Document:

Exhibit 10.15

 

COMMISSION AGREEMENT

 

THIS COMMISSION
AGREEMENT (“AGREEMENT”) is effectively dated as of August 11, 2009 by and
between XTENT, INC., a Delaware Corporation (“SELLER”),
and COUNSEL RB CAPITAL LLC., a Delaware
corporation (the “AUCTIONEER”).

 

RECITALS:

 

The SELLER has
engaged the services of the AUCTIONEER to conduct one or more public auction(s) and/or
private sale(s) of certain property of the SELLER (collectively, “SALE”)
pursuant to the terms of this AGREEMENT. 
The SELLER and the AUCTIONEER (collectively, “PARTIES”) have agreed to
execute this AGREEMENT so as to document the terms of the SELLER’S engagement
of the AUCTIONEER in connection with the SALE.

 

NOW, THEREFORE, in
consideration of these premises, the 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:

 

Section 1.  Purpose
of Agreement.  The SELLER
hereby hires the AUCTIONEER, as the SELLER’s exclusive agent, to conduct the
SALE of the personal property of the SELLER that is listed and described on Exhibit “A”
attached hereto and made a part hereof (collectively, “ASSETS”), upon the terms
and conditions set forth herein.

 

Section 2.  Manner
of Sale.  The SELLER hereby
authorizes the AUCTIONEER:  (a) to
sell the ASSETS, in whole or in part, at a public auction(s) and/or
private sale(s) to the highest bidder thereof; and (b) to include
other assets (other than assets that are duplicates of any ASSET) in such
auction(s) to increase public attendance. 
Although the AUCTIONEER shall endeavor to consult with the SELLER
regarding the manner and method of the SALE, the AUCTIONEER shall have the
authority to conduct the SALE in the manner, and utilizing the methods, that
the AUCTIONEER deems, in its professional judgment, to be appropriate.  The SELLER hereby agrees that it will not
effectuate any SALE of any of the ASSETS on its own without utilizing the
services of the AUCTIONEER in connection therewith.  The AUCTIONEER:  (i) does not guarantee that any SALE
shall be completed; and (ii) shall not be responsible for any purchaser
that fails to live up to its obligation to complete a purchase of any of the
ASSETS.  It is the present intention of
the AUCTIONEER to conduct the SALE on or about October 6, 2009. AUCTIONEER
shall remove all ASSETS from the PREMISES (as defined below) prior to the
TERMINATION DATE.  In connection
therewith, SELLER shall take reasonable steps to ensure that the disconnection
of utilities from ASSETS and the removal of ASSETS is conducted only by
qualified personnel, in a manner that does not cause damage other ASSETS or the
PREMISES.  Notwithstanding the foregoing,
if the modular clean-room that is located on the PREMISES and that is expressly
treated as SELLER’s “sole property” pursuant to the Lease dated September 15,
2003, by and between SELLER and 125 Constitution Associates, L.P., as the same
has been amended to date (the “LEASE”) is not sold pursuant to the SALE, then
AUCTIONEER shall not be responsible for removing it.

 

Section 3.  Commission;
Gross Proceeds; Expenses; Etc.  The SELLER shall not pay any commission to
the AUCTIONEER. The AUCTIONEER shall advance and the SELLER shall reimburse the
AUCTIONEER for all reasonable and documented expenses incurred by the
AUCTIONEER in connection with the SALE (collectively, “AUCTIONEER’S EXPENSES”),
including but not limited to ad placement fees and all other advertising
expenses, digital photography of the ASSETS, brochure and catalog production,
print and electronic media production, labor, creative services, telemarketing,
data list purchases, facsimile charges, postage, travel, accounting, equipment
rental, insurance, permits and any other out-of-pocket charges incurred by the
AUCTIONEER or otherwise relating to the SALE. 
The amount of the AUCTIONEER’S EXPENSES for which the SELLER is
obligated to reimburse the AUCTIONEER will be capped at Thirty Five Thousand
Dollars ($35,000). As used herein, the term “GROSS PROCEEDS” excludes any and
all “BUYER PREMIUMS” (as that term is commonly understood 

 

 

by the AUCTIONEER
to mean) which shall be paid by the purchaser(s) of the ASSETS (“PURCHASER”
or “PURCHASERS”) to the AUCTIONEER in connection with the SALE and any
subsequent sale of any unsold ASSET made within two (2) months of the
SALE.  The AUCTIONEER intends to charge
each PURCHASER a BUYER PREMIUM in an amount equal to twelve and one-half
percent (12.5%) of the aggregate GROSS PROCEEDS paid by each such PURCHASER;
provided, however, that the BUYER PREMIUM that certain PURCHASERS shall be
obligated to pay shall be an amount equal to fifteen percent (15%) of the
aggregate GROSS PROCEEDS paid by such PURCHASERS since the AUCTIONEER is
obligated to pay its internet provider or such other third party a commission
or internet related fee equal to two and one-half percent (2.5%) of such GROSS
PROCEEDS.

 

Notwithstanding
anything contained in this section to the contrary, SELLER shall retain the
right to cancel the SALE and pay a cancellation fee as follows:  (i) Fifty Thousand Dollars ($50,000)
plus actual incurred expenses if cancelled prior to the mailing of the auction
brochure; and (ii) Seventy Five Thousand Dollars ($75,000) plus actual
incurred expenses if cancelled after mailing of the auction brochure.  In addition, SELLER shall retain the right to
remove from the SALE any ASSETS that SELLER sells to a third party who has
purchased intellectual property of the SELLER (“BUNDLED ASSETS”).  In the event SELLER removes any BUNDLED
ASSETS from the SALE, SELLER will pay to AUCTIONEER a fee of Fifty Thousand
Dollars ($50,000); and will reimburse AUCTIONEER for actual incurred expenses.

 

Section 4.  Sale
Proceeds.  The SELLER
hereby authorizes the AUCTIONEER to accept direct payment of the GROSS PROCEEDS
from the PURCHASERS.  Within fifteen (15)
business days from the date of the SALE, the AUCTIONEER shall deliver to the
SELLER an amount equal to the following (“NET PROCEEDS”) — the amount of the
GROSS PROCEEDS, less the AUCTIONEER’S EXPENSES (subject to the terms of Section 3
hereof).  All BUYER PREMIUMS are the sole
property of the AUCTIONEER.  At the time
that the AUCTIONEER delivers the NET PROCEEDS to the SELLER, the AUCTIONEER
shall deliver to the SELLER an itemized accounting of the SALE.

