Document:

Exhibit 10.4

 

SANOFI-AVENTIS AND IMMUNOGEN CONFIDENTIAL

Execution Copy

 

AMENDMENT NO. 2 TO THE

COLLABORATION AND LICENSE AGREEMENT

 

This Amendment No. 2 to
the Collaboration and License Agreement (this “Amendment”) is dated as of December 7,
2007 (the “Amendment Effective Date”) by and between ImmunoGen, Inc., a
Massachusetts corporation with a principal office at 128 Sidney Street,
Cambridge, MA 02139 (“ImmunoGen”), and sanofi-aventis U.S. LLC, a Delaware
limited liability company with offices at 1041 Rte. 202-206, Bridgewater, NJ
08807 (“Aventis”).  Capitalized terms
used but not otherwise defined herein shall have the meanings ascribed to such
terms in the Collaboration and License Agreement (the “Agreement”) dated as of July 30,
2003 (the “Agreement Effective Date”) by and between ImmunoGen and Aventis
Pharmaceuticals, Inc. (predecessor in interest to Aventis), as amended August 31,
2006.

 

WHEREAS, on the Agreement
Effective Date, ImmunoGen and Aventis entered into the Agreement for the
purpose of collaborating on the identification and validation of targets for
use in the discovery of antibodies and antibody-drug conjugates in the
Collaborative Focus Area (as defined in the Agreement) and in the development
and commercialization of such antibodies and antibody-drug conjugates; and

 

WHEREAS, the Parties hereto
desire to amend the Agreement to provide that ImmunoGen will develop a Phase
IIb/III scale process for manufacturing SAR3419 and Aventis will assist and
compensate ImmunoGen, all as set forth in this Amendment, and to set forth
certain additional terms applicable to the Agreement, as so amended.

 

NOW, THEREFORE, in
consideration of the mutual covenants contained herein, and for other good and
valuable consideration, the Parties hereto, intending to be legally bound,
hereby agree as follows:

 

In consideration of the
mutual promises and covenants hereinafter set forth herein, and other
consideration, the Parties agree as follows:

 

1.                                       Amendments to Agreement.

 

(a)                                  The following new definitions are hereby added
to Article 1 of the Collaboration Agreement:

 

“1.25A           “Conjugation
Process” means a process for
manufacturing SAR3419 by conjugating its component parts, which is to be
developed as part of the Services under this Agreement.”

 

“1.82A           “Project
Plan” means the project plan
attached hereto as Exhibit C, which describes the Services, sets forth the
Requirements, and includes other information, terms and conditions relevant to
performance of the Services, as amended and updated by mutual agreement of the
Parties.”

 

“1.82B             “Project
Materials” means any
materials, other than Aventis Materials, used by ImmunoGen in the conduct of
the Services.”

“1.82C             “Project
Technology” means any
Technology that is developed or conceived by employees of, or consultants to,
ImmunoGen in the conduct of the Services.”

 

“1.85D            “SAR3419” means huB4 antibody conjugated to DM4
through the SPDB linker.”

 

“1.85E              “Requirements” means any specifications or requirements
applicable to the Services set forth in the Project Plan.”

 

Portions of this Exhibit were omitted, as
indicated by [***], and have been filed separately with the Secretary of the
Commission pursuant to the Company’s application requesting confidential
treatment under

Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

 

“1.86A           “Services” means the process development work to be
performed by ImmunoGen, as described in the Project Plan.”

 

(b)                                 The definition of Aventis Materials set forth
in Section 1.10 of the Agreement is hereby amended by adding the following
sentence at the end of the definition:

 

“For purposes of clarity,
Aventis Materials includes SAR3419.”

 

(c)                                  The definition of ImmunoGen Materials set
forth in Section 1.49 of the Agreement is hereby amended by adding the
following sentence at the end of the definition:

 

“For purposes of clarity,
ImmunoGen Materials includes all Project Materials.”

 

(d)                                 The definition of “ImmunoGen Technology
Improvements” is hereby deleted in its entirety and replaced with the
following:

 

“ImmunoGen Technology Improvements” means (a) any Technology which (i) is
developed or conceived by employees of, or consultant to, either Party or
jointly by both Parties, under this Agreement and (ii) (A) is Covered
by the ImmunoGen Patent Rights or (B) is a maytansinoid that is
substantially equivalent to a maytansinoid Covered by an ImmunoGen Patent Right
listed on Schedule 1.50 or (C) is a method of manufacture or use with
respect to a maytansinoid that is substantially equivalent to a method of
manufacture or use, respectively, with respect to a maytansinoid and Covered by
an ImmunoGen Patent right listed on Schedule 1.50 and (b) any Project
Technology.”

 

(e)                                  A new Section 4.5 is hereby added to the
Agreement which shall provide as follows:

 

“4.5                           “Process Development Services.”

 

4.5.1                        Project Plan Document.  The
Project Plan describes the Services, and the terms and conditions applicable to
the conduct by ImmunoGen of the Services, under this Agreement.  The Project Plan may be amended by mutual
agreement of the Parties and any updated or amended Project Plan will become
part of this Agreement upon execution by both Parties.  In the event of a conflict between the terms
of this Agreement and any terms of the Project Plan, the terms of this
Agreement shall control.

 

4.5.2                        Performance of Services. 
ImmunoGen shall use Commercially Reasonable Efforts to perform the
Services in accordance with this Agreement, the Project Plan and the
Requirements.  Without limiting the foregoing,
ImmunoGen shall (a) make available facilities, utilities, equipment and
computerized systems that are adequate to perform the Services in accordance
with the Project Plan; and (b) provide an adequate number of personnel to
perform the Services, all of whom have appropriate education, training and
experience to do so.  At Aventis’
request, ImmunoGen shall provide Aventis with resumes or CVs for personnel
assigned to perform the Services. 
ImmunoGen shall be responsible for procuring any and all Project
Materials, for ensuring that such Project Materials are suitable for the
intended purposes, and for inspecting, testing, as appropriate, storing and
maintaining Project Materials.  Other
than payment of fees under Section 8.47(a), (b) and (c) and
reimbursement of certain out-of-pocket costs under Section 8.4.7(d),
ImmunoGen shall be responsible for all costs and expenses incurred in providing
the Services.

