Document:

Unassociated Document

 

SPONSORED RESEARCH AGREEMENT

This Sponsored Research Agreement ("Agreement"), effective as of this 1st  day of October 2013 ("Effective Date"), is entered into by and between St. Jude Children's Research Hospital, 262 Danny Thomas Place, Memphis, Tennessee 38105 ("St. Jude") and Retrophin, Inc., a Delaware Corporation located at 777 Third Avenue, 22nd Floor, New York, New York 10017 ("Sponsor" and collectively with St. Jude, the “Parties”),

1.           Background

1.1           St. Jude is the owner, by assignment from ########* ("Principal Investigator"), of her entire right, title, and interest in any and all inventions, discoveries and materials which are created or developed by her as a result of research performed at St. Jude.

1.2           Principal Investigator has expertise in the study of PKAN disease and other infectious diseases and desires to conduct a Research Program, as hereinafter described, at St. Jude.

1.3           Sponsor desires to provide support for such Research Program in return for certain rights granted herein, and St. Jude is willing to grant such rights under the terms and conditions set forth herein.

St. Jude and Sponsor do hereby agree as follows:

2.           Definitions

2.1           "Research Program" shall include, and be limited to, the research program to be conducted by the Principal Investigator as described in Appendix A; which shall be updated as appropriate, and as mutually agreed by the parties.

2.2           "IPR" shall mean St. Jude's intellectual property rights in and to any U. S. and  foreign patent applications, and patents which issue therefrom, which claim any St. Jude Invention, Joint Invention or other invention conceived or first reduced to practice in the performance of the Research Program during the term of this Agreement, as well as St. Jude rights in and to any unpatentable invention, discovery, process, method or St. Jude Materials conceived or first reduced to practice in the performance of the Research Program during the term of this Agreement.

2.3           "St. Jude Materials" shall mean biological materials, whether patentable or unpatentable, which are created or discovered as a result of the Research Program during the term of this Agreement.

2.4           "Option" shall mean the exclusive right to acquire an exclusive, worldwide, royalty-bearing license, with the right to sublicense, for any and all IPR, upon commercially reasonable terms.  Such option shall be exclusive and St. Jude shall not discuss licensing the IPR with any third party during the Option Period or Negotiation Period (as defined below).

 

________________________

* ######## = Material omitted pursuant to a request for Confidential Treatment and submitted separately to the Commission on the date of submission of this Registration Statement on Form S-1.

 

  

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2.5           "License Agreement" means the exclusive license agreement to be negotiated between Sponsor and St. Jude upon exercise of the Option granted herein.

2.6           "Patent Costs" shall mean any and all expenses incurred by St. Jude in the filing, prosecution and maintenance of patent applications or patents claiming any IPR for which Sponsor has elected to exercise its Option.

2.7           “Compound” shall mean any molecules, products, compounds, cells, tissues or products created by Sponsor or for which sponsor files a patent application, that Sponsor provides to St. Jude or Principal Investigator in connection with the Research Program

3.           Performance of the Research Program.  St. Jude shall undertake the Research Program, which shall be conducted under the direct supervision of Principal Investigator.  The Research Program may be modified upon mutual written agreement of the parties.  Performance of the Research Program is estimated to take approximately two (2) years.

4.           Funding of the Research Program.  Sponsor will pay to St. Jude a total of seven hundred eighty thousand six hundred seventy four U.S. dollars ($780,674; the “Fee”) in order to perform the Research Program as detailed in the budget attached as Appendix B.  The Fee is unrestricted as being not contingent on definitive research outcomes but the Fee is paid specifically to support the Research Program in the laboratory ########*.  St. Jude shall cause Principal investigator to perform research and related activities in accordance with the terms of this Agreement. Payment shall be made as follows:

$195,168.50 will be paid within thirty (30) days of execution of the Agreement;  $195,168.50 will be paid six (6) months after execution of the Agreement;

$195,168.50 will be paid twelve (12) months after execution of the Agreement; and$195,168.50 will be paid eighteen (18) months after execution of the Agreement.

5.           Intellectual Property.

5.1           The Parties hereto acknowledge and agree that the existing inventions, technologies and other intellectual property of Sponsor and St. Jude are their separate property, respectively, and are not affected by this Agreement and neither party shall have any claims to or rights in such existing inventions, technologies and intellectual property of the other party, except as otherwise set forth in this Agreement and other written agreements between the Parties, if any.

5.2           Inventions.  Any new invention, suggestion, idea, development, creation or discovery of any type directly or indirectly resulting from the work of the Research Program during the term of this Agreement, or disclosed in writing by St. Jude or the Principal Investigator as a Research Project invention-in-progress and completed after the term of this Agreement, shall be promptly disclosed in writing to Sponsor and identified as an Invention under this Agreement.

5.1.1           Any IPR resulting from the Research Program for which St. Jude employees are the sole inventors under U.S. patent law ("St. Jude Invention") shall be the exclusive property of St. Jude.

 

________________________

* ######## = Material omitted pursuant to a request for Confidential Treatment and submitted separately to the Commission on the date of submission of this Registration Statement on Form S-1.

 

  

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5.1.2           Any IPR resulting from the Research Program for which St. Jude employees and Sponsor employees are joint inventors ("Joint Invention") shall be jointly owned by St. Jude and Sponsor.

5.1.3           Any IPR resulting from the Research Program for which Sponsor employees are the sole inventors under U.S. patent law (the "Sponsor Invention") shall be the exclusive property of the Sponsor.

 

Inventorship (as opposed to ownership) of any Invention arising out of the Research Program shall be determined in accordance with United States’ patent laws, or, in the event that an Invention is not patentable, by mutual agreement of the Parties based upon their relative contributions to the Research Program.

Notwithstanding any other provision of this Agreement, in no event shall St. Jude have any right or interest in or to any Sponsor Invention. Sponsor shall grant St. Jude and Principal Investigator a royalty-free research license during the term of this Agreement to any Inventions (including Rights of Sponsor embodied therein) solely for academic research purposes; provided that, St. Jude shall not license or sublicense to any third party nor commercially exploit such Sponsor Invention in any manner.

