Document:

Exhibit 4.2

     

    [Form of 4.200% Senior Note due 2052]

     

    UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN
    PART FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY
    (“DTC”) TO A NOMINEE OF DTC, OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC, OR BY DTC OR ANY SUCH NOMINEE
    TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

	 
	No. R-	$                           
	 	CUSIP No. 713448 FN3
	 	ISIN US713448FN30

 

PEPSICO, INC.

 

4.200% SENIOR NOTE DUE 2052

 

PEPSICO, INC., a corporation in existence
under the laws of the State of North Carolina (herein called the “Company,” which term includes any successor corporation
under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co. or registered
assigns, the principal sum of $          on July 18, 2052, and to pay interest
on said principal sum semi-annually on January 18 and July 18 of each year, commencing January 18, 2023, at the rate of
4.200% per annum from July 18, 2022, or from the most recent date in respect of which interest has been paid or duly provided for,
until payment of the principal sum has been made or duly provided for. The interest so payable and punctually paid or duly provided for
on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor
Securities) is registered at the close of business on the Record Date for such Interest Payment Date, which shall be the January 4
and July 4 (whether or not a New York Business Day) next preceding such Interest Payment Date. Any such interest that is payable
but is not so punctually paid or duly provided for shall forthwith cease to be payable to the registered Holder on such Record Date and
may either be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business
on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders
of Notes not earlier than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Notes may be listed and upon such notice as may be required by such exchange,
if such manner of payment shall be deemed practical by the Trustee, all as more fully provided in the Indenture.

 

Payment of the principal of and interest on this
Note will be made at the Place of Payment in such coin or currency of the United States as at the time of payment is legal tender for
payment of public and private debts; provided, however, that payments of interest may be made at the option of the Company by funds transmitted
to the addresses of the Persons entitled thereto as such addresses shall appear in the Security Register.

 

Reference is made to the further provisions of
this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth at this place. Unless the certificate
of authentication hereon has been executed by or on behalf of the Trustee by manual signature, this Note shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose.

  

     

     

    

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed by manual or facsimile signature under its corporate seal or a facsimile thereof.

 

	Dated:	_____________, 2022	PEPSICO, INC.
	 	 	 	 
	[seal]	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	 	 
	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 

 

Attest:

 

________________________________

 

     

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.

 

	 	The Bank of New York Mellon, as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory
	 	 
	 	Dated:	 

 

     

     

    

 

[REVERSE OF NOTE]

 

PEPSICO, INC.

 

4.200% SENIOR NOTE DUE 2052

 

This Note is one of a duly authorized issue of
debentures, notes or other evidences of indebtedness of the Company (herein called the “Securities”), issued and to
be issued in one or more series under an Indenture, dated as of May 21, 2007 (herein called the “Indenture”),
between the Company and The Bank of New York Mellon, as Trustee (herein called the “Trustee,” which term includes any
successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement
of the respective rights thereunder of the Company, the Trustee, and the Holders of the Securities, the terms upon which the Securities
are, and are to be, authenticated and delivered, and the definition of capitalized terms used herein and not otherwise defined herein.
The Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may be
denominated in different currencies, may mature at different times, may bear interest (if any) at different rates (which rates may be
fixed or variable), may be subject to different redemption provisions (if any), may be subject to different sinking, purchase, or analogous
funds (if any), may be subject to different covenants and Events of Default, and may otherwise vary as provided in the Indenture. This
Note is one of a series of Securities of the Company designated as set forth on the face hereof (herein called the “Notes”),
initially limited in aggregate principal amount to $500,000,000.

 

The Notes shall be redeemable as a whole or in
part, at the Company’s option, at any time and from time to time prior to January 18, 2052 (six months prior to the maturity
date of the Notes) (the “Par Call Date”) at a Redemption Price (expressed as a percentage of principal amount and rounded
to three decimal places) equal to the greater of (i) 100% of the principal amount of such Notes being redeemed and (ii) (a) the
sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming
for such purpose that the Notes matured on the Par Call Date) on a semiannual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Treasury Rate plus 20 basis points less (b) interest accrued to the date of redemption, plus in each case accrued
and unpaid interest to the date of redemption.

 

The Notes shall be redeemable as a whole or in
part, at the Company’s option, at any time and from time to time on or after the Par Call Date, at a Redemption Price equal to 100%
of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to the Redemption Date.

 

Except as otherwise provided herein, redemption
of the Notes shall be made in accordance with the terms of Article 11 of the Indenture.

 

“Treasury Rate” means, with
respect to any Redemption Date, the yield determined by the Company in accordance with the following two paragraphs.

 

The Treasury Rate shall be determined by the Company
after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors
of the Federal Reserve System), on the third business day preceding the Redemption Date based upon the yield or yields for the most recent
day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal
Reserve System designated as “Selected Interest Rates (Daily)—H.15” (or any successor designation or publication) (“H.15”)
under the caption “U.S. government securities—Treasury constant maturities—Nominal” (or any successor caption
or heading). In determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity
on H.15 exactly equal to the period from the Redemption Date to the Par Call Date (the “Remaining Life”); or (2) if
there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields—one yield corresponding
to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15
immediately longer than the Remaining Life—and shall interpolate to the Par Call Date on a straight-line basis (using the actual
number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity
on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining
Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity
date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the Redemption Date.

 

     

     

    

 

If on the third business day preceding the Redemption
Date H.15 or any successor designation or publication is no longer published, the Company shall calculate the Treasury Rate based on the
rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding
such Redemption Date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as
applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury
securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with
a maturity date following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding
the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States
Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States
Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices
for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the
terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average
of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury
security, and rounded to three decimal places.

 

The Company’s actions and determinations
in determining the Redemption Price shall be conclusive and binding for all purposes, absent manifest error.

 

Notice of any redemption will be transmitted at
least 10 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed (or delivered electronically
in accordance with the procedures of DTC). If fewer than all of the Notes are to be redeemed, selection of the Notes for redemption will
be made by lot by the trustee, subject to the last sentence of this paragraph. No notes of a principal amount of $2,000 or less will be
redeemed in part. If any Note is to be redeemed only in part, the notice of redemption that relates to such Note shall state the portion
of the principal amount thereof to be redeemed. A new Note in a principal amount equal to the unredeemed portion of the principal of the
Note surrendered may be issued in the name of the Holder of the Note upon surrender of the original Note. For as long as the Notes are
held by DTC, the redemption of the Notes will be done in accordance with the policies and procedures of DTC.

 

The Trustee will not be responsible for calculating
the Redemption Price of the Notes or portions thereof called for redemption.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders
of the Securities of each series under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority
in aggregate principal amount of the Securities at the time Outstanding of each series to be affected by such amendment or modification.
The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of the Securities of each series
at the time Outstanding, on behalf of the Holders of Securities of such series, to waive compliance by the Company with certain provisions
of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this
Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon registration
of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 

The Indenture contains provisions setting forth
certain conditions to the institution of proceedings by Holders of Securities with respect to the Indenture or for any remedy under the
Indenture.

 

If an Event of Default with respect to the Notes
shall occur and be continuing, the principal amount hereof may be declared due and payable or may be otherwise accelerated in the manner
and with the effect provided in the Indenture.

 

No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.

