Document:

Subordination and Intercreditor Agreement

 Exhibit 10.40 
 SUBORDINATION AND INTERCREDITOR AGREEMENT 
 THIS SUBORDINATION AND INTERCREDITOR AGREEMENT (this
“Agreement”) is made as of the 19th day of December, 2006, by and among RADCLIFFE SPC, LTD. FOR AND ON BEHALF OF THE CLASS A CONVERTIBLE CROSSOVER SEGREGATED PORTFOLIO (“Junior Creditor”), VERTICALNET, INC., a Pennsylvania
corporation (“Borrower”), and the noteholders signatory hereto (“Senior Creditors”). 
 BACKGROUND 
 A. Borrower has granted Senior Creditors a first-priority security interest in and to all of the assets of Borrower. 
 B. Borrower has granted Junior Creditor a second-priority security interest in and to all of the assets of Borrower and a security interest in and to all
of the assets of its domestic subsidiaries. 
 C. This Agreement sets forth the relative rights and priorities of Senior Creditors and Junior
Creditor in and to the Collateral (as defined below). 
 NOW, THEREFORE, the parties hereto, as an inducement for each Senior Creditor and
for Junior Creditor to maintain credit to Borrower, and with the understanding that each Senior Creditor and Junior Creditor is relying upon the provisions of this Agreement and intending to be legally bound hereby, agree as follows: 
 1. Definitions. The following words and phrases as used in capitalized form in this Agreement, whether in singular or plural, shall have the meanings
indicated: 
 (a) “Bankruptcy Code” shall mean the United States Bankruptcy Code, as amended from time to time. 
 (b) “Borrower” shall mean Borrower as defined in the introductory paragraph hereof and such Person’s successors and assigns. 

(c) “Collateral” is defined in Section 9(a). 
 (d) “Collateral Enforcement Action” shall mean (i) as to Senior Creditors, the exercise of any rights and remedies with respect to any of its Collateral securing the Senior Debt or the commencement or
prosecution of enforcement of any of the rights and remedies under, the Senior Debt Documents or applicable law, including without limitation the exercise of any rights of set-off or recoupment, and the exercise of any rights or remedies of a
secured creditor under the Uniform Commercial Code of any applicable jurisdiction or under the Bankruptcy Code, and (ii) as to Junior Creditor, the exercise of any rights and remedies with respect to any of its Collateral securing the
Subordinated Debt or the commencement or prosecution of enforcement of any of the rights and remedies under, the Subordinated Debt Documents or applicable law, including without limitation the exercise of any rights of set-off or recoupment, and the
exercise of any rights or remedies of a secured creditor under the Uniform Commercial Code of any applicable jurisdiction or under the Bankruptcy Code. 

 (e) “Commence Legal Action” shall mean (i) as to Senior Creditors, asserting,
participating in or bringing any sort of action, suit or proceeding (including without limitation any insolvency proceeding) either at law or in equity for the enforcement, collection or realization of all, or any part of, the Senior Debt, and
(ii) as to Junior Creditor, asserting, participating in or bringing any sort of action, suit or proceeding (including without limitation any insolvency proceeding) either at law or in equity for the enforcement, collection or realization of
all, or any part of, the Subordinated Debt. “Commencing Legal Action” and “Commenced Legal Action” shall have the same meaning as Commence Legal Action. 
 (f) “Proceeding” is defined in Section 3(b). 
 (g) “Security Agreement” shall mean that certain Security Agreement among Borrower, domestic subsidiaries of Borrower and Junior Creditor dated as of the date hereof, as the same may from time to time be
amended. 
 (h) “Senior Debt” shall mean all liabilities and obligations of any nature, whether primary, secondary, absolute,
contingent, sole, joint, several or joint and several under the Senior Purchase Agreement and the Senior Notes and all interest thereon (whether or not such interest is enforceable or recoverable in any bankruptcy or similar proceeding) and all
fees, costs and expenses (including attorney’s fees and legal expenses) related thereto. 
 (i) “Senior Debt Documents” shall
mean the Senior Purchase Agreement, the Senior Note and any other agreement, document or instrument executed in connection with the Senior Debt, as any of the foregoing may from time to time be amended, restated, refinanced, or otherwise modified.

 (j) “Senior Debt Event of Default” is defined in Section 4(a). 
 (k) “Senior Notes” shall mean the certain notes executed and delivered by Borrower to each Senior Creditor dated as of August 16, 2005
pursuant to the terms of the Senior Purchase Agreement, as the same may from time to time be amended. 
 (l) “Senior Purchase
Agreement” shall mean that certain Note and Warrant Purchase Agreement, dated as of August 16, 2005, as the same may from time to time be amended. 
 (m) “Subordinated Debt Default Notice” is defined in Section 5(a)(iv). 
 (n) “Standstill
Period” is defined in Section 5(c). 
 (o) “Subordinated Debt” shall mean all liabilities and obligations of any nature,
whether primary, secondary, absolute, contingent, sole, joint, several or joint and several, and all interest thereon and all fees, costs and expenses (including attorney’s fees and legal expenses) related thereto, now or at any time or times
hereafter existing, contracted or incurred, by Borrower to Junior Creditor, arising under or in connection with the Subordinated Purchase Agreement and/or Subordinated Note. 
 (p) “Subordinated Debt Documents” shall mean the Subordinated Purchase Agreement, the Subordinate Note, and any other agreement, document or
instrument executed in connection with the Subordinated Debt, as any of the foregoing may from time to time be amended, restated, refinanced, or otherwise modified. 
  

