Document:

exv10w9

Exhibit 10.9

THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A

CONFIDENTIAL TREATMENT REQUEST. REDACTED MATERIAL IS MARKED

WITH [* * *] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND

EXCHANGE COMMISSION.

AMENDED AND RESTATED OPTION TO OBTAIN LICENSE

     This Option Agreement (the “Agreement”) is effective this June 29, 2009 (the
“Effective Date”), by and between Novavax, Inc., a Delaware corporation having an address
at 9920 Belward Campus Drive, Rockville, Maryland 20850, United States of America (“Novavax”)
and CPL Biologicals Private Limited, a limited company incorporated under the laws of India having
an address at “Cadila Corporate Campus”, Sarkhej-Dholka Road, Bhat, Ahmedabad — 382210, Gujarat,
India (“Company”). Novavax and Company are sometimes referred to herein each individually
as a “Party” and collectively as the “Parties.”

RECITALS

     Whereas, Novavax is a specialty biopharmaceutical company engaged in the research,
development and commercialization of its virus like particle technology into vaccine products for
the prevention of infectious diseases such as influenza and other infectious diseases;

     Whereas, Company wishes to obtain an option to obtain a license to Novavax’s pandemic
influenza vaccine product when and if the same comes under the Control of Novavax in the Territory;
and

     Whereas, Novavax is willing to grant such option as partial consideration for shares
of Company in accordance with the Joint Venture Agreement.

     Now, Therefore, in consideration of the foregoing premises and the mutual covenants
set forth below, and for other good and valuable consideration, the receipt of which is hereby
acknowledged, Novavax and Company hereby agree as follows:

ARTICLE 1

DEFINITIONS

     References in the body of this Agreement to “Sections” will refer to the sections of this
Agreement. In addition, as used herein, the following initially capitalized terms will have the
following meanings:

     1.1 “Affiliate” means any corporation or other business entity controlled by, controlling, or
under common control with a Party, with “control” (for purposes of this Section 1.1 only) meaning
(a) direct or indirect beneficial ownership of fifty percent (50%) or more of the voting stock (or,
in the case of a non-corporate entity, of the equity interests with the power to direct the
management and policies) of such corporation or other business entity, or (b) possession, directly
or indirectly, of the power to direct, or cause the direction of, the management and policies of
such corporation or other business entity, whether through the ownership of voting securities, by
contract, or otherwise; provided that for purposes of this Agreement, Novavax and Cadila
Pharmaceuticals Limited shall not be deemed to be an Affiliate of Company.

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THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A

CONFIDENTIAL TREATMENT REQUEST. REDACTED MATERIAL IS MARKED

WITH [* * *] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND

EXCHANGE COMMISSION.

     1.2 “Business Day” means any day other than a Saturday, Sunday or other day on which the
principal commercial banks located in Mumbai, India and Washington, DC, United States are not open
for business during normal business hours.

     1.3 “Control” means, with respect to any intellectual property right, that a Party owns or has
a license to such item or right, and has the ability to grant a license or sublicense in or to such
right without violating the terms of any agreement or other arrangement with any Third Party
existing at the time that this Agreement first requires such Party to grant the other Party such
license or sublicense, provided that, for the avoidance of doubt, if the ability to grant such
license or sublicense without violating the terms of any such agreement or other arrangement arises
after such time, the license or sublicense shall be deemed granted hereunder at such later date.

     1.4 “Joint Venture Agreement” means the Amended and Restated Joint Venture Agreement by and between Novavax and
Cadila Pharmaceuticals Limited, dated June 29, 2009, as amended from time to time.

     1.5 “Know-How” means all tangible and intangible (a) techniques, technology, practices, trade
secrets, inventions (whether patentable or not), methods, protocols, processes, formulas,
knowledge, know-how, skill, experience, records, documents, data and results (including
pharmacological, toxicological, non-clinical and clinical test data and results), analytical and
quality control data, results or descriptions, software and algorithms and (b) compositions of
matter, cells, cell lines, assays, animal models and physical, biological or chemical material.

     1.6 “Laws” means all applicable laws, statutes, rules, regulations, ordinances and other
pronouncements having the effect of law of any federal, national, multinational, state, provincial,
or other political subdivision, domestic or foreign.

     1.7 “Licensed Product” means Novavax’s current intra-muscular pandemic influenza vaccine
containing a virus like particle (VLP) consisting of an avian influenza M1 protein or influenza M1
protein containing an avian influenza M1 L-domain sequence and a pandemic influenza HA and pandemic
influenza NA described in the U.S. IND No. BB-IND 13419 wherein the pandemic HA and pandemic NA
under the IND are classified as pandemic by the World Health Organization (WHO) Collaborating
Centers for Reference and Research on Influenza located at the Centers for Disease Control and
Prevention (CDC) in Atlanta, Georgia, together with any minor modifications thereto including, by
way of example but not limitation, changes to any excipient, changes arising from a change in
manufacturing process, or change in dosage. [* * *] Licensed Product shall include the pandemic
influenza vaccine containing a virus like particle (VLP) consisting of an avian influenza M1
protein or an influenza M1 protein containing an avian influenza M1 L-domain sequence and a
pandemic influenza HA and pandemic influenza NA that is launched by or for Novavax for commercial
sale in the United States after Regulatory Approval of such vaccine;  it being understood that for
so long as (but only for so long as) such vaccine is being developed in clinical trials by or for
Novavax in support for commercial launch in the United States, such vaccine shall be deemed a
Licensed Product hereunder prior to commercial launch (for the purpose of allowing the Company to
develop and launch such product in the Territory in accordance with the terms and conditions of
this Agreement promptly following its launch by Novavax in the United States).

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THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A

CONFIDENTIAL TREATMENT REQUEST. REDACTED MATERIAL IS MARKED

WITH [* * *] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND

EXCHANGE COMMISSION.

     1.8 “Licensed Rights” means the Novavax Patents and any and all Know-How, including any
Developed Know-How, owned or Controlled by Novavax at any time during the term of this Agreement
which is used or embodied in, or useful for developing or manufacturing, any Licensed Product.

     1.9 “Novavax Patents” means any and all Patents in the Territory owned or Controlled by
Novavax at any time during the term of this Agreement covering or claiming a Licensed Product
and/or the manufacture or use thereof including, without limitation, the Patents listed on
Schedule 1.

     1.10 “Patent” means any and all (a) issued patents and inventors’ certificates and
re-examinations, reissues, renewals, extensions, registrations, substitutions, supplementary
protection certificates and term restorations with respect to any of the foregoing, and (b) pending
applications for patents and inventors’ certificates and patents that issue therefrom, including,
without limitation, provisional applications, continuations, continuations in part, divisional and
substitute applications with respect to any of the foregoing.

     1.11 “Territory” means India.

     1.12 “Third Party” means a person or entity other than (a) Novavax, (b) Company, (c) an
Affiliate of Novavax or (d) an Affiliate of Company.

ARTICLE 2

OPTION

     2.1 Option Grant to Company. Novavax hereby grants to Company an exclusive, fully paid-up,
royalty-free (except as expressly provided in the License Agreement) non-transferable, right and
option to obtain an exclusive license in the Territory (the “Option”) under the form of License
Agreement attached hereto as Exhibit A that has been executed by Novavax, exercisable at Company’s
option and sole discretion, upon the later of (a) any required  approval of the Foreign Investment Promotion
Board of India and the Reserve Bank of India for the issuance to Novavax of 4,000,000 shares of Company, or such other amount as set forth in the Joint Venture Agreement  and (b) the earlier of
termination or expiration (the “Exercise Trigger Date”) of the Third Party agreement to which a
portion of the technology that is the subject of the License Agreement is subject. Novavax shall
promptly provide notice to Company upon occurrence of the Exercise Trigger Date having been met
together with reasonable documentation establishing that the Exercise Trigger Date has been met
(the “Trigger Notice”).

     2.2 Exercise of Option. At any time after the Exercise Trigger Date for two (2) years of
Company having received the Trigger Notice, Company may exercise the Option by sending a written
notice to Novavax, along with a fully executed copy of such License Agreement.

     2.3 Effectiveness of License. Immediately upon receipt of the signed Notice and fully
executed License by Novavax, the License Agreement shall become immediately and automatically
effective as of such date.

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THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A

CONFIDENTIAL TREATMENT REQUEST. REDACTED MATERIAL IS MARKED

WITH [* * *] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND

EXCHANGE COMMISSION.

     2.4 No Implied Rights or Licenses. No right or license, other than those expressly set forth
in this Agreement, are granted to either party hereunder, and no additional rights will be deemed
granted to either party by implication, estoppel or otherwise. All rights not expressly granted by
either party to the other hereunder are reserved.

ARTICLE 3

CONFIDENTIALITY

     The Parties anticipate that under this Agreement each Party will provide confidential and/or
proprietary information to the other Party and that the use and disclosure of such information
shall be governed by Article 18 of the Joint Venture Agreement which is hereby incorporated by
reference.

ARTICLE 4

REPRESENTATIONS AND WARRANTIES

     4.1 Mutual Warranties. Each of Novavax and Company hereby represents, warrants and covenants
to the other as of the Effective Date that:

          (a) it has full corporate power and authority to enter into this Agreement and to carry out
the provisions hereof, and this Agreement is legally binding upon it and enforceable in accordance
with its terms.

          (b) the execution, delivery and performance of this Agreement by it does not conflict with any
agreement, instrument or understanding, oral or written, to which it is a party or by which it may
be bound, nor violate any Law of any governmental authority having jurisdiction over it; and

          (c) all necessary consents, approvals and authorizations of all governmental authorities and
other persons required to be obtained by such Party to enter into, or perform its obligations
under, this Agreement have been obtained.

     4.2 Representations by Novavax. In addition to the representations and warranties made in
Section 4.1, Novavax hereby represents, warrants and covenants to Company that:

     (a) as of the Effective Date, the Licensed Rights are subsisting and are not the
subject of any interference, re-issue, re-exam, opposition or appeal proceedings;

     (b) as of the Effective Date and the Exercise Trigger Date, no Third Party has or will
have filed, pursued or maintained or, to the best of its knowledge, threatened in writing to
file, pursue or maintain any claim, lawsuit, charge or other action involving any Licensed
Right including any claim, lawsuit, charge, or action alleging that any Licensed Right is
invalid or unenforceable;

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THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A

CONFIDENTIAL TREATMENT REQUEST. REDACTED MATERIAL IS MARKED

WITH [* * *] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND

EXCHANGE COMMISSION.

     (c) as of the Effective Date and to the best of its knowledge, all employees and agents
of Novavax who have performed any activities on its behalf in connection with research
regarding the Licensed Rights have properly assigned to Novavax the whole of their rights in
any intellectual property made, discovered or developed by them as a result of such
research, and no Third Party has any rights to any such intellectual property;

     (d) as of the Exercise Trigger Date, the Licensed Rights will be free and clear of any
liens, charges, encumbrances or rights of others, to possession or use that may interfere
with Novavax’s possession or use under this Agreement;

     (e) as of the Exercise Trigger Date, it will have sufficient rights to grant the
licenses granted to the Company hereunder;

     (f) as of the Effective Date and the Exercise Trigger Date, it has not granted, and
during the Term it will not grant, any right to any Third Party that would conflict with the
rights granted to the other Party hereunder. It has (or will have at the time performance
is due) maintained and will maintain and keep in full force and effect all agreements
necessary to perform its obligations hereunder; and

     (g) as of the Effective Date and the Exercise Trigger Date, all third party agreements
licensing any Licensed Rights to Novavax, which are sublicensed to the Company hereunder,
are currently in full force and effect, and it has not received notice of material breach or
termination thereof.

     4.3 DISCLAIMER OF WARRANTIES. Except as expressly set forth herein, EACH PARTY EXPRESSLY
DISCLAIMS ANY AND ALL WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION THE
WARRANTIES OF DESIGN, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR ARISING FROM A COURSE
OF DEALING, USAGE OR TRADE PRACTICES, IN ALL CASES WITH RESPECT THERETO. Without limiting the
generality of the foregoing, each Party expressly does not warrant, and disclaims any warranties
with regards to: (a) the success of any study or test commenced under this Agreement, (b) the
safety or usefulness for any purpose of the technology or Materials it provides or discovers under
this Agreement; and/or (c) the validity, enforceability, or non-infringement of any intellectual
property rights or technology it provides or licenses to the other Party under this Agreement.

ARTICLE 5

INDEMNIFICATION

     5.1 Indemnification by Novavax. Novavax will indemnify, defend and hold harmless Company, its
Affiliates, directors, officers and employees (each a “Company Indemnitee”) from and against any
and all liability, loss, damage or expense (including without limitation reasonable attorneys fees)
it may suffer as the result of Third Party claims, demands, actions and proceedings brought against
it (collectively, “Losses”) to the extent such Losses result from the negligence or willful
misconduct by Novavax, its Affiliates, employees, agents or Third Party contractors.

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THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A

CONFIDENTIAL TREATMENT REQUEST. REDACTED MATERIAL IS MARKED

WITH [* * *] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND

EXCHANGE COMMISSION.

Novavax’s obligation to indemnify the Company Indemnitee pursuant to this Section 5.1 will not
apply to the extent of any Loss that arises from the (i) material breach by Company of its
representations, warranties or covenants contained within this Agreement or (ii) negligence or
willful misconduct of any Company Indemnitee.

     5.2 Procedures. Indemnitor’s agreement to indemnify, defend and hold harmless an Indemnitee
is conditioned on Indemnitee (a) providing prompt written notice of any claim giving rise to an
indemnification obligation hereunder but only if a failure to so notify causes prejudicial harm to
the Indemnitor’s ability to defend, (b) permitting Indemnitor to assume full responsibility to
investigate, prepare for and defend against any such claim, (c) providing reasonable assistance in
the defense of such claim at Indemnitor’s reasonable expense, and (d) not compromising or settling
such claim without Indemnitor’s advance written consent.

     5.3 Limitation of Liability. EXCEPT AS REGARDS A BREACH OF A PARTY’S
RESPONSIBILITIES PURSUANT TO ARTICLE 3, NEITHER PARTY NOR ITS RESPECTIVE AFFILIATES WILL BE LIABLE
TO THE OTHER PARTY FOR ANY LOSS OF PROFITS, LOSS OF BUSINESS OR INTERRUPTION OF BUSINESS, OR FOR
ANY OTHER INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, CONSEQUENTIAL OR PUNITIVE DAMAGES UNDER THIS
AGREEMENT, WHETHER IN CONTRACT, WARRANTY, TORT, STRICT LIABILITY OR OTHERWISE, EVEN IF SUCH PARTY
HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSS OR DAMAGES.

