Document:

Exhibit 10.2

 Exhibit 10.2 
 PERFORMANCE-BASED 
 RESTRICTED SHARE AGREEMENT 
 (Non-Assignable) 
 Regarding a target amount of
                     Common Shares 
 (maximum amount of                  Common Shares) 
 Of 
 Beneficial Interest, par value $0.01 per share of 
 LASALLE HOTEL PROPERTIES 
 THIS CERTIFIES that, effective as of
                     (the “Date of Grant”),
                     (the “Grantee”) will be granted an award of
                     (the “Target Amount”) restricted common shares of beneficial interest, par value $0.01 per share (the
“Common Shares”), of LASALLE HOTEL PROPERTIES (the “Company”), subject to increase to a maximum of _______ Common Shares (the “Maximum Amount”), upon and subject to the following terms and conditions and the applicable
terms and conditions of the 1998 Share Option and Incentive Plan, as amended and as in effect from time to time (the “Plan”): 
 1.
Status of Underlying Shares; Restrictions: No restricted Common Shares covered by this Agreement shall be issued or outstanding until earned and awarded pursuant to Section 2. Thereafter, awarded Common Shares shall be validly issued,
fully paid and non-assessable but forfeitable and non-transferable by the Grantee until such shares become vested pursuant to Section 3. After restricted Common Shares are earned and awarded pursuant to Section 2, the transfer agent for
the Company shall be instructed (i) to issue any certificates representing such shares with appropriate legends and (ii) not to process any transfers of such shares unless, and only to the extent that, it has been notified by the
Compensation Committee (the “Committee”) of the Board of Trustees (the “Board”) of the Company that some or all of such shares have become vested and are no longer subject to forfeiture. 

 2. Performance Award: 
 (a) The shares to be awarded pursuant to this Section 2, subject to further vesting pursuant to Section 3 below, in accordance with the rules
set forth below. 
 (b) The total number of shares that will be awarded pursuant to this Section 2 will be determined on January 1,
2010 and will equal the sum of the number of shares awarded pursuant to Sections 2(c), (d) and (e) below. In each case, the determination will depend on the Total Return (as defined below) of the Company over the Measuring Period (as
defined below), as compared to the applicable benchmark. 
 (c) Up to forty percent of the Maximum Amount of restricted shares to be awarded
under this Section 2 will be based on the Target Amount and the Company’s Total Return compared to the Total Return of the companies comprising the NAREIT Equity Index (as defined below) as set forth in the table below. More specifically,
the amount to be awarded under this Section 2(c) is calculated as the product of (i) the applicable percent earned determined using the table below and (ii)
                     shares (a number of shares equal to 40% of the Target Amount). In no event may more than
                     shares (calculated as 200% of 40% of Target Amount) be awarded pursuant to this Section 2(c). 
  

 2 

									
	Company’s Percentile Ranking within the NAREIT Equity Index Based on Total Return:	  	Less than 40%	  	40%	  	60%	  	80% or greater
					
	 Percent Earned
 (of the 40% of

the Award
 Determined by
 Section 2(c)):
	  	0%	  	50%	  	100%	  	200%

 In the event that the Company’s percentile ranking is in between (i) 40% and 60% or (ii) 60% and
80%, then the percent earned shall be calculated by linear interpolation to the nearest 1/100th of a percent using the nearest lower and nearest higher percent earned figures set forth in the table above. 
 (d) Up to forty percent of the Maximum Amount of restricted shares to be awarded under this Section 2 will be based on the Target Amount and the
Company’s Total Return compared to the Total Return of the companies comprising the Peer Group (defined below) and including the Company as set forth in the table below. More specifically, the amount to be awarded under this Section 2(d)
is calculated as the product of (i) the applicable percent earned determined using the table below and (ii)                      shares
(a number of shares equal to 40% of the Target Amount). In no event may more than                      shares (calculated as 200% of 40% of
Target Amount) be awarded pursuant to this Section 2(d). 
  

 3 

									
	Company’s Percentile Ranking within the Peer Group on Total Return:	  	Less than 40%	  	40%	  	60%	  	80% or greater
					
	 Percent Earned
 (of the 40% of

the Award
 Determined by
 Section 2(d)):
	  	0%	  	50%	  	100%	  	200%

 In the event that the Company’s percentile ranking is in between (i) 40% and 60% or (ii) 60% and
80%, then the percent earned shall be calculated by linear interpolation to the nearest 1/100th of a percent using the nearest lower and nearest higher percent earned figures set forth in the table above. 
 (e) Up to twenty percent of the Maximum Amount of restricted shares to be awarded under this Section 2 will be based on the Target Amount and the
Company’s Total Return as set forth in the table below. More specifically, the amount to be awarded under this Section 2(e) is calculated as the product of (i) the applicable percent earned determined using the table below and
(ii)                  shares (a number of shares equal to 20% of the Target Amount). In no event may more than
                 shares (calculated as 200% of 20% of Target Amount) be awarded pursuant to this Section 2(e). The Grantee acknowledges that the Total Return
threshold for a 50% earning is based on a 7% compounded annual Total Return; the threshold for a 100% earning is based on a 9% compounded annual Total Return; and the threshold for a 200% earning is based on a 11% compounded annual Total Return
(such bases collectively, the “Determinative Percentages”). 
  

 4 

									
	 Company’s
 Total
Return:
	  	Less than 22.5%	  	22.5%	  	29.5%	  	36.8% or greater
					
	 Percent Earned
 (of the 20% of

the Award
 Determined by
 Section 2(e)):
	  	0%	  	50%	  	100%	  	200%

 In the event that the Company’s Total Return is in between (i) 22.5% and 29.5% or (ii) 29.5% and
36.8%, then the percent earned shall be calculated by linear interpolation to the nearest 1/100th of a percent using the nearest lower and nearest higher percent earned figures set forth in the table above. 
 3. Vesting: 
 (a) The restricted
Common Shares that are awarded pursuant to Section 2 above will generally become cumulatively vested and transferable to the extent of one-third of such shares on
                    ; one-third of such shares on
                    ; and one-third of such shares on
                    . 
 4.
General Earning and Vesting Provisions: 
 (a) Upon the occurrence of a Change in Control of the Company (as defined below), then,
(i) notwithstanding Section 2(b), the total number of shares that are awarded pursuant to Section 2 will be determined and will be awarded as of (i.e., the Measuring Period will end and performance will be measured as of) the date of
such Change in Control of the Company (unless already awarded because such date is after the Measuring Period), provided that the Total Returns in the table contained in Section 2(e) table will be reduced pro rata (using the
Determinative Percentages and based on the portion of the Measuring Period not yet elapsed 

  

 5 

 
relative to the total Measuring Period); and (ii) notwithstanding Section 3(a), all such shares so awarded as of such Change in Control in the
Company (or the shares previously awarded because such date is after the Measuring Period) shall be become fully vested and transferable. 
 (b) As a condition to the accelerated earning and vesting described in Section 4(a), the Grantee agrees, for a one-year period commencing on the date of the Change in Control of the Company the Grantee will not engage in Competitive
Activities (as defined below). 
 (c) The Grantee agrees that the covenant contained in Section 4(b) of this Agreement is reasonably
necessary to protect the legitimate interests of the Company and its affiliates, is reasonable with respect to time and territory and that Grantee has read and understands the description of the covenant so as to be informed as to its meaning and
scope. 
 (d) The Company and the Grantee agree that in the event of the Grantee’s breach of Section 4(b), the Grantee will
immediately pay the Company in cash an amount equal to the market value of the restricted Common Shares that received accelerated awarding, as compared to the awarding schedule set forth in Section 2, as a result of the operation of
Section 4(a) (it being understood and agreed that shares that had already been awarded under Section 2 and that received accelerated vesting only with respect to Section 3 are not addressed by this sentence). Market value for purposes
of the preceding sentence will be the market value as of the date of such acceleration. Such payment shall be the Company’s sole remedy for a breach of Section 4(b). 
 (e) In the event that the Grantee’s employment by the Company (or any of its affiliates) ceases by reason of the Grantee’s death, disability
(disability to be determined in accordance with the Company’s then applicable long-term disability insurance policy plan), 

  

 6 

 
retirement (retirement to be determined in accordance with then prevailing Company policy established by the Board), termination by the Company (or any of
its affiliates) without Cause (as defined below) or termination by the Grantee for Good Reason (as defined below), then, (i) notwithstanding Section 2(b), the total number of shares that are awarded pursuant to Section 2 will be
determined and will be awarded as of (i.e., the Measuring Period will end and performance will be measured as of) the date of such event (unless already awarded because such date is after the Measuring Period), provided that (x) the Target
Amount will be reduced pro rata (based on the portion of the Measuring Period not yet elapsed relative to the total Measuring Period), and (y) the Total Returns in the table contained in Section 2(e) will be reduced pro rata (using the
Determinative Percentages and based on the portion of the Measuring Period not yet elapsed relative to the total Measuring Period); and (ii) notwithstanding Section 3(a), all such shares so awarded as of such date (or the shares previously
awarded because such date is after the Measuring Period) shall be become fully vested and transferable. 
 (f) In the event that the
Grantee’s employment by the Company (or any of its affiliates) is terminated by the Company (or any of its affiliates) for Cause or by the Grantee without Good Reason, then all non-vested restricted Common Shares granted pursuant to this
Agreement, and all rights to a potential award of Common Shares not yet earned or awarded pursuant to Section 2, shall thereupon be forfeited. 
 5. Dividends and Voting: The Grantee shall not be entitled to receive dividends on restricted Common Shares underlying this Agreement or vote such restricted Common Shares, or to receive notice as a shareholder or to have any rights
whatsoever as a shareholder of the Company in respect of the restricted Common Shares, until awarded and issued pursuant to 