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 (q) “Subordinated Note” shall mean that certain Senior Subordinated Discount Note executed and
delivered by Borrower to Junior Creditor dated as of May 15, 2006, in the principal amount of $5,300,000, as the same may from time to time be amended. 
 (r) “Subordinated Purchase Agreement” shall mean that certain Note Purchase Agreement, dated as of May 15, 2006, as the same may from time to time be amended. 
 (s) “Suspension Notice” is defined in Section 4(a). 
 (t) “Suspension Period” is defined in Section 4(b). 
 2. Subordination. 
 (a) Junior Creditor subordinates all Subordinated Debt and all claims and demands arising therefrom to all the Senior Debt. Junior Creditor and Borrower
agree that unless expressly authorized under the terms of this Agreement: (i) all of the Senior Debt shall be paid before Junior Creditor shall be paid anything (of any kind or character) on account of the principal of or interest on any
Subordinated Debt or any other sums payable in connection therewith and (ii) until all of the Senior Debt is paid, performed and complied with in full and this Agreement is terminated, Borrower will not make, and Junior Creditor will not demand
or accept, either directly or indirectly, payment (of any kind or character) of all or any part of the Subordinated Debt without the prior written consent of Senior Creditors. 
 (b) The right of Senior Creditors to enforce the subordination provisions and any other provisions hereof shall not in any way be prejudiced or impaired
by any act or failure to act on the part of Senior Creditors, Junior Creditor or Borrower, or by any noncompliance by Borrower or Junior Creditor with the terms, provisions and covenants of this Agreement. 
 3. In Furtherance of Subordination. 
 (a) Upon
any distribution of any of the assets of Borrower or any collateral securing the Subordinated Debt, upon or in connection with any dissolution, winding up, liquidation, arrangement or reorganization of Borrower, or upon any assignment for the
benefit of creditors or any other marshalling of the assets and/or liabilities of Borrower (each of the foregoing, a “Proceeding”), any payment, dividend or distribution of any kind (whether in cash, securities or other property) which
would otherwise be payable or deliverable with respect to the Subordinated Debt, shall be paid or delivered directly to Senior Creditor for application (in the case of cash) to, or as collateral (in the case of securities or other property) for, the
Senior Debt. 
 (b) If any Proceeding is commenced, Junior Creditor irrevocably authorizes Senior Creditors to file a proof of claim on
behalf of Junior Creditor with respect to the Subordinated Debt if Junior Creditor fails to file proof of its claims prior to 10 days before the expiration of the time period during which such claims must be submitted, to accept and receive all
payments, dividends and distributions referred to in subsection (a) in an amount not in excess of the Senior Debt then outstanding and to take such other action as may be reasonably necessary to effectuate 

  

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the foregoing. Upon the commencement of a Proceeding, each Senior Creditor is granted a power of attorney by Junior Creditor with full power of substitution
to execute and file such documentation as authorized above and take any other action such Senior Creditor may deem advisable to accomplish the foregoing. Such power being coupled with an interest is irrevocable. Junior Creditor shall retain the
right to vote its claims and otherwise act in any Proceeding relative to Borrower (including, without limitation, the right to vote to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition, or
extension). 
 (c) In the event that the total amount of all cash payments actually received by Senior Creditors related to the Subordinated
Debt or from any other source exceeds all of the Senior Debt, then Senior Creditors shall reassign to Junior Creditor, without recourse or representation, the remaining balance due under the Subordinated Debt and all Collateral and guaranties
securing the Subordinated Debt, or make such other disposition thereof as may be required by applicable law or court order. 
 4. Payments to
Junior Creditor. 
 (a) Notwithstanding anything to the contrary stated herein, Borrower may make payments of interest to Junior Creditor
when due (including any regularly scheduled payments not made during a Suspension Period (as defined herein)) and Junior Creditor may demand, receive and retain said payments unless a Senior Creditor has given written notice to Junior Creditor (a
“Suspension Notice”) that an event of default has occurred and is continuing in connection with the Senior Debt (a “Senior Debt Event of Default”). Subject to Section 5(c) hereof, upon receipt of a Suspension Notice, and at
all times thereafter during the applicable Suspension Period: (i) Junior Creditor may not take, demand, receive or accelerate any payment of the Subordinated Debt and Borrower shall not give, make or permit any such payment, and
(ii) Junior Creditor shall not assert, participate in or bring any sort of action, suit or proceeding (including without limitation any insolvency proceeding) either at law or in equity for the enforcement, collection or realization of all, or
any part of, the Subordinated Debt (herein “Commence Legal Action”) or commence any Collateral Enforcement Action. In the event the Senior Debt Event of Default has been waived by Senior Creditors or cured to Senior Creditors’
satisfaction, Senior Creditors shall so notify Junior Creditor and Borrower in writing and the suspended payments of interest may resume. Such resumed payments shall be subject to all of the terms and provisions of this Agreement. 
 (b) “Suspension Period” shall mean a period not to exceed 180 consecutive days during which Junior Creditor is prohibited from demanding,
receiving or accelerating any payment of the Subordinated Debt, Commencing Legal Action or commencing any Collateral Enforcement Action following receipt of a Suspension Notice pursuant to Section 4(a). 
  

