Document:

Convertible Bonds Terms and Conditions dated May 26, 2003

 Exhibit 10.34 
  

					
	 	 	 

	  	+ 49 89 8565 2600 tel.
	 	 	  	 + 49 89 8565 2610 fax

	 	 	  	 www.gpc-biotech.com

	 	 	  	 
	 	 	  	GPC Biotech AG
	 	 	  	 Postfach 1455

	 	 	  	 82143 Planegg

	 	 	  	 Germany

	 	 	  	 Fraunhoferstrasse 20

	 	 	  	 82152 Martinsried/Munich

	 	 	  	 Germany

  
 GPC Biotech AG

 Martinsried / Planegg 
  
 Convertible Bonds Terms and Conditions for Members of 
 the Supervisory Board 
 (Resolution of the General Meeting of Shareholders of May 21, 2003)

  
 Preamble 
  
 The General Meeting of Shareholders of GPC Biotech AG (hereinafter “the Company” or
“GPC”) resolved on May 21, 2003 to issue convertible bonds to the members of the Company’s Supervisory Board and to form a new conditional capital for the purpose of issuance of said convertible bonds. 
  
 The terms and conditions are as follows: 
  
 § 1 
 Convertible Bonds 
  

	(1)	The General Meeting of Shareholders of the Company resolved on May 21, 2003 to issue convertible bonds with a total nominal value of € 121,500. 

  

	(2)	The convertible bonds are divided into 121,500 bonds and have a nominal value of € 1.00 each. They are registered bonds. 

  

	(3)	Each bond is eligible for conversion into an individual bearer share in the Company. 

  

	(4)	The shareholders have no right to subscribe to the convertible bonds. 

  

					
	 	 	GPC Biotech AG	 	Management Board:
	 	 	 Munich District Court HRB 119 555
	 	 Prof. Dr. Bernd Seizinger (CEO)

	 	 	 VAT ID No.: DE 190 457 435
	 	 Dr. Elmar Maier

	 	 	 	 	 Dr. Sebastian Meier-Ewert

	 	 	 Deutsche Bank AG, Munich (Code 700 700 10), Acct. No. 199 01 18
	 	 Dr. Mirko Scherer

	 	 	 Dresdner Bank AG, Munich (Code 700 800 00), Acct. No. 300 906 300
	 	 
	 	 	 HypoVereinsbank AG, Munich (Code 700 202 70), Acct. No. 272 66 45
	 	Chairman of the Supervisory Board
	 	 	 	 	 Dr. Jürgen Drews

  

 § 2 
 Issuance of the Bonds 
  

	(1)	The bonds are deemed issued on October 9, 2001 (ninetieth stock exchange trading day in Frankfurt am Main after the regular General Meeting of Shareholders of the Company that
formally approved the actions of the Supervisory Board for fiscal year 2000). 

  

	(2)	However, they are created only if the respective allottee member of the Supervisory Board has made a euro payment of the total nominal value of the bonds allotted to him, for the
unlimited disposal of the Company, by the last working day prior to the date of issuance. Partial payments are not permitted. 

  

	(3)	The convertible bonds shall be certificated progressively against incoming payments, but not before the date of issuance. 

  

	(4)	Insofar as convertible bonds are issued to allottees whose residence for tax purposes is in the USA, it is expressly noted that the rights from the convertible bonds are issued as
“non-qualified stock options.” The issuance of “incentive stock options” within the meaning of the IRC is not possible. 

  
 § 3 
 Interest Rate

  

	(1)	The bonds shall bear interest at 3.5% per annum starting from the date of their issuance, subject to exercise of the conversion privilege. The interest amounts are due at the end of
the time to maturity. 

  

	(2)	A right to compound interest does not exist. The paid-in nominal amount, including pro rata accrued interest thereon, is moreover due for repayment within ten days after lapse of
the conversion privilege. 

  
 § 4

 Conversion Price 
  

	(1)	The conversion price for each individual bearer share that is to be subscribed to upon conversion corresponds to the average quoted price of the Company shares in the XETRA closing
auction on the Frankfurt Stock Exchange during the last five stock exchange trading days prior to issuance of the bonds. 

  

 - 2 - 

	(2)	In the event of conversion, an additional payment in the amount of the conversion price less € 1.00 per bond is due. 

  

	(3)	The conversion price shall be reduced if, during the time to maturity of the conversion rights, new shares or warrants or convertible bonds bearing option rights or conversion
privileges to Company shares are issued or the Company disposes of its own shares and the shareholders are granted a subscription right thereto. The conversion price is reduced in the ratio of the average price of the subscription right vested in
the shareholders on all trading days on the stock exchange where the share was first traded to the closing price of the Company shares on the last stock exchange trading day prior to the ex-subscription rights quotation. 