  

 7 

 
Section 2 and/or Section 4. Upon awarding pursuant to Section 2 and/or Section 4 (including before vesting occurs pursuant to
Section 3), an amount equal to all cash dividends that would have been paid on such Common Shares if they had been issued and outstanding from the Grant Date throughout the Measuring Period (as may be adjusted in Section 4) will be paid to
the Grantee. Thereafter, the Grantee will be entitled to vote such shares and the Company shall pay the Grantee any cash dividends that are declared and paid on such shares, regardless of whether such shares have become vested pursuant to
Section 3 on the record date for such dividends. 
 6. Adjustment. The Committee shall make or provide for such adjustments in
the number of restricted Common Shares covered by this Agreement as the Committee shall in good faith determine to be equitably required in order to prevent any dilution or expansion of the rights of the Grantee that otherwise would result from
(i) any share dividend, share split, combination of shares, recapitalization or similar change in the capital structure of the Company or (ii) any merger, consolidation, spin-off, spin-out, split-off, split-up, reorganization, partial or
complete liquidation or other distribution of assets, issuance of warrants or other rights to purchase securities or any other transaction or event having an effect similar to any of the foregoing. 
 7. Fractional Shares. No fractional Common Shares will be issued pursuant to this Agreement, and the number of Common Shares to be issued pursuant
to this Agreement will be rounded to the nearest whole share. 
 8. Compliance With Law. The Company and the Grantee will make
reasonable efforts to comply with all applicable securities laws. In addition, notwithstanding any provision of this Agreement to the contrary, the restricted shares will not be awarded or become vested at any time that such awarding or vesting
would result in a violation of any such law. 
  

 8 

 9. Investment Representation. 
 (a) In order to comply with Section 8 hereof and any applicable securities law, the Company may require the Grantee (i) to furnish evidence
satisfactory to the Company (including, without limitation, a written and signed representation letter) to the effect that all restricted Common Shares acquired pursuant to this Agreement were acquired for investment only and not for resale or
distribution and (ii) to agree that all such shares shall only be sold in transactions covered by an effective registration statement under the Securities Act of 1933 (the “Securities Act”) or pursuant to an exemption therefrom.

 (b) At any time while applicable, the Company may affix a legend to the certificates representing unregistered Common Shares issued
pursuant to this Agreement to the effect that such shares are not covered by an effective registration statement under the Securities Act and may only be sold or transferred upon registration or pursuant to an exemption therefrom. 
 7. Severability. In the event that one or more of the provisions of this Agreement may be invalidated for any reason by a court, any provision so
invalidated will be deemed to be separable from the other provisions hereof, and the remaining provisions hereof will continue to be valid and fully enforceable. Notwithstanding the foregoing, if any provision of Section 4(b) of this Agreement
or the related definitions should be deemed invalid, illegal or unenforceable because its scope or duration is considered excessive, such provision shall be modified so that the scope of the provision is reduced only to the minimum extent necessary
to render the modified provision valid, legal and enforceable. 
  

 9 

 8. Governing Law. This certificate is made under, and will be construed in accordance with, the
laws of the State of Maryland, without giving effect to the principle of conflict of laws of such State. 
 9. Withholding and Taxes.
To the extent that the Company is required to withhold federal, state, local or foreign taxes in connection with any payment made to or benefit realized by the Grantee, and the amounts available to the Company for such withholding are insufficient,
it shall be a condition to the receipt of such payment or the realization of such benefit that the Grantee make arrangements satisfactory to the Company for payment of the balance of any taxes required to be withheld. At the discretion of the
Committee, such arrangements may include, without limitation, voluntary or mandatory relinquishment of a portion of any such payment or benefit or the surrender of outstanding Common Shares. 
 10. Certain Definitions. 
 (a)
“Cause” shall have the meaning ascribed to such term in the Severance Agreement (as defined below). 
 (b) “Change in Control
of the Company” shall mean the occurrence of any of the following: 
 (i) any “person,” as such term is used
in Section 3(a)(9) of the Exchange Act (as defined below), as modified and used in Sections 13(d) and 14(d) thereof except that such term shall not include (A) the Company or any of its subsidiaries, (B) any trustees or other
fiduciary holding securities under an employee benefit plan of the Company or any of its affiliates, (C) an underwriter temporarily holding securities pursuant to an offering of such securities, (D) any corporation owned, directly or

  

 10 

 
indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of Common Shares, or (E) any person or group as
used in Rule 13d-1(b) under the Exchange Act, is or becomes the beneficial owner, as such term is defined in Rule 13d-3 under the Exchange Act, directly or indirectly, of securities of the Company (not including in the securities beneficially owned
by such person, any securities acquired directly from the Company or its affiliates other than in connection with the acquisition by the Company or its affiliates of a business) representing 50% or more of the combined voting power of the
Company’s then outstanding securities; 
 (ii) during any period of two consecutive years, individuals who at the
beginning of such period constitute the Board, and any new Trustee (other than (A) a Trustee designated by a person who has entered into an agreement with the Company to effect a transition described in clause (i), (iii), or (iv) of this
definition or (B) a Trustee whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of Trustees of the Company) whose
election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds (2/3) of the Trustees then still in office who either were Trustees at the beginning of the period or whose
election or nomination for election was previously so approved, cease for any reason to constitute at least a majority thereof; 
 (iii) there is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any corporation or other business entity, other than (A) a merger or consolidation which would result in the
voting 

  

 11 

 
securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity or any parent thereof) in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any subsidiary of the Company, at least 75% of the
combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (B) a merger or consolidation effected to implement a recapitalization of the
Company (or similar transaction) in which no person (as defined above) is or becomes the beneficial owner, directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such person any securities
acquired directly from the Company or its affiliates other than in connection with the acquisition by the Company or its affiliates of a business) representing 25% or more of the combined voting power of the Company’s then outstanding
securities; or 
 (iv) the shareholders of the Company approve a plan of complete liquidation or dissolution of the Company or
there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets (or any transaction having a similar effect) other than a sale or disposition by the Company of all or
substantially all of the Company’s assets to an entity, at least 75% of the combined voting power of the voting securities of which are owned by shareholders of the Company in substantially the same proportions as their ownership of the Company
immediately prior to such sale. 
  

 12 

 (c) “Competitive Activities” shall mean (i) the Grantee’s direct or indirect
participation (for his own account or jointly with others) in the management of, or as an employee, board member, partner, manager, member, joint venturer, representative or other agent of, or advisor or consultant to, any Competitive Operation; or
(ii) the Grantee’s investment in, or ownership of, in any Competitive Operation; provided that the Grantee may, as principal for his own account, engage in a Competitive Operation that is not funded, in part or in whole, with third-party
institutional equity; and further provided that the Grantee may invest in, or own of, up to five percent (5%) of the capital stock of any business entity whose securities are traded on any national securities exchange or registered pursuant to
Section 12(g) of the Exchange Act. 
 (d) “Competitive Operation” shall mean any business operation (other than the Company or
one of its subsidiaries) if such operation is then primarily engaged in the acquisition or ownership of luxury or upscale hotels in urban, resort or convention markets in the United States, it being acknowledged and agreed that a Competitive
Operation shall not include a business operation primarily engaged in (i) owning hotels other than luxury or upscale hotels; or (ii) franchising hotels to others; or (iii) managing hotels for others. 
 (e) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
 (f) “Good Reason” shall mean the occurrence, without the Grantee’s prior written consent, of any of the following: (i) any reduction
of the Grantee’s base salary or any reduction of the Grantee’s target bonus below ____ of base salary or any material reduction in any benefits; (ii) any material adverse change in the Grantee’s duties or responsibilities,
including assignment of duties inconsistent with his position, significant adverse alteration in the nature or status of responsibilities or the conditions of employment or any material diminution in position, 

  

 13 

 
authority, title, duties or responsibilities; (iii) any material adverse change in the Grantee’s reporting relationship; (iv) the Company
ceases to be a reporting company under Section 12 of the Exchange Act; (v) the relocation of the Grantee’s principal place of performance outside of the Washington, D.C. metropolitan area; (vi) Company’s failure to obtain
satisfactory agreement from any successor to assume and agree to perform the Severance Agreement; and (vii) continuation or repetition, after written notice of objection from the Grantee, of harassing or denigrating treatment consistent with
his position with Company. 
 (g) “Measuring Period” shall mean a three-year period beginning at market close of the New York Stock
Exchange on December 31, 2006, and ending with market close of the New York Stock Exchange on December 31, 2009. 
 (h)
“NAREIT Equity Index” shall mean the NAREIT Equity Index published by the National Association of Real Estate Investment Trusts or such other index as selected by the Committee in the event that the NAREIT Equity Index is discontinued or
materially modified. 
 (i) “Severance Agreement” shall mean that certain Severance Agreement dated January 28, 2002, between
the Company and the Grantee, as it may be amended from time to time. 
 (j) “Total Return” shall mean total return as calculated by
the NAREIT Equity Index and shall be the increase in the per-share market price of a company’s common equity plus dividends declared per share of common equity and assuming such dividends are reinvested. 
 (k) “Peer Group” shall mean a group consisting of each of the following constituent companies, provided that such constituent is in continued
existence from December 31, 2006 through December 31, 2009: (i) Ashford Hospitality Trust, Inc., (ii) DiamondRock 

  

 14 

 
Hospitality Company, (iii) Eagle Hospitality Trust, Inc., (iv) Equity Inns, Inc., (v) FelCor Lodging Trust Incorporated, (vi) Highland
Hospitality Corporation, (vii) Host Hotels & Resorts, Inc., (viii) Innkeepers USA Trust, (ix) Strategic Hotels & Resorts, Inc. and (x) Sunstone Hotel Investors, Inc. 
  