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 5. Limitations on Junior Creditor’s Rights. 
 (a) Except as expressly set forth in Section 5(c) below, Junior Creditor agrees that it will not, without the prior written consent of Senior
Creditors: (i) demand or accelerate any of the Subordinated Debt, (ii) Commence Legal Action, take any Collateral Enforcement Action or institute any court proceedings against Borrower to collect any of the Subordinated Debt, or
(iii) exercise any right or remedy against the assets of Borrower or domestic subsidiaries of Borrower. 
 (b) Upon the occurrence and
during the continuance of a Senior Debt Event of Default or a Junior Debt Event of Default, a Senior Creditor may Commence Legal Actions and take and continue any Collateral Enforcement Action with respect to the Senior Debt and the Collateral in
such order and manner as it may determine in its reasonable discretion. 
 (c) Junior Creditor may accelerate the Subordinated Debt, Commence
Legal Action and take any Collateral Enforcement Action against Borrower or its subsidiaries to collect the Subordinated Debt only upon the occurrence of any of the following: 
 (i) Borrower or a domestic subsidiary of Borrower commences or has commenced against it (other than by the Junior Creditor) any bankruptcy or other
insolvency proceeding, or any receivership, liquidation, reorganization or other similar proceeding (provided that any such involuntary bankruptcy or other insolvency proceeding which is commenced against Borrower or such domestic subsidiary of
Borrower is not dismissed or discharged within 60 days after commencement thereof); provided, however, that any amount received by Junior Creditor in such proceeding, prior to payment in full of the Senior Debt, shall be held in trust and paid to
Senior Creditors in accordance with the provisions of this Agreement. 
 (ii) A Senior Creditor accelerates the Senior Debt and Commences
Legal Action to collect the Senior Debt; provided, however, that any amount received by Junior Creditor as a result of any acceleration permitted under this Agreement or otherwise, prior to payment in full of the Senior Debt, shall be held in trust
and paid to Senior Creditors in accordance with the provisions of this Agreement. 
 (iii) The Suspension Period expires and Borrower has not
paid Junior Creditor all scheduled interest payments then due. 
 (iv) There is an occurrence and continuation of an event of default with
respect to the Subordinated Debt, Junior Creditor notifies Senior Creditors of such event of default (a “Subordinated Debt Default Notice”), 180 days elapse following receipt of such Subordinated Debt Default Notice, and such event of
default has not been cured by Borrower or waived by Junior Creditor during such period. The issuance by Senior Creditors of a Suspension Notice shall not toll or extend the 180 day period set forth in this paragraph (iv). 
 (d) In no event will Suspension Periods and Standstill Periods be in effect for more than 180 days in total. For purposes hereof, “Standstill
Period” shall mean any period(s) following delivery of a Subordinated Debt Default Notice under Section 5(c)(iv) during which Junior Creditor is prohibited by the terms hereof from accelerating the Subordinated Debt, commencing a
Collateral Enforcement Action and Commencing Legal Action. 
  

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 (e) If Junior Creditor Commences Legal Action or commences a Collateral Enforcement Action under
Section 5(c), Junior Creditor agrees that (i) all proceeds from such Commenced Legal Action or Collateral Enforcement Action shall be applied first to repay the Senior Debt; and (ii) if a Senior Creditor thereafter elects to
Commence Legal Action or commence Collateral Enforcement Actions, such Senior Creditor shall thereafter, so long as such Senior Creditor is actively pursuing such actions, have the exclusive right to Commence Legal Action and to take and continue
Collateral Enforcement Actions. 
 6. [Reserved.] 
 7. Payments Held In Trust. In the event that Junior Creditor receives any dividend, distribution or payment (of any kind or character) on account of any of the Subordinated Debt or security therefor in violation of this
Agreement, Junior Creditor will (a) not credit such payments against the Subordinated Debt, (b) notify Senior Creditors immediately thereof, and (c) receive the same in trust for Senior Creditors and will immediately pay and deliver
the same to Senior Creditors in precisely the form received, except for any requisite endorsement or assignment, which Junior Creditor will make and authorize Senior Creditors or any of their respective officers or employees to make in the event
that Junior Creditor does not make the same. Senior Creditors will apply any such moneys so received by them in reduction of the Senior Debt and will hold any property other than money so received by them as collateral security therefor. 

8. Senior Creditors’ Rights. 
 (a)
Without notice to Junior Creditor and without affecting or releasing any obligation or agreement of Junior Creditor under this Agreement or the subordination provided herein, Senior Creditors may at any time or times do any of the following with
respect to any of the Senior Debt: (i) amend, modify, alter or waive any of the terms thereof or any of the documents executed in connection therewith, (ii) renew or extend the time for payment of all or any part thereof,
(iii) decrease the amount thereof, (iv) accept collateral security or guaranties therefor and sell, exchange, perfect or fail to perfect, release or otherwise deal with all or any part of any such collateral or guaranties, (v) release
any party primarily or secondarily obligated thereon, (vi) grant indulgences and take or refrain from taking any action with regard to the collection or enforcement thereof, and (vii) take any action which might otherwise constitute a
defense to or a discharge of Borrower or any guarantor. Nothing contained in this Agreement shall impair any right of Senior Creditors with respect to any of the Senior Debt or any collateral security or guaranties therefor or the proceeds thereof.

