Document:

Exhibit 10.15

 

PORTIONS OF THIS EXHIBIT IDENTIFIED BY [*****] HAVE BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE THE EXCLUDED INFORMATION IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

 

Translation for information purposes only

 

CO-OWNERSHIP AGREEMENT

A PARTIAL ASSIGNMENT OF SHARE

 

Ref UPMC: X15028/C161032

Ref IB: MACULIAIV-

Ref: IT: 161472RC10

Ref CNRS: 09623-01

 

BETWEEN THE UNDERSIGNED

 

1)             BIOPHYTIS, a limited company with a capital of €1,989,282.60, registered in the Trade and Companies Registry of Paris under number B 492 002 225, whose registered office is located at 14, avenue de l’Opéra 75001 Paris, represented by its Chief Executive Officer, Mr Stanislas VEILLET, duly authorised for the purposes hereof, hereinafter referred to as the “COMPANY”,

 

And

 

2)             THE UNIVERSITY PIERRE ET MARIE CURIE (Paris 6), public institution of a scientific, cultural and professional nature, SIRET (French businesses directory) no.: 19751722000012 — APE code: 8542Z, located at 4 place Jussieu - 75252 PARIS cedex 05, represented by its Chairman, Mr Jean CHAMBAZ, hereinafter referred to as “UPMC”,

 

And

 

3)             The NATIONAL CENTRE FOR SCIENTIFIC RESEARCH, scientific and technological public institution, having its registered office at 3, rue Michel-Ange, 75794 PARIS Cedex 16, and Intra-community VAT No. FR40180089013, SIRET (French businesses directory) number 180089013 04033, NAF (nomenclature of French business activities) code 7219Z, represented by its President, Ms Anne PEYROCHE, hereinafter referred to as “CNRS”,

 

And

 

4)             Inserm Transfert SA, Public Limited Company with Executive Board and Supervisory Board, with share capital of 9 573,471 euros, having its registered office located at 7, Rue Watt ~ 75013 PARIS, registered in the Trade and Companies Register of Paris under number Paris B 434 033 619, represented by its Chairman of the Executive Board, Ms. Pascale AUGE acting in the capacity of delegate, of the National Institute of Health and Medical Research, (“INSERM”), a scientific and technological public institution, having its registered office located at 101, Rue de Tolbiac - 75654 Paris Cedex 13, France.

 

Hereinafter referred to as “INSERM TRANSFERT”,

 

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The UPMC, INSERM and the CNRS are hereinafter jointly referred to as the “ESTABLISHMENTS”.

 

The UPMC, INSERM and INSERM TRANSFERT, the CNRS and the COMPANY are hereinafter jointly or individually referred to as “PARTY” or “PARTIES”. It is specified that any notification of the PARTIES or to the PARTIES is validly made, with regard to INSERM, by or to INSERM TRANSFERT.

 

UPMC, INSERM, CNRS and the COMPANY are hereinafter jointly referred to as the “CO-OWNERS”.

 

IT IS RECALLED THAT:

 

Given the application convention of the quadrennial contract between UPMC and CNRS in force at the time of said invention;

 

Given the partnership agreement between UPMC and INSERM, concluded on 29 March 2009 for which a new agreement was signed on 22 December 2015, in force at the time of said invention;

 

Given the beneficiary agreement no. ANR-10-SATT-04-01 signed between Agence Nationale de la Recherche [National Research Agency], University Pierre et Marie Curie, Université de technologie de Compiègne, Université Panthéon Assas, Institut Européen d’Administration des Affaires [European Institute of Business Administration] and Centre National de la Recherche Scientifique [National Centre for Scientific Research], in the presence of the Caisse des Dépôts et Consignation [Deposits and Consignments Fund] on 17 January 2012;

 

Given the articles of association of SATT LUTECH signed on 31 January 2012;

 

Given the framework agreement concluded between UPMC and SATT LUTECH and any addendum or supplementary document relating thereto.

 

INSERM TRANSFERT, a private subsidiary of INSERM, and INSERM entered into an agreement on delegation of public service under which Inserm has delegated to INSERM TRANSFERT the managing of its missions of exploitation and transfer of technology as resulting from ministerial order No. 83-975 relating to the functioning and the organisation of INSERM.

 

In accordance with this public service delegation agreement, INSERM TRANSFERT received the mission of development and transfer of technology, of the results of research that INSERM owns or co-owns, and to this end, to negotiate, sign and manage the regulations on co-ownership of patents committing INSERM with third parties. INSERM fulfils its obligations described in said contracts.

 

However, it is understood that said delegation does not entail any assignment to INSERM TRANSFERT of the ownership rights held or jointly held by INSERM.

 

In the context of research conducted in collaboration between the mixed unit UM 80 (UMRS INSERM 968 UMR / UPMC / CNRS 7210) titled “Centre de Recherche Institut de la Vision”, hereinafter the “LABORATORY, Biophytis (hereinafter the “COMPANY”), Stanislas VEILLET, René LAFONT, Valérie FONTAINE and José-Alain SAHEL have developed an invention relating to the use of 3-desoxy-anthocyanidins for the treatment of eye disease.

 

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This invention being eligible for protection under industrial property, a French priority patent application no. FR_1554761, titled “use of 3-desoxy-anthocyanidins for the treatment of eye disease”, was filed on 27 May 2015, as a protective measure in the name of UPMC and the COMPANY.

 

By means of this Agreement (hereinafter the “Agreement”), the PARTIES wish to formalise the partial assignment by UPMC to CNRS and INSERM of the joint ownership on the aforementioned patent application, the right of priority attached thereto and all applications claiming this priority and determine the rights and obligations of each of the CO-OWNERS.

 

The COMPANY has informed UPMC of its wish to benefit from the exclusivity of the exploitation of the PATENTS. UPMC and the COMPANY thus agree to define the terms of said exclusive exploitation by separate agreement dated 1st of January 2016 (hereinafter “EXPLOITATION AGREEMENT”).

 

THEREFORE, THE PARTIES HAVE AGREED AS FOLLOWS:

 

Preliminary Article - DEFINITIONS

 

AGENT means the co-owner ESTABLISHMENT or its delegate appointed by the other ESTABLISHMENTS, to (i) represent them for the management of patents and their valuation, according to their agreements, (ii) collect the OPERATING INCOME on their behalf and (iii) distribute the OPERATING INCOME between them in compliance with legal provisions and this document.

 

APPRAISER means the selected PARTY who has agreed to identify and contact potential partners in order to conclude LICENSES for the exploitation of the PATENTS, and to take all measures necessary for said exploitation for the territory(ies) that it has designated.

 

CO-CONTRACTING THIRD PARTY means any identified third party interested in the exploitation of the PATENTS under a LICENSE. The COMPANY and its affiliates are excluded from this definition.

 

CONFIDENTIAL INFORMATION means any confidential information belonging to the PARTIES or to one of the PARTIES, relating in particular to the invention protected by the PATENTS or to actions, proceedings, negotiations in progress with a CO-CONTRACTING THIRD PARTY or to establish a LICENSE, whatever their nature, their form (written, graphic or oral) or the medium used, protected or not by an industrial property title and not accessible to the public.

 

DATE OF SIGNATURE means the last date of signature of this Agreement by all the PARTIES.

 

EFFECTIVE DATE refers to the date of the priority application filing for the first of the patents of this agreement, i.e. on 27 May 2015..

 

FIRM means the firm of Industrial Property Consultancy which was entrusted with the establishment of all documents for the preparation, filing, extension, issuance, defence before the Patent Offices and the continuance in force of the PATENTS, its foreign correspondents,

 

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and possibly the service company in charge of the payment of annuities related to PATENTS.

 

IMPROVEMENT(S) means any patentable improvement the implementation of which cannot be achieved without reproducing at least one PATENT claim or the exploitation of which legally depends on one or more of the PATENTS within the meaning of applicable intellectual property laws.

 

INDUSTRIAL PROPERTY COSTS, mean the direct costs incurred for the operations of preparation, filing, extension, issue, defence before an Office and/or keeping in force of the PATENTS, as well as the costs of filing and keeping the materials related to the PATENTS, in particular biological materials.