 15 

 WITNESS the seal of the Company and the signatures of its duly authorized officers. 
 Dated:
                                        
                 
  

			
	LASALLE HOTEL PROPERTIES
		
	By:	 	  

	Name:	 	Hans S. Weger
	Title:	 	Chief Financial Officer

 Acknowledged and Agreed 
  

			
	By:	 	  

	Name:	 	
	Grantee	 	

  

 16Form of Agreement between Registrant and EndoResearch, Inc.

 Exhibit 10.6 
 AGREEMENT 
 THIS AGREEMENT, (hereinafter the “Agreement”) entered into as of the <*> day of
<*> 2007, by and 
  

			
	 BETWEEN:
	  	ENDORESEARCH INC., a company duly constituted under Part IA of the Quebec Companies Act, having its head office at 2989, De la Promenade Street, Quebec, Province of Quebec,
Canada, G1W 2J5, herein acting and represented by Dr. Fernand Labrie, its President and Chief Executive Officer;
		
		  	(hereinafter “EndoResearch”)
		
	AND:	  	ENDOCEUTICS, INC., a corporation duly incorporated under the Canada Business Corporations Act, having its head office at 2989, De la Promenade Street, Quebec, Province of Quebec,
Canada, G1W 2J5, herein acting and represented by Mr. Robert Després, its Chairman;
		
		  	(hereinafter “EndoCeutics”)

 WITNESSETH: 
 WHEREAS EndoResearch has entered into the following agreements with Schering Corporation and Schering-Plough Ltd. (Schering Corporation and Schering-Plough Ltd. being hereinafter collectively referred to as
“Schering”): 
  

	(a)	Original Agreement intervened between EndoResearch and Schering Corporation effective as of January 1, 1992 (the “Original Agreement”);

  

	(b)	Amendment Agreement between EndoResearch, Schering Corporation and Schering-Plough Ltd. dated and effective as of November 18, 1996 (“Amendment No. 1”);
and 

  

	(c)	Addendum Agreement between EndoResearch, Schering Corporation and Schering-Plough Ltd. dated and effective as of September 20, 2005 (“Amendment No. 2”).

 (the Original Agreement, Amendment No. 1 and Amendment No. 2 being hereinafter collectively referred to as the
“Schering Agreements”, copies of which are attached hereto as Schedule A); 
 WHEREAS EndoResearch is carrying out various Research
Programs (as hereinafter defined); 
 WHEREAS EndoCeutics is interested to complete the scientific research and experimental studies under the
Research Programs; 

 WHEREAS EndoResearch wishes to assign to EndoCeutics, who wishes to acquire them, all of EndoResearch’s
rights, title, interest and obligations in the Schering Agreements in order to enable EndoCeutics to complete the Research Programs for its own benefit; and 
 WHEREAS EndoResearch wishes to grant to EndoCeutics, who is desirous to acquire from EndoResearch, an exclusive license to use the Patents in the Field and also a non-exclusive license to use the Technology in the Field in order to
exploit and commercialize the results of the Research Programs; 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and
conditions hereinafter set forth, the parties agree as follows: 
 ARTICLE 1 
 DEFINITIONS 
  

	1.1	As used in this Agreement, the following terms shall have the following meanings and the singular shall include the plural and vice versa: 

  

	 	(a)	“Affiliate” means any company or organization controlling, controlled by, or under common control with EndoResearch or EndoCeutics, as the case may be. For this
purpose, the terms control, controlled and controlling mean ownership, directly or indirectly, of at least fifty percent (50%) of the stock entitled to vote, and for non-stock organizations, the right to receive at least fifty percent
(50%) of the profits; 

  

	 	(b)	“Assignment” has the meaning set forth in Article 2 of this Agreement; 

  

	 	(c)	“Effective Date” means the effective date of the listing of the common shares of EndoCeutics on the NASDAQ Global Market; 

  

	 	(d)	“Financing” has the meaning set forth in Article 12 of this Agreement; 

  

	 	(e)	“Field” means the therapeutic and/or prophylactic use of the compounds or products listed in Schedule B for the treatment or prevention of the diseases or
conditions in humans and/or animals therein described, to the exclusion of all other applications; for purposes of clarity and avoidance of doubt, the parties acknowledge and agree that, notwithstanding anything herein contained to the contrary,
Schering’s and EndoCeutics’ rights with regard to the applications related to the compound or product known as Acolbifene shall be determined as per the Schering Agreements and, consequently, that such applications related thereto shall
not be limited to those shown with regard to Acolbifene in Schedule B hereof; 

  

	 	(f)	“Licensed Compounds” means the compounds listed in Schedule B, including the specific antiestrogen compound known as Acolbifene; 

  

 - 2 - 

	 	(g)	“Licensed Products” means any pharmaceutical products in dosage form which contain one or more Licensed Compounds, including without limitation, Licensed
Combinations; 

  

	 	(h)	“Licensed Combination” means any Licensed Products which contain, in addition to one or more Licensed Compounds, one or more other active ingredients having
independent therapeutic or prophylactic effect; 

  

	 	(i)	“Other Assigned Agreements” means the agreements with the University of Kansas Medical Research Institute, Inc. and Monash University in Australia and attached
hereto as Schedule C; 

  

	 	(j)	“Patents” means those patents or patent applications of EndoResearch listed in Schedule D together with any related reissues, renewals, registrations,
revalidations, continuations, continuations-in-part, divisions and reexaminations; 

  

	 	(k)	“Research Programs” means the research projects carried out by EndoResearch in the Field, comprised of the Research Programs described in the Registration Statement
on Form F-1 of EndoCeutics as initially filed with the U.S. Securities and Exchange Commission on February 27, 2007; 

  

	 	(l)	“Technology” means all data, instructions, processes, formulae, expert opinion and information relating to the development, manufacture, use or sale of Licensed
Compounds and Licensed Products including, without limitation, all biological, chemical, pharmacological, toxicological, pharmaceutical, physical, analytical, clinical, safety, manufacturing and quality control data and information;

  

	 	(m)	“Territory” means every country in the world. 

  

	1.2	Interpretation 

 The following definitions apply in this Agreement,
unless the contrary intention appears: 
  

	 	(a)	words in the singular number include the plural and vice versa; 

  

	 	(b)	words importing a gender include any other gender; 

  

	 	(c)	a reference to a person includes bodies corporate and unincorporated associations and partnerships; 

  

	 	(d)	where a word or phrase is given a particular meaning, other parts of speech and grammatical forms of that word or phrase have corresponding meanings; 

  

	 	(e)	all Schedules form an integral part hereof and a reference to a Schedule includes a reference to any part of that Schedule which is incorporated by reference;

  

 - 3 - 

	 	(f)	headings are for convenience and ease of references only, are not part of this Agreement and will not be relevant to or affect the meaning or interpretation of this Agreement.

 ARTICLE 2 
 ASSIGNMENT BY ENDORESEARCH 
  

	 2.1
	 Subject to the terms and conditions contained in this Agreement, at the Effective Date, EndoResearch assigns and
transfers to EndoCeutics, and EndoCeutics accepts, all of the rights, title, interest and obligations of EndoResearch in the Schering Agreements and in the Other Assigned Agreements (collectively the “Assigned Contracts”). For
purposes of clarity and avoidance of doubt, the parties hereto acknowledge and agree that this assignment also includes the right for EndoCeutics to receive, starting as of the Effective Date, all future milestone payments, additional compensation
and royalty payments earned and payable under the Schering Agreements for research works done by EndoCeutics except for the amounts referred to in the following sentence. Notwithstanding the above assignment, EndoResearch keeps the right to receive
from Schering an amount equivalent to the Development Costs incurred by it and that are subject to the payment under Section 3.03 ( c) of the Amendment No.2 with Schering. This latter amount is estimated at approximately US$720,000 as of
February 21st, 2007. If EndoCeutics receives such payment, it undertakes to remit it to EndoResearch. For more
precisions, these costs shall be reduced by any such costs recovered by EndoResearch under Section 3.4 hereunder with respect to the transfer of Acolbifene and other compounds or products. 

