Document:

Exhibit 10.21

 

EXHIBIT 10.21

SECOND AMENDMENT TO OFFICE LEASE

     This SECOND AMENDMENT TO OFFICE LEASE (this “Second Amendment”) is entered into as of the
7th day of December, 2005 (the “Effective Date”), by and between SEAVIEW PFG, LLC, a Delaware
limited liability company (“Landlord”), and WEBSIDESTORY, INC., a California corporation
(“Tenant”), with reference to the following facts:

RECITALS

     A. Landlord’s predecessor-in-interest, LNR Seaview, Inc., a California corporation
(“LNR”) and Tenant previously entered into that certain Office Lease dated as of August 23,
1999 (the “Original Lease”), whereby Tenant leased certain office space (“Premises”) in the
Building located at 10182 Telesis Court, San Diego, California 92121 (the “Building”) also
known as Seaview Corporate Center, as the same is more particularly described in the Original
Lease.

     B. LNR and Tenant also previously entered into that certain First Amendment to
Lease (the “First Amendment”) dated as of July 3, 2001 amending certain terms of the Lease.
The Original Lease and First Amendment are hereinafter collectively referred to as the
“Lease.”

     C. LNR’s interest as landlord under the Lease was previously assigned to Landlord
by that certain Assignment of Leases dated April 17, 2002.

     D. Landlord and Tenant now desire to extend the term of the Lease and to further
amend certain provisions of the Lease upon the terms set forth herein.

     E. Terms used herein beginning with capital letters and not otherwise defined herein
shall have the meanings given to them in the Lease.

AGREEMENT

     NOW, THEREFORE, for and in consideration of the covenants and agreements herein contained and
for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Landlord and Tenant hereby agree, effective as of the Effective Date, as follows:

     1. Premises. Landlord and Tenant hereby acknowledge and agree that the Premises
consists of 61,211 rentable square feet and 57,549 useable square feet located on the forth,
fifth and sixth floors of the Building.

     2. Term. Section 1.6 of the Summary is hereby amended to provide for an
Extended Term (the “Extended Term”) of an additional seventy two (72) months with the
Extended Term commencing on February 1, 2007 and ending on January 31, 2013.

     3. Monthly Basic Rent. Section 1.8 of the Summary is hereby amended to add the
following schedule of Monthly Basic Rent

 

 

	 	 	 	 	 
	Extension Period	 	 
	Years/Months	 	Monthly Basic Rent
	2/1/07-1/31/08
	 	$	146,906.40	 
	2/1/08-1/31/09
	 	$	151,313.59	 
	2/1/09-1/31/10
	 	$	155,853.00	 
	2/1/10-1/31/11
	 	$	160,528.59	 
	2/1/11-1/31/12
	 	$	165,344.45	 
	2/1/12-1/31/13
	 	$	170,304.78	 

     4. Base
Year. Section 1.10 of the Summary is hereby amended to provide
that during the Extension Period, the Base Year shall be the calendar year 2005.

     5. Tenant
Improvement Allowance. As of the Effective Date, and for a period of
twelve (12) months following the first day of the first month thereafter, Tenant shall be
entitled to a tenant changes allowance (the “Tenant Changes Allowance”) of up to TEN DOLLARS
($10.00) per useable square foot of the Premises for a total maximum Tenant Changes
Allowance of Five Hundred Seventy Five Thousand Four Hundred Dollars ($575,400.00) for
Tenant’s use in making Tenant Changes, as that term is defined in Section 12 of the Lease, to
the Premises. Alternatively, Landlord will allow Tenant to apply up to Eight Dollars ($8.00) per
useable square foot of the Premises ($460,320.00) to offset (“Rent Offset”) Monthly Basic Rent
during the twelve month period commencing on the first day of the first month following the
Effective Date. No later than sixty (60) days after the Effective Date, Tenant shall give
Landlord
written notice of its election to use either the Tenant Changes Allowance to effect Tenant
Changes to the Premises or the Rent Offset to offset Monthly Basic Rent or a combination of
both on a per square foot basis. For example, Tenant may elect to use $250,000 of Tenant
Changes Allowance and $325,400 of Rent Offset. In the event and to the extent that Tenant
elects to utilize the Tenant Changes Allowance, the provisions of Section 12 of the Lease
shall apply to all such Tenant Changes completed within the aforementioned twelve (12) month period
and the provisions of Exhibit “C”, Work Letter Agreement, shall apply to the disbursement of
the Tenant Changes Allowance just if such Tenant Change Allowance were in fact the Tenant
Improvements Allowance under Exhibit “C”. In the event and to the extent that Tenant fails to
utilize the Tenant Changes Allowance or notify Landlord of its intent to apply the Rent Offset
as provided in this Second Amendment, then and in such event, the Tenant will be deemed to have
elected the Rent Offset and will be entitled to the Rent Offset described in this paragraph.

     6. Option
Term. Landlord and Tenant acknowledge and agree that the Extended
Term provided by this Second Amendment constitutes the exercise of the first of the two
options for the extension of the Lease as provided for in Section 36 of the Lease and that the Lease
is hereby extended according to the terms set forth in this Second
Amendment.

     7. Proposition
13 Protection. Landlord and Tenant acknowledge and agree that
this Second Amendment constitutes the exercise of the first of the two option periods provided
for in Section 36 of the Lease, and as such, the provisions of Section 4.6 of the Lease are no
longer applicable to the Lease. Accordingly, Section 4.6 of the Lease is hereby deleted in its
entirety and is of no further force or effect.

