Document:

EX-10.1 BEN SHERMAN GROUP LONG TERM INCENTIVE PLAN

 

Exhibit 10.1

Ben Sherman Group

Long Term Incentive Plan

Purpose

The purpose of the Ben Sherman Group Long Term Incentive Plan (the “Plan”) is to aid in the
retention of highly-qualified executives by providing a long term award to individuals who may
contribute materially to the growth, development and future business success of Oxford Industries,
Inc.’s Ben Sherman Group.

Definitions

As used in the Plan, the following words and phrases will have the following meanings:

	(a)	 	“Bonus” means any award granted under the Plan.
	 
	(b)	 	“Parent” means Oxford Industries, Inc., a corporation organized under the laws of the State
of Georgia, United States, or any successor corporation.
	 
	(c)	 	“Participant” means an employee of a Participating Company who has been designated by the Ben
Sherman Group Ltd. Chief Executive Officer (“Participating Company CEO”) and approved by the
Parent’s Chief Executive Officer (“Parent CEO”) to participate in the Plan and for whom a
Bonus opportunity is established with respect to the Performance Cycle.
	 
	(d)	 	“Participating Companies” means those subsidiaries of Oxford Industries, Inc. listed on
Exhibit A to the Plan. Exhibit A may be amended by the Parent from time to
time.
	 
	(e)	 	“Performance Cycle” means with respect to a Bonus opportunity for an individual Participant,
the period set forth in such individual’s Participant award letter delivered pursuant to this
Plan.

Eligibility for Participation

In determining the individuals who will be Participants in the Plan, the Participating Company CEO
and the Parent CEO may take into account such factors that they deem relevant in connection with
accomplishing the purpose of the Plan.

No Stock Subject To Plan.

No shares nor any stock will be reserved for or issued under the Plan.

Bonuses

	(a)	 	A Participant’s Bonus opportunity for the applicable Performance Cycle is an amount as
defined in each Participant’s individual Bonus letter. Upon approval of a Participant’s Bonus
opportunity for a particular period, the Parent and the Participating Company will deliver a
letter setting forth the terms of the Bonus opportunity to each applicable Participant.
	 
	(b)	 	Unless otherwise provided by the Parent, in its sole discretion, payment of a Bonus for the
Performance Cycle will be made only if the Participant:

	 	  i.	 	is employed by a Participating Company on the last day of the
Performance Cycle;
	 
	 	 ii.	 	has not, during the Performance Cycle, given notice to terminate his or
her employment; and
	 
	 	iii.	 	is an employee in good standing and, to the extent such Participant is
a party to a written employment contract or arrangement with the applicable
Participating Company, is not then, and has not been during the Performance Cycle,
in material breach of any of his or her obligations pursuant to such contract or
arrangement, as the case may be.

 

 

	(c)	 	The Bonus for any Participant will be pro-rated to the period worked if a Participant was on
a leave of absence or maternity leave (but with no pro rata reduction for any compulsory
maternity leave period provided by law) for a period greater than 90 days during the
Performance Cycle.

Timing and Form of Payment

A Participant’s Bonus, if any, will be paid in cash (less applicable payroll taxes and deductions)
within three months following the end of the applicable Performance Cycle.

Administration and General Provisions

	(a)	 	The program is administered through the Parent’s Corporate Human Resources department. The
Parent has the authority, in its sole discretion, subject to and not inconsistent with the
express provisions of the Plan, to administer the Plan and to exercise all the powers and
authorities either specifically granted to it under the Plan or necessary or advisable in the
administration of the Plan, including, without limitation, the authority to grant Bonuses, to
approve the Participants in the Plan, to determine the terms, conditions, restrictions and
criteria relating to any Bonus, to construe and interpret the Plan and any Bonus, to
prescribe, amend and rescind the Plan and/or the rules and regulations relating to the Plan,
and to make all other determinations deemed necessary or advisable by the Parent for the
administration of the Plan. All determinations, decisions and interpretations of the Parent
will be final and binding on all persons, including the Participating Companies and any
Participant (or any person claiming any rights under the Plan from or through any
Participant).
	 
	(b)	 	The Plan and the granting and payment of Bonuses and the other obligations of a Participating
Company under the Plan are subject to all applicable laws, rules and regulations, and to the
receipt of such approvals by any regulatory or governmental agency as may be required.
	 
	(c)	 	Nothing in the Plan or in any Bonus granted under the Plan provides any Participant the right
to continue in the employ of a Participating Company or the Parent or to be entitled to any
remuneration or benefits not set forth in the Plan or to interfere with or limit in any way
the right of the applicable Participating Company or the Parent to terminate a Participant’s
employment.
	 
	(d)	 	Income tax under PAYE, National Insurance contributions and other deductions required to be
made by law (and all applicable payroll deductions and taxes required by law for employees
based outside the United Kingdom) will be withheld from the bonus award in accordance with
applicable law.
	 
	(e)	 	The Parent may, from time to time, change the terms of this program or alter, amend, suspend
or discontinue the Plan (including changes to a Participant’s Bonus opportunity), with or
without notice and without any obligation to pay a Bonus to Participants in connection with
the Plan. The Parent may also make such amendments to the Plan as it deems necessary to comply
with all applicable laws, rules and regulations.
	 
	(f)	 	The Plan is intended to constitute an “unfunded” plan for incentive compensation and, as
such, falls outside the scope and jurisdiction of the U.S. Employee Retirement Income Security
Act of 1974, as amended. With respect to any payments which at any time are not yet made to a
Participant pursuant to a Bonus, nothing contained in the Plan or any Bonus opportunity shall
give any Participant any rights that are greater than those of a general creditor of the
applicable Participating Company or the Parent.
	 
	(g)	 	There is no, and there will not be or construed to be any, obligation for uniformity of
treatment of Participants under the Plan.
	 
	(h)	 	Any award made under the Plan does not constitute a commitment to make any future awards of
Bonuses under the Plan or to include the Participant in the same or any other bonus plans.
	 
	(i)	 	The Plan and the rights of all persons claiming hereunder will be construed and determined in
accordance with the laws of the State of Georgia, United States, without giving effect to the
choice of law principles thereof.
	 
	(j)	 	The captions in the Plan are for convenience only and will not control or affect the meaning
or construction of any of its provisions.
	 
	(k)	 	The provisions of the Plan will bind and inure to the benefit of each Participating Company
and its successors and assigns and each Participant.

 

 

	(l)	 	The Plan shall become effective with respect to a Participating Company upon its adoption by
the Parent with respect to such Participating Company.

	 	 	 	 	 
	 	 	IN WITNESS WHEREOF, the Parent has adopted the Plan as of the 1st day of October, 2007.
	 
	 	 	 	 
	 	 	OXFORD INDUSTRIES, INC.
	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Name	 	 
	 
	 	 	 	 
	 

	 	Title	 	 

Acknowledged and accepted by:

			
	 
	 	 	 
	<Participant Name>

	 	 

 

 

EXHIBIT A

Participating Companies

Ben Sherman Group Limited

Ben Sherman Clothing, Inc.EX-10.2 PARTICIPANT AWARD LETTER

 

Exhibit 10.2

September 26, 2007

Miles Gray

Ben Sherman Group

Dear Miles:

It gives me great pleasure to advise you that you have been selected to participate in the Ben
Sherman Group Long Term Incentive Plan (“Plan”).

Your inclusion in the Plan affirms my belief in the impact your position and performance will have
on Ben Sherman’s success in implementing its strategic plans over the next three years.

