Document:

Exhibit
10.37

 

PRIVATE BETWEEN THE PARTIES

 

PharmAthene, Inc.

Confidential Materials Omitted and Filed Separately with the

Securities and Exchange Commission

Confidential Portions denoted by [***]

 

	
  Intellectual
  Property Group

  	
  [***]

  	
  [***]

  	
  [***]

  
	
  Manager

  	
  [***]

  	
  [***]

  	
  [***]

  
	
   

  	
  [***]

  	
  [***]

  	
   

  
	
   

  	
  [***]

  	
  [***]

  	
   

  
	
   

  	
  [***]

  	
   

  	
   

  
	
   

  	
  [***]

  	
   

  	
   

  

 

	
  Avecia
  Biologics Limited

  	
  

  
	
  Hexagon
  Tower

  
	
  Blackley

  
	
  Manchester

  
	
  M9 8ZS

  
	
  (Attn Chris
  Revell)

  

 

20 March 2008

 

Our refs:  [***]

 

Dear Sirs

 

Manufacturing and Marketing Licence Agreement
In respect of [***] Manufacturing Licence Agreement [***]

 

We hereby
agree that the exclusive period under clause 2.2 of each of the above licenses
is extended and the exclusive period is for the period that the license remains
in effect and is for the benefit of you or your assignees.  In each case, such exclusive period shall
(without prejudice to our rights to terminate the licences in accordance with
their terms) be subject to termination only if you or any party to whom you
assign your license agreements does not diligently pursue development of
products using the respective technology licensed to you by us, by prior
written notice to Avecia (or an Avecia assignee) of an intent to terminate the
exclusive period.  Such proposed
termination is subject to the dispute resolution procedure of Clause 14.1 of
the [***] License and Clause 16.1 of the [***] License.  This extension is subject to

 

1.                                       continuation of the rights of
Dstl under Clauses 2.3 and 2.4 of each agreement;

 

2.                                       replacement of [***] in Clause 2.2 of the 20th June 2006 agreement [***] by [***]; and

 

3.                                       deletion of Clauses 2.8, 10.3,
10.4 and 10.5 In the 6th December 2006 [***] Licence and
Clauses 2.8 and 9.3 in the 20 June 2006 [***] licence.

 

4.                                       In consideration for the
extension, it is agreed that:

 

a.                                       Dstl shall not be obliged to
take action against infringers but you shall have the right to do so at your
own cost and expense;

 

b.                                      Dstl shall be entitled receive
the lower of the royalty as set out in the
licences in respect
of sales of products by the infringers or [***] of any recovery obtained as a result of such action (less
the attributable costs of such an action);

 

 

c.                                       You or your assignee shall pay
to Dstl;

 

I.                                         a lump sum of [***] being roughly equivalent to the costs Incurred prior to the
date of signature hereof of prosecuting and maintaining the patents and patent
applications listed in the Schedules of the
licences but
excluding the costs associated with US patent interference proceedings; and

 

II.                                     a minimum annual royalty
equivalent to the ongoing costs of prosecuting and maintaining the patent and
patent applications listed In the Schedules of the licenses together with any
additional patents and patent applications that are added by mutual agreement.

 

d.                                      The parties shall meet every
three years in order to review the position generally in respect of each licence.  In the event that Dstl considers there no
longer to be a market for products being developed or produced by the licensee,
Dstl and the licensee will engage in bona-fide discussions to determine the
future of the licences and the wisdom of continuing them in force.

 

e.                                       The parties (including any
Avecia assignee) agree that the amendments to the licence agreements set out above are
binding and that the provisions of this letter specifically amend the
respective agreements from the date hereof; however, the parties (Including any
Avecia assignee) will engage in bona-fide discussions to further amend the
respective agreements, if required, to clarify any wording thereof, provided,
however, the failure to agree to any clarification shall not change the binding
effect of these amendments and the respective agreements.

 

This letter
specifically amends any and all contrary provisions in the above license
agreements.  This letter supersedes the
letter signed on March 19 2008 which shall be null and void including as
to any payment obligations thereunder.

 

Please confirm
your agreement to the above by signing below.

 

	
   

  
	
  [***]

  	
   

  
	
   

  
	
  [***]

  

[***]

[***]

 

Agreed:

 

	
   

  
	
  /s/ D. McLellan

  	
   

  
	
   

  
	
  By:

  	
  D. McLellan

  	
   

  
	
   

  	
  Director

  	
  Approved as
  to 

  
	
   

  	
  legal form
  by

  	
  [***]

  
	
  For

  	
   

  	
   

  
					

 

Avecia Biologics Limited

 

2Exhibit 10.1

 

THIRD AMENDMENT and EXTENSION

to

LETTER OF INTENT

DATED MARCH 1, 2007

by and between

FAGEN, INC.

and

AKRON RIVERVIEW CORN PROCESSORS, LLC

 

This Third Amendment and Extension is
entered into this 30th day of May, 2008, by and between Fagen, Inc., a
Minnesota Corporation (“Fagen”) and Akron Riverview Corn Processors, LLC, an
Iowa Limited Liability Company (“Owner”).

 

The parties entered into a Letter of Intent dated March 1, 2007,
an Amendment to the Letter of Intent on May 10, 2007, and a Second
Amendment to the Letter of Intent on November 9, 2007  (collectively the “LOI”), and hereby agree to
the additional amendments and extension of the LOI as set forth below.