 

Section 5.  Location
of Assets.  The ASSETS are
located on the parcel(s) of real property located at 125 Constitution
Drive, Menlo Park, CA (the “PREMISES”).

 

Section 6.  Use of
the Premises.  The
SELLER:  (a) authorizes the
AUCTIONEER to enter and use the PREMISES for the purposes of — (i) storing
the ASSETS thereupon, (ii) preparing for and conducting the SALE
thereupon, and (iii) otherwise exhibiting the ASSETS; (b) shall not
charge the AUCTIONEER any rent, storage fees, utilities, or any other fees
associated with the AUCTIONEER’s use of the PREMISES in accordance with the
terms of this Section; and (c) shall provide adequate utilities to the
PREMISES, at the SELLER’s sole expense, to allow the AUCTIONEER — (i) to
demonstrate and exhibit the ASSETS to any prospective PURCHASER, and (ii) to
conduct the SALE.  Notwithstanding any of
the terms of this Section to the contrary, the SELLER’s obligations to the
AUCTIONEER under this Section shall: 
(A) commence upon the mutual execution and delivery of this
AGREEMENT; and (B) terminate, unless otherwise extended by the PARTIES,
seventy five (75) days following the mutual execution and delivery of the
AGREEMENT (“TERMINATION DATE”). 
Notwithstanding the foregoing, the SELLER shall not be obligated to do,
and AUCTIONEER agrees no to do, anything that would cause SELLER to violate any
provision of the LEASE.

 

Section 7.  Term of
Agreement.  With the
exception of the agreements of the PARTIES described in Sections 10, 17 and 18
hereof, the rights and obligations of the PARTIES under this AGREEMENT shall
terminate upon the completion of the SALE of all of the ASSETS by the
AUCTIONEER, the removal of the ASSETS following the SALE (which, consistent
with the terms of the immediately preceding Section hereof, shall take
place prior to the 75th day following the mutual execution and delivery of the
AGREEMENT, and the satisfaction of the PARTIES’ respective payment obligations
to one another set forth herein (“TERMINATION DATE”).  Prior to the SALE, the PARTIES will conduct a
joint walk-through inspection (“INITIAL INSPECTION”) of the PREMISES to
identify ASSETS that may require alterations to the PREMISES or fixtures
thereto in order to be removed properly. 
Following the removal of ASSETS and prior to the TERMINATION DATE, the
PARTIES shall conduct a second joint walk-through inspection (“FINAL INSPECTION”)
of the PREMISES, at which time SELLER will notify AUCTIONEER of any ASSETS that
have not been removed from the PREMISES, or damages 

 

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to the PREMISES
caused by the removal of the ASSETS from the PREMISES or the disconnection of
utilities from ASSETS.  Except for
damages that are unavoidable due to the nature of specific ASSETS (for example,
a piece of equipment too large to pass through any available doorway)
AUCTIONEER shall be responsible, at AUCTIONEER’s expense for repairing all such
damages.  Except for any such damages
brought to AUCTIONEER’s attention on the date of the FINAL INSPECTION, the
AUCTIONEER shall have no obligation to remove unsold ASSETS from the PREMISES,
to disconnect any utilities to unsold ASSETS, or to repair any damages to the
PREMISES that are caused by the removal of the ASSETS from the PREMISES or the
disconnection of utilities to sold ASSETS, unless the SELLER is able to prove
that the damages are the direct result of the AUCTIONEER’s negligence or
misconduct.

 

Section 8.  Liability
and Workers’ Compensation Insurance.  The AUCTIONEER shall provide the SELLER with
evidence that the AUCTIONEER has:  (a) public
liability and property damage insurance — (i) insuring the AUCTIONEER
against loss as a result of personal injury or property damage in connection
with the ASSETS, the PREMISES and any SALE, (ii) with limits of not less
than Three Million Dollars ($3,000,000.00) in the aggregate as to personal
injury, and (iii) naming the SELLER as an additional insured; and (b) workers’
compensation insurance with limits of coverage that comply with applicable laws
and regulations.  The AUCTIONEER shall
maintain the insurance described in this Section until the TERMINATION
DATE.

 

Section 9.  Casualty
Insurance.  Until such
time as title to and possession of the ASSETS is delivered to the PURCHASER,
the SELLER (and not the AUCTIONEER) shall obtain and thereafter maintain a
policy or policies of all-risk or fire and extended coverage casualty
insurance, and vandalism and malicious mischief, for the ASSETS:  (a) in an amount not less than the full
insurable value of the ASSETS; and (b) names the AUCTIONEER as an
additional insured.  In the event that,
prior to the SALE of all of the ASSETS, all or any portion of the ASSETS shall
be lost or damaged by fire or other casualty, or by theft or vandalism, the
AUCTIONEER shall be entitled to receive a portion of the insurance proceeds
therefrom in an amount equal to the AUCTIONEER’S EXPENSES incurred to date
(subject to the terms of Section 3 hereof), plus (Z) an
additional twelve and one-half percent (12.5%) of such insurance proceeds since
that is the standard amount of the BUYER PREMIUM that the AUCTIONEER would have
received were it not for such fire or other casualty, or theft or vandalism.