  

	(4)	The Company shall, simultaneously with the publication of the offer to subscribe to the new shares or bonds bearing conversion privileges or option rights, the issuance of which
triggers the reduction of the conversion price, notify the allottees in writing of the conversion price as reduced pursuant to Para. 3 and of the effective date defined in the following sentence, from which date onward the reduced conversion price
will be effective. The effective date is the day on which the shares available for subscription were first quoted “ex-subscription rights” on the stock exchange where the Company shares were first listed. 

  

	(5)	In the case of a capital increase from corporate funds, an existing conditional capital pursuant to § 218 AktG is increased in the same ratio as the share capital. The
conversion ratio according to § 1, Para. 3 is increased in the same ratio. Fractions of shares created as a result of the capital increase from corporate funds are not considered in the exercise of the conversion right.

  

	(6)	The conversion price is not reduced if the Company, in adopting the resolution on the issuance of new shares or of bonds bearing conversion privileges or option rights or on the
disposal of its own shares, also grants the allottees a direct or indirect subscription right that corresponds to the value of the shareholders’ subscription right. 

  

 - 3 - 

 § 5 
 Time to Maturity 
  
 The bonds have a time
to maturity of up to 365 calendar days following the allottee’s departure from the Company’s Supervisory Board, but no longer than five years. 
  
 § 6 
 Exercise of the Conversion
Right 
  

	(1)	Conversion is exercised in each instance through the submission of a conversion and subscription declaration that satisfies the requirements of § 198 AktG.

  

	(2)	Receipt of the declaration by the Company is required for timely conversion prior to the end of the time to maturity. 

  

	(3)	Further technical stipulations pertaining to the conversion and subscription declaration are set forth by the Supervisory Board, which can also provide for a submission of the
conversion declaration by way of a fiduciary agent. 

  
 § 7 
 Performance Goals 
  

The conversion privileges may be exercised only if the quoted price of the GPC shares in the XETRA closing auction on the Frankfurt Stock Exchange has at least once
reached or exceeded the conversion price during the time to maturity and until the stock exchange trading day preceding the exercise intended by the member of the Supervisory Board. 
  
 § 8 
 Exercise Periods 
  

	(1)	50% of the conversion privileges may be exercised after the end of the General Meeting of Shareholders of the Company that formally approves the actions of the respective
Supervisory Board member for fiscal year 2001. The remaining 50% of the conversion privileges may be exercised after the end of the General Meeting of the Company that formally approves the actions of the respective Supervisory Board member for
fiscal year 2002. Each respective 50% of the conversion privileges is certificated in separate certificates, which must be surrendered to the Company progressively against issuance of the new shares upon exercise of the conversion.

  

 - 4 - 

	(2)	The conversion rights may be exercised in Frankfurt am Main on any banking day up to the end of the time to maturity unless, in the interest of the Company or of the capital market
or to guard against insider trading, general waiting periods have been established by the Company for conversion privileges relating to convertible bonds issued to members of the Management Board, senior executives, and/or employees.

  

	(3)	Conversion is in any event prohibited if and as long as the Company is barred from issuing new shares pursuant to the provisions in force for a stock exchange on which the Company
shares are traded. 

  
 § 9 
 Adjustment of the Rights from the Convertible Bond 
  

	(1)	 In the case of a merger of the Company with another company, its reorganization, a change in the nominal value of the shares, or comparable measures that impair the
rights of the allottees by abolishing or changing the shares underlying the rights from the convertible bond according to these bond terms and conditions, the conversion privilege is replaced by the right to purchase, at the conversion price, that
number, respectively, of shares, equity interests, or other interests in the Company or its legal successor that replace the shares of the Company whose value corresponds 

  

 - 5 - 

	 	 
to the market value of the Company share on the date on which such a measure is implemented. In all other respects, these bond terms and conditions shall
remain applicable without restriction. 

  

	(2)	In the case of a capital reduction by grouping of shares (§ 222, Para. 4 AktG) or by redemption of shares (§ 237 AktG), the conversion ratio is adjusted by multiplying it
by the factor calculated by dividing the number of shares after the capital reduction by the number of shares before the capital reduction. Fractions of shares created as a result of a capital reduction are not made available for exercise of the
conversion privilege. 

  

	(2)	Until the due exercise of the conversion privilege, the allottees have no rights to dividends or other distributions from the shares underlying the conversion privileges.