ARTICLE 6

TERM

     6.1 Term and Termination. The term of this Agreement will commence on the Effective Date and
will continue until (a) expiration of the Option as provided in Section 2.2, (b) the Parties
mutually agree in writing to terminate the Agreement, or (c) Novavax terminates the Joint Venture
Agreement by providing a Notice of Termination under and pursuant to Section 11.2 of the Joint
Venture Agreement (the “Term”).

ARTICLE 7

DISPUTE RESOLUTION

     7.1 Disputes. The Parties recognize that disputes as to certain matters may from time to time
arise during the Term which relate to either Party’s rights and/or obligations hereunder. It is
the objective of the Parties to establish procedures to facilitate the resolution of disputes
arising under this Agreement in an expedient manner by mutual cooperation and without resort to
litigation. To accomplish this objective, the Parties agree to follow the procedures set forth in
this Article 7 if and when a dispute arises under this Agreement.

     7.2 Arbitration. Any dispute arising between the Parties out of or in connection with the
implementation or interpretation of this Agreement shall, if not settled amicably within ninety
(90) days from the date that the dispute arose, be finally settled by three (3) arbitrators. Each
Party

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THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A

CONFIDENTIAL TREATMENT REQUEST. REDACTED MATERIAL IS MARKED

WITH [* * *] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND

EXCHANGE COMMISSION.

shall be entitled to appoint one (1) arbitrator and the two (2) so appointed shall appoint the
third arbitrator in accordance with the Indian Arbitration and Conciliation Act, 1996. It is
hereby agreed that Part I of the Indian Arbitration and Conciliation Act, 1996 (except for the
provisions of Section 9 thereof) shall not apply to the arbitration under this Agreement. The
language of the arbitration proceedings shall be English and its place shall be Singapore. The
arbitral award or determination shall be final and subject to no appeal and shall deal with the
question of costs of arbitration and all matters related thereto.

     7.3 Equitable Claims. Notwithstanding anything to the contrary in this Article 7, either
Party has the right to seek temporary injunctive relief or any other interim equitable remedy in
any court of competent jurisdiction as may be available to such Party under the laws applicable to
such jurisdiction that may be necessary to protect the rights or property of that Party until such
time as any dispute underlying such temporary injunctive relief or any other interim equitable
remedy has been resolved in accordance with Section 7.2.

     7.4 Governing Law. The substantive laws of India will govern the resolution of all disputes,
controversies and claims under, arising out of or relating to the validity, construction,
enforceability or performance of this Agreement and any related remedies, without giving effect to
any choice of law rules.

     7.5 Award. Each Party will abide by any arbitral award rendered pursuant to this Article 7.
If a Party resists enforcement of an arbitral award, any costs, fees or taxes incident to
enforcement will be charged against that Party to the extent permitted by Law. Each Party will
bear its own legal fees for arbitration, and the arbitrator(s) will assess their costs, fees and
expenses against the Party losing the arbitration.

     7.6 Injunctive Relief. If a Party makes a sufficient showing under the rules and standards
set forth in the rules of civil procedure and applicable Law, the arbitrator may, and the Parties
will abide by, injunctive measures after either Party submits in writing for arbitration claims
requiring immediate relief. Notwithstanding the foregoing, and in accordance with Section 7.3, a
Party will also be free at any time to bring an Equitable Claim to any court of competent
jurisdiction without submitting such request to an arbitrator.

     7.7 Confidentiality. Any arbitration proceeding, including without limitation the existence
of any dispute submitted to arbitration and any arbitral award or decision, will be Confidential
Information of both Parties, and the arbitrator(s) will issue appropriate protective orders to
safeguard each Party’s Confidential Information, provided that such Confidential Information may be
disclosed solely as necessary in connection with the enforcement of an arbitral award or as
otherwise required by Law (subject to Article 3).

ARTICLE 8

MISCELLANEOUS

     8.1 Entire Agreement. This Agreement (including its Exhibits) sets forth all the covenants,
promises, agreements, warranties, representations, conditions and understandings

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EXCHANGE COMMISSION.

between the Parties with respect to the subject matter hereof and supersedes and terminates
all prior agreements and understanding between the Parties with respect to such subject matter. No
subsequent alteration, amendment, change or addition to this Agreement will be binding upon the
Parties unless reduced to writing and signed by the respective authorized officers of the Parties.

     8.2 Third Party Contractors. The Parties will perform their obligations under this Agreement
as Third Party contractors and nothing contained in this Agreement will be construed to be
inconsistent with such relationship or status. This Agreement will not constitute, create or in
any way be interpreted as a joint venture or partnership of any kind.

     8.3 Notices. Any notice, request, demand, waiver, consent, approval or other communication
permitted or required under this Agreement (“Notice”) will be in writing, will refer specifically
to this Agreement and will be deemed given only if sent by electronic mail (with receipt
confirmed), facsimile transmission (with transmission confirmed) or by an internationally
recognized delivery service that maintains records of delivery, addressed to the Parties at their
respective addresses specified in this Section 8.3 or to such other address as the Party to whom
notice is to be given may have provided to the other Party in accordance with this Section 8.3.
Any notice delivered by electronic mail or facsimile will be confirmed by a hard copy delivered as
soon as practicable thereafter by an internationally recognized overnight delivery service. Such
Notice will be deemed to have been given on the second Business Day (at the place of delivery)
after deposit with an internationally recognized delivery service. This Section 8.3 is not
intended to govern the day-to-day business communications necessary between the Parties in
performing their obligations under the terms of this Agreement.

	 	 	 
	If to Novavax:

	 	Novavax, Inc.
	 

	 	9920 Belaward Campus Drive
	 

	 	Rockville Maryland 20850
	 

	 	Attn: Ray Hage, Senior Vice President
	 

	 	Email: Rhage@Novavax.com
	 

	 	Facsimile No.: 240-268-2122
	 
	 	 
	If to Company:

	 	CPL Biologicals Private Limited
	 

	 	Cadila Corporate Campus
	 

	 	Sarkhej-Dholka Road
	 

	 	Bhat, Ahmedabad — 382210
	 

	 	Gujarat, India
	 

	 	Attn: Dr. Rajiv I. Modi, Managing Director
	 

	 	Email: rimodi@cadilapharma.co.in
	 

	 	Facsimile No.: +91 (02718) 225031

     8.4 Assignment.

          (a) Novavax may not assign this Agreement, in whole or in part, without the advance written
consent of the Company; provided, however, that this Agreement shall be automatically assigned to
Novavax’s successor in connection with the acquisition, merger or sale of Novavax or the sale,
transfer, lease, assignment or disposal of all or substantially all of the

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THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A

CONFIDENTIAL TREATMENT REQUEST. REDACTED MATERIAL IS MARKED

WITH [* * *] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND

EXCHANGE COMMISSION.

property or assets of Novavax, whether by way of a single transaction or a series of related
transactions, and such successor shall be fully bound by the terms and conditions hereof.

          (b) The Company may not assign this Agreement, in whole or in part, without the advance
written consent of Novavax; provided, however, that this Agreement shall be automatically assigned
to the Company’s successor in connection with the sale, transfer, lease, assignment or disposal of
all or substantially all of the property or assets of the Company , whether by way of a single
transaction or a series of related transactions, including a Change in Control of the Company (as
that term is defined in Schedule II of the Joint Venture Agreement), and such successor shall be
fully bound by the terms and conditions hereof; provided that any such automatic assignment by
Company within the scope of Schedule II of the Joint Venture Agreement shall only be effective if
such transaction was approved by Novavax under and pursuant to the Joint Venture Agreement for so
long as such approval rights of Novavax under the Joint Venture Agreement have not been terminated.

          (c) Any assignment or purported assignment by either Party in violation of this Section 8.4
will be null and void.

     8.5 Headings. The headings for each article and section in this Agreement have been inserted
for convenience of reference only and are not intended to limit or expand on the meaning of the
language contained in the particular article or section.

     8.6 No Strict Construction. This Agreement has been prepared jointly and will not be strictly
construed against either Party.

     8.7 Ambiguities. Ambiguities and uncertainties in this Agreement, if any, will not be
interpreted against either Party, irrespective of which Party may be deemed to have caused the
ambiguity or uncertainty to exist.

     8.8 English Language. All notices required or permitted to be given hereunder, and all
written, electronic, oral or other communications between the Parties regarding this Agreement will
be in the English language. This Agreement is in the English language only, which language will be
controlling in all respects, and all versions hereof in any other language will be for
accommodation only and will not be binding upon the Parties.

     8.9 No Waiver. Any delay in enforcing a Party’s rights under this Agreement or any waiver as
to a particular default or other matter will not constitute a waiver of such Party’s rights to the
future enforcement of its rights under this Agreement, excepting only as to an express written and
signed waiver as to a particular matter for a particular period of time.

     8.10 Severability. If one or more of the provisions in this Agreement are deemed
unenforceable by Law, then such provision will be deemed stricken from this Agreement and the
remaining provisions will continue in full force and effect and shall be interpreted to give full
effect to the commercial agreement between the Parties.

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THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A

CONFIDENTIAL TREATMENT REQUEST. REDACTED MATERIAL IS MARKED

WITH [* * *] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND

EXCHANGE COMMISSION.

     8.11 Counterparts. This Agreement may be executed in one or more identical counterparts, each
of which will be deemed to be an original, and which collectively will be deemed to be one and the
same instrument.

[Signature Page to Follow]

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THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A

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EXCHANGE COMMISSION.

     In Witness Whereof, the Parties have by duly authorized persons executed this
Agreement as of the Effective Date.

	 	 	 	 	 	 	 	 	 	 	 
	Novavax, Inc.	 	 	 	CPL Biologicals Private Limited	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Rahul Singhvi
 

Rahul Singhvi
	 	 	 	By:
	 	/s/ Rajiv I. Modi
 

Rajiv I. Modi
	 	 
	 

	 	President and Chief Executive Officer
	 	 	 	 	 	Managing Director	 	 

[Signature Page to Amended and Restated Option to Obtain License Agreement]

 

 

THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A

CONFIDENTIAL TREATMENT REQUEST. REDACTED MATERIAL IS MARKED

WITH [* * *] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND

EXCHANGE COMMISSION.

Exhibit A

Form of License Agreement executed by Novavax

AMENDED AND RESTATED LICENSE AGREEMENT

     This License Agreement (the “Agreement”) is executed this June 29, 2009 (the
“Execution Date”), to be effective as set forth in Article 4, by and between Novavax,
Inc., a Delaware corporation having an address at 9920 Belward Campus Drive, Rockville,
Maryland 20850, United States of America (“Novavax”) and CPL Biologicals Private Limited, a
limited company incorporated under the laws of India having an address at “Cadila Corporate
Campus”, Sarkhej-Dholka Road, Bhat, Ahmedabad — 382210, Gujarat, India (“Company”).
Novavax and Company are sometimes referred to herein each individually as a “Party” and
collectively as the “Parties.”

RECITALS

     Whereas, Novavax is a specialty biopharmaceutical company engaged in the research,
development and commercialization of its virus like particle technology into vaccine products for
the prevention of infectious diseases such as influenza and other infectious diseases;

     Whereas, on the Effective Date, Novavax will Control the Licensed Rights, as defined
below;

     Whereas, Company wishes to obtain a license as of the Effective Date under the
Licensed Rights, to practice the processes included or claimed in the Licensed Rights and to
Develop and Commercialize Licensed Product; and

     Whereas, Novavax is willing to grant such license on the terms and conditions of this
Agreement.

     Now, Therefore, in consideration of the foregoing premises and the mutual covenants
set forth below, and for other good and valuable consideration, the receipt of which is hereby
acknowledged, Novavax and Company hereby agree as follows:

ARTICLE 1

DEFINITIONS

     References in the body of this Agreement to “Sections” will refer to the sections of this
Agreement. In addition, as used herein, the following initially capitalized terms will have the
following meanings:

     1.1 “Affiliate” means any corporation or other business entity controlled by, controlling, or
under common control with a Party, with “control” (for purposes of this Section 1.1 only) meaning
(a) direct or indirect beneficial ownership of fifty percent (50%) or more of the

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CONFIDENTIAL TREATMENT REQUEST. REDACTED MATERIAL IS MARKED

WITH [* * *] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND

EXCHANGE COMMISSION.

voting stock (or, in the case of a non-corporate entity, of the equity interests with the
power to direct the management and policies) of such corporation or other business entity, or (b)
possession, directly or indirectly, of the power to direct, or cause the direction of, the
management and policies of such corporation or other business entity, whether through the ownership
of voting securities, by contract, or otherwise; provided that for purposes of this Agreement,
Novavax and Cadila Pharmaceuticals Limited shall not be deemed to be an Affiliate of Company.

     1.2 “Business Day” means any day other than a Saturday, Sunday or other day on which the
principal commercial banks located in Mumbai, India and Washington, DC, United States are not open
for business during normal business hours.

     1.3 “Commercialize” or “Commercialization” means all activities that are undertaken to prepare
for launch before Regulatory Approval (including pricing and reimbursement approvals) undertaken
after Regulatory Approval for a particular Licensed Product and that relate to the commercial
marketing and sale of such Licensed Product including advertising, sales, marketing, promotion,
distribution, and phase IV clinical trials.

     1.4 “Control” means, with respect to any intellectual property right, that a Party owns or has
a license to such item or right, and has the ability to grant a license or sublicense in or to such
right without violating the terms of any agreement or other arrangement with any Third Party
existing at the time that this Agreement first requires such Party to grant the other Party such
license or sublicense, provided that, for the avoidance of doubt, if the ability to grant such
license or sublicense without violating the terms of any such agreement or other arrangement arises
after such time, the license or sublicense shall be deemed granted hereunder at such later date.

     1.5 “Develop” or “Development” means the performance of all non-clinical, pre-clinical and
clinical development, manufacturing and regulatory activities for a Licensed Product that are
required to obtain Regulatory Approval of a Licensed Product in the Territory.

     1.6 “Developed Know-How” has the meaning in Section 5.1.

     1.7 “Effective Date” means the date on which the condition precedent set forth in Article 4 is
first satisfied.

     1.8 “Governmental Authority” means any applicable court, agency, department or other
instrumentality of any foreign, federal, state, county, city or other political subdivision.

     1.9 “IND” means a U.S. Food and Drug Administration investigational new drug application, or
its foreign equivalent.