 

Section 10.  Default;
Termination of Agreement. 
In the event that the SELLER materially violates the terms of, or fails
to perform its obligations under, this AGREEMENT, and fails to remedy such
violation of failure within a reasonable time following notice from AUCTIONEER,
the AUCTIONEER may terminate the AUCTIONEER’s obligations under this AGREEMENT,
upon the delivery of written notice thereof to the SELLER, and the SELLER shall
promptly pay to the AUCTIONEER an amount equal to the sum of:  (a) all of the AUCTIONEER’S EXPENSES
incurred to date (subject to the terms of Section 3 hereof); plus (b) an
amount equal to the twelve and one-half percent (12.5%) of the greater of — (i) the
appraised fair market value of the ASSETS, or (ii) if the SELLER sold or
otherwise approved the SALE of all or a portion of the ASSETS without utilizing
the services of the AUCTIONEER in connection therewith (“UNAUTHORIZED SALE”),
the GROSS PROCEEDS of the UNAUTHORIZED SALE.  Notwithstanding the terms of the
preceding sentence to the contrary, in lieu of terminating the AUCTIONEER’s
obligations under this AGREEMENT following such a violation or failure by the
SELLER, if the AUCTIONEER proceeds with the SALE and the AUCTIONEER’S EXPENSES
are increased due to such a violation or failure by the SELLER, the SELLER
shall be obligated to reimburse the AUCTIONEER for such additional AUCTIONEER’S
EXPENSES.  In the event that the AUCTIONEER
materially violates the terms of, or materially fails to perform its
obligations under, this AGREEMENT, and fails to remedy such violation of
failure within a reasonable time following notice from SELLER, the SELLER may
terminate this AGREEMENT, upon the delivery of written notice thereof to the
AUCTIONEER, and the AUCTIONEER shall promptly pay to the SELLER all NET
PROCEEDS received prior to the date of such termination.

 

Section 11.  Seller’s Authorizations
Regarding Bills of Sale. 
The SELLER hereby authorizes the AUCTIONEER to execute, on the SELLER’s
behalf, all bills of sale, receipts and other documents necessary to transfer
title to the ASSETS to the PURCHASER upon payment of the GROSS PROCEEDS.

 

3

 

Section 12.  Satisfaction
of Liens.  Notwithstanding
the SELLER’s representations that are more fully described below, in the event
any claim is made by any alleged creditor for the payment of sums due
(collectively, “CLAIM”) in connection with any liens, encumbrances, security
interests, adverse claims, mortgages, pledges, liabilities, conditional sale
agreements, restrictions and charges of any kind associated with any of the
ASSETS (collectively, “LIENS”), the SELLER shall use its best good faith efforts
to expeditiously resolve, settle or pay the amount of the CLAIM so as to
discharge all LIENS associated with the ASSETS and to obtain a full and
complete release thereof.

 

Section 13.  Representations
of the Seller.  The SELLER
represents and warrants to the AUCTIONEER that:

 

(a)                                  on or before the time of the SALE, the
SELLER shall receive the authorization to sell the ASSETS free and clear of all
LIENS;

 

(b)                                 the SELLER has the authority and has
performed all acts necessary to sell, transfer and deliver good and
merchantable title to the ASSETS to the PURCHASER free and clear of all LIENS
and agrees to defend the Purchaser’s title therein against each and every
person whomsoever may bring a CLAIM or otherwise seek to enforce any LIEN;

 

(c)                                  other than the BUYER PREMIUM, no
brokerage fees are due and owing in connection with the SALE;

 

(d)                                 the person executing this AGREEMENT on
behalf of the SELLER is duly authorized to do so;

 

(e)                                  the AUCTIONEER has no obligation
whatsoever to purchase, sell, make, store, handle, treat, dispose, generate,
transport or remove any HAZARDOUS SUBSTANCES that may be located at the
PREMISES or otherwise associated with the ASSETS.

 

The term “HAZARDOUS
SUBSTANCES” means, collectively, any chemical, solid, liquid, gas, or other
substance having the characteristics identified in, listed under, or designated
pursuant to — (i) the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended, 42 U.S.C.A. ‘9601(14),
as a “hazardous substance,” (ii) the Resource, Conservation and
Recovery Act, 42 U.S.C.A. ‘‘6903(5) and 6921, as a “hazardous waste,”
or (iii) any other laws, statutes, or regulations of a government or
political subdivision or agency thereof, as presenting an imminent and
substantial danger to the public health or welfare or to the environment, or as
otherwise requiring special handling, collection, storage, treatment, disposal,
or transportation.

 

Section 14.  Representations
of the Auctioneer.  The
AUCTIONEER represents and warrants to the SELLER that:

 

(a)                                  all necessary authority to conduct the
SALE has been obtained by the AUCTIONEER;

 

(b)                                 the person executing this AGREEMENT on
behalf of the AUCTIONEER is duly authorized to do so; and

 

(c)                                  the terms of this AGREEMENT are binding
upon and enforceable against the AUCTIONEER.

 

Section 15.  Assignment
of Service Agreements; Manuals; Etc.  To the extent available, and to the extent
permitted, the SELLER agrees to assign to the PURCHASER, without additional
consideration from the AUCTIONEER or the PURCHASER, any and all service
agreements, warranties, operating agreements, maintenance agreements, manuals,
plans, and all similar and other documents relating to the ASSETS or the SALE
which are in the possession or under the control of the SELLER (collectively, “SERVICE
AGREEMENTS”).  The SERVICE AGREEMENTS
shall be delivered to the 

 

4

 

PURCHASER at the
time of the consummation of the SALE, unless otherwise agreed to by the PARTIES
and the PURCHASER in writing. 
Notwithstanding any of the terms of this Section to the contrary,
the SELLER is not obligated to deliver any SERVICE AGREEMENT that is not in the
possession or under the control of the SELLER.

 

Section 16.  Advertising; Disclaimers
of Warranties; Etc.  The
SELLER hereby authorizes the AUCTIONEER: 
(a) to use the SELLER’s name, without additional consideration from the
AUCTIONEER, in promotional materials pertaining to the SALE; and (b) to state
both in its advertising of the SALE and at the SALE that — (i) all ASSETS are
being sold, “AS IS, WHERE IS, AND WITH ALL FAULTS,”
and otherwise to include any disclaimers of warranty, including but not limited
to disclaimers of the warranties of merchantability and fitness for a
particular purpose or use, and (ii) “THERE IS NO WARRANTY
RELATING TO TITLE, POSSESSION, QUIET ENJOYMENT, OR THE LIKE IN THE DISPOSITION
OF ANY OF THE ASSETS.”  The
SELLER hereby acknowledges and agrees that the AUCTIONEER:  (A) has no knowledge with respect to, and has
no obligation to investigate, the merchantability or fitness for any particular
purpose or use of any of the ASSETS; and (B) has no duty to comply with the
relevant provisions of the SECURED TRANSACTIONS LAWS (if applicable), including
but not limited to the delivery of any requisite notice to third parties, as it
is the SELLER’s responsibility to ensure that every aspect of the SALE shall be
commercially reasonable (if applicable). SELLER hereby grants AUCTIONEER a
non-exclusive license to use its Trademark and/or Logo throughout the world, in
all media now or hereafter known, including without limitation on and in
advertising or promotional materials.