- 2 -

 

     8. No
Further Modification. Except as set forth in this Second Amendment, all
of the terms and provisions of the Lease shall remain unmodified and in full force and effect.
Effective as of the Effective Date, all references to the “Lease” shall refer to the Lease as
modified by this Second Amendment.

     9. Ratification;
Controlling Effect. The Lease, as amended by this Second
Amendment, is hereby ratified by Landlord and Tenant, and Landlord and Tenant hereby agree
that the Lease, as so amended, shall continue in full force and effect. In the event of any
conflict between the terms of this Second Amendment and the provisions of the Original Lease as
previously amended, the terms of this Second Amendment shall control.

     10. Tenant
Changes Allowance and/or Rent Offset. The amount of the Tenant
Changes Allowance and/or the amount of any Rent Offset actually used by Tenant shall be
deemed added to Section 23.2(d) of the Lease and included in the list of amounts necessary to
compensate Landlord for any detriment proximately caused by any default of Tenant, as further
described therein.

     11. Address
Change. Tenant acknowledges and agrees that the address of Landlord
for notice under the Lease is the following:

	 	 	 
	 

	 	SEAVIEW PFG, LLC
	 

	 	c/o The Shidler Group
	 

	 	10188 Telesis Court, Suite 222 
	 

	 	San Diego, CA 92121
	 

	 	Attn: Mr. Matthew J. Root

     12. Miscellaneous.

          (a) Voluntary Agreement. The parties have read this Second Amendment
and on the advice of counsel they have freely and voluntarily entered
into this Second
Amendment.

          (b) Successors. This Second Amendment shall be binding on and inure to the
benefit of the parties and their successors.

          (c) Counterparts. This Second Amendment may be signed in two or more
counterparts. When at least one such counterpart has been signed by each party, this Second
Amendment shall be deemed to have been fully executed, each counterpart shall be deemed to be
an original, and all counterparts shall be deemed to be one and the same agreement.

- 3 -

 

     IN
WITNESS WHEREOF, this Second Amendment has been entered into as of
the date first set forth above.

	 	 	 	 	 	 	 	 	 	 
	“Landlord”	 	SEAVIEW PFG, LLC,
	 	 	a Delaware limited liability company
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Principal Real Estate Investors, LLC,
	 	 	 	 	a Delaware limited liability company,
	 	 	 	 	its authorized signatory
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Troy A. Koersolmes
	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	Troy A. Koersolmes
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Its:
	 	Investment Director Asset Management
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Douglas A. Kintzle
	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	Douglas A. Kintzle
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Its:
	 	Assistant Managing Director
Asset Management
	 

	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 
	“Tenant”	 	WEBSIDESTORY, INC.,
	 	 	a Delaware corporation
	 
	 	 	 	 	 	 
	 	 	By:	 	/s/ Jeff Lunsford
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Jeff Lunsford
	 

	 	 	 	 	 	 
	 

	 	 	 	Its:
	 	CEO
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Its:	 	 
	 

	 	 	 	 	 	 

- 4 -exv10w10

 

Exhibit 10.10

Note: Confidential treatment has been requested with respect to certain redacted portions of this
agreement that are identified herein by three bracketed asterisks,
i.e. [***].  A complete copy of this agreement, including the
confidential information has been filed separately with the
securities and Exchange Commission.

     ADVENTRX PHARMACEUTICALS, INC.

AND

PHARM-OLAM INTERNATIONAL LTD.

AGREEMENT

     Protocol Number 03-CoFactorTM

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	Introduction	1	 	 	 
	1.

	 	Definitions
	 	 	1	 	 	 
	2.

	 	Interpretation
	 	 	4	 	 	 
	3.

	 	Appointment of Pharm-Olam
	 	 	4	 	 	 
	4.

	 	Pharm-Olam’s Obligations
	 	 	4	 	 	 
	5.

	 	The Company’s Obligations
	 	 	5	 	 	 
	6.

	 	Payment
	 	 	6	 	 	 
	7.

	 	VAT
	 	 	7	 	 	 
	8.

	 	Confidentiality
	 	 	7	 	 	 
	9.

	 	Publication
	 	 	8	 	 	 
	10.

	 	Intellectual Property
	 	 	8	 	 	 
	11.

	 	Warranties
	 	 	8	 	 	 
	12.

	 	Indemnity
	 	 	8	 	 	 
	13.

	 	Insurance
	 	 	9	 	 	 
	14.

	 	Liability
	 	 	9	 	 	 
	15.

	 	Term and Termination
	 	 	10	 	 	 
	16.

	 	Consequences of Termination
	 	 	10	 	 	 
	17.

	 	Sub-Contracting and Assignment
	 	 	11	 	 	 
	18.

	 	Non Solicitation of Staff
	 	 	11	 	 	 
	19.

	 	Variation
	 	 	11	 	 	 
	20.

	 	Relationship of Parties
	 	 	11	 	 	 
	21.

	 	Waiver
	 	 	12	 	 	 
	22.

	 	Severance
	 	 	12	 	 	 
	23.

	 	Force Majeure
	 	 	12	 	 	 
	24.

	 	Entire Agreement
	 	 	12	 	 	 
	25.

	 	Notices
	 	 	12	 	 	 
	26.

	 	Change Of Address
	 	 	13	 	 	 
	27.

	 	Further Assurance
	 	 	13	 	 	 
	28.