  

	2.2	Specifically excluded from the assignment contained in Section 2.1 and from the rights licensed under Article 3 hereof are (A) all research contracts and other
contracts to which EndoResearch is a party other than Assigned Contracts including, without limitation, the contract intervened between EndoResearch and Laval University on June 26, 1991, and accepted by CHUL on April 16, 1993; and
(B) any and all intellectual property rights and other rights that (i) are not covered by the Research Programs or (ii) are not required for performing research and development in the Field; or (iii) are not selected by
EndoCeutics under its right of first negotiation for future developments achieved by EndoResearch in the Field. 

 ARTICLE 3

 LICENSE GRANT 
  

	3.1	 In addition and in complement to the assignment contained in Article 2 and for the purpose of enabling EndoCeutics to complete the Research Programs and to exploit
and commercialize for its own benefit the results of the Research Programs in the Field, subject to the terms and conditions contained in this Agreement, at the Effective Date, EndoResearch grants to EndoCeutics, and EndoCeutics accepts such grant
from EndoResearch, an irrevocable, royalty-free and paid up worldwide license under the Patents (the “Patents License”), with the right to sublicense, to develop, make, use, offer for sale and sell and to have developed, made, used,
offered for sale and sold Licensed Compounds and Licensed Products in the Field in the Territory. The foregoing license 

  

 - 4 - 

	 	 
shall be exclusive, even as to EndoResearch, for all applications in the Field, it being understood however that all applications outside the Field are
excluded and remain the sole and exclusive property of EndoResearch and/or its permitted licensees or assignees. 

  

	3.2	Subject to the terms and conditions contained in this Agreement, at the Effective Date, EndoResearch also grants to EndoCeutics, and EndoCeutics accepts such grant from
EndoResearch, an irrevocable, royalty-free and paid up worldwide license to use the Technology in the Field (the “Technology License”) with the right to sublicense, to develop, make, use, offer for sale and sell and to have
developed, made, used, offered for sale and sold Licensed Compounds and Licensed Products in the Field in the Territory. The Technology License shall be non-exclusive. 

  

	 3.3
	 EndoCeutics acknowledges and agrees that the licenses granted pursuant to Sections 3.1 and 3.2 hereof
(collectively the “Licenses”) shall remain subject to Schering’s option rights and other rights under Amendment No. 2 and Schering’s other rights under the Original Agreement and Amendment No. 1 (the
“3rd Party Rights”). In addition, EndoCeutics
shall fulfill all the obligations of EndoResearch with regard to the Assigned Contracts. 

  

	3.4	In addition to the Licenses, EndoResearch and EndoCeutics undertake and agree to negotiate bona fide the terms and conditions of an agreement substantially in the form
and content shown in the draft agreement annexed herewith as Schedule E and allowing EndoCeutics to use, during the term of the Licenses as provided in Section 3.5 and on a non-exclusive basis, any and all equipment owned by EndoResearch and
that are needed by EndoCeutics to complete scientific research and experimental studies under the Research Programs. In case of disagreement, the terms and conditions of such non-exclusive right to use agreement shall be determined by arbitration in
accordance with the terms hereof. Notwithstanding the above, EndoCeutics’ non-exclusive right to use the equipment shall become effective on the Effective Date. Upon request from EndoCeutics, EndoResearch will also transfer at cost to
EndoCeutics whatever quantities of Acolbifene or other compounds or products listed in Schedule B which are needed for EndoCeutics’ Research Programs. 

  

	3.5	The term of the Licenses granted under Sections 3.1 and 3.2 shall be perpetual, provided that EndoResearch shall have the right to terminate the Licenses by written notice to
EndoCeutics upon: 

  

	 	(i)	Assignment or Default. An unauthorized assignment by EndoCeutics of this Agreement or of any right, title, interest and obligation granted herein or an event of default caused by
EndoCeutics under the Schering Agreements or this Agreement (and, if under the Schering Agreement, after the expiration of any applicable cure period and, if under this Agreement, after EndoResearch has given to EndoCeutics notice of such default in
reasonable detail and EndoCeutics has not after 90 days cured such default). 

  

	 	(ii)	 Termination for Insolvency. This Agreement may be immediately terminated by EndoResearch by written notice to EndoCeutics upon the filing or institution of 

  

 - 5 - 

	 	 
bankruptcy, reorganization (in connection with any insolvency), liquidation or receivership proceedings, or upon an assignment of a substantial portion of
its assets for the benefit of creditors by EndoCeutics or in the event a receiver or custodian is appointed for EndoCeutics’ business, or if a substantial portion of EndoCeutics’ business is subject to attachment or similar process,
provided, however, that in the case of any involuntary bankruptcy proceeding, such right to terminate shall only become effective if the proceeding is not dismissed within sixty (60) days after the filing thereof. 

 

	3.6	In the event of any termination of the Licenses pursuant to Section 3.5 (i) or (ii), all the Assigned Contracts shall automatically be reassigned and transferred by
EndoCeutics to EndoResearch for and in consideration of an amount of one U.S. dollar (US$1.00) and EndoCeutics shall return to EndoResearch any EndoResearch’s Technology (or dispose of any EndoResearch’s Technology, to the extent feasible,
as requested by EndoResearch), within a reasonable time after the termination, and also transfer to EndoResearch any data, information, know-how and technology gained by EndoCeutics. EndoCeutics shall also promptly cease to use EndoResearch’s
equipment. EndoCeutics shall not be entitled to any compensation for such return or transfer of data, information, know-how and technology. 

  

	3.7	EndoResearch hereby grants to EndoCeutics an irrevocable option to purchase the Patents and the Technology at a fair market value price exercisable within 5 business days of
EndoCeutics becoming aware of the occurrence of any of the following events: (i) EndoResearch becomes bankrupt or insolvent (as defined in Section 3.5(ii) hereof, mutatis mutandis; (ii) proceedings are taken by or against
EndoResearch under the Bankruptcy and Insolvency Act or any other statute or act pertaining to creditor arrangements or proposals; (iii) a receiver or a trustee is appointed to liquidate or administer all or a portion of
EndoResearch’s property (the “Liquidator”) or proceedings are taken to obtain its dissolution or liquidation, it being understood that the exercise of such option to purchase the Patents shall be subject to EndoCeutics’
compliance to the following: 

  

	 	1)	Honor the rights granted by EndoResearch to any third party in respect of the said Patents and Technology in compliance with the terms and conditions of the agreement(s) entered
into with any such third party; 

  

	 	2)	Within twenty-one (21) days after its notification of its exercise of its irrevocable option, obtain an evaluation of the fair market value price for the Patents and the
Technology by an independent person having expertise in the field of evaluating such property, which person shall be approved by the Liquidator, if applicable. A copy of the evaluation report shall be provided to the Liquidator, if applicable.

 Notwithstanding the exercise by EndoCeutics of its irrevocable option referred to above, EndoCeutics shall have 5 business
days following its receipt of the evaluation report referred to in 3.7(2) above to confirm its intention and shall be under no obligation to complete the purchase of the Patents or the Technology to exercise its option; 
  

 - 6 - 

	 	3)	Within thirty (30) days after its confirmation of its exercise of the option for the purchase of the Patents or the Technology, pay the fair market value price to the
Liquidator; 

  

	 	4)	In order to secure its rights pursuant to this irrevocable option, EndoCeutics shall be entitled to obtain a lien on the Patents and the Technology in any or all countries it
chooses. In addition, EndoResearch shall not grant a lien, hypothec or other security of a similar nature on the Patents and the Technology to any third party without the prior written consent of EndoCeutics. 

 ARTICLE 4 
 CONSIDERATION

  

	4.1	In consideration for (i) the assignment of the Assigned Contracts pursuant to Section 2.1, (ii) for the Patents License granted pursuant to Section 3.1
and (iii) for the Technology License granted pursuant to Section 3.2 (which transactions in (i), (ii) and (iii) are indissociable), at the Effective Date, EndoCeutics shall issue to EndoResearch, 12,499,900 common shares of
EndoCeutics’ capital stock and pay to EndoResearch a sum of US$8,000,000.00. 

  

	4.2	After this issuance of the common shares mentioned in Section 4.1, EndoResearch shall hold 100% of EndoCeutics’ total capital stock issued and outstanding just prior to
the issuance and listing of an additional number of the common shares of EndoCeutics on the NASDAQ Global Market. 

  

	4.3	The parties hereto determine that the consideration for the Assigned Contracts, the Patents License and the Technology License is, considering all the circumstances of the
transaction, the fair equivalent of a consideration payable in cash equal to the fair market value of such Assigned Contracts, Patents License and Technology License. 

  

	4.4	EndoResearch and EndoCeutics agree that EndoCeutics shall, in accordance with Subsection 26(3) of the Canada Business Corporation Act, add to its stated capital account in
respect of the Shares issued pursuant to Section 4.1 an amount of US$1. 