 

Section 17.  Indemnifications
by the Seller.  The SELLER
hereby indemnifies, defends and agrees to hold harmless the AUCTIONEER and the
AUCTIONEER’s officers, agents and employees from and against any and all
claims, demands, liabilities, judgments, damages, settlements, costs and
expenses (including but not limited to court costs and attorneys’ fees)
(individually a “LOSS” and collectively the “LOSSES”) that may be sustained or
incurred by the AUCTIONEER as a result of:

 

(a)                                  any CLAIM (as that term is defined in Section 12
hereof);

 

(b)                                 the ASSETS not being free and clear of
all LIENS;

 

(c)                                  any acts or omissions of the SELLER that
result in — (i) personal or property injury incurred at the PREMISES, (ii) a
violation of any governmental statute, ordinance or code related to the ASSETS
or the PREMISES, or (iii) a violation of any security interest, license
agreement, patent or other encumbrance restricting the SALE or the use of the
ASSETS;

 

(d)                                 any claim made by a third party for
commissions allegedly due and owing in connection with the SALE;

 

(e)                                  any environmental action being brought — (i) because
the ASSETS allegedly were involved in, or are somehow related to, the storage,
handling, treatment, disposition, generation, or transportation of HAZARDOUS
SUBSTANCES, or (ii) against the AUCTIONEER in connection with any remedial
actions associated with the ASSETS or the PREMISES; or

 

(f)                                    any material misrepresentation of the
warranties more fully described in Section 13 hereof.

 

Notwithstanding
the above, to the extent an LOSS or LOSSES are caused by the AUCTIONEER’S
negligence or willful or intentional misconduct, SELLER shall not be required
to indemnify AUCTIONEER for such LOSS or LOSSES.

 

Section 18.  Indemnifications
by the Auctioneer.  The
AUCTIONEER hereby indemnifies, defends and agrees to hold harmless the SELLER
and the SELLER’s officers, agents and employees from and against any and all
claims, demands, liabilities, judgments, damages, settlements, costs and 

 

5

 

expenses
(including but not limited to court costs and attorneys’ fees) that may be
sustained or incurred by the SELLER as a result of:

 

(a)                                  any acts or omissions of the AUCTIONEER
that result in — (i) personal or property injury incurred at the PREMISES,
or (ii) a violation of any governmental statute, ordinance or code related
to the ASSETS or the PREMISES;

 

(b)                                 any claim made by a third party for
commissions allegedly due and owing in connection with the SALE; or

 

(c)                                  any material misrepresentation of the
warranties more fully described in Section 14 hereof.

 

Notwithstanding
the above, to the extent an LOSS or LOSSES are caused by the SELLER’S
negligence or willful or intentional misconduct, AUCTIONEER shall not be
required to indemnify SELLER for such LOSS or LOSSES.

 

Section 19.  Dispute
Resolution.  Any
controversy or claim arising out of or related to this AGREEMENT, or any
alleged breach of the terms hereof, shall be settled by arbitration in
accordance with the rules, procedures and regulations promulgated by the
American Arbitration Association (“ARBITRATION PROCEEDING”).  The PARTIES hereby agree that the award rendered
by the person conducting the ARBITRATION PROCEEDING (“ARBITRATOR”) shall be
final and non-appealable, and judgment may be entered upon the award in
accordance with applicable law in any court having jurisdiction thereof.

 

Section 20.  Payment Of Arbitration
Proceeding Costs And Fees.  All
costs and fees incurred by both PARTIES in connection with an ARBITRATION
PROCEEDING, including but not limited to their respective attorneys’ fees and
the fees to be paid to the ARBITRATOR, shall be paid by the PARTY who is deemed
by the ARBITRATOR to be in default under the terms of this AGREEMENT; unless
the ARBITRATOR apportions the costs and fees incurred in connection with the
ARBITRATION PROCEEDING in a different manner or proportion.

 

Section 21.  Limitation
of Liability. 
Notwithstanding any of the terms of this AGREEMENT to the contrary, the
AUCTIONEER’s maximum liability for — (i) any breach of the AUCTIONEER’s
covenants, agreements and/or indemnifications set forth herein, and (ii) any
and all damages of any type or nature whatsoever, whether in contract, tort or
otherwise, that may be sustained by the SELLER or any other person or entity
that arises from or is otherwise related to this AGREEMENT or the SALE and
which is in excess of any applicable insurance coverage — shall be limited to two
(2) times the aggregate amounts actually received by the AUCTIONEER as
compensation under this AGREEMENT.

 

Section 22.  Binding
Obligation; Assignment. 
This AGREEMENT shall be binding upon the PARTIES and their respective
successors and assigns.  Neither PARTY
may assign its interest in this AGREEMENT without the prior written consent of
the other PARTY.

 

Section 23.  Final Agreement.  This AGREEMENT — and any and all (i) exhibits
that are attached hereto and made a part hereof, and (ii) side agreements,
letter agreements, and amendments (if any) that are executed by the SELLER and
the AUCTIONEER in furtherance of this AGREEMENT — contains the final and entire
agreement and understanding of the PARTIES, and any terms and conditions not
set forth in this AGREEMENT (or in such exhibits, side letters, letter
agreements, and amendments) are not a part of this AGREEMENT and the
understanding of the PARTIES.  This
AGREEMENT may be amended or altered only in writing signed by the PARTY to be
bound by the change or alteration.

 

Section 24.  Time.  Time is strictly of the essence of this
AGREEMENT.

 

6

 

Section 25.  Number,
Gender, and Captions.  As
used herein, the singular shall include the plural and the plural may refer to
only the singular.  The use of any gender
shall be applicable to all genders.  The
captions contained herein are for purposes of convenience only and are not a
part of this AGREEMENT.

 

Section 26.  Partial
Invalidity.  If any term,
covenant or condition of this AGREEMENT or its application to any person or
circumstances shall be invalid or unenforceable, the remainder of this
AGREEMENT, or the application of such term or provision to persons or
circumstances other than those to which it is held invalid or unenforceable
shall not be affected, and each term shall be valid and enforceable to the
fullest extent permitted by law.