The performance cycle for your long-term incentive bonus opportunity begins on October 1, 2007 and
ends on Spetember 30, 2010. Your total bonus opportunity is £250,000.

Your bonus will be paid in cash within three months following the end of the performance cycle.
You should know that any bonus paid under the Plan does not constitute part of your salary for
pension contribution or other purposes and that your participation is subject to the terms and
conditions of the Plan document.

Attached are two copies of the Plan document which sets forth the specific terms and conditions
governing the Plan. The Plan document and this letter together should provide you with all the
information concerning the operation of the Plan and your participation in it. Please acknowledge
your acceptance of the terms and conditions of the plan by signing one copy and return it to Allan
Reid by October 31, 2007.

Thank you in advance for your contribution to our success during the coming years. Please feel free
to contact me should you have any questions about the Plan or your award opportunity.

Yours sincerely,

J. Hicks Lanier

Chairman & CEO

Attachment<PAGE>
[CONFIDENTIAL TREATMENT HAS BEEN REQUESTED AS TO CERTAIN PORTIONS OF THIS
DOCUMENT. EACH SUCH PORTION, WHICH AS BEEN OMITTED HEREIN AND REPLACE WITH A
SERIES OF THREE ASTERISKS IN BRACKETS [***], HAS BEEN FILED SEPARATELY WITH THE
SECURITIES AND EXCHANGE COMMISSION.]

                                                                   Exhibit 10.1

MYMETICS/PEVION                                                     P E V I O N
Acquisition & License Agreement                                       BIOTECH

                                 PEVION BIOTECH

                         AQUISITION & LICENSE AGREEMENT

This Aquisition AGREEMENT ("Agreement"), is made and entered into as of October
6, 2007 (the "Effective Date") by and between

MYMETICS Corporation ("MYMETICS"), a company organized under the laws of the
State of Delaware with a registered address at 230 Park Avenue, New York, NY
10169, and a principal place of business located at 14, rue de la Colombiere, CH
1260 Nyon, Switzerland and

PEVION BIOTECH LTD., a company organized under the laws of Switzerland with a
principle place of business at Rehhagstrasse 79, CH-3018 Berne Switzerland,
("PEVION").

MYMETICS and PEVION may be referred to hereinafter as "Party" or "Parties" as
appropriate.

                                    PREAMBLE

WHEREAS, PEVION is a company active in the development, manufacturing and
commercialization of specifically virosome based malaria vaccines;

WHEREAS, MYMETICS is a company active mainly in the development of vaccines for
HIV and other diseases;

WHEREAS MYMETICS is desirous of acquiring from PEVION the rights on PEVION's
virosome formulated malaria peptide antigens vaccines (the "Product", as further
defined under Section 1.12), and PEVION is willing to grant such rights; and

NOW, THEREFORE, the Parties hereto, intending to be legally bound, hereby agree
as follows:

1      DEFINITIONS

The terms, as defined herein, shall have the same meanings in both their
singular and plural forms.

1.1    "Affiliate" means, with respect to either Party, any entity controlling,
       controlled by or under common control with, such Party. For purposes of
       this definition, "control" of another corporation or entity shall mean
       when a person or entity (i) owns or directly controls fifty percent (50%)
       or more of the outstanding voting stock or other ownership interest of
       the other corporation or entity, (ii) possesses, directly or indirectly
       the power to manage, direct or cause the direction of the management and
       policies of the

                                  Page 1 of 23
<PAGE>

       corporation or other entity or the power to elect or appoint fifty
       percent (50%) or more of the members of the governing body of the
       corporation or other entity, or (iii) has actual control over the
       management, business and affairs of the corporation or other entity.

1.2    "Confidential Information" means information or material related to the
       Product including information about the technology or business and
       without limitation, a formula, pattern, compilation, program, method,
       technique, process, biological material, gene sequence, data test, model,
       result or analysis which is disclosed to a party in connection with this
       Agreement. Notwithstanding the foregoing, Confidential Information does
       not include information that: (1) is now or subsequently becomes
       generally available to the public through no wrongful act or omission of
       the Recipient; (2) the Recipient can demonstrate to have been rightfully
       in its possession prior to disclosure to the Recipient by the Discloser;
       (3) is independently developed by the Recipient without use, directly or
       indirectly, of any Confidential Information of the Discloser, as
       evidenced by written records; or (4) the Recipient rightfully obtains
       from a third party who has the right to transfer or disclose it.

1.3    "Discloser" means the Party who possesses Confidential Information and
       discloses such information to the other Party.

1.4    "Grant" means all forms of financial supports received or to be received
       from third parties in relation with the development of the Product.

1.5    "Licensed Product" means a product manufactured under the license granted
       hereunder by PEVION to MYMETICS.

1.6    "MYMETICS Materials" means all materials developed by MYMETICS in
       relation with the Product as well as any further improvement thereof.

1.7    "Net Sales" means the total of the gross invoice prices of Licensed
       Products sold by MYMETICS, its Sublicensee, an Affiliate, or any
       combination thereof, less the sum of the following actual and customary
       deductions where applicable and separately listed: cash, trade, or
       quantity discounts; sales, use, tariff, import/export duties or other
       excise taxes imposed on particular sales (except for value-added and
       income taxes imposed on the sales of Product in foreign countries);
       transportation charges; or credits to customers because of rejections or
       returns. For purposes of calculating Net Sales, transfers to a
       Sublicensee or an Affiliate of Licensed Product under this Agreement for
       (i) end use (but not resale) by the Sublicensee or Affiliate shall be
       treated as sales by MYMETICS at list price of MYMETICS, or (ii) resale by
       a Sublicensee or an Affiliate shall be treated as sales at the list price
       of the Sublicensee or Affiliate

1.8    "Non-Profit Markets" means the markets on which the vaccines will be
       distributed for free or at a Reduced Price through local charitable
       organizations.

1.9    "Peptide" means short chains of amino acids linked together. In the
       context of this agreement a Peptide does not contain more than 60 amino
       acids

                                  Page 2 of 23
<PAGE>

1.10   "PEVION Confidential Information" includes, but is not limited to,
       PEVION's virosome technology related to the Product.

1.11   "PEVION Materials" means virosomes as well as any further improvement
       thereof, developed or manufactured by PEVION or on which PEVIONS has
       rights.

1.12   "PEVION Technology" means the virosome technology in all aspects
       including any further improvement thereof, and their manufacturing.

1.13   "Product" means PEVION's virosome formulated malaria peptide antigens
       vaccines as described in Exhibit A; for the purpose of this Agreement,
       the use of "peptide", as far as vaccines are involved, shall mean
       "Peptide" or "Protein".

1.14   "Product Information" means all information related to the Product as
       listed in Exhibit D, including without limitation, a formula, pattern,
       compilation, program, analytical methods, IMPD files, technique, process,
       biological material, gene sequence, data test, model, result or analysis
       related to the Product.

1.15   "Product Patent Rights" means the patents and patent applications with
       respect to PEVION malaria vaccine listed on Exhibit B and any divisional
       patent, continuation, or continuation-in-part of such patent applications
       to the extent the claims are directed to subject matter specifically
       described therein, as well as any patent issued thereon and any reissue
       or reexamination of such patent, and any foreign counterparts to such
       patents and patent applications.

1.16   "Profit Markets" means all markets other than Non-Profit Markets.

1.17   "Protein" means a larger molecule composed of one or more chains of amino
       acids. In the context of this agreement a Protein contains more than 60
       amino acids

1.18   "Recipient" means the Party who receives Confidential Information from
       the other Party.