  

	4.5	EndoResearch and EndoCeutics shall, within the prescribed time period, execute and deliver elections in the forms prescribed by the Income Tax (Canada) (ITA) and the
Taxation Act (Quebec) (TAQ) to have the provisions of Section 85 of the ITA and any other relevant provisions thereof and the provisions of Section 518 of the TAQ and any other relevant provisions thereof apply to the consideration
payable by EndoCeutics to EndoResearch for the Assignment and the Licenses. 

  

	 4.6
	 EndoCeutics shall reimburse EndoResearch for all expenses incurred by EndoResearch on behalf of EndoCeutics in
connection with organizational and offering related matters, amounting approximately to US$950,000 as of February 21st, 2007. EndoCeutics shall pay directly EndoResearch or any third party designated by EndoResearch for such expenses. All such expenses shall be reasonable and shall be examined and approved by the audit committee and the Board of
EndoCeutics prior to their payment. 

  

 - 7 - 

	4.7	EndoResearch and EndoCeutics shall pay all applicable Quebec Sales Tax and Goods and Services Tax, if any, in connection with this Agreement as the same become due and owing. The
parties agree to use their best efforts to benefit from any exemption applicable thereof or jointly exercise all option rights allowing them to differ the payment of all such taxes. 

 ARTICLE 5 
 RIGHT OF FIRST
NEGOTIATION 
  

	5.1	EndoResearch and EndoCeutics each acknowledge that EndoResearch will continue to conduct research outside the Field, it being understood and agreed however that the results
of EndoResearch’s research, whether patentable or not, may be applicable in the Field or be of interest to EndoCeutics. 

  

	5.2	EndoResearch hereby grants to EndoCeutics a right of first negotiation to have exclusive access in the Field by way of a royalty bearing license or other mutually agreed
arrangement to all intellectual property rights that may be developed by EndoResearch after the Effective Date pursuant to Section 5.1. This right of first negotiation shall be exercisable by EndoCeutics (in its sole discretion) at any time
upon giving a notice in writing within sixty (60) days following the receipt of a written notice from EndoResearch as provided for in Section 5.3. During the notification period, EndoResearch shall not license, sell, transfer or otherwise
dispose of the intellectual property rights that are the subject of Section 5.1. 

  

	5.3	At least twice a year during the term of the License, EndoResearch shall provide to EndoCeutics written reports of its development activities and results susceptible of
applications in the Field or of interest to EndoCeutics. 

  

	5.4	Upon exercise of EndoCeutics’ rights of first negotiation, EndoResearch and EndoCeutics shall negotiate in good faith the terms and conditions of a license agreement to
EndoCeutics of all such new intellectual property developed by EndoResearch for applications in the Field or of interest to EndoCeutics. In the event the parties cannot reach an agreement on the terms and conditions of such a license within six
(6) months after that notification, said terms and conditions shall be determined by binding arbitration in accordance with Section 11.2 hereof. 

 ARTICLE 6 
 ENDOCEUTICS’ IMPROVEMENTS 
  

	6.1	 The parties acknowledge and agree that EndoCeutics may develop improvements to the Patents and the Technology related thereto in the course of exercising its rights
and fulfilling its obligations under this Agreement (“Process Improvements”). All rights, title and interest in and to the Process Improvements developed by EndoCeutics shall be owned by EndoCeutics. Any such Process Improvements
developed by EndoCeutics shall be disclosed promptly to EndoResearch. For that purpose and provided that EndoCeutics does not intend to develop the Process Improvements outside the Field, EndoCeutics hereby grants to EndoResearch an option right to
negotiate the terms and 

  

 - 8 - 

	 	 
conditions of an exclusive or non-exclusive, worldwide, royalty-bearing license agreement to use such Process Improvements outside the Field. EndoResearch
shall have sixty (60) days from disclosure of any Process Improvements to notify EndoCeutics in writing of its intent to enter into such a license agreement, and the parties shall negotiate in good faith for a period not to exceed six
(6) months after that notification, otherwise the terms and conditions of the license agreement shall be determined by binding arbitration in accordance with Section 11.2 hereof. 

 ARTICLE 7 
 PATENTS MAINTENANCE AND
INFRINGEMENT 
  

	7.1	Subject to the rights and obligations of Schering under the Schering Agreements, EndoResearch shall maintain in force (and diligently pursue in the case of patent
applications) all Patents licensed hereunder. EndoCeutics shall reimburse EndoResearch for all costs related thereto less the amounts reimbursed to EndoResearch by Schering as provided for in the Schering Agreements. 

  

	7.2	EndoCeutics agrees to promptly take all reasonable legal action necessary to protect the Patents against infringements by third parties. Subject to the rights of Schering
under the Schering Agreements, if within three (3) months following receipt of written notice from EndoResearch, EndoCeutics fails to take such action to halt the alleged infringement, EndoResearch shall, in its sole discretion, have the right
to take such action as it deems warranted in its own name or in the name of EndoCeutics or in both names. EndoCeutics will reimburse EndoResearch for all costs incurred. EndoCeutics agrees to render such reasonable assistance as EndoResearch may
request in the event such action is taken by Schering or EndoResearch. Damages recovered therefrom, net of the costs of this action, shall belong to the party bringing the action. 

 ARTICLE 8 
 WARRANTIES AND LIABILITY

  

	8.1	Each party represents and warrants to the other party that it has the legal power, authority and right to enter into this Agreement and to perform all of its respective
obligations set forth in the Agreement. 

  

	8.2	Each party represents and warrants that as of the Effective Date it is not a party to any agreement, arrangement or understanding with any third party which in any way
conflicts with its ability to fulfill any of its obligations under the terms of this Agreement. 

  

	8.3	EndoResearch warrants that it has and shall retain all rights, title and interest to the Patents. 

  

	8.4	Except as expressly provided in this Agreement, each party disclaims all warranties, express or implied, concerning or relating to Licensed Compounds and Licensed Products.

  

	8.5	Neither party shall be liable for incidental or consequential damages of the other party arising out of or resulting from a breach of this Agreement.

  

 - 9 - 

 ARTICLE 9 
 INDEMNIFICATION 
  

	9.1	Subject to the limitation set forth below in this Article 9 and in accordance with the Schering Agreements, each party shall defend, indemnify and hold each other, their
Affiliates, respective officers, directors, agents and employees (the “Indemnified Party”) harmless from and against all liabilities, costs, damages, losses, judgments, or expenses (including reasonable attorney’s fees and
other expertise and defence costs and expenses, regardless of outcome) (“Liabilities”) arising out, after the Effective Date, of third-party suits, claims, demands, actions or causes of action at law or in equity
(“Claim(s)”); in the case of EndoCeutics as the Indemnifying Party, in connection with the Assigned Contracts or any Licensed Compounds or Licensed Products or service, that are using the Patents or Technology in the Field
and which are made, used, or sold by or on behalf of EndoCeutics pursuant to any right or license granted pursuant to this Agreement, and in the case of EndoResearch as the Indemnifying party, in connection with the agreements and rights listed in
Section 2.2 hereof. 

  

	9.2	Each party agrees to provide attorneys reasonably acceptable to the Indemnified Party to defend against any Claims with respect to the subject of indemnity contained in this
Agreement. 

  

	9.3	The Indemnified Party shall give EndoCeutics prompt notice in writing of the institution of any Claim for which the Indemnified Party believes EndoCeutics is liable
hereunder, and the Indemnified Party agrees to permit EndoCeutics to have control and conduct of the defence of such Claim, and give EndoCeutics all reasonable assistance necessary to enable EndoCeutics to carry on the defence of such suit and any
appeal from a judgment or decree rendered therein, including without limitation providing reasonable access to witnesses or information in the Indemnified Party’s possession. The Indemnified Party may participate in, but not control, any
defence or settlement of such suit, but at the expense of EndoCeutics. Notwithstanding any other provision of the present article, neither Party shall make any settlements hereunder in a manner that would adversely and materially affect the other
Party without first obtaining such other Party’s prior written consent, such consent not to be unreasonably withheld or delayed. 

  

	9.4	Neither Party shall be responsible for or bound by any compromises of claims, demands, settlements, judgments or causes of action made without its prior written consent,
which consent may be withheld in its sole discretion. 

  

	9.5	EndoCeutics shall obtain and maintain insurance in such amounts as to insure against any claim made by a third party in respect of the carrying out of the clinical trials and
commercialization of the Licensed Compounds. 

 ARTICLE 10 
 CONFIDENTIALITY 
  

	10.1	 The parties agree that, in the execution of their respective obligations under this Agreement, industrial secrets and confidential information shall be mutually
exchanged. 

  

 - 10 - 

	 	 
Consequently, the parties recognize that the non-authorized disclosure of such industrial secrets and confidential information shall cause serious damages to
the other party and consequently, EndoResearch and EndoCeutics each undertake to, subject to their respective rights hereunder: 

  

	 	(a)	Utilize their best efforts to impede other parties from taking knowledge of such industrial secrets; 

  

	 	(b)	Take all the necessary measures in order to prevent the non-authorized disclosure of such industrial secrets or of confidential information by any of their employees or by any other
party; and 

  

	 	(c)	Upon written authorization by EndoResearch or by EndoCeutics, as the case may be, permit their employees to disclose such industrial secrets or confidential information only to
third parties to whom it is necessary to communicate same in order that EndoResearch or EndoCeutics, as the case may be, respect its obligations pursuant to the terms of this Agreement and which third parties must have consented to the same
confidentiality obligations relative to such industrial secrets or confidential information. 