 

Section 27.  Force
Majeure.  Notwithstanding
any of the terms of this AGREEMENT to the contrary, the AUCTIONEER shall not be
deemed in default with respect to the performance of any of the terms,
covenants and conditions of this AGREEMENT, and the TERMINATION DATE shall be
extended accordingly, if the AUCTIONEER — (i) is unable to conduct the
SALE, (ii) determines that the SALE should be postponed, or (iii) otherwise
is unable to fulfill its obligations hereunder — due to or because of any:  (a) strike or lockout; (b) civil
commotion, war-like operation, invasion, rebellion, terrorist act, hostilities,
military or usurped power, sabotage, or governmental regulation or control; or (c) hurricane,
tornado, flood, mudslide, fire, act of God, or any other cause that is beyond
the control of the AUCTIONEER.

 

Section 28.  Notices.  Any notice required or permitted by or in
connection with this AGREEMENT, without implying the obligation to provide any
such notice, shall be in writing and shall be made by facsimile (confirmed on
the date the facsimile is sent by one of the other methods of giving notice provided
for in this Section) or by hand delivery, by Federal Express, or other similar
overnight delivery service, or by certified mail, unrestricted delivery, return
receipt requested, postage prepaid, addressed to the respective PARTIES at the
appropriate address set forth below or to such other address as may be
hereafter specified by written notice by the respective PARTIES.  If notice is tendered pursuant to the
provisions of this Section and is refused by the intended recipient thereof,
the notice shall be considered to have been given.

 

If to the SELLER:

 

XTENT,
INC.

125 Constitution
Drive

Menlo Park, CA

Attention:  Ron Austin

Fax. No.:   (650) 475-9401

 

If to the
AUCTIONEER:

 

COUNSEL
RB CAPITAL LLC

267 Central Avenue

3435 Wilshire
Blvd., #1870

Los Angeles, CA
90010

Attention:  Adam Reich

Fax. No.:   (310) 559-0924

 

Section 29.  No
Partnership; Etc. 
The AUCTIONEER is not in any way or for any purpose a partner of, joint
venturer with, or an investor or member of any enterprise with, the SELLER in
the conduct of the SELLER’s business, or otherwise.  This AGREEMENT establishes a relationship
solely between a seller and an auctioneer as to certain services that are to be
rendered.

 

[Signatures
begin on the next page.]

 

7

 

IN WITNESS
WHEREOF, the SELLER and the AUCTIONEER execute this AGREEMENT as of the date
first above written (notwithstanding the actual date of execution and delivery
hereof), with the specific intention that this AGREEMENT constitutes a document
under seal.  This AGREEMENT may be
executed in counterparts and may be delivered via facsimile transmission.

 

	
   

  	
  The SELLER:

  
	
   

  	
   

  
	
   

  	
  XTENT, INC.

  
	
   

  	
  A Delaware Corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gregory D. Casciaro

  
	
   

  	
   

  	
  Name:

  	
  Gregory D. Casciaro

  
	
   

  	
   

  	
  Title:

  	
  President & CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  The AUCTIONEER:

  
	
   

  	
   

  
	
   

  	
  COUNSEL RB CAPITAL LLC

  
	
   

  	
  A Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Adam Reich

  
	
   

  	
   

  	
  Name:

  	
  Adam Reich

  
	
   

  	
   

  	
  Title:

  	
  Co-CEO

  

 

8Exhibit 10.52

 

PharmAthene, Inc.

 

Confidential Materials Omitted
and Filed Separately with the

 

Securities and Exchange
Commission

 

Confidential Portions denoted by
[***]

 

Execution Version

 

THIS VARIATION AND SETTLEMENT
AGREEMENT (this “V&S Agreement”) is made as of the date of last signature
below (the “Effective Date”) by and among:

 

(1)          PHARMATHENE, INC. of One Park Place, Annapolis, Maryland 21401 United States (“Pthn US”); and

 

(2)          AVECIA INVESTMENTS LIMITED a company incorporated in England and
Wales (company number 03768296) whose registered office is at PO Box 42,  Hexagon
Tower, Blackley Manchester, M9 8ZS, United Kingdom (“AIL”);
and

 

(3)          PHARMATHENE UK LIMITED a company incorporated in England and
Wales (company number 06534363) whose registered office is at C/O Hogan &
Hartson, Juxon House, 100 St Paul’s Churchyard, London EC4M 8BU, United Kingdom
(“Pthn UK” and sometimes along with Pthn
US collectively referred to as “Pthn”); and

 

(4)          AVECIA BIOLOGICS LIMITED a company incorporated in England and
Wales (company number 05803359) whose registered office is at Hexagon Tower, PO
Box 42, Blackley, Manchester M9 8ZS, United Kingdom (“ABL”
and sometimes along with AIL collectively referred to as “Avecia”);
and

 

(5)          AVECIA BIOLOGICS INC. of 155 Fortune Boulevard, Milford
MA01757, United States (“ABI”); and

 

(6)          AVECIA LIMITED a company incorporated in England and
Wales (company number 03730853) whose registered office is at PO Box 42,
Hexagon Tower, Blackley, Manchester M98ZS, United Kingdom (“AL”).

 

WHEREAS:

 

(A)        Reference is made to that certain (i)
Sale and Purchase Agreement dated 20 March 2008, as amended by the Amendment
Agreement dated April 2, 2008 (as amended, the “Purchase
Agreement”) among AIL, the Business Vendors (as defined therein),
Avecia Limited, the Local Purchasers (as defined therein) and Pthn US and (ii)
letter of credit issued by Silicon Valley Bank (being L/C Number SVBSF005177:
Expiry Date 16 October 2009) pursuant to Schedule 7 of the Purchase Agreement (the
“SVB Letter of Credit”).

 

(B)         The parties hereto now desire to record
the amicable resolution between them of all matters outstanding between them as
of the Effective Date with respect to the Deferred Consideration (as defined in
the Purchase Agreement).

 

1

 

(C)         Reference is made to Contract No.
N01-30052 between ABL and the National Institute of Allergy and Infectious
Diseases (“NIAID”), part of the US National Institute of Health (“NIH”), for “Production
and Testing of Anthrax Recombinant Protective Antigen” (“Contract No.
N01-30052”), which was novated to Pthn UK  in December 2008.