 

Portions of this Exhibit were omitted, as
indicated by [***], and have been filed separately with the Secretary of the
Commission pursuant to the Company’s application requesting confidential
treatment under

Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

2

 

4.5.3                        Schedule and Adjustments.  If ImmunoGen proposes to make any proposed changes to its personnel, facilities,
utilities or equipment that are reasonably likely to affect the quality or
timing of its performance of the Services, ImmunoGen shall promptly notify
Aventis in writing of such proposed changes. 
If Aventis reasonably determines that any such proposed changes are
likely to materially affect the development and/or commercialization by Aventis
of SAR3419, the implementation of those changes will be subject to Aventis’
approval, which will not be unreasonably withheld.  If any delay in completing the Services is
due to Aventis’ failure to perform its obligations under this Agreement,
including but not limited to delay in providing Aventis Materials under Section 4.5.6,
then the Project Plan and the Milestone-Based Fees in Section 8.4.7(c) will
be adjusted accordingly to reasonably account for such delay.

 

4.5.4                        Project Management and Aventis
Assistance.  Each Party shall appoint designees to
coordinate the conduct of the Services as appropriate (the “Project Managers”).  Project Managers will meet on a bi-weekly
basis (more or less frequently if mutually agreed) to assess the progress of
the Services.  Decisions by Project
Managers are not binding except to the extent consistent with the Project Plan
or agreed in writing by the Parties. 
Aventis shall provide ImmunoGen with guidance, information and
assistance as reasonably necessary for ImmunoGen to perform the Services, and
shall use Commercially Reasonable Efforts to perform any obligations under any
Project Plan related to such guidance and assistance.

 

4.5.5                        Modifications of Services,
Requirements or Project Plan Document.  If Aventis reasonably
determines that modifications to the Services or any Requirements are
necessary, Aventis shall communicate such proposed modifications in writing to
ImmunoGen (the “Proposed Modifications”). 
If ImmunoGen reasonably believes that any such proposed modifications
would be a material change to the Services or the Requirements, then ImmunoGen
shall so inform Aventis, and shall include (a) an estimate of the length
of time of any delay in the schedule as a result of the Proposed Modifications,
and/or (b) an estimate of any revisions to the fees or costs as a result
of the Proposed Modifications.  Subject
to the foregoing, (a) ImmunoGen shall use Commercially Reasonable Efforts
to assist Aventis in implementing the Proposed Modifications, (b) the
Parties shall update the schedule in the Project Plan (including the applicable
milestones), and (c) the Parties shall mutually agree on the fees and/or
costs required to implement the Proposed Modifications.  Aventis shall be responsible for the payment
of all such agreed fees and/or costs, as reflected in the updated schedule in
accordance with this Agreement.

 

4.5.6                        Aventis Materials. 
Unless otherwise specified in the Project Plan, Aventis shall deliver to
ImmunoGen, at its own expense, the Aventis Materials in the form and amounts
identified in the Project Plan.  For any
Aventis Materials to be procured by ImmunoGen, ImmunoGen shall procure those
Aventis Materials in the form and in amounts identified in the Project Plan and
Aventis shall reimburse ImmunoGen for its costs incurred in making such
procurement under Section 8.4.7(d).

 

4.5.7                        Termination of Services.  The
obligation of ImmunoGen to conduct all or any part of the Services may, subject
to Section 4.5.8 below, be terminated (a) by Aventis, at any time,
and for any reason or no reason, by providing written notice of termination to
ImmunoGen at least [***] prior to the date of termination, which notice shall
specify the scope of the terminated Services; and (b) by either Party, by
providing written notice of termination to the other Party at least [***] after
having provided to the other Party notice of such Party’s material breach of
this Agreement, unless such material breach has been cured within the [***]
period after the initial notice of breach; provided, however, that when a Party
allegedly in breach disputes in good faith that a breach has occurred, then
both Parties shall continue performance during the pendency of any dispute
resolution procedure for up to a maximum of [***] after notice of an alleged
material breach.

 

Portions of this Exhibit were omitted, as
indicated by [***], and have been filed separately with the Secretary of the
Commission pursuant to the Company’s application requesting confidential
treatment under

Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

3

 

4.5.8                        Obligations Upon Termination or
Expiration of Services.

 

(a)                                  Payment by Aventis: 
Except with regard to termination by Aventis as a result of the uncured
material breach of ImmunoGen, upon termination of the Services as provided in Section 4.5.7,
Aventis shall pay ImmunoGen: (i) the Service Fees described in Section 8.4.7(a) that
were authorized to be incurred and were actually incurred prior to termination;
(ii) reimbursable costs not already paid, to the extent such costs already
have been incurred and (iii) any early termination fee as calculated under
subsection (b) below.

 

(b)                                 Early Termination [***]:  If
Aventis terminates the Services under Section 4.5.7(a) above at any
time on or before [***] from the date of initiation of the Services for any
reason other than technical failure with respect to, or adverse clinical results
which would preclude proceeding with, the further development of SAR3419, then
Aventis shall [***] no later than the [***].

 

4.5.9                        Subcontracting and Use of
Contract Manufacturing Organizations.  ImmunoGen shall not subcontract
any of its obligations to conduct Services under this Agreement without Aventis’
prior written consent, which will not be unreasonably withheld or delayed.  To the extent Aventis Materials are required
for performance under an authorized subcontract, Aventis either shall provide
the Aventis Materials directly to the authorized subcontractor, or shall
authorize ImmunoGen to provide the Aventis Materials to the authorized
subcontractor, in either case subject to an appropriate material transfer
agreement or other agreement between Aventis and the authorized subcontractor.”

