Document:

Third Amendment

to

Exclusive License Agreement

This Third Amendment to the Exclusive License Agreement (this “Amendment”) is entered into as of April 27, 2011 (the “Effective Date of this Amendment”), by and between The George Washington University (“University”) and Protea Biosciences, Inc., (“Company”) having a place of business at 955 Hartman Run Road, Suite 210, Morgantown, West Virginia 26507. University and Company may each be referred to herein individually as “Party” and collectively as the “Parties”. The Exclusive License Agreement effective as of December 1, 2008 which was amended as set forth in the Amended and Restated Exclusive License Agreement effective as of February 22, 2010, further amended via the second amendment effective as of January 14, 201l (the “Second Amendment”) and all appendices and exhibits thereto are collectively referred to herein as the “the First Amended Agreement”.

 

Recitals

 

WHEREAS, the Parties hereto desire to amend the terms of the First Amended Agreement to further reflect certain additional understandings with respect to the First Amended Agreement.

 

NOW, THEREFORE, for and in consideration of the mutual terms and conditions set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.      Defined Terms. All capitalized terms used herein and not otherwise defined herein shall have the meanings given to those terms in the First Amended Agreement.

 

2.      Amendment of the Whereas Clauses. The first four “whereas” clauses shall be deleted in their entirety and replaced with the following:

 

WHEREAS, University and Company desire to clarify certain provisions of the First Amended Agreement, particularly, but not exclusively, with respect to the 3D imaging technology an additional technology relating to High Throughput Single Cell Analysis by Plume Focusing in Laser Ablation Electrospray Ionization (LAESI) Mass Spectrometry and patent prosecution responsibility;

 

WHEREAS, University and Company desire to amend and restate the First Amended Agreement to include such clarifications;

 

WHEREAS, University is the owner of certain rights relating to the LAESI technology, the 3D imaging technology, LAESI Detection of Metabolic Changes In Cells Upon Viral Infection technology, LAESI Analysis of small cell populations and single cells by consecutive laser pulses and High Throughput Single Cell Analysis by Plume Focusing in Laser Ablation Electrospray Ionization (LAESI) Mass Spectrometry; and”

 

	
Third Amendment to Amended and Restated Exclusive

	  	File Name: Third Protea Contract Amendment Signature 
	
License Agreement February 22, 2010

	1	Final May 4 2011 (2).Doc

  

 

 

 

3.      Amendment to Section 1.3 “University Technology Rights.” Section 1.3 “University Technology Rights” shall be deleted in its entirety and replaced with the following section:

 

“University Technology Rights” shall mean the University’s rights in technical information, know how, processes, procedures, compositions, devices, methods, formulas, protocols, techniques, software, designs, drawings, or data that are created by Akos Vertes (Inventor) at the University relating to subject matter disclosed in the applications set out in Exhibit A, or relating to the Laser Ablation Electrospray Ionization (LAESI), 3D imaging technology, and LAESI Detection Of Metabolic Changes In Cells Upon Viral Infection technologies and LAESI application to small cell populations technologies including the technology as described in the University invention disclosure entitled “Subcellular Analysis by Laser Ablation Electrospray Ionization (LAESI) Mass Spectrometry”, a copy of the invention disclosure statement is attached as Exhibit B to Second Amendment, and High Throughput Single Cell Analysis by Plume Focusing in Laser Ablation Electrospray Ionization (LAESI) Mass Spectrometry, a copy of the invention disclosure is attached as Exhibit B to this Third Amendment, which are useful or desirable for practicing such technologies and/or the inventions described by the University Patent Portfolio.

 

4.      Amendment to Section 10.14. Section 10.14 “Entire Agreement”. Section 10.14 shall be deleted in its entirety and replaced with the following section:

 

This Agreement, including the exhibits hereto, constitutes the entire understanding between the Parties with respect to the subject matter contained herein and cancels and supersedes any and all prior agreements, understandings;, and arrangements whether oral or written between the Parties relating to the subject matter hereof.

 

5.      Amendment to Exhibit A. Exhibit A shall be deleted in its entirety and replaced with the following exhibit:

 

EXHIBIT A

	
Application No.

Filing Date

	  	
Title

	  	
Inventor(s)

	  	  	  	  	  
	
12/176,324

18 July 2008

	  	
Laser Ablation Electrospray Ionization (LAESI) for Atmospheric Pressure, In Vivo, and Imaging Mass Spectrometry

	  	
Vertes, Akos; Nemes; Peter;

	  	  	  	  	  
	
12/323,276

25 Nov 2008

	  	
Three-dimensional Molecular Imaging by Infrared Laser Ablation Electrospray Ionization Mass Spectrometry

	  	
Vertes, Akos; Nemes, Peter

	  	  	  	  	  
	
May5, 2011

13/101,518

	  	
Continuation of US Patent Application number 12/323,276

	  	
Vertes, Akos; Nemes, Peter

	
12/774,533

	
  

	
Methods for Detecting Metabolic States by Laser

	
  

	
Vertes, Akos;

 

	
Third Amendment to Amended and Restated Exclusive

	  	File Name: Third Protea Contract Amendment Signature
	
License Agreement February 22, 2010

	2	Final May 4 2011 (2).Doc

  

 

 

	
05 May 2010

	  	
Ablation Electrospray Ionization Mass Spectrometry

	  	
Kashanchi, Fatah; Sripadi, Prabhakar; Kehn-Hall, Kylene

	  	  	  	  	  
	
13/045,277

March 10,2011

	  	
Subcellular Analysis by Laser Ablation Electrospray Ionization (LAESI) Mass Spectrometry

	  	
Vertes, Akos; Stolee, J.; Shreshtha, B.