During the Term of this Agreement and subject to the terms set forth herein, Sponsor shall grant to St. Jude a non-exclusive, royalty-free research license to the Compounds solely for academic research purposes; provided that, St. Jude shall not license or sublicense to any third party nor commercially exploit such Compounds in any manner.  If the Principal Investigator wishes to publish or otherwise disclose the results of any test or analysis of the Compound, the Principal Investigator and St. Jude shall comply with the provisions of Article 10 of this Agreement

5.2           Patents.  St. Jude and Sponsor shall consult with each other and consider the reasonable comments of the non-filing party, on the filing of all U.S. and foreign patent applications which claim St. Jude Inventions or Joint Inventions.  St. Jude shall file, prosecute and maintain, at its own expense and discretion, all U.S. and foreign patent applications and patents issuing thereon claiming any St. Jude Invention.  Sponsor shall file (on behalf of St. Jude and Sponsor), prosecute and maintain, at its own expense, all U.S. and foreign patent applications claiming any Joint Invention.  Sponsor shall consult with and keep St. Jude informed of such efforts, and it shall provide St. Jude with copies of all relevant documentation with respect thereto. Sponsor shall give St. Jude reasonable time to review and comment upon any draft application, official paper from any patent office requiring a response, and any proposed response thereto.  Should Sponsor elect not to file, continue prosecution of, or maintain a patent application or patent claiming a Joint Invention, it will promptly notify St. Jude and St. Jude may file, prosecute or maintain such patent application or patent at its own expense and shall have sole rights thereafter to the subject Joint invention, notwithstanding the provisions of Paragraph 7.2.

 

  

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6.           Option.

6.1           In consideration for Sponsor's funding of the Research Program, St. Jude hereby grants to Sponsor, and Sponsor accepts the Option for IPR. ########*.

6.2           Should Sponsor elect to exercise its Option for any IPR, the Parties agree to promptly commence negotiations, in good faith, of a License Agreement to be entered into no later than ########* after the date of the exercise of the Option.  Such License Agreement shall take into consideration ########*and shall include at least the following provisions: ########*.  If the parties are unable to reach an agreement, ########*.

6.3           If Sponsor elects not to exercise its Option for any St. Jude Inventions pursuant to Paragraph 6.1, ########*.

7.           Retained Rights.

7.1           St. Jude shall retain the right to use any IPR exclusively licensed to Sponsor for internal research and educational purposes only and shall not be permitted to sublicense such right to any party without the prior written consent of Sponsor.  St. Jude shall retain the right to transfer any such St. Jude Materials and related information or technology developed or created by St. Jude employees during the course of the Research Program to other not-for-profit institutions, solely for internal non-commercial research use and educational purposes; provided, that such other not-for-profit institutions are not permitted or granted the right to sublicense or transfer such material without the prior written consent of Sponsor.  St. Jude agrees that it will not transfer such St. Jude Materials and related information or technology to any commercial entity without the prior written approval of Sponsor.

7.2           For any IPR covered under this agreement which is made in part using funds or resources obtained from the U.S. Government, the U.S. shall retain certain rights as set forth in the Bayh-Dole Act, 35 U.S.C. §§200 et seq.

7.3           Sponsor shall retain the right to use any IPR developed within the Research Program for internal research purposes.

8.           Confidentiality and Use of Names.

8.1           “Confidential Information” shall mean any nonpublic information disclosed by one party to the other for the purpose of supporting performance under this Agreement.  In the absence of express permission to the contrary, a party in receipt of Confidential information from the other party shall not transfer such information to any third party, will use such information for internal research purposes only and shall take, and cause its employees and agents, including Principal Investigator, to take all reasonable measures including but not limited to: (i) limit access to and use of Confidential Information to the Principal Investigator and other Institution employees for whom such access and use is required for performance of the Research Program; (ii) use Confidential Information only for the purposes approved by Sponsor in writing; (iii) prevent the access, transfer or disclosure of Confidential Information to any other person or entity without Sponsor’s prior written approval;  (iv) upon request by Sponsor, return to Sponsor all Confidential Information owned or provided by Sponsor, except that St. Jude may retain one copy of the Confidential Information solely to monitor its continuing obligations hereunder; and (v) immediately inform Sponsor of any unauthorized disclosure or misappropriation of Confidential Information and  assist Sponsor in taking all reasonable and lawful actions necessary to prevent or abate such unauthorized disclosure or misappropriation.

 

___________________________

* ######## = Material omitted pursuant to a request for Confidential Treatment and submitted separately to the Commission on the date of submission of this Registration Statement on Form S-1.

 

  

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8.2           Nothing contained herein shall in any way restrict or impair the right of Sponsor or St. Jude to use, disclose, or otherwise deal with any information or data which:

(a) at the time of disclosure to a receiving party is generally available to the public or thereafter becomes generally available to the public by publication or otherwise through no act of the receiving party; or

(b) the receiving party can show by written record was in its possession prior to the time of disclosure to it hereunder; or

(c) is independently made available to the receiving party as a matter of right by a third party; or

(d) is subject to disclosure by requirements of law.

8.3           Neither of the parties shall use the name of the other party or the name of a current or former staff member, employee, student or affiliated physician or faculty in any public disclosure, publicity or advertising involving the fact of this Agreement or its subject matter without the prior written approval of the other party, unless required to do so by law.

8.4           This Article 8 shall remain in effect for five (5) years following disclosure of any Confidential Information. St. Jude may, but only to the extent such disclosures are required by law, disclose Confidential Information in required reports to Regulatory Authorities (e.g. the FDA, Department of Health, Institutional Review Boards, Ethics and Biosafety Committees) or other Governmental agencies; provided, however, that St. Jude shall first inform Sponsor and seek to limit the scope of disclosure of Confidential Information and obtain confidential treatment by such agencies of the Confidential Information required to be disclosed. St. Jude acknowledges and agrees that all Confidential Information is of important commercial and competitive value to the Sponsor, and may be maintained by the Sponsor as confidential trade secrets.