1.19   "Reduced Price" means a price comprised in the range of (i) at the lowest
       the direct production costs (i.e. manufacturing costs excluding costs of
       research and development and excluding costs of intellectual property
       protection or royalties costs) and (ii) at the highest the direct
       production costs, plus a reasonable participation to research and
       development, not exceeding COGS + [***]%.

1.20   "Sublicensee" means a third party to whom MYMETICS grants a sublicense on
       certain rights granted to MYMETICS under this Agreement.

1.21   "Technology Patent Rights " means all patent rights on the virosome
       technology needed for the development, use, sale, offer for sale, or
       importation/exportation of the Product, specifically the PEVION's patent
       rights listed in Exhibit C and any divisional patent, continuation, or
       continuation-in-part of such patent applications to the extent the claims

                                  Page 3 of 23
<PAGE>

       are directed to subject matter specifically described therein, as well as
       any patent issued thereon and any reissue or reexamination of such
       patent, and any foreign counterparts to such patents and patent
       applications.

1.22   "Term" means the period of time beginning on the Effective Date and
       ending with the longest lived patent which is, under this Agreement,
       assigned or licensed.

1.23   "Territory" means world-wide.

2      ACQUISITION AND LICENSE

2.1    Subject to the provisions of this Agreement, MYMETICS acquires from
       PEVION the Product, the Product Patent Rights, the Product Information
       and all rights thereon, within the Territory.

2.2    PEVION grants MYMETICS licenses on the Technology Patent Rights needed
       for the development, use, sale, offer for sale, or
       importation/exportation of the Product within the Territory and during
       the Term however restricted to the field of Malaria vaccines. These
       licenses do not include the right to manufacture the Product.
       Specifically PEVION grants MYMETICS a non-exclusive license on the
       Technology Patent Rights on which PEVION itself does not have exclusive
       rights (i.e. EP538437) and commits not to give any license on these
       rights to any third party. PEVION grants MYMETICS an exclusive license on
       the Technology Patent Rights on which PEVION has exclusive rights (e.g.
       WO06/069718)

2.3    PEVION is responsible for maintaining in a reasonable manner the
       protection for its intellectual property involved in this Agreement. If
       PEVION fails to maintain the protection for its intellectual property,
       namely by failing to pay the corresponding maintenance fees, MYMETICS is
       entitled to take any reasonable action to maintain this protection,
       namely by paying the corresponding maintenance fees, and the reasonable
       costs incurred by this intervention shall be borne by PEVION. The amounts
       due in this regard by PEVION to MYMETICS may be set off against any
       amount due by MYMETICS to PEVION, namely under Section 4 of this
       Agreement (Considerations). PEVION shall inform MYMETICS as soon as such
       failure to maintain the protection of the intellectual property mentioned
       in this Section can reasonably be anticipated and, if possible, three
       months before the lapse of such protection following this failure.

2.4    MYMETICS will mandate PEVION to perform the future pre-clinical and
       clinical development of the Product (the "Sponsored Development").
       Specifically MYMETICS requires for the Sponsored Development the support
       of PEVION's CSO (approximately 10% of his time) and an equivalent of a
       maximum of 3 (three) full time technicians and PEVION commits to allocate
       these resources to such Sponsored Development. PEVION acknowledges that
       the Swiss Tropical Institute is its preferred clinical trial site partner
       for the clinical development of the Product. The Parties shall
       renegotiate in good faith should these resources reveal insufficient or
       excessive and they shall in any case enter within 9 months into an
       agreement to further define the terms and conditions of this cooperation.

                                  Page 4 of 23
<PAGE>

2.5    Insofar as required for the use of the license as provided for under
       section 2.2, PEVION will, against adequate remuneration, provide MYMETICS
       or third parties with all the required information and documents (namely
       all the technical data required to obtain approvals from governmental
       bodies such as the US Food and Drug Administration). PEVION reserves the
       right to send these information and documents directly to third parties
       when it is not necessary for MYMETICS to have knowledge thereof, so as to
       preserve its trade secrets.

2.6    PEVION will assign, respectively re-assign all Product Patent Rights to
       MYMETICS within 4 months from the Effective Date. Starting from the
       effective date, MYMETICS has the right to decide on all prosecution
       issues of the Product Patent Rights.

3      GRANTS OF SUPPLY

3.1    The license rights granted under Section 2 do not include the right to
       manufacture the Product using the Technology Patent Rights and PEVION
       commits to manufacture the Product on behalf of MYMETICS.

3.2    PEVION grants MYMETICS the exclusive supply rights on the Product for
       clinical batches. The clinical batches of the Product shall be delivered
       by Pevion to Mymetics in the containers chosen by Mymetics (e.g. vials or
       pre-filled syringes). The remuneration of the clinical batches will be
       COGS and a margin of [***]%. The delivery costs will be charged
       separately.

3.3    PEVION grants MYMETICS the exclusive supply rights on the Product for
       market batches. The Licensed Product shall be delivered by Pevion to
       Mymetics in the containers chosen by Mymetics (e.g. vials or pre-filled
       syringes). The remuneration of the market batches will be COGS and a
       margin of [***]% for Non-Profit Markets and [***]% for all other markets.
       The delivery costs will be charged separately.

3.4    Further terms and conditions of the manufacture and supply of the Product
       will be set forth in a Supply Agreement, to be negotiated in good faith
       by MYMETICS and PEVION during a period of nine (9) months following the
       Effective Date.

3.5    In case PEVION can not guarantee the further supply of the Product, based
       on the Supply Agreement, PEVION will grant MYMETICS an exclusive license
       with the right to sublicense to make Licensed Product the terms of which
       manufacture agreement shall be negotiated in good faith. In such a
       situation, PEVION will provide MYMETICS with the technical assistance
       required to set up this alternate production source, the remuneration of
       the assistance shall be negotiated between PEVION and MYMETICS in good
       faith and according fair market prices.

4      CONSIDERATIONS

4.1    Up-front payments; In return for the rights granted hereunder, MYMETICS
       will pay to PEVION an up-front payment of a total of EURO [***] ([***]
       EURO) in cash; a EURO [***] ([***] EURO) payment shall be due upon
       signing the Agreement. A second installment of EURO [***] ([***] EURO)
       shall be due on

                                  Page 5 of 23
<PAGE>

       December 15, 2007 and a third installment of EURO [***] ([***]
       EURO) shall be due on February 6, 2008.

4.2    Milestone Payments; In return for the rights granted hereunder, MYMETICS
       will pay to PEVION milestone payments of a total of EURO [***] ([***]
       EURO) in cash; a EURO [***] ([***] EURO) payment shall be due upon
       delivery of the interim report of the clinical Phase Ib study in Tanzania
       and a second milestone payment of EURO [***] ([***] EURO) shall be due at
       the end of the first clinical Phase II study in Africa.

4.3    Royalties; In return for the rights granted hereunder, MYMETICS will pay
       to PEVION either (a) [***]% on all income generated from royalties, lump
       sum payments and any other monetary considerations coming from Profit
       Markets if the product was developed using Proteins and/or Peptides or
       (b) [***]% on all income generated from royalties, lump sum payments and
       any other monetary considerations coming from Profit Markets if the
       product was developed using proteins only (not peptides) and [***]% on
       all income from Non-Profit Markets received by MYMETICS or an Affiliate
       from a third party, provided that such monetary consideration is
       attributed to the Product.