  

	10.2	Except as required by law, neither EndoResearch nor EndoCeutics shall release any information to any third person with respect to the existence or terms of this Agreement
without the prior written consent of the other, which consent will not be unreasonably withheld. It is acknowledged and agreed by the parties hereto that in the event EndoCeutics becomes a public corporation, and in connection with becoming a public
company, it shall be obligated to abide by, and comply with, the disclosure requirements under the applicable domestic and foreign securities laws and those rules and regulations promulgated thereunder, including, without limitation, those rules and
regulations of the various exchanges and/or automated quotation systems on which EndoCeutics’ capital stock is listed and/or traded, and disclosures required thereby, including the filing of this Agreement in connection with the filing of the
Registration Statement on Form F-1 of EndoCeutics, are expressly permitted hereunder. 

 ARTICLE 11 
 NEGOTIATION, MEDIATION AND ARBITRATION 
  

	11.1	If a dispute arises out of or relates to this Agreement or its breach (the “Matter”), the parties agree to resolve the Matter as follows:

  

	 	(a)	a party shall submit written notice of the Matter to the other party and request negotiation; 

  

	 	(b)	the parties shall attempt in good faith to resolve any Matter arising out of or relating to this Agreement promptly by negotiation between representatives which the parties may
appoint; and 

  

	 	(c)	 if the Matter has not been resolved within 30 days of a party’s request for negotiation, either party may request (the “Requesting Party”)
that the Matter be 

  

 - 11 - 

	 	 
submitted to a sole mediator selected by the Requesting party (the “Mediator Notice”). If the other party does not agree with the sole
mediator selected by the Requesting party, the other party shall, within 10 days of receipt of the Mediator Notice, select a different mediator and so notify the Requesting party. The 2 mediators shall within 10 days thereafter select a third
mediator who shall be the sole mediator for the mandatory one-day mediation. The sole mediator shall specify the date (which shall be within 30 days of his or her selection as the sole mediator) and the place where the mandatory one-day mediation
shall take place. 

  

	11.2	If the Matter has not been resolved by such mediation, either party may submit the Matter for binding arbitration, to a sole arbitrator in accordance with the Rules of
Conciliation and Arbitration of the Canadian Commerce Arbitration Centre as in effect on the date of commencement of such arbitration (the “CCAC Rules”). 

  

	11.3	If the parties fail to agree on the appointment of the sole arbitrator within 20 days after one party has served the other party, a written notice to concur in the
appointment of the single arbitrator nominated by the serving party, the sole arbitrator shall be appointed in accordance with the CCAC Rules. The arbitrator shall render any final award within 20 days following the completion of evidence and
arguments on the Matter. 

  

	11.4	The parties shall not be entitled to rely on or introduce as evidence before any arbitral proceedings whether or not such proceedings relate to the Matter that is the subject
of the negotiations: 

  

	 	(a)	views expressed or suggestions made by another party in respect of a possible settlement of the Matter; 

  

	 	(b)	admissions or proposals made by another party in the course of negotiations; or 

  

	 	(c)	the fact that the other Party had indicated his willingness to accept a proposal for settlement made by another party. 

  

	11.5	The mediation and arbitration shall be held in Quebec City, Province of Quebec, Canada. The Parties, their representatives, the mediator and the arbitrator shall hold the
existence, content and results or any negotiation, mediation or arbitration in confidence unless disclosure is required by law or regulation, and in such case the parties shall take reasonable precautions to only disclose what is required by law or
governmental regulation. All proceedings and all pleadings shall be in English. 

  

	11.6	Any award of the arbitration shall be final and binding on the parties and shall be enforceable in any court having jurisdiction over the party from whom enforcement is
requested. 

  

	11.7	The costs of any mediation, or arbitration hereunder, including administrative and arbitrator fees and the fees of the sole mediator, shall be shared equally by the parties,
but each party shall bear its own costs and attorneys’ and witnesses’ fees. 

  

 - 12 - 

 ARTICLE 12 
 CONDITIONS PRECEDENT 
  

	12.1	Notwithstanding the execution of this Agreement, the rights and obligations of the parties hereto are conditional and shall become effective only at the satisfaction or
waiver that, at or prior to the Effective Date, EndoCeutics shall have qualified for listing, and had listed, its common shares on the NASDAQ Global Market (the “Financing”). 

  

	12.2	This Agreement shall automatically become null and void if all the conditions precedent listed in Section 12.1 have not been satisfied or waived on June 30, 2007.

 ARTICLE 13 
 MISCELLANEOUS 
  

	13.1	The failure on the part of EndoResearch or EndoCeutics to exercise or enforce any right conferred upon it hereunder shall not be deemed to be a waiver of any such right, nor
operate to bar the exercise or enforcement thereof at any time or times thereafter. 

  

	13.2	Any notice required or permitted to be given by the terms of this Agreement by a party shall be given by prepaid, registered air mail, properly addressed to the address of
the other party set forth below, or to such other address as may, from time to time, be designated in writing by such other party, and shall be deemed to have been given upon receipt: 

  

			
	 As to EndoResearch:
	  	 2989, De la Promenade Street,
 Quebec, Province of
Quebec
 Canada, G1W 2J5

		
		  	Attn: President and Chief Executive Officer
		
	 As to EndoCeutics:
	  	 2989, De la Promenade Street,
 Quebec, Province of
Quebec
 Canada, G1W 2J5

		
		  	Attn: Chairman

  

	13.3	This Agreement shall be construed and interpreted according to the laws of the Province of Quebec, Canada, except with respect to its conflict of law provisions.

  

	13.4	The captions to the Articles of this Agreement are for convenience only, and shall not be deemed of any force or effect whatsoever in construing this Agreement.

  

	13.5	The terms and provisions contained herein constitute the entire Agreement between the parties and shall supersede all previous communications, representations, agreements or
understandings, either oral or written, between the parties hereto with respect to the subject matter hereof. No agreement or understanding varying or extending the same will be binding upon either party hereto unless in writing, signed by duly
authorized officers of the respective parties, and referencing this Agreement. 

  

 - 13 - 

	13.6	This Agreement shall not be assignable by either party, except to an Affiliate, without the express consent of the other, such consent not to be unreasonably withheld.

  

	13.7	EndoCeutics shall promptly report to EndoResearch the details of any significant patient adverse drug reactions or suspected adverse drug reactions with respect to any
Licensed Compounds during any clinical trials occurring or conducted by or on behalf of EndoCeutics. 

  

	13.8	The terms of this Agreement which by their intent or meaning have validity beyond the term of this Agreement shall survive the termination or expiration of this Agreement.

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in duplicate by their duly authorized officers as of
the date first above written. 
  

									
	ENDORESEARCH INC.	 		 	ENDOCEUTICS, INC.
					
	By:	 	  	 		 	By:	 	  
		 	 Fernand Labrie
 President and Chief Executive
Officer
	 		 		 	 Robert Després
 Chairman

  

 - 14 - 

 SCHEDULE A 
 SCHERING AGREEMENTS 
 [Attachments, copies of which are filed as Exhibits 10.7, 10.8 and 10.9 to the Form F-1
Registration Statement of EndoCeutics to which this Agreement is also an exhibit, have been intentionally omitted] 

 SCHEDULE B 
 FIELD 
  

	a)	Acolbifene for breast and uterine cancer treatment and prevention; 

  

	b)	Acolbifene in combination with DHEA for the treatment and prevention of vaginal atrophy, type-2 diabetes, hypercholesterolemia, obesity and fat accumulation, hot flashes, metabolic
syndrome, osteoporosis, loss of muscle mass and strength, loss of libido, as well as for prevention of breast cancer and uterine cancer; 

  

	c)	DHEA for vaginal atrophy, hot flashes, osteoporosis, loss of muscle mass and strength, loss of libido and sexual dysfunction in women; 

  

	d)	DHEA for loss of muscle mass and strength, loss of libido and sexual dysfunction and osteoporosis in men; 

  

	e)	Prostate cancer – new pure systemic anti-androgens; 

  

	f)	Benign prostate hyperplasia – new pure systemic anti-androgens; 

  

	g)	Acne, seborrhea and androgenic alopecia – new locally active pure anti-androgens; 

  

	h)	SARMs (selective androgen receptor modulators) for loss of muscle mass and osteoporosis in women and men. 