     1.10 “Joint Venture Agreement” means the Amended and Restated Joint Venture Agreement by and between Novavax and
Cadila Pharmaceuticals Limited, dated June 29, 2009, as amended from time to time.

     1.11 “Know-How” means all tangible and intangible (a) techniques, technology, practices, trade
secrets, inventions (whether patentable or not), methods, protocols, processes, formulas,
knowledge, know-how, skill, experience, records, documents, data and results

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(including pharmacological, toxicological, non-clinical and clinical test data and results),
analytical and quality control data, results or descriptions, software and algorithms and
(b) compositions of matter, cells, cell lines, assays, animal models and physical, biological or
chemical material.

     1.12 “Laws” means all applicable laws, statutes, rules, regulations, ordinances and other
pronouncements having the effect of law of any federal, national, multinational, state, provincial,
or other political subdivision, domestic or foreign.

     1.13 “Licensed Product” means Novavax’s current intra-muscular pandemic influenza vaccine
containing a virus like particle (VLP) consisting of an avian influenza M1 protein or an influenza
M1 protein containing an avian influenza M1 L-domain sequence and a pandemic influenza HA and
pandemic influenza NA described in the U.S. IND No. BB-IND 13419 wherein the pandemic HA and
pandemic NA under the IND are classified as pandemic by the World Health Organization (WHO)
Collaborating Centers for Reference and Research on Influenza located at the Centers for Disease
Control and Prevention (CDC) in Atlanta, Georgia, together with any minor modifications thereto
including, by way of example but not limitation, changes to any excipient, changes arising from a
change in manufacturing process, or change in dosage. [* * *] Licensed Product shall include the
pandemic influenza vaccine containing a virus like particle (VLP) consisting of an avian influenza
M1 protein or an influenza M1 protein containing an avian influenza M1 L-domain sequence and a
pandemic influenza HA and pandemic influenza NA that is launched by or for Novavax for commercial
sale in the United States after Regulatory Approval of such vaccine; it being understood that for
so long as (but only for so long as) such vaccine is being developed in clinical trials by or for
Novavax in support for commercial launch in the United States, such vaccine shall be deemed a
Licensed Product hereunder prior to commercial launch (for the purpose of allowing the Company to
develop and launch such product in the Territory in accordance with the terms and conditions of
this Agreement promptly following its launch by Novavax in the United States).

     1.14 “Licensed Rights” means the Novavax Patents and any and all Know-How, including any
Developed Know-How, owned or Controlled by Novavax at any time during the term of this Agreement
which is used or embodied in, or useful for developing or manufacturing, any Licensed Product,
including, without limitation, Know-How regarding Novavax’s proprietary baculovirus insect cell
expression and manufacturing system and improvements thereto.

     1.15 “Novavax Patents” means any and all Patents in the Territory owned or Controlled by
Novavax at any time during the term of this Agreement covering or claiming a Licensed Product
and/or the manufacture or use thereof including, without limitation, the Patents listed on
Schedule 1.

     1.16 “Patent” means any and all (a) issued patents and inventors’ certificates and
re-examinations, reissues, renewals, extensions, registrations, substitutions, supplementary
protection certificates and term restorations with respect to any of the foregoing, and (b) pending
applications for patents and inventors’ certificates and patents that issue therefrom, including,
without limitation, provisional applications, continuations, continuations in part, divisional and
substitute applications with respect to any of the foregoing.

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     1.17 “Program Data” means (a) research, preclinical, clinical, manufacturing and similar data,
information, material and results, (b) regulatory filings and approvals, and (c) sales and
marketing information.

     1.18 “Regulatory Approval” means any and all approvals (including supplements, amendments,
pre- and post-approvals, pricing and reimbursement approvals), licenses, registrations or
authorizations of any national, supra-national, regional, state or local regulatory agency,
department, bureau, commission, council or other governmental entity, that are necessary for the
manufacture, distribution, use or widespread sale of a Licensed Product in a regulatory
jurisdiction in the Territory.

     1.19 “Regulatory Authority” means any Governmental Authority with responsibility for granting
any licenses or approvals necessary for the marketing and sale of pharmaceutical products in the
Territory.

     1.20 “Regulatory Documentation” means, with respect to a Licensed Product, all Regulatory
Filings and supporting documents created, submitted to a Regulatory Authority, and all data
contained therein, including, without limitation, any Investigational New Drug Application, New
Drug Application, Marketing Authorization Application, foreign counterparts thereof, Investigator’s
Brochures, drug master files, correspondence to and from a Regulatory Authority, minutes from
teleconferences with Regulatory Authorities, registrations and licenses, regulatory drug lists,
advertising and promotion documents shared with Regulatory Authorities, adverse event files,
complaint files and manufacturing records.

     1.21 “Regulatory Filing” means the foreign counterparts of an Investigation New Drug
Application, New Drug Application, Marketing Authorization Application and any other filings
required by Regulatory Authorities relating to the study, Development, manufacture or
Commercialization of any Licensed Product in the Territory.

     1.22 “Technical Services Agreement” means that certain Amended and Restated Technical Services Agreement between
Novavax and Company dated as of the date hereof, as amended from time to time.

     1.23 “Territory” means India.

     1.24 “Third Party” means a person or entity other than (a) Novavax, (b) Company, (c) an
Affiliate of Novavax or (d) an Affiliate of Company.

     1.25 “U.S.” means the United States of America.

ARTICLE 2

LICENSES

     2.1 License Grant to Company. Novavax hereby grants to Company an exclusive, fully paid-up,
royalty-free (except as expressly set forth in Section 2.7), non-transferable, right and license
under the Licensed Rights during the term of this Agreement to (a) research, develop, use,

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sell, have sold, offer to sell and import Licensed Product in the Territory, and (b) make (and
have made solely by Cadila Pharmaceuticals Limited, a Company
incorporated under the laws of India (“Cadila”) or an Affiliate of Cadila, subject to Novavax’s approval described
below) Licensed Product in the Territory solely to develop, use, sell, have sold, offer to sell and
import Licensed Product in the Territory. The foregoing license shall be exclusive for Licensed
Product in the Territory, even as to Novavax, provided that Novavax retains the right to perform
its obligations under this Agreement, the Technical Services Agreement and any other agreement
between Company and Novavax.

     Novavax shall be reasonable in granting or withholding its approval to permit Cadila or an
Affiliate of Cadila to make Licensed Product in the Territory. Novavax’s approval shall be subject
to its consideration of, among other things, any documentation or agreement surrounding such
manufacturing of the Licensed Product (which, in any case, shall be solely for the benefit of the
Company), the safeguards in place with regard to any such manufacturing, the protection of the
Licensed Rights, and Novavax’s ability to conduct reasonable due diligence on any Affiliate of
Cadila. In no event does the license grant to the Company under this Section 2.1 permit the
Company to have Licensed Product made by a Third Party other than Cadila or an Affiliate of Cadila, subject to the approval described above.

     2.2 License Grant to Novavax. The Company hereby grants to Novavax a fully paid-up,
royalty-free exclusive right and license under Developed Know-How owned or Controlled by the
Company, including any Patents that issue therefrom, to (a) research, develop, use, sell, have
sold, offer to sell and import non-seasonal influenza vaccines outside the Territory, and (b) make
and have made non-seasonal influenza vaccines outside the Territory solely to develop, use, sell,
have sold, offer to sell and import non-seasonal influenza vaccines outside the Territory.

     2.3 Sublicenses. Company shall not sublicense the Licensed Rights to any Third Party without
the prior written consent of Novavax, which consent may be withheld in its sole discretion. Upon
execution of a sublicense, after receipt of Novavax consent, Company will notify Novavax of the
execution of the sublicense and provide a copy to Novavax promptly following execution thereof.

     2.4 No Implied Rights or Licenses. No right or license, other than those expressly set forth
in this Agreement are granted to either party hereunder, and no additional rights will be deemed
granted to either party by implication, estoppel or otherwise. All rights not expressly granted by
either party to the other hereunder are reserved.

     2.5 Research Data; Right of Reference.

          (a) Company shall keep complete and accurate notes, accounts and records of all Program Data
with respect to Licensed Product, including the manufacture thereof. Novavax shall have the right
to access, use and reference for its Development and Commercialization of its products outside the
Territory Program Data related to Licensed Product in the possession or control of the Company.
The Company shall provide such cooperation and assistance as reasonably requested by Novavax from
time to time to effectuate the foregoing, including, without limitation by providing access to and
disclosure of Program Data to Novavax and by providing such authorization and consents required for
reference to regulatory filings and approvals.

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          (b) Company shall have the right to access, use and reference for its Development and
Commercialization of Licensed Product in the Territory Program Data related to Licensed Product in
the possession or control of Novavax. Novavax shall provide such cooperation and assistance as
reasonably requested by Company from time to time to effectuate the foregoing, including, without
limitation by providing access to and disclosure of Program Data to Company and by providing such
authorization and consents required for reference to regulatory filings and approvals.

     2.6 Grey Market. The Parties reasonably cooperate to formulate and implement reasonable
precautions designed to prevent Licensed Product made or sold by or for such Party or its
respective Affiliates and permitted sublicensees from being sold outside of its respective
territory (i.e., outside the Territory for the Company and inside the Territory for Novavax).
Further, each Party will take reasonable measures so that its distributors, Affiliates and
wholesalers to whom the Company or Novavax provides its respective Licensed Product are aware of
the respective territorial limitations.

     2.7 Third Party License Agreements. The license granted under Section 2.1 may be subject to
applicable terms and conditions of a license agreement with a Third Party, under which any Licensed
Rights are sublicensed to the Company hereunder by Novavax (each a “Third Party License
Agreement”). Novavax shall be responsible for maintaining the Third Party License Agreements
and for any payments owed by Novavax thereunder; provided, however, that if a royalty is owed on
sales of Licensed Product by or for the Company in the Territory under such Third Party License
Agreement, such payments will be paid by Company.

     2.8 Combination Products Reservation. Novavax shall not, directly or indirectly, (i) engage
in, promote, or finance the research, development, or commercialization of, or (ii) grant any
license, or any similar rights with respect to, to a Third Party, in each case of (i) and (ii), a
Licensed Product in combination with another active ingredient, antigen or adjuvant in the
Territory.

ARTICLE 3

LICENSED PRODUCT DEVELOPMENT AND COMMERCIALIZATION

     3.1 Development and Commercialization of Licensed Product.

          (a) General. Company will have sole responsibility, at Company’s sole expense, for all
Development and Commercialization of Licensed Product in the Territory in accordance with the terms
of this Agreement.

          (b) Development and Commercialization of Licensed Product. Within [* * *] days of the
Effective Date, Company shall present to Novavax for its written approval Development plans for the
Licensed Product which shall specify preclinical studies (including a toxicology program and other
preclinical testing), human clinical trials, manufacturing scale up, Regulatory Approval strategy
and any other significant Development activities, that Company plans to perform to obtain
Regulatory Approval of such Licensed Product in the Territory (the

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“Development Plans”). Novavax may reasonably request adjustments to activities described in
such Development plans as a condition to granting its approval. In no event shall Company
materially alter a Development Plan without Novavax’s prior written consent. Company shall conduct
Development of such Licensed Product in a manner that is materially consistent with the Development
Plans. All clinical trial protocols for Licensed Product conducted by Company shall require the
prior written approval of Novavax. At least [* * *] prior to anticipated commercial launch,
Company shall present to Novavax for its written approval a plan to Commercialize the Licensed
Product which shall specify a multi-year marketing and public relations strategy, operational plans
to implement such strategies and any other significant Commercialization activities (the
“Commercialization Plan”). Novavax may reasonably request adjustments to the Commercialization
plan as a condition to granting its approval. In no event shall Company materially alter the
Commercialization Plan without Novavax’s prior written consent. Company shall conduct
Commercialization of such Licensed Product in a manner that is materially consistent with the
Commercialization Plan. Novavax acknowledges that the Licensed Product is being contributed by
Novavax to the Company in accordance with the Joint Venture Agreement and that if the Company
cannot Develop and Commercialize such Licensed Product it will not obtain the value of such
contribution. Company acknowledges that Novavax (or its affiliates or licensees) are Developing
and Commercializing Licensed Product outside the Territory and Company’s activities could raise
safety concerns and have an impact on Novavax’s activities including the Regulatory Approval and
regulatory profile of an approved product outside the Territory. Accordingly, taking into account
Novavax’s and Company’s respective interests including, without limitation, as provided in the two
preceding sentences, Novavax shall not unreasonably withhold, delay or condition any of its
consents or approvals hereunder.

     3.2 Regulatory Affairs. Company will be responsible for developing Regulatory Documentation
and preparing and submitting Regulatory Filings, seeking Regulatory Approvals, and maintaining
Regulatory Approvals for Licensed Product in the Territory. As set forth in the Technical Services
Agreement, Novavax will cooperate with Company in preparing and filing all such reports.

     3.3 Manufacture and Supply. Company will be responsible for the manufacture of Licensed
Product in the Territory and for all costs associated therewith. Certain amount of supply of
preclinical and clinical supply of Licensed Product will be made under the  Amended and Restated Supply Agreement, dated
as of June 29, 2009, between Company and Novavax, as amended from time to time  (the “Supply Agreement”).

     3.4 Adverse Event Reporting. Company will maintain a record of all non-medical and medical
Licensed Product-related complaints and reports of Adverse Events in the Territory with respect to
any Licensed Product Developed or Commercialized by the Company. At the request of either party,
Novavax and the Company shall enter into reasonable and customary pharmacovigilance agreement with
respect to sharing of adverse event data and information for Licensed Product as required to comply
with applicable laws and regulations.

     3.5 Development and Commercial Reporting. During the Term of this Agreement, Company will
provide a half-yearly written progress report to Novavax summarizing the Development and
Commercialization of Licensed Product(s) during the prior six months. Each

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such progress report will be provided to Novavax by Company no later than March 1st
or September 1st (as the case may be) of each year following the Effective Date.

     3.6 Minor Modifications; Intent. During the Term of this Agreement, Novavax will promptly
provide Company with details of any minor modifications it makes to the Licensed Product as Novavax
develops it for Regulatory Approval. [* * *]

ARTICLE 4

CONDITION PRECEDENT

     This Agreement, including the license grants, obligations and benefits herein, shall only
become effective if, and shall automatically become effective upon, exercise and delivery of the
option granted by Novavax to Company in accordance with the Joint Venture Agreement and that
certain Amended and Restated Option to Obtain License dated as of June 29, 2009, as amended from time to time, unless earlier terminated.