4.4    Product Patent Rights; MYMETICS will cover all expenses for the
       re-assignment of the Product Patent Rights. If MYMETICS fails to maintain
       the protection of the Product Patent Rights, namely by failing to pay the
       corresponding maintenance fees, PEVION is entitled to take any reasonable
       action to maintain this protection, namely by paying the corresponding
       maintenance fees, and the reasonable costs incurred by this intervention
       shall be borne by MYMETICS. The amounts due in this regard by MYMETICS to
       PEVION may added to the up-front/milestone payments under Section 4 of
       this Agreement (Considerations). MYMETICS shall inform PEVION as soon as
       such failure to maintain the protection of the Product Patent Rights can
       reasonably be anticipated and, if possible, three months before the lapse
       of such protection following this failure. Starting from the effective
       date, MYMETICS will cover all costs for the prosecution of the Product
       Patent Rights. PEVION will charge MYMETICS after the re-assignment of the
       Product Patent Rights for the prosecution and re-assignment costs.

4.5    Sponsored Development; PEVION will further develop the Product for
       MYMETICS on a fee for service basis. MYMETICS will compensate PEVION for
       all expenses including human resources and all chemicals and reagents.
       PEVION charges MYMETICS with [***]% on human resources expenses (except
       CSO expenses under 4.7) for its overhead and other administrative
       expenses. PEVION will define together with MYMETICS 6 (six) months in
       advance the development work and resources needed (together as Workplan)
       for the following 6 (six) month period. MYMETICS shall confirm to PEVION
       four (4) months in advance in writing that it accepts this workplan.

4.6    MYMETICS will pay PEVION [***]% of the salary (including benefits) of
       PEVION's CSO ( "CSO") for its work and support in the development of the
       Product. MYMETICS will also cover all CSO's expenses (including travel
       expenses) incurred during its work for the Product. If the Parties
       realize that CSO's contribution needed for the development of the Product
       exceeds or is below [***]% of his annual working hours, the Parties will
       renegotiate CSO's contribution to the development of the Product and
       adjust the part of CSO's salary to be borne by MYMETICS accordingly.

                                  Page 6 of 23
<PAGE>

4.7    All milestone payments and royalty payments specified in Sections 4.1
       through 4.3 above shall be paid by MYMETICS pursuant to Section 5 and
       shall be delivered by MYMETICS to PEVION as noted in Section 5.

4.8    If MYMETICS fails to perform any of its obligations specified in Section
       4.1 to 4.5, then PEVION shall have the right to terminate this Agreement
       according section 9.2 of this agreement.

5      REPORTS, RECORDS AND PAYMENTS

5.1    Beginning on January 1, 2008 and ending on the date of first commercial
       sale of the Product, MYMETICS shall submit to PEVION annual progress
       reports covering MYMETICS' (and Affiliate's and sublicensee's) activities
       to develop and test the Products and obtain governmental approvals
       necessary for marketing the same. Such reports shall include an overview
       of work completed; overview of work in progress; current schedule of
       anticipated events or milestones; market plans for introduction of
       Licensed Products in the reporting period. MYMETICS shall also report to
       PEVION, in its immediately subsequent progress report, the date of first
       commercial sale of the Product in each country of the Territory.

5.2    MYMETICS shall inform PEVION in writing no later than thirty (30) days
       after signing any collaboration-, partnering- or sublicensing agreement
       comprising the Product.

5.3    MYMETICS shall inform PEVION in writing no later than thirty (30) days
       after receiving any up-front payments, milestone payments and/or other
       monetary considerations provided that such monetary consideration is
       attributed to the Products. MYMETICS shall pay PEVION the fees according
       Section 4.3 no later than sixty (60) days after receiving the up-front
       payments, milestone payments and/or other monetary considerations.

5.4    After the first commercial sale of the Product anywhere in the world,
       MYMETICS shall submit to PEVION quarterly royalty reports on or before
       each February 28, May 31, August 31 and November 30 of each year. Each
       royalty report shall cover MYMETICS' (and each Affiliate's and
       Sublicensee's) most recently completed calendar quarter and shall show:

        -    The number of each type of Licensed Product sold and the Net Sales
             during the most recently completed calendar quarter;

        -    The sublicense fees and royalties received during the most recently
             completed calendar quarter in Swiss Francs pursuant to Subsection
             5.6 of this Agreement;

        -    The royalties and sublicense fees payable in Swiss Francs,
             including the method used to calculate the royalties and the
             exchange rates used pursuant to Subsection 5.6 of this Agreement.

       If no sale of Licensed Products has been made and no sublicense revenues
       have been received by MYMETICS during any reporting period, MYMETICS
       shall so report.

                                  Page 7 of 23
<PAGE>

5.5    MYMETICS shall keep and shall require its Affiliates and Sublicensees to
       keep, accurate and correct records of the Products used, and sold, and
       sublicense fees received under this Agreement. Such records shall be
       retained by MYMETICS for at least ten (10) years following a given
       reporting period.

       All records shall be available during normal business hours for
       inspection at the expense of PEVION by a public accountant selected by
       PEVION and reasonably acceptable to MYMETICS for the sole purpose of
       verifying reports and payments and in compliance with the other terms of
       this Agreement. Such accountant shall not disclose to PEVION any
       information other than information relating to the accuracy of reports
       and payments made under this Agreement or other compliance issues. In the
       event that any such inspection shows an underreporting and underpayment
       in excess of five percent (5%) for any twelve (12) month period, then
       MYMETICS shall pay the cost of the audit as well as any additional sum
       that would have been payable to PEVION had the MYMETICS reported
       correctly, plus an interest charge at a rate of ten percent (10%) per
       year. Such interest shall be calculated from the date the correct payment
       was due to PEVION up to the date when such payment is actually made by
       MYMETICS. For underpayment not in excess of five percent (5%) for any
       twelve (12) month period, MYMETICS shall pay the difference within thirty
       (30) days without interest charge or inspection cost.

5.6    PEVION will invoice MYMETICS, based on a detailed statement, every 3
       (three) months for its expenses, including PEVION CSO's expenses.

5.7    All fees and royalties due to PEVION shall be paid in Swiss Francs, plus
       Swiss VAT when applicable. When Licensed Products are sold in currencies
       other than Swiss Francs, MYMETICS shall first determine the earned
       royalty in the currency of the country in which Licensed Products were
       sold and then convert the amount into equivalent Swiss funds, using the
       exchange rate quoted in the Neue Zurcher Zeitung on the last business day
       of the applicable reporting period.

5.8    Royalties shall accrue when Licensed Products are paid by a third party
       or Affiliate. MYMETICS shall make all reasonable efforts to secure prompt
       payments from said third parties and Affiliates. MYMETICS shall pay
       earned royalties quarterly on or before February 28, May 31, August 31
       and November 30 of each calendar year. Each such payment shall be for
       earned royalties accrued within MYMETICS' most recently completed
       calendar quarter.

5.9    Royalties earned on sales occurring under sublicense granted pursuant to
       this Agreement shall not be reduced by MYMETICS for any taxes, fees, or
       other charges imposed by the government of such country on the payment of
       royalty income, except that all payments made by MYMETICS in fulfilment
       of PEVION's tax liability in any particular country may be credited
       against earned royalties or fees due to PEVION for that country. MYMETICS
       shall pay all bank charges resulting from the transfer of such royalty
       payments.