 

INDUSTRIAL PROPERTY COSTS do not include the costs incurred in the proceedings for infringement actions initiated by one/the PARTY(IES) for the defence of the PATENTS, declarations of invalidity and/or actions that fall within the provisions of the Article 8 of this Agreement.

 

INVENTORS, means René Lafont (COMPANY), Stanislas Veillet (COMPANY), Valérie Fontaine (UPMC),) and José-Alain Sahel (UPMC) as cited in the invention declaration.

 

LICENSE means any agreement, such as, without this list being exhaustive, a term sheet, letter of intent, protocol, license agreement, licensing agreement with right to sub-license, option agreement on license, or any other agreement having as its object all or part of the PATENTS, negotiated by the APPRAISER with a CO-CONTRACTING THIRD PARTY within the framework of the tasks assigned hereunder, whether this agreement is being negotiated or signed. The licenses granted by the COMPANY to third parties within the framework of the LICENSE AGREEMENT, and, in particular, within the scope defined by the latter, are not LICENSES in the sense of the co-ownership regulations.

 

LICENSE AGREEMENT means the LICENSE AGREEMENT for the exploitation of the PATENTS signed on 1st January 2016 between the COMPANY and UPMC, acting as the agent of CNRS and INSERM, in the presence of SATT LUTECH.

 

OPERATING INCOME means the amounts of any kind collected in respect of the LICENSES (including the LICENSE AGREEMENT), including, without limitation, option income, income from license, income from sublicenses, instalment payments, lump sums, fees, any capital gains received by the APPRAISER on disposals of any transferable securities acquired by said APPRAISER as equity investments in the capital of young companies and any similar income.

 

The income paid to the APPRAISER or to the PARTIES by an infringer of the PATENTS or user of the associated know-how, following a conciliation or a legal action, after deducting the expenses of the procedure, including the legal fees incurred by the APPRAISER or the PARTIES, are considered as OPERATING INCOME.

 

OPERATING INCOME does not include income from collaborative research agreements having the PATENTS and their object that will be paid directly to the PARTY(IES) participating in the collaboration.

 

PATENTS collectively means:

 

·                  The French patent application no. FR 15 54761 filed on behalf of the COMPANY and UPMC on 27 May 2015, titled “utilisation of 3-desoxy-anthocyanidins for the treatment of eye disease”, as well as the priority right attached thereto;

 

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·                  as well as all patent applications, patents and corresponding additional certificates of protection in foreign countries, all reissues, re-examinations and extensions pertaining thereto, all divisions, continuations in whole or in part related thereto, as well as the reissues, divisional applications and renewals claiming in whole or in part the priority of French patent application no. 15 54761 above.

 

PATENT MANAGER means the chosen PARTY who has accepted the mission to manage all operations related to the preparation, filing, extension, issuance, defence before an Office and keeping in force of the PATENTS for the territory(ies) designated by the PARTIES.

 

SHARE means the share of the PATENTS that each of the CO-OWNERS owns, as defined in article 1.1 below.

 

Words in singular can be understood in plural and vice versa.

 

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Article 1 - PURPOSE AND SCOPE OF THE AGREEMENT

 

1.1                   From the EFFECTIVE DATE, UPMC assigns to the CNRS and INSERM, which accept this, respectively sixteen point seven per cent (16.7%) and sixteen point six percent (16.6 %) of the property rights to the PATENTS and the priority right attached to French patent application no. 15 54761.

 

The PARTIES are therefore co-owners of the PATENTS in the following proportions:

 

·               fifty percent (50%) for BIOPHYTIS,

·               sixteen point seven per cent (16.7%) for UPMC,

·               sixteen point seven per cent (16.7%) for the CNRS

·               sixteen point six percent (16.6%) for INSERM.

 

1.2                     Thus, the PARTIES wish to formalise the rules applicable to the co-ownership of the PATENTS, the rights and obligations resulting therefrom, and the distribution forms of the OPERATING INCOME.

 

1.3                     It is hereby specified that each CO-OWNER personally assumes responsibility for the remuneration of its own INVENTORS and that, as regards those inventors linked to the ESTABLISHMENTS, they will take personal responsibility for this among themselves.

 

Article 2-TERM

 

This Agreement will take effect retroactively to the EFFECTIVE DATE, and will remain in effect, unless in the event of early termination, until the latest of the following three deadlines:

 

(i)                                   the expiry or abandonment of the last of the PATENTS, or

(ii)                                so long as a PATENT LICENSE is pending, or

(iii)                             until the date when one of the CO-OWNERS will become the 100 per cent (100 %) owner of the PATENTS, if that date occurs earlier.

 

Article 3 - FILING, EXTENSION, DELIVERY AND CONTINUANCE ENFORCEMENT OF THE PATENTS

 

3.1                     The PARTIES mutually agree that the COMPANY will be the APPRAISER as provided for in Article 4.3.1. As such, the COMPANY will be the PATENT MANAGER.

 

3.2                     In the event that the PATENT MANAGER wishes to withdraw from its role as PATENT MANAGER, it shall notify the other PARTIES at least sixty (60) days prior to the next deadline of the industrial property procedure so that one of the other PARTIES can take over this responsibility, if it so wishes. If no other PARTY agrees to resume this role, the PARTIES will appoint a third party as PATENT MANAGER and will work to find an amicable solution as soon as possible.

 

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3.3                     The PATENT MANAGER undertakes to consult the other PARTIES in writing before carrying out any action relating to the procedures or the selection of the procedures relating to any of the PATENTS. The other PARTIES will be required to receive a copy of any document related to the said procedures within sufficient time so as to allow them to submit their comments in advance.

 

Subject to the proper application of the provisions of the preceding paragraph, the failure to respond in writing within a period of thirty (30) days or a shorter period if it were imposed due to a procedural deadline before an Office following the receipt of these documents by the other PARTIES, will be deemed to be an acceptance of the proposal of the PATENT MANAGER.

 

In addition, the PATENT MANAGER undertakes not to file any extraordinary patent rights before any Patent Office for any of the PATENTS for any procedures related to their interference or opposition, review or reissue, without the prior written consent of the other PARTIES, who will have to state their respective position within thirty (30) days as of the request in writing. In the absence of a response within the aforementioned period, their agreement shall be deemed to have been acquired. Notwithstanding the above, if one of the PARTIES does not wish to incur exceptional industrial property costs, this does not remove the possibility for the other PARTY to be able to act alone in its name and at its own expense.

 

Unless the PARTIES otherwise agree between them, to the EFFECTIVE DATE hereof in the countries where the PARTIES have in common procedures for the PATENTS, the INDUSTRIAL PROPERTY COSTS are set out by the PATENT MANAGER, except in the event of LICENSE providing that these costs be borne by the CO-CONTRACTING THIRD PARTY.

 

The non-payment of all or part of the INDUSTRIAL PROPERTY COSTS by the PATENT MANAGER will be construed as a waiver, by the PATENT MANAGER or by the CO-OWNER that it represents, of its SHARE on the PATENT(S) concerned by such costs, and, accordingly, the free transfer of the SHARE of said PATENTS of the PATENT MANAGER in the countries concerned in benefit of the other PARTIES. Therefore, the PATENT MANAGER undertakes to give, without delay, any power, document and signature for the execution of this assignment and it will not be able to collect from the reception of the notification by the other PARTIES, any remuneration for the direct and/or indirect use of the PATENTS for that country or these countries and will no longer benefit from any right of industrial or commercial exploitation over said PATENTS.

 

3.4                     If one of the PARTIES:

 

·                  decides to abandon all or part of the PATENTS, or

·                  does not wish to participate in the extension or continuation of the procedure in a particular country, or

·                  does not wish to incur exceptional property rights costs,

 

it shall notify the other PARTIES in writing within thirty days (30) days before the next maturity date for the proceedings of industrial property, and will give up to the other CO-OWNERS its share of said PATENT(S), which will be distributed in equal parts.