 

(f)                                    A new Section 8.4.7 is hereby added to
the Agreement which shall provide as follows:

 

“8.4.7                  Service Fees; Costs.

 

(a)                                  Service Fees.  In
consideration of ImmunoGen’s performance of the Services, Aventis shall pay to
ImmunoGen fees, based on hours worked by ImmunoGen employees performing the
Services, at a rate equal to $[***]per hour or $[***] per FTE per year (the “Service
Fees”).

 

(b)                                 Cost Reimbursement. 
Aventis shall reimburse ImmunoGen for the cost incurred by ImmunoGen in
obtaining approved quantities of DM4 or SPDB for performance of the Services
based on ImmunoGen’s standard cost of such materials, which will be included in
the Project Plan. Prior to obtaining any such DM4 or SPDB, ImmunoGen shall
notify Aventis of the quantities needed and shall receive approval from
Aventis.  Notwithstanding the foregoing,
ImmunoGen shall have no obligation to provide Aventis with any quantities of
DM4 or SPDB in excess of the amount set forth in the Project Plan unless
mutually agreed upon in writing.  Aventis
shall be solely responsible for reimbursing ImmunoGen for the cost of any
Aventis Materials procured directly by ImmunoGen (if any).

 

(c)                                  Milestone-Based Fees. 
Aventis shall pay ImmunoGen a milestone-based fee of [***].  In the event that Aventis reasonably
disagrees with the achievement of any such milestone, it shall so notify
ImmunoGen in writing within [***]. 
Within [***] of any such notice by Aventis, the Parties shall use
reasonable efforts to resolve the dispute.

 

(d)                                 Invoices and Payment Terms.  Prior to payment by Aventis of the payments due under this
Agreement, ImmunoGen must submit an invoice to Aventis which shall reference
the applicable purchase order number (each, an “Invoice”).  ImmunoGen
shall generate Invoices for all fees and cost reimbursements.  Invoices for Service Fees and for cost
reimbursements shall be generated quarterly and provided to Aventis promptly
after the end of the Calendar Quarter in which the 

 

Portions of this Exhibit were omitted, as
indicated by [***], and have been filed separately with the Secretary of the
Commission pursuant to the Company’s application requesting confidential
treatment under

Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

4

 

fees were incurred; invoices for the
milestone-based fee described above will be generated any time after completion
of the milestone (as completion is determined under the Project Plan and Section 8.4.7(c)).  Each Invoice
shall be addressed to:  sanofi-aventis
U.S. LLC Attention: Accounts
Payable Department 1041 Route 202-206 P.O. Box
5915 Bridgewater, NJ 08807-0800. 
Invoices for cost
reimbursement shall include appropriate reasonable documentation of costs
incurred; Invoices for Service Fees shall detail the personnel providing
Services and the number of FTEs/hours spent in performing Services, as
calculated in accordance with Section 8.4.7(a), during the quarter for
which the Invoice applies.  Aventis shall
pay Invoices within [***] after receipt of each Invoice .  Receipt or acceptance by Aventis of any
Invoices under this Agreement will not preclude Aventis from questioning the
correctness of the underlying information at a later date, or from exercising
its rights under Section 8.4.7.  If
any [***] inconsistencies or mistakes are discovered in an Invoice, the Parties
shall make immediate adjustment, by reimbursement or credit, as
applicable.  Invoices that remain unpaid
more than [***] beyond the scheduled payment due date may be subject to an
interest charge equal to [***], calculated from the scheduled payment due date
forward; provided that in no event shall such annual rate exceed the maximum
interest rate permitted by law in regard to such payments.  Such payments when made shall be accompanied
by all interest so accrued.  All payments
shall be made by wire transfer of immediately available funds to the following
account:

 

[***]

ABA
(routing): [***]

F/C
Client Funds [***]

Account:
[***]

Account
Title:  ImmunoGen, Inc.

 

(e)                                  Records Maintenance. 
ImmunoGen shall maintain all records and accounts pertaining to the
Services under this Agreement for a period of at least [***] from the date of
final payment for the Services, or longer if required by law.  At the request of Aventis, upon at least
[***] prior written notice, but no more often than [***] per calendar year, and
at its sole expense, ImmunoGen shall permit an independent certified public
accountant selected by Aventis and reasonably acceptable to ImmunoGen to inspect
(during regular business hours) the relevant records required to be maintained
by ImmunoGen under this Section 8.4.7. 
To the extent requested by ImmunoGen, the accountant shall enter into a
confidentiality agreement with both Parties reasonably acceptable to each.  The results of any such audit shall be made
available to both Parties.  Aventis
agrees to treat the results of any such accountant’s review of ImmunoGen’s
records under this Section 8.4.7 as Confidential Information of ImmunoGen
subject to the terms of Section 5.”

 

(f)                                    A new Exhibit C shall be added to
the Agreement which shall be in the form of Exhibit C attached hereto.

 

2.                                       Miscellaneous.  The
Parties hereby confirm and agree that, except as amended hereby, the Agreement
remains in full force and effect and is a binding obligation of the Parties
hereto.  This Amendment may be executed
in counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

 

[Remainder of page intentionally left blank.]

 

Portions of this Exhibit were omitted, as
indicated by [***], and have been filed separately with the Secretary of the
Commission pursuant to the Company’s application requesting confidential
treatment under

Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

 

5

 

IN WITNESS WHEREOF, the
Parties have caused this Amendment to be duly executed, effective as of the
Amendment Effective Date, by their respective duly authorized officers.