 (b) Senior Creditors shall not, without the consent of Junior Creditor (i) extend the final maturity date with respect to any Senior
Debt, (ii) increase the principal balance or (iii) impose any express restriction on Borrower’s ability to make payments in respect of the Subordinated Debt in accordance with its terms which are more onerous than the restrictions
contained in this Agreement or as otherwise agreed to in writing by the Junior Creditor. 
 9. Collateral Priority. 
 (a) The Senior Creditors and Junior Creditor have all been granted liens on and/or security in all of the assets of Borrower (the “Collateral”).
Notwithstanding (i) the timing, order 

  

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or method of grant, attachment, recording or perfection of any relative financing statements or other security interests, assignments, pledges, deeds,
mortgages and other liens, charges or encumbrances or any defect or deficiency or alleged defect or deficiency in any of the foregoing and (ii) any provision of the Uniform Commercial Code or any applicable law or the Senior Debt Documents, the
Subordinated Debt Documents, or the Security Agreement, Junior Creditor acknowledges and agrees that Junior Creditor’s security interest in the Collateral shall be junior and subordinate to the security interest in the Collateral held by the
Senior Creditors. Any proceeds received by Junior Creditor on account of its security interest in the Collateral, whether pursuant to a Collateral Enforcement Action or otherwise, shall be held in trust, and remitted in kind, to Senior Creditors
until the Senior Debt has been paid and satisfied in full. 
 (b) Junior Creditor shall not object to or contest, or support any other Person
in contesting or objecting to, in any Proceeding, the validity, extent, perfection, priority or enforceability of any Senior Creditors’ interest in the Collateral. Notwithstanding any failure by any Senior Creditor to perfect its security
interest in the Collateral or any avoidance, invalidation or subordination by any third party or court of competent jurisdiction of the security interest in the Collateral granted to any Senior Creditor, the priority and rights as between any Senior
Creditor and Junior Creditor with respect to the Collateral shall be as set forth herein. 
 10. Representations. Junior Creditor represents to
each Senior Creditor that: 
 (a) Junior Creditor is the owner and holder of the Subordinated Note, which has not been transferred or
encumbered; 
 (b) The execution, delivery and performance by Junior Creditor of this Agreement, the consummation of the transactions
contemplated herein and the fulfillment and compliance with the respective terms, conditions and provisions contained herein: (i) have been duly authorized by all necessary action of Junior Creditor, and (ii) will not conflict with or
result in a breach of, or constitute a default under, any of the terms, conditions, or provisions of any applicable statute, law, rule, regulation or, ordinance, or Junior Creditor’s organizational or governing documents or any judgment, or
order of any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign by which Junior Creditor is bound or affected; 
 (c) This Agreement has been duly executed and delivered by Junior Creditor and constitutes the valid and binding obligation of Junior Creditor, enforceable in accordance with its terms; and 
 (d) No consent, approval or authorization of or designation, declaration or filing with any governmental authority is required in connection with the
execution, delivery or performance by Junior Creditor of this Agreement, which consent has not already been obtained. 
 Each Senior Creditor
represents to Junior Creditor that this Agreement has been duly executed and delivered by such Senior Creditor and constitutes the valid and binding obligation of such Senior Creditor, enforceable in accordance with its terms. 
  

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 11. Covenants. 
 (a) Junior Creditor will give Senior Creditor written notice of any event of default or any event of which Junior Creditor has knowledge, which might, upon the passage of time or the giving of notice or both,
constitute a default under the Subordinated Debt. Any such notice shall be provided simultaneously with any such notice to the Borrower. 
 (b) Senior Creditor will give Junior Creditor written notice of any Senior Debt Event of Default. 
 12. Subordination Legend. Junior
Creditor and Borrower shall cause each instrument or agreement that at any time evidences or secures all or any portion of the Subordinated Debt on or after the date hereof to be conspicuously marked as follows: 
 THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS EVIDENCED HEREBY ARE SUBORDINATE IN THE MANNER AND TO THE EXTENT SET FORTH IN THAT CERTAIN SUBORDINATION AND
INTERCREDITOR AGREEMENT (THE “SUBORDINATION AGREEMENT”) DATED AS OF DECEMBER 19, 2006 AMONG VERTICALNET, INC., THE SENIOR NOTEHOLDERS PARTY THERETO (THE “SENIOR CREDITORS”) AND RADCLIFFE SPC, LTD. FOR AND ON BEHALF
OF THE CLASS A CONVERTIBLE CROSSOVER SEGREGATED PORTFOLIO; AND RADCLIFFE SPC, LTD. FOR AND ON BEHALF OF THE CLASS A CONVERTIBLE CROSSOVER SEGREGATED PORTFOLIO (THE “JUNIOR CREDITOR”), BY ITS ACCEPTANCE HEREOF, IRREVOCABLY AGREES TO
BE BOUND BY THE PROVISIONS OF THE SUBORDINATION AGREEMENT. 
 13. Bailee. Junior Creditor hereby appoints each Senior Creditor as its agent and
each Senior Creditor hereby agrees to act as agent for Junior Creditor solely for the purpose of perfecting Junior Creditor’s security interests in and on any of the Collateral which may now or hereafter be in the possession or control of any
Senior Creditor; provided that (i) no Senior Creditor makes any representation or warranty that any such possession or control of Collateral by such Senior Creditor is sufficient to effect such perfection of Junior Creditor’s security
interests in and on any of the Collateral, and (ii) no Senior Creditor shall have any duty or liability to protect or preserve any rights pertaining to any of the Collateral. Junior Creditor hereby waives and releases any Senior Creditor from
all claims and liabilities arising pursuant to any Senior Creditor’s role as bailee with respect to the Collateral so long as such Senior Creditor shall use the same degree of care with respect thereto as such Senior Creditor uses for similar
property pledged to such Senior Creditor as collateral for indebtedness of others to such Senior Creditor. Borrower agrees that to the extent any Senior Creditor is in possession or control of any Collateral, such Senior Creditor is hereby
authorized to and may turn over to Junior Creditor upon request therefor any such Collateral after all Senior Debt has been fully paid and performed. 
  