	 	Applicable Law
	 	 	13	 	 	 

Schedule 1: Clinical Trial Protocol

Schedule 2: Division of Responsibilities

Schedule 3: Consideration and Cost Calculation

Schedule 4: Reporting/Collection Timelines

 

 

This Agreement is made on the: Tuesday, March 29, 2005

Between:

	(1)	 	Adventrx Pharmaceuticals, Inc., whose principal place of business is at 6725 Mesa Ridge
Road, Suite 100, San Diego, CA 92121, U.S.A. (“ADVENTRX”) and
	 
	(2)	 	Pharm-Olam International Ltd., whose principal place of business is at 450 N. Sam Houston
Parkway, Suite 250, Houston, TX 77060, U.S.A. (“Pharm-Olam”).

Introduction

	(A)	 	ADVENTRX is involved in the research and development of pharmaceutical products.
	 
	(B)	 	Pharm-Olam is a contract research organization involved in the planning, implementation,
managing and conducting of clinical research and clinical trials
	 
	(C)	 	ADVENTRX wishes to engage Pharm-Olam to carry out Services (as hereinafter defined) upon the terms and conditions
below, and Pharm-Olam is willing and has agreed to perform such
Services.

     The parties hereby agree as follows:

	1.	 	DEFINITIONS
	 
	1.1	 	Words and terms defined in the Protocol shall have the same meaning in this Agreement. In
addition, the following words which begin with capital letters have the precise meanings set
out below. For the avoidance of doubt, where a defined word or term used in this Agreement is
also used in the Protocol, the defined word or term used in this
Agreement shall apply:

	 	1.1.1	 	“Adverse Event” means any untoward medical occurrence in a patient or clinical
investigation subject to whom a Pharmaceutical Product has been administered
	 
	 	1.1.2	 	“Company Obligations” means the obligations of ADVENTRX set out in the Table
of Responsibilities.
	 
	 	1.1.3	 	“Confidential Information” means any information provided under or in
connection with this Agreement from either party to the other including (without
limitation) and relating to:

	 	1.1.3.1	 	Products, the Study and details of this Agreement or the involvement of
either party in it;
	 
	 	1.1.3.2	 	ADVENTRX’S proprietary information, including information relating to its
research results, proprietary methods, technologies, processes and products;
	 
	 	1.1.3.3	 	ADVENTRX’S know how, accounts, budgets, ledgers, account records and other
information of ADVENTRX, any Group Company or Pharm-Olam;
	 
	 	1.1.3.4	 	Documents, letters and memoranda of ADVENTRX, any Group Company or
Pharm-Olam;
	 
	 	1.1.3.5	 	Information (whether or not in writing) which is obtained during or as a
consequence of any negotiations or discussions relating to this Agreement; and

 

 

	 	1.1.3.6	 	Information in relation to which any member of the Pharm-Olam and its
associated companies owes a duty of confidentiality to a third party, provided
that Pharm-Olam notifies ADVENTRX of the confidential nature of that
information.
	 
	 	 	 	save to the extent that information is Public Information.

	 	1.1.4	 	“Consideration” means the amounts payable to Pharm-Olam as set out in Schedule 3.
	 
	 	1.1.5	 	“CRF” means the case report form relating to each
subject in the Study.
	 
	 	1.1.6	 	“Currency” means US dollars, unless otherwise specified.
	 
	 	1.1.7	 	“Effective Date” means May 1, 2005.
	 
	 	1.1.8	 	“Final Study Report” means the document prepared at the end of the Study that
describes the objectives, design, methodology, statistical analysis, results and
conclusions of the Study including the CRFs.
	 
	 	1.1.9	 	“Force Majeure Event” means an event beyond the reasonable control of the
relevant party including without limitation:

	 	1.1.9.1	 	Strikes, lockouts, or other industrial action taken by the employees of any
party or any third party;
	 
	 	1.1.9.2	 	Civil commotion, embargo, governmental legislation or regulation, riot,
invasion, war, threat of preparation of war;
	 
	 	1.1.9.3	 	Fire, explosion, storm, flood, earthquake, subsidence, epidemic or other
natural physical disaster; or
	 
	 	1.1.9.4	 	The refusal or withdrawal by any relevant governing regulatory body or ethics
committee of its approval of the Study.

	 	1.1.10	 	“Good Clinical Practice” means, a standard for the design, conduct, performance,
monitoring, auditing, recording, analyses and reporting of clinical trials that
provides assurance that the data and reported results are credible and accurate, and
that the rights, integrity and confidentiality of trial subjects are protected as are
generally accepted as standard in the industry at Effective Date and as specified by
World Medical Association Declaration of Helsinki.
	 
	 	1.1.11	 	“Group” means (as constituted at the date of this Agreement or subsequently):

	 	1.1.11.1	 	Pharm-Olam;
	 
	 	1.1.11.2	 	Any subsidiary of Pharm-Olam;
	 
	 	1.1.11.3	 	Any Company over which Pharm-Olam has control within the meaning of section
840 of the Income and Corporation Taxes Act 1988; and
	 
	 	1.1.11.4	 	Any Company which is an associated Company of Pharm-Olam as defined in
section 13 of the Income and Corporation Taxes Act 1988.

	 	1.1.12	 	“Investigator(s)” means person(s) responsible for the conduct of a trial at a Study
site.
	 
	 	1.1.13	 	“Life Threatening Event” means an event in which the subject is at serious risk of
death at the time of the event;
	 
	 	1.1.14	 	“Investigational Product” means the product which is the subject of the Study as
described in the Protocol.