 

	
  SANOFI-AVENTIS
  U.S., LLC

  	
   

  	
  IMMUNOGEN, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:
  

  	
   

  	
   

  	
  By:
  

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
  Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SANOFI-AVENTIS
  U.S., LLC

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:
  

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  	
   

  
													

 

6

 

Exhibit C

 

PROJECT PLAN

 

SAR3419 Phase IIb/Phase III
Conjugation Process Development

 

Project Stages &
Key Deliverables

 

	
  stage

  	
   

  	
  Description

  	
   

  	
  duration

  	
   

  	
  deliverables

  	
   

  	
  Scheduled

  completion

  	
   

  
	
  I

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  II

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  III

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  IV

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  

 

Project Timeline:
Schedule

 

	
   

  	
   

  	
  Month #

  	
   

  
	
   

  	
   

  	
  1

  	
   

  	
  2

  	
   

  	
  3

  	
   

  	
  4

  	
   

  	
  5

  	
   

  	
  6

  	
   

  	
  7

  	
   

  	
  8

  	
   

  	
  9

  	
   

  	
  10

  	
   

  	
  11

  	
   

  	
  12

  	
   

  	
  13

  	
   

  	
  14

  	
   

  	
  15

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  

 

[***]

 

Team Communication

 

The
joint development team expects to have biweekly teleconferences and bimonthly
face to face meetings or others as deemed necessary. A meeting agenda will be
agreed to and provided prior to each meeting. Meeting slides and data will be
provided prior to each meeting as needed. Meeting action items and follow up
will be provided following each meeting as needed. The team will utilize a
joint shared repository site to store project documents.

 

Requirements &
Scale

 

Demonstration Scale: [***] or as
determined appropriate by process requirements and equipment limitations.

 

Portions of this Exhibit were omitted, as
indicated by [***], and have been filed separately with the Secretary of the
Commission pursuant to the Company’s application requesting confidential
treatment under

Rule 24b-2 of the Securities Exchange Act of
1934, as amended.

 

C-1

 

For both process and product requirements, it is
assumed that the characteristics and quality of the huB4 antibody will be
equivalent to the antibody currently in use for the phase I process.  Any changes to the antibody manufacturing
process that could compromise meeting the targeted Phase IIb specifications
will not be implemented during the term of this study without mutual consent.

 

Process Requirements: The process used to generate
the final [***] batches should meet the following requirements:

 

1)     [***]

2)     [***]

3)     [***]

 

Product
Requirements: The conjugate drug substance should be [***] to the [***] with
the exception of:

[***]

 

[***]

 

STAGE I: [***]

 

	
  Purpose:

  	
  To demonstrate feasibility of [***]

  
	
   

  	
   

  
	
  Activities:

  	
  [***]

  
	
   

  	
   

  
	
  Deliverables:

  	
   

  
	
   

  	
   

  
	
  S-A:

  	
  [***]

  
	
   

  	
  Analytical testing beyond IMGN
  responsibility as described in Table 1

  
	
   

  	
   

  
	
  IMGN:

  	
  Identified process steps

  
	
   

  	
  [***]

  
	
   

  	
  Weekly to biweekly update reports

  
	
   

  	
  Summary chart on [***]

  
	
   

  	
  Preliminary development report
  (delivered at end of [***])

  

 

Duration:              [***]. This assumes that the
analytical results from sanofi-aventis are available in a timely manner. Unless
otherwise agreed in the biweekly meetings, timely execution will be defined as [***] for receipt of the data by
ImmunoGen.

 

	
  IMGN FTE:

  	
  Average of [***] FTE’s in Process and [***] FTE’s in Analytical (may
  not be evenly distributed over duration of this phase of project)

  

 

Go / No Go decision on further
optimization of this process will be taken based on comparability data of [***] batches with [***]. In case material is not
comparable, parties will meet to decide how development program could be
modified to meet the objective.

 

Portions of this Exhibit were omitted, as
indicated by [***], and have been filed separately with the Secretary of the
Commission pursuant to the Company’s application requesting confidential
treatment under

Rule 24b-2 of the Securities Exchange Act of
1934, as amended.

 

C-2

 

STAGE II: [***]

 

	
  Purpose:

  	
  To define
  [***]requirements
  for the pivotal/commercial manufacturing facility. This includes the [***].

  
	
  Activities:

  	
  [***]

  
	
   

  	
   

  
	
  Deliverables:

  	
   

  
	
   

  	
   

  
	
   

  	
  S-A:        [***]

  
	
   

  	
  Preliminary formulation,
  minimally base buffer (by [***])

  
	
   

  	
  Analytical testing beyond IMGN
  responsibility as described in Table 1

  
	
   

  	
   

  
	
  IMGN:

  	
  Laboratory samples (mgs to grams)

  
	
   

  	
  Weekly update reports

  
	
   

  	
  [***]

  
	
   

  	
   

  
	
  Duration:

  	
  [***].
  This assumes that the analytical results from sanofi-aventis are available in
  a timely manner. Unless otherwise agreed in the team meetings. timely execution
  will be defined as [***]
  for receipt of the data by ImmunoGen.

  
	
   

  	
   

  
	
  IMGN FTE:

  	
  Average of [***] FTE’s in Process and [***] FTE’s in Analytical (may
  not be evenly distributed over duration of this phase of project)

  

 

STAGE III:  [***]

 

	
  Purpose:

  	
  To [***]. A protocol for the [***] will be formally approved
  to insure that the requirements for a [***] have been met. During the time required for this
  evaluation and protocol approval, the “clock will stop” on the [***] time frame for delivery
  of the success milestone. The milestone timing will resume once the [***] is initiated.