	  	  	  	  	  
	
PCT/US09/51157

20 July 2009

	  	
LAESI for Atmospheric Pressure, In Vivo and Imaging Mass Spectrometry

	  	
Vertes, Akos; Nemes, Peter

	  	  	  	  	  
	
PCT/US09/65891

25 Nov 2009

	  	
Three-dimensional Molecular Imaging by Infrared Laser Ablation Electrospray Ionization Mass Spectrometry

	  	
Vertes, Akos; Nemes, Peter

	  	  	  	  	  
	
To be filed

	  	
Canadian National Phase of PCT/US09/65891

	  	
Vertes, Akos; Nemes, Peter

	  	  	  	  	  
	
To be filed

	  	
Japanese National Phase of PCT/US09/65891

	  	
Vertes, Akos; Nemes. Peter

	  	  	  	  	  
	
To be filed

	  	
European Regional Phase of PCT/US09/65891

	  	
Vertes, Akos; Nemes, Peter

	  	  	  	  	  
	
PCT/US10/33757

05 May 2010

	
  

	
Methods for Detecting Metabolic States by Laser Ablation Electrospray Ionization Mass Spectrometry

	
  

	
Vertes, Akos; Kashanchi, Fatah; Sripadi, Prabhakar; Kehn-Hall. Kvlene

 

6.      Reaffirmation; Conflicts. Except as expressly amended by this Amendment, the Agreement is and shall continue to be in full force and effect as originally written. This Amendment shall be deemed to revise the terms and provisions specifically referenced herein. In the event of a conflict between the terms and provisions of this Amendment and the terms and provisions of the Agreement, this Amendment shall govern; provided, however, that the fact that a term or provision appears in this Amendment but not in the Agreement, or in the Agreement but not in this Amendment, shall not be interpreted as, or deemed grounds for finding, a conflict for purposes of this Section.

 

7.      Execution in Counterparts; Effectiveness; Severability. This Amendment may be executed in any number of counterparts and by any combination of the parties hereto in separate counterparts, each of which counterpart shall be an original and all of which when taken together shall constitute one and the same Amendment. This Amendment shall become effective as of the date first above written when and if counterparts of this Amendment shall have been executed by the parties hereto. If any section, paragraph, clause, or provision of this Amendment shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause, or provision shall not affect any of the remaining provisions of this Amendment, the intent being that the same are severable.

 

On and after the effective date of this Amendment, each reference in the Agreement to “this Agreement,” “hereunder,”, “hereof” or words of like import referring to the Agreement shall mean and be a reference to the Agreement as amended by this Amendment.

 

	
Third Amendment to Amended and Restated Exclusive

	  	File Name: Third Protea Contract Amendment Signature  
	
License Agreement February 22, 2010

	3	Final May 4 2011 (2).Doc

  

 

 

 

8.      Section References. Section titles and references used in this Amendment shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreements among the parties hereto evidenced hereby.

 

9.      Governing Law. THIS AMENDMENT SHALL BE DEEMED MADE AND PREPARED AND SHALL BE GOVERNED, CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE DISTRICT OF COLUMBIA, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS THEREOF WHICH MAY REQUIRE THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION.

 

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the day and year first above written.

	/s/ Leo M. Chalupa
	
Name:

	
Title:

	
The George Washington University

 

	/s/ Stephen Turner
	
Name:

	
Title:

	
PROTEA BIOSCIENCES, Inc.

 

[Signature Page to the Third Amendment to Exclusive License Agreement]

 

	
Third Amendment to Amended and Restated Exclusive

	  	File Name: Third Protea Contract Amendment Signature  
	
License Agreement February 22, 2010

	4	Final May 4 2011 (2).Doc

  

 

 

Exhibit B

 

The George Washington University Invention Disclosure entitled “High Throughput Single Cell Analysis by Plume Focusing in Laser Ablation Electrospray Ionization (LAESI) Mass Spectrometry”

 

	
Third Amendment to Amended and Restated Exclusive

	  	File Name: Third Protea Contract Amendment Signature  
	
License Agreement February 22, 2010

	5	Final May 4 2011 (2).DocFourth Amendment

 

to

 

Exclusive License Agreement

 

This Fourth Amendment to the Exclusive License Agreement (this "Amendment") is entered into as of June 21, 2011, by and between The George Washington University ("University") and Protea Biosciences, Inc., ("Company") having a place of business at 955 Hartman Run Road, Suite 210, Morgantown, West Virginia 26507. University and Company may each be referred to herein individually as "Party" and collectively as the "Parties". The Exclusive License Agreement effective as of December 1, 2008, which was amended as set forth in the Amended and Restated Exclusive License Agreement effective as of February 22, 2010, amended via the second amendment effective as of January 14, 2011, and further amended via the third amendment effective as of April 27, 2011, and all appendices and exhibits thereto are collectively referred to herein as the "the Amended Exclusive License Agreement".