 COMPOUNDS / PRODUCTS 
  

	(i)	Acolbifene 

  

	(ii)	DHEA 

  

	(iii)	Acolbifene and DHEA 

  

	(iv)	Antiandrogen known as EM 6537 and other related compounds already developed by EndoResearch 

  

	(v)	Antiandrogen known as EM 5854 and other related compounds already developed by EndoResearch 

  

	(vi)	Antiandrogen known as EM 4350 and other related compounds already developed by EndoResearch 

  

	(vii)	SARM known as EM 8420 and other related compounds already developed by EndoResearch 

 SCHEDULE C 
 OTHER ASSIGNED AGREEMENTS 
 [Attachments, copies of which are filed as Exhibits 10.10 and 10.11 to the Form F-1
Registration Statement to which this Agreement is also an exhibit, have been intentionally omitted] 

 SCHEDULE D 
 (I) ISSUED UNITED STATES PATENTS 
  

			
	 Endorecherche’s U.S. patent
number
	  	 Endorecherche’s U.S. patent number

	 5,372,996
	  	5,840,735
	 5,395,842
	  	5,854,229
	 5,434,146
	  	5,872,114
	 5,545,634
	  	5,948,434
	 5,550,107
	  	5,955,455
	 5,567,695
	  	6,060,503
	 5,593,981
	  	6,124,115
	 5,595,985
	  	6,423,698
	 5,610,150
	  	6,432,940
	 5,686,465
	  	6,465,445
	 5,728,688
	  	6,670,346
	 5,776,923
	  	6,710,059
	 5,780,460
	  	6,884,795
	 5,798,347
	  	6,933,321
	 5,807,849
	  	6,964,955
	 5,817,649
	  	6,995,150
	 5,824,671
	  	7,005,428

 (II) PENDING UNITED STATES PATENT APPLICATIONS 
  

			
	 Endorecherche’s U.S. patent application
number
	  	 Endorecherche’s U.S. patent application
number

	 09/405,182
	  	11/030,850
	 10/052,803
	  	11/062,233
	 10/052,824
	  	11/255,617
	 10/143,894
	  	11/452,545
	 10/166,423
	  	11/542,733
	 10/166,428
	  	11/542,788
	 10/166,505
	  	11/542,789
	 10/167,727
	  	11/734,165
	 10/170,083
	  	60/911,434
	 10/387,043
	  	60/911,452
	 10/749,981
	  	

 (III) PATENTS AND PATENT APPLICATIONS OUTSIDE OF THE UNITED STATES. 
 All issued patents or pending applications outside of the United States corresponding to any of the foregoing United States Patents or United States Patent
Applications.” 
 April 17, 2007 
  
  

 SCHEDULE E 
 EQUIPMENT AGREEMENT 
 THIS AGREEMENT is made as of the
<*>th day of <*> 2007. 
  

			
	BETWEEN:	  	ENDORESEARCH INC., a company duly constituted under Part IA of the Quebec Companies Act, having its head office at 2989, De la Promenade Street, Quebec, Province of Quebec,
Canada, G1W 2J5, herein acting and represented by Dr. Fernand Labrie, its President and Chief Executive Officer;
		
		  	(hereinafter “EndoResearch”)
		
	AND:	  	ENDOCEUTICS, INC., a corporation duly incorporated under the Canada Business Corporations Act, having its head office at 2989, De la Promenade Street, Quebec, Province of
Quebec, Canada, G1W 2J5, herein acting and represented by Mr. Robert Després, its Chairman;
		
		  	(hereinafter “EndoCeutics”)

 WHEREAS EndoResearch and EndoCeutics have entered into an assignment and license agreement prior this day
(the “Assignment and License Agreement”); 
 WHEREAS under the Assignment and License Agreement, EndoResearch and EndoCeutics have
undertaken and agreed to negotiate bona fide the terms and conditions of an ancillary agreement granting to EndoCeutics a non-exclusive right to use the Equipment owned by EndoResearch and that is needed by EndoCeutics to complete the
Research Programs; 
 WHEREAS all capitalized terms used herein shall have the defined meanings set forth in the Assignment and License Agreement or
in this Agreement; 
 NOW THEREFORE, in consideration of the mutual promises and covenants herein contained, the parties agree as follows: 

 

	1.	Definitions 

  

	 	1.1	In this Agreement: 

  

	 	(a)	 “Affiliate” means any company or organization controlling, controlled by, or under common control with EndoResearch or EndoCeutics, as the case may
be. For this purpose, the terms control, controlled and controlling mean ownership, directly or indirectly, of at least fifty percent (50%) of 

	 	 
the stock entitled to vote, and for non-stock organizations, the right to receive at least fifty percent (50%) of the profits;

  

	 	(b)	“Effective Date” means the effective date of the listing of the common shares of EndoCeutics on the NASDAQ Global Market; 

  

	 	(c)	Encumbrance” or “Encumber” means any encumbrance of any kind whatever and includes, without limitation, a security interest, mortgage, lien, hypothec,
pledge, hypothecation, assignment, charge, trust or deemed trust (whether contractual, statutory or otherwise arising), any easement, right of way, servitude (registered or unregistered), restriction, encroachment, option or any other right or claim
of others of any kind whatever affecting the Equipment, any covenant or other agreement, restriction or limitation on the use or transfer of the Equipment; 

  

	 	(d)	“Equipment” means all laboratory equipment owned by EndoResearch and located at the CHUL Research Center in Québec City or elsewhere;

  

	 	(e)	“Agreement” means this agreement, including all of its Schedules and all instruments supplementing, amending or confirming this Agreement; all references to
“Articles” or “Sections” refer to the specified Article or Section of this Agreement; 

  

	 	(f)	“Term” has the meaning ascribed thereto in Section 3.1; 

  

	 	(g)	“Consideration” has the meaning ascribed thereto in Section 4.1; 

  

	 	(h)	“Research Programs” means the research projects carried out by EndoCeutics in the Field as listed in Schedule A. 

  

	2.	Right to use 

  

	 	2.1	EndoResearch hereby grants to EndoCeutics and EndoCeutics hereby accepts, an irrevocable and non-exclusive right to use the Equipment, upon the terms and conditions set forth in
this Agreement. 

  

	3.	Term 

  

	 	3.1	The term of this Agreement shall be for a period commencing on the Effective Date and terminating no later than on December 31, 2010 subject, however, to the period of renewal
mentioned below (the “Term”), unless terminated earlier in a manner set forth herein. 

  

	 	3.2	 Upon expiry of the period stipulated in subsection 3.1, this Agreement shall automatically be renewed for a term of twelve (12) months, and for subsequent
periods of twelve (12) months thereafter, unless EndoCeutics gives EndoResearch 

  

 - 2 - 

	 	 
written notice of thirty (30) days prior to termination of this Agreement or any renewal hereof. Any extension of the initial term of the Research
Programs shall be made upon the same terms and conditions that were established for the initial period of the Research Programs unless commonly agreed by both parties. 

  

	 	3.3	This Agreement may be immediately terminated by EndoResearch by written notice to EndoCeutics upon (i) the filing or institution of bankruptcy, reorganization (in connection
with any insolvency), liquidation or receivership proceedings, or upon an assignment of a substantial portion of its assets for the benefit of creditors by EndoCeutics; or (ii) in the event a receiver or custodian is appointed for
EndoCeutics’ business, or if a substantial portion of EndoCeutics’ business is subject to attachment or similar process, provided, however, that in the case of any involuntary bankruptcy proceeding, such right to terminate shall only
become effective if the proceeding is not dismissed within sixty (60) days after the filing thereof; or (iii) the termination of the Assignment Agreement. 

  

	4.	Consideration 

  

	 	4.1	During the Term, EndoCeutics shall pay to EndoResearch, in equal and consecutive monthly instalments, an amount of US$25,000 representing an amount of US$300,000 per 12 calendar
month, each payable by monthly payments made on the first day of each month commencing on <*>, together with all applicable provincial sales taxes and federal goods and services taxes (“Consideration”).

  

	 	4.2	The Consideration shall be paid by EndoCeutics to EndoResearch at the address indicated in Article 9 of this Lease or at any other location indicated by written notice of
EndoResearch to EndoCeutics, or to any agent or representative of EndoResearch, as may be designated from time to time by written notice of EndoResearch to EndoCeutics. 

  

	 	4.3	Unless otherwise stipulated herein, should EndoCeutics default in the payment, when due, of any amount whatsoever due under this Agreement, the overdue amount shall bear interest at
the prime rate of the bank of EndoResearch’s bank + 2%, calculated from the due date until full payment is made, without prejudice to the other rights of the parties to this Lease. 

  

	 	4.4	EndoResearch and EndoCeutics hereby covenant and agree, that they want the Consideration to reflect fair market value for the use of the equipment and therefore in the event of the
final determination by the relevant tax authorities that the fair market value of the Consideration does not reflect such fair market value it shall be adjusted to reflect it and, to make all required adjustments to the Consideration and to pay or
reimburse, as the case may be, any amount equal to the adjustment determined by the tax authorities within a period of 30 day from the examination and approval by the audit committee of EndoCeutics and EndoResearch of said final adjustment.

  

 - 3 - 

	5.	Title, Damages and Risk of Loss 

  

	 	5.1	EndoCeutics acknowledges that ownership and title to the Equipment shall remain vested in EndoResearch and EndoCeutics shall have no right, title or interest in the Equipment other
than the right to use the Equipment on a non-exclusive basis during the Term. 

