Document:

Exhibit 10.22

 

Translation for information purposes only

 

 

Amendment to the Services Agreement

 

relating to the SARA-DATA Clinical Data Platform

 

 

Between

 

Biophytis SA

 

as Client

 

and

 

BlueCompanion

 

as Service Provider

 

 

1

 

TABLE OF CONTENTS

 

	
1
    	
DEFINITIONS -   INTERPRETATION
    	
4
    
	
 
    	
 
    	
 
    
	
2
    	
MODIFICATIONS MADE   TO THE CONTRACT
    	
4
    
	
 
    	
 
    	
 
    
	
3
    	
ABSENCE OF OTHER   MODIFICATIONS
    	
4
    
	
 
    	
 
    	
 
    
	
4
    	
ABSENCE OF NOVATION
    	
4
    
	
 
    	
 
    	
 
    
	
5
    	
ENTRY INTO FORCE
    	
4
    
	
 
    	
 
    	
 
    
	
6
    	
INVALIDITY OF A   STIPULATION
    	
4
    

 

2

 

THIS AMENDMENT IS ENTERED INTO ON 26 NOVEMBER 2018:

 

BETWEEN

 

(1)                         Biophytis SA, a 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 Carlyle House, Lower Ground Floor, 235-237 Vauxhall Bridge Road, London, England SW1V 1EJ, 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 WAS SET FORTH BEFOREHAND

 

(A)                       The Client is a company specialising in biomedical research and the development of health products (nutraceuticals and medicines). The Client has developed a portfolio of candidate drugs at different stages of development that address age-related degeneration pathologies.

 

(B)                       One of the candidate drugs being developed, named Sarconeos, concerns sarcopenia (skeletal muscle degeneration). The preparation of the clinical study of Phase 2b of Sarconeos is in progress, including, among other things, a study for characterisation and preselection of the target population in four (4) countries (Belgium, France, Italy and the United States) (hereinafter the “SARA-OBS Study”).

 

(C)                       The Service Provider is a company that offers services in connection with the implementation of clinical trials.

 

(D)                       The Parties wanted to establish a technological partnership in order to achieve the creation of a digital platform in connection with the clinical development of Sarconeos, and in particular the SARA-OBS Study (BIO101-CL02), allowing the Client to collect and analyse the clinical data relating to Sarconeos (hereinafter the  “SARA-DATA Clinical Data Platform”).

 

(E)                        Starting from October 2016, the Service Provider began to carry out services in order to implement and develop the SARA-DATA Clinical Data Platform. To this end, 16 May 2017 the Parties entered into a service-providing agreement in order to formalise their contractual relationship and to specify the terms and conditions for implementation of the development of the SARA-DATA Clinical Data Platform (hereinafter the “Agreement”).

 

(F)                         By an amendment (the “First amendment”) dated 22 December 2017, the Parties modified (i) Articles 1 and 5 of the Agreement dated 16 May 2017, (ii) the specifications, (iii) the budget, and (iv) the duration of the Agreement.

 

(G)                       The Parties now wish to modify (i) the specifications, (ii) the budget and (iii) the duration of the Agreement.

 

(H)                      As a result of the preceding, the Parties have agreed to sign this amendment to the Agreement (the “Amendment”).

 

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

 

1                                DEFINITIONS - INTERPRETATION

 

For the purposes of this Amendment, capitalised terms and expressions have the meaning that they are given in the Agreement, unless otherwise defined in this Amendment.

 

2                                MODIFICATIONS MADE TO THE CONTRACT

 

2.1                      Modification of Article 8 of the Convention

 

By this Amendment, the Parties agree to modify Article 8 of the Agreement, which will henceforth be worded as follows:

 

·                                 DURATION

 

8.1                      The Agreement is entered into on the date hereof with retroactive effect from the 1st of July 2016 and ends on 31 October 2019.”

 

2.2                      Modification of Annex 1 of the Agreement and the First Amendment

 

By this Amendment, the Parties agree to modify the entire Annex 1 of Article 2 of the Agreement, and Annex 2 of the First Amendment, specifying the specifications and the budget, the new version of which is enclosed as Appendix 1 of the Amendment.

 

3                                ABSENCE OF OTHER MODIFICATIONS

 

3.1                      The Parties expressly agree that with the sole exception of the modifications expressly made to the stipulations of the Agreement under the conditions referred to above, all other stipulations of the Agreement and the First Amendment remain unchanged and in full force.

 

3.2                      Any reference to the Agreement and the First Amendment must be understood as a reference to the Agreement modified by this Amendment.