  
 § 10 
 Profit Entitlement of the New Shares 
  
 The new shares in each case participate in profits from the beginning of the fiscal year in which they are created through the exercise of subscription rights.

  
 § 11 
 Transfer of Bonds 
  
 The bonds are nontransferable. They are, however, inheritable. 
  
 § 12 
 Severability Clause

  

	(1)	Should individual provisions of these bond terms and conditions be or become wholly or partly void or unenforceable, the validity of the remaining provisions shall not be affected.
The void or unenforceable provisions shall be replaced by provisions that, in a legally permissible manner, come as close as possible to the economic purpose of the void or unenforceable provisions. The same shall apply mutatis mutandis if a
loophole requiring amplification is discovered during execution of these bond terms and conditions. 

  

	(3)	 Amendments and additions to these terms and conditions shall be in writing unless recording by a 

  

 - 6 - 

	 	 
notary is required. The foregoing sentence applies mutatis mutandis to any amendments of this written form clause. 

  

	(4)	Otherwise the provisions of §§ 192, 193, and 221 AktG apply. 

  
 Martinsried/Planegg, May 26, 2003. 
  

	
	
	/s/ Mirko Scherer
	
	/s/ Bernd R. Seizinger
	 The Management Board of GPC Biotech AG

  

 - 7 -Transfer Agreement dated November 15, 2001

 Exhibit 10.35 
  
 Transfer Agreement 
  
 between 
  
 Credit Suisse First Boston International, a company organised under the laws of England, One Cabot Square, London E14 4QJ, United Kingdom 
  
 - hereinafter referred to as “CSFBi” - 
  
 and 
  
 Professor Dr. med. Bernd Seizinger, Gabriel-Max-Straße 26, 81545 Munich, Germany 
  
 - hereinafter referred to as the “Vendor” - 
  
 and 
  
 GPC Biotech AG, a stock corporation
(Aktiengesellschaft) organised under the laws of Germany, Fraunhoferstraße 20, 82152 Martinsried/Munich, Germany 
  
 - hereinafter referred to as the “Company” - 
  
 (CSFBi, the Vendor and the Company together the “Parties”). 
  

	1	Sale and Purchase 

  

	1.1	The Vendor holds 309,330 option rights entitling to purchase 309,330 ordinary shares (Stammaktien) in GPC Biotech AG (the “Option Rights”) issued by GPC
Biotech AG (registered in the Commercial Register (Handelsregister) of the Lower Court (“Amtsgericht”) of Munich under No. B 119555) (the “Company”) on November 6, 1998, January 5, 1999 and September 23,
1999. 

  
 The Company has been formed by conversion
of Genome Pharmaceuticals Corporation GmbH into a stock corporation (Aktiengesellschaft) with a stated share capital of DM 134,000 by resolution of the shareholders’ meeting on December 8, 1997. This shareholders’ meeting has also
resolved to create a contingent share capital (bedingtes Kapital) in the amount of DM 30,300 to be issued to holders of option rights (“Contingent Share Capital”). 
  
 The shareholders’ meeting of May 5, 1998 resolved to reduce the stated share capital to DM 126,400 and further to
increase the stated share capital by DM 2,401,600 to DM 2,528,000 by conversion of capital reserves in stated share capital. Accordingly, by operation of law (Sec. 218 Stock Corporation Act (Aktiengesetz)), the Contingent Share Capital has
been increased to DM 606,000. 
  
 The shareholders’ meeting
of May 3, 2000 resolved to denominate the stated share capital and the Contingent Share Capital in Euro and to increase the stated share capital by € 9,393,316.50 to € 12,619,420 by conversion of capital reserves. Accordingly, by operation
of law (Sec. 218 Stock Corporation Act), the Contingent Share Capital has 

  

 1 

 
been increased to € 1,212,000. Additionally the shareholders’ meeting resolved to re-divide (Neueinteilung) the stated share capital into
12,619,420 ordinary shares as well as the Contingent Share Capital into 1,212,000 ordinary shares. 
  
 Further, the shareholders’ meeting of May 3, 2000 resolved to authorise the management board with the consent of the supervisory board to increase
the stated share capital of the Company until April 30, 2005 by up to € 6,309,710 by issuance of up to 6,309,710 new shares and excluded the pre-emption rights of shareholders to up to 2,041,000 such new shares to the extent that such new
shares are issued to holders of Option Rights (the “Authorised Capital”). 
  
 According to the extract from the Commercial Register (Handelsregisterauszug) dated 19 November 2001, Company has a stated share Capital of € 19,655,886, which is fully paid-up and is represented by
19,655,886 ordinary shares (WKN 585150) (the “Shares”). The Shares as well as the Contingent Share Capital have been admitted for trading at the Neuer Markt Segment of the Frankfurt Stock Exchange. The Authorised Capital has not
been admitted for trading at the Neuer Markt Segment of the Frankfurt Stock Exchange. 
  

