      to sublicense (or engage in any other similar transaction) any of Licensed
      Patents, Licensed Know-How, Licensed Processes or Licensed Product either under
      this Agreement or the Prior Exclusive License Agreement.

     

    7.4  Disclaimer.  Except
      as expressly set forth herein, NEITHER PARTY MAKES ANY
      REPRESENTATIONS OR WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, AND
      EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES OF TITLE, NON-INFRINGEMENT,
      MERCHANTIBILITY, AND FITNESS FOR A PARTICULAR PURPOSE.

     

    7.5  Performance
      by Affiliates.  The parties recognize that each may perform
      some or all of its obligations under this Agreement through Affiliates and/or
      Sublicensees; provided, however, that each party shall remain
      responsible and be guarantor of the performance by its Affiliates and/or
      Sublicensees and shall cause its Affiliates and/or Sublicensees to comply with
      the provisions of this Agreement in connection with such performance, and that
      such performance through Affiliates and/or Sublicensees shall not adversely
      affect the rights of the other party.

     

    
      
        
        

      

      
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              8.  

            	
              Term;
                Termination

            

    

     

    8.1  Term.  The
      term of this Agreement will commence as of the Effective Date of this Agreement
      and, unless sooner terminated as provided hereunder, will terminate upon the
      expiration of the last Royalty Term (the
“Term”).  Upon expiration of the Royalty Term in a
      given jurisdiction, Alteon shall continue to have a license on the terms
      described in Section 2.1,
      except that such license shall be fully paid, perpetual, irrevocable and
      nonexclusive.

     

    8.2  Termination
      by Alteon.  Alteon shall have the right to terminate this
      Agreement for any reason or for no reason upon one hundred and eighty (180)
      days’ written notice to OXIS.  Any payment under Section 3made
      after the date Alteon notifies OXIS of termination under this Section 8.2
      shall be the pro rata amount due for the period prior to the effective date
      of
      such termination.

     

    8.3  Termination
      by OXIS.  In the event that Alteon fails to timely make any
      payment and such failure continues for thirty (30) days following Notice by
      OXIS, OXIS shall have the right at any time to terminate this Agreement
      forthwith upon written notice to
      Alteon.   

     

    8.4  Termination
      for Cause.  Each party shall have the right to terminate this
      Agreement upon thirty (30) days’ written notice to the other upon the occurrence
      of any of the following: 

     

    (a)  Upon
      or
      after bankruptcy, insolvency, dissolution or winding up or assignment for the
      benefit of creditors of the other party (other than a dissolution or winding
      up
      for the purpose of reconstruction or amalgamation) or a petition is filed for
      any of the foregoing and is not removed within ninety (90) days; or

     

    (b)  Upon
      or
      after the breach of any material provision of this Agreement by the other party,
      including, with respect to Alteon, its Affiliates, (other than as provided
      in
      Section 8.3)
      if the breaching party has not cured such breach within the thirty (30) day
      period following written notice of termination by the non-breaching
      party.  

     

    8.5  Effect
      of Termination; Surviving Obligations.  

     

    (a)  Upon
      termination of this Agreement by OXIS pursuant to Section 8.3
      or by either party pursuant to Section 8.4,
      all rights and obligations of the parties under this Agreement shall terminate
      (except that if OXIS terminates this Agreement only as to a particular country
      or countries under Section 8.4
      (b) then the rights and obligations of the parties under this Agreement shall
      terminate only as to such country or countries), except as set forth in this
      Section 8.5.
      

     

    (b)  Upon
      termination of this Agreement by Alteon pursuant to Section 8.2(where
      Alteon has not committed a breach of this Agreement permitting termination
      by
      OXIS under Section 8.3
      or
8.4)
      all rights to the Licensed Patents, Licensed Compounds, Licensed Know-How,
      Licensed Process, and Licensed Product and the Licensed Compounds shall revert
      to OXIS.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    (c)  Expiration
      or termination of this Agreement shall not relieve the parties of any obligation
      accruing prior to such expiration or termination.  Except as expressly
      set forth elsewhere in this Agreement, the obligations and the rights of the
      parties shall survive expiration or termination of this Agreement.