5.10   In the event that any patent or patent claim related to the intellectual
       property transferred or licensed hereunder is held invalid in a final
       decision by a patent office from which no appeal or additional patent
       prosecution has been or can be taken, or by a

                                  Page 8 of 23
<PAGE>

       court of competent jurisdiction and last resort and from which no appeal
       has or can be taken, all obligations to pay royalties based solely on
       that patent or claim or any claim patentably indistinct therefrom shall
       cease as of the date of such final decision. MYMETICS shall not, however,
       be relieved from paying any royalties that accrued before the date of
       such final decision.

6      CONFIDENTIALITY

6.1    Nondisclosure; Except as specifically authorized in this Agreement or as
       has been specifically authorized by Discloser in writing, Recipient shall
       not reproduce, exploit, use, distribute, disclose or otherwise
       disseminate the disclosed proprietary information of the other Party
       ("Confidential Information") and shall not take any action causing, or
       fail to take any reasonable action necessary to prevent any, Confidential
       Information disclosed to Recipient to lose its character of Confidential
       Information. Upon expiration or termination of this Agreement, or upon
       request by Discloser, Recipient shall promptly deliver to Discloser all
       Confidential Information of Discloser and all embodiments and/or copies
       thereof then in its custody, control or possession and shall deliver
       within four weeks after such expiration or termination or destroy such
       Discloser's Confidential Information, and deliver to Discloser within six
       weeks of such notice a written statement signed by an officer of
       Recipient certifying that all unused or remaining Discloser's
       Confidential Information have been returned or destroyed with the
       exception of one copy kept in its legal file for reference purposes.

6.2    Ownership; All Confidential Information disclosed by Discloser shall
       remain the property of Discloser and no license or other right to such
       information is granted or implied hereby, other than such rights as are
       expressly set out in this Agreement.

6.3    Term; Recipient's duty to protect Discloser's Confidential Information
       pursuant to this Agreement expires ten (10) years from the date of
       disclosure of the Confidential Information.

                                  Page 9 of 23
<PAGE>

7      CONTROL OF MATERIALS

7.1    Control of PEVION Materials. MYMETICS shall not transfer the PEVION
       Materials to, or permit access to the PEVION Materials to, any third
       party without prior written approval of PEVION, except for purposes
       contemplated in this Agreement (commercial development, use, and sale of
       the Product). MYMETICS shall not use and/or exploit the PEVION Materials
       for any purpose other than as set forth in this Agreement. For the
       purposes hereof, "third parties" shall not include those Affiliates,
       corporate partners, employees and consultants of MYMETICS who will be
       involved in the handling, testing and/or evaluation of PEVION Materials
       under this Agreement. The PEVION Materials shall remain the property of
       PEVION. Upon termination of this Agreement, MYMETICS shall discontinue
       its use of all PEVION Materials, and shall, upon the written request of
       PEVION, either return any such unused or remaining PEVION Materials to
       PEVION or destroy such PEVION Materials, and deliver to PEVION within 14
       days of such notice a written statement signed by an officer of MYMETICS
       certifying that all unused or remaining PEVION Materials have been
       returned to PEVION or destroyed.

7.2    Control of MYMETICS Materials. PEVION shall not transfer the MYMETICS
       Materials to, or permit access to the MYMETICS Materials by, any third
       party without prior written approval of MYMETICS. PEVION shall not use
       and/or exploit the MYMETICS Materials for any purpose other than as set
       forth in this Agreement. For the purposes hereof, "third parties" shall
       not include those Affiliates, corporate partners, employees and
       consultants of PEVION who will be involved in the handling, testing
       and/or evaluation of Products under this Agreement. The MYMETICS
       Materials shall remain the property of MYMETICS. Upon termination of this
       Agreement, PEVION shall discontinue its use of all MYMETICS Materials,
       and shall, upon the written request of MYMETICS, either return any such
       unused or remaining MYMETICS Materials to MYMETICS or destroy such
       MYMETICS Materials, and deliver to MYMETICS within 14 days of such notice
       a written statement signed by an officer of PEVION certifying that all
       unused or remaining MYMETICS Materials have been returned to MYMETICS or
       destroyed.

8      WARRANTY, REPRESENTATIONS AND LIABILITY

8.1    No Warranty. BOTH PARTIES ACKNOWLEDGE AND AGREE THAT THE PEVION MATERIALS
       ARE BEING SUPPLIED WITH NO WARRANTIES, EXPRESS OR IMPLIED, AND PEVION
       EXPRESSLY DISCLAIMS ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A
       PARTICULAR PURPOSE OR NON INFRINGEMENT. PEVION MAKES NO REPRESENTATION
       THAT THE USE OF THE PEVION MATERIALS WILL NOT INFRINGE ON THE PATENT OR
       PROPRIETARY RIGHTS OF ANY THIRD PARTY. However to PEVION's knowledge, the
       use of the PEVION Technology in connection with the business of MYMETICS
       as contemplated herein does not conflict with, misappropriate, or
       infringe on the intellectual property rights of any third party.

       Any Party which has knowledge of an infringement on the Technology Patent
       Rights in the present Agreement shall notify the other Party thereof.
       PEVION shall take all the

                                 Page 10 of 23
<PAGE>

       required legal actions in order to put an end to any infringement on its
       intellectual property rights regarding the License Products. The costs of
       such legal actions shall be borne by PEVION.

       If a third party initiates legal actions against MYMETICS on the basis of
       alleged preferential rights regarding the Product, the Product Patent
       Rights transferred, or the Technology Patent Rights licensed as per
       Sections 2.1 and 2.2, and where the legal actions are on the basis of
       Pevion Material, then PEVION shall assist MYMETICS in its legal defense
       against such action and reimburse to MYMETICS all the costs related to
       this legal defense, to the exclusion of any other compensation. For the
       duration of such legal proceedings, MYMETICS may pay all amounts due to
       PEVION, in particular all payments due under section 5, to a blocked
       account. After the termination of the legal proceedings, the funds on the
       blocked account will be transferred to PEVION after deduction of all
       costs due to MYMETICS for its legal defense as provided for in this
       Section.

8.2    Representations. Each Party hereby represents and warrants to the other
       Party as follows:

       8.2.1  It is a corporation duly organized and validly existing under the
              laws of its state or other jurisdiction of incorporation or
              formation;

       8.2.2  It has the legal power and authority to execute and deliver this
              Agreement, and to perform its obligations hereunder; its
              activities under this Agreement are subject to insurance coverage;

       8.2.3  No authorization, consent or approval of any governmental
              authority or third party is required for the execution, delivery
              or performance by it of this Agreement, and the execution,
              delivery or performance of this Agreement will not violate any
              law, rule or regulation applicable to such Party; and

       8.2.4  It shall comply with all applicable local, state, national,
              regional and governmental laws and regulations relating to its
              activities under this Agreement.

8.3    Care in Use of PEVION Materials. MYMETICS acknowledges that the Product
       are experimental in nature and may have unknown characteristics and
       therefore agrees to use prudence and reasonable care in the use,
       handling, storage, transportation and disposition and containment of such
       Product.

