Document:

ex10_4.htm

Exhibit 10.4

 

June 25, 2010

Joel B. Kirschbaum, Ph.D.

Director, Office of Technology Management

University of California, San Francisco

185 Berry Street – Suite 46703

San Francisco, CA 94107

 

Dear Joel,

This letter summarizes the outcome of the discussions between the Regents, Scientific Learning Corporation (“SLC”) and Posit Science Corporation (formerly known as Neuroscience Solutions Corporation) (“NSC”), about amending the sublicense agreement between SLC and NSC (the “Sublicense”) as well as the license agreement between SLC and the Regents (the “License”).

By letter dated August 7, 2003, the Regents consented to the sublicense to NSC, and agreed to the amounts that SLC would be required to pay to the Regents with respect to sales by NSC, including the definition of “Net Sales” that would be used for NSC sales.  The Regents also entered into an Agreement to Accept Assignment of Sublicense and Consent to Exclusive Sublicense with NSC, effective September 30, 2003.

Subject to the consent of the Regents, SLC and NSC have agreed to an Amendment No. 1 to the Sublicense (the “Amendment”), which is attached to this letter.  The Amendment provides for:

 

	
a.  

	
Under specified conditions, a gradual reduction in the Pass-Through Royalty rate paid by NSC to SLC and then paid on by SLC to the Regents;

 

	
b.  

	
Modified language relating to the allocation of net sales to royalty-bearing and non-royalty-bearing items when a sale involves a Bundled Offering;

 

	
c.  

	
A reduction in the rate applicable to Bundled Offerings when NSC needs to pay royalties to three or more patent holders.

 

We are asking that the Regents consent to the proposed Amendment and confirm that the only payments that will be due from SLC or NSC to the Regents will be the Pass-Through Royalty, as defined in the Sublicense, as amended by the Amendment.

 

	
SCIENTIFIC LEARNING CORPORATION

	  	
POSIT SCIENCE CORPORATION

	  	  	  	  	  
	  	  	  	  	  
	
By  

	
/s/ Linda L. Carloni

	  	
By  

	
/s/ Jeffrey S. Zimman

	  	
      Linda L. Carloni

	  	  	
      Jeffrey S. Zimman

	  	
      SVP, General Counsel

	  	  	
      Chairman

 

 

On behalf of the Regents of the University of California, the undersigned hereby: (a) consents to the proposed Amendment; (b) concurs in and agrees that the only amounts due from SLC or NSC to the Regents under the License with respect to Net Sales by NSC are the Pass-Through Royalties, as defined in the Sublicense as amended by the Amendment; and (c) agrees that for purposes of computing the royalties payable by SLC to the Regents with respect to sales by NSC, the term “Net Sales” shall be construed in accordance with the definitions and other provisions of the Sublicense, including Section 4.4, and 4.6 thereof, all as amended by the Amendment.

	
THE REGENTS OF THE UNIVERSITY OF CALIFORNIA

	  	  	  	  
	  	  	  	  
	
By  

	
/s/ Joel B. Kirschbaum

	
6/25/10

	  
	  	
      Joel B. Kirschbaum

	  	  
	  	
      Director - OTMex10_5.htm

Exhibit 10.5

Letter Agreement (Amendment No. 2 to SLC License Agreement)

June 25, 2010

Steven P. Aldrich

Posit Science Corporation

225 Bush Street, Seventh Floor

San Francisco, CA 94104

Gentlemen:

This letter summarizes our agreements with respect to the resolution of the UC royalty audit of Posit Science.  Subject to UC’s continued agreement to its offer letter of June 14 and to the previously negotiated draft Amendment No. 5 to the SLC-UC license agreement and Amendment No. 1 to the SLC License Agreement (the SLC-Posit Amendment No. 1),  Posit Science and Scientific Learning have agreed that:

	
(1)  

	
 Posit will make the payments to UC specified in the letter from UC to Posit Science on June 14, 2010.  SLC will not seek any additional royalty payments from Posit with respect to the transactions that were subject to the UC audit.

 

	
(2)  

	
With respect to the minimum annual Base Royalty payment due from Posit Science to SLC under Section 4.10 of the SLC License Agreement:

	
a.  

	
The 2010 minimum royalty payment will be reduced from $150,000 to $120,000 and its due date delayed from June 30, 2010 to December 31, 2010; and

	
b.  

	
The 2011 minimum royalty payment will be increased from $150,000 to $185,000 and will be due June 30, 2010.

	
(3)  

	
SLC and UC will both execute the SLC-Posit Amendment No. 1.

To confirm your agreement to the terms of this letter, please sign below and return the fully signed letter to me.