 

3.3                      Unless otherwise stipulated in this Amendment, the Agreement and the First Amendment remain in full force, and from the date of signing of the Amendment, the Agreement, the First Amendment and this Amendment must be read and interpreted as forming a single document.

 

4                                ABSENCE OF NOVATION

 

4.1                      With the exception of what is expressly stipulated in Article 2 of the above Amendment, this amendment does not implement any novation concerning the terms and conditions of the Agreement.

 

4.2                      This condition is an essential and determining condition for the Parties’ consent, without which they would not have signed the Amendment.

 

5                                ENTRY INTO FORCE

 

The Amendment will enter into force on 1 August 2018.

 

6                                INVALIDITY OF A STIPULATION

 

If one of the provisions of the Amendment proves to be or becomes invalid, unenforceable, void, illegal or inapplicable, this cannot call into question the validity, opposability or enforceability of the other provisions of the Amendment, which will not be affected or altered in any manner by it, and the Parties will not be exempt from carrying out the Amendment.

 

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Drawn up in Paris

 

On  December 7, 2018

 

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
    

 

5

 

Annex 1:

 

Amended Service Proposal of 20/07/2018:

 

6Exhibit 10.23

 

 

Services agreement

 

 

Between

 

Biophytis, Inc.

 

And

 

Biophytis SA

 

 

 

 

Reed Smith LLP

42, avenue Raymond Poincaré 75782 Paris Cedex 16 — France
 Telephone : +33 (0)1 76 70 40 00 Fax: +33 (0)1 76 70 41 19

www.reedsmith.com

 

 

TABLE OF CONTENTS

 

	
1
    	
SERVICES
    	
3
    
	
 
    	
 
    	
 
    
	
2
    	
PERFORMANCE OF SERVICES
    	
3
    
	
 
    	
 
    	
 
    
	
3
    	
REMUNERATION
    	
4
    
	
 
    	
 
    	
 
    
	
4
    	
LIABILITY
    	
4
    
	
 
    	
 
    	
 
    
	
5
    	
TERM
    	
5
    
	
 
    	
 
    	
 
    
	
6
    	
TERMINATION
    	
5
    
	
 
    	
 
    	
 
    
	
7
    	
ASSIGNMENT
    	
5
    
	
 
    	
 
    	
 
    
	
8
    	
CONFIDENTIALITY
    	
5
    
	
 
    	
 
    	
 
    
	
9
    	
NO PARTNERSHIP
    	
6
    
	
 
    	
 
    	
 
    
	
10
    	
INVALIDITY
    	
6
    
	
 
    	
 
    	
 
    
	
11
    	
MODIFICATIONS
    	
6
    
	
 
    	
 
    	
 
    
	
12
    	
WHOLE AGREEMENT
    	
6
    
	
 
    	
 
    	
 
    
	
13
    	
CHOICE OF OFFICE
    	
6
    
	
 
    	
 
    	
 
    
	
14
    	
GOVERNING LAW —   JURISDICTION
    	
7
    
	
 
    	
 
    	
 
    
	
SCHEDULE1.1
    	
8
    

 

2

 

AGREEMENT DATED 22 MARCH 2019 :

 

BETWEEN

 

(1)                                 Biophytis, Inc., a Delaware State company (United States), with a capital of USD 1,000,whose registered office is located at c/o NGIN, 21O Broadway, Suite #201, Cambridge, MA 02139, United States, represented by Mr Stanislas Veillet, Managing Director,

 

the “Service Provider”;

 

AND

 

(2)                                 Biophytis SA, a simplified joint stock company with a share capital of EUR 2,692,682.60, whose registered office is located at 14 avenue de l’Opera - 75001 Paris, registered in the Paris Trade and Companies Register (Registre du Commerce et des Sociétés) under number 492 002 225, represented by Mr Stanislas Veillet, Managing Director,

 

the “Client”

 

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

 

WHEREAS:

 

(A)                               The Client holds 100% of the Service Provider’s share capital.

 

(B)                               The Service Provider’s activities are the following:

 

·                  clinical and regulatory development in the field of human health,

 

·                  investor relations and representation with the North American financial community, including regulatory bodies.

 

(C)                               The Client has expressed an interest in receiving assistance from the Service Provider in the above areas.

 

(D)                               In this context, the Parties have agreed to conclude this service agreement for the purpose of determining the conditions and procedures under which the Service Provider will assist the Client (the “Agreement”).

 

AGREED TERMS:

 

1.                                      SERVICES

 

During the term of this Agreement and subject to the terms and conditions stated herein, the Service Provider will provide to the Client the services as listed in Schedule 1.1 (the “Services”).