ARTICLE 5

INTELLECTUAL PROPERTY

     5.1 Disclosure. During the Term, the Parties will promptly disclose to one another all
Know-How (whether patentable or not) developed, conceived or reduced to practice during the
Development, manufacture or Commercialization of a Licensed Product which is regarding or directed
to a Licensed Product (“Developed Know-How”). Novavax shall also disclose to the Company any
Know-How within the Licensed Rights obtained, licensed or generated after the Effective Date which
is not included within the Developed Know-How.

     5.2 Ownership. Novavax shall own all Developed Know-How and any other intellectual property
that is conceived and reduced to practice solely by Novavax. The Company shall own all Developed
Know-How and any other intellectual property that is conceived and reduced to practice solely by
Company. Novavax and the Company shall jointly own in accordance with U.S. Laws regarding joint
ownership of the applicable type of intellectual property, all Developed Know-How and any other
intellectual property that is conceived or reduced to practice by Novavax and Company jointly.

     5.3 Prosecution and Maintenance of Patents. Novavax shall have the sole and exclusive right
and authority to control the filing, prosecution, maintenance, and renewal of all Novavax Patents
and any Patents that result from Developed Know-How which is owned by Novavax or jointly owned as
provided in Section 5.2, at its own expense. Company shall have the sole and exclusive right and
authority to control the filing, prosecution, maintenance and renewal of any Patents that result
from Developed Know-How owned by Company as provided in Section 5.2. With respect to any such
Patents in the Territory and with respect to any such Patents that are subject to the license
granted to Novavax in Section 2.2 anywhere in the world (the “ROW Patents”), the prosecuting party
shall (i) provide the other party with copies of all material filings, documentation and
correspondence from, sent to or filed with patent offices in the Territory or anywhere in the world
for the ROW Patents, and (ii) provide the other party with a reasonable

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opportunity to comment upon all filings and actions with such patent offices in advance of
submissions to such patent offices. For purposes of this Section 5.3, “filing, prosecution and
maintenance” of patents shall be deemed to include, without limitation, appeals to administrative
or judicial entities having jurisdiction over patentability, the conduct of interferences or
oppositions, and/or requests for re-examinations, reissues or extensions of patent terms.

     5.4 Abandoned Patents. In the event the prosecuting party determines not to initiate patent
prosecution for any particular patentable Developed Know-How invention or to cease prosecution or
maintenance of, or otherwise abandon, any Patents that are the subject of Section 5.3 in the
Territory, or with respect to ROW Patents anywhere in the world (which the prosecuting party may do
in its sole discretion), the prosecuting party shall provide reasonable prior written notice to the
other party sufficient for the other party to timely initiate or take over the prosecution and
maintenance of such Patent and timely file any required documents and responses with the relevant
government patent office in the Territory, or with respect to ROW Patents anywhere in the world,
with respect thereto, and the other party may elect (in its sole discretion) to prosecute and
maintain such Patent, at the other party’s sole expense. In such event, upon the request of and,
at the expense of the other party, the prosecuting party shall assign to the other party all of its
right, title and interest in, to and under such Patent which the prosecuting party has decided to
abandon and provide reasonable cooperation to the other party with respect thereto (including,
without limitation, providing necessary information and executing relevant documents).

     5.5 Enforcement of Patents.

          (a) Infringement by Third Parties. In the event that Novavax or the Company becomes aware of
or has reasonable suspicions of third party activities in the Territory that could constitute
infringement of the Novavax Patents or Patents that issue from Developed Know-How in the Territory,
or with respect to ROW Patents anywhere in the world, or misappropriation of the Novavax Know-How
or Developed Know-How in the Territory, or with respect to Developed Know-How any that is subject
to the license granted to Novavax in Section 2.2 anywhere in the world (“ROW Know-How”), then such
party shall promptly notify the other parties of such third party activities, including
identification of the third party and delineation of the facts relating to such third party
activities. The Company shall have the right (but shall not be obligated) to enforce the Novavax
Patents, Novavax Know-How and Developed Know-How against any actual or alleged infringement or
misappropriation thereof in the Territory by a third party (by bringing a suit, action or
proceeding against such third party), at the Company’s sole expense. Novavax shall have the right
(but shall not be obligated) to enforce the ROW Patents and ROW Know-How within the scope of the
licenses granted to Novavax in Section 2.2 against any actual or alleged infringement or
misappropriation thereof outside the Territory by a third party (by bringing a suit, action or
proceeding against such third party), at Novavax’s sole expense. If the Company does not enforce
the Novavax Patents or Know-How by (i) one hundred (100) days following the notice of alleged
infringement or (ii) thirty (30) days before the time limit, if any, set forth in the appropriate
laws and regulations for the filing of such an action, whichever comes first, then Novavax shall
have the right (but not the obligation) to enforce the Novavax Patents and Novavax Know-How against
any actual or alleged infringement or misappropriation thereof in the Territory by a third party
(by bringing a suit, action or proceeding against such party), at

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Novavax’s sole expense. The non-prosecuting party shall reasonably cooperate with the
prosecuting party in such enforcement activities, at the prosecuting party’s expense, including by
agreeing to be named as a party to (or bringing in its own name) such suit, action or proceeding
for the benefit of the non-prosecuting party if required for such enforcement action to proceed.
The prosecuting party shall keep the non-prosecuting party reasonably informed regarding any such
enforcement action and shall consider in good faith the reasonable comments and suggestions of the
non-prosecuting party related to such suit, action or proceeding. All recoveries received by the
prosecuting party from any such enforcement action shall be retained by the prosecuting party.

          (b) Challenge by Third Parties. Novavax and Company will each notify the other Party in
writing within ten (10) Business Days of learning of any alleged or threatened opposition,
reexamination request, action for declaratory judgment, nullity action, interference or other
attack upon the validity, title or enforceability of the Licensed Rights or the ROW Patents or ROW
Know-How by a Third Party. Owner of the subject Patent will have the right (but not the
obligation) to defend any such challenge in the Territory. If the owner of the subject Patent
commences a defense against the alleged or threatened challenge (i) within sixty (60) days
following the detection of the alleged challenge, or (ii) ten (10) Business Days before the time
limit, if any, set forth in appropriate Laws and regulations for making a filing in defense of such
a challenge, whichever comes first, then the owner of the subject Patent will so notify the other
party promptly. Notwithstanding the foregoing, if any such action for declaratory judgment,
nullity action, or other attack upon the validity, title or enforceability of the Licensed Right
includes or will include counterclaims of infringement of the Licensed Rights, ROW Patents or ROW
Know-How by the Third Party, control of such action or other attack shall be governed by Section
5.5(a).

ARTICLE 6

CONFIDENTIALITY; PUBLICATION

     6.1 Confidentiality. The Parties anticipate that under this Agreement each Party will provide
confidential and/or proprietary information to the other Party and that the use and disclosure of
such information shall be governed by Article 18 of the Joint Venture Agreement which is hereby
incorporated by reference.

     6.2 Publication.

          (a) Each Party shall have the right to publish the data and results related to Licensed
Product, subject to the rest of this Section 6.2. Prior to public disclosure or submission for
publication of a proposed publication describing the results of any scientific or clinical activity
relating to a Licensed Product, the Party proposing such publication shall send the other Party by
expedited delivery a copy of the proposed publication to be submitted and shall allow the other
Party a reasonable time period (but not more than sixty (60) days from the date of confirmed
receipt) in which to determine whether the proposed publication contains subject matter for which
patent protection should be sought (prior to publication of such proposed publication) for the
purpose of protecting an invention, or whether the proposed publication contains the Confidential
Information of such other Party, or whether the proposed publication contains information that is

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reasonably likely to have a material adverse impact on the development or commercialization of
Licensed Product. Following the expiration of applicable time period for review, the Party
proposing such publication shall be free to submit such proposed publication for publication and
publish or otherwise disclose to the public such scientific or clinical results, subject to the
procedures set forth in Section 6.2(b).

          (b) If the Party reviewing such publication believes that the subject matter of the proposed
publication by the other Party contains Confidential Information of the Party or a patentable
invention owned by the Party or in which it otherwise has exclusive rights hereunder, then prior to
the expiration of the applicable time period for review, such Party shall notify the Party
proposing such publication in writing of such belief. On receipt of written notice from the other
Party that such proposed publication contains its Confidential Information, the Party proposing
publication shall remove such Confidential Information from such proposed publication prior to any
publication thereof, unless the other Party agrees otherwise in writing. On receipt of written
notice from the other Party that such proposed publication contains a patentable invention owned by
it or in which it otherwise has exclusive rights hereunder, the Party proposing publication shall
delay public disclosure of such information or submission of the proposed publication for an
additional period of thirty (30) days to permit preparation and filing of a patent application on
such invention. The Party proposing publication shall thereafter be free to publish or disclose
such information.

ARTICLE 7

REPRESENTATIONS AND WARRANTIES

     7.1 Mutual Warranties. Each of Novavax and Company hereby represents, warrants and covenants
to the other as of the Execution Date that:

          (a) it has full corporate power and authority to enter into this Agreement and to carry out
the provisions hereof, and this Agreement is legally binding upon it and enforceable in accordance
with its terms.

          (b) the execution, delivery and performance of this Agreement by it does not conflict with any
agreement, instrument or understanding, oral or written, to which it is a party or by which it may
be bound, nor violate any Law of any governmental authority having jurisdiction over it;

          (c) it has not granted, and during the Term it will not grant, any right to any Third Party
that would conflict with the rights granted to the other Party hereunder. It has (or will have at
the time performance is due) maintained and will maintain and keep in full force and effect all
agreements necessary to perform its obligations hereunder; and

          (d) all necessary consents, approvals and authorizations of all governmental authorities and
other persons required to be obtained by such Party to enter into, or perform its obligations
under, this Agreement have been obtained.

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     7.2 Representations by Novavax. In addition to the representations and warranties made in
Section 7.1, Novavax hereby represents, warrants and covenants to Company that:

     (a) as of the Execution Date, the Licensed Rights are subsisting and are not the
subject of any interference, re-issue, re-exam, opposition or appeal proceedings;

     (b) as of the Execution Date, no Third Party has filed, pursued or maintained or, to
the best of its knowledge, threatened in writing to file, pursue or maintain any claim,
lawsuit, charge or other action involving any Licensed Right including any claim, lawsuit,
charge, or action alleging that any Licensed Right is invalid or unenforceable;

     (c) as of the Execution Date and to the best of its knowledge, all employees and agents
of Novavax who have performed any activities on its behalf in connection with research
regarding the Licensed Rights have properly assigned to Novavax the whole of their rights in
any intellectual property made, discovered or developed by them as a result of such
research, and no Third Party has any rights to any such intellectual property;

     (d) as of the Effective Date, the Licensed Rights are free and clear of any liens,
charges, encumbrances or rights of others, to possession or use that may interfere with
Novavax’s possession or use under this Agreement;

     (e) as of the Effective Date, it has sufficient rights to grant the licenses granted to
the Company hereunder; and

     (f) as of the Effective Date, all third party agreements licensing any Licensed Rights
to Novavax, which are sublicensed to the Company hereunder, are currently in full force and
effect, and it has not received notice of material breach or termination thereof.

     7.3 DISCLAIMER OF WARRANTIES. Except as expressly set forth herein, EACH PARTY EXPRESSLY
DISCLAIMS ANY AND ALL WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION THE
WARRANTIES OF DESIGN, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR ARISING FROM A COURSE
OF DEALING, USAGE OR TRADE PRACTICES, IN ALL CASES WITH RESPECT THERETO. Without limiting the
generality of the foregoing, each Party expressly does not warrant, and disclaims any warranties
with regards to: (a) the success of any study or test commenced under this Agreement, (b) the
safety or usefulness for any purpose of the technology or Materials it provides or discovers under
this Agreement; and/or (c) the validity, enforceability, or non-infringement of any intellectual
property rights or technology it provides or licenses to the other Party under this Agreement.

ARTICLE 8

INDEMNIFICATION

     8.1 Indemnification by Company. Company will indemnify, defend and hold harmless Novavax, its
affiliates, directors, officers and employees (each a “Novavax Indemnitee”)

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CONFIDENTIAL TREATMENT REQUEST. REDACTED MATERIAL IS MARKED

WITH [* * *] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND

EXCHANGE COMMISSION.

from and against any and all liability, loss, damage or expense (including without limitation
reasonable attorneys fees) it may suffer as the result of Third Party claims, demands, actions and
proceedings brought against it (collectively, “Losses”) to the extent such Losses result from the
(a) negligence or willful misconduct by Company, its Affiliates, employees, agents, or Third Party
contractors, or (b) manufacture, use, sale, or offer for sale of a Licensed Product in the
Territory due to a design defect or a manufacturing defect, including but not limited to, a Loss
related to the death of or injury to a Third Party. Company’s obligation to indemnify Novavax
pursuant to this Section 8.1 will not apply to the extent of any Loss that arises from the (i)
material breach by Novavax of its representations, warranties or covenants contained within this
Agreement, (ii) negligence or willful misconduct of any Novavax Indemnitee, or (iii) a
manufacturing defect of Licensed Product supplied by Novavax under the Supply Agreement.

     8.2 Indemnification by Novavax. Novavax will indemnify, defend and hold harmless Company,
its affiliates, directors, officers and employees (each a “Company Indemnitee”) from and against
any and all Losses to the extent such Losses result from the (a) negligence or willful misconduct
by Novavax, its Affiliates, employees, agents or Third Party contractors, or (b) manufacture, use,
sale, or offer for sale of a Licensed Product outside the Territory due to a design defect or a
manufacturing defect, including but not limited to, a Loss related to the death of or injury to a
Third Party. Novavax’s obligation to indemnify the Company Indemnitee pursuant to this Section 8.2
will not apply to the extent of any Loss that arises from the (i) material breach by Company of its
representations, warranties or covenants contained within this Agreement or (ii) negligence or
willful misconduct of any Company Indemnitee.

     8.3 Procedures. Indemnitor’s agreement to indemnify, defend and hold harmless an Indemnitee
is conditioned on Indemnitee (a) providing prompt written notice of any claim giving rise to an
indemnification obligation hereunder but only if a failure to so notify causes prejudicial harm to
the Indemnitor’s ability to defend, (b) permitting Indemnitor to assume full responsibility to
investigate, prepare for and defend against any such claim, (c) providing reasonable assistance in
the defense of such claim at Indemnitor’s reasonable expense, and (d) not compromising or settling
such claim without Indemnitor’s advance written consent.