 

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The assignee will be subrogated in all the rights and obligations of the assignor, with the exception of the right to be the APPRAISER/PATENT MANAGER if the assigning PARTY was the APPRAISER/PATENT MANAGER on behalf of the PARTIES. The abandonment of these rights will take effect from the receipt of the notification of abandonment by the receiving PARTY.

 

The PARTY that abandons its share agrees to provide the other PARTIES with all the signatures and documents necessary for the continuation of the procedure of the PATENTS that it wishes to abandon.

 

In addition, the PARTIES undertake to have their staff members named INVENTORS provide the necessary signatures and perform all the measures required of them as Inventors that are necessary for the filing, extension, delivery, and the keeping in force of the PATENTS.

 

3.5                      In the event that, under Article 3.4, one of the PARTIES decides to waive its rights in a given country or countries, the exceptional industrial property costs paid for that country or countries by that PARTY prior to its abandonment decision cannot be reimbursed in any case. Unless the PARTIES otherwise agree between them, said PARTY will no longer receive, from the receipt of the notification by the other PARTIES, any OPERATING INCOME on said PATENTS for these relevant countries.

 

In the event of an abandonment decision by the PATENT MANAGER, the PATENT MANAGER will not be released from having to pay the INDUSTRIAL PROPERTY COSTS, as provided for in Article 3.3, incurred for that country or those countries, until its notification of abandonment.

 

Subject to compliance with the provisions of the foregoing paragraph, in any country where one of the PARTIES decides to pursue by itself the procedures for the filing, extension, issuance and keeping in force of the relevant PATENTS, the INDUSTRIAL PROPERTY COSTS will be the sole responsible of that PARTY.

 

3.6                      By the present agreement, the ESTABLISHMENTS accept that all or a portion of the rights and obligations mentioned here relating to the managing of the procedures by the MANAGER OF THE PATENTS can be entrusted, as regards their co-ownership shares, by UPMC to the technology transfer accelerating company -SATT- named SATT LUTECH, after first informing the ESTABLISHMENTS.

 

3.7                      As of the DATE OF ENTRY INTO FORCE in the countries where the CO-OWNERS jointly pursue the procedures for the filing, issuance or keeping in force of the PATENTS, the PROCEDURE COSTS shall be borne by the PATENT MANAGER.

 

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Article 4 - EXPLOITATION AND USE OF THE PATENTS

 

The PARTIES appoint UPMC, which accepts it, as the AGENT.

 

The AGENT entrusts the negotiation and administration of the LICENSE AGREEMENT to the technology transfer accelerating company - SATT — named SATT LUTECH, in connection with and under the conditions stipulated in particular in the negotiation and administration mandates for the SATT and in accordance with all or part of the agreements recorded between the SATT and UPMC than [sic] those referred to in the preamble.

 

4.1                     Exploitation for research purposes:

 

The ESTABLISHMENTS are free to use the invention concerned by the PATENTS for research purposes (excluding any commercial exploitation), alone by themselves, or in collaboration with THIRD PARTIES, in particular in the context of projects of maturation and/or in collaboration with third parties, subject, in the case of collaboration with third parties, to compliance with the confidentiality obligations set out in Article 7 below, and without violating the utilisation rights and conditions granted to the COMPANY in the LICENSE AGREEMENT.

 

4.2.                  Exploitation and direct and indirect use by the COMPANY:

 

The COMPANY has expressed its wish to be able to benefit from an exclusivity right to the exploitation of the PATENTS within a scope which is identified in the LICENSE AGREEMENT;

 

To this end, LICENSE AGREEMENT was entered into on the 1st of January 2016 between the COMPANY and UPMC, acting as agent for the CNRS and INSERM.

 

4.3.                  Exploitation and indirect use by a CONTRACTOR THIRD PARTY:

 

4.3.1.        Designation of the APPRAISER

 

The PARTIES agree that each party may be appointed as an APPRAISER by mutual agreement between the PARTIES and, as the case may be, on a case-by-case basis.

 

The PARTIES mutually agree that the COMPANY is the APPRAISER for the term of the LICENSE AGREEMENT.

 

If the APPRAISER no longer wishes to assume the responsibility of APPRAISER, for whatever reason, it will notify the other PARTIES of this as soon as possible and, in any case, within a minimum period of sixty (60) days before the next due date of the intellectual property procedure, so that one of them can resume this task, if it wishes. If none of the PARTIES wishes to take over this role, the PARTIES may appoint a third party for this purpose and will work to find an amicable solution as soon as possible.

 

4.3.2.                  Tasks of the APPRAISER

 

4.3.2.1           Unless the PARTIES agree otherwise, by a written agreement, they hereby mandate the APPRAISER to negotiate and sign, in the best interests of the PARTIES, confidentiality agreements relating to the exploitation of the PATENTS and the know-how associated with third parties, especially industrial ones, in the context of a valuation action.

 

4.3.2.2           In addition, only the APPRAISER may negotiate and draft the LICENSES.

 

In particular, the AGENT may negotiate and draft the LICENSES in the name and on

 

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behalf of the ESTABLISHMENTS with the exception of the case provided for in article 4.3.2.2.I.

 

The AGENT guarantees the ESTABLISHMENTS against all requests, claims, lawsuits, [and] actions that would be brought by the CO-CONTRACTING THIRD PARTY, in the execution of the said LICENSE and the AGENT undertakes to assume all the legal and pecuniary consequences resulting from said requests, claims, lawsuits, [and] actions that would be brought by the CO-CONTRACTING THIRD PARTY.

 

4.3.2.2.1                    Draft LICENSE(S) are communicated by the APPRAISER to the AGENT for approval. This approval may be refused by either of the PARTIES only if it can reasonably demonstrate in writing, within thirty (30) days as of the communication by the AGENT, that such a LICENSE creates a serious conflict with its articles of association, activities and/or missions.

 

Each PARTY may address to the APPRAISER, within the period of thirty (30) days mentioned above, any comment, remark or proposal for the modification of the draft LICENSE, and the APPRAISER undertakes to communicate these to the CO-CONTRACTING THIRD PARTY so that said comment, notice or proposed change to be included in the final version of the LICENSE, provided, however, that the said comment, remark or proposal for modification are given to the APPRAISER (i) duly justified, (ii) within the permitted time, and (iii) with substantial elements of the draft LICENSE. It is understood that the insertion of said comment, remark or proposal for modification in the final version of the LICENSE constitutes, at the expense of the APPRAISER, who negotiates in the best interests of the PARTIES, an obligation of means only.

 

For the purposes of this Article, the PARTIES agree to regard as substantial any element of the LICENSE relating in particular to the extent of the rights granted by the PARTIES to the CO-CONTRACTING THIRD PARTY, the improvements, responsibilities and guarantees referred to in the LICENSE, to the exclusion of any element of form without affecting the substance thereof.

 

The failure by the PARTIES receiving the draft LICENSE to provide a response after the expiry of the period of thirty (30) days mentioned above, constitutes tacit acceptance on their part of the terms of the draft LICENSE.

 

4.3.2.2.2                    The PARTIES will sign the said LICENSE unless a mandate has been expressly given to the AGENT. Each PARTY having signed the LICENSE will receive an original copy thereof; the PARTIES represented for the signing of the LICENSE will receive a copy.

 

4.3.2.3           Subject to prior notification sent to the APPRAISER, each PARTY may propose to the APPRAISER potential CO-CONTRACTING THIRD PARTIES for the exploitation of the PATENTS. The APPRAISER may oppose the application of a CO-CONTRACTING THIRD PARTY only if the APPRAISER can reasonably demonstrate in writing, within thirty (30) days from the notification, that said candidacy creates a serious conflict with its articles of association, activities and/or missions or that negotiations with another CO-CONTRACTING THIRD PARTY have already been initiated by the APPRAISER.

 

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4.3.2.4                Unless otherwise agreed by the PARTIES together, in writing, all LICENSES will stipulate that the CO-CONTRACTING THIRD PARTIES will pay the OPERATING INCOME directly to the APPRAISER, who will be responsible for distributing said OPERATING INCOME after deduction of INDUSTRIAL PROPERTY COSTS, were applicable, and in the conditions and limits of Article 3.3 according to their SHARE.