 

(D)         Reference is also made to that certain
Master Services Agreement dated 2 April 2008 among Pthn UK and ABL (the “Master Services Agreement”) and Project Plans #1 and #2
attached thereto (the “Project Plans”).

 

(E)         The parties hereto now desire to record
the amicable resolution between them of matters outstanding as of the Effective
Date with respect to Contract N01-30052, including but not limited to the
Project Plans, including the discharge and settlement of certain obligations
and liabilities under the Master Services Agreement in respect of the Project
Plans arising between them prior to the Effective Date.

 

NOW, IN CONSIDERATION OF THE OBLIGATIONS AND MUTUAL
AGREEMENTS SET OUT IN THIS V&S AGREEMENT, THE PARTIES HERETO HEREBY AGREE
AS FOLLOWS:

 

1.           Payment of Deferred Consideration and Delivery of
the SVB Letter of Credit

 

1.1           Pthn US shall pay to AIL the Deferred Consideration of
US$7,000,000 to be received as cleared funds in the following bank account on
or before 30 June 2009:

 

[* * *]

 

1.2         Upon receipt of the Deferred Consideration as cleared
funds in AIL’s bank account:

 

(i)            AIL shall immediately deliver the SVB Letter of Credit
to Pthn US;

 

(ii)           the SVB Letter of Credit shall be terminated in all
respects; and

 

(iii)          the parties hereto shall promptly take all actions and
to execute all documents necessary to reflect said termination.

 

AIL hereby agrees that it
shall not take any action to avail itself of the protections of the SVB Letter
of Credit including making any draw under the SVB Letter of Credit provided Pthn
US pays to AIL the Deferred Consideration on or before 30 June 2009, in
accordance with Clause 1.1 above.

 

2

 

1.3           The terms of the Purchase Agreement shall be deemed
amended to give effect to the provisions of Clauses 1.1 and 1.2 above.

 

2.             Contract No. N01-30052,
Master Services Agreement and the Project Plans

 

2.1           Subject to adjustment under Clause 3.5 below, Pthn US
on behalf of Pthn UK shall pay to ABL the aggregate sum of GBP£961,885 plus
Value Added Tax payable under Invoice 90000731 (the “Services
Payment”) in a single payment in full satisfaction for work
performed or required to be performed under the Project Plans for which ABL has
not been paid by Pthn UK or any other party, subject to and following
completion of all of the following by ABL:

 

[* * *]

 

2.2           Subject to Clause 2.3 below, as a result of the
termination of the Project Plans on the Date of Termination (defined below).
Pthn US on behalf of Pthn UK shall pay to ABL the sum of GBP£1.588,1 15 plus
Value Added Tax (the “Project Plans Termination
Payment”) on the earlier of:

 

(a)           thirty (30) days of satisfaction of the Milestone 2A
Procurement Condition (as defined in the Purchase Agreement), provided that,
for the avoidance of doubt, payment of the Milestone 2A Procurement
Consideration (as defined in the Purchase Agreement) by Pthn US under the
Purchase Agreement shall in no way be affected by payment under this V&S
Agreement; or

 

3

 

(b)        5 January 2010.

 

2.3          In connection with, and as a condition to,
the payment of the Project Plans Termination Payment in accordance with Clause
2.2 above, ABL shall provide to Pthn UK information in Microsoft Excel format
in a form substantially similar to US Government Standard Form 1437 titled “Settlement
Proposal for Cost-Reimbursement Type Contracts” with supporting documentation
as  previously provided to Pthn UK,
which Pthn UK may use to prepare Standard Form 1437 for submission to NlH in
support its efforts of obtaining reimbursement from the United States
Government for reimbursement for such payment to ABL.

 

2.4           ABL and Pthn understand that the United
States Government may require Pthn UK to submit a single termination claim that
includes costs incurred under the Project Plans prior to termination,
disposition of Acquired Property (as defined below) and cancellation costs as
part of a one-time submission. In such case ABL shall promptly provide to Pthn
UK all documentation reasonably required to support Pthn UK’s claim that the
incurred costs were reasonable allowable, and allocable to the Project Plans and
Contract N01-30052.  If the United States
Government should request Pthn UK to provide additional information on other
standard government forms. ABL agrees to provide reasonable assistance to Pthn
UK for Pthn UK to comply with such requests within a reasonable time frame and
in any event within the designated United States Government time line for
performance subject always to receipt of timely notice by ABL of such requests
from Pthn UK.

 

2.5          Following any delivery request from Pthn,
ABL hereby agrees to deliver to Pthn UK on a commercially reasonable timely
basis all the government furnished equipment (“GFE”)
and raw materials, works in progress, supplies, equipment, data, materials,
information, and other items acquired, fabricated, or otherwise obtained or
provided by Avecia for performing under Contract No: N01-30052 and the Project
Plans (“Acquired Property”) from the beginning
of the contract between ABL and NIAID, part of the NIH, to the date of the novation
between ABL and Pthn UK and then from the date of the aforementioned novation to
the date on which Pthn terminated the Project Plans, i.e. [* * *], (“Date of Termination”) Attachment 2.5 is to the best
of ABL’s knowledge and belief a true, accurate and complete list of all such GFE
and Acquired Property unconsumed or unused as at the Date of Termination but in
the event that there are any items of such GFE or Acquired Property which are
not included on  the said list, such items shall
also be delivered to Pthn UK in accordance with this clause 2.5.  Delivery of all the foregoing (including the
items set forth in Clause 2.1 above) shall be EXW (Billingham Site) (Incoterms
2000)  ABL hereby acknowledges and
confirms to Pthn UK its obligations under Clause 11.1 of

 

4

 

the Master Services Agreement
to transfer PharmAthene Technology (as defined therein) and to provide certain
technical assistance to Pthn UK and its designees and the parties hereto agree
that, once executed by ABL and Pthn UK, the provisions of Project Plan #6 shall
record such obligations of ABL in respect of such transfer and provision of
assistance in detail. ABL shall also provide reasonable assistance to Pthn UK,
including such information as may be reasonably requested by Pthn UK, to
facilitate Pthn UK to bill the United States Government for amounts recoverable
relating to cancellation of the rPA program.