Very truly yours,

	
Scientific Learning Corporation

	  	
AGREED:

	  	  	  	
Posit Science Corporation

	  	  	  	  	  
	
By  

	
/s/ D. Andrew Myers

	  	
By:  

	
/s/ Steven P. Aldrich

	   	
      D. Andrew Myers

	  	  	
      Steven P. Aldrich

	  	
      Chief Executive Officer

	  	  	
      Chief Executive Officer

	  	  	  	  	  
	  	  	  	  	  
	  	  	  	
Date:  June 29, 2010LOCKUP
AGREEMENT

     

    August
___, 2010

     

    Brean
Murray, Carret & Co., LLC

    570
Lexington Avenue

    New York,
New York 10022

    Attn:  William
J. McCluskey

    

    Rodman
& Redshaw, LLC

    1251
Avenue of the Americas

    New York,
NY 10022

    Attn:  John
Borer

    

    Ladies
and Gentlemen:

     

    The undersigned understands that you,
together as Underwriter, propose to enter into an Underwriting Agreement (the
“Underwriting
Agreement”) with Cutanea
Life Sciences, Inc., a Delaware corporation (the “Company”), providing for an initial public
offering (the “Offering”) of shares (the “Shares”) of common stock, par value $0.001 per
share (the “Common
Stock”), of the
Company.  Capitalized terms used herein and not otherwise defined
shall have the meanings set forth in the Underwriting
Agreement.

     

    In consideration of the foregoing, and
in order to induce you to participate in the Offering, and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the
undersigned hereby agrees the undersigned will not, during the period (the
“Lock-Up
Period”) beginning on the
effective date of the registration statement covering the Offering (the
“Effective Date”) and ending 180 days after the Effective Date, (1) offer,
pledge, announce the intention to sell, sell, contract to sell, sell any option
or contract to purchase, purchase any option or contract to sell, grant any
option, right or warrant to purchase, or otherwise transfer or dispose of,
directly or indirectly, or
file (or participate in the filing of) a registration statement with the
Securities and Exchange Commission in respect of, any shares of Common
Stock or any securities convertible into or exercisable or exchangeable for
shares of Common Stock (including without limitation, shares of Common Stock
which may be deemed to be beneficially owned by the undersigned in accordance
with the rules and regulations of the Securities and Exchange Commission and
securities which may be issued upon exercise of a stock option or warrant), (2)
enter into any swap or other agreement that transfers, in whole or in part, any
of the economic consequences of ownership of the shares of Common Stock, whether
any such transaction described in clause (1) or (2) above is to be settled by
delivery of shares of Common Stock or such other securities, in cash or
otherwise, (3) make any demand for or exercise any right with respect to, the
registration of any shares of Common Stock or any security convertible into or
exercisable or exchangeable for shares of Common Stock, or (4) publicly announce
an intention to effect any transaction specific in clause (1), (2) or (3)
above.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Notwithstanding the foregoing, the
restrictions set forth in clause (1) and (2) above shall not apply to transfers
as a bona fide gift or gifts, provided that the donee or donees thereof agree to
be bound in writing by the restrictions set forth herein, or (ii) to any trust
for the direct or indirect benefit of the undersigned or the immediate family of
the undersigned, provided that the trustee of the trust agrees to be bound in
writing by the restrictions set forth herein, and provided further that any such
transfer shall not involve a disposition for value.  For purposes of
this Lock-Up Agreement, “immediate family” shall mean any relationship by blood,
marriage or adoption, not more remote than first cousin.  None of the
restrictions set forth in this Lock-Up Agreement shall apply to Common Stock
acquired in open market transactions.

     

    In furtherance of the foregoing, the
Company, and any duly appointed transfer agent or depositary for the
registration or transfer of the securities described herein, are hereby
authorized to decline to make any transfer of securities if such transfer would
constitute a violation or breach of this Lock-Up Agreement.

     

    The foregoing restrictions are expressly
agreed to preclude the undersigned from engaging in any hedging or other
transaction which is designed to or reasonably expected to lead to or result in
a sale or disposition of the shares of Common Stock even if such securities
would be disposed of by someone other than the undersigned.  Such
prohibited hedging or other transactions would include without limitation any
short sale or any purchase, sale or grant of any right (including without
limitation any put option or put equivalent position or call option or call
equivalent position) with respect to any of the shares of Common Stock or with
respect to any security that includes, relates to, or derives any significant
part of its value from such shares of Common Stock.

     

    The undersigned hereby represents and
warrants that the undersigned has full power and authority to enter into this
Lock-Up Agreement.  All authority herein conferred or agreed to be
conferred and any obligations of the undersigned shall be binding upon the
successors, assigns, heirs or personal representatives of the
undersigned.

     

    The undersigned also agrees and consents
to the entry of stop transfer instructions with the Company’s transfer agent and
registrar or depositary against the transfer of the undersigned’s shares of
Common Stock except in compliance with the foregoing
restrictions.

     

    The undersigned understands that, if the
Underwriting Agreement does not become effective, or if the Underwriting
Agreement (other than the provisions thereof which survive termination) shall
terminate or be terminated prior to payment for and delivery of the Shares to be
sold thereunder, the undersigned shall be released from all obligations under
this Lock-Up Agreement.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    This Lock-Up Agreement shall be governed
by and construed in accordance with the laws of the State of New York, without
regard to the conflict of laws principles thereof.

     

    
      
        
          
            	
                    Very truly
      yours,

                  
	 
	 
      
	
                    Name:

                  
	
                    Address:

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