 

     

     

    

 

As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Note is registerable in the Security Register, upon surrender of this Note for registration
of transfer at the office or agency of the Company in any Place of Payment duly endorsed, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed, by the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued
to the designated transferee or transferees.

 

The Notes are issuable only in registered form
without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and
subject to certain limitations therein set forth, this Note is exchangeable for a like aggregate principal amount of Notes of different
authorized denominations as requested by the Holder surrendering the same.

 

No service charge shall be made for any such registration
or transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable
in connection therewith.

 

Prior to the presentment of this Note for registration
of transfer, the Company, the Trustee, and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered
as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not this Note is overdue,
and neither the Company, the Trustee, nor any such agent shall be affected by notice to the contrary.

 

This Note may be executed in any number of counterparts,
each of which when so executed shall be deemed to be an original, but all of which shall together constitute but one and the same instrument.
The signature of any officer on this Note may be manual or facsimile (including, for the avoidance of doubt, electronic). The seal of
the Company may be in the form of a facsimile thereof and may be impressed, affixed, imprinted, or otherwise reproduced on this Note.
The Company and the Trustee, and each Holder of this Note by its acceptance hereof, acknowledge that for purposes of the Indenture, manually
affixing a signature by electronic means shall constitute a manual signature.

 

All terms used in this Note which are defined
in the Indenture and are not otherwise defined herein shall have the meanings assigned to them in the Indenture.

 

     

     

    

 

FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto                                                                                      

 

[PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE]

 

                                                                                                                                        

 

                                                                                                                                        

 

                                                                                                                                        

 

[PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF
ASSIGNEE]

 

the within Note and all rights thereunder, hereby irrevocably constituting
and appointing                                   attorney
to transfer such Note on the books of the Issuer, with full power of substitution in the premises.

 

Dated:_______________________

 

NOTICE:     The signature
to this assignment must correspond with the name as written upon the face of the within Note in every particular without alteration or
enlargement or any change whatsoever.ex101-sesenrocheassetpur

Pursuant to Item 601(b)(10)(iv) of Regulation S-K, certain identified information has  been omitted from this exhibit because it is both (i) not material and (ii) is the type that  Sesen Bio, Inc. treats as private or confidential. Information that has been omitted is  denoted as “[**]”.       Asset Purchase Agreement      This Agreement is entered into   by and between  F. Hoffmann-La Roche Ltd   with an office and place of business at Grenzacherstrasse 124, 4070 Basel,  Switzerland ("Roche Basel")  and  Hoffmann-La Roche Inc.  with an office and place of business at 150 Clove Road, Suite 8, Little Falls, New  Jersey 07424, U.S.A. ("Roche Little Falls"; Roche Basel and Roche Little Falls  together referred to as "Roche")   on the one hand  and  Sesen Bio, Inc.  with an office and place of business at 245 First Street, Suite 1800, Cambridge, MA,  U.S.A. ("Sesen")   on the other hand     each of the above referred to as “a Party” or collectively “the Parties”.    WHEREAS, Roche and Eleven Biotherapeutics, Inc. (“Eleven”), now Sesen, entered  into a license agreement effective as of June 10, 2016, as amended (“License  

 

     - 2 -  Agreement”), under which Eleven, now Sesen, granted Roche certain rights and  licenses to patent rights and know-how;   WHEREAS, the Parties wish now to terminate the License Agreement;   WHEREAS, Sesen will sell to Roche and Roche will purchase from Sesen the Asset  (as defined in this Agreement) in consideration for the purchase price (as defined  below) set forth herein;   NOW, THEREFORE, the Parties hereby agree as follows:     

 

     - 3 -  Asset Purchase Agreement    1. Definitions ............................................................................................................ 5  1.1. Affiliate .............................................................................................................. 5  1.2. Agreement ........................................................................................................ 5  1.3. Applicable Law ................................................................................................. 5  1.4. Asset ................................................................................................................. 5  1.5. Calendar Year .................................................................................................. 5  1.6. Commercially Reasonable Efforts .................................................................... 5  1.7. Compounds ...................................................................................................... 6  1.8. Confidential Information .................................................................................... 6  1.9. Control .............................................................................................................. 6  1.10. Cover ........................................................................................................... 6  1.11. Development Event ..................................................................................... 7  1.12. [**] ................................................................................................................ 7  1.13. Effective Date .............................................................................................. 7  1.14. FDA ............................................................................................................. 7  1.15. FDCA ........................................................................................................... 7  1.16. ICD-11 ......................................................................................................... 7  1.17. Initiation ....................................................................................................... 7  1.18. Know-How ................................................................................................... 7  1.19. License Agreement ...................................................................................... 7  1.20. Lien .............................................................................................................. 7  1.21. Material Adverse Change ............................................................................ 8  1.22. Party ............................................................................................................ 8  1.23. Patent Rights ............................................................................................... 8  1.24. Phase III Study ............................................................................................ 8  1.25. Product ........................................................................................................ 8  1.26. Sesen Know-How ........................................................................................ 8  1.27. Sesen Patent Rights .................................................................................... 8  1.28. Summary Report ......................................................................................... 8  1.29. Third Party ................................................................................................... 9  1.30. Transaction .................................................................................................. 9  1.31. Valid Claim .................................................................................................. 9  2. Sale and Purchase ............................................................................................... 9  3. Effective Date, Closing Date and Closing ............................................................ 9  3.1. Effective Date ................................................................................................... 9  3.2. Closing Date ..................................................................................................... 9  3.3. At Closing ......................................................................................................... 9  4. Conditions to Closing Date ................................................................................. 10  4.1. Conditions Precedent ..................................................................................... 10  4.2. No Refusal or Delay ....................................................................................... 10  4.3. No Action or Decision ..................................................................................... 10  5. Post Effective Date Obligations .......................................................................... 10  5.1. Transfer of the Asset ...................................................................................... 10  5.2. Disclosure of Know-How and Information ...................................................... 11  5.3. Governmental Approvals/Filing with Governmental Authorities ..................... 11  5.4. Deletion and Destruction of Sesen Know-How ............................................... 12  6. Purchase Price ................................................................................................... 12  7. Accounting ......................................................................................................... 12  7.1. Invoice ............................................................................................................ 12  7.2. Payment of Purchase Price ............................................................................ 12  

 