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 14. Assignment. Junior Creditor shall not assign or transfer the Subordinated Debt without (i) prior
notice to Senior Creditors and (ii) such assignment or transfer being made expressly subject to the terms of this Agreement. 
 15.
Termination. This Agreement will continue in full force and effect as long as any Senior Debt remains outstanding. To the extent any payment or payments of any Senior Debt or any Subordinated Debt received by Senior Creditors are
subsequently invalidated, declared to be fraudulent or preferential, set aside or are required to be repaid to a trustee, receiver or other person or entity under any bankruptcy act, state or federal law, common law or equitable cause, then this
Agreement will be revived and continue in full force and effect. This Agreement may not be terminated except by an instrument in writing signed by Senior Creditors. 
  

	16.	Waivers. 

 (a) Junior Creditor agrees that
twenty (20) days notice prior to any disposition of any of the assets of Borrower or any guarantor or any Collateral securing any of the Senior Debt shall be reasonable. Junior Creditor agrees not to interfere with any disposition of assets of
Borrower or any guarantor or any collateral securing any of the Senior Debt by or at the direction of a Senior Creditor. 
 (b) Junior
Creditor waives any right to require Senior Creditor to marshall any assets of Borrower or any guarantor. 
 (c) Junior Creditor waives
notice of any default by Borrower under the Senior Debt, and waives presentment and protest of all notes and other instruments evidencing any of the Senior Debt. 
 (d) Junior Creditor waives any right to subrogation, reimbursement or indemnity in connection with any of the Senior Debt until payment in full of the Senior Debt. 
 17. No Impairment of Borrower’s Obligations. Subject to all of Senior Creditors’ rights as expressly provided in this Agreement, nothing
contained in this Agreement shall impair, as between Borrower and Junior Creditor, the obligation of Borrower which is unconditional and absolute, to pay the Subordinated Debt to Junior Creditor as and when all or any portion thereof shall become
due and payable in accordance with its terms or prevent Junior Creditor upon any default under the Subordinated Debt, from exercising all rights, powers and remedies otherwise provided therein or by applicable law to the extent authorized under the
provisions of this Agreement. 
 18. Releases. Senior Creditors may release any one or more parties hereto, or, the successors or assigns
thereof, from any or all obligations hereunder, and such release, or any release by operation of law, shall not release any other party hereto from, nor in any way affect, any of the obligations of any other party under this Agreement, or affect the
subordination of any of the Subordinated Debt to the Senior Debt. 
 19. Notices. All notices, requests and other communications made or given
in connection with this Agreement shall be in writing and, unless receipt is stated herein to be required, shall be deemed to have been validly given if delivered personally against receipt or by private carrier, 

  

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registered or certified mail, return receipt requested, or by telecopy with the original forwarded by first class mail, in all cases with charges prepaid,
addressed as follows, or delivered to the individual or division or department to whose attention notices to a party are to be addressed as set forth on the signature pages hereof, until some other address (or, individual or division or department
for attention) shall have been designated by notice given by a party to the other. 
 20. Submission to Jurisdiction. Borrower, Senior
Creditors and Junior Creditor hereby consent to the exclusive jurisdiction of any state or federal court located within the County of New York, in the State of New York, and irrevocably agree that all actions or proceedings relating to this
Agreement or the transactions contemplated hereunder shall be litigated in such courts, and Borrower, Senior Creditors and Junior Creditor waive any objection which they may have based on improper venue or forum non conveniens to the conduct
of any proceeding in any such court and waive personal service of any and all process upon them, and consent that all such service of process be made by mail or messenger directed to them at the address set forth on the signature pages hereof.

 21. Delay or Omission Not Waiver. Neither the failure nor any delay on the part of any Senior Creditor to exercise any right, remedy, power
or privilege hereunder shall operate as a waiver thereof or impair any such right, remedy, power or privilege. No single, partial or full exercise of any rights, remedies, powers and privileges by such Senior Creditor shall preclude further or other
exercise thereof. No course of dealing between a Senior Creditor and Borrower or Junior Creditor shall operate as or be deemed to constitute a waiver of such Senior Creditor’s rights hereunder or affect the duties or obligations of Borrower or
Junior Creditor. 
 22. Miscellaneous. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
permitted successors and assigns. If any party hereto is a partnership, all provisions of this Agreement applicable to such party shall be binding upon and include not only the partnership but each and all of the partners thereof’ individually.
This Agreement may not be modified except in writing executed by the party against whom enforcement of such modification is sought. The rights granted to each Senior Creditor hereby shall be in addition to any other rights of such Senior Creditor
under any other subordination agreement, if any, now or hereafter outstanding. All rights and remedies of each Senior Creditor shall be cumulative. The provisions of this Agreement shall operate only in favor of and only for the benefit of each
Senior Creditor, its successors and assigns, and not in favor of or for the benefit of Borrower, Junior Creditor or any other person or entity. 
 23.
Counterparts. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument, and any of the parties hereto may execute this Agreement by signing any such
counterpart. 
 24. Governing Law. This Agreement shall be governed by and construed according to the laws of the State of New York.

 25. Severability. If any provision herein shall for any reason be held invalid or unenforceable, no other provision shall be affected
thereby, and this Agreement shall be construed as if the invalid or unenforceable provision had never been a part of it. 
  