 

2.6           Avecia shall promptly provide to Pthn UK all
documentation reasonably required to enable Pthn UK to take such actions as Pthn
UK, acting reasonably, considers necessary to demonstrate to the United States
Government and support that the Services Payment was reasonable, allowable, and
allocable to the Project Plans and Contract N01-30052. Such documentation shall
be in support of executed work completed by ABL and shall not include any costs
associated with cancellation. At Pthn’s reasonable request, ABL shall promptly
provide Pthn UK or its designee such documentation as may be reasonably
necessary to enable Pthn UK to complete the necessary close-out documentation
required for a United States Government contract like Contract No. N01-30052,
including but not limited to “Final Inventory Statement and Certification,” “Assignment
of Credits and Refunds for Cost Reimbursement Subcontracts,” and “Subcontractor’s
Certificate of Completion and Release of Claims”.

 

2.7           ABL shall provide a list of GFE and Acquired Property
in a Microsoft Excel format in form substantially similar to US Government
Standard Form 1428 titled “Inventory Disposal Schedule”. If the United States
Government should request Pthn UK to provide additional information on other
standard government forms. ABL agrees to provide reasonable assistance to Pthn
UK for Pthn UK to comply with such requests with in a reasonable time frame
with due consideration for the designated United States Government time line
for performance, but subject always to receipt of timely notice to ABL from Pthn
UK of such requests.

 

2.8           Avecia shall provide reasonable assistance to Pthn to
enable Pthn to make all representations and certifications required by the
close-out documentation and Standard Forms referenced above in a timely manner.

 

3.            Basis of settlement and waiver

 

The parties hereto agree
as follows:

 

5

 

3.1           the terms of this V&S Agreement are
in full and final settlement of the obigations and liabilities of the parties
hereto that have arisen, otherwise accrued or are contingent between any of
them solely in respect of:

 

(i)            payment of the Deferred Consideration, provided that, notwithstanding
any provision of this V&S Agreement, AIL shall be entitled to take any
action to avail itself of the protections of the SVB Letter of Credit including
making any draw under the SVB Letter of Credit if Pthn US has failed to pay to
AIL the Deferred Consideration by 30 June 2009, in accordance with Clause 1.1
above; and 

 

(ii)          (a) the obligation on the part of Pthn US
and Pthn UK to make payments to Avecia under the Project Plans and the Master
Services Agreement (and the cancellation of work thereunder), and (b) the
obligations of Avecia to provide proper documentation and justification for the
charges relating to its work under Contract No. N01-30052, Master Services
Agreement and the Project Plans (collectively, any and all of the obligations
and liabilities referred to in this Clause 3.1(ii) are referred to in this
V&S Agreement as the “rPA Wind Down Obligations
and Liabilities”);

 

3.2           as of the Effective Date each of the
parties hereto hereby releases each of the other parties hereto from its
respective rPA Wind Down Obligations and Liabilities, other than as specifically
set out in the V&S Agreement;

 

3.3           other than with respect to fraud or to
enforce its rights under this V&S Agreement, as of the Effective Date, each
of parties hereto covenant with each other party hereto (and their respective
affiliates, principals, directors, officers, stockholders, members,
subsidiaries, parents, divisions, representatives, agents, assigns, employees,
servants and successors) not to take any action against such party (including
but not limited to bringing any proceedings) in respect of the rPA Wind Down
Obligations and Liabilities;

 

3.4           this V&S Agreement is entered into
between the parties hereto in connection with the compromise of disputed
matters and in the light of other considerations. It is not, and shall not be
represented or construed by the parties hereto as, an admission of liability or
wrongdoing on the part of a party to this V&S Agreement or any other person
or entity;

 

3.5           Avecia agree, consent to, and shall
co-operate in the audit of their books and records by the United States
Government, if requested, to support Avecia claims for payment under the
Project Plans and the termination thereof. Said audit will be consistent with
the terms of Contract No. N01-30052. If said audit should discover that costs
within, or

 

6

 

relating to all or any part
of the Services Payment payable are not allowable, allocable or reasonable by
reason of being costs previously paid (i.e., double payments) costs for work,
materials, consumable items, equipment or actions for other customers incorrectly
charged to Pthn, or costs wrongly included by mistake or wilful act or omission. Pthn may
deduct such unallowable, unallocable or unreasonable costs from the Services
Payment (or if payment has already been made Avecia shall promptly reimburse such
amount to Pthn). Notwithstanding the foregoing, no reduction/repayment shall be
due with respect to costs incurred by Avecia for work, materials, consumable
items, equipment or actions obtained, undertaken or allocated to the work under
the Project Plans with Pthn’s approval or that Pthn has previously agreed to
pay;

 

3.6           Avecia
warrant and represent to Pthn that, to the best of Avecia’s knowledge and
belief, the costs incurred under the Project Plans prior to the Date of
Termination were incurred in performance of the Project Plans in which Avecia
have not been reimbursed and that such costs are reasonable, allowable and
allocable per the requirements of Contract No. N01-30052;

 

3.7           The
parties hereto consent to any amendments or variations to the terms of the
Purchase Agreement that result from the terms of this V&S Agreement (the “Variation Consent”). ABl and AL shall have no liability or
obligation under this V&S Agreement in respect of any matter other than the
Variation Consent or as set out in Clause 4 below.

 

4.             Law
and Other Terms

 

4.1           This
V&S Agreement is governed by and shall be construed and interpreted in
accordance with the laws of England. The provisions of Clause 20.2 of the
Purchase Agreement shall apply to this V&S Agreement as though they were
set out in full in this V&S Agreement except that references to the
Purchase Agreement are to be construed as references to this V&S Agreement.

 

4.2           To
the extent that the Purchase Agreement or the Master Services Agreement is explicitly
amended by this V&S Agreement, the terms of this V&S Agreement will prevail
where the terms of the Purchase Agreement or the Master Services Agreement is
contrary to or conflict with provisions of this V&S Agreement. Each of the Purchase
Agreement and the Master Services Agreement, as amended by this V&S Agreement
remains in full force and effect.

 

7

 

4.3           Headings
in this V&S Agreement have been inserted for convenience of reference only
and are not intended to limit or expand the meaning of the language contained
in any particular Clause, paragraph or Clause.