     

    8.6  Rights
      in Bankruptcy.  All rights and licenses granted under or
      pursuant to this Agreement by either party to the other party are, and will
      otherwise be deemed to be, for purposes of Section 365(n) of the U.S.
      Bankruptcy Code, licenses of right to “intellectual property” as defined under
      Section 101 of the U.S. Bankruptcy Code.  The parties agree that
      the party not subject to bankruptcy proceedings, as licensee of such rights
      under this Agreement, will retain and may fully exercise all of its rights
      and
      elections under the U.S. Bankruptcy Code.  The parties further agree
      that, in the event of the commencement of a bankruptcy proceeding by or against
      any party under the U.S. Bankruptcy Code, the other party will be entitled
      to a
      complete duplicate of (or complete access to, as appropriate) any such
      intellectual property and all embodiments of such intellectual property, and
      same, if not already in its possession, will be promptly delivered to them
      (a) upon any such commencement of a bankruptcy proceeding upon written
      request therefor by the party not subject to bankruptcy proceedings, unless
      the
      other party elects to continue to perform all of its obligations under this
      Agreement, or (b) if not delivered under (a) above, following the rejection
      of this Agreement by or on behalf of either party upon written request therefor
      by the other party.  

     

    8.7  Remedies.  In
      the event of any breach of any provision of this Agreement, in addition to
      the
      termination rights set forth herein, each party shall have all other rights
      and
      remedies at law or equity to enforce this Agreement.

     

    
      	
              9.  

            	
              Indemnification;
                Dispute Resolution

            

    

     

    9.1  Indemnification.

     

    (a)  Alteon
      hereby agrees to save, defend, indemnify and hold harmless OXIS, its directors,
      officers, employees, agents and Affiliates (and its directors, officers,
      employees and agents) (each, a “OXIS Indemnitee”) from and
      against any and all losses, damages, liabilities, expenses and costs, including
      reasonable legal expenses and attorneys’ fees (“Losses”), to
      which a OXIS Indemnitee may become subject as a result of any claim, demand,
      action or other proceeding by any Third Party to the extent such Losses arise
      out of (a) the practice by Alteon of the license granted under
      Section 2.1,
      or (b) the development, manufacture, handling, storage, sale or other
      disposition of any Licensed Product by Alteon and its Affiliates and
      Sublicensees, except to the extent such Losses result from the willful
      misconduct of any OXIS Indemnitee. 

     

    (b)  OXIS
      hereby agrees to save, defend, indemnify and hold harmless Alteon, its
      directors, officers, employees and agents, its Affiliates (and its directors,
      officers, employees and agents) and its Sublicensees (and its directors,
      officers, employees and agents) (each, a “Alteon Indemnitee”)
      from and against any and all Losses to which a Alteon Indemnitee may become
      subject as a result of any claim, demand, action or other proceeding by any
      Third Party to the extent such Losses arise out of the material breach by
      OXIS of any of its representations, warranties or obligations
      hereunder, except to the extent such Losses result from
      the willful misconduct of any Alteon Indemnitee.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    (c)  In
      the
      event a party seeks indemnification under Section 9 9.1(a)
      or 9 9.1
      (b), it shall inform the other party (the “Indemnifying Party”)
      of a claim as soon as reasonably practicable after it receives notice of the
      claim, shall permit the Indemnifying Party to assume direction and control
      of
      the defense of the claim (including the right to settle the claim solely for
      monetary consideration), and shall cooperate as requested (at the expense of
      the
      Indemnifying Party) in the defense of the claim.

     

    9.2  Limitation
      of Liability.  EXCEPT FOR LIABILITY FOR BREACH OF
      CONFIDENTIALITY OR FOR INFRINGEMENT OR MISAPPROPRIATION, NEITHER PARTY SHALL
      BE
      ENTITLED TO RECOVER FROM THE OTHER PARTY ANY INDIRECT, SPECIAL, INCIDENTIAL,
      CONSEQUENTIAL OR EXEMPLARY DAMAGES, INCLUDING BUT NOT LIMITED TO, LOST PROFITS,
      ARISING FROM OR RELATING TO ANY BREACH OF THIS AGREEMENT, REGARDLESS OF ANY
      NOTICE OF THE POSSIBILITY OF SUCH DAMAGES.  IN NO EVENT SHALL ALTEON’S
      LIABILITY HEREIN SHALL EXCEED IN THE AGGREGATE THE AMOUNTS ACTUALLY PAID OR
      PAYABLE TO OXIS UNDER THS AGREEMENT.