     8.4 Insurance. Each Party will maintain comprehensive general liability insurance coverage,
including products liability, in amounts it reasonably determines are appropriate with respect to
the Development and Commercialization of Licensed Product in its respective territory.

     8.5 Limitation of Liability. EXCEPT TO THE EXTENT (A) SUCH PARTY MAY BE REQUIRED TO
INDEMNIFY THE OTHER PARTY UNDER THIS ARTICLE 8, OR (B) AS REGARDS A BREACH OF A PARTY’S
RESPONSIBILITIES PURSUANT TO ARTICLE 6, NEITHER PARTY NOR ITS RESPECTIVE AFFILIATES WILL BE LIABLE
TO THE OTHER PARTY FOR ANY LOSS OF PROFITS, LOSS OF BUSINESS OR INTERRUPTION OF BUSINESS, OR FOR
ANY OTHER INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, CONSEQUENTIAL OR PUNITIVE DAMAGES UNDER THIS
AGREEMENT, WHETHER IN CONTRACT, WARRANTY, TORT, STRICT LIABILITY OR OTHERWISE, EVEN IF SUCH PARTY
HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSS OR DAMAGES.

13

 

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CONFIDENTIAL TREATMENT REQUEST. REDACTED MATERIAL IS MARKED

WITH [* * *] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND

EXCHANGE COMMISSION.

ARTICLE 9

TERM; BREACH

     9.1 Term and Termination. The term of this Agreement will commence on the Execution Date and
will continue until (a) the Company provides sixty (60) days prior written notice of termination to
Novavax, (b) the Parties mutually agree in writing to terminate the Agreement, or (c) Novavax
terminates the Joint Venture Agreement by providing a Notice of Termination under and pursuant to
Section 11.2 of the Joint Venture Agreement. In no event shall either Party have the right to
terminate this Agreement based upon any breach by the other Party, and to the extent that any right
to terminate is provided under any Laws, the Parties hereby waive such right.

     9.2 Breach and Remedies. In addition to any remedies available under any laws, the following
remedies shall be available to a party in the event of the following breaches

          (a) In the event that Section 2.6 is materially breached by either party, the non-breaching
party shall be entitled to damages equal to its lost profit from lost sales of Licensed Product in
or out of the Territory (as applicable) due to the “grey market” breach.

          (b) In the event that Company (i) materially alters a Development Plan or Commercialization
Plan for Licensed Product without Novavax’s prior written consent, or (ii) initiates a clinical
trial of Licensed Product without Novavax’s approval or materially deviates from an approved
clinical trial protocol for Licensed Product without the prior written consent of Novavax, then
Novavax shall have right to obtain injunctive relief with respect to such breach before any court
of competent jurisdiction in accordance with Section 10.3.

     9.3 Survival. The following provisions of this Agreement shall survive expiration or
termination of this Agreement for any reason: Article 8 and Sections 6.1 and 7.3. In the event
that this Agreement is terminated under 9.1(c), the license grant under Section 2.2 shall survive
as a fully paid, exclusive license solely under Developed Know-how owned or Controlled by Company,
including any Patents that issue therefrom, as of the effective date of termination (i.e.,
excluding any intellectual property developed or acquired after such date of termination).

ARTICLE 10

DISPUTE RESOLUTION

     10.1 Disputes. The Parties recognize that disputes as to certain matters may from time to
time arise during the Term which relate to either Party’s rights and/or obligations hereunder. It
is the objective of the Parties to establish procedures to facilitate the resolution of disputes
arising under this Agreement in an expedient manner by mutual cooperation and without resort to
litigation. To accomplish this objective, the Parties agree to follow the procedures set forth in
this Article 10 if and when a dispute arises under this Agreement.

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CONFIDENTIAL TREATMENT REQUEST. REDACTED MATERIAL IS MARKED

WITH [* * *] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND

EXCHANGE COMMISSION.

     10.2 Arbitration. Any dispute arising between the Parties out of or in connection with the
implementation or interpretation of this Agreement shall, if not settled amicably within ninety
(90) days from the date that the dispute arose, be finally settled by three (3) arbitrators. Each
Party shall be entitled to appoint one (1) arbitrator and the two (2) so appointed shall appoint
the third arbitrator in accordance with the Indian Arbitration and Conciliation Act, 1996. It is
hereby agreed that Part I of the Indian Arbitration and Conciliation Act, 1996 (except for the
provisions of Section 9 thereof) shall not apply to the arbitration under this Agreement. The
language of the arbitration proceedings shall be English and its place shall be Singapore. The
arbitral award or determination shall be final and subject to no appeal and shall deal with the
question of costs of arbitration and all matters related thereto.

The Parties agree that it would be impossible or inadequate to measure and calculate their damages
from any breach of the Agreement though great and irreparable. Accordingly, each Party agrees that
if the other Party breaches this Agreement, the non-breaching party will have available, in
addition to any other right or remedy available, the right to obtain an injunction from a court of
competent jurisdiction restraining such breach or threatened breach and specific performance of any
provision of this Agreement.

     10.3 Equitable Claims. Notwithstanding anything to the contrary in this Article 10, either
Party has the right to seek temporary injunctive relief or any other interim equitable remedy in
any court of competent jurisdiction as may be available to such Party under the laws applicable to
such jurisdiction that may be necessary to protect the rights or property of that Party until such
time as any dispute underlying such temporary injunctive relief or any other interim equitable
remedy has been resolved in accordance with Section 10.2.

     10.4 Governing Law. The substantive laws of India will govern the resolution of all disputes,
controversies and claims under, arising out of or relating to the validity, construction,
enforceability or performance of this Agreement and any related remedies, without giving effect to
any choice of law rules.

     10.5 Award. Each Party will abide by any arbitral award rendered pursuant to this Article 10.
If a Party resists enforcement of an arbitral award, any costs, fees or taxes incident to
enforcement will be charged against that Party to the extent permitted by Law. Each Party will
bear its own legal fees for arbitration, and the arbitrator(s) will assess their costs, fees and
expenses against the Party losing the arbitration.

     10.6 Injunctive Relief. If a Party makes a sufficient showing under the rules and standards
set forth in the rules of civil procedure and applicable Law, the arbitrator may, and the Parties
will abide by, injunctive measures after either Party submits in writing for arbitration claims
requiring immediate relief. Notwithstanding the foregoing, and in accordance with Section 10.3, a
Party will also be free at any time to bring an Equitable Claim to any court of competent
jurisdiction without submitting such request to an arbitrator.

     10.7 Confidentiality. Any arbitration proceeding, including without limitation the existence
of any dispute submitted to arbitration and any arbitral award or decision, will be Confidential
Information of both Parties, and the arbitrator(s) will issue appropriate protective

15

 

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CONFIDENTIAL TREATMENT REQUEST. REDACTED MATERIAL IS MARKED

WITH [* * *] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND

EXCHANGE COMMISSION.

orders to safeguard each Party’s Confidential Information, provided that such Confidential
Information may be disclosed solely as necessary in connection with the enforcement of an arbitral
award or as otherwise required by Law (subject to Article 6).

ARTICLE 11

MISCELLANEOUS

     11.1 Entire Agreement. This Agreement (including its Exhibits) sets forth all the covenants,
promises, agreements, warranties, representations, conditions and understandings between the
Parties with respect to the subject matter hereof and supersedes and terminates all prior
agreements and understanding between the Parties with respect to such subject matter. No
subsequent alteration, amendment, change or addition to this Agreement will be binding upon the
Parties unless reduced to writing and signed by the respective authorized officers of the Parties.

     11.2 Third Party Contractors. The Parties will perform their obligations under this Agreement
as Third Party contractors and nothing contained in this Agreement will be construed to be
inconsistent with such relationship or status. This Agreement will not constitute, create or in
any way be interpreted as a joint venture or partnership of any kind.

     11.3 Notices. Any notice, request, demand, waiver, consent, approval or other communication
permitted or required under this Agreement (“Notice”) will be in writing, will refer specifically
to this Agreement and will be deemed given only if sent by electronic mail (with receipt
confirmed), facsimile transmission (with transmission confirmed) or by an internationally
recognized delivery service that maintains records of delivery, addressed to the Parties at their
respective addresses specified in this Section 11.3 or to such other address as the Party to whom
notice is to be given may have provided to the other Party in accordance with this Section 11.3.
Any notice delivered by electronic mail or facsimile will be confirmed by a hard copy delivered as
soon as practicable thereafter by an internationally recognized overnight delivery service. Such
Notice will be deemed to have been given on the second Business Day (at the place of delivery)
after deposit with an internationally recognized delivery service. This Section 11.3 is not
intended to govern the day-to-day business communications necessary between the Parties in
performing their obligations under the terms of this Agreement.

	 	 	 
	If to Novavax:

	 	Novavax, Inc.
	 

	 	9920 Belaward Campus Drive
	 

	 	Rockville Maryland 20850
	 

	 	Attn: Ray Hage, Senior Vice President
	 

	 	Email: Rhage@Novavax.com
	 

	 	Facsimile No.: 240-268-2122
	 
	 	 
	If to Company:

	 	CPL Biologicals Private Limited
	 

	 	Cadila Corporate Campus
	 

	 	Sarkhej-Dholka Road
	 

	 	Bhat, Ahmedabad — 382210
	 

	 	Gujarat, India

16

 

THIS EXHIBIT HAS BEEN REDACTED AND IS THE SUBJECT OF A

CONFIDENTIAL TREATMENT REQUEST. REDACTED MATERIAL IS MARKED

WITH [* * *] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND

EXCHANGE COMMISSION.

	 	 	 
	 

	 	Attn: Dr. Rajiv I. Modi, Managing Director
	 

	 	Email: rimodi@cadilapharma.co.in
	 

	 	Facsimile No.: +91 (02718) 225031

     11.4 Assignment.

          (a) Novavax may not assign this Agreement, in whole or in part, without the advance written
consent of the Company; provided, however, that this Agreement shall be automatically assigned to
Novavax’s successor in connection with the acquisition, merger or sale of Novavax or the sale,
transfer, lease, assignment or disposal of all or substantially all of the property or assets of
Novavax, whether by way of a single transaction or a series of related transactions, and such
successor shall be fully bound by the terms and conditions hereof. 

          (b) The Company may not assign this Agreement, in whole or in part, without the advance
written consent of Novavax; provided, however, that this Agreement shall be automatically assigned
to the Company’s successor in connection with the sale, transfer, lease, assignment or disposal of
all or substantially all of the property or assets of the Company , whether by way of a single
transaction or a series of related transactions, including a Change in Control of the Company (as
that term is defined in Schedule II of the Joint Venture Agreement), and such successor shall be
fully bound by the terms and conditions hereof; provided that any such automatic assignment by
Company within the scope of Schedule II of the Joint Venture Agreement shall only be effective if
such transaction was approved by Novavax under and pursuant to the Joint Venture Agreement for so
long as such approval rights of Novavax under the Joint Venture Agreement have not been terminated.

          (c) Any assignment or purported assignment by either Party in violation of this Section 11.4
will be null and void.

     11.5 Force Majeure. Both Parties will be excused from the performance of their obligations
under this Agreement (except for the obligation to pay money) to the extent that such performance
is prevented by force majeure and the nonperforming Party promptly provides notice of the
prevention to the other Party. Such excuse will be continued so long as the condition constituting
force majeure continues and the nonperforming Party takes reasonable efforts to remove the
condition. For purposes of this Agreement, force majeure will include conditions beyond the
control of the Parties, including without limitation, an act of God, voluntary or involuntary
compliance with any regulation, Law or order of any government, war, civil commotion, labor strike
or lock-out, acts of terrorism, epidemic, failure or default of public utilities or common
carriers, destruction of production facilities or materials by fire, earthquake, storm or like
catastrophe.

     11.6 Headings. The headings for each article and section in this Agreement have been inserted
for convenience of reference only and are not intended to limit or expand on the meaning of the
language contained in the particular article or section.

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CONFIDENTIAL TREATMENT REQUEST. REDACTED MATERIAL IS MARKED

WITH [* * *] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND

EXCHANGE COMMISSION.

     11.7 No Strict Construction. This Agreement has been prepared jointly and will not be
strictly construed against either Party.

     11.8 Ambiguities. Ambiguities and uncertainties in this Agreement, if any, will not be
interpreted against either Party, irrespective of which Party may be deemed to have caused the
ambiguity or uncertainty to exist.

     11.9 English Language. All notices required or permitted to be given hereunder, and all
written, electronic, oral or other communications between the Parties regarding this Agreement will
be in the English language. This Agreement is in the English language only, which language will be
controlling in all respects, and all versions hereof in any other language will be for
accommodation only and will not be binding upon the Parties.

     11.10 No Waiver. Any delay in enforcing a Party’s rights under this Agreement or any waiver
as to a particular default or other matter will not constitute a waiver of such Party’s rights to
the future enforcement of its rights under this Agreement, excepting only as to an express written
and signed waiver as to a particular matter for a particular period of time.

     11.11 Severability. If one or more of the provisions in this Agreement are deemed
unenforceable by Law, then such provision will be deemed stricken from this Agreement and the
remaining provisions will continue in full force and effect and shall be interpreted to give full
effect to the commercial agreement between the Parties.

     11.12 Counterparts. This Agreement may be executed in one or more identical counterparts,
each of which will be deemed to be an original, and which collectively will be deemed to be one and
the same instrument.

[Signature Page to Follow]

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CONFIDENTIAL TREATMENT REQUEST. REDACTED MATERIAL IS MARKED

WITH [* * *] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND

EXCHANGE COMMISSION.

     In Witness Whereof, the Parties have by duly authorized persons executed this
Agreement as of the Execution Date.

	 	 	 	 	 	 	 	 	 	 	 
	Novavax, Inc.	 	 	 	CPL Biologicals Private Limited	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Rahul Singhvi
	 	 	 	By:	 	 	 	 
	 

	 	 

Rahul Singhvi
	 	 	 	 	 	 

Rajiv I. Modi
	 	 
	 

	 	President and Chief
Executive Officer
	 	 	 	 	 	Managing Director	 	 

[Signature Page to Amended and Restated License Agreement]exv10w10

Exhibit 10.10

STOCK PURCHASE AGREEMENT

     This Stock Purchase Agreement (this “Agreement”) is dated June 30, 2009, by and
between Laboratorios Farmaceuticos ROVI S.A., a public limited company organized and existing under
the laws of Spain (the “Investor”), and Novavax, Inc., a Delaware corporation (the
“Company” and, together with the Investor, the “Parties”), whereby the parties
agree as set forth herein. Certain terms are defined in Section 9 of this Agreement.