9.           Reports.  St. Jude agrees that the Principal Investigator will furnish Sponsor with a  written report summarizing all of the results of the Research Program within sixty (60) days of the one year anniversary and expiration of this Agreement.  Sponsor shall have the unrestricted right to use all of the information included in any such report for internal research purposes only.

10.           Publications.  Sponsor recognizes that Principal Investigator may wish to publish or otherwise publicly disclose the results of the Research Program.  St. Jude agrees to submit all such intended publications or presentations to Sponsor at least thirty (30) days prior to any submission or other public disclosure and to delete any Confidential Information belonging to Sponsor.  If Sponsor determines that the publication or intended presentation contains patentable subject matter related to a St. Jude Invention or to a Joint Invention, St. Jude agrees to postpone publication or presentation for an additional sixty (60) days to permit  the filing of a patent application or the deletion of such Confidential information.  The Publication shall be reasonably modified or corrected to prevent disclosure of Sponsor’s Confidential Information. Each Publication shall appropriately acknowledge Sponsor’s contribution to the Research Project if so requested by Sponsor or required for such Publication.

 

  

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11.           Term and Termination

11.1           Term. Unless otherwise terminated by operation of law or by acts of the parties in accordance with the terms of this Agreement, this Agreement shall be in full force and effect for a period of two (2) years from the Effective Date.  The term may be extended by written agreement between the parties.

11.2           Termination.

a) by St. Jude.  If Sponsor fails to meet any of its material obligations under this Agreement and fails to remedy these failures within sixty (60) days after receipt of written notice thereof, St. Jude may  terminate this Agreement upon written notice thereof, which shall terminate any further Option granted to Sponsor under this Agreement.  Any termination of this Agreement shall not affect the rights or obligations granted to Sponsor under any Option previously exercised, or License Agreement executed, prior to the termination of this Agreement.  If this Agreement is terminated by St. Jude for any reason other than Sponsor's failure to meet its obligations hereunder, St. Jude shall repay to Sponsor the uncommitted balance, if any, of the Research Program funding which was paid by Sponsor to St. Jude pursuant to Paragraph 4.

b) by Sponsor. In the event Principal Investigator is unable to continue supervision of the Research Program for a period in excess of sixty (60) days, St. Jude shall so notify Sponsor and may nominate a replacement.  If St. Jude does not nominate a replacement or if that replacement is unsatisfactory to Sponsor, Sponsor may terminate this Agreement upon thirty (30) days written notice to St. Jude.  In the event St. Jude fails to meet its obligations under this Agreement and shall fail to remedy these failures within sixty (60) days after receipt of written notification thereof, Sponsor shall have the option of terminating this Agreement upon written notice thereof, and such right to terminate shall be Sponsor's sole remedy at law or in equity.  If this Agreement is terminated by Sponsor due to St. Jude's failure to meet its obligations hereunder, St. Jude shall repay to Sponsor the uncommitted balance, if any, of the Research Program funding which was paid by Sponsor to St. Jude pursuant to Paragraph 4.  Any other termination of this Agreement by Sponsor shall not relieve Sponsor of its obligation to pay any monies due or owing to St. Jude at the time of such termination and shall not impair any accrued right of St. Jude.  This Agreement may be terminated by either party at any time upon thirty (30) days advance written notice to the other party.

c) Either Party.   If this Agreement is terminated by either party, (i) such termination shall be without prejudice to the rights and remedies of either party with respect to any breach of this Agreement by the other party, where such a breach occurred prior to the termination of this Agreement; (ii) the provisions of clauses 5-10, together with those other provisions of this Agreement which are incidental to, and required in order to give effect to those clauses, shall remain in full force and effect; and (iii) Sponsor shall be relieved of all outstanding payment obligations under Section 6 of this Agreement.

 

  

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11.3           Survival. Sections 5.2, 6, 7, 8, 9, 10, 11.2, 12, 13 and 15 shall survive any termination of this Agreement.

12.           Indemnification.

12.1           Sponsor agrees to indemnify, defend and hold harmless St. Jude and the American Lebanese Syrian Associated Charities (ALSAC) and their respective corporate affiliates and Boards of Governors, officers, staff, representatives and agents against all damages, expenses (including without limitation reasonable legal expenses), claims, demands, suits or other actions such as product liability claims (collectively, the “Claims”), arising in connection with this Agreement or the Research Program; provided, that such Claims are not the result of the  negligence, misconduct or bad faith of St. Jude, the Principal Investigator or its or their employees, consultants, agents or representatives.  St. Jude shall promptly notify Sponsor of any such claim and shall cooperate with Sponsor and its insurance carrier in the defense of the claim.  Sponsor agrees to submit any proposed settlement to St. Jude in advance of its approval.  Upon the first commercial sale of any product developed under the IPR herein, Sponsor agrees to procure, retroactive to the sale date, and maintain in an amount standard to the industry and the type of research being conducted comprehensive general liability insurance against any claims or expenses for which it is obligated to indemnify as provided above, or maintain a comparable program of self-insurance and upon the request of St. Jude, Sponsor shall provide St. Jude with a certificate of insurance or letter of self-insurance, evidencing the same.

12.2           St. Jude agrees to indemnify, defend and hold harmless the Sponsor and its affiliates, officers, employees, directors, representatives, managers, members, consultants, advisors and agents against any and all Claims that result from the negligence,  misconduct or bad faith of St. Jude, the Principal Investigator or its or their affiliates, employees, consultants, agents or representatives.  Sponsor shall promptly notify St. Jude of any such claim and shall cooperate with St. Jude and its insurance carrier in the defense of the claim.  St. Jude agrees to submit any proposed settlement to Sponsor in advance of its approval.