 

Notwithstanding anything to the contrary contained in the LOI between
the parties hereto, and in consideration of the mutual promises, covenants, and
conditions contained in the LOI and contained herein, and for other good
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto covenant and agree that the terms and
conditions of this Third Amendment and Extension shall prevail.

 

The parties hereto agree as follows:

 

1.             The
Letter of Intent shall be extended to December 31, 2008.  The second sentence in the second paragraph
of page 1 shall be stricken and replaced to reflect this extension as
follows:

 

“The Parties agree that Transaction Documents
must be executed and delivered by the parties thereto no later than December31,
2008 (the “Closing Date”) or this Letter of Intent may be terminated in
accordance with Paragraph 11(a) hereof.”

 

2.             Paragraph
2 provides the Contract Price.  The
parties hereby agree that the Contract Price shall be the lesser of (a) One
Hundred Forty-Nine Million, Nine Hundred Eleven Thousand Eight Hundred
Sixty-Nine Dollars ($149,911,869), which amount includes the costs for the additional
items and services set forth in the Amendment to the Letter of Intent dated March 1,
2007 (the “March 1, 2007 Change Order”), or (b) Fagen’s then current
price for a 100 MGY ethanol plant plus the costs of the additional items and services
set forth in the March 1, 2007 Change Order.  The foregoing Contract Price shall be
effective through November 30, 2008. 
If Owner does not issue a valid Notice to Proceed before December 1,
2008, then on such date the Contract Price shall adjust as 

 

1

 

provided below.  Therefore, the introductory
paragraph in Paragraph 2 shall be stricken and replaced as follows:

 

Contract Price.  Owner shall pay Fagen
the lesser of (a) One Hundred Forty-Nine Million, Nine Hundred Eleven
Thousand Eight Hundred Sixty-Nine Dollars ($149,911,869) (the “Contract Price”),
which amount includes the costs for the additional items and services set forth
in the Amendment to the Letter of Intent dated March 1, 2007 (the “March 1,
2007 Change Order”), or (b) Fagen’s then current price for the ethanol
plant described in the LOI plus the costs of the additional items and services set
forth in the March 1, 2007 Change Order as full consideration to Fagen for
complete performance of the services described in the Design-Build Agreement including
the items and services in the March 1, 2007 Change Order and all costs
incurred in connection therewith, provided, however, that if Owner does not
issue a valid Notice to Proceed before December 1, 2008, then on such date
the Contract Price shall automatically adjust to Fagen’s then current price for
the ethanol plant described in the LOI plus the costs of the items and services
set forth in the March 1, 2007 Change Order.  Assuming a valid Notice to Proceed is not
issued in December 2008, and further assuming that the LOI is not
terminated as provided herein, the Contract Price shall thereafter readjust on
the first day of each succeeding month to Fagen’s then current price for the
ethanol plant described in the LOI plus the costs of the items and services set
forth in the March 1, 2007 Change Order.

 

3.             Paragraph 2(b) is stricken to delete
the increase to the Contract Price resulting from an increase in the
Construction Cost Index.

 

4.             Paragraph 2(c) is stricken to delete
the monthly surcharge to the Contract Price.

 

5.             Paragraph
3(m)(9) of the LOI provides the date upon which Owner must fulfill the
requirements for the issuance of the Notice to Proceed.  The parties agree that this date shall be
extended to December 31, 2008.  In
addition, the parties agree that once the Notice to Proceed is accepted by
Fagen, it will be deemed effective on the date it was received by Fagen;
therefore Paragraph 3(m)(9) shall be stricken and replaced as follows:

 

3(m)(9)       Fagen
has provided Owner written notification of its acceptance of the Notice to
Proceed.  If Owner has not fulfilled its
requirements for the issuance of a Notice to Proceed as set forth in this Paragraph
3(m) by December 31, 2008, Fagen may, at its sole option, terminate
the Design-Build Agreement, thus releasing Fagen of all obligations.  Once accepted by Fagen, the Notice to Proceed
shall be deemed effective on the date on which such Notice to Proceed was
received by Fagen.

 

6.             Paragraph
11 shall be stricken and replaced as follows to reflect the extension of the
LOI to December 31, 2008:

 

2

 

Termination.  This Letter of Intent may be terminated by either
Party on December 31, 2008 unless the basic size and design of the Plant
have been determined and mutually agreed upon, a specific site or sites have
been determined and mutually agreed upon, and at least 10% of the necessary
equity has been raised.  This date may be
extended upon mutual written agreement of the Parties.  Furthermore, unless otherwise agreed to by
the Parties, this Letter of Intent will terminate:

 

(a)                                  at
the option of either Fagen or Owner if the Design-Build Agreement is not completed
and executed by the Closing Date; or

 

(b)                                 upon
the execution and delivery of the Transaction Documents.

 

The other provisions of the LOI shall remain
unchanged and in full force and effect.

 

IN WITNESS WHEREOF, the parties hereto have executed this Third Amendment
and Extension on the date set forth above.

 

	
  FAGEN, INC.

  	
   

  	
  AKRON RIVERVIEW CORN

  
	
   

  	
   

  	
  PROCESSORS, LLC

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
       /s/ Ron Fagen

  	
   

  	
  By:

  	
       /s/ Stephen C. Roe

  
	
  Title

  	
                  President and
  CEO

  	
   

  	
  Title

  	
                  President

  
								

 

3

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