	1.2	Pursuant to a sale and purchase agreement between CSFBi as purchaser and Professor Dr. med. Bernd Seizinger as vendor, dated 20 Dezember 2001 (the “Sale and Purchase
Agreement”), the Vendor has sold to CSFBi the following Option Rights (the “Sale Option Rights”) relating to Shares of the Company: 

  

	 	1.2.1	14,848 Option Rights, initially entitling the Vendor to purchase 14,848 Shares, being initially represented by a global warrant (Global-Optionsschein) Nr. 000.081 of October
1998, according to the option conditions (Optionsbedingungen) of November 1998, sent to the initial Vendor as entitled option holder (Optionsberechtigter) with letter from the Company of 6 November 1998; 

  

	 	1.2.2	4,949 Option Rights, initially entitling the Vendor to purchase 4,949 Shares, being initially represented by a global warrant (Global-Optionsschein) Nr. 000.0228 of January
1999, according to the option conditions (Optionsbedingungen) of January 1999, sent to the initial Vendor as entitled option holder (Optionsberechtigter) with letter from the Company of 5 January 1999; 

  

	 	1.2.3	11,136 Option Rights, initially entitling the Vendor to purchase 11,136 Shares, being initially represented by a global warrant (Global-Optionsschein) Nr. 000.337 of
September 1999, according to the option conditions (Optionsbedingungen) of September 1999, sent to the initial Vendor as entitled option holder (Optionsberechtigter) with letter from the Company of 23 September 1999;

  

	1.3	The Sale Option Rights represent the right to purchase: 

  

	 	1.3.1	in case of the Sale Option Rights referred to under Clause 1.2.1 above, to purchase 148,480 new Shares (auf den Inhaber lautenden nennbetragslosen Stammaktien der Gesellschaft,
die als Stückaktien ausgegeben warden (wobei jede neue Aktie derzeit einen rechnerischen Anteil von Euro 1,-- am Grundkapital der Gesellschaft hat)) (the “New Shares”), by making an additional payment of Euro 1.16 per New
Share; 

  

 2 

	 	1.3.2	in case of the Sale Option Rights referred to under Clause 1.2.2 above, to purchase 49,490 New Shares, by making an additional payment of Euro 1.16 per New Share;

  

	 	1.3.3	in case of the Sale Option Rights referred to under Clause 1.2.3 above, to purchase 111,360 New Shares, by making an additional payment of Euro 3.98 per New Share;

  
 in total, 309,330 New Shares, currently
representing altogether a share of the stated share capital of the Company (rechnerischer Anteil am Grundkapital der Gesellschaft) in the amount of Euro 309,330. 
  

	1.4	The global registered warrants (the “Global Warrants”) and the option conditions (the “Option Conditions”) referred to under Clauses 1.2.1 through
1.2.3 above are attached as Annex 1 to this Agreement for identification purposes. 

  

	2	Transfer 

  
 To fulfil the Vendor’s contractual obligations arising from the Sale and Purchase Agreement, CSFBi and the Vendor herewith enter into this agreement
(the “Transfer Agreement”). 
  

	2.1	Transfer of Sale Option Rights 

  
 Hereby the Vendor assigns the Sale Option Rights in accordance with § 8 of the Option Conditions to CSFBi; CSFBi accepts such assignment. 

 

	2.2	Assumption of Contract 

  
 Furthermore, CSFBi, the Vendor and the Company hereby agree upon a transfer of the Sale Option Rights from the Vendor to CSFBi, by way of an assumption of
contract (Vertragsübernahme) upon which CSFBi hereby assumes the Vendor’s contractual position under the Option Conditions to the full extent and hereby becomes a party to the Option Conditions in lieu of the Vendor. 
  

	2.3	Further Obligations 

  

	 	2.3.1	The Vendor arranges for, and the Company will, without undue delay, execute (i) the registration by the Company in its relevant register (Aktienbuch - Rubrik Optionsscheine)
of CSFBi as entitled option certificate holder (registrierter Optionsscheinberechtigter) as referred to in § 2 (2) of the Option Conditions, and for (ii) the issuance by the Company, without undue delay, of new Global Warrants over the
Sale Option Rights in the name of CSFBi in accordance with § 1 of the Option Conditions, substantially in the form attached as Annex 2 to this Agreement; 

  

	 	2.3.2	The Company hereby consents to the assignment and assumption of contract as set out above and will without undue delay issue new Global Warrants representing the Sale Option Rights
in the name of CSFBi in accordance with § 1 of the Option Conditions. 