 

However, for each LICENSE with a CO-CONTRACTING THIRD PARTY, the PARTIES may, by an amendment thereto, determine in good faith a distribution of the OPERATING INCOME, taking into account, in addition to the SHARE of each of the PARTIES, the economy of the signed LICENSE, the recovery efforts and investments made.

 

With regard to sums due to the co-owner ESTABLISHMENTS in respect of LICENSES, the APPRAISER shall pay them to the AGENT, who will distribute them as set forth in Article 4.3.3 below.

 

Concerning the sums owed to the ESTABLISHMENTS in respect of the LICENSE AGREEMENT, SATT LUTECH will pay them to the UPMC under the conditions of the mandate for negotiation and administration of the LICENSE AGREEMENT attached hereto. UPMC will act as AGENT in this regard and will forward these sums collected from SATT LUTECH according to the rules stipulated in Article 4.3.3 below for the OPERATING INCOME.

 

4.3.3                                                 The distribution of OPERATING INCOME between the ESTABLISHMENTS

 

4.3.3.1                  The ESTABLISHMENTS will appoint between them an AGENT. For the purposes hereof, they agree to appoint UPMC as the AGENT.

 

If the AGENT no longer wishes to assume the position of AGENT, it shall immediately notify the other ESTABLISHMENTS so that they can take over this responsibility, if they so wish. If no other ESTABLISHMENT accepts to continue this role, the AGENT will remain the same and the ESTABLISHMENTS will work to find an amicable solution.

 

4.3.3.2                  The AGENT will distribute the OPERATING INCOME paid by the APPRAISER and/or by SATT LUTECH, if it is not the AGENT, after deducting the INDUSTRIAL PROPERTY COSTS, if applicable, among the ESTABLISHMENTS, subject to the provisions of Article 3.5, as follows:

 

·            fifty per cent (50%) (twenty five per cent (25%) after D2) for the profit-sharing of the ESTABLISHMENTS’ INVENTORS in accordance with Article R. 611-14-1 of the intellectual property code, after which, the AGENT will distribute the OPERATING INCOME in accordance with the ESTABLISHMENTS’ shares as defined in Article 1.1

 

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4.3.3.3                  It is agreed between the PARTIES that in the event of a joint assignment of the PATENTS by all PARTIES, the provisions of Article 4.3.3.2 above shall apply so long as the OPERATING INCOME is collected for a LICENSE.

 

4.3.3.4                  In case of the negotiation of a LICENSE with a CO-CONTRACTING THIRD PARTY, the APPRAISER undertakes to make its best efforts to make the CO-CONTRACTING THIRD PARTY pay all or part of the INDUSTRIAL PROPERTY COSTS, it being understood that this obligation of the APPRAISER is only a means.

 

Article 5 - ACCOUNTING

 

5.1                      THE APPRAISER will report each year a statement of the OPERATING INCOME received in accordance with Articles 4.2 and 4.3. In view of this statement, each PARTY, if applicable, prepares an invoice indicating the sums due by the APPRAISER as the case may be.

 

5.2                    The sums owed by the APPRAISER to the other PARTIES must be paid in euros, to the individual and the banking address indicated on the invoice, by bank transfer, within forty-five (45) days after the invoice issue date.

 

5.3                    The sums due will be increased by the legal fees in force on the maturity date, in particular VAT, if applicable.

 

Article 6 - ASSIGNMENT OF THE SHARE OF THE PATENTS

 

6.1                    At any time, and under the conditions defined below, each CO-OWNER may transfer its co-ownership share on the PATENTS, subject to complying with the legal obligations applicable to public bodies.

 

In this case, the CO-OWNER who wishes to transfer its co-ownership share to a third party shall first notify its intention by registered letter with acknowledgement of receipt to the other CO-OWNERS, specifying in particular the name of the assignee third party and the financial conditions of the assignment. This information will be treated as CONFIDENTIAL INFORMATION.

 

The other CO-OWNERS shall benefit from a pre-emptive right for a period of [****] as of the receipt of said notification by registered letter with acknowledgement of receipt under financial conditions at least equal to those granted to the third party.

 

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If the other CO-OWNERS do not wish to acquire the assigned share, they shall inform the assigning PARTY as soon as possible.

 

At the expiration of the above-mentioned pre-emption period, if the other CO-OWNERS have not informed it of their intention to exercise their pre-emption right, the assigning CO-OWNER obtains by rights the authorisation to transfer.

 

It is further understood that the other CO-OWNERS may not refuse the assignee unless they can reasonably demonstrate in writing, within the same [****] period from the notice of intention, that an assignment with such assignee would create a serious conflict with their articles of association, activities and/or missions.

 

The terms of assignment of any of the PATENTS to a third party may in no case be more favourable than those offered to the other CO-OWNERS.

 

In the assignment deed, the assignor shall inform the assignee, who accepts them without modification, the rights and obligations contained in this Agreement and in the agreements relating to the PATENTS under the conditions and reserves of said agreements. The assignee will be subrogated in all the rights and obligations of the assignor, with the exception of the right to be the APPRAISER/PATENT MANAGER if the assigning PARTY was the APPRAISER/PATENT MANAGER on behalf of the PARTIES. A copy of the assignment deed will be provided to the other PARTIES.

 

The assigning CO-OWNER undertakes to provide to the other PARTIES and/or to the assignee third party all the signatures and documents necessary for the continuation of the intellectual property procedures relating to the PATENTS.

 

In addition, the assigning CO-OWNER undertakes that the staff members mentioned as Inventors provide the necessary signatures and information for any PATENT proceeding before a Patent Office, in particular for the filing and keeping in force of the PATENTS.

 

Article 7 - CONFIDENTIALITY

 

7.1                           The PARTIES undertake to respect and keep strictly confidential all CONFIDENTIAL INFORMATION received from other PARTIES.

 

7.2                           The PARTIES undertake to have their staff and any person attached to their service in any capacity whatsoever observe the same commitment, and to make sure that they respect this confidentiality commitment as regards the CONFIDENTIAL INFORMATION.

 

7.3                           The PARTIES undertake not to file a patent application or to claim any other intellectual property title including all or part of the CONFIDENTIAL INFORMATION received from the other PARTIES, except with the written authorisation of the latter.

 

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7.4                     The confidentiality commitments between the PARTIES due to this Agreement do not apply to the use or disclosure of INFORMATION  that is CONFIDENTIAL and for which the recipient PARTY can demonstrate:

 

a)            that it has been disclosed after obtaining the prior written authorisation of the owner PARTY, or that the disclosure has been made by the owner PARTY,

 

b)            that it was in the public domain at the time of its disclosure or was published or made available to the public, in any manner whatsoever, without action or fault on the part of the recipient PARTY,

 

c)             that it was received by the PARTY as a legitimate recipient of a third party without breaching this Agreement,

 

d)            that at the date of its communication by the owner PARTY that provided it, the recipient PARTY was already in possession of this information,

 

e)             that its disclosure was imposed by the application of a mandatory legal or regulatory provision or by the application of a final court decision or an arbitral award.

 

The aforementioned exceptions are not cumulative.

 

7.5                    The PARTIES agree by this Agreement that any disclosure to third parties of any CONFIDENTIAL INFORMATION, particularly disclosure to a THIRD PARTY CO-CONTRACTOR, given that, in this case, SATT LUTECH will not be considered as a third party, will be preceded by the signing of a secret agreement whose terms and conditions will be at least similar to those in this Article.

 

7.6                    This Article shall remain in force for five (5) years after the expiration or the early termination of this Agreement, without prejudice to more restrictive provisions appearing in particular in the LICENSE AGREEMENT or a LICENSE. .

 

Article 8 - INFRINGEMENT - VALIDITY OF THE PATENTS

 

8.1                    In case of infringements initiated by a third party against the PATENTS, declarations of invalidity, or of the infringement of the PATENTS by a third party, the PARTIES will meet in order to determine by common agreement the strategy to be followed and provide each other with all the information in their possession allowing them to assess the nature and extent of the offences or infringements incurred.

