Document:

Exhibit 10.17

 

APPENDIX –J

COMPREHENSIVE RELEASE AGREEMENT

 

This agreement (this “Agreement”) is entered into

by and among Procept, Inc. (formerly Pacific Pharmaceuticals, Inc.) (“Procept”),

AOI Pharmaceuticals, Inc. (a subsidiary of Access Oncology, Inc.) (“AOIP”),

and the United States Public Health Services (“PHS”), and both the Penn

State Research Foundation (“Foundation”), the University of Chicago (“UC”)

(Procept, AOIP and PHS, Foundation and UC collectively, the “Parties”).

 

WHEREAS, the Foundation, UC and PHS are owners of certain patent rights associated with O6-Benzylguanine and/or its

derivatives;

 

WHEREAS, UC under an agreement with its affiliated

corporation, ARCH Development Corporation has the right to license the Licensed

Patents and other intellectual property owned by ARCH;

 

WHEREAS, Foundation executed the following

Interinstitutional Agreements (IIA) with PHS:

L-094-91/0, executed May 20, 1997 (attached as Exhibit A); and with UC (L-086-02/0) executed (May 16,

1997) (attached as Exhibit B) whereby UC  and  the Foundation received full power and

authority to enter into a license

agreement with Procept

on or about February 6, 1998 (such license agreement, the “License Agreement” attached

as     Exhibit C), pursuant to which Procept received an exclusive worldwide

license to certain Patent Rights

(as defined therein);

 

WHEREAS, Procept

has sub-licensed certain of its interests, rights and obligations under the License Agreement to AOIP pursuant to a sublicense agreement

entered into by and between Procept

and AOIP on or about October 13,

2000 (such sublicense agreement, the “Sublicense Agreement” attached as Appendix

D);

 

WHEREAS, UC,

Foundation and the PHS have agreed to enter into the following

Interinstitutional Agreements (“Interinstitutional

Agreements”): L-086-02/0,

executed January 30, 2002; and L-067-02/0, executed January 29, 2002,

copies of which are attached hereto as Exhibits

E and F and pursuant to which PHS

has exclusive licensing rights associated with the Patent Rights;

 

WHEREAS, Procept

and PHS have executed a revised

license agreement dated February 28, 2002,        L-068-02/0 (“Revised

License Agreement”), to

which this Release agreement (“Comprehensive

Release Agreement”) is attached as

Appendix J, and replaces the existing Release Agreement, now attached to Revised License Agreement as Appendix

I.  Said Revised License Agreement (L-068-02/0, executed February 28,

2002), its Amendment (L-068-02/1, “Amendment”),

and the Comprehensive Release Agreement

shall supercede and terminate the terms and conditions of the License Agreement;

 

WHEREAS, the Parties acknowledge that they will each derive substantial

benefit from the Revised License Agreement,

the Sublicense Agreement and AOIP’s development efforts thereunder;

 

NOW, THEREFORE, in consideration of the

foregoing premises and the mutual covenants herein contained, and for other

good and valuable consideration, the receipt and sufficiency of which is hereby

acknowledged, the Parties agree as follows:

 

1.             PHS, the

Foundation and UC hereby

irrevocably and absolutely release and forever discharge both Procept and AOIP,  as well as their affiliates, and their

respective successors, predecessors, assigns, beneficiaries, executors,

trustees, administrators, subrogees, agents, representatives, employees,

officers, directors, shareholders, partners, parent corporations, subsidiaries

and affiliates (collectively, “Released Parties”), of and from any and all

claims, demands, obligations, debts, actions, and causes of action of every

nature, character, and description, known or unknown, pursuant to, arising out

of, or related to the License Agreement,

which PHS now owns or holds, or

has at any time heretofore owned or held, or may at any time own or hold

against the Released Parties,

arising prior to and including the date of this Agreement.

 

 

2.             In

the event the Revised License Agreement

is terminated owing to a breach by Procept (as

determined by a court of competent jurisdiction or specific reference in a

settlement of litigation) and AOIP

is in good standing under the Sublicense

Agreement, PHS, or Foundation and UC (in the event that the Interinstitutional Agreements have also been terminated,)  will grant a license directly to AOIP on substantially similar terms and

conditions as those contained in the Revised

License Agreement and its Amendment

(such newly granted license, the “New AOIP License”).  It is understood and agreed that unless and

until such New AOIP License is

executed, AOIP shall maintain its

exclusive sublicense to the Patent Rights (as

defined in Appendix A of Revised License

Agreement, L-068-02/0) for up to ninety (90) days in accordance with

the Sublicense Agreement, and

thereafter in accordance with the material terms and conditions of the Revised License Agreement.  It is further understood and agreed that the

Sublicense Agreement shall

terminate upon execution of the New AOIP

License.  It is further

understood and agreed to by PHS, Foundation,

UC, and AOIP that the

royalty consideration to be paid to PHS, or

to Foundation and UC in the event the Interinstitutional Agreements have also been terminated, under the terms and conditions of the New AOIP License shall be the same as those

terms contained in Appendix C of the Revised

License Agreement.