 

 

	 	1.1.15	 	“Protocol” means a document that describes the objective(s), design, methodology,
statistical considerations and organization of the Study as set out at Schedule 1.
	 
	 	1.1.16	 	“Public Information” means:

	 	1.1.16.1	Information that is generally available to third parties (unless available
as a result of a breach of the terms of this Agreement or any other
confidentiality undertaking); or
	 
	 	1.1.16.2	Which was lawfully in both parties’ possession prior to the date of this
Agreement and not acquired directly or indirectly from the other
party.

	 	1.1.17	 	“Regulatory Requirements” means those laws, regulations and guidelines that are
current during the Term and which are applicable to the countries in which the
Study is being conducted or are applicable to the class of pharmaceutical product being
tested or the clinical specialty involved.
	 
	 	1.1.18	 	“Serious Adverse Event” means an untoward medical occurrence that at any dose:

	 	1.1.18.1	 	May produce a congenital anomaly or birth defect;
	 
	 	1.1.18.2	 	Is a Life Threatening Event;
	 
	 	1.1.18.3	 	Requires in-patient hospitalization or prolongation of
existing hospitalization;
	 
	 	1.1.18.4	 	Results in death;
	 
	 	1.1.18.5	 	Results in persistent or significant disability or incapacity.

	 	1.1.19	 	“Services” means the Service to be provided by Pharm-Olam in connection with the
Study as set out in this Agreement including Pharm-Olam’s Obligations.
	 
	 	1.1.20	 	“Standard Operating Procedures” means Pharm-Olam’s internal procedures in force
designed to achieve measured, consistent and controlled performance of a specific
function.
	 
	 	1.1.21	 	“Study” means the Investigational Product trial, details of which are set out in
Schedule 1.
	 
	 	1.1.22	 	“Study Documents” means documents produced by Pharm-Olam in its conduct of the Study
necessary for production of the Final Report.
	 
	 	1.1.23	 	“Division of Responsibilities” means the obligations, requirements and responsibilities
of both parties as set out in Schedule 2.
	 
	 	1.1.24	 	“Term” means the duration of this Agreement as set
out in clause 15.
	 
	 	1.1.25	 	“Timescales” means the times set out in
Schedules 1-4 within which the parties intend to
perform their respective obligations.
	 
	 	1.1.26	 	“Pharm-Olam’s Obligations” means the
obligations of Pharm-Olam set out in the Division
of Responsibilities, Schedule 2.

	2.	 	Interpretation
	 
	2.1	 	Where appropriate, the singular includes the plural and vice versa.

 

 

	2.2	 	Unless otherwise stated, any reference to a provision of any legislation or regulation is a
reference to that provision as amended, extended or re-enacted by any subsequent legislation.
	 
	2.3	 	The headings in this Agreement are for convenience only and shall not affect its
interpretation.
	 
	2.4	 	References to clauses and Schedules are to the clauses of, and schedules to, this Agreement.
	 
	2.5	 	The Schedules are deemed to be incorporated and form part of this Agreement and the term
“Agreement” shall be construed accordingly.
	 
	3.	 	appointment of Pharm-Olam
	 
	3.1	 	ADVENTRX hereby appoints Pharm-Olam, and Pharm-Olam agrees to provide, for the
Consideration, the Services in accordance with the Protocol.
	 
	4.	 	Pharm-Olam’s Obligations
	 
	4.1	 	Pharm-Olam shall apply to the Study systems of quality control to Standard Operating
Procedures to ensure that as far as is reasonably practicable the Study is conducted, that
data is generated, recorded and reported, and the last investigative
center is closed, in
compliance with the Protocol, Good Clinical Practice and all applicable Regulatory
Requirements. To the extent that there should be any conflict between the provisions of
Regulatory Requirements, Good Clinical Practice, the Protocol and this Agreement in relation
to the conduct of the Study, they shall prevail in that order.
	 
	4.2	 	Pharm-Olam shall use all reasonable endeavours to ensure that:

	 	4.2.1	 	The Services including Pharm-Olam’s Obligations are performed within the Timescales; and
	 
	 	4.2.2	 	The trial centers, the Investigators and the staff employed by Pharm-Olam and
involved in the Study comply with the Protocol, their responsibilities under Good
Clinical Practice, and all applicable Regulatory Requirements; and
	 
	 	4.2.3	 	Patient Recruitment Targets are met within the agreed study timelines.
However, there is no implied guarantee contained in this Agreement that Patient
Recruitment Targets will be met as this may be subject to factors outside Pharm-Olam’s
control.

	4.3	 	Subject to the provisions of Section 4.1, Pharm-Olam shall conduct the Study in accordance with applicable local laws and regulations
of the countries in which the Study takes place.
	 
	4.4	 	Before commencement of the Study, Pharm-Olam shall assign to the Study staff and at least one
Investigator with suitable experience or training to perform the defined duties and functions
required to fulfil the Services. Pharm-Olam shall not change the staff or Investigator
assigned to the Study without ADVENTRX’s prior written consent.
	 
	4.5	 	Pharm-Olam shall return all material Study Documents to ADVENTRX following closure of the
final investigative center. Pharm-Olam may retain one copy of all relevant documents for its
own archiving purposes.
	 
