Document:

Exhibit 10.8
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PENNYMAC FINANCIAL SERVICES, INC.
2013 EQUITY INCENTIVE PLAN
STOCK OPTION AWARD AGREEMENT
THIS AGREEMENT is dated as of February 25, 2021, between PennyMac Financial Services, Inc., a corporation organized under the laws of the State of Delaware (the “Company”), and the individual identified in Section 1 below (the “Recipient”).
1.Grant of Option.  Pursuant and subject to the Company’s 2013 Equity Incentive Plan (as the same may be amended from time to time, the “Plan”), the Company grants to you, the Recipient identified in the table below, an option (this “Option”) to purchase from the Company all or any part of a total of the number of  shares identified in the table below (the “Optioned Shares”) of Common Stock, par value $0.0001 per share, in the Company (the “Stock”), at the exercise price per share set out in the table below.
	Recipient
	    
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	Number of Optioned Shares
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	Exercise Price Per Share
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	$58.85

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	Grant Date
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	February 25, 2021

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	Vesting Commencement Date
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	February 25, 2021

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	Expiration Date
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	February 24, 2031

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2.Character of Option.  This Option is not intended to be treated as an “incentive stock option” within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended.
3.Expiration of Option.  This Option shall expire at 5:00 p.m. PDT on the Expiration Date or, if earlier, the earliest of the dates specified in whichever of the following applies:
(a)If the termination of your employment or other association is on account of your death or Disability (as defined below in Section 4), the first anniversary of the date your employment ends.
(b)If the termination of your employment or other association is due to any reason other than death, Disability, Retirement (as defined below in Section 4) or termination for cause, three (3) months after your employment or other association ends.
(c)If the Company terminates your employment or other association for cause, or at the termination of your employment or other association the Company had grounds to terminate your employment or other association for cause (whether then or thereafter determined), immediately upon the termination of your employment or other association.
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4.Vesting of Option; Retirement, Death and Disability.
(a)Until this Option expires, you may exercise it as to the number of Optioned Shares which have vested ( “Vested Shares”), in full or in part, at any time on or after the applicable exercise date or dates identified in the remainder of this Section.  However, during any period that this Option remains outstanding after your employment or other association with the Company and its Affiliates ends other than by reason of Retirement, you may exercise it only as to Optioned Shares which are Vested Shares immediately prior to the end of your employment or other association.  The procedure for exercising this Option is described in Section 7.1(e) of the Plan.
(b)One-third (1/3) of the Optioned Shares shall become Vested Shares on each of the first, second, and third anniversaries of the Vesting Commencement Date specified above, with any fractions rounded down except on the final installment.
(c)If your employment or other association with the Company is terminated due to Retirement (as defined below) and the Company does not have grounds to terminate your employment or other association for cause, and provided you have executed and continue to comply with the terms of an agreement not to provide services as an employee, director, consultant, agent, or otherwise, to any of the Company’s direct competitors for a period of two (2) years from the date of your Retirement Date (the “Retirement Date”), then the Optioned Shares shall continue to become Vested Shares after the Retirement Date in accordance with the original terms of this Option; provided, however, that (i) if the Retirement Date occurs during the nine-month period immediately following the Grant Date, then this Option shall be forfeited; and (ii) if the Retirement Date occurs during the three-month period prior to the first anniversary of the Grant Date, then one-third of the Optioned Shares shall vest on the first anniversary of the Grant Date (pro-rated based on (A) the number of full months of the Recipient’s employment from the Grant Date through the Retirement Date divided by (B) twelve (12)) and the remaining Optioned Shares shall be forfeited.  “Retirement” shall mean voluntary termination of employment after the age of sixty (60) with at least ten (10) years of combined service to the Company and/or any of its subsidiaries; provided, however, that if you elect to terminate your employment in connection with a Retirement, you must provide the Company with a minimum of (x) six (6) months prior written notice of such Retirement if your title is at the senior vice president level and above, or (y) three (3) months prior written notice of such Retirement if your title is at the first vice president level and below.