 

3.             In the event the Interinstitutional Agreements between PHS and the Foundation and PHS and UC are

determined by a court of competent jurisdiction to be breached by PHS and as a result, are terminated, and Procept is in good standing under the Revised License Agreement, the Amendment, and the Comprehensive Release Agreement, the Foundation will grant a license directly to

Procept on the same terms and

conditions as those contained in the Revised

License Agreement and

its Amendment (such newly

granted license, the “New Procept License”).

 It is understood and agreed that in

that event, unless and until such New Procept

License is executed, Procept

shall maintain its exclusive license to the Patent Rights in accordance with the Revised

License Agreement. 

Regardless of whether the New

Procept License is executed, the Sublicense

Agreement, and its Amendment, shall remain in full force and effect.

 

4.             The

construction, validity, performance, and effect of this Agreement shall be governed

by Federal law as applied by the Federal courts in the District of Columbia.

 

 5.            This

Agreement may be signed in one or more counterparts, each of which is to be

considered an original, and taken together as one and the same document.

 

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2

 

IN WITNESS WHEREOF,

the Parties acknowledge by the

signatures below of their authorized representatives that they have read this Comprehensive Release Agreement and

understand and agree to be bound by its terms and conditions.

 

	

  For PHS:

  	

   

  
	

   

  	

   

  
	

   

  	

   

  
	

  /s/ Jack Spiegel

  	

   

  	

  5/13/2002

  	

   

  
	

  Jack

  Spiegel, Ph.D.

  	

  Date

  
	

  Director,

  Division of Technology Development and Transfer

  	

   

  
	

  Office of

  Technology Transfer

  	

   

  
	

  National Institutes of Health

  	

   

  
	

   

  	

   

  
	

   

  	

   

  
	

  Mailing

  Address for Notices:

  	

   

  
	

   

  	

   

  
	

  Office of

  Technology Transfer

  	

   

  
	

  National

  Institutes of Health

  	

   

  
	

  6011

  Executive Boulevard, Suite 325

  	

   

  
	

  Rockville,

  Maryland  20852-3804  U.S.A.

  	

   

  
	

   

  	

   

  
	

  PROCEPT, INC.

  	

   

  	

   

  	

  AOI

  PHARMACEUTICALS, INC.

  
	

   

  	

   

  	

   

  	

   

  
	

  369 Lexington

  Avenue

  	

  An Access

  Oncology Company

  
	

  10th

  Floor

  	

  750 Lexington Avenue

  
	

  New York, NY

  10017

  	

  26th

  Floor

  
	

   

  	

  New York, NY

  10022

  
	

   

  	

   

  
	

   

  	

   

  
	

  By:  

  	

  /s/ Salvatore A.

  Bucci

  	

   

  	

  By: 

  	

  /s/ I. Craig

  Henderson

  	

   

  
	

   

  	

   

  
	

  Name: 

  	

  Salvatore A.

  Bucci

  	

   

  	

  Name:

  	

   I. Craig Henderson

  	

   

  
	

   

  	

   

  
	

  Title: 

  	

  President and

  CEO

  	

   

  	

  Title: 

  	

  President &

  CEO

  	

   

  
	

   

  	

   

  
	

  Date: 

  	

  5/17/02

  	

   

  	

  Date: 

  	

  5/21/02

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  THE PENN STATE

  RESEARCH FOUNDATION

  	

  UNIVERSITY OF

  CHICAGO

  
	

   

  	

   

  
	

  113 Technology

  Center

  	

  5640 South Ellis

  Avenue

  
	

  University Park,

  PA 16802

  	

  Suite 405,

  Chicago Illinois 60637

  
	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  By:

  	

  /s/ David E.

  Branigan

  	

   

  	

  By:

  	

  /s/ Alan Thomas

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  Name:

  	

  David E.

  Branigan

  	

   

  	

  Name: 

  	

  Alan Thomas

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  Title: 

  	

  Treasurer

  	

   

  	

  Title: 

  	

  Director,

  Technology Commercialization

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  Date: 

  	

  May 24, 2002

  	

   

  	

  Date: 

  	

  5/29/02

  	

   

  
																										

 

3FIRST AMENDMENT TO EQUITY INCENTIVE PLAN

Exhibit 10.1

FIRST AMENDMENT TO EQUITY INCENTIVE PLAN

 

 

 

The first sentence of Section 4(a) of the Plan is

hereby amended to read in its entirety as follows:

 

	

  (a)

  	

   

  	

  Shares Available.

  Subject to adjustment as provided in Section 4(b), the number of Shares

  with respect to which Awards may be granted under the Plan shall be

  24,500,000 and the number of Shares with respect to which Awards (other than

  Options) may be granted under the Plan shall be 2,500,000.

  

 

This amendment shall be effective as of January 23, 2002,

subject to its approval by the stockholders of Nasdaq in a manner that complies

with Sections 422 and 162(m) of the Code.

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