  
	
   

  	
   

  
	
  Activities:

  	
  [***]

  
	
   

  	
   

  
	
  Deliverables:

  	
   

  
	
   

  	
   

  
	
  S-A:

  	
  [***]

  
	
   

  	
  All materials generally
  representative of [***]

  
	
   

  	
  Analytical testing beyond IMGN
  responsibility as described in Table 1

  
	
   

  	
   

  
	
  IMGN:

  	
  [***]

  
	
   

  	
   

  
	
  Duration:

  	
  [***].
  This assumes that the analytical results from sanofi-aventis are available in
  a timely manner. Unless otherwise 

  
	
  agreed, timely execution will be
  defined as [***]
  from receipt of samples for testing to receipt of the analytical data by
  ImmunoGen.

  
	
   

  	
   

  
	
  IMGN FTE:

  	
  Average of [***] FTEs in Process and [***] FTEs in Analytical (may
  not be evenly distributed over duration of this phase of project)

  

 

Portions of this Exhibit were omitted, as
indicated by [***], and have been filed separately with the Secretary of the
Commission pursuant to the Company’s application requesting confidential
treatment under

Rule 24b-2 of the Securities Exchange Act of
1934, as amended.

 

C-3

 

Go / No Go decision on the
continuation of the development program will be taken based on comparability
data of [***]
with [***],
as set forth in Table 2. In case material is not comparable, parties will meet
to decide how development program could be modified to meet the objective.

 

Success Milestone:  A [***] of at least [***] which meets the targets and
specifications described in the “Requirements and Scale” section above, unless
process development data justifies an exception, will be the basis for a
milestone payment of [***] if this is accomplished within [***] of the initiation of Stage 1
work with the projected number of FTEs. 
ImmunoGen will provide formal notification of initiation of Stage 1 work
within [***] of execution of the Amendment. 
If the [***] is delayed due to factors controlled by sanofi-aventis, such as not
receiving the needed materials or analytical data from sanofi-aventis, this
date may be modified by mutual agreement.

 

STAGE IV: [***]

 

	
  Purpose:

  	
  [***].

  
	
   

  	
   

  
	
  Activities:

  	
   

  
	
  IMGN:

  	
  [***]

  
	
   

  	
   

  
	
  S-A:

  	
  [***]

  
	
   

  	
   

  
	
  Deliverables:

  	
  [***].

  
	
   

  	
   

  
	
  Duration:

  	
  Assuming [***], transfer of [***]should be complete [***] from start of transfer

  
	
   

  	
   

  
	
  IMGN FTE:

  	
  Depending on scope, average of [***] FTE’s in Process and [***] FTE’s in Analytical (may
  not be evenly distributed
  over duration of this phase of project).

  

 

Portions of this Exhibit were omitted, as
indicated by [***], and have been filed separately with the Secretary of the
Commission pursuant to the Company’s application requesting confidential
treatment under

Rule 24b-2 of the Securities Exchange Act of
1934, as amended.

 

C-4

 

Total FTE Requirement at ImmunoGen

 

Stages I – IV (up to and including [***]) are estimated to take [***].

 

Average of [***] FTE in Process Science and
Engineering (includes [***]
and [***])

Average of [***] FTE in Analytical and
Pharmaceutical Sciences (analytical resources only)

 

Estimated
Materials Requirements (Stages I – IV)

 

	
   

  	
   

  	
  Ab (gm)

  	
   

  	
  DM4 (gm)

  	
   

  	
  SPDB (gm)

  	
   

  
	
  Month
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  Month
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  Month
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  Month
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  Month
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  

 

It is understood that sanofi-aventis intends to
provide these materials. If necessary, ImmunoGen would be able to provide DM4
at a cost of $[***] per [***], but would not be
obligated to provide any amount in excess of [***].

 

Travel
Expenses

 

Expenses
for [***] personnel to travel to [***] for [***] will be paid by [***]and will
require prior approval of projected travel expenses from [***].

 

Portions of this Exhibit were omitted, as
indicated by [***], and have been filed separately with the Secretary of the
Commission pursuant to the Company’s application requesting confidential
treatment under

Rule 24b-2 of the Securities Exchange Act of
1934, as amended.

 

C-5

 

Table 1  SAR3419 Commercial Process
Development – Proposed Responsibility for Analytical Testing

 

	
   

  	
   

  	
  IMGN

  	
   

  	
  sanofi-aventis(1)

  	
   

  
	
  In
  Process/Process Characterization

  	
   

  	
  [***]

  	
   

  	
  Quantitative
  SDS-PAGE

  	
   

  
	
   

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
   

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
   

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
   

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
   

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
   

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
   

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
   

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  Conjugate “Release”(2)

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
   

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
   

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
   

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
   

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  Product
  Characterization

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
   

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
   

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
   

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  Other

  	
   

  	
  [***]

  	
   

  	
  [***]

  	
   

  

 

(1)
If quantitative spec is required, sanofi-aventis will need to [***] samples
with short turnaround to ensure that development efforts will enable target to
be met.  Choice of relevant samples to be
analyzed and assays to be performed will be mutually agreed. Timely
execution will be defined as [***]
from
receipt of samples for testing to receipt of the analytical data by ImmunoGen
unless otherwise mutually agreed upon

 

(2)
At [***], these [***] will be performed in the Process Sciences group. We will
use assays used in [***].  Assays may
differ from those used in [***].

 

(3)
Includes [***], as well as analytical investigation of any [***] uncovered
during use testing at [***].

 

Portions of this Exhibit were omitted, as
indicated by [***], and have been filed separately with the Secretary of the
Commission pursuant to the Company’s application requesting confidential
treatment under

Rule 24b-2 of the Securities Exchange Act of
1934, as amended.