(d)Notwithstanding anything to the contrary in Section 3 above, if your employment or other association with the Company is terminated due to any other reason, including death or Disability, then this Option shall be forfeited as to any unvested Optioned Shares as of the date of such termination. “Disability” shall mean the inability to engage in any substantial gainful occupation to which the relevant individual is suited by education, training or experience, by reason of any medically determinable physical or mental impairment, which condition can be expected to result in death or otherwise continue for a period of not less than twelve (12) consecutive months.
5.Transfer of Option.  You may not transfer this Option except by will or the laws of descent and distribution or pursuant to Section 9, and, during your lifetime, only you may exercise this Option.
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6.Community Property.  To the extent the you reside in a jurisdiction in which community property rules apply, without prejudice to the actual rights of the spouses as between each other, for all purposes of this Agreement, you shall be treated as agent and attorney-in-fact for that interest held or claimed by your spouse with respect to this Option and any Optioned Shares and the parties hereto shall act in all matters as if the Recipient was the sole owner of this Option and (following exercise) any such Optioned Shares.  This appointment is coupled with an interest and is irrevocable.
7.Incorporation of Plan Terms.  This Option is granted subject to all of the applicable terms and provisions of the Plan, including but not limited to the limitations on the Company’s obligation to deliver Optioned Shares upon exercise set forth in Section 10 (Settlement of Awards).
8.Miscellaneous.  This Agreement shall be construed and enforced in accordance with the laws of the State of Delaware, without regard to the conflict of laws principles thereof and shall be binding upon and inure to the benefit of any successor or assign of the Company and any executor, administrator, trustee, guardian, or other legal representative of you.  Capitalized terms used but not defined herein shall have the meaning assigned under the Plan.  The parties agree to execute such further instruments and to take such action as may reasonably be necessary to carry out the intent of this Agreement.  This Agreement, including the Plan, constitute the entire agreement of the parties with respect to the subject matter hereof.  This Agreement may be executed in any number of counterparts, each of which shall be an original and all of which, taken together, shall constitute one and the same instrument.  In making proof of this Agreement it shall not be necessary to produce or account for more than one such counterpart.  You acknowledge that you have reviewed and understand the Plan and this Agreement in their entirety, and have had an opportunity to obtain the advice of counsel prior to executing this Agreement.  You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or this Agreement.
9.Designation of Beneficiary.  The Recipient may designate one or more beneficiaries with respect to any Options under this Agreement, provided that such designation is made on a form provided by the Company (attached as Exhibit A) and such beneficiaries are family members of the Recipient or a trust established by the Recipentfor estate planning purposes.
10.Tax Consequences.  The Company makes no representation or warranty as to the tax treatment to you of your receipt or exercise of this Option or upon your sale or other disposition of the Optioned Shares.  You should rely on your own tax advisors for such advice.
IN WITNESS WHEREOF, the parties have executed this Agreement as a sealed instrument as of the date first above written.
PENNYMAC FINANCIAL SERVICES, INC.
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EXHIBIT A
PENNYMAC FINANCIAL SERVICES, INC. 2013 EQUITY INCENTIVE PLAN
BENEFICIARY DESIGNATION
In accordance with the terms and conditions of the PennyMac Financial Services, Inc. 2013 Equity Incentive Plan (the "Plan"), I hereby designate the following as my primary beneficiary(ies) to receive any payments or distributions under the Plan:
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	Name and Address
(If Trust - Name of Trust and
Trustee)
	Social Sec. #
(If Trust – Tax ID
#)
	Relationship
	Date of Birth
	Percentage

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In the event the above-named primary beneficiary(ies) predecease(s) me, I designate the following as contingent beneficiary(ies):
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	Name and Address
(If Trust - Name of Trust and
Trustee)
	Social Sec. #
(If Trust – Tax ID
#)
	Relationship
	Date of Birth
	Percentage

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I expressly revoke all prior designations of beneficiary(ies), reserve the right to change my beneficiary(ies) and agree the rights of beneficiary(ies) shall be subject to the terms of the Plan.  In the event there is no beneficiary living at the time of my death, I understand the amounts payable under the Plan will be paid to my estate.
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	Date:
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	(Signature)

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	(Print or type name)

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4Exhibit 10.1

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	CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED.