     - 4 -  7.3. Method of Payment ........................................................................................ 12  7.4. Withholding Taxes .......................................................................................... 12  8. Guarantees of Sesen (selbständige Garantieversprechen) ............................... 13  8.1. Incorporation of Sesen ................................................................................... 13  8.2. Asset ............................................................................................................... 13  8.3. Intellectual Property Rights and Know-How ................................................... 13  8.4. No Patent Applications relating to or Covering the Compounds and Products  14  8.5. Litigation ......................................................................................................... 14  8.6. Full Disclosure ................................................................................................ 14  8.7. No Claims ....................................................................................................... 14  8.8. No Government Restrictions .......................................................................... 14  9. Indemnification by Sesen ................................................................................... 14  9.1. Indemnification by Sesen ............................................................................... 14  9.2. De Minimis Amount ........................................................................................ 15  9.3. Exclusion of Liability ....................................................................................... 15  9.4. Forfeiture of Claims ........................................................................................ 15  9.5. Overall Scope of Sesen’s Liability pursuant to this Agreement ...................... 16  9.6. Sole Remedy .................................................................................................. 16  10. Guarantees of Roche ..................................................................................... 16  10.1. Representation .......................................................................................... 16  10.2. Indemnification .......................................................................................... 17  11. Roche Obligations .......................................................................................... 17  11.1. Development Event Payment .................................................................... 17  11.2. Diligence .................................................................................................... 17  11.3. Sesen ́s Right to Information ..................................................................... 17  12. Other Covenants ............................................................................................ 18  12.1. Assignment of Sesen Patent Rights .......................................................... 18  13. Miscellaneous ................................................................................................. 18  13.1. Confidentiality ............................................................................................ 18  13.2. Governing Law .......................................................................................... 19  13.3. Disputes ..................................................................................................... 19  13.4. Arbitration .................................................................................................. 19  13.5. Assignment ................................................................................................ 20  13.6. Independent Contractor ............................................................................. 20  13.7. Expenses and Fees ................................................................................... 20  13.8. Unenforceable Provisions and Severability ............................................... 21  13.9. Waiver ....................................................................................................... 21  13.10. Appendices ................................................................................................ 21  13.11. Amendments ............................................................................................. 21  13.12. Notice ........................................................................................................ 21  13.13. Counterparts; Electronic Signatures .......................................................... 22       

 

     - 5 -  1. Definitions    As used in this Agreement, the following terms, whether used in the singular or plural,  shall have the following meanings:  1.1. Affiliate  The term “Affiliate” shall mean any individual, corporation, association or other  business entity that directly or indirectly controls, is controlled by, or is under common  control with the Party or specified entity in question. As used in this definition of  “Affiliate,” the term “control” shall mean the direct or indirect ownership of more than  fifty percent (>50%) of the stock having the right to vote for directors thereof or the  ability to otherwise control the management of the corporation or other business entity  whether through the ownership of voting securities, by contract, resolution, regulation  or otherwise. Anything to the contrary in this paragraph notwithstanding, neither  Chugai Pharmaceutical Co., Ltd, a Japanese corporation (“Chugai”) or its subsidiaries  (if any) shall be deemed as Affiliates of Roche unless Roche provides written notice to  Sesen of its desire to include Chugai or its respective subsidiaries (as applicable) as  Affiliate(s) of Roche.  1.2. Agreement  The term “Agreement” shall mean this document including any and all appendices and  amendments to it as may be added and/or amended from time to time in accordance  with the provisions of this Agreement.  1.3. Applicable Law  The term “Applicable Law” shall mean any law, statute, ordinance, code, rule or  regulation that has been enacted by a government authority (including without  limitation, any regulatory authority) and is in force as of the Effective Date, to the extent  that the same is applicable to the performance by the Parties of their respective  obligations under this Agreement.  1.4. Asset  The term “Asset” shall mean the Sesen Patent Rights and the Sesen Know-How.   1.5. Calendar Year  The term “Calendar Year” shall mean the period of time beginning on January 1 and  ending December 31, except for the first year which shall begin on the Closing Date  and end on December 31.  1.6. Commercially Reasonable Efforts  The term “Commercially Reasonable Efforts” shall mean [**]     

 

     - 6 -  1.7. Compounds  The term “Compounds” shall mean any IL-6 antagonist anti-IL-6 monoclonal antibody,  either whole or an active fragment thereof, that  is Covered by or claimed in a Sesen  Patent Right, including the monoclonal antibodies designated as  (i) EBI-031 (“EBI-031”),  (ii) [**],  (iii) [**], and   (iv) [**].    The sequences of the EBI-031, [**], [**] and [**] are set forth in Appendix 2.    1.8. Confidential Information  The term “Confidential Information” shall mean any and all information, data or know- how (including Know-How), whether technical or non-technical, oral or written, that is  disclosed by one Party or any of its Affiliates (each, a “Disclosing Party”) to the other  Party or any of its Affiliates (each a “Receiving Party”), including, after the Effective  Date. Confidential Information shall not include any information, data or know-how  that:  (i) was generally available to the public at the time of disclosure by the Disclosing  Party to the Receiving Party, or becomes available to the public after  disclosure by the Disclosing Party to the Receiving Party other than through  fault (whether by action or inaction) of the Receiving Party or any of its  Affiliates under circumstances permitting its use or disclosure,  (ii) can be evidenced by written records to have been already known to the  Receiving Party or any of its Affiliates prior to its receipt from the Disclosing  Party,  (iii) is obtained by the Receiving Party or any of its Affiliates at any time lawfully  from a Third Party under circumstances permitting its use or disclosure,  (iv) is developed independently by the Receiving Party or any of its Affiliates as  evidenced by written records other than through knowledge of or reference to  the Disclosing Party’s Confidential Information, or  (v) is approved in writing by the Disclosing Party for release by the Receiving  Party.  The terms of this Agreement shall be considered Confidential Information of the  Parties, with each Party being considered the Disclosing Party and the Receiving Party  with respect thereto.    1.9. Control  The term “Control” shall mean (as an adjective or as a verb including conjugations and  variations such as “Controls” “Controlled” or “Controlling”) with respect to Patent Rights  or Know-How, the possession by a Party (or another specified entity) of the ability to  grant a license or sublicense of such Patent Rights or Know-How without violating the  terms of any agreement or arrangement between such Party (or such other specified  entity) and any other party.    1.10. Cover  The term “Cover” shall mean (as an adjective or as a verb including conjugations and  variations such as “Covered,” “Coverage” or “Covering”) that the developing, making,  

 

     - 7 -  using, offering for sale, promoting, selling, exporting or importing of a given compound,  formulation or product would infringe a Valid Claim in the absence of a license under  or ownership in the Patent Rights to which such Valid Claim pertains. The  determination of whether a compound, formulation, process or product is Covered by  a particular Valid Claim shall be made on a country-by-country basis; for clarity, Valid  Claims that apply to a given country may be national for such country or may be  regional or international where and to the extent applicable to such country.  1.11. Development Event  The term “Development Event” shall mean the Initiation of the first Phase III Study in  [**] with EBI-031.   1.12. [**]  The term “[**]” shall mean [**]).   1.13. Effective Date  The term “Effective Date” shall mean 15 July 2022.  1.14. FDA  The term “FDA” shall mean the Food and Drug Administration of the US.  1.15. FDCA  The term “FDCA” shall mean the United States Federal Food, Drug and Cosmetics  Act.   1.16. ICD-11   “The term “ICD-11” shall mean the Eleventh Revision of the International Statistical  Classifications of Diseases and Related Health Problems, as may be revised or  amended from time to time, or a successor classification.  1.17. Initiation  The term “Initiation” or “Initiate” shall mean the date that a human is first dosed with  the Products.  1.18. Know-How  The term “Know-How” shall mean data, knowledge and information, including  materials, samples, chemical manufacturing data, toxicological data, pharmacological  data, preclinical data, assays, platforms, formulations, specifications, quality control  testing data, that are necessary or reasonably useful for the research, manufacture,  development or commercialization of Compounds and Products.  1.19. License Agreement  The term "License Agreement" shall mean the license agreement entered into  between Roche and Eleven Biotherapeutics, Inc., now Sesen, effective as of June 10,  2016, as amended.  1.20. Lien   The term “Lien” shall mean (i) any lien, charge, encumbrance, security interest, right  to use, license, including but not limited to, interests arising from options, pledges,  mortgages, indentures, security agreements, rights of first refusal or rights of pre- 

 