 

2.                                      PERFORMANCE OF SERVICES

 

2.1.                            Obligations of the Service Provider

 

2.1.1.                  The Service Provider undertakes to take all due care in the performance of the Services for which it is responsible under this Agreement and to carry out its duties in accordance with the highest quality standards.

 

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2.1.2.                  The Service Provider shall decide alone on the choice of personnel to be assigned to the performance of the various Services. The personnel in charge of carrying out these Services will work both on the premises of the Service Provider and those of the Client, depending in particular on the needs and nature of the Services provided.

 

2.1.3.                  Personnel shall not receive any direction or instruction from the Client. It shall remain subject only to the authority of the Service Provider.

 

2.1.4.                  The Service Provider undertakes to employ qualified personnel with the necessary skills to perform the Services.

 

2.1.5.                  The Service Provider may also use any external consultants who can demonstrate a particular expertise or skills with regard to the performance of one of the Services.

 

2.1.6.                  The Service Provider undertakes to comply with employment law and to be at all times in good standing with social and tax authorities.

 

2.2.                            Obligations of the Client

 

2.2.1.                  During the term of this Agreement, the Client undertakes to provide the Service Provider with all the information and documents necessary to perform the Services.

 

2.2.2.                  The Client further undertakes, whenever required or useful for the performance of the Services, to give the Service Provider’s employees free access to its premises and facilities and to make available to such employees all means and resources which may facilitate their intervention, being specified that such employees must comply with all provisions prescribed by the Client, in particular those relating to access and circulation within the facilities, health and safety and confidentiality requirements.

 

3.                                      REMUNERATION

 

3.1.                            Remuneration of the Service Provider

 

3.1.1.                  In consideration for the Services, the Service Provider shall receive from the Client an annual remuneration excluding tax corresponding to the actual costs (direct and indirect) of the Services plus a margin of 5 per cent (5%) (the “Remuneration”).

 

3.1.2.                  The Service Provider shall also be reimbursed for all expenses incurred by its personnel in connection with the performance of the Services (and in particular travel and accommodation expenses) upon presentation of the corresponding supporting documents.

 

3.2.                            Payment terms

 

3.2.1.                  Remuneration shall be paid by the Client within twenty (20) days of the end of each calendar quarter.

 

3.2.2.                  Remuneration shall be invoiced monthly at the end of each period, payable upon receipt.

 

3.3.                            Review of remuneration

 

3.3.1.                  The Remuneration may be adjusted by mutual agreement between the Parties at the time of renewal of this Agreement in accordance with Clause 5.2.

 

3.3.2.                  The review of the Remuneration shall be subject to execution of a written amendment to this Agreement.

 

4.                                      LIABILITY

 

4.1                               The Service Provider undertakes to use its best efforts to fulfil its obligations under the

 

4

 

Agreement, in compliance with the laws and regulations relating to its activities.

 

4.2                               The Service Provider may only be held liable for a material breach of its contractual obligations that has directly caused a loss.

 

4.3                               If the Service Provider is held liable, the Client may not claim any compensation or damages other than the payment of an amount corresponding to the damage actually suffered and limited in any event to the Remuneration received by the Service Provider under the Agreement. Notwithstanding the foregoing, no limitation shall apply in case of gross negligence or willful misconduct.

 

4.4                               The Service Provider shall not be liable for any indirect or consequential loss or damages incurred by the Client.

 

5.                                      TERM

 

5.1                               The Agreement shall enter into force on the 1st January 2019 for a period of one (1) year.

 

5.2                               The Agreement shall be tacitly renewed for subsequent periods of twelve (12) months, unless terminated in accordance with Clause 6 below.

 

5.3                               Termination of the Agreement, when given with notice, shall not give rise to the payment of any indemnity by the Party initiating the termination of the Agreement.

 

6.                                      TERMINATION

 

6.1                               Either Party may terminate this Agreement, without compensation on either side, at any time by giving not less than one (1) month notice in writing to the other Parties, without the need to carry out any other formalities than sending a registered letter with acknowledgement of receipt.

 

6.2                               The Agreement will be automatically terminated without notice if the Service Provider no longer controls (as defined in the provisions of Article L. 233-3 of the French commercial code) the Client.

 

6.3                               In the event of termination of the Agreement, the Service Provider shall immediately return to the Client all documents and information communicated to it in connection with the performance of this Agreement.

 

7.                                      ASSIGNMENT

 

This Agreement being concluded intuitu personae, no Party shall be entitled to assign any of its rights or cause any other party to assume its obligations under this Agreement (whether in whole or in part (including, by way of transfer of contract)) without the prior written consent of the other Party.

 

8.                                      CONFIDENTIALITY

 

8.1.                            Each Party shall treat as strictly confidential information regarding the other Party, of any nature, and notably economic and technical, to which the Party may have had access performing its obligations under this Agreement.