	
	Wilmington PharmaTech Company LLC

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	229A Lake Drive 
Newark, DE 19702, USA
Phone: (302) 737-9916   Fax: (302) 261-7000
Web: www.WilmingtonPharmaTech.com

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Wilmington PharmaTech PROPOSAL #: WPT-210203-06R5
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	1. Preparation Date:
	    
	March 9, 2021

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	2. Client:
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	Maria Maccecchini, Ph. D.

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	President and CEO 

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	Annovis Bio, Inc.

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	1055 Westlakes Drive

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	Berwyn, PA 19312

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	Tel: [***]

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	E-mail: [***]

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	3. Project Name:
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	Process research, non-GMP and GMP Synthesis and reference standard of Posiphen Tartrate

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	4. Contract:
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	The project scope, budget summary, standard terms and conditions for pharmaceutical development services in this proposal, when accepted by the client, shall become a contract binding on both parties.

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	5. Description of Service:
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	See Part A: Project Scope

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	6. Payment:
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	See Part B: Project Pricing & Invoice Schedule

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	7. Effective Date:
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	Beginning when this proposal is approved by both parties.

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	8. Term:
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	From the effective date until completion by Wilmington PharmaTech of this project.

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	9: Confidentiality:
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	The confidentiality agreement entered into between the parties shall apply to all confidential information about the parties and the services to be conducted under this contract and such a confidentiality agreement is deemed to be incorporated herein by reference.

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	Wilmington PharmaTech
	    
	Annovis Bio, Inc.

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	By: 
	/s/ Hui-Yin Li
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	By:
	/s/ Maria Maccecchini

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	Name:
	Hui-Yin (Harry) Li
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	Name:
	Maria Maccecchini

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	Title:
	President
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	Title:
	President & Chief Executive Officer

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	Date:
	March 9, 2021
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	Date:
	March 9, 2021

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	Wilmington PharmaTech Company LLC
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229A Lake Drive 
Newark, DE 19702, USA
Phone: (302) 737-9916   Fax: (302) 261-7000
Web: www.WilmingtonPharmaTech.com

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Part A: Project Scope
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Upon request from Annovis Bio (Annovis), Wilmington PharmaTech Company (WPT) will perform process research and non-GMP manufacturing of (+)-phenserine D-(-)- tartrate salt (also known as posiphen tartrate) starting with (+)-eserethole as starting material. The current synthetic scheme of posiphen tartrate is presented below as illustrated in Scheme I.
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	Wilmington PharmaTech Company LLC
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229A Lake Drive 
Newark, DE 19702, USA
Phone: (302) 737-9916   Fax: (302) 261-7000
Web: www.WilmingtonPharmaTech.com

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Scope of Work
The following items are included in the scope of this project:
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Sourcing of GMP starting material (+)-Eserethole
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	Purchase [***] kg of (+)-etherethole in a purity of [***] by HPLC, with a “+”-

optical rotation. The tentative specification of (+)-eserethole is listed in Appendix I.
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	Test the material to prepare (+)-Posiphen D-tartrate to make sure it can generate the product to meet the specifications.

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Lab Familiarization and Process Research
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	Perform process research to repeat the existing synthesis of (+)-Posiphen D- tartrate (lab familiarization) starting from (+)-eserethole and perform minor process R&D to attempt to improve and/or optimize the process if necessary and adapt the process to the existing equipment.

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Non-GMP Demo Batch of (+)-Posiphen D-Tartrate (up to [***] g) and Ref Std
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	Production of a non-GMP demo batch of (+)-Posiphen D-Tartrate (up to [***] g).

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	Designate about [***] g of the API as the reference standard. Perform repurification if necessary.

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	Perform analysis and generate a COA to certificate it as a reference standard.

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	The tentative specification of (+)-Posiphen D-Tartrate is listed in Appendix II.

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cGMP production of [***] kg (+)-Posiphen D-Tartrate
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	Production of [***] kg GMP batch of (+)-Posiphen D-Tartrate.

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	Perform GMP release tests and generate a COA.

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	Prepare a campaign summary for the GMP batch.

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	The tentative specification of (+)-Posiphen D-Tartrate is listed in Appendix II.