     - 8 -  emption, irrespective of whether such Lien arises under any agreement, covenant,  other instrument, the mere operation of statutory or other laws or by means of a  judgment, order or decree of any court, judicial or administrative authority, and (ii) any  approval or consent required from a third party to the exercise or full vesting of a right  or title.  1.21. Material Adverse Change  The term “Material Adverse Change” shall mean any effect or change that would be  materially adverse to the Asset taken as a whole, provided that the Parties could not  reasonably be expected to have taken into account such change at the Effective Date.  1.22. Party  The term “Party” shall mean Sesen or Roche, as the case may be, and “Parties” shall  mean Sesen and Roche collectively.  1.23. Patent Rights  The term “Patent Rights” shall mean all rights under any patent or patent application,  in any country of the territory, including any patents issuing on such patent application,  and further including any substitution, extension or supplementary protection  certificate, reissue, reexamination, renewal, divisional, continuation or continuation-in- part of any of the foregoing.  1.24. Phase III Study  The term “Phase III Study” shall mean a human clinical trial that is prospectively  designed to, if successful, demonstrate statistically whether a product is safe and  effective for use in humans in a manner which, if such trial is successful, would be  sufficient, alone or with other clinical studies, to seek to obtain regulatory approval to  market such product in patients having the disease or condition being studied, as  described in 21 C.F.R. § 312.21(c) (FDCA), as amended from time to time, and the  foreign equivalent thereof.   1.25. Product  The term “Product” shall mean any product containing a Compound as a  pharmaceutically active agent, regardless of their finished forms, delivery methods,  formulations or dosages.   1.26. Sesen Know-How  The term “Sesen Know-How” shall mean all Know-How owned or Controlled by Sesen  prior to and as of the Effective Date related to (i) the Compounds and (ii) the Products.   1.27. Sesen Patent Rights  The term “Sesen Patent Rights” shall mean all Patent Rights owned or Controlled by  Sesen prior to and as of the Effective Date related to (i) the Compounds and (ii) the  Products, as listed in Appendix 1.  1.28. Summary Report   The term “Summary Report” shall mean a high level bullet point summary covering the  following development activities: pre-clinical development; clinical development,  regulatory filings, regulatory approvals.   

 

     - 9 -  1.29. Third Party  The term “Third Party” shall mean a person or entity other than (i) Sesen or any of its  Affiliates or (ii) Roche or any of its Affiliates.  1.30. Transaction  The term “Transaction” shall mean the sale and the purchase of the Asset  contemplated by this Agreement and as described in Article 2.   1.31. Valid Claim  The term “Valid Claim” shall mean (i) a claim in any unexpired and issued Patent  Rights that has not been disclaimed, revoked or held invalid by a final nonappealable  decision of a court of competent jurisdiction or government agency or (ii)  a pending  patent application in any country of the territory that is on file with the applicable patent  office and has shown evidence of reasonably consistent activity to advance to  issuance of a patent.   2. Sale and Purchase  In consideration for the Purchase Price, Sesen hereby agrees to sell the Asset to  Roche and Roche agrees to purchase the Asset from Sesen, with economic effect as  of the Closing.     Roche owns and Controls all Patent Rights and Know-How relating to the Compounds  and the Products other than the Asset (“Roche Asset”). The Roche Asset is not  subject to the Transaction.    For clarity, Roche owns the Compounds and Products.    3. Effective Date, Closing Date and Closing  3.1. Effective Date  “Effective Date" shall have the meaning as defined in Section 1.13.   3.2. Closing Date  "Closing Date" shall be on the Effective Date.     On the Closing Date, the Parties shall meet to confirm the satisfaction of the Conditions  Precedent and to take, if any, all actions necessary to finalize the Transaction (herein  "Closing").  3.3. At Closing   Sesen and Roche hereby agree that at Closing:    a) The License Agreement is terminated in its entirety with immediate effect and no  terms of the License Agreement shall survive the termination of the License  Agreement.    

 

     - 10 -  b) As between the Parties legal and economic title to the Asset and the associated  risks and benefits shall transfer to Roche and Sesen shall assign to Roche all  Sesen ́s ownership rights to the Asset.      c)   The transfer of possession of the physical assets sold to Roche according to  Article 2 shall take place by grant of direct possession of the physical assets sold  passing to Roche on the Closing Date. This shall be accomplished by Roche on  the Closing Date taking possession of the Asset.    d) To the extent that as of the Closing Date the physical assets are in the possession  of Third Parties, Sesen hereby assigns effective as of the Closing Date its claims  for surrender with respect to such physical assets against these Third Parties to  Roche.     f) Roche shall deliver or cause to be delivered to Sesen the Purchase Price as paid  in accordance with Articles 6 and 7.    g) The Sesen Patent Rights, Sesen Know-How, Compounds and Products are the  sole, unencumbered and unburdened property of Roche.     4. Conditions to Closing Date  4.1. Conditions Precedent  The obligation of Roche to consummate the Transaction pursuant to this Agreement  is subject to the satisfaction of the following conditions Precedent (the "Conditions  Precedent") which may, all or in part, be waived by Roche in its sole discretion:    (i) All of the guaranties of Sesen set forth in Article 8 are true and correct as of  the Effective Date and the Closing Date in all material respects;   (ii) No Material Adverse Change to the Assets has occurred; and   (iii) Roche has received an invoice for the Purchase Price from Sesen in  accordance with Article 6 at least five (5) business days prior to Closing Date.  4.2. No Refusal or Delay  No Party shall be entitled to refuse or delay the consummation of any of the  Transaction for any reason other than the non-satisfaction of any Conditions  Precedent as set forth in Section 4.1.  4.3. No Action or Decision  No action shall be pending and no order, injunction or decree of any competent court,  administrative body or arbitration tribunal shall exist which seeks to prohibit the  consummation of the transactions contemplated hereunder.    5. Post Effective Date Obligations  5.1. Transfer of the Asset   For a period of one hundred twenty (120) days after the Effective Date and upon  Roche's reasonable request, Sesen shall promptly give Roche complete access to all  data (including but not limited to, the raw data and a data inventory), material and  

 

     - 11 -  information relating to the Asset to the extent that such data was not already  transferred. In particular, to the extent that following the Effective Date, any portion of  the Asset is yet to be transferred to Roche, Sesen is obliged to maintain all documents,  material and data related to the Asset in the ordinary course of business.   5.2. Disclosure of Know-How and Information  For a period of one hundred twenty (120) days after the Effective Date and upon  Roche's reasonable request, Sesen shall transfer to Roche, to the extent not already  transferred, all Sesen Know-How and information related to the Asset, including the  approximately 2,000 documents remaining in Sesen’s possession discussed by the  Parties (the “Sesen Remaining Know-How”). Such Sesen Know-How and information  will be transferred electronically via Box, as requested by Roche.     For a period of one hundred twenty (120) days after the Effective Date, upon Roche's  reasonable request and to the extent not already transferred, Roche shall receive the  originals of all documents relating to the Asset. However, Sesen shall be entitled to  retain such originals to the extent that Sesen is obliged by law to do so. In this case  Sesen shall provide to Roche complete copies of the relevant documents and  information. Sesen shall have the right to keep copies of all documents provided to  Roche for the sole purpose of verifying its obligations under this Agreement.    Promptly after its availability, Sesen shall, free of charge, transfer all further Sesen  Know-How related to the Asset to Roche that come to Sesen's attention after the  Effective Date and after Closing.      5.3. Governmental Approvals/Filing with Governmental Authorities  The Parties shall undertake their respective reasonable efforts to make all filings and  submissions required pursuant to this Section 5.3. No Party shall make any filings or  submissions without the prior consent of the other Party (such consent not to be  unreasonably withheld or delayed). Each of the Parties will use its respective  reasonable efforts to obtain, and to cooperate with the other in obtaining, all  authorisations, consents, orders and approvals of any governmental agencies, that may  be or become necessary in connection with the consummation of the transactions  contemplated by this Agreement prior to or after Closing, and to take all reasonable  actions to avoid the entry of any order or decree by any governmental agency prohibiting  the consummation of the transactions contemplated hereby.     All approvals of, or filings with, governmental authorities of the territory necessary for  the consummation of the Transaction hereunder (if any) shall have been obtained, or  made, or any waiting period under such applicable laws and regulations of the territory  requiring the Parties to suspend the completion of the Transaction contemplated  herein shall have expired or been terminated by the competent authorities, except for  the 8(k) filing by Sesen with the Securities and Exchange Commission (SEC).    