  

	 	2.3.3	The Company and the Vendor hereby agree that they will make any declaration, take any action and do all such things that may become necessary after the date of this Agreement in
order to ensure that the transfer of the Sale Option Rights to CSFBi will become effective. 

  

 3 

	3	Vendor’s representations 

  
 The Vendor hereby confirms as of the date of this Agreement that the representations and warranties set out in Clause 5 of the Sale and Purchase Agreement
are true and correct as of the date of this Agreement and that the Sale Option Rights as referred to in this Agreement have been validly created and granted and that he is registered option holder (registrierter Optionsscheinberechtigter) in
relation to the Sale Option Rights, which are as of the date of this Agreement exercisable by the Vendor. 
  

	4	Indemnification of CSFBi by the Vendor 

  
 The Vendor shall indemnify CSFBi for any costs, expenses, fees, charges, amounts, liabilities, claims, penalties, interest, taxes, or fines incurred by
CSFBi as a consequence of the Company and/or the Vendor violating their respective obligations and duties under this Agreement. 
  

	5	Notices 

  

	5.1	Addresses: Any communication shall be given by letter, fax or telephone, 

  

	 	5.1.1	in the case of notices to CSFBi, to it at: 

  
 One Cabot Square 
 London E14 4QJ 

United Kingdom 
  
 Telephone no.: + 44 207 888 8939 
 Fax no.:
+44 207 888 26 86 
 Attention: Legal and Compliance Department Christiane Valansot 
  

	 	5.1.2	in the case of notices to the Vendor, to it at: 

  
 Gabriel-Max-Straße 26, 
 81545 Munich,

 Germany 
 Telephone no.: +49 89
6420 8264 
 E-Mail: bernd.seizinger@gpc-biotech.com 
 Attention: Prof. Dr. med. Bernd Seizinger 
  

	 	5.1.3	in the case of notices to the Company, to it at: 

  
 Fraunhoferstraße 20, 
 82152
Martinsried/Munich, 
 Germany 
  
 Telephone no.: +49 89 8565 2622 
 Fax no.: +49
89 8565 2661 
 E-Mail: bernd.seizinger@gpc-biotech.com 
 Attention: Marion Kersting 
  

	5.2	Effectiveness: Any such communication shall take effect, in the case of a letter, at the time of delivery, in the case of fax, at the time of receipt or, in the case of
telephone, when made. 

  

 4 

	5.3	Confirmations: Any communication not by letter shall be confirmed by letter but failure to send or receive the letter of confirmation shall not invalidate the original
communication. 

  

	6	Miscellaneous 

  

	6.1	This Agreement is to be governed by and construed in accordance with German Law. The Parties agree that this agreement is to be governed by the German Civil Code
(Bürgerliches Gesetzbuch, BGB) as coming into force on 1 January 2002. 

  

	6.2	Should any provision of this Agreement be or become invalid or unenforceable, the validity of other parts of this Agreement shall not be effected hereby. 

 

	6.3	CSFBi shall be under no obligation to accept any remedy offered by the Vendor in order to exercise its rights under Clause 4, in the event that (i) the Vendor is not able to
transfer absolute ownership of the Sale Option Rights free from any rights of third parties or (ii) any of the representation or warranties is untrue or incorrect. 

  

	6.4	The period of limitation for the rights of CSFBi this Agreement shall be extended to 10 years. 

  

	6.5	Annexes to this Agreement form an integral part of this Agreement. 

  

	7	Counterparts 

  
 This Agreement will be executed in English in 3 originals. One executed original is to be provided to CSFBi, one to the Company, and one to the Vendor.
Each executed original shall be an original. 
  
 20 December 2001 
  

									
	 Credit Suisse First Boston International (CSFBi)
	 	 	 	 
				
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

  

									
	Professor Dr. med Bernd Seizinger (Vendor)	 	 	 	 
				
	/s/ Markus Maier	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 Signed by Markus Maier for and on behalf of Professor Dr. med. Bernd Seizinger pursuant to a power of attorney
dated 15 November 2001 
  

									
	GPC Biotech AG (Company)	 	 	 	 
				
	/s/ Elmar Maier	 	 	 	 	 	/s/ Jürgen Drews
	 	 	 	 	 	 	 	 	 
				
	/s/ Sebastian Maier-Ewert	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

  

 5 

 Annex 1 
  
 Old Global Warrants and Option Conditions 
  

 6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00067-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00067-of-00352.parquet"}]]