	4.6	 	ADVENTRX shall be entitled upon reasonable written notice of not less than 2 working days,
and during normal working hours on any business day convenient to both parties and the
investigator to:

	 	4.6.1	 	Visit and co-monitor any of the Study sites; and
	 
	 	4.6.2	 	Inspect and audit any of the Study Documents held by Pharm-Olam.

	4.7	 	Pharm-Olam will provide ADVENTRX with written updates on the progress of the Services in
accordance with the Timescales, or in default at monthly intervals.
	 
	4.8	 	Pharm-Olam shall notify ADVENTRX in writing of all:

	 	4.8.1	 	Adverse Events, periodically and at the end of the Study; and

 

 

	 	4.8.2	 	Serious Adverse Events immediately after being aware of it, by phone and faxed
report within 24 hours of Pharm-Olam’s discovery of such events.

	5.	 	The Company’s obligations
	 
	5.1	 	ADVENTRX agrees to comply with Company Obligations at its own expense within
the Timescales and in any event in a timely manner.
	 
	5.2	 	In particular, ADVENTRX will provide to Pharm-Olam at its own expense all timely help and
assistance to Pharm-Olam which may be necessary or useful for the expedient fulfilment of the
Services including without limitation provision of:

	 	5.2.1	 	Investigational Product development information;
	 
	 	5.2.2	 	Investigational Product use guidelines;
	 
	 	5.2.3	 	Advice and guidance from ADVENTRX staff, agents and
contractors; and
	 
	 	5.2.4	 	Clinical Trial Materials.
	 
	 	5.2.5	 	In the event that such assistance is necessary, Pharm-Olam will use all
reasonable efforts to advise and inform ADVENTRX of needed assistance with sufficient
time such that ADVENTRX can provide the requested assistance in a timely manner,
understanding the particular importance of any matters raised as Serious Adverse
Events as noted in Schedule 1.
	 
	 	5.3	 	In the event that the Study is delayed or suspended by ADVENTRX, ADVENTRX will agree to
compensate Pharm-Olam for retention of the assigned study personnel on the specific ADVENTRX
project. Pharm-Olam will immediately provide ADVENTRX with a list of
such assigned study personnel. In such cases the assigned Pharm-Olam study personnel will not be re-assigned unless
otherwise informed, in writing, by ADVENTRX. The said compensation will be in addition to the
study budget and will be charged at the rates agreed for the period
of the Study. The
compensation period will last for a maximum of three months. Pharm-Olam will automatically
re-assign its staff if the delay is longer than three months. In the
event that Study
personnel are reassigned to other POI projects or obligations, ADVENTRX is explicitly not
responsible for compensation of reassigned personnel, except as to the extent that the
reassigned personnel must perform certain limited duties to ensure
that the Study will be able
to be restarted.

	6.	 	Payment
	 
	6.1	 	During the Term, in consideration of the Services ADVENTRX shall pay Pharm-Olam the
Consideration in the manner set out in Schedule 3.

	 	6.1.1	 	Beginning on the Effective Date, ADVENTRX shall pay equal
monthly installments over the duration of the Study as a deposit against the net service fees
charged by Pharm-Olam. In the event the reassignment provisions in Section 5.3 of this
Agreement are triggered, any remaining deposit is to be applied to any amount ADVENTRX
is responsible for under the terms of that reassignment Section.
	 
	 	6.1.2	 	All payments shall be in US dollars unless otherwise denoted in Schedule 3.
	 
	 	6.1.3	 	Pharm-Olam shall submit invoices to ADVENTRX on a monthly basis in respect of
all fees and expenses due. ADVENTRX shall make full payment of such sums in cleared
funds to such bank account in the United States as Pharm-Olam may reasonably specify
from time to time, within 30 days of an invoice being submitted, without any deduction,
set off or withholding except any tax which ADVENTRX is required by law to deduct or
withhold. If ADVENTRX is required by law to make any such tax deduction or
withholding, ADVENTRX shall do all things in its power which may be necessary to
reasonably enable or assist Pharm-Olam to claim exemption from or, if that is not
possible, a credit for the deduction or withholding under any applicable double
taxation or similar agreement and from time to time give to Pharm-Olam proper evidence
as to the deduction or withholding and payment over of the tax deducted or withheld;

 

 

	 
	 	6.1.4	 	At the end of each calendar quarter, Pharm-Olam shall submit
a written report to ADVENTRX detailing the actual work performed by
Pharm-Olam in providing the Services during that quarter, itemizing
the work as set forth in Schedule 3. In each of May 2006 and May
2007, the parties shall meet to discuss whether the assumptions of
Schedule 3 remain valid in light of the work actually performed until
then, and shall negotiate in good faith a reasonable readjustment of
the amount of the monthly installment should be necessary;
	 	6.1.5	 	To the extent that any fees, expenses (within maximum 30 days) or other sums
due under these terms are not paid by ADVENTRX on the due date, ADVENTRX shall, in
addition, pay Pharm-Olam interest on such sums, both before and after any judgment,
from the date due until the date on which such sums are actually paid (inclusive) at
the rate of 2% over prime base lending rate from time to time;
	 
	 	6.1.6	 	ADVENTRX shall reimburse Pharm-Olam for all reasonable travelling, hotel
subsistence and other expenses incurred by Pharm-Olam in the proper performance of the
Services to be provided by Pharm-Olam; and
	 
	 	6.1.7	 	In the event that these terms may conflict with those in Schedule 3, then
those terms stated in Schedule 3 will govern.