  

	 	5.2	EndoCeutics hereby assumes and shall bear the entire risk of loss of and damage to the Equipment from any and every cause whatsoever, even by superior force
(“force majeure”), while the Equipment is used by EndoCeutics or in its custody. In the event of damage of any kind whatever to any part or item of the Equipment (unless the same is damaged beyond repair), EndoCeutics shall at
its own expense place the same in good repair, condition and working order. If the Equipment, or any item or part thereof, is lost, stolen, destroyed or damaged beyond repair (the “Destroyed Equipment”) while used by EndoCeutics or
under its custody, EndoCeutics shall pay to EndoResearch a cash amount equal to the depreciated value of the Destroyed Equipment as of the date of such loss, theft or damage. 

  

	6.	Repair, Maintenance and Inspection 

  

	 	6.1	While used by EndoCeutics or under its custody, the Equipment shall be at the risk of EndoCeutics who shall maintain, repair, service and keep the Equipment in a good and
substantial manner and shall maintain the Equipment in a condition equivalent to its condition at the commencement of the Agreement, fair wear and tear excepted and in a fully operative condition in conformity with any recommendations for
maintenance made by any manufacturer or seller of the Equipment and in conformity with all applicable laws. 

  

	 	6.2	Any alterations, additions or improvements to the Equipment made by EndoCeutics shall belong to and remain the property of EndoResearch. 

  

	 	6.3	While used by EndoCeutics or under its custody, EndoCeutics assumes the risk of liability and shall pay for any costs, expenses, damages, losses or liabilities arising out of,
connected with or resulting from the possession, control, use, operation or maintenance of the Equipment or from any cause whatsoever and, without limiting the generality of the foregoing, costs, expenses, damages, losses or liabilities whatsoever
arising from, connected with or resulting from fire, theft, loss, confiscation or expropriation. 

  

	7.	Insurance 

  

	 	7.1	 With respect to the Equipment, EndoResearch and EndoCeutics shall obtain and maintain or shall cause to be obtained and maintained for the entire Term, at 

  

 - 4 - 

	 	 
EndoCeutics’ expense, property damage and liability insurance and insurance against loss or damage to the Equipment including, without limitation, loss
by fire (including so-called extended coverage), theft and such other risks of loss as are customarily insured by “all risks” policies for the type of equipment hereby put at the disposal of EndoCeutics and for businesses in which
EndoResearch and EndoCeutics are engaged. 

  

	 	7.2	Each insurance policy will name EndoResearch as an insured and loss payee thereof, and shall contain a clause requiring the insurer to give EndoResearch at least 30 days’ prior
written notice of any alteration in the terms of such policy, of the cancellation of such policy. 

  

	 	7.3	At EndoResearch’s request, EndoCeutics shall furnish to EndoResearch a certificate of insurance or other evidence satisfactory to EndoResearch that such insurance coverage is
in effect, provided however that EndoResearch shall be under no duty either to ascertain the existence of or to examine such insurance policy. 

  

	 	7.4	EndoCeutics further agrees to give EndoResearch prompt notice of any damage to, or loss of, the Equipment or any part of it. 

  

	8.	Representations and Warranties 

  

	 	8.1	Each party represents and warrants to the other party that it has the legal power, authority and right to enter into this Agreement and to perform all of its respective obligations
set forth in the Agreement. 

  

	 	8.2	EndoResearch and EndoCeutics each acknowledge that EndoResearch will continue to conduct research outside the Research Programs and to that effect EndoResearch will continue to use
the Equipment. 

  

	 	8.3	EndoResearch represents and warrants that the Equipment is not Encumbered. 

  

	9.	Miscellaneous 

  

	 	9.1	Notwithstanding the date of execution of this Agreement, this Agreement and all transactions contemplated herein are conditional to the closing of EndoCeutics’ contemplated
initial public offering (“IPO”) and to the listing of its common shares on the NASDAQ Global Market, and shall become effective on the Effective Date. 

  

	 	9.2	 EndoResearch hereby grants to EndoCeutics an irrevocable option to purchase the Equipment at a fair market value price upon occurrence of any of the following
events: (i) EndoResearch becomes bankrupt or insolvent; (ii) proceedings are taken by or against EndoResearch under the Bankruptcy and Insolvency Act or any other statute or act pertaining to creditor arrangements or proposals;
(iii) a 

  

 - 5 - 

	 	 
receiver or a trustee is appointed to liquidate or administer all or a portion of EndoResearch’s property (the “Liquidator”) or
proceedings are taken to obtain its dissolution or liquidation, it being understood that the exercise of such option to purchase the Equipment shall be subject to EndoCeutics’ compliance to the following: 

  

	 	1)	Within thirty (30) days after its notification of the occurrence of any of the above mentioned events, request an evaluation of the fair market value price for the Equipment by
an independent person having expertise in the field of evaluating such property, which person shall be approved by the Liquidator. The evaluation shall be made within a reasonable delay and thereafter provided to the Liquidator;

  

	 	2)	Within thirty (30) days after determination of the fair market value price for the purchase of the Equipment, pay the fair market value price to the Liquidator.

  

	 	9.3	The failure on the part of EndoResearch or EndoCeutics to exercise or enforce any right conferred upon it hereunder shall not be deemed to be a waiver of any such right, nor operate
to bar the exercise or enforcement thereof at any time or times thereafter. 

  

	 	9.4	Any notice required or permitted to be given by the terms of this Agreement by a party shall be given by prepaid, registered air mail, properly addressed to the address of the other
party set forth below, or to such other address as may, from time to time, be designated in writing by such other party, and shall be deemed to have been given upon receipt: 

  

			
	As to EndoResearch:	  	2989, De la Promenade Street,
		  	Quebec, Province of Quebec
		  	Canada, G1W 2J5
		
		  	Attn: President and Chief Executive Officer
		
	As to EndoCeutics:	  	2989, De la Promenade Street,
		  	Quebec, Province of Quebec
		  	Canada, G1W 2J5
		
		  	Attn: Chairman

  

	 	9.5	This Agreement shall be construed and interpreted according to the laws of the Province of Quebec, Canada, except with respect to its conflict of law provisions. If a dispute arises
out of or relates to this Agreement or breach, the parties agree to resolve the matter in accordance with the procedures set forth in Article 11 of the Assignment and License Agreement, which Article is incorporated herein for reference.

  

 - 6 - 

	 	9.6	The captions to the Articles of this Agreement are for convenience only, and shall not be deemed of any force or effect whatsoever in construing this Agreement.

  

	 	9.7	The terms and provisions contained herein constitute the entire Agreement between the parties and shall supersede all previous communications, representations, agreements or
understandings, either oral or written, between the parties hereto with respect to the subject matter hereof. No agreement or understanding varying or extending the same will be binding upon either party hereto unless in writing, signed by duly
authorized officers of the respective parties, and referencing this Agreement. 

  

	 	9.8	This Agreement shall not be assignable by either party, except to an Affiliate, without the express consent of the other, such consent not to be unreasonably withheld.

  

	 	9.9	The terms of this Agreement which by their intent or meaning have validity beyond the term of this Agreement shall survive the termination or expiration of this Agreement.

  

	 	9.10	EndoResearch and EndoCeutics agree not to publicize this Agreement nor to disclose the terms and conditions herein, except to the extent required by law, and then only on a
confidential basis to the extent feasible, or except as consented to in advance by the other party. 

 IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be executed in duplicate by their duly authorized officers as of the date first above written. 
  

									
	ENDORESEARCH INC.	 		 	ENDOCEUTICS, INC.
					
	By:	 	  	 		 	By:	 	  
		 	Fernand Labrie	 		 		 	Robert Després
		 	President and Chief Executive Officer	 		 		 	Chairman

  

 - 7 - 

 SCHEDULE A 
 FIELD 
  

	a)	Acolbifene for breast and uterine cancer treatment and prevention; 

  

	b)	Acolbifene in combination with DHEA for tissue-specific hormone replacement therapy including treatment and prevention of vaginal atrophy, type 2 diabetes, hypercholesterolemia, fat
accumulation, hot flashes, metabolic syndrome, osteoporosis, loss of muscle mass and strength, loss of libido, as well as for prevention of breast cancer and uterine cancer; 

  

	c)	DHEA for vaginal atrophy, hot flashes, osteoporosis, loss of muscle mass and strength and loss of libido in women; 

  

	d)	DHEA for loss of muscle mass and strength, loss of libido and osteoporosis in men; 

  

	e)	Prostate cancer – new pure systemic anti-androgens; 

  

	f)	Benign prostate hyperplasia – new pure systemic anti-androgens; 

  

	g)	Acne, seborrhea and androgenic alopecia – new locally active pure anti-androgens; 

  

	h)	SARMs (selective androgen receptor modulators) for loss of muscle mass and osteoporosis in women and men. 

 COMPOUNDS / PRODUCTS 
  

	(i)	Acolbifene 

  

	(ii)	DHEA 

  

	(iii)	Acolbifene and DHEA 

  

	(iv)	Antiandrogen known as EM 6537 and other compounds already developed by EndoResearch 

  

	(v)	Antiandrogen known as EM 5834 and other compounds already developed by EndoResearch 

  

	(vi)	Antiandrogen known as EM 4350 and other compounds already developed by EndoResearch 

  

	(vii)	SARM known as EM 8420 and other compounds already developed by EndoResearch

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00121-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00121-of-00352.parquet"}]]