 

8.2                    In the event that a consensus cannot be obtained, each of the PARTIES may carry out the actions that it deems appropriate at its own expense, on the understanding that, in this case, the indemnities resulting from said actions granted by the deliberating jurisdiction will fully and irrevocably remain with the acting PARTY.

 

14

 

8.3                   The PARTY not having taken action undertakes to provide all the documents, powers or information that would be necessary to the PARTY bringing the aforementioned actions.

 

8.4                   In the event of an action brought by a third party, each PARTY shall bear the costs of its own defence. Each of the PARTIES will be personally liable for the sanctions pronounced against them by the courts, notwithstanding any solidarity that may be pronounced against them.

 

8.5                   Each PARTY waives the right to sue the other PARTY regarding the consequences on the validity of the PATENTS as a result of an action or defence by the latter.

 

8.6                   In the event of the exploitation of the PATENT, the provisions of the LICENSE AGREEMENT or the LICENSE relating to the infringement will apply as of right and will prevail over any other provision.

 

8.7                   Points 8.3, 8.4, 8.5 and 8.6 of this Agreement shall survive the expiration or termination of this Agreement.

 

Article 9 - TERMINATION

 

9.1.                 This Agreement is terminated as of right in the event that one of the PARTIES becomes the sole owner of all the PATENTS.

 

9.2.                If one of the PARTIES no longer has any rights to own and exploit at least one of the PATENTS, this AGREEMENT may be terminated by the other PARTIES.

 

9.3.                The PARTY having breached one or more of the obligations referred to in the AGREEMENT shall have a period of three (3) months, from receipt of a letter sent by the PARTY requesting the fulfilment of the obligation or obligations in question, to fulfil such obligations and/or to provide proof of a hindrance resulting from a case of force majeure. In the absence of such evidence, and failing to comply within the time provided, the PARTIES will meet to resolve this dispute amicably.

 

If no solution can be found within sixty (60) days of the meeting of the PARTIES, the AGREEMENT may be terminated after the most diligent PARTY has sent a registered letter with acknowledgement of receipt to the defaulting PARTY. The exercise of this termination right does not relieve the defaulting PARTY from fulfilling the obligations contracted up to the effective termination date.

 

9.4.                Articles 1.1, 7 and 17 will survive the termination of the AGREEMENT as long as it is in effect.

 

15

 

Article 10 - THE ASSIGNMENT OF THE AGREEMENT

 

This Agreement is personal, non-assignable and non-transferable subject to the provisions of Article 6 of this Agreement.

 

Article 11 - WAIVER

 

The fact that one of the PARTIES does not claim a breach by the other PARTY of any of the obligations set out in this Agreement shall not be construed in the future as a waiver by the PARTY of the obligation in question.

 

Article 12 - INTERPRETATION AND PREPONDERANCE OF THE OPERATING  AGREEMENT SIGNED WITH THE COMPANY

 

In the event of a difficulty concerning the interpretation or in case of contradictions of the clauses of the present Agreement with regard to the clauses of the LICENSE AGREEMENT signed with the BIOPHYTIS, the provisions of the LICENSE AGREEMENT shall prevail and be applicable as of right.

 

Article 13 - APPLICABLE LAW - DISPUTES

 

13.1               This Agreement is governed by French laws and regulations.

 

13.2               In the event of a difficulty in the interpretation or execution of this Agreement, the PARTIES will work to resolve their dispute amicably.

 

13.3               In case of a disagreement persisting for more than three (3) months as of the first notification concerning the dispute by one of the PARTIES to the other, the dispute will be brought before the competent French courts.

 

13.4               Notwithstanding the termination or expiry of this Agreement, this Article shall remain in effect.

 

Article 14 - ENTIRE AGREEMENT

 

This Agreement expresses all the obligations of the PARTIES relating to the co-ownership of the PATENTS and may be modified only by a written agreement between the PARTIES signed by the representatives of the PARTIES duly authorised for said purpose. No general or specific condition contained in the documents sent or delivered by the PARTIES may be incorporated into this Agreement.

 

Article 15 - THE INVALIDITY OF A CLAUSE

 

If one or more provisions of this Agreement are deemed to be invalid or are declared to be invalid under a law, regulation - and in particular an EU law - or after a final decision by the competent court, the other provisions shall remain in full force and effect and the PARTIES shall make the necessary modifications without delay, respecting as far as possible the agreement of will existing at the time of the signing of this Agreement.

 

16

 

Article 16-TITLES

 

In case of difficulties in interpretation between any of the titles appearing at the head of the clauses and any of the clauses, the titles will be declared non-existent.

 

Article 17 - REGISTRATION IN THE NATIONAL REGISTER OF PATENTS

 

17.1            The MANAGER OF PATENTS will register, if necessary, the transfer of the PATENT co-ownership share by UPMC to INSERM and the CNRS, concerned by Article 1.1 of this Agreement with the lNPI [French National Institute of Industrial Property], the EPO and the WIPO.

 

17.2            Registration costs under Article 17.1 are considered as INDUSTRIAL PROPERTY COSTS.

 

Article 18 - NOTIFICATIONS

 

Any notification required under this Agreement will be made by registered letter with acknowledgement of receipt, to the PARTY concerned at the following address:

 

For the COMPANY:

Biophytis

14 avenue de l’Opéra

75001 Paris

 

For UPMC;

Université Pierre et Marie Curie

DGRTT

RéfX15028

4 Place Jussieu

75252 Paris cedex 05

 

For the CNRS:

CNRS

Direction de l’innovation et des Relations avec les Entreprises [Directorate of Innovation and Business Relations] (DIRE)

To the attention of the Deputy Director of the DIRE in charge of Relations with

Concerns DV 09623-01

3 rue Michel-Ange

75 794 PARIS Cedex 16

 

FIST Copy:

FIST SA

83 Boulevard Exelmans

 

17

 

75016 PARIS

Concerns DV 09623-01

 

For lnserm Transfert:

INSERM TRANSFERT SA — Agreements Support Division

7 rue Watt

75013 PARIS

 

Article 19- MISCELLANEOUS

 

In addition, the PARTIES undertake, if the ESTABLISHMENTS definitively relinquish the PATENTS, to fulfil their legal and regulatory obligations towards their INVENTORS (in particular to first propose to the INVENTORS to take over the PATENT or PATENTS concerned in their name and at their expense ) under conditions to be defined.

 

The provisions of this Article shall remain in force notwithstanding the early termination of this Agreement, in accordance with Article 9.

 

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Made in five (5) original copies written in French, one (1) for each of the PARTIES and one (1) for registration with the Offices.

 

Signed in Paris, on

 

	
18   DEC. 2017
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Jean CHAMBAZ
    	
 
    	
 
    
	
Mr Jean CHAMBAZ For UPMC
    	
 
    	
 
    

 

19

 

Division - Innovation and Relations with Companies
 The director

 

	
/s/ Anne PEYROCHE
    	
 
    	
 
    
	
Ms Anne PEYROCHE
   For CNRS
    	
 
    	
 
    

 

21

 

	
/s/ Pascale AUGE
    	
 
    	
 
    
	
Ms Pascale AUGE
   For Inserm Transfert
    	
 
    	
 
    

 

23

 

	
/s/   Stanislas Veillet
    	
 
    
	
Mr Stanislas Veillet
    	
 
    
	
For the COMPANY
    	
 
    

 

25Exhibit 10.19

 

Translation for information purposes only

 

 

Services Agreement

 

relating to the SARA-INT clinical data platform

 

Between

 

Biophytis SA

 

as Client

 

and

 

BlueCompanion

 

as Service Provider

 

1

 

TABLE OF CONTENTS

 

	
1
    	
PURPOSE
    	
 
    	
4
    
	
 
    	
 
    	
 
    	
 
    
	
2
    	
METHODS OF   PERFORMANCE OF THE SERVICES
    	
 
    	