 

C-6

 

Table 2  SAR3419 Phase I acceptance
criteria (as [***])

 

	
  Test

  	
   

  	
  Acceptance criteria

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  
	
  [***]

  	
   

  	
  [***]

  	
   

  

 

Portions of this Exhibit were omitted, as
indicated by [***], and have been filed separately with the Secretary of the
Commission pursuant to the Company’s application requesting confidential
treatment under

Rule 24b-2 of the Securities Exchange Act of
1934, as amended.

 

C-7United States Securities and Exchange Commission EDGAR Filing

EXHIBIT 10.1

INVESTORS AGREEMENT

in respect of

GUIZHOU PUCHENG MINING CO. LTD.

Co-signed by

JIANGXI PROVINCE COAL GROUP COMPANY

YANGPU LIANZHONG MINING CO. LTD.,

&

YUNNAN FEISHANG MINING CO. LTD.

CONTENTS

		
	CHAPTER 1         Definitions and Interpretations

	1

	 
	 

	CHAPTER 2         Investors     .

	2

	 
	 

	CHAPTER 3         Limited Company

	2

	 
	 

	CHAPTER 4         Business Objectives and Business Scope

	3

	 
	 

	CHAPTER 5         Registered Capital and Manner of Capital Contribution

	4

	 
	 

	CHAPTER 6         Organization Structure

	.4

	 
	 

	CHAPTER 7         Force Majeure

	6

	 
	 

	CHAPTER 8         Liability for Breach of Contract

	7

	 
	 

	CHAPTER 9         Special Agreements

	8

	 
	 

	CHAPTER 10       Applicable Law and Arbitration

	8

	 
	 

	CHAPTER 11       Supplementary Provisions

	9

      In accordance with the “Company Law of the People’s Republic of China”, “Contract Law of the People’s Republic of China” and the provisions of other laws, rules and regulations of our country and through amicable consultation, the parties hereto have reached the following agreement on the matters of jointly investing, organizing and establishing  Guizhou Pucheng Mining Co. Ltd.. for joint observance.

CHAPTER  1  DEFINITIONS & INTERPRETATIONS

Article 1    Unless otherwise referred to in this Agreement, the definitions and interpretations of the words in this Agreement shall be as follows :

			
	1.

	Jiangxi Coal :

	Means Jiangxi Province Coal Group Company

	2.  

	Yangpu Lianzhong :

	Means Yangpu Lianzhong Mining Co. Ltd. 

	3.

	Yunnan Feishang :

	Means Yunnan Feishang Mining Co. Ltd.

	4.

	Parties to this Agreement :

	Means Jiangxi Coal, Yangpu Lianzhong and Yunnan Feishang 

	5.

	One/the party :

	Means any one of Jiangxi Coal, Yangpu Lianzhong or Yunnan Feishang.

	6.

	Other parties :

	For any one party, it means the other parties which hold the registered capital of the Company

	7.

	Company :

	Means “Guizhou Pucheng Mining Co. Ltd..” as defined in Article 4 of this Agreement

	8.

	Third party :

	Means any company, enterprise, unit or person other than the parties to this Agreement and Guizhou Pucheng Mining Co. Ltd. 

			
	9.

	Agreement or this Agreement :

	Means the “Investors Agreement in respect of Guizhou Pucheng Mining Co. Ltd..” signed by the parties to this Agreement

	10.

	“Memorandum & Articles of Association of the Company”:

	Unless otherwise stated in this Agreement, it means the “Memorandum & Articles of Association of Guizhou Pucheng Mining Co. Ltd.” signed by the parties to this Agreement

	11.

	“Company Law”: 

	Means the “Company Law of the People’s Republic of China”

CHAPTER 2  INVESTORS

Article 2  The parties to this Agreement which are also the Investors jointly investing in the establishment of the Company :

Jiangxi Province Coal Group Company, whose place of domicile is at No. 117 Ding Gong Road, Nanchang City, and its current legal representative is LI Liangshi.

Yangpu Lianzhong Mining Co. Ltd. is a limited liability company registered in Yangpu Industrial and Commercial Administration Bureau of Hainan Province having its place of domicile at Room 202, 2nd Floor, Annex to Gong Hong Mansion, Yangpu Economic Development Zone and its current legal representative is JIA Zhigang.

Yunnan Feishang Mining Co. Ltd. is a limited liability company registered in Industrial and Commercial Administration Bureau, Yunnan Province having its place of domicile at Room 205, Level 14, Mi Ya  Mansion, Renmin Zhong Road, Kunming City and its current legal representative is JIA Zhigang.

CHAPTER 3  LIMITED COMPANY

Article 3  The parties to this Agreement agree to invest in the establishment of a limited company in Guiyang City of Guizhou Province in accordance with the relevant provisions of the “Company Law”, and the laws, rules and regulations of the country. The Company shall use the company name set out in Article 4 of this Agreement and shall be located at the place of domicile set out in Article 5. All the activities of the Company shall comply with the relevant provisions of the laws, rules and regulations of the People’s Republic of China as well as the terms of this Agreement and “Memorandum &Articles of Association of the Company”.

Article 4 The name of the Company shall be “Guizhou Pucheng Mining Co. Ltd.”: (the name approved by the Industrial and Commercial authority to be registered shall prevail as the finally confirmed company name).

Article 5 The place of domicile of the Company shall be at Apartment B, Level 29, Block A, Zhen Hua Technology Building, No. 1 Yanon Zhong Road, Yunyan District, Guiyang City.

The Company may set up branch organizations according to law, where necessary.

Article 6 The Company is set up by the parties to this Agreement according to the “Company Law” and registered as a limited liability company. The shareholders shall be accountable to the Company according to the capital amount they have agreed to contribute and the Company shall be responsible for its debt with its entire assets.

Article 7 Pursuant to the “Company Law” and this Agreement, the parties to this Agreement shall, within 30 days of this Agreement becoming effective, register with Industrial and Commercial Administration Bureau of Guizhou Province for establishing 

the Company as a limited company and obtain a business license therefor. The date of the issue of the business license shall be the establishment date of the Company. 