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 26. Entire Agreement. This instrument embodies the entire agreement of the parties hereto with respect to
the subject matter hereof, and there are no courses of dealing, usages of trade, or other representations, promises, terms or conditions referring to such subject matter, and no inducements or representations leading to the execution hereof other
than as mentioned herein. 
 27. Waiver of Right to Trial by Jury. BORROWER, JUNIOR CREDITOR AND EACH SENIOR CREDITOR WAIVE ANY RIGHT TO TRIAL
BY JURY ON ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (a) ARISING UNDER THIS AGREEMENT OR ANY OTHER DOCUMENT OR INSTRUMENT ATTACHED HERETO, REFERRED TO HEREIN OR DELIVERED IN CONNECTION HEREWITH, OR (b) IN ANY WAY CONNECTED WITH OR
RELATED OR INCIDENTAL TO THE DEALINGS OF THE BORROWER, JUNIOR CREDITOR OR ANY SENIOR CREDITOR WITH RESPECT TO THIS AGREEMENT OR ANY OTHER DOCUMENT OR INSTRUMENT ATTACHED HERETO, REFERRED TO HEREIN OR DELIVERED IN CONNECTION HEREWITH, OR THE
TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE. BORROWER, JUNIOR CREDITOR AND EACH SENIOR CREDITOR AGREE AND CONSENT THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL
WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF BORROWER, JUNIOR CREDITOR AND ANY SENIOR CREDITOR TO THE WAIVER OF THEIR RIGHT TO
TRIAL BY JURY. BORROWER, JUNIOR CREDITOR AND EACH SENIOR CREDITOR ACKNOWLEDGE THAT THEY HAVE HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL REGARDING THIS SECTION, THAT THEY FULLY UNDERSTAND ITS TERMS, CONTENT AND EFFECT, AND THAT THEY VOLUNTARILY AND
KNOWINGLY AGREE TO THE TERMS OF THIS SECTION. 
 [Signature page follows.] 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement, intending to be legally bound
hereby, effective as of the day and year first above written. 
  

			
	BORROWER
	
	VERTICALNET, INC.
		
	By:	 	 /s/ Nathanael V. Lentz

	Name:	 	Nathanael V. Lentz
	Title:	 	President and CEO
	
	Address for Notices:
	
	Verticalnet, Inc.
	400 Chester Field Parkway
	Malvern, PA 19355
	Telephone: (610) 640-8030
	Facsimile: (610) 240-9470
	Attention: Legal
	
	JUNIOR CREDITOR
	
	RADCLIFFE SPC, LTD.
	for and on behalf of the Class A Convertible Crossover Segregated Portfolio
		
	By:	 	RG Capital Management, L.P.
	By:	 	RGC Management Company, LLC
		
	By:	 	 /s/ Gerald Stahlecker

	Name:	 	Gerald Stahlecker
	Title:	 	Managing Director
	
	Address for notices:
	
	 c/o RG Capital Management, L.P.
 3 Bala Plaza
- East, Suite 501
 Bala Cynwyd, PA 19004
 Attention: Gerald
Stahlecker
 Telephone: (610) 617-0570
 Facsimile:
(610) 617-5900

			
	SENIOR CREDITOR
	
	ALPHA CAPITAL AG
	Noteholder
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Address for notices:

			
	SENIOR CREDITOR
	
	BRISTOL INVESTMENT FUND, LTD.
	 Noteholder

		
	 By:
	 	  

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	 Address for notices:Sub-SubLease Agreement

 Exhibit 4.46 
 2300 Englert Drive, Suite G – Commercial Park West 
 SUB-SUBLEASE AGREEMENT 
 This Agreement (this “Agreement”) is made this 22nd day of December, 2006, by and between Biostratum, Inc. (“Biostratum”) and NephroGenex,
Inc. (“NephroGenex”). 
 W I T N E S S E T H: 
 WHEREAS, pursuant to a Lease Agreement dated April 9, 2004, and amended by First Amendment of Lease dated July 27, 2004, and by Second
Amendment to Lease Agreement dated September 14, 2004, by and between Adherex, Inc. (“Adherex”) as Tenant, and Realmark-Commercial, LLC, the predecessor-in-interest to SVN CPW 2300-4915, LLC (“SVN”) as Landlord (the
“Master Lease”), a copy of which is attached hereto as Exhibit A and incorporated herein by reference, Adherex has leased from SVN certain building space located in Commercial Park West, 2300 Englert Drive, Suite G, Durham, North
Carolina, containing approximately 7,636 square feet (the “Premises”); and 
 WHEREAS, pursuant to a Sublease Agreement (the
“Sublease”), a copy of which is attached hereto as Exhibit B and incorporated herein by reference, dated August 31, 2005, between Biostratum, as Sublessee, and Adherex, as Sublessor, Biostratum has subleased from Adherex the
entire Premises containing approximately 7,636 square feet, as more specifically described therein; and 
 WHEREAS, NephroGenex desires to
sublease from Biostratum all of the Premises (the “Sublet Premises”) on the terms and conditions set forth herein; and 
 WHEREAS,
Landlord and Adherex have consented to the sublease of the Sublet Premises and all of the terms and conditions of this Agreement, as indicated by Landlord’s and Adherex’s duly-authorized signatures appearing at the end of this Agreement.

 NOW, THEREFORE, for and in consideration of the payments referenced herein, and other mutual good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  

	1.	Term: Biostratum subleases the Sublet Premises to NephroGenex for a term commencing January 1, 2007 (“Commencement Date”), and terminating
March 31, 2008 (“Term”). 