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	Wilmington PharmaTech Company LLC
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229A Lake Drive 
Newark, DE 19702, USA
Phone: (302) 737-9916   Fax: (302) 261-7000
Web: www.WilmingtonPharmaTech.com

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Deliverables
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	Purchase of about [***] kg of (+)-eserethole in China.

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	Lab familiarization and process research in US with updates and report.

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	Non-GMP demo batch (up to [***] g) of Posiphen tartrate prepared in US.

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	[***] kg cGMP batch of Posiphen tartrate with COA.

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	Release and certify a batch of [***] g from the demo batch as reference standard and issue a COA.

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	Analytical method setup and qualification for an achiral HPLC method, a chiral HPLC method and one GC method.

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Note: Annovis will receive [***] kg of GMP Posiphen by [***]. Annovis will contract up to additional [***] kg of Posiphen. If the new batch is ordered by [***], the additional [***] kg of Posiphen will be delivered by [***].
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Note: Annovis will own the intellectual property (IP) that is generated by Wilmington PharmaTech Company LLC for the Posiphen related work starting from (+)-eserethole as a starting material. A diagram to make (+)-eserethole will be provided.
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Required from the Customer
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	Any available intermediates as HPLC marker

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	Achiral HPLC method

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	Chiral HPLC method

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Project Schedule
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Wilmington PharmaTech will initiate work promptly upon acceptance of this proposal by both parties and upon receipt of all necessary starting materials and reagents. WPT estimates that the timeline for completing the scope of work is about [***] weeks from the receipt of the PO.
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This schedule is our best estimation based on the technical package provided by the client and/or the best knowledge we can find from public sources. It is assumed that all customer and/or literature procedures will work as described and will provide comparable yield and purity with only relatively minor conventional changes and improvements to allow for scale-up. The cost and schedule could be affected if the technical package and/or literature procedures are not reproducible. Rush service to provide an accelerated delivery date is available upon request at additional cost, provided that the technical package and/or the literature procedures are reproducible.
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The cost, lead time, and schedule are based on the best knowledge of starting materials and commercially available intermediates that we can find from public sources. The project may be delayed and/or the cost may vary depending upon cost and timely availability of starting materials and commercially available intermediates.
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	Wilmington PharmaTech Company LLC
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229A Lake Drive 
Newark, DE 19702, USA
Phone: (302) 737-9916   Fax: (302) 261-7000
Web: www.WilmingtonPharmaTech.com

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Project Staffing and Communications
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		1.
	[***] will be the Wilmington PharmaTech project manager and serve as the technical liaison for process chemistry with the Client. For Analytical, Dawn Chen will be the Wilmington PharmaTech technical liaison with the Client.

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		2.
	Periodic project progress updates will be provided by e-mail at a frequency agreed to by the Client and Wilmington PharmaTech project managers. Conference calls will be arranged to discuss project results and adjust the project plan on an as needed basis. Meetings between the Client and Wilmington PharmaTech will be scheduled as needed. Additional discussion of the results and adjustment of the project scope or plan will be communicated on an “as needed” basis.

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		3.
	The Client’s personnel will have access to the Wilmington PharmaTech facilities used on the project for the purposes of observing key runs and providing technical input and direction. The Client’s personnel will follow the Wilmington PharmaTech safety practices while on-site.

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	Wilmington PharmaTech Company LLC
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229A Lake Drive 
Newark, DE 19702, USA
Phone: (302) 737-9916   Fax: (302) 261-7000
Web: www.WilmingtonPharmaTech.com

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Contact information
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[***]
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	Wilmington PharmaTech Company LLC
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229A Lake Drive 
Newark, DE 19702, USA
Phone: (302) 737-9916   Fax: (302) 261-7000
Web: www.WilmingtonPharmaTech.com

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Part B. Project Pricing & Invoice Schedule
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		1.
	The Wilmington PharmaTech Fee for complete execution of the scope of work shown below:

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	Item #

	Service Description

	Cost

	Notes

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	Part 1: Synthesis

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	1a

	Sourcing of (+)-eserethole (starting material)
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WPT will purchase about [***] kg of (+)-eserethole from China. This will be the starting material for lab familiarization and both the [***] g demo batch and the [***] kg GMP batch.
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This amount can be reduced if the overall yield of preparing posiphen can be improved and the leftover of (+)-eserethole can be used for a later campaign.