4
    
	
 
    	
 
    	
 
    	
 
    
	
3
    	
OWNERSHIP OF THE   DEVELOPMENTS
    	
 
    	
5
    
	
 
    	
 
    	
 
    	
 
    
	
4
    	
REMUNERATION
    	
 
    	
7
    
	
 
    	
 
    	
 
    	
 
    
	
5
    	
LEGAL AUTHORISATIONS   AND COMPLIANCE WITH LEGISLATIVE AND REGULATORY PROVISIONS
    	
 
    	
7
    
	
 
    	
 
    	
 
    	
 
    
	
6
    	
LIABILITY
    	
 
    	
8
    
	
 
    	
 
    	
 
    	
 
    
	
7
    	
GUARANTEE
    	
 
    	
8
    
	
 
    	
 
    	
 
    	
 
    
	
8
    	
TERM
    	
 
    	
9
    
	
 
    	
 
    	
 
    	
 
    
	
9
    	
PROJECT COMMITTEE
    	
 
    	
9
    
	
 
    	
 
    	
 
    	
 
    
	
10
    	
TERMINATION
    	
 
    	
9
    
	
 
    	
 
    	
 
    	
 
    
	
11
    	
NON-HIRING
    	
 
    	
10
    
	
 
    	
 
    	
 
    	
 
    
	
12
    	
SUBCONTRACTING
    	
 
    	
10
    
	
 
    	
 
    	
 
    	
 
    
	
13
    	
NON-TRANSFERABILITY
    	
 
    	
10
    
	
 
    	
 
    	
 
    	
 
    
	
14
    	
CONFIDENTIALITY
    	
 
    	
10
    
	
 
    	
 
    	
 
    	
 
    
	
15
    	
INDEPENDENCE OF THE   PARTIES
    	
 
    	
11
    
	
 
    	
 
    	
 
    	
 
    
	
16
    	
DIVISIBILITY OF THE   CLAUSES
    	
 
    	
11
    
	
 
    	
 
    	
 
    	
 
    
	
17
    	
MODIFICATIONS
    	
 
    	
11
    
	
 
    	
 
    	
 
    	
 
    
	
18
    	
ENTIRETY OF THE   AGREEMENT
    	
 
    	
11
    
	
 
    	
 
    	
 
    	
 
    
	
19
    	
ELECTION OF   DOMICILE
    	
 
    	
12
    
	
 
    	
 
    	
 
    	
 
    
	
20
    	
EXCLUSION OF   UNFORESEEABLE EVENTS
    	
 
    	
12
    

 

2

 

THIS AGREEMENT IS ENTERED INTO ON 22 DECEMBER 2017:

 

BETWEEN

 

(1)                                 Biophytis SA, public limited company with share capital of EUR 2,692,682.60, having its registered office located at 14 avenue de l’Opéra, 75001 Paris, registered in the Trade and Companies Register of Paris under number 492.002.225 and represented by Mr Stanislas Veillet, duly authorised for the purposes hereof (hereinafter the “Client”);

 

AND

 

(2)                                 BlueCompanion Ltd, a company under English law, having its registered office located at Second Floor Commerce House, 6 London Street, London W2 1HR, United Kingdom, registered under number 9648211, represented by Mrs Susanna Del Signore, duly authorised for the purposes hereof (hereinafter the “Service Provider”).

 

The Client and the Service Provider are hereinafter collectively referred to as the Parties and individually as a Party.

 

THE FOLLOWING IS SET FORTH BEFOREHAND:

 

(A)                               The Client is a company specialising in biomedical research and the development of plant extract-based health products (nutraceuticals and medicines). The Client has developed a portfolio of innovative products at various stages of development aimed at age-related degenerative pathologies.

 

(B)                               One of the technologies of products under development by the Client concerns sarcopenia (skeletal muscle degeneration). To this end, the drug candidate Sarconeos is being developed by the Client in the context of treating sarcopenic obesity (“Sarconeos”). Preparation of Phase 2b of Sarconeos development is in progress, including, among other things:

 

(i)                                     a pharmacokinetic study in healthy elderly volunteers and a study for characterisation and pre-selection of the target population cited in four (4) countries (Belgium, France, Italy and the United States) (hereinafter the “SARA-OBS” Study);  and

 

(ii)                                  a study “Safety and Efficacy of BIO-101 175 mg b.i.d. and 350 mg b.i.d. 26- week oral administration to patients suffering from age-related SARcopenia, including sarcopenic obesity, Aged >65 years and at risk of mobility disability, A double-blind, placebo controlled, randomized INTerventional Clinical Trial (SARA- INT)”, (hereinafter the “SARA-INT Study”).

 

(C)                               The Service Provider Services is a consulting company in digital strategy, design and deployment of IT architecture, specialising in clinical studies and clinical data exploitation.

 

(D)                               By an agreement dated 16 May 2017, the Parties entered into an agreement on development services relating to the clinical data platform resulting from the SARA-OBS Study.

 

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(E)                                The Client wanted to entrust to the Service Provider the creation and deployment of a second digital platform as part of the SARA-INT Study allowing the Client to collect and analyse the data necessary for the development of Sarconeos (hereinafter the “SARA-INT Clinical Data Platform”).

 

(F)                                 A services offer proposal was sent by the Service Provider to the Client in a letter dated 22 December 2017 (the “Proposal”).  A copy of the Proposal is enclosed as Annex  1.

 

(G)                               From 1 September 2017, the Service Provider began carrying out services in order to implement and develop the SARA-INT Clinical Data Platform.

 

(H)                              Consequently, the Parties decided to enter into this service-providing agreement to formalise their contractual relationship and in order to specify the terms and conditions for the implementation and development of the SARA-INT Clinical Data Platform (the “Agreement”).

 

THIS HAVING BEEN SET FORTH, THE FOLLOWING WAS AGREED AND DECIDED:

 

1                                         PURPOSE

 

1.1                               The Agreement aims to specify and organise the conditions under which (i) the Client entrusts to the Service Provider the design, the development, the deployment, the management and the exploitation of the SARA-INT Clinical Data Platform and (ii) the Service Provider transfers to the Client all developments and data implemented and collected by the Service Provider in the context of the implementation, development, and exploitation of the SARA-INT Clinical Data Platform in accordance with the Services provided for by the Agreement, including without limitation, any deliverables, studies, reports, manuals, creation, processes, products, models, equipment, trials and specifications relating to the SARA-INT Clinical Data Platform (the “Deliverables”).

 

1.2                               It is specified that the Services (as this term is defined below), will be carried out on an on-going basis as the SARA-INT Study is progresses, and consequently involves the collection, hosting and processing of personal healthcare data by the Service Provider, in compliance with the applicable legal and regulatory constraints.

 

2                                         METHODS OF PERFORMANCE OF THE SERVICES

 

2.1                               Service Provider’s Obligations

 

2.2                               The Service Provider undertakes to provide to the Client the services listed under the headings “General tasks” and “Specific services” of the Proposal as indicated in Annex 1 (the “Services”).

 

2.3                               The Service Provider undertakes to implement and develop the SARA-INT Clinical Data Platform in accordance with the schedule provided in Annex 2 (the “Schedule”).

 

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2.4                               Any additional service not initially planned by the Proposal must be the subject of a purchase order. The said purchase order must be accepted by the Client and will give rise to the issuing of additional invoicing.

 

2.4.1                     The Service Provider undertakes to implement, for the performance of the Services under its responsibility pursuant to the Agreement, any due diligence required, and to fulfil its missions in accordance with good practice

 

2.4.2                     The Service Provider will decide alone regarding the choice of personnel to be assigned to the missions concerned by the Agreement.

 

2.4.3                     The personnel cannot receive any guidelines or instructions from the Client. It will remain under the sole authority of the Service Provider.

 

2.4.4                     The Service Provider undertakes to employ qualified personnel having the skills necessary to fulfil the Agreement.

 

2.4.5                     For all useful purposes it is specified that the Service Provider may call on external consultants showing proof of a particular competence with regard to the performance of one of the Services, subject to prior acceptance by the Client.