	7.	 	VAT
	 
	7.1	 	All sums payable under this Agreement unless otherwise stated are exclusive of VAT and other duties or taxes.
	 
	7.2	 	Any VAT or other duties or taxes payable in respect of such sums shall be payable in addition to such sums.
	 
	7.3	 	Any VAT or other duties or taxes will be noted in Pharm-Olam’s monthly invoices.
	 
	8.	 	Confidentiality
	 
	8.1	 	All documentation and Confidential Information disclosed by each party to the other during
the period of this Agreement shall be regarded as between the parties as the property of the
disclosing party, shall be kept confidential and shall be used solely and exclusively for the
purposes of this Agreement and for no other purpose whatsoever.
	 
	8.2	 	Neither party shall disclose any Confidential Information to any third party other than
employees, agents or sub-contractors (including Investigators) duly appointed in accordance
with this Agreement and in any event only for the proper performance of their duties. Both
parties shall use all reasonable endeavours to ensure that all parties to whom Confidential
Information is disclosed conform with the provisions of this clause 8 as if they were party to
this Agreement.
	 
	8.3	 	The parties agree fully to adhere to the principles of medical confidentiality in relation to
the patients involved in the Study.
	 
	8.4	 	Pharm-Olam may disclose such Confidential Information as necessary pursuant to a legal or
regulatory requirement provided that as soon as Pharm-Olam is aware of each of the same,
Pharm-Olam expressly notifies ADVENTRX in writing of respectively the requirement and relevant
Confidential Information and in sufficient time to allow ADVENTRX to take such measures as may
be available to limit the disclosure and preserve the Confidentiality of Information
nevertheless required to be disclosed. Pharm-Olam will take all measures necessary to assist
ADVENTRX in any effort ADVENTRX makes intended to limit disclosures and preserve Confidential
Information.
	 
	9.	 	Publication
	 
	9.1	 	Pharm-Olam agrees not to publish or present results of the Study or to contribute to any
paper or article which utilizes any data generated from the Study or any other Confidential
Information.

 

 

	10.	 	Intellectual Property
	 
	10.1	 	Pharm-Olam acknowledges that, as between ADVENTRX and Pharm-Olam, any and all
intellectual property rights that may arise in the Study itself,
including Study data, shall belong solely to ADVENTRX.
	 
	11.	 	Warranties
	 
	11.1	 	Pharm-Olam warrants to ADVENTRX that:

	     11.1.1	 	It has the authority to enter into this Agreement; and
	 
	     11.1.2	 	It will perform the Services with all reasonable skill and care.
	 
	11.2	   ADVENTRX warrants to Pharm-Olam that:
	 
	     11.2.1	 	It has the authority to enter into this Agreement;
	 
	     11.2.2	 	All consents and approvals required for the Study (except for the consent of
individual patients used in the Study and local research ethics committee approvals)
have been obtained and are current and effective as at the Effective Date and shall so
remain during the Term: and
	 
	     11.2.3	 	It will perform its obligations under this Agreement with all reasonable skill and
care.

	12.	 	Indemnity
	 
	12.1	 	Subject to clause 14.2, Pharm-Olam shall indemnify and keep ADVENTRX (and all its
officers, servants and agents) fully and effectively indemnified on demand up to a total
maximum aggregate liability [***] against all
loss, liabilities, damages, costs and expenses (including without limitation reasonable legal
fees) suffered or incurred by ADVENTRX as a result of Pharm-Olam’s negligence in performing
the Services.
	 
	12.2	 	ADVENTRX shall indemnify and keep Pharm-Olam (and all its officers, servants and agents, the
study site and investigators) fully and effectively indemnified up to
a total of $10 million against all loss,
liabilities, damages, costs and expenses (including without limitation reasonable legal fees)
suffered or incurred by Pharm-Olam, the study site and investigators as a result of:

	 	12.2.1	 	Pharm-Olam’s proper use of the Investigational Product in the Study including any
claim that such use infringes the rights of any third party; and
	 
	 	12.2.2	 	Any wilful misconduct or negligence of ADVENTRX, its employees or contractors in
their involvement with the Study;
	 
	 	12.2.3	 	All the indemnities set out in this clause 12 shall be conditional upon the
indemnified party:
	 
	 	12.3.4	 	Notifying the indemnifying party in writing of any claim or threatened claim;
	 
	 	12.3.5	 	Making no written admission as to liability in relation to any such claim without the
indemnifying party’s approval; and
	 
	 	12.2.6	 	Providing the indemnifying party with all reasonable assistance in relation to any
such claim which the indemnifying party defends subject to the indemnifying party
indemnifying the indemnified party against all costs and expenses that the indemnified
party incurs in assisting the indemnifying party.

	13.	 	Insurance
	 
	13.1	 	ADVENTRX and Pharm-Olam shall each effect and maintain adequate insurance with a
reputable insurer in respect of their respective liabilities under this Agreement during, and
for a period of 12 months after the Term.

 

 

	 
	13.2	 	Each party shall provide to the other a copy of the relevant insurance policies prior to the
execution of this Agreement. Subsequent to the execution of this Agreement, each party shall,
upon the request of the other, provide the other,, within 14 days of the same being requested,
a certified copy of the insurance policy referred to in clause 13.1 and all amendments and
renewals to the policy. 
	 
	14.	 	Liability
	 
	14.1	 	Notwithstanding anything else in this Agreement, nothing in this Agreement shall exclude
or restrict Pharm-Olam’s liability in respect of death or personal injury caused by its
negligence.
	 