	[***]

	Note: This material will be purchased from a vendor. The lead time is about [***] weeks after receiving a PO.

	1b

	Lab Familiarization (to support up to [***] g demo)
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Perform lab familiarization to repeat the existing synthesis of (+)-Posiphen D-tartrate from (+)- eserethole and perform minimal process R&D as needed if necessary to adapt the process to the existing equipment.

	[***]

	This is for [***] weeks of time based research. Additional research can be performed at additional cost upon mutual agreement.
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The required (+)-eserethole starting material is covered by Item 1a.

	1c

	Demo Batch of (+)-Posiphen D-Tartrate (about [***] g)
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Upon successful completion of the lab familiarization, a non-GMP demo batch of up to [***] will be synthesized.

	[***]

	The lead time is about [***] weeks after completion of 1a and 1b.
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The required (+)-eserethole starting material (about [***] kg) is covered by Item 1a.
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[***]g will be retrieved and used as reference standard.

	1d

	Project summary for Lab familiarization and Demo Batch

	[***]

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	Wilmington PharmaTech Company LLC
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229A Lake Drive 
Newark, DE 19702, USA
Phone: (302) 737-9916   Fax: (302) 261-7000
Web: www.WilmingtonPharmaTech.com

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	Item #

	Service Description

	Cost

	Notes

	1e

	Manufacture of GMP Batch of (+)-Posiphen D- Tartrate ([***] kg)

	[***]

	The lead time is about [***] weeks after receiving of (+)-eserethole, and completion of the lab familiarization and the demo batch. The overall estimated timeline for [***] kg of API is about [***] weeks after receiving the PO.
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The required (+)-eserethole starting material (about [***] kg) is covered by Item 1a.

	1f

	Campaign summary for [***] kg GMP batch

	[***]

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	Subtotal cost for Part 1

	[***]

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	Part B: Analytical development

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	2a

	Achiral HPLC Method Set-up and qualification
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This work includes method set-up for achiral HPLC method set-up for starting materials, reaction monitoring, and final API release.
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Method qualification work will include the following tasks:

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System suitability

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Linearity

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Repeatability

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LOD and LOQ

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Note: Forced degradation (stress studies) are not included.

	[***]for one (1) method set-up.
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[***]for method qualification.
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	The customer will provide the current HPLC method and samples of all available intermediates and related products and the final product as HPLC markers.
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A written method and qualification report will be provided. A protocol is not required for method qualification.
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Note: HPLC method development is not included but may be available by separate proposal.

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	Wilmington PharmaTech Company LLC
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229A Lake Drive 
Newark, DE 19702, USA
Phone: (302) 737-9916   Fax: (302) 261-7000
Web: www.WilmingtonPharmaTech.com

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	Item #

	Service Description

	Cost

	Notes

	2b

	Chiral HPLC Method Set-up and qualification
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This work includes method set-up for achiral HPLC method set-up for starting materials, reaction monitoring, and final API release.
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Method qualification work will include the following tasks:

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System suitability

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Linearity

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Repeatability

·

LOD and LOQ

	[***] for one (1) method set-up.
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[***] for method qualification.
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Note: Timeline is about [***] week for setup and [***] weeks for method qualification.

	The customer will provide the current chiral HPLC method and enantiomer (-)-phenserine as HPLC marker.
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A written method and qualification report will be provided. A protocol is not required for method qualification.
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Note: HPLC method development is not included but may be available by separate proposal.
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Note: Annovis can choose to have WPT synthesize the enantiomer (-
)-phenserine with an additional fee (optional item 10).

	2c

	GC Residual Solvent Method Setup and Qualification
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GCmethodqualificationwillincludethe following tasks:

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System suitability

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Linearity

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Specificity

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Accuracy

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Repeatability

·

LOD and LOQ

	[***] for one (1) method setup
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[***] for one (1) method qualification
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Note: Timeline is about [***] week for setup and [***] weeks for qualification.

	Lead time is about [***] weeks.
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A written method and qualification report will be provided. A protocol is not required for method qualification.
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Note: Assuming one GC method can be used for all solvents. An additional charge will apply if more than one method is required.