CHAPTER 4  BUSINESS OBJECTIVES AND BUSINESS SCOPE

Article 8 The business objectives of the Company is : to make use of the capital strength and developed production and operation technology of the parties to this Agreement to explore and develop the mining resources in Guizhou Province and other places and areas; to convert the edge in resources in these places and areas into economic edge as soon as possible; to boost the economic development in these places and areas and to ensure that the investing parties will gain satisfactory economic and social benefits.

Article 9 The business scope of the Company : the exploring and mining of mineral resources and deep processing and trading of mineral products. The business of the Company shall be finally determined by the industrial and commercial registration.

CHAPTER 5 REGISTERED CAPITAL AND MANNER OF CAPITAL CONTRIBUTION

Article 10 The registered capital of the Company shall be RMB 300,000,000 yuan.

Article 11 Jiangxi Coal shall contribute RMB 108,000,000 yuan in cash and represent 36% of the registered capital of the Company.

Article 12 Yunnan Feishang shall contribute RMB 90,000,000 yuan in cash and represent 30% of the registered capital of the Company.

Article 13 Yangpu Lianzhong shall contribute RMB 102,000,000 yuan in cash and represent 34% of the registered capital of the Company.

Article 14 The first installment of the capital contribution shall be paid by the parties to this Agreement one-off within 10 business days from the effective day of this Agreement. The first installment of the capital contribution to be paid by the parties shall not be less than 20% of the total capital contribution of the parties and the balances of the respective capital contribution shall be fully paid up within 2 years after the establishment of the Company; the parties may negotiate among themselves for an earlier day of payment of the balance of the respective capital contribution if the business development of the Company so requires.

CHAPTER 6  ORGANIZATION STRUCTURE

Article 15 The Company shall set up a shareholders’ meeting according to the provisions of the “Company Law”. The shareholders’ meeting shall be the organization of the highest authority of the Company and its duties and powers shall be provided by the “Memorandum & Articles of Association of the Company”.

Article 16 The Company shall set up the board of directors in accordance with the provisions of the “Company Law”. The board of directors shall be composed of 7 directors who shall be elected in the shareholders’ meeting. Jiangxi Coal shall nominate 3 candidates for election as directors, Yunnan Feishang shall nominate 2 candidates for election as directors and Yangpu Lianzhong shall nominate 2 candidates for election as directors.

The board of directors shall be accountable to the shareholders’ meeting and its duties and powers and rules of proceedings shall be provided by the “Memorandum & Articles of Association of the Company”..

Article 17 The Company shall have 1 Chairman and 1 Vice Chairman. The first term of the Chairman will be nominated for election by Yunnan Feishang and the first term of the Vice Chairman will be nominated for election by Jiangxi Coal. The Chairman and Vice Chairman shall be elected in the meeting of the board of directors.

Article 18 The Company shall set up the supervisory board according to the provisions of the “Company Law”. The supervisory board shall be composed of 3 supervisors, of which the chairman of the supervisory board shall be nominated for election by Jiangxi Coal, 1 supervisor shall be nominated for election by Yunnan Feishang and 1 supervisor shall be nominated for election by Yangpu Lianzhong. Its duties and powers and rules of proceedings shall be provided by the “Memorandum & Articles of Association of the Company”.

Article 19 The general manager shall be responsible for the day-to-day operation and management of the Company The composition of the operation and management organization shall be provided by the “Memorandum & Articles of Association of the Company”. 

The management team of the Company shall be composed of the general manager, 3 deputy general managers (responsible for technology safety, operations and investments, respectively) and chief financial controller. The general manager shall be nominated for election by the Chairman, the chief financial controller and the deputy general managers 

shall be nominated for election by the general manager. The management team shall all be engaged and terminated by the board of directors.

The first term of the general manager, the deputy general manager responsible for technology safety and the deputy general manager responsible for operations shall be nominated for election by Jiangxi Coal. The deputy general manager responsible for investments shall be nominated for election by Yunnan Feishang. The chief financial officer shall be nominated for election by Yangpu Lianzhong. The manager of the finance department shall be nominated for election by Jiangxi Coal. All positions shall be engaged and terminated by the board of directors.

Article 20 In order to motivate and activate the initiative of the management and middle management and to promote the working efficiency and business capability, the investors (shareholders) agree that Yangpu Lianzhong shall transfer 10% of the Company’s equity held by it to the management, middle management as well as the key personnel of subordinate mines within 2 years from the day of establishment of the Company. The principle of distribution of the equity shall be based on and determined by the importance of the respective positions. The prices for equity transfer and acceptance of transfer shall be calculated according to the then net asset value of the Company and the ratio and conditions of transfer and termination conditions shall be agreed separately. 

Article 21 The parties agree that on the premises of equal conditions and equal remunerations, the excellent staff and workers of Jiangxi Coal shall have the priority to be employed as the middle management and ordinary staff and workers.

CHAPTER 7  FORCE MAJEURE

Article 22 Events of force majeure means any incident such as fire, flood, tsunami, earthquake, thunder strike, storms and military rivalry action, which cannot be avoided or controlled. Where a party which is affected directly by a force majeure incident causing delay in performing or making it impossible to perform all or part of the terms of this Agreement, it shall not be deemed to be in breach of contract if all of the following circumstances occur :

1. The incident must be a direct cause for stopping, obstructing or delaying the party directly affected by the incident in its performance of the terms of this Agreement or memorandum and articles of association; 

2. The party directly affected by the incident has, within a reasonable time after the occurrence of the incident, adopted all reasonable measures to continue its performance of the terms of this Agreement and reduce the loss and damage caused to the Company and the other parties;

3. The party directly affected by the incident has, at the time when the incident occurred, immediately notify the other parties and shall, within 15 days, provide the incident and handling details in writing as well as the reasons for delay in performing or being unable to perform all or part of the terms of this Agreement together with appropriate supporting evidence and materials.