 

     - 12 -  5.4. Deletion and Destruction of Sesen Know-How  Sesen shall upon request of Roche delete or destroy all copies of Sesen Know-How  and provide confirmation to Roche of such deletion or destruction.  6. Purchase Price  Roche shall pay to Sesen forty million US Dollars (US$ 40’000’000) at Closing Date  provided that the Conditions Precedent have been met and upon receipt of an invoice.   7. Accounting  7.1. Invoice  The invoice shall be in writing and sent by Sesen to Roche at the following address or  such other address as Roche may later provide:    F. Hoffmann-La Roche Ltd  Kreditorenbuchhaltung  Grenzacherstrasse 124  4070 Basel  Switzerland  Attn: [**] or a delegate, as instructed by Roche  7.2. Payment of Purchase Price    The Purchase Price shall be paid in full at Closing in cash in immediately available  funds of USD (US Dollars) by bank wire transfer to Sesen’s bank account.    7.3. Method of Payment  All payments shall be paid by Roche in US Dollars.   7.4. Withholding Taxes   Sesen shall pay all income taxes levied on account of any payments accruing or made  to Sesen under this Agreement. Roche shall pay all sales taxes payable with respect  to payments accruing or made to Sesen under this Agreement.    If Applicable Law of any country requires withholding of taxes of any type (including  levies or other charges) with respect to any amount payable under this Agreement by  Roche to Sesen, then Roche shall promptly pay such tax, levy or charge for and on  behalf of Sesen to the proper governmental authority, and shall promptly furnish Sesen  with receipt of payment, in which case Roche shall be entitled to deduct the amount of  any such tax, levy or charge actually paid from any payment due to Sesen. Roche  shall give Sesen reasonable advance written notice prior to withholding any amount  with respect to any payment to Sesen under this Agreement.  Each Party agrees to  reasonably assist the other Party in claiming exemption from such deductions or  withholdings under double taxation or similar agreement or treaty from time to time in  force and in minimizing the amount required to be so withheld or deducted, including  by providing or filing any relevant certificate or other document.    

 

     - 13 -  All payments due to Sesen under the terms of this Agreement are expressed to be  exclusive of value added tax (VAT). If VAT applies the VAT amount will be added to  any payments under this Agreement.  8. Guarantees of Sesen (selbständige Garantieversprechen)  Sesen grants to Roche independent guarantees for the facts and circumstances set  out in this Article 8.     All guarantees following hereinafter shall be given as of the Effective Date and the  Closing Date, and Sesen shall cause such guarantees to be true and correct as of the  Effective Date and the Closing Date.  8.1. Incorporation of Sesen  Sesen is a corporation duly incorporated, validly existing and in good standing under  the laws of Delaware, United States and has all requisite power and authority,  corporate or otherwise, to own the Asset and to carry out its business and to execute,  deliver and perform this Agreement, and the execution, delivery and performance of  this Agreement have been duly authorized by all necessary corporate action and the  Transaction does not and will not:   (a) require any further consent or approval of any corporate body of Sesen;   (b) violate any provision of any agreement, law, rule, regulation, order, writ, judgment,  injunction, decree, determination or award presently in effect having applicability  to it; or   (c) conflict with, or result in a breach of, the articles of association or by-laws of Sesen.  8.2. Asset  Sesen is entitled to freely dispose of the Asset as set forth in Article 2 without requiring  the further consent of any Third Party and without such disposal being in conflict with  any contractual rights of a Third Party. In particular, Sesen is not under any contractual  obligation to any person, or entity that is conflicting or inconsistent in any respect with  the terms of this Agreement or that would impede the diligent and complete fulfilment  of its obligations hereunder and has all power and authority under all instruments or  agreements to which it is a party to enter into this Agreement and to perform its  obligations hereunder. Sesen holds legal and economic title to the Asset. The Asset  is free from any Lien or other contractual rights granted by Sesen to any Third Party.   8.3. Intellectual Property Rights and Know-How  i. No other Patent Rights owned or Controlled by Sesen that Cover the Compounds  and Products exist, except as listed in Appendix 1; and  ii. Sesen has not entered into any agreements with Third Parties that grants any  rights to develop or commercialize the Compounds and/or Products.    To the actual knowledge of Sesen at the Effective Date,   i. no litigation is pending or threatened in writing wherein Sesen is accused of  infringing or otherwise violating any intellectual property rights or Patent Rights of  Third Parties in relation to the Asset, nor has Sesen received written notice of any  such infringement or violation;   ii. all Sesen Patent Rights are validly existing, and no nullity procedure has been  filed with respect to the Sesen Patent Rights;   iii. Sesen did not breach any of its obligations under or any terms of the License  Agreement; and  

 

     - 14 -  iv. No compounds or compounds structures other than (i) the Compounds and (ii) the  Products have been generated by Sesen under the License Agreement.  8.4. No Patent Applications relating to or Covering the Compounds and Products  Sesen or any of its current or past officers, directors, contractors or employees have  not filed, and Sesen or any of its current officers, directors, contractors or employees  will not file, any patent applications relating to or Covering the Compounds and the  Products, if any, claiming any inventions made by Sesen and/or Roche under the  License Agreement.   8.5. Litigation  Sesen is not involved in any kind of proceedings pending before courts or  administrative agencies or arbitration tribunals relating to the Asset and Sesen has not  received any written threat or has knowledge of any such (threatened) proceedings.   8.6. Full Disclosure  To the best knowledge of Sesen, no information provided to Roche is knowingly  misleading and no assets and information relating to the Asset provided by Sesen to  Roche and the information previously given to Roche was knowingly withheld. To the  best knowledge of Sesen, no information relating to the Asset has been knowingly  withheld that could reasonably have had an influence on Roche’s decision to execute  this Agreement. To the best knowledge of Sesen, no Sesen Know-How, other than the  Sesen Know-How made available to Roche (pursuant to Section 5.2) and previously  provided by Sesen to Roche prior to the Effective Date, has been knowingly withheld.   8.7. No Claims  There are no claims or investigations, pending or threatened in writing against Sesen  or any of its Affiliates, at law or in equity, or before or by any governmental authority  relating to the matters contemplated under this Agreement or that would materially  adversely affect Sesen’s ability to perform its obligations hereunder.  8.8. No Government Restrictions  Except as set forth in Section 5.3, no consent, approval, order or authorisation of, or  registration, declaration or filing with, any governmental agency is required to be  obtained or made by or with respect to Sesen in connection with the execution, delivery  and performance of this Agreement by Sesen.  9. Indemnification by Sesen  9.1. Indemnification by Sesen  In the event of any breach or non-fulfillment by Sesen of any of the guarantees set  forth in Article 8 or a breach of this Agreement, Sesen shall be liable for putting Roche  into the same position that it would have been in if the guarantee had been correct  and/or the Agreement had not been breached, or, if and to the extent Sesen fails to  cure the breach or non-fulfillment within a period of three (3) months after notification  by Roche, to indemnify against and to hold Roche and its Affiliates and their directors,  officers, employees and agents (“Roche Indemnitees”) harmless from damage, loss,  liability, third party claims, and expense (including without limitation reasonable  attorneys' fees, witness fees, damages, judgments, fines and amounts paid in  settlement) and any amounts Roche Indemnitees become legally obligated to pay  because of Sesen’s breach of this Agreement (collectively, “Damages”) incurred or  