8.4    Hold Harmless. In no event shall PEVION be liable for any use by MYMETICS
       of the PEVION Materials. MYMETICS shall defend, indemnify and hold PEVION
       harmless from and against any third-party claims, demands or actions and
       liabilities, cost and expenses arising there from which result from
       MYMETICS' use, handling, storage, transportation, disposition and
       containment of the Product (a "Claim") except to the extent such Claim
       result from the negligence or willful misconduct of PEVION. If PEVION
       receives notice of any Claim, PEVION shall, as promptly as is reasonably
       possible, give MYMETICS notice of such Claim; provided, however, that
       failure to give such notice promptly shall only relieve MYMETICS of any
       indemnification obligation it may have hereunder to the extent such
       failure diminishes the ability of

                                 Page 11 of 23
<PAGE>

       MYMETICS to respond to or to defend PEVION against such Claim. PEVION and
       MYMETICS shall consult and cooperate with each other regarding the
       response to and the defense of any such Claim and MYMETICS shall, upon
       its acknowledgment in writing of its obligation to indemnify PEVION, be
       entitled to and shall assume the defense or represent the interests of
       PEVION in respect of such Claim, that shall include the right to select
       and direct legal counsel and other consultants to appear in proceedings
       on behalf of PEVION and to propose, accept or reject offers of
       settlement, all at its sole cost; provided, however, that no such
       settlement shall be made without the written consent of PEVION, such
       consent not to be unreasonably withheld. Nothing herein shall prevent
       PEVION from retaining its own counsel and participating in its own
       defense at its own cost and expense.

8.5    Limitation of Liability. IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR ANY
       INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR
       IN CONNECTION WITH THIS AGREEMENT WHETHER OR NOT THAT PARTY HAS BEEN
       ADVISED OF THE POSSIBILITY OF OR IS OTHERWISE ON NOTICE OF SUCH
       POSSIBILITY UNLESS THE PARTY IN DEFAULT HAS ACTED IN WILLFUL MISCONDUCT
       OR GROSS NEGLIGENCE.

9      TERM OF AGREEMENT

9.1    Pursuant to Section 1.22, the Term of the Agreement is the period of time
       beginning on the Effective Date and ending on the expiration date of the
       longest-lived Patent Rights. MYMETICS shall however have the right at any
       time and for any reason to terminate this Agreement upon a ninety (90)
       day written notice to PEVION. Said notice shall state MYMETICS' reason
       for terminating this Agreement. Any termination under this Section shall
       not relieve MYMETICS of any obligation or liability accrued under this
       Agreement prior to termination or rescind any payment made to PEVION or
       action by MYMETICS prior to the time termination becomes effective.
       Termination shall not affect in any manner any rights of PEVION arising
       under this Agreement prior to termination.

9.2    If one Party fails to perform or violates any term of this Agreement, the
       other Party may give written notice of default ("Notice of Default") to
       the Party. If the Party fails to cure the default within sixty (60) days
       of the Notice of Default, the other Party may terminate this Agreement by
       second written notice ("Notice of Termination"). If a Notice of
       Termination is sent to one of the Parties, this Agreement shall
       automatically terminate on the effective date of that notice. Termination
       shall not relieve either Party of its obligation to pay any fees owed at
       the time of termination

9.3    In the event any Party becomes the subject of a voluntary or involuntary
       petition in bankruptcy, such Party shall immediately notify the other
       Party in writing. If such petition is not dismissed with prejudice within
       one hundred twenty (120) days after filing, the other Party shall have
       the right to terminate this Agreement by giving the bankrupting Party
       written notice. Termination of this Agreement pursuant to this Section 9
       shall be effective upon the bankrupting Party's receipt of such written
       notice.

9.4    Effects of Termination. Upon the termination of this Agreement for any
       reason whatsoever or the expiration of the term of this Agreement:

                                 Page 12 of 23
<PAGE>

       -   all rights of the Parties hereunder shall cease immediately;

       -   amounts owed by MYMETICS to PEVION shall immediately become due and
           payable;

       -   MYMETICS or its Sublicensees shall have the right to distribute and
           sell its remaining inventory of Licensed Products and raw materials,
           in the ordinary course of business and pursuant to instructions
           received from PEVION.

9.5    The following Sections and Articles shall survive the termination of this
       Agreement: 1, 4, 5, 6 7, 8, 10, 18.

Upon termination of this Agreement, MYMETICS may dispose of all previously made
or partially made Licensed Product within a period of one hundred and twenty
(120) days of the effective date of such termination provided that the sale of
such Licensed Product by MYMETICS, its Sublicensees, or Affiliates shall be
subject to the terms of this Agreement, including but not limited to the
rendering of reports and payment of royalties required under this Agreement.

10     PUBLICITY

Except as may otherwise be required by law or regulation, neither Party shall
make any public announcement, directly or indirectly, concerning the existence
or terms of this Agreement or the subject matter hereof without first submitting
a copy of the proposed announcement to the other Party for review and obtaining
the approval of the other Party. The other Party shall have seven (7) business
days or such other time as mutually agreed upon to consent to the publication of
such announcement, such consent not to be unreasonably withheld. If either Party
is required by law or regulation to make a public announcement concerning the
existence or terms of this Agreement, such Party shall give reasonable prior
advance notice of the proposed text of such announcement to the other Party for
its prior review and comment.

11     ASSIGNMENT

The Parties agree not to assign any of their rights or obligations under this
Agreement to any other third party without first obtaining the written approval
of the other Party. Such approval shall not be unreasonably withheld and Pevion
in particular recognizes Mymetics' right to sell the result of its malaria
vaccine project, including its rights and obligations under this Agreement,
provided such a sale does not have material adverse effects on Pevion. The terms
and conditions of this Agreement shall inure to the benefit of and be binding
upon the respective permitted successors and assigns of the Parties. Nothing in
this Agreement, express or implied, is intended to confer upon any Party other
than the Parties hereto or their respective successors and assigns any rights,
remedies, obligations, or liabilities under or by reason of this Agreement,
except as expressly provided in this Agreement.

12     RE-ASSIGNMENT OF RIGHTS TO PEVION

MYMETICS agrees to re-assign for free to PEVION all the rights including the
Product Patent Rights, obtained from PEVION under this Agreement, if it is
established that MYMETICS has stopped its efforts to develop its malaria vaccine
for a period of two years or

                                 Page 13 of 23
<PAGE>

more. Upon request from PEVION, MYMETICS shall demonstrate in good faith which
efforts have been undertaken in the last two years in this regard.

13     SEVERABILITY

If one or more provisions of this Agreement are held to be unenforceable under
applicable law, the Parties agree to renegotiate such provision in good faith,
in order to maintain the economic position enjoyed by each Party as close as
possible to that under the provision rendered unenforceable. In the event that
the Parties cannot reach a mutually agreeable and enforceable replacement for
such provision, then (i) such provision shall be excluded from this Agreement,
(ii) the balance of the Agreement shall be interpreted as if such provision were
so excluded and (iii) the balance of the Agreement shall be enforceable in
accordance with its terms

14     AMENDMENTS AND WAIVERS

Any agreement to change the terms of this Agreement in any way shall be valid
only if the change is made in writing and approved by mutual agreement of
authorized representatives of the Parties hereto. This contract is the entire
agreement between the Parties with respect to the subject matter thereof and
supersedes all prior agreements whether written or oral.

No waiver of any right, power or remedy following a breach of this contract is
valid unless it is made in writing.

15     ENTIRE AGREEMENT

MYMETICS acknowledges having read and executed this Agreement and agreed to be
bound by its terms. This Agreement is the product of both of the Parties hereto,
and constitutes the entire agreement between such Parties pertaining to the
subject matter hereof, and merges all prior negotiations and drafts of the
Parties with regard to the transactions contemplated herein. Any and all other
written or oral agreements existing between the Parties hereto regarding such
transactions are expressly canceled.

The preamble hereof shall form an integral part of this Agreement.