 

Recitals

 

WHEREAS, University and Company desire to correct certain typographical errors in the Amended Exclusive License Agreement appearing in Sections 2.1 and 4.3;

 

WHEREAS, University and Company acknowledge their mutual understanding of the term "University Patent Rights" as that term appears in Sections 2.1 and 4.3 of the Amended Exclusive License Agreement to mean and always to have meant "University Patent Portfolio" as defined in Section 1.2 of the Amended Exclusive License Agreement;

 

WHEREAS, University and Company desire to amend the Amended Exclusive License Agreement, as amended by this Amendment, to include such corrections;

 

NOW, THEREFORE, for and in consideration of the mutual terms and conditions set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

1.    Defined Terms. All capitalized terms used herein and not otherwise defined herein shall have the meanings given to those terms in the Amended Exclusive License Agreement.

 

2.    Amendment to Section 2.1 "License Grant." Section 2.1 "License Grant" shall be deleted in its entirety and replaced with the following section:

 

Subject to the terms and conditions of this Agreement and during the term hereof, University hereby grants to Company an exclusive license in the Territory, with right to sublicense, to use the University Patent Portfolio and the University Technology Rights (collectively the "University Rights") within the Field to make, have made, use, import, offer for sale and sell Products and practice Processes.

  

1

 

 

3. Amendment to Section 4.3 "Late Payments; University Right to Cure." Section 4.3 "Late Payments; University Right to Cure" shall be deleted in its entirety and replaced with the following section:

 

A payment shall be deemed to be late if made more than five (5) business days after such payment is due to the University under this Agreement. Late payments shall bear interest at the lower of 1.5% per month or the maximum rate permitted by law, compounded daily, until Company pays such amount with all accrued interest to University. The payment of such interest shall not preclude University from exercising any other rights they may have as a consequence of the lateness of any payment. If Company shall fail to pay in a timely manner any maintenance, issuance, legal or like fees necessary for the filing, prosecution or maintenance of the University Patent Portfolio, the University will have the right to pay such amount on behalf of Company and invoice Company for same. Amounts so advanced by the University will bear interest at the rate of 1.5% per month or the maximum rate permitted by law, compounded continuously, until Company pays such amount with all accrued interest to University. The payment of such interest shall not preclude University from exercising any other rights they may have as a consequence of the failure to make such payment, including, without limitation, the right of the University to terminate this Agreement.

 

4. Reaffirmation; Conflicts. Except as expressly amended by this Amendment, the Amended Exclusive License Agreement is and shall continue to be in full force and effect as originally written. This Amendment shall be deemed to revise the terms and provisions specifically referenced herein. In the event of a conflict between the terms and provisions of this Amendment and the terms and provisions of the Amended Exclusive License Agreement, this Amendment shall govern; provided, however, that the fact that a term or provision appears in this Amendment but not in the Amended Exclusive License Agreement, or in the Amended Exclusive License Agreement but not in this Amendment, shall not be interpreted as, or deemed grounds for finding, a conflict for purposes of this Section.

 

5. Execution in Counterparts; Effectiveness; Severability. This Amendment may be executed in any number of counterparts and by any combination of the Parties hereto in separate counterparts, each of which counterpart shall be an original and all of which when taken together shall constitute one and the same Amendment. This Amendment shall be deemed to have been effective as of December 1, 2008. If any section, paragraph, clause, or provision of this Amendment shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause, or provision shall not affect any of the remaining provisions of this Amendment, the intent being that the same are severable.

 

Each reference in the Amended Exclusive License Agreement to "this Agreement," "hereunder,", "hereof" or words of like import referring to the Amended Exclusive License Agreement shall mean and be a reference to the Amended Exclusive License Agreement as amended by this Amendment.

  

2

 

 

6. Section References. Section titles and references used in this Amendment shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreements among the Parties hereto evidenced hereby.

 

7. Governing Law. THIS AMENDMENT SHALL BE DEEMED MADE AND PREPARED AND SHALL BE GOVERNED, CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE DISTRICT OF COLUMBIA, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS THEREOF WHICH MAY REQUIRE THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION.

 

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the day and year first above written.

	/s/ Leo M. Chalupa
	
Name:

	
Title:

	
The George Washington University

 

	/s/ Stephen Turner
	
Name:

	
Title:

	
PROTEA BIOSCIENCES, Inc.

[Signature Page to the Fourth Amendment to Exclusive License Agreement]

  

3

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