     

    9.3  Insurance.  From
      and after such time as Alteon or any of its Sublicensees first commences human
      clinical trials of Licensed Product, Alteon shall, or shall cause each such
      Sublicensee to, at its own expense, maintain product liability insurance in
      an
      amount consistent with industry standards during the Term.  Such
      liability insurance shall name OXIS as a named co-insured, and Alteon shall
      provide to OXIS regularly, and no less frequently than annually. Certificates
      evidencing OXIS coverage as a named co-insured and specifying the limits of
      such
      coverage.

     

    9.4  Dispute
      Resolution.  All disputes arising out of or related to this
      Agreement, including disputes that may involve the parent companies,
      subsidiaries and Affiliates of any party performing hereunder
      (“Disputes”), shall be resolved in accordance with
      this Section 9 9.4.

     

    (a)  Any
      Dispute shall be settled by binding arbitration by one arbitrator selected
      by
      the parties, or if they cannot agree, each party shall select an arbitrator
      and
      the two arbitrators shall select a third arbitrator.  The decision of
      the arbitrator(s) shall be final and binding on the parties.  The
      arbitration shall be conducted in New York, New York  .  The
      arbitral tribunal shall exert its best efforts to conduct the proceedings so
      as
      to issue an award within nine (9) months of the appointment of the
      arbitrator(s).

     

    (b)  The
      merits of any Dispute shall be decided in accordance with the law governing
      this
      Agreement, without application of any principle of conflict of
      laws.  Each party expressly waives any right it may have to a trial by
      jury of any Dispute, and also expressly waives any right it may have to seek
      or
      to be awarded special or punitive damages on account of any matter that is
      the
      subject of a Dispute.  Nothing herein shall limit or restrict a
      party’s ability to seek injunctive or other equitable relief in the event of a
      breach or anticipated breach of Section 0.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    (c)  The
      arbitral tribunal may grant any relief appropriate under the applicable law,
      but
      may not include any penalty or element of punitive or exemplary damages. The
      arbitral tribunal may award the costs and expenses of the arbitration. Any
      party
      may seek emergency, interim or provisional relief prior to the appointment
      of an
      arbitrator from any court of competent jurisdiction, without prejudice to the
      agreement to arbitrate herein contained. After appointment of an arbitrator,
      any
      request for such relief shall be addressed to the arbitrator, who shall have
      the
      power to enter an interim award granting any emergency, interim or provisional
      relief to which a party may be entitled under applicable law.

     

    (d)  Any
      award
      of money shall be in U.S. dollars. The award of the tribunal may be entered
      and
      enforced in any court of competent jurisdiction. A court called upon to enforce
      such an award may require a party resisting enforcement to pay the reasonable
      attorney fees and costs of the party seeking enforcement.

     

    (e)  Any
      duty
      to arbitrate under this Agreement shall remain in effect and enforceable after
      termination of this Agreement for any reason.

     

    (f)  Each
      party has the right before or during the arbitration to seek and obtain from
      the
      appropriate court provisional remedies, such as attachment, preliminary
      injunction or replevin, to avoid irreparable harm, maintain the status quo,
      or
      preserve the subject matter of the arbitration.  This
      Section 9.4
      shall not apply to any dispute, controversy or claim that concerns (i) the
      validity or infringement of a patent, trademark or copyright; or (ii) any
      antitrust, anti-monopoly or competition law or regulation, whether or not
      statutory.

     

    
      	
              10.  

            	
              Miscellaneous
                Provisions

            

    

     

    10.1  Governing
      Law.  This Agreement shall be governed by, and construed and
      enforced in accordance with, the laws of the State of New York , excluding
      its
      conflicts of laws principles. 