13.           Warranties.

13.1           EXCEPT AS PROVIDED BELOW, ST. JUDE MAKES NO WARRANTIES, EXPRESS OR IMPLIED AS TO ANY MATTER WHATSOEVER, INCLUDING WITHOUT LIMITATION THE CONDITION, ORIGINALITY, OR ACCURACY OF THE RESEARCH PROGRAM OR ANY INVENTION(S) OR PRODUCT(S), WHETHER TANGIBLE OR INTANGIBLE CONCEIVED, DISCOVERED, OR DEVELOPED UNDER THIS AGREEMENT; OR THE OWNERSHIP, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE RESEARCH PROGRAM OR ANY SUCH INVENTION OR PRODUCT.  ST. JUDE SHALL NOT BE LIABLE FOR ANY DIRECT, CONSEQUENTIAL, OR OTHER DAMAGES SUFFERED BY SPONSOR, ANY SUB-LICENSEE, OR ANY OTHERS RESULTING FROM THE USE OF RESULTS OF THE RESEARCH PROGRAM OR ANY INVENTION OR PRODUCT RESULTING THEREFROM.

 

  

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13.2           Nothing in this Agreement shall be construed as:

(a)           a warranty or representation by St. Jude as to the validity or scope of any IPR; or

(b)           a warranty or representation that anything made, used, sold or otherwise disposed of under any license of IPR from St. Jude is or will be free from infringement of patents of third parties; or

(c)           conferring by implication or otherwise any license or rights under any patents of St. Jude other than IPR as defined herein, regardless of whether such patents are dominant or subordinate to IPR; or

(d)           an obligation to furnish any know-how not provided under IPR.

13.3           St. Jude represents and warrants that it has the authority and legal right: (i) to enter into this Agreement and that it has taken all necessary actions in connection with the execution of this Agreement, (ii) to perform its obligations hereunder, and (iii) to grant the rights to Sponsor as herein granted.  St. Jude also represents and warrants that all necessary consents, approvals and authorizations of all governmental authorities and other persons required to be obtained in connection with the execution, delivery and performance of this Agreement have been and shall be obtained.  The execution and delivery of this Agreement and the performance of St. Jude's obligations hereunder do not conflict with or violate any requirement of applicable laws or regulations and do not and shall not conflict with, violate or reach or constitute a default or require any consent under any contractual obligation of St. Jude.

14.           Notices.  Notices hereunder shall be deemed sufficient if given by registered mail, postage prepaid, and addressed to the party to receive such notice at the address given herein, or such other address as may hereinafter be designated by notice in writing, or telecopied with a return telecopy confirmation.

To St. Jude: J. Scott Elmer

Office of  Technology Licensing – MS742

St. Jude Children's Research Hospital

262 Danny Thomas Place

Memphis, TN 38105

To Sponsor:  Retrophin, Inc.

777 Third Avenue

22nd Floor

New York, NY 10017

	 	
With a copy to (which shall not constitute notice): 

	
Katten Muchin Rosenman LLP

575 Madison Avenue

New York, NY 10022

Attention: Evan L. Greebel, Esq.

15.           Title to Equipment.  St. Jude shall retain any equipment purchased and/or fabricated by it with funds provided by Sponsor under this Agreement.

 

  

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16.           Waiver. None of the terms of this Agreement may be waived or modified except by an express agreement in writing signed by both parties.  The failure or delay of either party in enforcing any of its rights under this Agreement shall not be deemed a continuing waiver or a modification by such party of such right.

17.           Severability. If one or more provisions of this Agreement shall be found to be illegal or invalid, it shall not affect the legality or validity of any of the remaining provisions hereof and such provision shall be interpreted in accordance with applicable law.

18.           Independent Contractors. The relationship created by this Agreement shall be that of independent contractors with neither party having the authority to bind or act as agent for the other party or its employees for any purpose.

19.           Amendment. The parties may, from time to time during the term of this Agreement, modify any of the provisions of this Agreement only by an instrument duly executed by both parties.

20.           Assignment. This Agreement shall not be assignable by either party without the prior written consent of the other party, except by operation of law or to affiliates, or successors in interest to the business to which this Agreement pertains.  Any and all assignments not made in accordance with this section shall be void.

21.           Expenses. Except as otherwise expressly set forth herein, all expenses incurred by the parties in connection with this Agreement shall be borne wholly by the party incurring such expenses.

22.           Remedies.

22.1           Given the nature of the obligations set forth in Sections 5 and 8 of this Agreement, St. Jude acknowledges and agrees that Sponsor may be irreparably damaged by St. Jude’s alleged breach or violation of such sections.  Without prejudice to the rights and remedies otherwise available to the Sponsor, it shall be entitled, without the requirement of a posting of a bond or other security to seek equitable relief, including an injunction or specific performance, in the event of any breach of the provisions of Sections 5 or 8 of this Agreement.

22.2           This Agreement shall be construed and enforced under the laws of the State of New York without regard to conflicts or choice of law provisions.  The parties hereby agree that any dispute, controversy or claim arising under, out of or relating to this Agreement and any amendments, shall be referred to and finally determined by arbitration in accordance with the Rules of Arbitration of the International Chamber of Commerce’s International Court or Arbitration (ICC). The arbitration shall be conducted in English, the Arbitrator shall; be admitted to the Bar of the State of New York, the Arbitrator shall be experienced in the matters set forth in this Agreement and the arbitration shall occur at the ICC offices in New York.  Each Party shall bear its own attorneys fees and expenses and each Party to the arbitration will pay an equal share of the expenses and fees of the arbitrator, together with other expenses of the arbitration incurred or approved by the arbitrator.  The Parties agree to abide by all decisions and awards rendered in such proceedings. Such decisions and awards rendered by the arbitrator shall be final and conclusive.  All such controversies, claims or disputes shall be settled in this manner in lieu of any action at law or equity; provided, however, that nothing in this subsection shall be construed as precluding the bringing an action for injunctive relief as provided in Section 22.1.  Any court of competent jurisdiction may enter judgment upon the award.  IF FOR ANY REASON THIS ARBITRATION CLAUSE BECOMES NOT APPLICABLE OR IF THE PARTIES ARE SEEKING INJUNCTIVE OR EQUITABLE RELIEF AS PROVIDED ABOVE, THEN EACH PARTY, (i) TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY AS TO ANY ISSUE RELATING HERETO IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER MATTER INVOLVING THE PARTIES HERETO.