 

2.4.6                     The Service Provider undertakes to comply with labour laws and to be in good standing with the tax and social security institutions.

 

2.5                               Client’s obligations

 

2.5.1                     For the duration of the Agreement, the Client undertakes to provide to the Service Provider all information and documents necessary to perform the Services and to keep the Service Provider informed of all facts of any kind whatsoever, that are essential for the proper performance of its mission.

 

2.5.2                     The Client undertakes, in addition, whenever the Services make this necessary or useful, to allow the Service Provider’s personnel unrestricted access to its premises and facilities and to provide the said personnel with any means likely to facilitate its involvement, while said personnel must comply with all measures enacted by the Client, particularly in matters of access and traffic in the premises, health and safety and confidentiality.

 

3                                         OWNERSHIP OF THE DEVELOPMENTS

 

3.1                               Assignment of intellectual property rights to the Developments

 

3.1.1                     The Service Provider undertakes to transfer to the Client the entirety of the SARA-INT Clinical Data Platform, and in particular the name “SARA-INT”, the logo, the domain names “mysara.eux”, the visual identity used, and in particular the database, the web portal and its specific architecture developed in accordance with the clinical protocol BI0101-CL2-003. This platform is an application developed on measure that uses and incorporates several “open source” and/or proprietary components and it cannot under any circumstances be the subject of a patent or intellectual property, except for the name and the data generated by the Client and its counterparties participating in the clinical study. The SARA-INT platform will remain the property of the Client at the expiration of the Agreement, delivered and transferred as is onto the servers of the Client.

 

5

 

3.1.2                     The rights assigned by the Service Provider to the Client include, pursuant to Articles L.131-3 and L.122-6 of the Intellectual Property Code (the “Assigned Rights”):

 

(a)   The right of reproduction: the right to reproduce, unlimited in number, all or a portion of the Developments, on any medium, including hardcopy, optical, digital or any other IT or electronic medium, as well as the loading, display, execution, transmission and storage of the developments;

 

(b)   The right of adaptation: the right to adapt, upgrade and create new versions or new developments of the Developments, to maintain them, to mix, modify, assemble, transcribe, arrange, digitise, raise, reduce, condense, migrate or expand them;

 

(c)   The right of representation: the right to represent, disseminate or distribute the Developments by any electronic, digital, IT or telecom means and/or media, namely for any public and for any telecommunication network;

 

(d)   The right of use: the right to use and exploit the Developments, personally, in order to conduct any form of processing, on any basis whatsoever and for any purpose.

 

3.1.3                     For all of the Assigned Rights, the following are included: the communication vectors and media of any kind, such as direct or indirect broadcasting by any electronic means, of telecommunication and electronic communication, by satellite or by cable, by mobile, analog or digital terrestrial or satellite broadcasting, in any form, such as television, radio, intranet, internet, ADSL, WAP, i-mode, GSM, GPRS, UMTS, EDGE, and any technology of server-element, light-client, heavy-client, cloud data technology, and on any media, present and future, including hardcopy, electronic, magnetic, disk, network, diskette, DVD, CDV, CDI, CD-ROM, CD-WORM.

 

3.1.4                     The Assigned Rights are assigned irrevocably to the Client for the duration of protection of the intellectual property rights, as stipulated by the French Intellectual Property Code and for the entire world.

 

3.1.5                     Access to the source code(s) and object code(s) and the related documentation for all of the Developments is granted for the benefit of the Client.

 

3.1.6                     The transfer price of the Assigned Rights is included in the Remuneration.

 

3.1.7                     The Parties acknowledge that the transfer of the Assigned Rights is carried out on an on-going basis with the implementation of the Developments without resorting to the signing of a new agreement nor any particular formality.

 

3.2                               Rights prior to the Agreement

 

3.2.1                     Each Party remains the sole owner of its know-how, its names, company names, brands, logos and products that it owned prior to the implementation and development of the SARA-INT Clinical Data Platform and shall refrain from using those of the other Party, without its express prior written consent.

 

6

 

3.3                               Patent

 

3.3.1                     This platform is an application developed on measure that uses and incorporates several “open source” and/or proprietary components and it cannot under any circumstances be the subject of a patent or intellectual property, except for the name and the data generated by the Client and its counterparties participating in the clinical study. However, the Service Provider undertakes not to file any patent application relating to the Developments or any other element of the SARA-INT Clinical Data Platform.

 

4                                         REMUNERATION

 

4.1.1                     Remuneration of the Service Provider

 

4.1.2                     In return for the Services and the transfer of the Assigned Rights, the Service Provider will receive from the Client a definitive all-inclusive remuneration of four hundred twenty-six thousand euros (EUR 426,000) (VAT excluded) (the “Compensation”).

 

4.1.3                     The Service Provider will also be reimbursed for all costs incurred by its personnel in the context of performing the Services (and in particular, expenses of travel, accommodation and lodging) upon presentation of the corresponding receipts.

 

4.1.4                     Terms of payment of the Remuneration

 

4.1.5                     The remuneration will be paid in 15 instalments defined in Annex 2 by the Client, it being specified that the lump sum of 100,000 euros will be paid at the signing of this Agreement by the Client personally to the Service Provider.

 

4.1.6                     The Remuneration will give rise to the issuing of invoices at each due date, payable upon receipt.

 

4.1.7                     The Remuneration may be revised by mutual agreement between the Parties at the time of each renewal of the Agreement stipulated in Article 8.2.

 

5                                         LEGAL AUTHORISATIONS AND COMPLIANCE WITH LEGISLATIVE AND REGULATORY PROVISIONS

 

5.1                               It is specified that the Services (as this term is defined below), will be carried out on an on-going basis as the SARA-INT Study progresses, and therefore involves the collection, hosting and processing of personal health data by the Service Provider, in compliance with the applicable legal and regulatory constraints.

 

5.2                               In this context, the Service Provider declares that it holds all legal, administrative and regulatory authorisations necessary to perform the Services including in particular the implementation and development of the SARA-INT Clinical Data Platform applicable to its activity of collection, hosting and processing of personal health data, in accordance with all provisions of (i) French law (ii) European law and (iii) US law.

 

7

 

5.3                               The Parties undertake to collaborate for the implementation of new legal, administrative and regulatory authorisations and for all modifications of authorisations already implemented that are needed for the implementation and development of the SARA-INT Clinical Data Platform.

 

5.4                               The Service Provider undertakes to comply, for the duration of the Agreement, with any provision of French law applicable to its activity of collection, hosting and processing of personal health data and in particular, without limiting itself to this, Articles L.1111-7, L.1111-8 and L.1112-1 of the public health code.

 

5.5                               The Service Provider undertakes to comply, for the duration of the Agreement, with any provision of European law and US law applicable to its activity of hosting and processing of personal health data and in particular, without limiting itself to this, Directive 95/46/EC of the European Parliament and the Council of 24 October 1995, on the protection of individuals with regard to the processing of personal data and on the free movement of such data.

 

6                                         LIABILITY

 

6.1.1                     The Service Provider may be held liable, under the conditions of common law, due to the direct foreseeable damage and sustained by the Client, caused by a breach by the Service Provider of its contractual obligations, to the exclusion of any indirect damage.

 

7                                         GUARANTEE

 

7.1                               Guarantee of conformity with specifications

 

7.1.1                     The Service Provider guarantees the Client for the conformity of the Developments implemented with the functional and non-functional specifications conveyed by the Client.

 

7.2                               Guarantee of peaceful enjoyment

 

7.2.1                     The Service Provider guarantees the Client peaceful enjoyment of the Developments and the Assigned Rights.

 

7.2.2                     In this respect, the Service Provider guarantees the Client against any legal action for infringement related to the Developments and/or the Assigned Rights; the Service Provider undertakes to join any actions that might be brought against the Client based on infringement copyright, patent, brands, drawings and models, violation of business secrecy, and any violation of intellectual property rights resulting from the Developments.