     

    10.2  Entire
      Agreement; Modification.  This Agreement (including the
      Exhibits hereto) is both a final expression of the parties’ agreement and a
      complete and exclusive statement with respect to all of its terms, provided,
      however, the parties hereby acknowledge the following with respect to the Prior
      Exclusive License Agreement: (a) all fees, royalties or other payments
      contemplated by the Prior Exclusive License Agreement have been either paid
      in
      accordance with the Prior Exclusive License Agreement; (b) except with respect
      to clause (c) below, to the extent that any non-payment right, obligation or
      liability under the Prior Exclusive License Agreement exists and is continuing
      after giving effect to this Agreement, the parties agree to waive such
      obligations with respect to each party hereto and also not to assert such rights
      against the other party hereto; (c) to the extent that any existing right,
      obligations or liabilities which may be subject to Section 9 of the Prior
      Exclusive License Agreement, the parties hereto agree that such rights shall
      continue and survive as contemplated by this Agreement.  This
      Agreement supersedes all prior and contemporaneous agreements and
      communications, whether oral, written or otherwise, concerning any and all
      matters contained herein.  No rights or licenses with respect to any
      intellectual property of either party are granted or deemed granted hereunder
      or
      in connection herewith, other than those rights expressly granted in this
      Agreement.  No trade customs, courses of dealing or courses of
      performance by the parties shall be relevant to modify, supplement or explain
      any term(s) used in this Agreement.  This Agreement may not be
      modified or supplemented by any purchase order, change order, acknowledgment,
      order acceptance, standard terms of sale, invoice or the like.  This
      Agreement may only be modified or supplemented in a writing expressly stated
      for
      such purpose and signed by the parties to this Agreement.

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    10.3  Relationship
      Between the Parties.  The parties’ relationship, as
      established by this Agreement, is solely that of independent
      contractors.  This Agreement does not create any partnership, joint
      venture or similar business relationship between the parties.  Neither
      party is a legal representative of the other party, and neither party can assume
      or create any obligation, representation, warranty or guarantee, express or
      implied, on behalf of the other party for any purpose whatsoever. 

     

    10.4  Non-Waiver.  The
      failure of a party to insist upon strict performance of any provision of this
      Agreement or to exercise any right arising out of this Agreement shall neither
      impair that provision or right nor constitute a waiver of that provision or
      right, in whole or in part, in that instance or in any other
      instance.  Any waiver by a party of a particular provision or right
      shall be in writing, shall be as to a particular matter and, if applicable,
      for
      a particular period of time and shall be signed by such party.

     

    10.5  Assignment.  Except
      as expressly provided hereunder, neither this Agreement nor any rights or
      obligations hereunder may be assigned or otherwise transferred by either party
      without the prior written consent of the other party (which consent shall not
      be
      unreasonably withheld); provided, however, that either party may assign
      this Agreement and its rights and obligations hereunder without the other
      party’s consent in connection with the transfer or sale of all or substantially
      all of the business of such party to which this Agreement relates to an
      Affiliate or Third Party provided the successor’s financial strength is at least
      as great as the assignor’s., whether by merger, sale of stock, sale of assets or
      otherwise.   In the event of such
      transaction, however, intellectual property rights of the acquiring party to
      such transaction (if other than one of the parties to this Agreement), which
      are
      not specific to Licensed Compound or Licensed Product, shall not be included
      in
      the technology licensed hereunder.  The rights and obligations of the
      parties under this Agreement shall be binding upon and inure to the benefit
      of
      the successors and permitted assigns of the parties.  Any assignment
      not in accordance with this Agreement shall be void.

     

    10.6  No
      Third Party Beneficiaries.  This Agreement is neither
      expressly nor impliedly made for the benefit of any party other than those
      executing it.

     

    10.7  Severability.  If,
      for any reason, any part of this Agreement is adjudicated invalid, unenforceable
      or illegal by a court of competent jurisdiction, such adjudication shall not
      affect or impair, in whole or in part, the validity, enforceability or legality
      of any remaining portions of this Agreement.  All remaining portions
      shall remain in full force and effect as if the original Agreement had been
      executed without the invalidated, unenforceable or illegal
      part.  