       When the impact of the incident has been eliminated or the incident has been dealt with, the party directly affected by the incident must notify the other parties immediately.

       Article 23 Where the conditions in Article 22 have been complied with, the liability of the party affected by the incident as regards the part of the performance of this 

Agreement affected shall be waived according to the extent of the impact of the force majeure incident on the performance of this Agreement. The parties to this Agreement shall consult among themselves as soon as possible to decide whether or not to revise or discharge this Agreement or postpone the delayed performance period accordingly.

CHAPTER 8 LIABILITY FOR BREACH OF CONTRACT

             Article 24 Any party to this Agreement which has not contributed in full as scheduled under this Agreement shall pay to the other parties not in breach a default fine of 5% of the unpaid contribution for the delay of 1 day (the parties not in breach shall be entitled to the default fine according to their respective contribution ratios). For the delay lasting for 30 days or more, the party in breach shall, apart from continuing to pay the above agreed default fine, compensate the actual loss and damage of the parties not in breach. In addition, the party not in breach shall have the right to elect any of the following options:

             1. Discharge this Agreement or demand the dissolution of the Company. If the Company has not been established, the party not in breach shall have the right to discharge this Agreement and demand the party in breach to repay unconditionally the contribution already paid by the parties not in breach; if the Company has been established, the parties not in breach shall have the right to demand the dissolution of the Company and the parties shall handle the matters relating to the dissolution in accordance with the provisions of the “Company Law” and distribute the remaining assets of the Company according to the ratios of their respective actual contribution.

             2. The unpaid contribution of the party in breach shall be paid by the parties not in breach (if there are 2 parties not in breach, the 2 parties shall discuss and agree whether they will contribute according to their respective contribution ratios or whether only any one of them will pay). The parties shall adjust their equity ratios correspondingly according to their actual contribution amounts and handle the industrial and commercial change registration formalities.

            3. Demand the calculation of equity ratios according to the actual contribution amounts of the parties and handle the industrial and commercial change registration formalities in respect of the reduction of the registered capital and the variation of the contribution amounts of the shareholders and equity ratios.

            Article 25 Where this Agreement cannot be performed or in full owing to the default of one party, the party in default shall bear the liability for the breach of contract; if the parties are in default, they shall bear respectively their respective liabilities which they should bear, according to actual circumstances.

CHAPTER 9 SPECIAL AGREEMENTS

            Article 26 The parties agree to increase the capital of the Company in the following manner : the parties shall agree to increase the registered capital of the Company if the business of the Company so requires and the parties shall pay cash to increase the Company’ capital according to their respective equity ratios.

           Article 27 The special agreements in respect of Zhonghe project in Guizhou, originally owned by Jiangxi Coal : the original Zhonghe Coal Mine and the associated railroads shall be acquired by the Company at the assessed value and at the same time the 

adjacent mines shall further be consolidated. The acquisition of the Zhonghe Coal Mine is subject to approval at the shareholders’ meeting.

          Article 28 The investors (shareholders) agree that where it involves the Company’s external investment or major matters such as provision of guarantee, it shall be resolved by the shareholders’ meeting and shall be treated as a valid resolution only after having been passed by the shareholders representing two third or more of the voting rights. 

CHAPTER 10  APPLICABLE LAW & ARBITRATION

        Article 29 The law of the People’s Republic of China shall be applicable to the making, validity, interpretation, performance, variation, discharge of this Agreement as well as the decision of arbitration over disputes.

        Article 30 If disputes arise between the parties to this Agreement over the validity, interpretation, performance, variation or discharge of this Agreement, they should use their best endeavors to resolve the disputes through mutual amicable consultation or resolve them through the mediation of a third party agreed by the parties.

      Article 31 Before the resolution of a dispute, the parties should continue to perform the other terms of this Agreement except the terms involved in the dispute.

CHAPTER 11  SUPPLEMENTARY PROVISIONS

      Article 32 The notices, documents and communications among the parties to this Agreement shall be sent to the following addresses for communication :

		
	Names

	Addresses

	Jiangxi Province Coal Group Company

	No. 117 Ding Gong Road, Nanchang City

	Yangpu Lianzhong Mining  Co.Ltd.

	26th Floor, Securities Building, No. 5020 Binhe Road, Futian District, Shenzhen City

	Yunnan Feishang Mining  Co.Ltd.

	26th Floor, Securities Building, No. 5020 Binhe Road, Futian District, Shenzhen City

In the event that there is a change in any of the above addresses, the party making the change shall inform the parties to this Agreement in writing 15 days in advance.

          Article 33 This Agreement shall be effective from the day on which the legal representatives or authorized representatives of the parties to this Agreement have signed thereon and affixed their respective official chops thereto. 

         Article 34 The original of this Agreement shall be in 8 sets and the parties to this Agreement shall each hold 2 sets; the Company shall hold 1 set, 1 set shall be lodged at the companies registration organ and all of which shall have equal legal effect.

                  (there is no text below but the signing page of the parties to this Agreement)

(there is no text on this page but the signing page of the parties to this Agreement)

		
	Jiangxi Province Coal

	Yunnan Feishang Mining

	Group Company

	Co. Ltd.

	 
	 

	(chop)

	(chop)

	legal representatives or

	legal representatives or

	authorized representatives  :

	authorized representatives  :

	/s/ Li Liangshi

	/s/ Jia Zhigang

	 
	 

	 
	 

	Yangpu Lianzhong Mining Co. Ltd.

	 

	 
	 

	(chop)

	 

	legal representatives or

	 

	authorized representatives  :

	 

	/s/ Chen Guangjia

	 

26th     day   of    January   2008

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