     WHEREAS, the Parties have entered into an Amended and Restated Head of Terms dated as of June
30, 2009 (the “Head of Terms”) providing the terms and conditions pursuant to which the
Parties intend to negotiate definitive agreements for a collaboration to develop and commercialize
certain vaccines; and

     WHEREAS, in connection with the collaboration, the Investor has also agreed to make an equity
investment in the Company, in accordance with the terms and conditions set forth in this Agreement.

     NOW, THEREFORE, in consideration of the premises and the mutual promises herein made, and in
consideration of the representations, warranties, and covenants herein contained, the Parties agree
as follows:

          1. Subscription.

               (a) Investor agrees to buy and the Company agrees to sell and issue to Investor 1,094,891
shares (the “Shares”) of the Company’s common stock, $0.01 par value per share (the
“Common Stock”), at a per share price of $2.74 for an aggregate purchase price of
$3,000,001.34 (the “Purchase Price”).

               (b) The Shares have been registered on a Registration Statement on Form S-3, Registration No.
333-138893 (the “Registration Statement”), which registration statement has been declared
effective by the Securities and Exchange Commission (the “Commission”) and is effective on
the date hereof (together with any registration statement filed by the Company pursuant to Rule
462(b) under the Securities Act of 1933, as amended (the “Securities Act”)). A final
prospectus supplement will be delivered to the Investor as required by law.

               (c) On the closing date, which, in accordance with Rule 15c6-1 promulgated under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), is expected to occur on
or about July 1, 2009 (the “Closing Date”), upon satisfaction or waiver of all the
conditions to closing set forth in this Agreement, (i) the Purchase Price for the Shares purchased
by the Investor will be delivered by or on behalf of the Investor to the Company against delivery
of the Shares, and (ii) the Company shall cause its transfer agent to release to the Investor the
number of Shares being purchased by the Investor (such release shall be made through the facilities
of The Depository Trust Company’s DWAC system). The provisions set forth in Exhibit A
hereto shall be incorporated herein by reference as if set forth fully herein.

          2. Representations, Warranties and Agreements of the Company. The Company represents
and warrants to and agrees with Investor as of the date hereof and as of the Closing Date and any
other date specified below, that:

 

 

               (a) The Company has been duly incorporated and has a valid existence and the authorization to
transact business as a corporation under the laws of the State of Delaware, with corporate power
and authority to own its properties and conduct its business as described in the Prospectus, and
has been duly qualified as a foreign corporation for the transaction of business and is in good
standing under the laws of each other jurisdiction in which it owns or leases properties or
conducts any business so as to require such qualification, except for such jurisdictions wherein
the failure to be so qualified and in good standing would not individually or in the aggregate have
a Material Adverse Effect.

               (b) The subsidiary of the Company, Fielding Pharmaceutical Company, has been duly incorporated
and is validly existing as a corporation in good standing under the laws of the State of Delaware,
with corporate power and authority to own its properties and conduct its business as described in
the Prospectus, and has been duly qualified as a foreign corporation for the transaction of
business and is in good standing under the laws of each other jurisdiction in which it owns or
leases properties or conducts any business so as to require such qualification, except for such
jurisdictions wherein the failure to be so qualified and in good standing would not individually or
in the aggregate have a Material Adverse Effect. All of the outstanding capital stock or other
voting securities of the subsidiary is owned by the Company, directly or indirectly, free and clear
of any lien and free of any other limitation or restriction (including any restriction on the right
to vote, sell or otherwise dispose of such capital stock or other voting securities). Other than
the Company’s 4.75% senior convertible notes (the “Convertible Notes”) and warrants to
purchase 3,343,325 of Company Common Stock (the “2008 Warrants”), there are no outstanding
(i) securities of the Company or its subsidiary which are convertible into or exchangeable for
shares of capital stock or voting securities of the subsidiary or (ii) options or other rights to
acquire from the Company or its subsidiary, or other obligation of the Company or its subsidiary to
issue, any capital stock, voting securities or securities convertible into or exchangeable for
capital stock or voting securities of the subsidiary (collectively, the “Subsidiary
Securities”). There are no outstanding obligations of the Company or its subsidiary to
repurchase, redeem or otherwise acquire any outstanding Subsidiary Securities.

               (c) The execution, delivery and performance of this Agreement by the Company and the
consummation of the transactions contemplated hereby are within the corporate powers of the Company
and have been duly authorized by all necessary corporate action on the part of the Company, and
this Agreement, when duly executed and delivered by the Company, will constitute a valid and
legally binding instrument of the Company enforceable in accordance with its terms, except as
enforcement hereof may be limited by the effect of any applicable bankruptcy, insolvency,
reorganization or similar laws or court decisions affecting enforcement of creditors’ rights
generally and except as enforcement hereof is subject to general principles of equity (regardless
of whether enforcement is considered in a proceeding in equity or at law).

               (d) The Shares have been duly authorized by the Company, and when issued and delivered by the
Company against payment therefor as contemplated by this Agreement, the Shares will (i) be validly
issued, fully paid and nonassessable, (ii) not be subject to any statutory or contractual
preemptive rights or other rights to subscribe for or purchase or acquire any shares of Common
Stock, which have not been waived or complied with, and (iii) conform to the description of the
Common Stock contained in the Prospectus. The capital stock of the Company, including the Common
Stock, conforms as to the legal matters to the description thereof, if any, contained in the
Registration Statement and the Prospectus, and as of the date thereof, the Company had authorized
capital stock as set forth therein. The Shares are in due and

	 	 	 	 	 
	 
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	 	Stock Purchase Agreement

 

 

proper form and the holders of Shares will not be subject to personal liability by reason of
being such holders.

               (e) The execution and delivery of the Agreement does not, and the compliance by the Company
with the terms hereof will not, (i) violate the Certificate of Incorporation (as amended to date)
of the Company or the By-Laws (as amended to date) of the Company, (ii) result in a breach or
violation of any of the terms or provisions of, or constitute a default under, any indenture,
mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or
its subsidiary is bound, or (iii) result in a violation of, or failure to be in compliance with,
any applicable statute or any order, judgment, decree, rule or regulation of any court or
governmental, regulatory or self-regulatory agency or body having jurisdiction over the Company or
its subsidiary, except in the case of (ii) and (iii) where such breach, violation, default or the
failure to be in compliance would not have a Material Adverse Effect; and no consent, approval,
authorization, order, registration, filing or qualification of or with any such court or
governmental, regulatory or self-regulatory agency or body is required for the valid authorization,
execution, delivery and performance by the Company of the Agreement or the issuance of the Shares,
except for such consents, approvals, authorizations, registrations, filings or qualifications as
may be required under the Securities Act or state securities or “blue sky” laws and have been or
will be obtained and which have been or will be made in connection with the listing of the Shares
on the NASDAQ Global Market.

               (f) The Company meets the requirements for the use of Form S-3 under the Securities Act for
the primary issuance of securities. The Registration Statement has been declared effective by the
Commission and at the time it became effective, and as of the date hereof, the Registration
Statement complied and complies with Rule 415 under the Securities Act. No stop order suspending
the effectiveness of the Registration Statement has been issued and no proceeding for that purpose
has been initiated or, to the Company’s knowledge, threatened by the Commission. On the effective
date of the Registration Statement, the Registration Statement complied, on the date of the
Prospectus, the Prospectus will comply, and at the date of the Closing, the Registration Statement
and the Prospectus will comply, in all material respects with the applicable provisions of the
Securities Act and the applicable rules and regulations of the Commission thereunder; on the
effective date of the Registration Statement, the Registration Statement did not, on the date of
the Prospectus, the Prospectus did not, and at the date of the Closing, the Registration Statement
and the Prospectus will not, contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary in order to make the statements therein,
in light of the circumstances under which they were made (with respect to the Prospectus), not
misleading; and when filed with the Commission, the documents incorporated by reference in the
Registration Statement and the Prospectus, complied or will comply in all material respects with
the applicable provisions of the Exchange Act and the applicable rules and regulations of the
Commission thereunder. There is no material document of a character required to be described in
the Registration Statement or the Prospectus or to be filed as an exhibit to the Registration
Statement that is not described or filed as required.

               (g) The consolidated financial statements of the Company included or incorporated by reference
in the Registration Statement and the Prospectus comply as to form with the applicable accounting
requirements of the Securities Act and have been prepared in conformity with generally accepted
accounting principles (except, with respect to the unaudited consolidated financial statements and
the accompanying footnotes which are subject to customary audit adjustments) applied on a
consistent basis, are consistent in all material respects with the books and records of the
Company, and accurately present in all material respects the consolidated financial position,
results of operations and cash flow of the Company and its

	 	 	 	 	 
	 
	 	3
	 	Stock Purchase Agreement

 

 

subsidiary as of and for the periods covered thereby. There are no other financial statements
(historical or pro forma) that are required to be included in the Registration Statement and the
Prospectus.

               (h) There are no material liabilities of the Company or its subsidiary of any kind whatsoever,
whether accrued, contingent, absolute, determined, determinable or otherwise, and there is no
existing condition, situation or set of circumstances which could reasonably be expected to result
in such a liability, other than liabilities disclosed in the consolidated financial statements and
financial schedules of the Company included or incorporated by reference in the Registration
Statement and the Prospectus, and other undisclosed liabilities which, individually or in the
aggregate, are not material to the Company and its subsidiary, taken as a whole.

               (i) Neither the Company nor its subsidiary has sustained, since the date of the latest audited
consolidated financial statements included or incorporated by reference in the Registration
Statement and Prospectus, any material loss or interference with its business from fire, explosion,
flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or
governmental action, order or decree, otherwise than as disclosed in or contemplated by the
Registration Statement and Prospectus; and, since the date as of which information is given in the
Prospectus, there has not been any material change in the capital stock or long-term debt of the
Company or its subsidiary, the Company and its subsidiary have not incurred any material
liabilities or obligations, direct or contingent, nor entered into any material transactions,
except for entering into purchase orders in the ordinary course of business, and there has not been
any material adverse change in or affecting the general affairs, assets, business, management,
financial position or condition, stockholders’ equity or results of operations of the Company and
its subsidiary considered as a whole, otherwise than as disclosed in the Registration Statement and
Prospectus.

               (j) Other than as disclosed or incorporated by reference in the Prospectus, there are no
legal, governmental or regulatory proceedings pending to which the Company or its subsidiary is a
party or of which any material property of the Company or its subsidiary is the subject which,
taking into account the likelihood of the outcome, the damages or other relief sought and other
relevant factors, would individually or in the aggregate reasonably be expected to have a Material
Adverse Effect or adversely affect the ability of the Company to issue and sell the Shares; to the
best of the Company’s knowledge, no such proceedings are threatened or contemplated by governmental
or regulatory authorities or threatened by others.

               (k) The Company and its subsidiary have good and marketable title to all the real property and
own all other properties and assets, reflected as owned in the financial statements included or
incorporated by reference in the Registration Statement and the Prospectus, subject to no lien,
mortgage, pledge, charge or encumbrance of any kind except those, if any, reflected in such
financial statements or which are not material to the Company and its subsidiary taken as a whole.
The Company and its subsidiary hold their respective leased real and personal properties under
valid and binding leases, except where the failure to do so would not reasonably be expected to
individually or in the aggregate have a Material Adverse Effect.

               (l) The Company has filed all necessary federal and state income and franchise tax returns and
has paid all taxes shown as due thereon or has filed all necessary extensions, and there is no tax
deficiency that has been, or to the knowledge of the Company might be, asserted against the Company
or any of its properties or assets that would in the aggregate or individually reasonably be
expected to have a Material Adverse Affect.

	 	 	 	 	 
	 
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	 	Stock Purchase Agreement

 

 

               (m) There are no authorized options, warrants, preemptive rights, rights of first refusal or
other rights to purchase, or equity or debt securities convertible into or exchangeable or
exercisable for, any capital stock of the Company or its subsidiary other than those described in
the Registration Statement and the Prospectus or in documents incorporated by reference therein.
There are no holders or beneficial owners of securities of the Company having rights to
registration thereof whose securities have not been previously registered or who have not waived
such rights with respect to the registration of the Company’s securities on the Registration
Statement, except where the failure to obtain such waiver would not individually or in the
aggregate reasonably be expected to have a Material Adverse Effect.

               (n) Other than as disclosed in the Prospectus, the Company together with its subsidiary owns
and possesses all right, title and interest in and to, or, to the Company’s knowledge, has duly
licensed from third parties, all patents, patent rights, trade secrets, inventions, know-how,
trademarks, trade names, copyrights, service marks and other proprietary rights (“Intellectual
Property”) material to the business of the Company and its subsidiary taken as a whole as
currently conducted and as described in the Prospectus. To the Company’s knowledge and except as
would not individually or in the aggregate have a Material Adverse Effect, there is no infringement
or other violation by third parties of any of the Intellectual Property of the Company. Neither
the Company nor its subsidiary has received any notice of infringement or misappropriation from any
third party that has not been resolved or disposed of. Further, there is no pending or, to the
Company’s knowledge and except as would not individually or in the aggregate have a Material
Adverse Effect, threatened action, suit, proceeding or claim by governmental authorities or others
that the Company is infringing a patent, and there is no pending or, to the Company’s knowledge and
except as would not individually or in the aggregate have a Material Adverse Effect, threatened
legal or administrative proceeding relating to patents and patent applications of the Company,
other than proceedings initiated by the Company before the United States Patent and Trademark
Office and the patent offices of certain foreign jurisdictions which are in the ordinary course of
patent prosecution. To the Company’s knowledge, the patent applications of the Company presently
on file disclose patentable subject matter, and the Company is not aware of any inventorship
challenges, any interference which has been declared or provoked, or any other material fact that
(i) would preclude the issuance of patents with respect to such applications, or (ii) would lead
outside patent counsel for the Company to reasonably conclude that such patents, when issued, would
not be valid and enforceable in accordance with applicable regulations.

               (o) The Company conducts its business in compliance in all respects with applicable laws,
rules and regulations of governmental and regulatory bodies to which it is subject, except where
the failure to be in compliance would not have a Material Adverse Effect.

               (p) All offers and sales of the Company’s capital stock prior to the date hereof were at all
relevant times registered pursuant to the Securities Act or exempt from the registration
requirements of the Securities Act and were issued in compliance in all material respects with
applicable state securities or blue sky laws.