     

    10.8  Notices.  Any
      notice to be given under this Agreement must be in writing and delivered either
      in person, by any method of mail (postage prepaid) requiring return receipt,
      or
      by overnight courier or facsimile confirmed thereafter by any of the foregoing,
      to the party to be notified at its address(es) given below, or at any address
      such party has previously designated by prior written notice to the
      other.  Notice shall be deemed sufficiently given for all purposes
      upon the earlier of:  (a) the date of actual receipt; (b) if
      mailed, five (5) business days after the date of postmark; or (c) if
      delivered by overnight courier with guaranteed next day delivery, the next
      business day the overnight courier regularly makes deliveries.

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    If
      to
      Alteon, notices must be addressed to:

     

    Alteon,
      Inc.

    221
      W.
      Grand Avenue

    Suite
      200

    Montvale,
      NJ  07645

    Office:
      (201) 818-5860

    Fax:    (201)
      934-0090

    

    Attention:  Chief
      Executive Officer

    

    With
      copies to:

    Pearl  Cohen
      Zedek Latzer ,
      LLP

    1500
      Broadway, 12th Floor

    New
      York, New York 10036

    Attention:
      Mark S. Cohen, Esq

    Telephone:
      +646 878 0804

    Facsimile:
      + 646 878 0801

    

    If
      to
      OXIS, notices must be addressed to:

     

    OXIS
      International, Inc.

    323
      Vintage Park Drive, Suite B

    Foster
      City, CA 94404

    Phone:
      650-212-2568

    Attention:  Chief
      Executive Officer

    

    10.9  Force
      Majeure.  Each party shall be excused from liability for the
      failure or delay in performance of any obligation under this Agreement other
      than failure to pay when due by reason of any event beyond such party’s
      reasonable control including but not limited to Acts of God, fire, flood,
      explosion, earthquake, or other natural forces, war, terrorism, civil unrest,
      accident, destruction or other casualty, any lack or failure of transportation
      facilities, any lack or failure of supply of raw materials, any strike or labor
      disturbance, or any other event beyond reasonable control of the parties similar
      to those enumerated above.  Such excuse from liability shall be
      effective only to the extent and duration of the event(s) causing the failure
      or
      delay in performance and provided that the party has not caused such event(s)
      to
      occur.  Notice of a party’s failure or delay in performance due to
      force majeure must be given to the other party within ten (10) calendar days
      after its occurrence.  All delivery dates under this Agreement that
      have been affected by force majeure shall be tolled for the duration of such
      force majeure.  In no event shall any party be required to prevent or
      settle any labor disturbance or dispute.  

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    10.10  Legal
      Fees.  If any party to this Agreement resorts to any legal
      action or arbitration in connection with this Agreement, the prevailing party
      shall be entitled to recover reasonable fees of attorneys and other
      professionals in addition to all court costs and arbitrator’s fees which that
      party may incur as a result.

     

    10.11  Headings.  The
      headings contained in this Agreement have been added for convenience only and
      shall not be construed as limiting or used in the interpretation of this
      Agreement.

     

    10.12  Counterparts.  This
      Agreement may be executed in two or more counterparts, each of which shall
      be
      deemed an original document, and all of which, together with this writing,
      shall
      be deemed one instrument.

     

     [remainder
      of this page intentionally left blank]

     

    

    
      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

    

    

    In
      Witness Whereof, the parties hereto have duly executed
      this Amended ad restated Exclusive License Agreement, including
      the Exhibit attached hereto and incorporated herein by reference.

     

     

    
      	
               

              OXIS
                INTERNATIONAL.

            	 	 	
               

              ALTEON,
                INC.

            	 
	
              By:

            	 	 	
              By:

            	 
	
              Name:

            	 	 	
              Name:

            	 
	
              Title:

            	 	 	
              Title:

            

    

     

    
      	
               

            	 	 	 	 
	
               

            	 	 	
              By:

            	 
	
               

            	 	 	
              Name:

            	 
	
               

            	 	 	
              Title:

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      ***CONFIDENTIAL
        PORTIONS OF THIS AGREEMENT HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE
        COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT.

      

    

    EXHIBIT
      A

     

    ***

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