	2d

	Analytical HPLC columns

	[***]

	To purchase [***].

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	Subtotal for Part 2

	[***]

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	Part 3: Reference standard and release

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	3a

	Release Testing with COA for the [***] g reference standard
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Perform GLP release testing and generate a COA.
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COA tests include appearance, IR, 1H NMR, elemental analysis, HPLC area%, ee by chiral HPLC, tartaric acid, residual solvents by GC, elemental impurities, ROI and KF.

	[***]
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Note: cost is per batch and the timeline is about [***] weeks.

	Other tests can be requested at additional cost.

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	Wilmington PharmaTech Company LLC
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229A Lake Drive 
Newark, DE 19702, USA
Phone: (302) 737-9916   Fax: (302) 261-7000
Web: www.WilmingtonPharmaTech.com

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	Item #

	Service Description

	Cost

	Notes

	3b

	GMP Release Testing with COA for the GMP lot of (+)-Posiphen D-Tartrate
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Perform GMP release testing and generate a COA.
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COA tests include appearance, IR, 1H NMR, elemental analysis, HPLC area%, assay (HPLC area), ee by chiral HPLC, tartaric acid, residual solvents by GC, elemental impurities, ROI and KF.

	[***]
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Note: cost is per batch and the timeline is about [***] weeks.

	Other tests can be requested at additional cost.

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	Subtotal for Part 3

	[***]

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	4

	Shipping and Handling
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Ship the product to a designated recipient(s)

	[***]

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	5

	Weekly progress update
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Progress updates and reports will be provided approximately weekly.

	[***]

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	6

	Special Materials
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Any special items (e.g. special regents, starting materials, solvents, HPLC columns, etc.) required for the project will be charged at cost with written pre-approval from the customer.

	[***]

	Will be billed when occurred. Must be pre-approved by the client in writing.

	7

	Out of scope Work

	[***]

	The cost will be [***]/hour with additional aproval/instruction from the client.

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	Total production cost (Part 1-3)

	[***]

	By using vendor 2 for (+)- eserethole.

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	Part 4: Stability

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	Setup ICH stability for the GMP batch of (+)- Posiphen D-Tartrate for up to 3 years
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Setup ICH stability at two conditions [***]

	[***]
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Note: cost will be billed per pulling schedule.

	[***]

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	Subtotal for Part 4

	[***]

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	9

	Preparation of (-)-phenserine (optional) as reference material for chiral method setup and qualification

	[***]

	Optional, can be executed upon mutual agreement.

​
​
​

10

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	Wilmington PharmaTech Company LLC
​
229A Lake Drive 
Newark, DE 19702, USA
Phone: (302) 737-9916   Fax: (302) 261-7000
Web: www.WilmingtonPharmaTech.com

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	Item #

	Service Description

	Cost

	Notes

	10

	IC method setup and qualification

	[***]/method setup
​
[***] for method qualification

	Optional, can be executed upon mutual agreement.
A written method and a qualification report will be provide. Qualification no included.

	11

	API hydrate study (e.g. DVS experiment)

	N/A

	Not included, but can be performed at additional cost.

	12

	API salt screening

	N/A

	Not included, but can be performed at additional cost.

	13

	API polymorph screening and control

	N/A

	Not included, but can be performed at additional cost.

	14

	Crystal size control

	N/A

	Not included, but can be performed at additional cost.

	15

	API unknown impurity ID, isolation, preparation, certification and control; additional analytical method investigations

	N/A

	Not included, but can be performed at additional cost.

	16

	Final API residual solvent control
​
It is assumed that all organic solvents can be removed under normal vacuum drying condition. If not, additional work and cost might be needed upon client’s approval.

	N/A

	Not included, but can be performed at additional cost.
​
It is assumed that all organic solvents can be removed to acceptable levels under normal vacuum drying condition. If not, additional work and cost might be needed upon client’s approval.

	17

	API sample management

	N/A

	Not included, but can be performed at additional cost.

	18

	Genotoxic impurity analysis

	N/A

	Not included, but can be performed at additional cost.

	19

	Stability and Photostability (ICH)

	N/A

	Not included, but can be performed at additional cost.

	20

	Final API heavy metal control

	N/A

	Not included, but can be performed at additional cost.