               (q) The Company has filed with the NASDAQ Global Market a Notification of Listing of
Additional Shares with respect to the Shares required by the rules of the NASDAQ Global Market and
has not received a notice from the NASDAQ Global Market that such notification is insufficient.
The offer and sale of the Shares does not require stockholder approval under Rule 5635 of the
NASDAQ Listing Rules.

	 	 	 	 	 
	 
	 	5
	 	Stock Purchase Agreement

 

 

               (r) Neither the Company nor its subsidiary nor, to the best of the Company’s knowledge, any
employee or agent of the Company or its subsidiary, has (i) used any corporate funds for unlawful
contributions, gifts, entertainment or other unlawful expenses relating to political activity, (ii)
made any unlawful payment to foreign or domestic government officials or employees or to foreign or
domestic political parties or campaigns from corporate funds, (iii) violated any provision of the
Foreign Corrupt Practices Act of 1977, as amended, or (iv) made any other unlawful payment.

               (s) There is no broker, finder or other party that is entitled to receive from the Company any
brokerage or finder’s fee or other fee or commission as a result of any transactions contemplated
by this Agreement.

               (t) The Company maintains a system of internal accounting controls sufficient to provide
reasonable assurances that (i) transactions are executed in accordance with management’s general or
specific authorization; (ii) transactions are recorded as necessary to permit preparation of
consolidated financial statements in conformity with generally accepted accounting principles and
to maintain accountability for assets; (iii) access to assets is permitted only in accordance with
management’s general or specific authorization; and (iv) the recorded accountability for assets is
compared with existing assets at reasonable intervals and appropriate action is taken with respect
to any differences. Except as described in the Registration Statement and the Prospectus, since
the most recent audit of the effectiveness of the Company’s internal control over financial
reporting, there has been (i) no material weakness in the Company’s internal control over financial
reporting (whether or not remediated) and (ii) no change in the Company’s internal control over
financial reporting that has materially affected, or is reasonably likely to materially affect, the
Company’s internal control over financial reporting.

               (u) The Company has established, maintains and evaluates “disclosure controls and procedures”
(as such term is defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act), which (i) are
designed to ensure that material information relating to the Company is made known to the Company’s
principal executive officer and its principal financial officer by others within the Company and
its subsidiary, particularly during the periods in which the periodic reports required under the
Exchange Act are being prepared, (ii) have been evaluated for effectiveness as of the end of the
last fiscal period covered by the Registration Statement; and (iii) such disclosure controls and
procedures are effective to perform the functions for which they were established. There are no
significant deficiencies and material weaknesses in the design or operation of internal controls
which could adversely affect the Company’s ability to record, process, summarize, and report
financial data to management and the board of directors of the Company. The Company is not aware of
any fraud, whether or not material, that involves management or other employees who have a role in
the Company’s internal controls; and since the date of the most recent evaluation of such
disclosure controls and procedures, there have been no significant changes in internal controls or
in other factors that could significantly affect internal controls, including any corrective
actions with regard to significant deficiencies and material weaknesses.

               (v) The Company and, to its knowledge, all of the Company’s directors or officers, in their
capacities as such, are in compliance in all material respects with all applicable effective
provisions of the Sarbanes-Oxley Act and any related rules and regulations promulgated by the
Commission.

               (w) The Company is not, nor after giving effect to the offering and sale of the Shares and the
application of the proceeds thereof as described in the Prospectus, will

	 	 	 	 	 
	 
	 	6
	 	Stock Purchase Agreement

 

 

be, (i) required to register as an “investment company” as defined in the Investment Company
Act of 1940, as amended (the “Investment Company Act”), and the rules and regulations of
the Commission thereunder or (ii) a “business development company” (as defined in Section 2(a)(48)
of the Investment Company Act).

               (x) The Company maintains insurance in such amounts and covering such risks as it reasonably
considers to be adequate for the conduct of its business and the value of its properties and as is
customary for companies engaged in similar businesses in similar industries. All such insurance is
fully in force on the date hereof and will be fully in force as of the Closing Date. The Company
has no reason to believe that it will not be able to renew its existing insurance coverage as and
when such coverage expires or to obtain similar coverage from similar insurers as may be necessary
to continue its business at a cost that would not have a Material Adverse Effect.

               (y) The Company has not sold or issued any securities that would be integrated with the
offering of the Shares contemplated by this Agreement pursuant to the Securities Act, the published
rules and regulations thereunder, or the interpretations thereof by the Commission.

               (z) The section entitled “Management’s Discussion and Analysis of Financial Condition and
Results of Operations—Critical Accounting Policies and Use of Estimates” and the “Summary of
Significant Accounting Policies” described in Note 2 to the audited consolidated financial
statements included in the Company’s most recent Annual Report on Form 10-K and the section
entitled “Management’s Discussion and Analysis of Financial Condition and Results of
Operations—Critical Accounting Policies and Changes to Accounting Policies” included in the
Company’s most recent Quarterly Report on Form 10-Q accurately and fully describes (A) the
accounting policies that the Company believes are the most important in the portrayal of the
Company’s financial condition and results of operations and that require management’s most
difficult, subjective or complex judgments (“Critical Accounting Policies”), and (B) the
judgments and uncertainties affecting the application of Critical Accounting Policies.

               (aa) Neither the Company nor, to the Company’s knowledge, any of its officers, directors,
affiliates or controlling persons has taken or will take, directly or indirectly, any action
designed to cause or result in, or which has constituted or which might reasonably be expected to
constitute the stabilization or manipulation of the price of any security of the Company to
facilitate the sale or resale of the Shares.

               (bb) No relationship, direct or indirect, exists between or among the Company on the one hand
and the directors, officers, stockholders, customers or suppliers of the Company on the other hand
which is required to be described in the Registration Statement and the Prospectus which has not
been so described. There are no outstanding loans, advances (except normal advances for business
expenses in the ordinary course of business) or guarantees or indebtedness by the Company to, or
for the benefit of, any of the current officers or directors of the Company.

               (cc) The Company has filed in a timely manner all reports required to be filed pursuant to
Sections 13(a), 13(e), 14 and 15(d) of the Exchange Act during the preceding 12 months (except to
the extent that Section 15(d) requires reports to be filed pursuant to Sections 13(d) and 13(g) of
the Exchange Act, which shall be governed by the next clause of this sentence); and the Company has
filed in a timely manner all reports required to be filed pursuant to Sections 13(d) and 13(g) of
the Exchange Act during the preceding 12 months, except where

 
	 	 	 	 	 
	 
	 	7
	 	Stock Purchase Agreement

 

 

the failure to timely file could not reasonably be expected individually or in the aggregate
to have a Material Adverse Effect.

               (dd) The Company and its subsidiary (a) are in compliance with any and all applicable foreign,
federal, state and local laws, orders, rules, regulations, directives, decrees and judgments
relating to the protection of human health and safety, the environment or hazardous or toxic
substances or wastes, pollutants or contaminants (“Environmental Laws”), (b) have received
all permits, licenses or other approvals required of them under applicable Environmental Laws to
conduct their business and the same are effective and in use on the date of this Agreement and (c)
are in compliance with all terms and conditions of any such permit, license or approval, except
where such noncompliance with Environmental Laws, failure to receive required permits, licenses or
other approvals or failure to comply with the terms and conditions of such permits, licenses or
approvals would not, individually or in the aggregate, result in a Material Adverse Effect. There
are no costs or liabilities associated with Environmental Laws (including, without limitation, any
capital or operating expenditures required for clean-up, closure of properties or compliance with
Environmental Laws or any permit, license or approval, any related constraints on operating
activities and any potential liabilities to third parties) which would, individually or in the
aggregate, result in a Material Adverse Effect.

               (ee) Neither the Company nor its subsidiary is engaged in any unfair labor practice; except
for matters that would not, individually or in the aggregate, result in a Material Adverse Effect
and (i) there is (A) no unfair labor practice complaint pending or, to the Company’s knowledge,
threatened against the Company or its subsidiary before the National Labor Relations Board, and no
grievance or arbitration proceeding arising out of or under collective bargaining agreements is
pending or threatened, (B) no strike, labor dispute, slowdown or stoppage pending or, to the
Company’s knowledge, threatened against the Company or its subsidiary and (C) no union
representation dispute currently existing concerning the employees of the Company or its
subsidiary, and (ii) to the Company’s knowledge (A) no union organizing activities are currently
taking place concerning the employees of the Company or its subsidiary and (B) there has been no
violation of any federal, state, local or foreign law relating to discrimination in the hiring,
promotion or pay of employees or any applicable wage or hour laws concerning the employees of the
Company or its subsidiary.

               (ff) The Company and its subsidiary are in compliance in all material respects with all
applicable provisions of the Employee Retirement Income Security Act of 1974, as amended, including
the regulations thereunder (“ERISA”); no “reportable event” (as defined in ERISA) has
occurred with respect to any “pension plan” (as defined in ERISA) for which the Company or its
subsidiary would have any liability; neither the Company nor its subsidiary has incurred and does
not expect to incur liability under (i) Title IV of ERISA with respect to termination of, or
withdrawal from, any “pension plan” or (ii) Sections 412 or 4971 of the Internal Revenue Code of
1986, as amended, including the regulations thereunder (the “Code”); and each “pension
plan” for which the Company would have any liability that is intended to be qualified under Section
401(a) of the Code is the subject of a favorable opinion or determination letter issued by the
Internal Revenue Service and nothing has occurred, whether by action or by failure to act, which is
reasonably expected to result in the revocation of such determination letter.

               (gg) The clinical, pre-clinical and other studies and tests conducted by or on behalf of or
sponsored by the Company or its subsidiary or in which the Company or its subsidiary or products or
product candidates have participated that are described in the

 
	 	 	 	 	 
	 
	 	8
	 	Stock Purchase Agreement

 

 

Registration Statement and the Prospectus were and, if still pending, are being conducted in
accordance in all material respects with all statutes, laws, rules and regulations administered by
the Food and Drug Association (“FDA”) and with standard medical and scientific research
procedures. The descriptions in the Registration Statement and the Prospectus of the results of
such studies and tests are accurate and complete in all material respects and fairly present the
published data derived from such studies and tests. Neither the Company nor its subsidiary has
received any notices or other correspondence from the FDA with respect to any ongoing clinical or
pre-clinical studies or tests requiring the termination, suspension or material modification of
such studies or tests, which such termination, suspension or material modification would reasonably
be expected to result in a Material Adverse Effect. The Company and its subsidiary is in
compliance with all applicable laws, regulations, orders and decrees governing its business as
prescribed by the FDA except where noncompliance would not, singly or in the aggregate, result in a
Material Adverse Effect.

          3. Investor Representations, Warranties and Acknowledgments.

               (a) The Investor represents and warrants that: (i) it has full right, power and authority to
enter into this Agreement and to perform all of its obligations hereunder; (ii) this Agreement has
been duly authorized and executed by the Investor and, when delivered in accordance with the terms
hereof, will constitute a valid and binding agreement of the Investor enforceable against the
Investor in accordance with its terms, except as such enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the rights and remedies of
creditors generally or subject to general principles of equity; (iii) the execution and delivery of
this Agreement and the consummation of the transactions contemplated hereby do not result in a
breach of (A) the Investor’s articles of incorporation or other governing documents, or (B) any
material agreement or any law or regulation to which the Investor is a party or by which any of its
property or assets is bound; (iv) it has had full access to the base prospectus included in the
Registration Statement, the Prospectus and the Company’s periodic reports and other information
incorporated by reference therein, and was able to read, review, download and print such materials;
(v) in making its investment decision in this offering, the Investor and its advisors, if any, have
relied solely on the Company’s public filings with the Commission; (vi) it is knowledgeable,
sophisticated and experienced in making, and is qualified to make, decisions with respect to
investments in securities representing an investment decision like that involved in the purchase of
the Shares; (vii) except as set forth below, the Investor has had no position, office or other
material relationship within the past three years with the Company or persons known to it to be
affiliates of the Company and (viii), except as set forth below, the Investor is not a, and it has
no direct or indirect affiliation or association with any, Financial Industry Regulatory Authority
member as of the date hereof.

 
(If no exceptions, write “none.” If left blank, response will be deemed to be “none.”)

               (b) The Investor also represents and warrants that, other than the transactions contemplated
hereunder, the Investor has not directly or indirectly, nor has any person acting on behalf of or
pursuant to any understanding with the Investor, executed any disposition, including “short sales”
as defined in Rule 200 of Regulation SHO under the Exchange Act (the “Short Sales”), in the
securities of the Company during the period commencing from the time that the Investor first became
aware of the proposed transactions contemplated hereunder until the date hereof (“Discussion
Time”). The Investor has maintained

	 	 	 	 	 
	 
	 	9
	 	Stock Purchase Agreement

 

 

the confidentiality of all disclosures made to it in connection with this transaction
(including the existence and terms of this transaction).

          4. Investor Covenant Regarding Short Sales and Confidentiality. The Investor covenants
that neither it nor any affiliates acting on its behalf or pursuant to any understanding with it
will execute any Short Sales during the period after the Discussion Time and ending on the date
that is the later of (a) the date the transactions contemplated by this Agreement are publicly
disclosed and (b) the expiration of the lock-up period set forth in Section 5 of this
Agreement. The Investor covenants that until such time as the transactions contemplated by this
Agreement are publicly disclosed by the Company through a press release, the Investor will maintain
the confidentiality of all disclosures made to it in connection with this transaction (including
the existence and terms of this transaction).

          5. Lock-Up. The Investor agrees that it will not, without the prior written consent of
the Company, until the earlier of (i) the execution of the definitive agreements described in the
Head of Terms, (ii) one hundred twenty (120) days after the Closing Date if the Parties agree in
writing to terminate the negotiation of such definitive agreements and (iii) one hundred fifty
(150) days after the Closing Date, offer to sell, contract to sell or otherwise sell (including
without limitation in a short sale) or dispose of any of the shares of Common Stock of the Company,
any options or warrants to purchase any shares of Common Stock of the Company, or any other
securities convertible into or exchangeable for shares of Common Stock of the Company, now owned or
hereafter acquired by the Investor or any of its affiliates or with respect to which the Investor
has the power of disposition, including, without limitation, the Shares.