	14.2	 	For the avoidance of doubt, Pharm-Olam shall not be liable under this Agreement for any
indirect or consequential loss including (without limitation) loss of profits, the value of
lost contracts, or damage to goodwill, unless such loss or damage
results from Pharm-Olam's gross negligence in providing the Services.
	 
	15.	 	TERM AND TERMINATION
	 
	15.1	 	This Agreement shall commence on the Effective Date and (subject to the early termination
provisions of this Agreement) shall continue until such time as the Services are completed.
	 
	15.2	 	Either party may, without prejudice to any rights or remedies which it may have against the
other party, by notice in writing to the other party forthwith terminate this Agreement if:

	 	15.2.1	 	The other party shall be in material breach of any provision of this Agreement and
such party has failed to remedy that breach (if capable of remedy) within 30 days after
receiving notice of such breach;
	 
	 	15.2.2	 	An order is made or a resolution passed for the winding up or administration of a
party (or if a receiver or administrative receiver is appointed in relation to all or
any of the assets of the other party) other than for a voluntary liquidation for the
purposes of a bona fide amalgamation or reconstruction;
	 
	 	15.2.3	 	The other party does or fails to do anything which will entitle any person to apply
for any such matter referred to in clause 15.2.2 above to occur;
	 
	 	15.2.4	 	The other party is unable to pay its debts as and when they
fall due or enters into any arrangement for the benefit of, or composition with, its creditors;
	 
	 	15.2.5	 	The other party ceases or threaten to cease to carry on its business or a substantial
part of its business; and
	 
	 	15.2.6	 	If either party is reasonably of the opinion, after obtaining independent medical
advice, that it is in the best interests of the patients involved in the Study for the
Study to cease. Such termination shall be effective immediately upon notification by
telephone, which shall then be followed by written confirmation;

	15.3	 	ADVENTRX may terminate this Agreement for any reason
including but not limited to the occurrence of a Serious Adverse
Event upon sixty days’ written notice to Pharm-Olam. In the event of a Serious Adverse Event
the parties will take all steps to preclude further liabilities, if any, from arising.
	 
	16.	 	CONSEQUENCES OF TERMINATION
	 
	16.1	 	On the expiry or early termination of this Agreement, such expiry or termination shall be
without prejudice to either of the party’s rights that may have already accrued.
	 
	16.2	 	All rights and obligations of the parties on termination or expiry shall cease forthwith
except where it is expressly stated otherwise in this Agreement.
	 
	16.3	 	In the event of this Agreement being terminated for reasons other than breach of Agreement by
Pharm-Olam, Pharm-Olam shall be entitled to payment of all outstanding monies due including
Consideration then due, and in addition all reasonable costs:

	 	16.3.1	 	Including fees, expenses and disbursements irrevocably incurred and committed up to
the date of termination; and

 

*** Confidential treatment has been requested with respect to this
redacted portion of the agreement. A complete copy of this agreement, including this confidential information, has been filed separately
with the Securities and Exchange Commission.

 

 

	 	16.3.2	 	Required to complete activities associated with any termination and close out of the
services including, for example, any activities necessary to satisfy the requirements
of any competent authority.

	16.4	 	Notwithstanding expiry or early termination of this Agreement, the provisions of this clause
and clauses 8, 12, 13 18, 20 and 28 shall survive expiry or earlier termination of this
Agreement.
	 
	16.5	 	[***]
	 
	16.6	 	Pharm-Olam will retain one copy of all relevant study documentation for its own files. All
original study documentation will be returned to ADVENTRX.
	 
	17.	 	Sub-Contracting and Assignment
	 
	17.1	 	This Agreement is personal to Pharm-Olam and ADVENTRX and neither shall without the
other’s prior written consent assign or delegate or sub-contract any of its rights or
obligations hereunder (consent not to be unreasonably withheld) provided that ADVENTRX may
assign the whole or any part of this Agreement to any affiliate or
any entity which enters into a licensing or other relationship with
Adventrx in connection with the Investigational Product which
affiliate or entity shall be bound
by the terms and obligations of this Agreement.
	 
	18.	 	Non Solicitation of Staff
	 
	18.1	 	Neither party shall during the term of this Agreement and for a period of twelve months
following its termination, either directly or indirectly solicit or entice any employee,
contractor or Investigator of the other party with whom it comes into contact as a result of
participation on the Study, to be employed by it or any other person, firm or Company and
shall not approach any such employee, contractor or Investigator for
such purpose or authorize
or approve the taking of such action by any other person.
	 
	19.	 	VARIATION
	 
	19.1	 	No variation of this Agreement will be valid unless made in writing and signed by a duly
authorized representative of each of the parties.
	 
	20.	 	Relationship of Parties
	 
	20.1	 	Nothing in this Agreement shall be construed as creating a partnership, agency or joint
venture between the parties.
	 
	21.	 	WAIVER
	 
	21.1	 	The failure by any of the parties to enforce at any time or for any period any one or
more of its rights under this Agreement shall not release the other party to this Agreement
from any of the warranties, liabilities or obligations under this Agreement and any failure to
enforce shall not be deemed to be a waiver of such rights or of any subsequent right to
enforce any or all of the terms and conditions of this Agreement.
	 
	22.	 	SEVERANCE
	 
	22.1	 	If any provision of the Agreement is held by any competent authority to be invalid or
unenforceable in whole or in part, the validity of the other provisions of the Agreement and
the remainder of the provisions in questions shall not be affected.
	 