 

  

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23.           Entire Agreement. This Agreement constitutes the entire understanding of both parties with respect to the subject matter herein contained and supersedes any previous agreements on this subject matter executed by these parties.

24.           U.S. Securities Laws.   St. Jude is aware, and will advise its employees, affiliates, independent contractors, agents and consultants who are provided with information about Sponsor in connection with this Agreement, of the restrictions imposed by the United States securities law on the purchase and sale of securities by any person who has received material, non-public information from the issuer of such securities and on the communication of such information to any other person when it is reasonably foreseeable that such other person is likely to purchase or sell such securities in reliance upon such information.

25. Warranty Of Non-Exclusion. Sponsor represents and warrants that neither it nor any of its employees are or have been excluded, terminated, suspended, or debarred from a federal or state health care program or from participation in any federal or state procurement or non-procurement programs. Sponsor further represents that no final adverse action by the federal or a state government is threatened or pending, or has occurred, against Sponsor, its affiliates, or to its knowledge, against any employee, or any agent employed to provide goods or services pursuant to this transaction. Sponsor further represents and warrants that it neither it nor any employee has been convicted of a criminal offense as set forth in 42 U.S.C. § 1320a-7, including but not limited to an offense related to the provision of healthcare items or services. Sponsor will immediately notify St. Jude of any change in the status of the representations and warranty set forth in this section. Any breach of this section shall give St. Jude the right to terminate this transaction immediately for cause.

 

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their respective duly authorized officers or representatives on the respective dates indicated below.

 

	Retrophin, Inc.	 	St. Jude Children's Research Hospital 	 
	 	 	 	 	 	 
	By:  	
/s/ Andrew Vaino

	 	By:  	
/s/ J. Scott Elmer

	 
	 
Andrew Vaino

	 	 	
 
J. Scott Elmer

Director, Technology Licensing

	 
	 
Printed Name

	 	 	
 

	 

 

  

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	Title: SVP R&D	Date: ___________________________
	 	 
	Date: ___________________________	

Agreed to by /s/Dr. Suzanne Jackowski                   

	 	Dr. Suzanne Jackowski
	 	Date: _________________________ 

 

  

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Appendix A

Research Plan ########*

 

########* [3 pages omitted]

 

_________________________ 

* ######## = Material omitted pursuant to a request for Confidential Treatment and submitted separately to the Commission on the date of submission of this Registration Statement on Form S-1.

 

  

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Appendix B

Budget

########* [1 page omitted]

_________________________ 

* ######## = Material omitted pursuant to a request for Confidential Treatment and submitted separately to the Commission on the date of submission of this Registration Statement on Form S-1.

 

 

13Unassociated Document

Exhibit 10.1

 

天津滨海世盛商贸集团有限公司

 

与

 

合众(天津)国际发展有限公司

 

关于

 

天津众合汽车销售服务有限公司100%股权

 

的

 

股权转让协议

 

Agreement on Equity transfer

 

between

 

Tianjin Binhai Shisheng Business Trading Group Co., Ltd.

 

and

 

Hezhong (Tianjin) International Development Co., Ltd.

 

with respect to transfer of 100% equity in Tianjin Zhonghe Automobile Sales Service Co., Ltd.

 

2013  中国  天津

 

2013  Tianjin, China

 

  

  

  

 

股权转让协议

 

Agreement on Equity Transfer

 

本股权转让协议由以下两方于2013年11月30日在中国天津市签署:

 

On the 30th November, 2013 In Tianjin China, this equity transfer agreement is entered into by and between the following two parties:

 

甲方:天津滨海世盛商贸集团有限公司,作为股权受让方,工商注册号为120000000000542,注册地址为天津开发区腾飞路9号11门102室,法定代表人为程卫红

 

Party A: Tianjin Binhai Shisheng Business Trading Group Co., Ltd. (the Transferee), Industrial & Commercial Administration (ICA) Registration No. 120000000000542, Registered Address: Room 102, Gate 11, 9 Tengfei Road, Tianjin Economic-Technological Development Area; Legal Representative: Cheng Weihong

 

乙方:合众(天津)国际发展有限公司,作为股权转让方,工商注册号为120000400018265,注册地址为天津港保税区海滨六路78号B-414室,法定代表人为周小光

 

Party B: Hezhong (Tianjin) International Development Co., Ltd. (the Transferor); ICA Registration No. 120000400018265; Registered Address: Room B-414, 78 Haibin 6th Road, Tianjin Port Free Trade Zone; Legal Representative: Zhou Xiaoguang

 

鉴于:

 

Whereas:

 

1、天津众合汽车销售服务有限公司(以下简称“目标公司”)是一家依照中华人民共和国法律于2010年9月19日在中国天津市空港经济区注册的有限责任公司,公司注册号为120192000068407,注册地址为天津空港经济区环河西路8号,法定代表人为周小光。目标公司备案营业范围包括:汽车(不含小轿车)的销售;汽车展示服务;仓储服务;网络信息咨询服务;国际贸易及相关咨询服务;自有展厅出租;汽车装俱、办公用品、日用百货的销售;国际货运代理服务(海、陆、空运);财产损失保险、短期健康保险和意外伤害保险、责任保险;代办车务手续;从事广告业务经营。

 

  

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1. Tianjin Zhonghe Automobile Sales Service Co., Ltd. (hereinafter referred to as “Target Company”) is a limited liability company registered at Tianjin Airport Economic Area of China on September 19th, 2010 in accordance with the law of the People’s Republic of China; Registration No. 120192000068407; Registered Address: 8 Huanhe West Road, Tianjin Airport Economic Area; Legal Representative: Zhou Xiaoguang. Registered business scope of Target Company: sales of automobiles (excluding sedans); automobile exhibition services; warehousing services; network information consulting services; international trading and relevant consulting services; self-owned exhibition hall leases; sales of automobile fittings, office supplies and daily provisions; international freight forwarding services (sea, land, air); property loss insurance, short-term health insurance and accident injury insurance, responsibility insurance; automobile service procedures agency; advertising operations.