  

	2.	Base Rent: During the Term of this Agreement, NephroGenex shall pay to Biostratum Base Rent for the Sublet Premises in the same amount as is owed by Biostratum under
the Sublease (“Base Rent”). Each installment of Base Rent shall be due and payable for each month during the Term of this Agreement on or before the twentieth day of the previous month, and shall be paid at the office of Adherex located at
4620 Creekstone Drive, Suite 200, Durham, NC 27703, or at such other address as Biostratum may direct in writing. 

  

	3.	 Additional Rent: In addition to the Base Rent, NephroGenex shall pay to Biostratum, at the same time as monthly installment payments of rent are made,
a sum which represents NephroGenex’s proportionate share of insurance costs, taxes and operating expense charges 

	 	 
owed by Biostratum under the terms of the Lease and Sublease. The amount of Additional Rent due from NephroGenex shall be adjusted when the actual amount of
Biostratum’s proportionate share of insurance costs, taxes and operating expense charges are determined under the Lease and Sublease. Upon request of NephroGenex, Biostratum shall provide NephroGenex evidence supporting any and all amounts
allocated to the Sublet Premises. 

  

	4.	Compliance with Lease: With respect to the Sublet Premises, NephroGenex shall comply with all of the provisions of the Lease and Sublease, except those provisions
which conflict with or are different from the terms of this Agreement, in which event the terms of this Agreement shall control, and all rules and regulations of Landlord promulgated thereunder. Notwithstanding anything to the contrary in this
Agreement, NephroGenex shall not take any action or omit to take any action which would cause Biostratum or Adherex to be in default under the Lease or Sublease. 

  

	5.	Utilities: During the Term, NephroGenex shall pay directly to the service provider or providers for the cost of the Utilities for the Premises. For purposes of this
Section 5, “Utilities” shall mean costs with respect to the Premises for water, electricity, gas, sewage and any other utilities used at the Premises. 

  

	6.	Indemnity and Insurance: NephroGenex agrees to indemnify and hold harmless Biostratum, from any liability for damages to any person or property in, on or about the
Premises from any cause. NephroGenex shall procure and keep in effect during the Term public liability and property damage insurance coverage of at least amounts as required under the Master Lease and workers’ compensation insurance in at least
the statutory amounts with Biostratum named as an additional insured thereunder. Such policies shall contain language that the policies may not be canceled or changed except after thirty (30) days notice to Biostratum. NephroGenex shall deliver
copies of original policies or satisfactory certificates thereof. 

  

	7.	Condition of Premises: NephroGenex acknowledges it has examined the Sublet Premises and accepts the same “as is”. All improvements or alterations proposed
for the Sublet Premises must be approved by Biostratum, Adherex and Landlord prior to construction and shall be at NephroGenex’s sole expense. 

  

	8.	Assignment or Subletting: NephroGenex may not assign its interest in this Agreement or further sublet any portion of the Premises without the prior written consent of
Biostratum, Adherex and SVN, which consent shall not unreasonably be withheld. 

  

	9.	Default: If at any time there shall occur any of the following events: 

  

	 	(a)	If NephroGenex shall default in the payment of rent or any other sum of money becoming due hereunder; or 

  

	 	(b)	If NephroGenex shall default in the performance of any other agreement, covenant or stipulation set forth in this Agreement and such default shall continue for ten (10) days
after a written notice thereof; or 

	 	(c)	If NephroGenex shall be adjudicated bankrupt or insolvent under any federal or state law; or 

  

	 	(d)	If NephroGenex shall file or have filed against it a petition for the appointment of a receiver or trustee for all or essentially all of its assets and such appointment shall not be
vacated or set aside within thirty (30) days, 

 then and in any such event after the expiration of any applicable cure
periods, Biostratum, without excluding other rights or remedies that it may have, shall have the right of reentry without notice and may remove all persons and property from the Sublet Premises and dispose of such property with or without legal
process and without being deemed guilty of trespass or becoming liable for any loss or damage which may be occasioned hereby. If Biostratum should elect to reenter as herein provided and take possession, it may either terminate this Agreement, or it
may from time to time without terminating this Agreement make such alterations or repairs as may be necessary in order to relet the Premises and relet the same for such term and at such rentals and upon such other terms and conditions as Biostratum
may deem advisable. No such reentry or taking of possession shall be construed as an election to terminate this Agreement unless a written notice of such intention be given to NephroGenex by Biostratum at the time of such reentry; but,
notwithstanding such reentry and reletting without termination, Biostratum may at any time thereafter elect to terminate this Agreement for such previous breach. In the event of any termination by Biostratum, whether before or after reentry,
NephroGenex shall remain obligated through the Term hereof to continue to make monthly payments of Base Rent and any additional rent pursuant to Section 3 hereof (except that the amount of such continuing payments shall be reduced by the amount
of any rental payments received by Biostratum from a new sublessee in connection with the reletting of the Sublet Premises), and Biostratum may recover from NephroGenex damages incurred by reason of such breach. As a remedy upon occurrence of any
default only in the event that NephroGenex fails to make timely and continued monthly payments, Biostratum may accelerate the Base Rent to accrue during the remainder of the Term and declare the same immediately due and payable. No remedy herein or
otherwise conferred upon or reserved to Biostratum shall be considered exclusive of any other remedy but the same shall be distinct, separate and cumulative and shall be in addition to any other remedy given to Biostratum by this Agreement and may
be exercised from time to time as often as occasion may arise or may be deemed expedient. No delay or omission of Biostratum to exercise any right or power arising from any delay on the part of NephroGenex shall impair any right or power or shall be
construed to be a waiver of any such default or any acquisition thereto. NephroGenex shall pay all costs, expenses and attorneys’ fees that may be incurred or paid by Biostratum in enforcing the covenants, conditions and agreements of this
Agreement with the remedies provided hereunder whether incurred as a result of litigation or otherwise. 
  