 

     - 15 -  suffered by Roche or its Affiliates, provided, however, that the Damages shall not  include internal administration or overhead costs of Roche, loss of profit, loss of  goodwill or reputational damage, punitive damages, and except to the extent such  Damages are due to Roche’s breach of Roche ́s obligations under this Agreement,  and/or the gross negligence or willful misconduct or failure to act of the Roche  Indemnitees.    In addition to any rights of setoff or other similar rights that Roche or any of the Roche  Indemnitees may have by law or otherwise, and notwithstanding anything to the  contrary herein, Roche shall have the right to withhold and deduct any sum that is or  may be owed to Roche or any Roche Indemnitee under this Section 9.1 from the  Development Event Payment that would be otherwise payable in accordance with  Section 11.1. Roche shall have the right, exercisable by delivery of written notice to  Sesen, to set-off against the Development Event Payment payable by Roche pursuant  to Section 11.1, an amount equal to the aggregate amount of all Damages relating to  unpaid claims for indemnification made by Roche; provided, however, that if the  amount of any Damages relating to claims for indemnification made by Roche that is  setoff against the Development Event Payment is finally determined not to be owed to  Roche or the Roche Indemnitees pursuant to the terms hereof, such setoff amount  shall be promptly funded by Roche to Sesen and distributed as set forth in Section  11.1.  9.2. De Minimis Amount  Except for claims related to Section 9.1 above, Sesen's liability shall only cover those  cases in which Roche or its Affiliates, due to a breach of a guarantee or breach of this  Agreement, suffer Damages exceeding two hundred thousand US dollars (US  $ 200’000) (the "De Minimis Amount"). For the avoidance of doubt, in the event that  Roche experiences Damages exceeding the De Minimis Amount, Roche shall be  entitled to claim the full aggregated amount of its Damages in excess of the De Minimis  Amount.  9.3. Exclusion of Liability  Other than for claims related to Section 9.1 above, Sesen shall not be liable for, and  Roche shall not be entitled to bring, any claim under or in connection with this  Agreement if and to the extent Roche has, at the time such claim is asserted vis-à-vis  Sesen, received full indemnification from a Third Party. In the event that Roche is in a  position to bring such claims to Sesen and also to a Third Party, Roche shall first  exhaust its claims against all Third Parties prior to bringing any claim against Sesen.   9.4. Forfeiture of Claims  Unless explicitly stated otherwise in this Agreement, any claims by Roche for breach  of guarantees under this Agreement shall be excluded and forfeited (verwirkt) unless  and to the extent Roche delivers to Sesen a notice of breach in the period from the  Closing Date until twenty (20) full calendar months from the Closing Date.       If a notice of breach is delivered to Sesen on or before the applicable date set forth in  the preceding paragraph, the relevant claim may be resolved after such date; provided,  however, that the claim specified in such notice of breach shall nevertheless be  excluded and forfeited (verwirkt) unless Roche initiates formal proceedings before the  competent arbitral tribunal against Sesen with respect to such claim in accordance  

 

     - 16 -  with Section 13.4 (Arbitration) within six (6) months after the date of the respective  notice of breach.    The notice of breach shall be delivered to Sesen promptly after Roche becoming  aware of a breach of guarantee or receipt of any claim made or threatened to be made  by any third party which may give rise to a claim for breach of guarantee. It shall include  a description in reasonable detail of the facts then known about any claim for breach  of guarantee and which shall specify the guarantee allegedly breached and shall state  the amount of reasonably anticipated damage relating to such claim, as well as  disclosing to Sesen all documents and information supporting such claim. Failure to  deliver a notice of breach promptly after Roche becoming aware of such breach shall,  if the notice has been given within the twenty (20) months ́ time period set out above,  not exclude Sesen's liability under this Agreement in connection with the relevant  matter, but it shall be reduced to the extent a damage has been caused or aggravated  by virtue of Roche's failure to give timely notice in accordance with this Agreement.   9.5. Overall Scope of Sesen’s Liability pursuant to this Agreement  Sesen’s aggregate liability pursuant to this Agreement shall be limited to US Dollars  forty million ($40’000’000). In the event of willful misconduct, fraudulent concealment  or willful deceit, however, Sesen's liability shall not be limited.   9.6. Sole Remedy  Roche agrees that its remedies with respect to any and all damages or loss incurred  by it relating to the subject matter of this Agreement shall exclusively be governed by  the provisions of this Agreement. Unless explicitly stated otherwise herein and to the  extent legally permissible, all other statutory or contractual claims or remedies relating  to the subject matter of this Agreement other than those on the grounds as stated in  Section 9.1, are expressly excluded, in particular, any claims for reduction of the  purchase price or improvement based on faultiness of the object of purchase,  recession, challenge, damage claims for breaching an obligation in connection with  the preparation or negotiation of this Agreement by the Parties or their representatives  prior to the conclusion of this Agreement (culpa in contrahendo).  10. Guarantees of Roche  10.1. Representation  Roche hereby guarantees by way of an independent guarantee (selbständiges  Garantieversprechen) that     a) it is a corporation duly incorporated, validly existing and in good standing under  the laws of Switzerland and has all requisite power and authority, corporate or  otherwise, to carry out its business, to own the Asset and to execute, deliver and  perform this Agreement;   b) the execution, delivery and performance of this Agreement have been duly  authorized by all necessary corporate action and the Transaction do not and will not  (i) require any further consent or approval of any corporate body,   (ii) violate any provision of any agreement, law, rule, regulation, order, writ,  judgment, injunction, decree, determination or award presently in effect  having applicability to it or  (iii) conflict with, or result in a breach of, the articles of association or by-laws  of Roche; and  

 