          6. Public Disclosure. The Company shall (i) before the opening of trading on the
NASDAQ Global Market on the next trading day after the date hereof, issue a press release,
disclosing all material aspects of the transactions contemplated hereby, to the extent permitted by
applicable law, and (ii) make such other filings and notices in the manner and time required by the
Commission with respect to the transactions contemplated hereby. The Company shall not identify the
Investor by name in any press release or public filing, or otherwise publicly disclose the
Investor’s name, without the Investor’s prior written consent, unless required by law or the rules
and regulations of any self-regulatory organization or exchange to which the Company or its
securities are subject.

          7. Conditions. The obligation of the Investor to purchase and acquire the Shares
hereunder shall be subject to the condition that all representations and warranties and other
statements of the Company shall be true and correct as of and on each of the date of this Agreement
and the Closing Date, the condition that the Company shall have performed all of its obligations
hereunder theretofore to be performed, and the following additional conditions:

               (a) The Prospectus shall have been filed with the Commission pursuant to Rule 424(b) under the
Securities Act within the applicable time period prescribed for such filing, no stop order
suspending the effectiveness of the Registration Statement or any part thereof shall have been
issued and no proceeding for that purpose shall have been initiated or threatened by the
Commission, and the Investor shall have received the Prospectus in accordance with the federal
securities laws.

               (b) Prior to the Closing Date, there shall not have occurred any change, or any development
involving a prospective change, which would constitute a Material Adverse Effect, and that makes it
impracticable to market the Shares on the terms and in the manner contemplated in the Prospectus.

	 	 	 	 	 
	 
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	 	Stock Purchase Agreement

 

 

               (c) No action shall have been taken and no statute, rule, regulation or order shall have been
enacted, adopted or issued by any governmental agency or body which would, as of the Closing Date,
prevent the issuance or sale of the Shares or materially and adversely affect or reasonably be
believed to materially and adversely affect the business or operations of the Company; and no
injunction, restraining order or order of any other nature by any federal or state court of
competent jurisdiction shall have been issued as of the Closing Date which would prevent the
issuance or sale of the Shares or materially and adversely affect or reasonably be believed to
materially and adversely affect the business or operations of the Company.

               (d) The Investor shall have received from Ballard Spahr Andrews & Ingersoll, LLP, counsel to
the Company, such counsel’s written opinion, addressed to the Investor and dated the Closing Date,
in form and substance as set forth in Exhibit B.

               (e) The Shares shall have been authorized for quotation on the NASDAQ Global Market, Inc.

          8. Indemnification.

               (a) Indemnification of the Investor. The Company agrees to indemnify and hold harmless the
Investor and its owners, officers, directors, managers, members, agents, advisors, successors and
assigns (each, an “Indemnified Party”), against any losses, claims, damages or liabilities,
joint or several, to which such Indemnified Party may become subject, under the Securities Act or
otherwise (including in settlement of any litigation if such settlement is effected with the
written consent of the Company), insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon (i) an untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement, including the information
deemed to be a part of the Registration Statement at the time of effectiveness and at any
subsequent time pursuant to Rules 430A and 430B of the Rules and Regulations promulgated under the
Securities Act, if applicable, the Prospectus, or any amendment or supplement thereto (including
any documents filed under the Exchange Act and deemed to be incorporated by reference into the
Prospectus), any Issuer Free Writing Prospectus or in any materials or information provided to
investors by, or with the approval of, the Company in connection with the marketing of the offering
of the Common Stock (“Marketing Materials”), including any roadshow or investor
presentations made to investors by the Company (whether in person or electronically), or arise out
of or are based upon the omission or alleged omission to state therein a material fact required to
be stated therein or necessary to make the statements therein not misleading, and will reimburse
each Indemnified Party for any legal or other expenses reasonably incurred by it in connection with
investigating or defending against such loss, claim, damage, liability or action; or (ii) in whole
or in part upon any inaccuracy in the representations and warranties of the Company contained
herein; or (iii) in whole or in part upon any failure of the Company to perform its obligations
hereunder or under law; provided, however, that the Company shall not be liable in any such case to
the extent that any such loss, claim, damage, liability or action arises out of or is based upon an
untrue statement or alleged untrue statement or omission or alleged omission made in the Prospectus
Supplement in reliance upon and in conformity with written information furnished to the Company by
the Indemnified Party, specifically for use in the preparation thereof.

          In addition to their other obligations under this Section 8(a), the Company agrees
that, as an interim measure during the pendency of any claim, action, investigation, inquiry or
other proceeding brought or threatened against the Indemnified Party and which arises out of or
based upon any statement or omission, or any alleged statement or omission, described in this
Section 8(a),

	 	 	 	 	 
	 
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	 	Stock Purchase Agreement

 

 

they will reimburse each Indemnified Party on a monthly basis for all reasonable legal fees or
other expenses incurred in connection with investigating or defending any such claim, action,
investigation, inquiry or other proceeding, notwithstanding the absence of a judicial determination
as to the propriety and enforceability of the Company’s obligation to reimburse such Indemnified
Party for such expenses and the possibility that such payments might later be held to have been
improper by a court of competent jurisdiction. To the extent that any such interim reimbursement
payment is so held to have been improper or the Indemnified Party is otherwise determined not to be
entitled to indemnification under this Section 8(a), each Indemnified Party that received
such payment shall promptly return it to the party or parties that made such payment, together with
interest, determined on the basis of the prime rate (or other commercial lending rate for borrowers
of the highest credit standing) announced from time to time by The Wall Street Journal (the
“Prime Rate”). Any such interim reimbursement payments which are not made to an
Indemnified Party within 30 days of a request for reimbursement shall bear interest at the Prime
Rate from the date of such request. This indemnity agreement shall be in addition to any
liabilities which the Company may otherwise have.

               (b) Notice and Procedures. Promptly after receipt by an Indemnified Party under subsection (a)
above of notice of the commencement of any action, such Indemnified Party shall, if a claim in
respect thereof is to be made against the Company under such subsection, notify the Company in
writing of the commencement thereof; but the omission so to notify the Company shall not relieve
the Company from any liability that it may have to any Indemnified Party except to the extent the
Company has been materially prejudiced by such failure. In case any such action shall be brought
against any Indemnified Party, and it shall notify the Company of the commencement thereof, the
Company shall be entitled to participate in, and, to assume the defense thereof, with counsel
satisfactory to such Indemnified Party, and after notice from the Company to such Indemnified Party
of the Company’s election so to assume the defense thereof, the Company shall not be liable to such
Indemnified Party under such subsection for any legal or other expenses subsequently incurred by
such Indemnified Party in connection with the defense thereof other than reasonable costs of
investigation; provided, however, that if, in the sole judgment of the Indemnified Party, it is
advisable for the Indemnified Party to be represented by separate counsel, the Indemnified Party
shall have the right to employ a single counsel to represent such Indemnified Party, in which event
the reasonable fees and expenses of such separate counsel shall be borne by the Company and
reimbursed to the Indemnified Party as incurred (in accordance with the provisions of the second
paragraph in subsection (a) above).

          The Company under this Section 8 shall not be liable for any settlement of any
proceeding effected without its written consent, but if settled with such consent or if there be a
final judgment for the plaintiff, the Company agrees to indemnify each Indemnified Party against
any loss, claim, damage, liability or expense by reason of such settlement or judgment to the
extent such party is entitled to indemnification pursuant to subsection (a) above. Notwithstanding
the foregoing sentence, if at any time an Indemnified Party shall have requested the Company to
reimburse such Indemnified Party for fees and expenses of counsel as contemplated by this
Section 8, the Company agrees that it shall be liable for any settlement of any proceeding
effected without its written consent if (i) such settlement is entered into more than 30 days after
receipt by the Company of the aforesaid request and (ii) the Company shall not have reimbursed the
Indemnified Party in accordance with such request prior to the date of such settlement. The
Company shall not, without the prior written consent of the Indemnified Party, effect any
settlement, compromise or consent to the entry of judgment in any pending or threatened action,
suit or proceeding in respect of which any Indemnified Party is or could have been a party and
indemnity was or could have been sought hereunder by such Indemnified Party, unless such
settlement, compromise or consent (a) includes an unconditional release of such Indemnified Party
from all liability on claims that are the subject matter of such action, suit or proceeding and

	 	 	 	 	 
	 
	 	12
	 	Stock Purchase Agreement

 

 

(b) does not include a statement as to or an admission of fault, culpability or a failure to act by
or on behalf of any Indemnified Party.

               (c) Contribution; Limitation on Liability. If the indemnification provided for in this
Section 8 is unavailable or insufficient to hold harmless an Indemnified Party otherwise
entitled to indemnification under subsection (a) above, then the Company shall contribute to the
amount paid or payable by such Indemnified Party as a result of the losses, claims, damages or
liabilities referred to in subsection (a) above, (i) in such proportion as is appropriate to
reflect the relative benefits received by the Company on the one hand and the Indemnified Party on
the other from the offering of the Shares or (ii) if the allocation provided by clause (i) above is
not permitted by applicable law, in such proportion as is appropriate to reflect not only the
relative benefits referred to in clause (i) above but also the relative fault of the Company on the
one hand and the Indemnified Party on the other in connection with the statements or omissions that
resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable
considerations. The relative fault shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Company or the Indemnified
Party and the parties’ relevant intent, knowledge, access to information and opportunity to correct
or prevent such untrue statement or omission. The Company and the Indemnified Party agree that it
would not be just and equitable if contributions pursuant to this Section 8(c) were to be
determined by pro rata allocation or by any other method of allocation which does not take account
of the equitable considerations referred to in the first sentence of this Section 8(c).
The amount paid by an Indemnified Party as a result of the losses, claims, damages or liabilities
referred to in the first sentence of this Section 8(c) shall be deemed to include any legal
or other expenses reasonably incurred by such Indemnified Party in connection with investigating or
defending against any action or claim which is the subject of this Section 8(c).
Notwithstanding the provisions of this Section 8(c), no Indemnified Party shall be required
to contribute any amount in excess of the amount received by it (net of expenses) from the public
sale of Shares purchased by it pursuant to this Agreement. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent misrepresentation.

               (d) Non-Exclusive Remedies. The obligations of the Company under this Section 8 shall
be in addition to any liability which the Company may otherwise have and shall extend, upon the
same terms and conditions, to each person, if any, who controls any Indemnified Party within the
meaning of the Securities Act. Each Indemnified Party shall also have all rights and remedies
available to it under the law and in equity, in addition to the rights and benefits of this
Section 8.

               (e) Survival. Except in the case of fraud, gross negligence or willful misconduct, the
provisions of this Section 8 shall survive until the first anniversary of the Closing Date.

          9. Miscellaneous.

               (a) Definitions. As used herein, the following terms have the meanings indicated:

	 	 	 	 	 
	 
	 	13	 	Stock Purchase Agreement

 

 

                    (i) “Material Adverse Effect” means a material adverse effect on the results of
operations, assets, business, or financial condition of the Company and the its subsidiary, taken
as a whole, or a material adverse effect on the Company’s ability to perform in any material
respect on a timely basis its obligations under this Agreement or to consummate any transactions
contemplated by this Agreement.

                    (ii) “Prospectus” means the prospectus forming a part of the Registration Statement
and the prospectus supplement relating to the Shares in the form first filed pursuant to Rule
424(b) under the Securities Act, as amended (the “Securities Act”), as further amended or
supplemented prior to the execution of this Agreement, and shall include all information and
documents incorporated by reference in such prospectus.

               (b) This Agreement constitutes the entire understanding and agreement between the parties with
respect to the subject matter hereof, and there are no agreements or understandings with respect to
the subject matter hereof which are not contained in this Agreement. Notwithstanding any
investigation made by any party to this Agreement, all covenants, agreements, representations and
warranties made by the Company and the Investor herein will survive the execution of this
Agreement, the delivery to the Investor of the Shares being purchased and the payment therefor
until the first anniversary of the Closing Date. This Agreement may be modified only in writing
signed by the parties hereto.

               (c) This Agreement may be executed in any number of counterparts, all of which taken together
shall constitute one and the same instrument and shall become effective when counterparts have been
signed by each party and delivered to the other parties hereto, it being understood that all
parties need not sign the same counterpart. Execution may be made by delivery by facsimile, PDF or
other electronically transmitted means.

               (d) The provisions of this Agreement are severable and, in the event that any court or
officials of any regulatory agency of competent jurisdiction shall determine that any one or more
of the provisions or part of the provisions contained in this Agreement shall, for any reason, be
held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provision or part of a provision of this Agreement and
this Agreement shall be reformed and construed as if such invalid or illegal or unenforceable
provision, or part of such provision, had never been contained herein, so that such provisions
would be valid, legal and enforceable to the maximum extent possible, so long as such construction
does not materially adversely effect the economic rights of either party hereto.

               (e) All communications hereunder, except as may be otherwise specifically provided herein,
shall be in writing and shall be mailed, hand delivered, sent by a recognized overnight courier
service such as Federal Express, or sent via facsimile and confirmed by letter, to the party to
whom it is addressed at the following addresses or such other address as such party may advise the
other in writing:

     To the Company: as set forth on the signature page hereto.

     To the Investor: as set forth on the signature page hereto.

     All notices hereunder shall be effective upon receipt by the party to which it is addressed.

               (f) This Agreement shall be governed by and interpreted in accordance with the laws of the
State of Delaware for contracts to be wholly performed in such

	 	 	 	 	 
	 
	 	14
	 	Stock Purchase Agreement

 

 

state and without giving effect to the principles thereof regarding the conflict of laws. To
the extent determined by such court, the prevailing party shall reimburse the other party for any
reasonable legal fees and disbursements incurred in enforcement of, or protection of any of its
rights under this Agreement.

	 	 	 	 	 
	 
	 	15
	 	Stock Purchase Agreement

 

 

     If the foregoing correctly sets forth our agreement, please confirm this by signing and
returning to us the duplicate copy of this Agreement.

	 	 	 	 	 
	 	NOVAVAX, INC.

 	 
	 	By:  	/s/ Rahul Singhvi
 	 
	 	 	Rahul Singvhi

President and Chief Executive Officer 	 
	 
	 	 	Address for Notice:

Novavax, Inc.

9920 Belward Campus Drive

Rockville, MD 20850

Facsimile: 240-268-2128

Email: rsinghvi@novavax.com

Attention: Chief Executive Officer

 	 
	 	 	 

	 	 	 	 	 
	LABORATORIOS FARMACEUTICOS ROVI S.A.

 	 	 
	By:  	/s/ Ivan Lopez-Belronte Encina
 	 	 
	 	Name:  	Ivan Lopez-Belronte Encina 	 	 
	 	Title:  	Head of Corporate Development 	 	 
	 

Address for Notice:

Facsimile:

Email:

Attention:

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