​
Note: Unless a service is specifically identified as included in the “Service Description”, the service is not included in this proposal, but may be available by a separate proposal with additional cost.
​
Note: In the event that unanticipated circumstances or technical difficulties arise that interfere with or preclude completion of the scope of work as quoted, WPT will notify Customer to discuss the best alternative path forward. Pre-approval is required if there is additional cost.
​
Note: WPT reserves the right to adjust the pricing and timelines, as mutually agreed upon in consultation with customer, or to cancel the order in part or in its entirety if no satisfactory resolution of the issues can be achieved. In the event of cancellation by
​

11

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	​

	
	Wilmington PharmaTech Company LLC
​
229A Lake Drive 
Newark, DE 19702, USA
Phone: (302) 737-9916   Fax: (302) 261-7000
Web: www.WilmingtonPharmaTech.com

	​
	​
	​

​

WPT, only work performed up to the point of cancellation will be invoiced. Any prepayment made in excess will be refunded to customer.
​
Note: Deviations from the initial assumptions may have an impact on the scope of the work. Should this occur, both parties will enter into good faith negotiations to redefine the scope of the project.
​
2.Payment schedule:
	​

	​

	Cost of Item 1a (50%), Item 1b

	Upon receiving PO or signed proposal

	Cost of Item 1a (remaining 50%)

	Upon completion

	Cost of Part 1c-1d

	Upon completion

	Cost of Part 2

	Upon completion

	Cost of Part 3

	Upon completion

	Part 4 (Stability)

	Billed by pulling schedule

​
​
3.Early termination: In case the project is terminated by the Client for any reason, the project will be charged at actual cost. The cost calculation is based on [***] per Ph. D. per day, [***] per associate chemist per day, [***] per hour per Senior manager and other actual costs listed in Part B, 5 below.
​
4.Failure to deliver: In case Wilmington PharmaTech fails to deliver satisfactory results due to natural properties of this compound, the project will be charged at actual cost. The cost calculation is based on [***] per Ph. D. per day, [***] per associate chemist per day,
[***] per hour per Senior manager and other actual costs listed in Part B, 5 below. However, the total amount will not exceed [***] of the original quote price.
​
5.Special requirements such as operating supplies, analytical columns, containers, shipping and handling, and waste disposal may be billed to the Client at actual cost plus [***] as incurred with advance notice. Direct expense allocations have been included where appropriate.
​
6.Sample storage. WPT will provide [***] months of storage free of charge for samples produced under this proposal. After [***] months, WPT can provide extended storage service under a separate proposal if there is a need.
​
7.WPT will provide GMP documentation storage free of charge for [***] years from the date of completion of the project for GMP documentation produced under this proposal. After [***], WPT can provide extended storage service under a separate proposal if there is a need.
​
​

12

	​

	​

	​

	
	Wilmington PharmaTech Company LLC
​
229A Lake Drive 
Newark, DE 19702, USA
Phone: (302) 737-9916   Fax: (302) 261-7000
Web: www.WilmingtonPharmaTech.com

	​
	​
	​

​

	8.
	All payment should be sent to:

Payment method: Check
Accounts Receivable
Wilmington PharmaTech
229A Lake Drive
Newark, DE 19702
​
9.This proposal is valid for 21 days and is subject to final acceptance by Wilmington PharmaTech.
​
AUTHORIZATION
The proposed project may be authorized by returning or faxing Proposal to:
​
[***]
Wilmington PharmaTech
229A Lake Drive Newark, DE 19702, USA
Phone: [***]
Fax: [***]
Email: [***]
​
​

13

	​

	​

	​

	
	Wilmington PharmaTech Company LLC
​
229A Lake Drive 
Newark, DE 19702, USA
Phone: (302) 737-9916   Fax: (302) 261-7000
Web: www.WilmingtonPharmaTech.com

	​
	​
	​

​

Appendix I: Tentative specifications for (+)-eserethole
​
Specification FOR (+)-ESERETHOLE
​
[***]
​
​
​
​
Appendix II: Tentative specifications for (+)-Posiphen D-Tartrate
​
Specification FOR (+)-POSIPHEN D-TARTRATE API
​
[***]

14

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