 

7.2.3                     In the event that a ban on utilisation of all or a portion of the Assigned Rights is declared due to legal action for infringement or resulting from a settlement signed with the plaintiff in the infringement action, the Service Provider shall strive, at its choice and expense:

 

·                       to obtain the right for the Service Provider to continue the Developments;

 

·                       to replace the infringing part with an equivalent element not subject to any legal action for infringement;

 

8

 

·                       to modify the infringing part so as to prevent the said infringement.

 

7.2.4                     In any event, the Service Provider undertakes to take responsibility for any damages that the Client might be ordered to pay by a definitive court decision based exclusively on the demonstration of an infringement.

 

8                                         TERM

 

8.1                               The Agreement is entered into on the date hereof with retroactive effect from the 1st of September 2017 and ends on 30 June 2019.

 

9                                         PROJECT COMMITTEE

 

9.1                               To achieve close coordination and promote the progress of the Developments, the Parties agree that the carrying out of the Services shall give rise to the holding of project committee meetings which will take place by telephone or in person at least two (2) times per month.

 

9.2                               Each of the Parties will assign for the performance of the Agreement, a single competent decision-making manager who will be tasked with the monitoring and the proper progression of operations in the context of the Agreement and in particular of the project committee. In this respect:

 

·                       the manager for the Service Provider is: Mr Gianluca Zia;

 

·                       the manager for the Client is: Mr Waly Dioh.

 

9.3                               In case of need, exceptional meetings may be held at the request of the Client or the Service Provider.

 

9.4                               The main tasks of the project committee will be:

 

·                       to exchange the information necessary for carrying out the Services and Developments;

 

·                       to monitor the progress and the quality of the work performed and, more generally speaking, the proper performance of the Agreement;

 

·                       to become aware of all difficulties that may arise and take the appropriate decisions and measures;

 

·                       to study and propose any amendments to this Agreement.

 

10                                  TERMINATION

 

10.1                        In the event of a breach by one of the Parties of the contractual obligations, not remedied within thirty (30) days of the sending of a registered letter with return receipt notifying the breach in question, the other Party may terminate the Agreement due to the sole fault of the other Party without prejudice to any damages that it may claim hereunder.

 

10.2                        In case of termination of the Agreement, the invoices due by the Client to the Service Provider shall be paid on a pro rata temporis basis.

 

9

 

10.3                        In case of termination of the Agreement, the Service Provider shall immediately return to the Client, (i) all documents and information, on any medium whatsoever, that may have been conveyed to it in the context of execution of the Agreement and (ii) all of the Developments implemented or in development.

 

10.4                        Termination of the Agreement, for whatever reason, will not under any circumstances result in the Client losing the benefit of Article 3.

 

11                                  NON-HIRING

 

11.1                        Each Party undertakes not to hire away or employ the personnel of the other Party and/or its affiliates for the duration of the Agreement and for a period of twelve (12) months after the end of the contractual relationship.

 

11.2                        If a Party breaches its obligations, it undertakes to pay the other Party a penalty equal to twelve (12) months of the last gross monthly of the person or persons in question.

 

12                                  SUBCONTRACTING

 

12.1                        This Agreement may be subcontracted by the Service Provider, who will inform the Client of this.

 

13                                  NON-TRANSFERABILITY

 

13.1                        The Agreement is entered into intuitu personae, the rights and obligations resulting therefrom cannot be assigned or transferred by either Party to a third party, for any reason and in any form (including by way of sale of goodwill, capital contribution to a company, transfer of shares) whatsoever, without the prior express written consent of the other Party.

 

14                                  CONFIDENTIALITY

 

14.1                        Each Party undertakes to consider confidential the information concerning the other Party, regardless of the nature thereof, including, economic and technical information, which it might have had access to during the performance of the Agreement.

 

14.2                        The following are not considered confidential: information concerning which one of the Parties can prove:

 

14.3                        that it entered the public domain prior to its disclosure or thereafter, but in this case without any misconduct attributable to the party; or

 

14.4                        that it was already known to them, with this prior knowledge able to be demonstrated by the existence of appropriate documents in its files; or

 

14.5                        that it was received from a third party illegally, without restrictions nor breach of this Agreement; or

 

14.6                        that it is the result of internal developments undertaken in good faith by members of its personnel not having had access to such confidential information; or

 

14.7                        that the use or disclosure were authorised in writing by the Party from which it originates.

 

10

 

14.8                        As an exception, the Parties are authorised to disclose, without the prior consent of the other Party, to the public, national or EC authorities, the information requested pursuant to the regulations in force.

 

14.9                        With regard to their personnel, the Parties will take all measures necessary to ensure the secrecy and confidentiality of all information and documents referred to above.

 

14.10                 This obligation of confidentiality is accepted for the duration of the Agreement and for a period of two (2) years after the expiration or termination of the Agreement, for whatever reason.

 

15                                  INDEPENDENCE OF THE PARTIES

 

15.1                        As the Agreement is entered into between legally independent persons, the collaboration resulting from the Agreement cannot under any circumstances compromise the independence of the Parties.

 

15.2                        Consequently, the Client solely accepts the consequences of its activities and the operations for which the Service Provider’s assistance and advice are sought and cannot claim to have the Service Provider bear any of its losses, nor be compelled to share its profits with it.

 

15.3                        The Parties acknowledge that the Agreement is not a membership agreement as defined in paragraph 2 of Article 1110 of the Civil Code, i.e. an agreement the general conditions of which were removed from the negotiation.

 

15.4                        The Parties declare that the provisions of the Agreement were negotiated in good faith in compliance with the binding provisions of Article 1104 of the Civil Code, and that pursuant to the provisions of Article 1112-1 of the same Code, all information the importance of which is a determining factor for the other party’s consent has been revealed, knowing that breaching the duty of information could invalidate it.

 

16                                  DIVISIBILITY OF THE CLAUSES

 

16.1                        The fact that any clause whatsoever of the Agreement becomes invalid, unenforceable, void, illegal or inapplicable cannot call into question the validity of the Agreement and will not exonerate the Parties from fulfilling the Agreement.

 

17                                  MODIFICATIONS

 

17.1                        Any modification of the Agreement may result only from a written document signed by the Parties.

 

18                                  ENTIRETY OF THE AGREEMENT

 

18.1                        The Agreement, including its annexes and amendments, constitutes the entirety of the agreement between the Parties and replaces all declarations, negotiations, commitments, oral or written communication, acceptance, understandings and prior agreements between the Parties relating to the same object.

 

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19                                  ELECTION OF DOMICILE

 

19.1                        For the performance of the Agreement and its consequences, the Parties elect domicile at their respective registered offices indicated above,

 

19.2                        Any change of address shall be notified to the other Party signing the Agreement, by registered letter with return receipt, order to be enforceable against it.

 

20                                  EXCLUSION OF UNFORESEEABLE EVENTS

 

20.1                        The Parties shall refrain, each one as regards itself, from availing themselves of the provisions of article 1195 of the Civil Code, which make it possible, if a change of circumstances unforeseeable at the time of finalising the agreement comes to make the performance thereof excessively burdensome, to request the renegotiation thereof.

 

17.                               APPLICABLE LAW AND ATTRIBUTION OF JURISDICTION

 

20.2                        The Agreement is governed by and interpreted in accordance with French law.

 

20.3                        The competent courts within the jurisdiction of the Court of Appeal of Paris shall have exclusive jurisdiction to handle any dispute between the Parties relating to this Agreement or the operations that it provides for, particularly for its interpretation or its execution.

 

 

	
Drawn up in Paris, December 22,   2017
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
In two (2) originals
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Stanislas Veillet
    	
 
    	
/s/ Susanna Del Signore
    
	
Biophytis SA  
    	
 
    	
BlueCompanion  
    
	
 
    	
 
    	
 
    
	
Represented by Mr Stanislas   Veillet
    	
 
    	
Represented by Ms Susanna Del   Signore
    

 

12

 

List of annexes

 

Annex 1: Offer proposing BlueCompanion services

 

Annex 2: Schedule for implementation and development of the SARA Clinical Data Platform

 

13

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