16     DUE DILIGENCE REGARDING THE PRODUCT- AND TECHNOLOGY PATENT RIGHTS

MYMETICS has ordered GERMAIN & MAUREAU, patent trade mark and design Attorneys,
to make a due diligence regarding PEVION's intellectual property rights
mentioned in this Agreement. The Parties recognize that the adequate protection
of these intellectual property rights is a condition to the continuing execution
of this Agreement.

If such due diligence, which shall be complete by December 15 2007, reveals
inadequate protection of the intellectual property rights mentioned in this
Agreement, MYMETICS shall not have to make any further payment until PEVION has
fixed these lacks of protection at its own costs.

                                 Page 14 of 23
<PAGE>

If these lacks of protection are fixed by PEVION in an objectively satisfactory
way, all the rights and remedies of the Parties under this Agreement shall take
full force and effect and, in particular, MYMETICS will resume the various
payments provided for under this Agreement.

If these lacks of protection are not fixed by PEVION in an objectively
satisfactory way, all rights and remedies of the Parties under this Agreement
shall be terminated and no further payment will be due by Mymetics; the first
instalment of EURO [***] ([***] EURO) paid by MYMETICS at the time of
signature of this Agreement as per Section 4.1 shall however not be reimbursed
by Pevion.

17     NOTICES

Notices, invoices, communications, and payments hereunder shall be deemed made
if given by traceable mail and addressed to the Party to receive such notice,
invoice, or communication at the address given below, or such other address as
may hereafter be designated by notice in writing:

         If to MYMETICS:                        If to PEVION:

         MYMETICS Corporation,                  PEVION Ltd.
         14, rue de la Colombiere,              Rehhagstrasse 79
         CH 1260 Nyon                           CH 3018 Bern
         Switzerland                            Switzerland
         Att: Christian Rochet (CEO)            Att: Thomas Stauffer (COO)

18     APPLICABLE LAW AND CONFLICT RESOLUTION.

This Agreement will be governed by the laws of Switzerland without regard to its
conflict of laws rules. All disputes arising out of or in connection with this
Agreement shall finally be resolved by the competent court of Zurich,
Switzerland.

(Remaining of page intentionally left blank)

                                 Page 15 of 23
<PAGE>

19     SIGNATURES

IN WITNESS WHEREOF, the proper Parties, duly authorized, have executed this
Agreement in duplicate as of the day and year first written above.

For MYMETICS: For PEVION:

President & CEO:                            CEO

Place:                                      Place:
      -----------------------                      -----------------------

Date:                                       Date:
      -----------------------                      -----------------------

Name: Christian Rochet                      Name: Peter Klein

Signature: /s/Christian Rochet              Signature: /s/ Peter Klein
           -------------------                         -------------------

CFO:                                        COO:

Place:                                      Place:
      -----------------------                      -----------------------

Date:                                       Date:
      -----------------------                      -----------------------

Name: Ernst Lubke                           Name: Thomas Stauffer

Signature:  /s/ Ernst Lubke                   Signature:  /s/ Thomas Stauffer
            -----------------                             --------------------

                                 Page 16 of 23
<PAGE>

EXHIBIT A

CONCEPT

Pevion Biotech uses its well-established virosome technology platform PeviPROTM
for the delivery of the newly developed peptide antigens. The virosomes allow
inducing a strong and reliable immune response even against weak immunogens, as
peptides are. Together with the excellent safety profile known for virosome
vaccines, the in-depth experience of virosome vaccines in children and infants
makes the combination of peptide antigens with PeviPROTM a vaccine candidate
with outstanding chances to actually defeat Malaria. A recent development makes
this combination even more attractive for vaccines in tropical regions. Pevion
Biotech was able for the first time to lyophilize virosome vaccines. This
process allows the storage of the vaccine even at room temperature and solves
common stability issues for a number of vaccines. After reconstitution of the
lyophilized vaccine it is still fully active.

DATA

Peptides from regions of different protein antigens were tested for their
ability to evoke a protective immune response. They were synthesized,
intensively tested and improved over sequential rounds of peptide optimization.
In detail, identified peptides were formulated with virosomes and tested for
their immunogenicity by injecting the virosome/peptide combination in mice. The
quality and quantity of the resulting antibodies was evaluated by western blot
and ELISA analysis. Additionally, their ability to bind native proteins was
shown by immuno fluorescence on parasites. The final test was to evaluate,
whether the antibodies are functional, i.e. inhibit growth of the parasite.
Therefore the antibodies were assessed for their ability to inhibit growth of
living parasite or inhibit their invasion of cells. This represents the
milestone: proof of concept in animals. The company identified four lead
structures originating from protein antigens of different life stages of the
parasite. PEV301 is derived from the apical membrane antigen 1 (AMA-1), an
antigen of the blood stage. PEV302 is originally located within major surface
protein of the pre-erythrocytic stage, representing the incoming parasite,
called circum sporozoite protein (CSP). PEV303 is a major peptide antigen of the
MSP-1 protein (blood stage) and PEV304 originates of the blood stage protein
MSP-3. All molecules successfully finished proof of concept in animals and
entered preclinical development.

Preclinical development was pursued for the two components PEV301 and PEV302. It
included the establishment of the GMP manufacturing of the final vaccine
component, and an in-depth toxicology study. The latter demonstrated that
peptide vaccines were safe and well tolerated in rabbits and rats. Furthermore,
the company set up stability and analytic programs (HPLC, potency tests and
competitive ELISA).

The two components met another milestone by successfully finishing a first
clinical testing. The synthetic peptide vaccine components were evaluated in
healthy volunteers in order to test their tolerability and immunogenicity. After
two vaccinations the clinical data showed that the tested peptide vaccine
components possess a unique safety profile. At the same time they are highly
immunogenic, which was shown by a response rate of 100%. Remarkable is the
longevity of the response: in the groups tested antigen specific antibodies were
detected even one year after the first immunization. The antibodies induced by
the two components are

                                 Page 17 of 23
<PAGE>

fully functional, recognize the native proteins (western blot analysis and
immune fluorescence) and were able to inhibit growth of the parasite. These
results were clearly over all expectations. Most importantly, the results
indicate, that already two application may be sufficient in endemic regions.
This would substantially reduce the costs of the vaccine in these regions.
Pevion Biotech developed the vaccine formulations PEV301 and PEV302 to clinical
Phase II which started in Q4 2005.

NEXT STEPS

First results of the clinical IIa study are expected by end 2007. In parallel,
Pevion Biotech will test PEV301 and PEV302 in endemic regions. This allows to
verify the finding, that immune response to these antigens can amplified even by
very low pre-existing immunity. This effect would allow to get easy access to
the a market consisting of military personal and private persons in endemic
regions. The start of this clinical program is planned for Q3/2007. Further
clinical studies depends on the collaboration with a NGO (see below). Pevion
Biotech is already partner in an EU-network for the development of malaria
vaccine.