	23.	 	FORCE MAJEURE
	 
	23.1	 	Neither party shall be liable to the other for any delay in performance of its respective
obligations under this Agreement to the extent that such performance is prevented by a Force
Majeure Event.
	 
	24.	 	ENTIRE AGREEMENT
	 
	24.1	 	This Agreement shall constitute the entire agreement between the parties and shall
supersede all prior agreements, understandings and arrangements between them, whether oral or
written, which relate to the subject matter of this Agreement.
	 
	24.2	 	Each party warrants to the other that it has not been induced to enter into the Agreement by
any prior oral or written innocent or negligent misrepresentation.
	 
	24.3	 	Any changes or Amendments to this Agreement require the written consent of both parties.

 

*** Confidential treatment has been requested with respect to this
redacted portion of the agreement. A complete copy of this agreement, including this confidential information, has been filed separately
with the Securities and Exchange Commission.

 

 

	25.	 	NOTICES
	 
	25.1	 	Any notice to be given pursuant to this Agreement shall be in writing in English and
shall be delivered by courier, sent by post or sent by facsimile to the address of the
facsimile number of the recipient set out below or as specified by the recipient from time to
time in a written notice.
	 
	25.2	 	Any notice given pursuant to this clause 26 shall be deemed to have been received:

	 	25.2.1	 	In the case of delivery by courier, when delivered;
	 
	 	25.2.2	 	In the case of sending by post:

	 	25.2.2.1	 	Where posted in the country of the addressee, on the second working day
following posting: and
	 
	 	25.2.2.2	 	Where posted in any other country on the fifth working day following the day
of posting providing, however, that such posting shall always be by airmail; or

	 	25.2.3	 	In the case of facsimile, on acknowledgement by the recipient’s facsimile receiving
equipment on a business day if the acknowledgement occurs before 1700 local time on a
business day of the recipient and in any other case on the next following business day.

	25.3	 	All notices to the Company shall be addressed to:
	 
	 	 	Joan Robbins, Ph.D.

Chief Technology Officer

Adventrx Pharmaceuticals, Inc.

6725 Mesa Ridge Road, Suite 100

San Diego, CA 92121
	 
	 	 	Fax:858 552 0876
	 
	   25.4	 	All notices to Pharm-Olam shall be addressed to:
	 
	 	 	Mr. John Hovre

Executive Vice-President

Pharm-Olam International Ltd.

450 N. Sam Houston Parkway

Suite 250

Houston, TX 77060
	 
	 	 	Fax: 713 463 8281

	26.	 	CHANGE OF ADDRESS
	 
	26.1	 	The parties shall give notice to each other of any change of their address or telephone,
facsimile or similar number at the earliest possible opportunity.
	 
	27.	 	FURTHER ASSURANCE
	 
	27.1	 	Both parties shall at their own expense do all acts and execute all deeds and documents
as may be necessary validly to transfer and to assure to the other all rights agreed
respectively to be granted to the other under this Agreement.
	 
	28.	 	APPLICABLE LAW

28.1 This Agreement shall be governed by and be construed under the laws of the State of
New York, without giving effect to its choice-of-law rules.

 

 

IN WITNESS of which the parties have signed this Agreement.

For and on behalf of Pharm-Olam International Ltd. the presence of :

/s/ John Hovre

Name: John Hovre

Title: E.V.P.

Date: 9/29/05

For and on behalf of Adventrx Pharmaceuticals, Inc.

in the presence of :

/s/ Carrie Carlander

Name: Carrie Carlander

Title: CFO

Date: 11/15/2005

 

 

SCHEDULE 1

CONFIDENTIAL

CLINICAL TRIAL PROTOCOL

	 	 	 
	PROTOCOL TITLE:

	 	A Multi-Center, Open Label, Parallel Group, Randomised, Phase IIB Clinical Trial to
Evaluate the Safety and Efficacy of CoFactor and 5-FU versus Leucovorin and 5-FU in Subjects
with Metastatic Colorectal Carcinoma
	[***]
	 	 

 

*** Confidential treatment has been requested with respect to this
redacted portion of the agreement which consists of 60 pages. A complete copy of this agreement, including this confidential information, has been
 filed separately
with the Securities and Exchange Commission.

 

 

SCHEDULE 2

Division of Responsibilities

[***]

 

*** Confidential treatment has been requested with respect to this
redacted portion of the agreement which consists of five pages. A complete copy of this agreement, including this confidential information, has been filed separately
with the Securities and Exchange Commission.

 

 

SCHEDULE 3

CONSIDERATION AND COST CALCULATION

SERVICE FEES

[***]

 

*** Confidential treatment has been requested with respect to this
redacted portion of the agreement which consists of three pages. A complete copy of this agreement, including this confidential information, has been filed separately
with the Securities and Exchange Commission.

 

 

SCHEDULE 4

Reporting/Collection Timelines

CRF collection CRFs to be sent to Adventrx as complete modules (Period 1 or Period 2)

                       CRFs to be sent to Adventrx on a regular basis and not less than every 4 weeks

                       Last subject CRFs to be sent to Adventrx within 10 days of the last subject visit

Data Resolution Forms Research

Site Visit Reports Finalized Report to be sent to Adventrx within 15 days of a site visit

Status Reports Monthly status reports to be sent to Adventrx on the 25th day of each month

			
	Recruitment

	 	Weekly updates on status of recruitment to be sent to Adventrx by e-mail or fax every Friday

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