     - 17 -  c) is not under any obligation to any person, or entity, contractual or otherwise,  that is conflicting or inconsistent in any respect with the terms of this Agreement or  that would impede the diligent and complete fulfillment of its obligations hereunder and  that it has all power and authority under all instruments or agreements to which it is a  party to enter into this Agreement and to perform its obligations hereunder.    d) Roche has at the date hereof, and will have through to the Closing, funds sufficient  to pay the Purchase Price and the Development Event Payment.    All guarantees under this Article 10 shall be given as of the Effective Date and the  Closing Date, and Roche shall cause such guarantees to be true and correct as of the  Effective Date and the Closing Date.  10.2. Indemnification  If Roche is in breach of the guarantee pursuant to this Article 10, Roche shall indemnify  and hold harmless Sesen from any loss incurred by Sesen. All claims of Sesen arising  under this Article 10 shall be time-barred after twenty (20) full calendar months from  the Closing Date.  For clarity, any breach by Roche of its obligations under Article 11  shall not be time barred.  11. Roche Obligations  11.1. Development Event Payment   Roche shall pay to Sesen thirty million US Dollars (US$ 30’000’000) within thirty (30)  days after achievement of the Development Event and upon receipt of an invoice  (“Development Event Payment”).      This obligation for Roche to make the Development Event Payment under this Section  11.1 expires on 31 December 2026 (“Payment Term”), together with Roche ́s  obligations set out in Sections 11.2 and 11.3.     If Roche ceases the development of EBI-031 with regard to [**] despite its using  Commercially Reasonable Efforts pursuant to Section 11.2, Sesen shall not be entitled  to any further payments (contractual or otherwise) from Roche other than the payment  made under Article 6 of this Agreement.   11.2. Diligence  From the Closing Date until the Development Event Payment or the expiration of the  Payment Term, whichever comes earlier, Roche shall use Commercially Reasonable  Efforts to Initiate the first Phase III Study of EBI-031 in [**]. Except as expressly stated  in this Section 11.2, Roche shall not have any diligence obligations with respect to the  Asset.   11.3. Sesen ́s Right to Information  In order to enable Sesen to monitor the progress of the development of [**]:     (a) From the Closing Date until the earlier of the (i) Development Event Payment, (ii)  expiration of the Payment Term, or (iii) Roche ́s notification to Sesen of its decision to  cease the development of EBI-031 with regard to [**], Roche shall keep Sesen  informed of its progress to develop EBI-031 in [**] through a written Summary Report,  such Summary Report to be sent to Sesen within sixty (60) days after the end of each  

 

     - 18 -  Calendar Year.  Roche shall provide written notice to Sesen of the achievement of the  Development Event within ten (10) business days after achieving such event. In the  event that Roche ceases the development of EBI-031 with regard to [**] despite its  using Commercially Reasonable Efforts, Roche will inform Sesen thereof within ten  (10) business days after having made the decision to cease the development of EBI- 031 with regard to [**].     Any such information shall be sent to Sesen and shall be considered Confidential  Information.     (b) From the Closing Date until the earlier of the (i) Development Event Payment, (ii)  expiration of the Payment Term, or (iii) Roche ́s notification to Sesen of its decision to  cease the development of EBI-031 with regard to [**], Sesen shall be entitled to  request either a telephone conference call or a meeting within every full Calendar Year  to verify if Roche uses Commercially Reasonable Efforts to develop the Product  containing EBI-031 in [**]. The appointed person who is Roche ́s point of contact with  responsibility for facilitating communication and collaboration between the Parties  shall facilitate any such telephone conference call or meeting with appropriate Roche  employees.    12. Other Covenants  12.1. Assignment of Sesen Patent Rights  Following Closing, Sesen shall execute such documents as Roche may reasonably  request in order to assign and record the assignment of the Sesen Patent Rights. The  responsibility and expense of preparing and filing all Sesen Patent Rights assignment  documents and any actions required ancillary thereto shall be borne solely by Roche.      13. Miscellaneous  13.1. Confidentiality  The Parties recognize that the Asset and the results derived from the development  and commercialization of the Products constitute highly valuable and proprietary  Confidential Information. Sesen agrees to keep confidential, and will cause its  employees, consultants, Affiliates to keep confidential, all Confidential Information and  will only disclose such Confidential Information in accordance with the terms of this  Agreement.     Each Party shall keep the terms and conditions of this Agreement as well as all  information about the other Party and its business obtained in connection with this  Agreement confidential, not use it for any purpose other than the performance of this  Agreement and not disclose it to any third party, unless required by applicable law or  binding order of a competent court or government authority, provided that following  the Closing the foregoing restrictions shall not apply to Roche’s use of documents and  information concerning the Asset furnished by Sesen hereunder to the extent such use  and associated disclosure of documents and information is reasonably required to  conduct any activities by Roche contemplated in this Agreement.     

 

     - 19 -  For clarity, Sesen shall not issue any statement or press release relating to this  Agreement and relating to the Compounds or Products.     Sesen shall only issue a press releases and other oral or written public statements  (including on the Sesen website, social media, etc), including all filings/submissions  by Sesen to the SEC, (“Statements”) that are required to be issued by Sesen as a  matter of law or are required for compliance with the rules of any stock exchange and  Sesen has a competent legal opinion to that effect. Sesen shall provide Roche with a  draft Statement at least two (2) weeks prior to its intended publication for Roche's  review. During such period, Roche shall (i) approve the draft Statement and permit  Sesen to issue the Statement or (ii) contact Sesen to discuss modification to the draft  Statement. If Roche so asks for modification, then Sesen shall either make such  modification or work with Roche to arrive at a Statement that Roche approves. If ad  hoc release is required, Sesen shall immediately contact Luc Schnitzler or a delegate  as instructed by Roche and to allow Roche to review and comment the Statement as  outlined in the previous sentence.   13.2. Governing Law  This Agreement shall be governed by and construed in accordance with the laws of  Switzerland, excluding its conflict of laws principles, and shall not be governed by the  United Nations Convention of International Contracts on the Sale of Goods (the Vienna  Convention).   13.3. Disputes  Unless otherwise set forth in this Agreement, in the event of any dispute in connection  with this Agreement, such dispute shall be referred to the respective executive officers  of the Parties designated below or their designees, for good faith negotiations  attempting to resolve the dispute. The designated executive officers are as follows:    For Sesen: CEO    For Roche: Head of Roche Partnering  13.4. Arbitration  All disputes arising out of or in connection with the present Agreement shall be finally  settled under the Rules of Arbitration of the International Chamber of Commerce by  three arbitrators.    Each Party shall nominate one arbitrator. Should the claimant fail to appoint an  arbitrator in the Request for Arbitration within thirty (30) days of being requested to do  so, or if the respondent should fail to appoint an arbitrator in its Answer to the Request  for Arbitration within thirty (30) days of being requested to do so, the other Party shall  request the ICC Court to make such appointment.    The arbitrators nominated by the Parties shall, within thirty (30) days from the  appointment of the arbitrator nominated in the Answer to the Request for Arbitration,  and after consultation with the Parties, agree and appoint a third arbitrator, who will  act as a chairman of the Arbitral Tribunal. Should such procedure not result in an  appointment within the thirty (30) day time limit, either Party shall be free to request  the ICC Court to appoint the third arbitrator.    