 

8.2.                            Information shall not be considered confidential if it can be proven by one of the Parties that the information concerned:

 

8.2.1.                  has come into the public domain other than through its fault; or

 

8.2.2.                  is already known by the Parties, this previous knowledge may be demonstrated by the existence of appropriate documents in its files; or

 

8.2.3.                  has been legally obtained by a third party, without restriction or breach of the Agreement; or

 

5

 

8.2.4.                  is the result of internal developments undertaken in good faith by the members of its personnel having no access to said information; or

 

8.2.5.                  the use or disclosure have been authorized in writing by the Party from whom it originates.

 

8.3.                            By exception, the Parties are authorized to disclose, without the prior agreement of the other Party, to public, national or Community authorities, the information requested pursuant to the regulations in force.

 

8.4.                            The Parties shall take all necessary measures with respect to their personnel to ensure the secrecy and confidentiality of all information and documents referred to above.

 

8.5.                            This confidentiality obligation is entered into for the duration of this Agreement and for a period of two (2) years from the expiry or termination of this Agreement, regardless of the cause.

 

9.                                      NO PARTNERSHIP

 

9.1.                            As the Agreement is concluded between legally independent persons, the collaboration resulting from this Agreement may in no way affect the independence of the Parties.

 

9.2.                            As a result, the Client alone assumes the consequences of its activities and operations for which the Service Provider’s assistance and advice are requested and may not claim to have the Service Provider bear any losses they may incur or be forced to share its profits with the Service Provider.

 

10.                               INVALIDITY

 

If any provision of this Agreement shall be held to be illegal, void, invalid or unenforceable, the validity of the remainder of this Agreement shall not be affected, and shall not exonerate the Parties of the performance of their obligations.

 

11.                               VARIATIONS

 

No variation of this Agreement shall be effective unless made in writing and signed by each of the Parties.

 

12.                               WHOLE AGREEMENT

 

This Agreement, together with any documents referred to in it, constitutes the whole agreement between the Parties relating to its subject matter and supersedes and extinguishes any prior statements, negociations, commitments, oral or written communications, agreements, acceptance and prior agreements, relating to such subject matter.

 

13.                               CHOICE OF OFFICE

 

13.1.                     For the execution of this Agreement and their consequences, the Parties shall elect domicile at their respective registered offices as indicated above.

 

13.2.                     Any change of address shall be notified by registered letter with acknowledgement of receipt to the other Party signatory to this Agreement in order for the change of address to be enforceable against it.

 

14.                               GOVERNING LAW — JURISDICTION

 

14.1.                     This Agreement is governed by, and shall be construed in accordance with French law.

 

14.2.                     All disputes to which this Agreement may give rise, in particular concerning its validity, interpretation, execution, termination, consequences and following, shall be submitted to the

 

6

 

Paris Commercial Court.

 

In Paris, in two (2) original copies, on March 22nd 2019

 

 

	
/s/ Stanislas Veillet
    	
 
    	
/s/ Stanislas Veillet
    
	
Service Provider
    	
 
    	
Client
    
	
Mr Stanislas Veillet
    	
 
    	
Mr Stanislas Veillet
    

 

7

 

SCHEDULE 1.1

 

SERVICES LIST

 

Clinical and regulatory development services in the field of human health:

 

1.         Consulting on the clinical and regulatory development strategy for the client’s products;

 

2.         Relationship in the name and on behalf of the client with regulatory agencies, including FDA and EMA;

 

3.         Assistance in the management of clinical projects, including interaction with clinical study providers, and representation of the client at clinical centres in the context of clinical studies on the client’s products;

 

4.         Consulting on the development, drafting and submission of regulatory and clinical dossiers;

 

5.         Participation in the client’s scientific communication with the medical community, including participation in medical congresses, interprofessional meetings, scientific or regulatory workshops; collaborative projects;

 

6.         All other activities related to the client’s clinical and regulatory activities if necessary.

 

Financial and communication services:

 

1.         Represent the client with shareholders, potential new investors, investment banks, and other stakeholders in the sector;

 

2.         Lead, if appropriate, the client’s IPO on a North American stock exchange, as well as fundraising activities;

 

3.         Represent the client during “roadshows”, and in investor and media relations activities;

 

4.         Ensure the financial communication of the client, supervise communication agencies, and participate in continuous improvement of messages, tools, and communication channels;

 

5.         Monitor compliance with North American regulations, and in particular with the SEC;

 

6.         Participate in the development of the client’s financial and accounting procedures, and in their implementation;

 

7.         All other activities related to the client’s financial and communication activities if necessary.

 

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