 

2、目标公司是坐落于天津市空港经济区环河西路8号空港国际车城的产权持有方及实际运营方。乙方合法拥有目标公司100%股权,并拥有对所持有目标公司股权进行处置权力。

 

2. The Target Company is the property owner as well as the actual operator of the airport international auto mall located at 8 Huanhe West Road of Tianjin Airport Economic Area. Party B legally owns 100% of the equity in the Target Company, and has the right to dispose of its equity in the Target Company.

 

3、甲方系美国纳斯达克上市企业“中国汽车物流”(CHINA AUTO LOGISTICS INC,股票代码:CALI)在中国境内的全资子公司。具有成熟的车城运营经验,同意以本协议约定的价格受让乙方持有的目标公司100%股权。

 

3. Party A is a wholly-owned subsidiary of CHINA AUTO LOGISTICS INC. (NASDAQ: CALI) in China, with substantial experience in the operation of an auto mall, and agrees to accept 100% of Party B’s equity in the Target Company at the price stipulated in this Agreement.

 

4、甲乙双方于2013年5月20日,在中国天津签署了《天津滨海世盛商贸集团有限公司与合众(天津)国际发展有限公司关于天津众合汽车销售服务有限公司100%股权的收购意向书》。现该意向书约定事项已得以切实履行,乙方同意以本协议约定的价格转让所持有的目标公司100%股权;甲方同意以本协议约定的价格受让乙方转让的目标公司100%股权。

 

4. On 20th May, 2013, Party A and Party B entered into a Letter of Intent of Tianjin Binhai Shisheng Business Trading Group Co., Ltd. and Hezhong (Tianjin) International Development Co., Ltd. on Acquisition of 100% Stake in Tianjin Zhonghe Automobile Sales Service Co., Ltd. (the “LOI”) in Tianjin China. The matters agreed to in the LOI have been practically fulfilled, and Party B agrees to transfer 100% of its equity in the Target Company at a price stipulated herein; Party A agrees to accept 100% of Party B’s equity in the Target Company at the stipulated price.

 

  

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依据《中华人民共和国民法通则》、《中华人民共和国公司法》、《中华人民共和国合同法》及相关法律、法规和政策文件的规定,双方经友好协商,就甲方受让乙方所持目标公司100%的股权事宜达成本协议,以兹共同遵照执行。

 

The two parties, upon amicable consultation, conclude and enter into the terms and conditions as set forth below for joint compliance and execution regarding Party A’s acceptance of 100% of Party B’s equity in the Target Company, in accordance with the General Principles of the Civil Law of the People’s Republic of China, the Company Law of the People’s Republic of China, the Contract Law of the People’s Republic of China and relevant laws, regulations and policy documents.

 

第一条   股权转让

 

    Article 1 Equity transfer

 

转让方将其持有的目标公司100%股权转让给受让方。本协议签署生效后,甲方将成为目标公司唯一股东;乙方不再持有目标公司股权。

 

The Transferor shall transfer 100% of its equity in the Target Company to the Transferee. Upon execution and effectiveness of this Agreement, Party A shall be the sole shareholder of the Target Company, and Party B shall no longer own any shares in the Target Company.

 

第二条   股权转让价格及支付方式

 

Article 2 Transfer Price and Payment

 

(一)甲方同意以总价559768000元人民(大写:人民币伍亿伍仟玖佰柒拾陆万捌仟元整)的价格受让乙方持有的目标公司100%的股权。

 

 (1) Party A agrees to accept 100% of Party B’s equity in the Target Company for a total price of RMB 559,768,000.

 

(二)鉴于甲方实际需求,乙方同意甲方基于上述约定价格,按照年化资金占用费6%的标准,对应付股权交易价款及其未付金额之资金占用费做出如下安排:

 

(2) In consideration of Party A’s request, Party B agrees to apply an annualized 6% interest rate to the payable consideration for the equity transfer, which is translated into the payment terms provided here below:

 

1) 本协议签署后五个工作日内,甲方向乙方支付股权交易价款中本金的240000000元整

 

1) Within 5 working days upon signing of this Agreement, Party A shall pay RMB 240,000,000 to Party B as part of the principal of the equity transfer price.

 

  

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2、本协议签收后12个月内,甲方向乙方支付股权交易价款本金中的100277409元,同时支付未付款积欠资金占用费;

 

2) Within 12 months of the signing of this Agreement, Party A shall pay RMB 100,277,409 to Party B as part of the principal of the equity transfer price, and meanwhile settle the accrued expenses for using unpaid amount.

 

3、本协议签收后24个月内,甲方向乙方支付股权交易价款本金中的106462300元,同时支付未付款积欠资金占用费;

 

3) Within 24 months of the signing of this Agreement, Party A shall pay RMB 106,462,300 to Party B as part of the principal of the equity transfer price, and meanwhile settle the accrued expenses for using unpaid amount.

 

4、本协议签收后36个月内,甲方向乙方支付股权交易价款本金中的113028291元,同时支付未付款积欠资金占用费;

 

4) Within 36 months of the signing of this Agreement, Party A shall pay RMB 113,028,291 to Party B as part of the principal of the equity transfer price, and meanwhile settle the accrued expenses for using unpaid amount.

 

第三条  公司交割

 

Article 3 Delivery

 

甲方完成本协议第二条第二款第一项约定的股权转让价款支付当日,乙方将目标公司董事会成员变更为甲方指定人员,将目标公司法定代表人变更为甲方指定人员;同时甲、乙双方按公司管理制度办理与股权转让相关的公司的证书、 印章、印鉴、批件、财务账册及其他资料、文件的交割(以下简称“交割”)。

 

On the day when Party A makes the initial payment of the equity transfer price specified in Article 2(2)1), Party B shall change the board members of the Target Company with persons designated by Party A, and the legal representative thereof with a person designated by Party A; meanwhile, Party B shall transfer and deliver to Party A the certifications, stamps, seals, approvals, book accounts and other materials and documents in relation with such equity transfer in accordance with corporate management system (the “Delivery”).