                                 Page 18 of 23
<PAGE>

EXHIBIT B

Product Patent Rights

US2004/ 0176283: Methods and composition for the design of synthetic vaccines

WO 04/ 078099:   Composition and Methods for the generation of protective
                 immune response against malaria

WO 04/ 106366:   Methods for synthesizing conformationally constrained peptides,
                 peptidomimetics and use of such peptidomimetics as synthetic
                 vaccines

US2004/ 0176283
<Table>
<Caption>
-----------------------------------------------------------------------------------------------------------------------
                                 PUBLICATION NO           APPLICATION NO             PRIORITY        FILING
TITLE /  INVENTORS /
INTERNAL TITLE, INTERNAL NO      Patent Family
-----------------------------------------------------------------------------------------------------------------------
<S>                              <C>                      <C>                        <C>             <C>
METHODS AND COMPOSITIONS FOR THE
DESIGN OF SYNTHETIC VACCINES
-----------------------------------------------------------------------------------------------------------------------
Representative: Jones Day, USA   US2004/ 0176283          US 10/114,918              01.04.2002
---------------                  ---------------
-----------------------------------------------------------------------------------------------------------------------
Gerd Pluschke (Swiss Tropical
Inst.)
-----------------------------------------------------------------------------------------------------------------------
John Robinson (University of
Zurich)
-----------------------------------------------------------------------------------------------------------------------
Kerstin Moehle (University of
Zurich)
-----------------------------------------------------------------------------------------------------------------------
Bernhard Pfeiffer (University of
Zurich)
-----------------------------------------------------------------------------------------------------------------------
Rinaldo Zurbriggen (Pevion
Biotech)
-----------------------------------------------------------------------------------------------------------------------
Reinhard Glueck (Pevion Biotech)
-----------------------------------------------------------------------------------------------------------------------
Applicant:
----------
-----------------------------------------------------------------------------------------------------------------------
Pevion Biotech Ltd.,
-----------------------------------------------------------------------------------------------------------------------
University of Zurich,
-----------------------------------------------------------------------------------------------------------------------
Swiss Tropical Institute
-----------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------
"MALARIA CSP-MIMETIC (PEV302)"
-----------------------------------------------------------------------------------------------------------------------
00002; P
-----------------------------------------------------------------------------------------------------------------------
</Table>

WO 04/ 078099

                                 Page 19 of 23
<PAGE>

<Table>
<Caption>
-----------------------------------------------------------------------------------------------------------------------
                                 PUBLICATION NO           APPLICATION NO             PRIORITY        FILING
TITLE /  INVENTORS /
INTERNAL TITLE, INTERNAL NO      Patent Family
-----------------------------------------------------------------------------------------------------------------------
<S>                              <C>                      <C>                        <C>             <C>
COMPOSITIONS AND                  US2004/ 0175392         US10/379,417               03.03.2003      03.03.2003
METHODS FOR THE
GENERATION OF
PROTECTIVE
IMMUNE RESPONSES
AGAINST MALARIA
-----------------------------------------------------------------------------------------------------------------------
                                 WO 04/ 078099            PCT/EP04/002126            03.03.2003      03.03.2004
                                 -------------
-----------------------------------------------------------------------------------------------------------------------
                                 AU                       AU2004216833               03.03.2003      03.03.2004
-----------------------------------------------------------------------------------------------------------------------
Applicants:                      CA2,545,779              CA                         03.03.2003      03.03.2004
----------
-----------------------------------------------------------------------------------------------------------------------
Pevion Biotech LTD..,            EP1599225B1              EP04716571.7               03.03.2003      03.03.2004
-----------------------------------------------------------------------------------------------------------------------
University of Zurich;
-----------------------------------------------------------------------------------------------------------------------
Swiss Tropical Institute
-----------------------------------------------------------------------------------------------------------------------
Inventors:
----------
-----------------------------------------------------------------------------------------------------------------------
Gerd Pluschke (Swiss Tropical
Inst.)
-----------------------------------------------------------------------------------------------------------------------
Markus Muller (Swiss Tropical
Inst.)
-----------------------------------------------------------------------------------------------------------------------
John Robinson (University of
Zurich)
-----------------------------------------------------------------------------------------------------------------------
Annabelle Freund-Rennard
(University of Zurich)
-----------------------------------------------------------------------------------------------------------------------
Rinaldo Zurbriggen (Pevion
Biotech)
-----------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------
AMA-49/PEV301
-----------------------------------------------------------------------------------------------------------------------
00004; P
-----------------------------------------------------------------------------------------------------------------------
</Table>

WO 04/ 106366

<Table>
<Caption>
-----------------------------------------------------------------------------------------------------------------------
                                 PUBLICATION NO           APPLICATION NO             PRIORITY        FILING
TITLE /  INVENTORS /
INTERNAL TITLE, INTERNAL NO      Patent Family
-----------------------------------------------------------------------------------------------------------------------
<S>                              <C>                      <C>                        <C>             <C>
METHODS FOR SYNTHESIZING         EP1484336                EP03012520                 02.06.2003      02.06.2003
CONFORMATIONALLY CONSTRAINED
PEPTIDES, PEPTIDOMIMETICS AND
USE OF SUCH PEPTIDOMIMETICS AS
SYNTHETIC VACCINES
-----------------------------------------------------------------------------------------------------------------------
                                 WO 04/106366             PCT/EP04/005952            02.06.2003      02.06.2004
                                 ------------
-----------------------------------------------------------------------------------------------------------------------
Applicants:
-----------
-----------------------------------------------------------------------------------------------------------------------
Pevion Biotech Ltd..,            AU 4242787               AU2004242787               02.06.2003      02.06.2004
-----------------------------------------------------------------------------------------------------------------------
University of Zurich;            CA 2,527,795                                        02.06.2003      02.06.2004
-----------------------------------------------------------------------------------------------------------------------
</TABLE>

                                 Page 20 of 23
<PAGE>

<Table>
<Caption>
-----------------------------------------------------------------------------------------------------------------------
                                 PUBLICATION NO           APPLICATION NO             PRIORITY        FILING
TITLE /  INVENTORS /
INTERNAL TITLE, INTERNAL NO      Patent Family
-----------------------------------------------------------------------------------------------------------------------
<S>                              <C>                      <C>                        <C>             <C>
-----------------------------------------------------------------------------------------------------------------------
Swiss Tropical Institute         EP 1629002               EP04739532                 02.06.2003      02.06.2004
-----------------------------------------------------------------------------------------------------------------------
Inventors:                       US 2006/0258564          10/559,010                 02.06.2003      02.06.2004
----------
-----------------------------------------------------------------------------------------------------------------------
Gerd Pluschke (Swiss Tropical
Inst.)
-----------------------------------------------------------------------------------------------------------------------
Markus Muller (Swiss Tropical
Inst.)
-----------------------------------------------------------------------------------------------------------------------
John Robinson (University of
Zurich)
-----------------------------------------------------------------------------------------------------------------------
Ursula Kienzl (University of
Zurich)
-----------------------------------------------------------------------------------------------------------------------
Rinaldo Zurbriggen (Pevion
Biotech)
-----------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------
UK39 / PEV302
-----------------------------------------------------------------------------------------------------------------------
00005; P
-----------------------------------------------------------------------------------------------------------------------
</Table>

                                 Page 21 of 23
<PAGE>

EXHIBIT C

Technology Patent Rights

EP538 437 B1:         Immunostimulating and immunopotentiating reconstituted
                      influenza virosomes and vaccines containing them

WO06/069718 A1:       Lyophilization of virosomes

                                 Page 22 of 23
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EXHIBIT D

PRODUCT INFORMATION

Immunological data:
-    Pre-clinical data set for PEV301-304
-    Clinical Phase I and clinical Phase IIa data set for PEV301/PEV302

Regulatory data:
-    Toxicology data set for PEV301/302
-    IMPD for PEV301-PEV304 (drug substance part; issues concerning the virosome
     technology and the manufacturing will be provided directly to the
     corresponding regulatory authorities)
-    Safety data set from clinical Phases I and IIa

Manufacturing data:
-    Analytical test and methods (GMP)
-    SOP for manufacturing
-    All QA/QC relevant aspects

                                 Page 23 of 23

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