 

     - 20 -  Where there is more than one claimant and/or more than one respondent, the multiple  claimants or respondents shall jointly appoint one arbitrator. In other respects the  provisions of this clause shall apply.    If any Party-appointed arbitrator or the third arbitrator resigns or ceases to be able to  act, a replacement shall be appointed in accordance with the arrangements provided  for in this clause.    Basel-City shall be the seat of the arbitration. The language of the arbitration shall be  English. Documents submitted in the arbitration (the originals of which are not in  English) shall be submitted together with an English translation.    This arbitration agreement does not preclude either Party seeking conservatory or  interim measures from any court of competent jurisdiction including, without limitation,  the courts having jurisdiction by reason of either Party's domicile. Conservatory or  interim measures sought by either Party in any one or more jurisdictions shall not  preclude the Arbitral Tribunal granting conservatory or interim measures.  Conservatory or interim measures sought by either Party before the Arbitral Tribunal  shall not preclude any court of competent jurisdiction granting conservatory or interim  measures.    In the event that any issue shall arise which is not clearly provided for in this arbitration  agreement the matter shall be resolved in accordance with the ICC Arbitration Rules.  13.5. Assignment  Other than explicitly stated otherwise in this Agreement, neither Party may assign its  rights or obligations under this Agreement absent the prior written consent of the other  Party, except to any of its Affiliates or in the context of a merger, acquisition, sale or  other transaction involving all or substantially all of the Asset of the Party seeking to  assign, in which case such Party in its sole discretion may assign its rights and  obligations under this Agreement. Any permitted assignment shall be binding on the  successors of the assigning Party.  Any assignment to an Affiliate shall not relieve the  assigning Party of any payment obligations hereunder.  Notwithstanding the foregoing,  following the Closing, Sesen shall be free to assign all or any portion of the  Development Event Payment, rights to enforce the same,  and any information rights  hereunder to any Third Party without the consent of Roche. Sesen shall notify Roche  of such assignment without undue delay.  13.6. Independent Contractor  No employee or representative of either party shall have any authority to bind or  obligate the other party to this Agreement for any sum or in any manner whatsoever  or to create or impose any contractual or other liability on the other party without said  party's prior written approval. For all purposes, and notwithstanding any other  provision of this Agreement to the contrary, Sesen legal relationship to Roche under  this Agreement shall be that of independent contractor.  13.7. Expenses and Fees  Each Party shall bear its own costs and expenses in connection with the preparation,  execution and implementation of this Agreement, including any and all professional  fees of all of its advisers.  

 

     - 21 -  13.8. Unenforceable Provisions and Severability  If any of the provisions of this Agreement are held to be void or unenforceable, then  such void or unenforceable provisions shall be replaced by valid and enforceable  provisions which will achieve as far as possible the economic business intentions of  the Parties. However the remainder of this Agreement will remain in full force and  effect.   13.9. Waiver  The failure by either party to require strict performance and/or observance of any  obligation, term, provision or condition under this Agreement will neither constitute a  waiver thereof nor affect in any way the right of the respective party to require such  performance and/or observance. The waiver by either party of a breach of any  obligation, term, provision or condition hereunder shall not constitute a waiver of any  subsequent breach thereof or of any other obligation, term, provision or condition.   13.10. Appendices  All Appendices to this Agreement shall form an integral part to this Agreement.  13.11. Amendments  No amendments of the terms and conditions of this Agreement shall be binding upon  either party hereto unless in writing and signed by authorized representatives of the  Parties.  13.12. Notice  All notices which are required or permitted hereunder shall be in writing and sufficient  if delivered personally, sent by facsimile (and promptly confirmed by personal delivery,  registered or certified mail or overnight courier), sent by internationally recognized  overnight courier providing evidence of delivery or sent by registered or certified mail,  postage prepaid, return receipt requested, addressed as follows:    if to Sesen, to: Sesen Bio, Inc.  245 First Street, Suite 1800  Cambridge, MA,  Attn: Chief Executive Officer                if to Roche, to: F. Hoffmann-La Roche Ltd  Grenzacherstrasse 124  4070 Basel  Switzerland  Attn:  Legal Department    And: Hoffmann-La Roche Inc.  150 Clove Road, Suite 8, Little Falls, New Jersey 07424,  U.S.A.  Attn.  Corporate Secretary    or to such other address as the Party to whom notice is to be given may have furnished  to the other Party in writing in accordance herewith.    

 

     - 22 -  13.13. Counterparts; Electronic Signatures  This Agreement may be executed in one or more counterparts, each of which shall be  deemed an original and all of which taken together shall be deemed to constitute one  and the same agreement.  The Parties agree that execution of this Agreement by e- Signatures or by exchanging executed signature pages in .pdf format shall have the  same legal force and effect as the exchange of original signatures.  As used in this  Section, “e-Signature” shall mean a signature that consists of one or more letters,  characters, numbers or other symbols in digital form incorporated in, attached to or  associated with the electronic document, that (a) is unique to the person executing the  signature; (b) the technology or process used to make the signature is under the sole  control of the person making the signature; (c) the technology or process can be used  to identify the person using the technology or process; and (d) the electronic signature  can be linked with an electronic document in such a way that it can be used to  determine whether the electronic document has been changed since the electronic  signature was incorporated in, attached to or associated with the electronic document.         

 

     - 23 -  IN WITNESS WHEREOF, the Parties have entered into this Agreement as of the  Effective Date.      Sesen Bio, Inc.      By: /s/ Thomas R. Cannell, DVM     Name: Thomas R. Cannell, DVM    Title: President and CEO            F. Hoffmann-La Roche Ltd             By: /s/ Urs Schleuniger    By: /s/ Dorien Van Doninck       Name: Dr. Urs Schleuniger    Name: Dorien Van Doninck     Title: Global Head Alliance & Asset Management Title: Legal Counsel        Hoffmann-La Roche Inc.               By: /s/ John Parise            Name: John Parise         Title: Authorized Signatory       

 

     - 24 -      Appendix 1    Sesen Patent Rights    Country Application No. Filing Date  Australia 2013342163 08-Nov-2013  Brazil 112015010360-0 08-Nov-2013  Canada 2886987 08-Nov-2013  China (People's Republic) 201380058297.0 08-Nov-2013  European Patent Convention 13811641.3 08-Nov-2013  Hong Kong 15112251.2 08-Nov-2013  India  3499/DELNP/201 5  08-Nov-2013  Israel 238238 08-Nov-2013  Japan 2015-541951 08-Nov-2013  Korea, Republic of  10-2015- 7013671  08-Nov-2013  Mexico  MX/a/2015/0058 31  08-Nov-2013  New Zealand 706377 08-Nov-2013  Patent Cooperation Treaty  PCT/US2013/069 279  08-Nov-2013  Russian Federation 2015121755 08-Nov-2013  Singapore 11201502876R 08-Nov-2013  South Africa 2015/03146 08-Nov-2013  United States of America 61/723972 08-Nov-2012  United States of America 61/831699 06-Jun-2013  United States of America 14/508068 07-Oct-2014    Country Application No. Filing Date  Patent Cooperation Treaty  PCT/US2015/059 532 06-Nov-2015  United States of America 62/077105 07-Nov-2014  United States of America 62/087448 04-Dec-2014  United States of America 62/247705 28-Oct-2015    Country Application No. Filing Date  United States of America 62/298774 23-Feb-2016    Any patents issuing on such patent applications listed above, and further including  any patents and patent applications claiming priority from the patents and patent  applications listed above and any substitution, extension or supplementary protection  certificate, reissue, reexamination, renewal, divisional, continuation or continuation- in-part of any of the foregoing.     

 

     - 25 -      Appendix 2    Sequence of EBI-031, [**], [**] and [**]    Description    Sequence  [**] [**]  [**] [**]  [**]  [**]  [**] [**]  [**] [**]  [**] [**]  [**] [**]  [**] [**]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}]]