	11.	Authorization and Warranty: The parties warrant that they are fully authorized and empowered to enter into this Agreement. Biostratum further warrants that the Lease
and Sublease are not currently in default and will not be in default at any time prior to the date of delivery of the Sublet Premises to NephroGenex. 

	12.	Covenant of Quiet Enjoyment: Biostratum covenants that, provided NephroGenex is not in default hereunder beyond any applicable cure periods, NephroGenex shall have and
enjoy the quiet and peaceful possession of the Sublet Premises without interference from any party claiming by or through Biostratum, including the Landlord and Adherex. 

  

	13.	Miscellaneous: 

  

	 	(a)	The headings of the various articles of this Agreement are intended only for convenience and are not intended to limit, define or construe the scope of any article of this
Agreement, nor offset the provisions thereof. 

  

	 	(b)	Neither the method of computation of rent nor any other provision of this Agreement shall be deemed to create any relationship between the parties hereto other than that of
sublessor and sublessee. 

  

	 	(c)	This Agreement shall be governed by and construed in accordance with the laws of North Carolina. 

  

	 	(d)	This Agreement may be modified or amended only by written agreement of both parties hereto. 

  

	 	(e)	If any provision of this Agreement shall be deemed to be in contravention of any law, then the court rendering such determination shall have the authority to either strike the
contravening provision from this Agreement or reform the provision to comply with the law, with the remaining provisions remaining in full force and effect. 

  

	 	(f)	This Agreement, and the covenants, conditions, warranties and agreements made and entered into by the parties hereto are declared binding on their respective heirs, successors,
representatives and assigns. 

  

	 	(g)	Whenever under this Agreement a provision is made for notice of any kind, it shall be deemed sufficient service thereof if such notice is in writing addressed to the respective
parties at the address shown below and delivered via hand delivery, certified or registered mail, or overnight courier. 

 All notices required or permitted hereunder shall be deemed given when given as follows: 
  

											
		 	If to Biostratum:	 	 Biostratum, Inc.
 Attn: Eugen Steiner, M.D., Ph.D.
 HealthCap
 Strandvagen 5B
 Stockholm, Sweden 114 51
 +46 (8) 442 5850 office
 +46 (8) 442 5879 fax
 Eugen.Steiner@pi.se
	  		  	
					
		 	If to NephroGenex:	 	 NephroGenex, Inc.
	  		  	
		 		 	Attn:	 	   J. Wesley Fox, Ph.D.
	  		  	
		 		 	               204 Cherwell Dr.
	  		  	
		 		 	               Cary, NC 27513
	  		  	

  

	 	(h)	Biostratum and NephroGenex respectively represent and warrant to each other that neither of them has consulted or negotiated with any broker or finder with regard to the Premises or
otherwise in connection with this transaction. Each such party shall indemnify the other against and hold the other harmless from and against all liabilities, costs and expenses (including reasonable attorneys’ fees) for any claims for fees or
commissions from anyone arising out of their respective actions in connection with this Agreement. 

  

	 	14.	Landlord’s and Adherex’s Consent: The consent of Landlord and Adherex to this Agreement, evidenced by signatures appearing below, shall be a condition
precedent to the effectiveness of this Agreement. 

  

	 	15.	Surrender. At the expiration or earlier termination of this Agreement, NephroGenex shall surrender the Premises to Biostratum in broom clean condition in the same
condition as on the Commencement Date hereof, ordinary wear and tear excepted. Notwithstanding the foregoing, NephroGenex further warrants, covenants and agrees that it will pay the full cost of any repairs or maintenance necessary to restore the
Premises to the same condition as on the Commencement Date of the Sublease, including, but not limited to, reinstalling the original benches and furnishings located in the laboratory space located in the Premises. Upon satisfactory restoration of
the Premises as described herein, the laboratory benches and equipment which were installed by Biostratum in the place of the original laboratory equipment shall become the property of NephroGenex. 

 [The next page is the signature page] 

 IN WITNESS WHEREOF, the undersigned have hereunto set their hands and seals as of the day and year first written above.

  

							
	SUBLESSOR:
	
	BIOSTRATUM, INC., a Delaware corporation
			
	By:	 	 /s/ Gary M. Gordon
	 	
	Name:	 	Gary M. Gordon, M.D.	 	
	Title:	 	Vice President	 	
	
	SUBLESSEE:
	
	NEPHROGENEX, INC., a Delaware corporation
			
	By:	 	 /s/ J. Wesley Fox
	 	
	Name:	 	J. Wesley Fox	 	
	Title:	 	President & CEO	 	

 CONSENT 
 The undersigned Landlord hereby acknowledges and expresses its consent to the terms of this Agreement: 
  

							
	LANDLORD:	 	 
		
	SVN CPW 2300-4915, LLC	 	
				
	By:	 		 	 /s/ Jack W. Carroll
	 	
	Name:	 		 	Jack W. Carroll	 	
	Title:	 		 	Principal and Director	 	

 The undersigned Tenant hereby acknowledges and expresses its consent to the terms of this
Agreement, subject to the understanding that BioStratum, Inc. is not relieved of its obligations under the Sublease: 
  

					
	TENANT:
		
	ADHEREX, INC.	 	
			
	By:	 	 /s/ James A. Klein, Jr.
	 	
	Name:	 	James A. Klein, Jr.	 	
	Title:	 	CFO

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