 

  

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第四条 实际控制权转移

 

Article 4 Transfer of Actual Control

 

完成上述交割后甲方取得目标公司实际控制权,目标公司向甲方签发股权证明并登记于公司股东名册。随后,甲乙双方应办理目标公司股权转让所需的工商变更登记手续,在此过程中各方可依照有关主管机关要求填写申请表格、签署相关文件,该等表格、文件内容如与本协议内容不一致,应以本协议约定内容为准;上述工商变更登记时点虽列后于甲方取得目标公司实际控制权的时点,但不影响甲方对目标公司实际控制权的履行。

 

Upon completion of the Delivery, Party A shall obtain actual control over the Target Company, and the Target Company shall issue an equity certificate to Party A, and include Party A in its register of shareholders. Subsequently, the parties shall complete the change in ICA registration required for a transfer of the Target Company’s equity, during which the two parties shall fill out the application forms and sign the relevant documents at the request of the competent authorities. The provisions of this Agreement shall govern if they are in dispute with the contents of such forms and documents. Though the time point of the above industrial and commercial registration is later than the time point of Party A’s acquisition of actual control of the Target Company, such circumstance will not affect Party A’s performance of its actual control over the Target Company.

 

第五条  交易费用的承担

 

Article 5 Transaction Fees

 

(一)甲、乙双方共同确认,因本协议项下股权转让依照法律法规需承担的一切税费,由乙方承担和支付,乙方应按照相关法律规定的时间向税务等相关部门缴纳。若发生税务等部门向甲方追缴的情形,甲方可在缴纳前要求乙方缴纳,或在缴纳后向乙方要求支付所缴纳的税费。

 

Party A and Party B jointly acknowledge that all taxes and expenses required by laws and regulations for an equity transfer under this Agreement shall be assumed and paid by Party B, and Party B shall make full payment to the relevant taxation authorities at the time stipulated by relevant laws. In the event that local authorities levy any tax up Party A, Party A may request Party B to pay such tax, or request Party B to refund taxes thus paid by Party A.

 

(二) 甲乙双方因本宗交易而委托其他第三方中介机构提供相关服务而发生的费用,由双方(或其控股股东方)依据各自与第三方签署的有关协议自行承担。

 

(2) Expenses incurred by other third party intermediaries as entrusted by Party A and Party B for supply of services for this transaction shall be assumed by both parties (or their controlling shareholders), respectively, in accordance with relevant agreements signed with such third parties.

 

  

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第六条  甲方保证及承诺

 

Article 6 Party A’s Representations and Warranties

 

(一)甲方保证其为签订本协议之目的向乙方提交的各项证明文件及资料均为真实、完整的。保证有足够资金履行本协议约定的收购及付款义务。

 

(1) Party A represents and warrants that all certifications and materials submitted to Party B for the purpose of signing this Agreement are true and complete, and that Party A is financially sufficient to perform the acquisition and payment obligations as stipulated in this Agreement.

 

(二)甲方保证本协议的签署及履行,不会受到甲方自身条件的限制,也不会导致对甲方公司章程、股东会或董事会决议、判决、裁决、政府命令、法律、法规、契约的违反。

 

(2) Party A represents and warrants that the execution and performance of this Agreement will not be restricted by Party A’s own conditions, and will not breach Party A’s articles of association, decisions of the board of directors or shareholders, judgments, rulings, government orders, laws, regulations or contracts.

 

(三)甲方同意在本协议所述条件下购买乙方所持公司100%股权,并按本协议约定承担相应的责任和义务。

 

(3) Party A agrees to purchase 100% of Party B’s equity in the Target Company under the conditions specified in this Agreement, and to assume the corresponding responsibilities and obligations as agreed upon herein.

 

(四)交割后目标公司新发生的债务由交割后的目标公司或甲方承担,与乙方无关。

 

(4) Any debt that may be incurred by the Target Company after delivery shall be assumed by the Target Company or Party A, and shall have nothing to do with Party B.

 

第七条  乙方保证及承诺

 

Article 7 Party B’s Representations and Warranties

 

(一)乙方保证本协议的签署及履行,不会受到乙方自身条件的限制,也不会导致对乙方公司章程、股东会或董事会决议、判决、裁决、政府命令、法律、法规、契约的违反。

 

(1) Party B represents and warrants that the execution and performance of this Agreement will not be restricted by Party B’s own conditions, and will not breach Party B’s articles of association, decisions of the board of directors or shareholders, judgments, rulings, government orders, laws, regulations or contracts.

 

  

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(二)乙方保证对其所持公司的100%的股权享有完全的独立权益及拥有合法、有效、完整的处分权,亦未被任何有权机构采取查封等强制性措施。若有第三方对乙方转让股权主张权利,由乙方负责予以解决。

 

(2) Party B represents and warrants that Party B has an absolute independent right and interest in 100% of its equity in the Target Company, and has the legal, effective and complete right to dispose thereof, and has not beensubject to any compulsory measures, such as seizure of property, by any competent authority. If any third party claims right against Party B’s equity to transfer, Party B shall be responsible for handling such claims.

 

(三)乙方保证,甲方取得目标公司实际控制权之前,不置换、挪用公司资产,公司资产性质不发生重大变化,且公司不从事与经营范围无关的业务。未经甲方许可,不得以目标公司名义签署任何文件、支出任何款项。

 

(3) Party B represents and warrants that prior to Party A’s acquisition of actual control over the Target Company, Party B will not sell or use the Target Company’s assets for other purposes, the nature of the Target Company’s assets will not be subject to substantial changes, and Party B will not engage in operations irrelevant to its business scope. Without the permission of Party A, Party B shall not execute any document or withdraw any payment in the name of the Target Company.

 

(四)目标公司在交割前产生的但未向甲方披露的对外借贷及担保所产生的民事债务由乙方承担。

 

(4) Civil debts of the Target Company arising from external borrowings and guarantees that are already incurred but not disclosed to Party A before delivery shall be assumed by Party B.

 

(五)目标公司在交割前不涉及拖欠职工工资及欠交社保费用之情形,也不存在职工安置问题。

 

(5) Before delivery, the Target Company has always paid employee salaries and social insurance expenses on schedule, without delay, and has not involved itself in workers resettlement problem.

 

(六)目标公司在交割前未收到工商、土地、税务等相关政府部门的行政处罚口头或书面通知。

 

(6) Before delivery, the Target Company has not received any oral or written administrative sanction from the industrial and commercial administration, land department, taxation authority and the like.

 

(七)乙方对目标公司交割之前发生的但未向甲方披露的债务承担连带清偿的责。

 

(7) Party B shall be jointly and severally liable for any debt of the Target Company that is already incurred but not disclosed to Party A before delivery.

 

  

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第八条 或有债务的处理

 

Article 8 Disposal of Contingent Liabilities

 

完成交割后,若出现本协议第七条第四款、第五款所述债权人直接向目标公司主张债权的,甲方应通知乙方,不得自行或以目标公司名义支付。经乙方确认属实后,由乙方直接支付,若乙方怠于确认或确认后因未及时支付而由交割后的目标公司或甲方承担了支付义务的,甲方及交割后的公司有权向乙方追偿。

 

After the Delivery, should any creditor directly claim liability against the Target Company under provisions 7.4 and 7.5 hereof, Party A shall notify Party B and shall not make any payment by itself or in the name of the Target Company. If such liability is confirmed by Party B, Party B shall make direct payment; if Party B fails to confirm due to its negligence or cause the Target Company or Party A to assume such payment obligation, Party A and the Target Company shall have the right to request repayment by Party B.

 

第九条  违约责任

 

Article 9 Liabilities for breach of contract

 

(一)甲方未按合同约定支付股权转让价款,或违反本协议约定的其他义务或甲方所作的保证和承诺,乙方可选择本协议继续履行或解除本协议,并按股权转让总价款的10%向甲方收取违约金。

 

(1) If Party A fails to pay the equity transfer price as agreed in this Agreement, or breaches other obligations specified in this Agreement or the representations and warranties made by Party A, Party B may, at its own discretion, continue to perform or cancel this Agreement, and request penalties at 10% of the total equity transfer price from Party A.

 

(二)乙方未按合同约定履行目标公司交割义务,或违反本协议约定的其他义务或乙方所做的保证和承诺,甲方可选择本协议继续履行或解除本协议,并按股权转让总价款的10%向乙方收取违约金。

 

(2) If Party B fails to perform its Target Company Delivery obligation as agreed in this Agreement, or breaches other obligations specified in this Agreement or the representations and warranties made by Party B, Party A may, at its own discretion, continue to perform or cancel this Agreement, and request penalties at 10% of total equity transfer price from Party B.

 

  

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第十条  合同的变更、解除和终止

 

Article 10 Agreement Change, Rescission and Termination

 

(一)甲乙双方经协商一致,可以变更、解除或终止本协议。

 

(1) Party A and Party B, upon mutual consultation, may change, rescind or terminate this Agreement.

 

(二)合同解除后,双方按照约定办理合同解除事宜,没有约定又不能协商一致的,按照法律规定办理。

 

(2) Upon rescission of this Agreement, the two parties shall deal with rescission-related matters pursuant to the provisions agreed, or subject to law in the absence of such provisions and the inability of the parties to reach an agreement through consultation.

 

第十一条  通知及文函送达

 

Article 11 Notification and Correspondence Delivery

 

(一)本协议一方向另一方发出的任何通知及其他书面文函,除双方当面交接外,均应按下列地址、联系方式以邮政速递(EMS)形式发送至对方:

 

(1) Except where the two parties have agreed upon in-person delivery, any notice and other written correspondence from one party to the other shall be delivered by EMS to the following address:

 

甲方:    Party A

 

地址:    Address

 

收件人:Recipient

 

电话:    Telephone         移动电话:Mobile Phone

 

乙 方: Party B

 

地址:    Address

 

收件人:Recipient

 

电话:    Telephone         移动电话:Mobile Phone

 

(二)如以邮政速递(EMS)形式递交通知及其他文函,则收件局收寄后的第3日为收件日期。

 

(2) Notices and other correspondence, if delivered by EMS, shall be deemed to have been received on the third day after being received by the post office.

 

  

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(三)任何一方变更约定的联系方式和地址,均应书面通知对方。

 

(3) If either party needs to change its contact information and address stated herein, such party shall so notify the other party in a written manner.

 

第十二条  管辖及争议解决方式

 

Article 12 Jurisdiction and Dispute Settlement

 

(一)本协议及股权转让中的行为均适用中华人民共和国法律。

 

(1) This Agreement and acts in equity transfer shall be governed by the laws of the People’s Republic of China.

 

(二)双方因本协议的解释或履行发生争议的,首先应由双方协商解决;协商解决不成的,依法向合同签订地有管辖权的人民法院起诉,所发生的律师费、诉讼费等由败诉方承担。

 

(2) Any dispute arising from the interpretation or performance of this Agreement shall be settled through friendly consultation by the two parties; if no agreement can be reached through consultation, either party may file a lawsuit in the people’s court of jurisdiction of the signing place of this Agreement, and retaining fees, legal fees and other expenses that may incur shall be assumed by the losing party.

 

第十三条  合同生效及其他

 

Article 13 Effectiveness and Others

 

(一)本协议经甲乙双方盖章后生效。

 

(1) This Agreement shall take effect upon signature and stamp by both parties.

 

(二)本协议一式六份,甲乙双方各执三份,每份具有同等法律效力。

 

(2) This Agreement has six originals, three for each party, and each of the six copies shall have the same legal effect:

 

	 	甲方:	 	乙方:	 
	 	 	 	 	 
	 	Party A	 	Party B	 

 

 

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