 

4.4           The
rights and obligations of the parties hereto under this V&S Agreement or
any interest in this V&S Agreement shall not be assigned, transferred,
hypothecated, pledged or otherwise disposed of without the prior written
consent of the non-assigning parties hereto; provided, however, that a party
hereto may, without prior consent of the other parties hereto, assign this
V&S Agreement in its entirety in connection with the merger or sale of all
or substantially all of the assets of such party hereto if such assignee agrees
in writing to assume and be bound by the obligations of this V&S Agreement
and the assignor continues to be bound by the obligations hereunder
notwithstanding such assignment.

 

4.5           Each
party hereto covenants that at any time, and from time to time it will execute such
additional instruments and take such actions as may be reasonably requested by
the other parties hereto to confirm or otherwise carry out the intent and
purposes of this V&S Agreement. Should any provision of this V&S
Agreement be declared illegal or unenforceable by any court of competent
jurisdiction, such provision shall immediately become null and void, leaving
the remainder of this V&S Agreement in full force and effect.

 

4.6           This
V&S Agreement may not be modified or amended other than by an agreement in
writing signed by all the parties hereto.

 

4.7           The
nature of any claims against the parties hereto in connection with the subject matter
of this V&S Agreement, the facts underlying such claims, the fact of any settlement
of such claims, the fact of the negotiations leading to such settlement and the
substance of those negotiations, the status of the matters referred to in this
V&S Agreement, the terms of this V&S Agreement, and the amount of
settlement, shall remain confidential and the parties hereto to this V&S
Agreement shall not divulge this information to any person, other than legal
counsel, accountants, the United States Government, including but not limited
to the United States Department of Health and Human Services and other United States
Government agencies acting on its behalf, United States Securities and Exchange
Commission and the United States internal Revenue Service (as well as the UK
equivalents of each of the foregoing), if necessary, at any time or for any
purpose, except as may be required (i) by valid order or request by a securities regulatory organization any
state or federal court, or administrative agency, (ii) by law, or (iii) in order
to enforce the terms of this V&S Agreement.

 

8

 

4.8           Each party hereto
hereby represents and warrants to the other as follows: (i) each party hereto
has all requisite power and authority to enter into this V&S Agreement and
to consummate the transactions contemplated hereby, (ii) the execution and
delivery of this V&S Agreement and the consummation by such party of the
transactions contemplated hereby have been duly authorized by all necessary
action on the part of such party, (iii) this V&S Agreement has been
duly and validly executed and delivered by such party and constitutes the valid
and binding obligation of  such
party, enforceable against such party in accordance with its terms and (iv) the
execution and delivery of this V&S Agreement and the consummation by such
party of the transactions contemplated hereby does not and will not (a) require
the consent of or registration with any court, federal state, local or foreign
governmental or regulatory body, or (b) constitute a default (with or
without notice or lapse of time, or both) under or conflict with any contract
or order to which such party is a party or by which such party or any of its
properties or assets is subject or bound. Each party hereto further represents
and warrants to the other parties hereto that it has not assigned any claims
against any party hereto to any third party.

 

4.9           This V&S Agreement
may be executed (including via facsimile) in any number of counterparts each of
which shall be deemed an original, but all the counterparts shall together
constitute one and the same instrument. It shall not be a necessary that the
signature of, or on behalf of, each party hereto appears on each counterpart but
it shall be sufficient that the signature of, or on behalf of, each party hereto
appears on one or more of the counterparts.

 

IN WITNESS WHEREOF, the authorised representatives of
the parties hereto have executed and delivered this V&S Agreement as a deed
as of the last date set forth below, and upon it execution, this V&S
Agreement becomes effective as of the Effective Date.

 

Executed as a deed for
and on behalf of pharmathene,
inc.

 

	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Position:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  

 

9

 

	
  Executed as a deed for and on behalf of PHARMATHENE UK LIMITED

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Position:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Position:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  
	
   

  
	
  Executed as a deed for and on behalf of  AVECIA INVESTMENTS
  LIMITED

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Duncan McLellan

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  Duncan McLellan

  	
   

  
	
   

  	
   

  	
   

  
	
  Position:

  	
  Director

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
  17 June 2009

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ A.P. Cree

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  Mr. A.P. Cree

  	
   

  
	
   

  	
   

  	
   

  
	
  Position:

  	
  General Counsel & Company Secretary

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
  17 June 2009

  	
   

  

 

10

 

	
  Executed as a deed for and on behalf of AVECIA BIOLOGICS LIMITED

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Duncan McLellan

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  Duncan McLellan

  	
   

  
	
   

  	
   

  	
   

  
	
  Position:

  	
  Director

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
  17 June 2009

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ A.P. Cree

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  Mr. A.P. Cree

  	
   

  
	
   

  	
   

  	
   

  
	
  Position:

  	
  General Counsel & Company Secretary

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
  17 June 2009

  	
   

  
	
   

  
	
  Executed as a deed for and on behalf of AVECIA BIOLOGICS INC.

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Position:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Position:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  

 

11

 

	
  Executed as a deed for and on behalf of AVECIA BIOLOGICS LIMITED

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Duncan McLellan

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  Duncan McLellan

  	
   

  
	
   

  	
   

  	
   

  
	
  Position:

  	
  Director

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
  17 June 2009

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ A.P. Cree

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  Mr. A.P. Cree

  	
   

  
	
   

  	
   

  	
   

  
	
  Position:

  	
  General Counsel & Company Secretary

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
  17 June 2009

  	
   

  
	
   

  
	
  Executed as a deed for  and on behalf
  of AVECIA BIOLOGICS INC.

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Gordon Russell

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  Gordon Russell

  	
   

  
	
   

  	
   

  	
   

  
	
  Position:

  	
  Treasurer

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
  17 June 2009

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ A Topping

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  A Topping

  	
   

  
	
   

  	
   

  	
   

  
	
  Position:

  	
  Vice President

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
  06/17/09

  	
   

  

 

12

 

	
  Executed as a deed for and
  on behalf of AVECIA LIMITED

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Duncan McLellan

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  Duncan McLellan

  	
   

  
	
   

  	
   

  	
   

  
	
  Position:

  	
  Director

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
  17 June 2009

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ A.P. Cree

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  Mr. A.P. Cree

  	
   

  
	
   

  	
   

  	
   

  
	
  Position:

  	
  General Counsel & Company Secretary

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
  17 June 2009

  	
   

  

 

13

 

Attachment 2.1(b)

 

[* * *]

 

14

 

Attachment 2.1(d)

 

[* * *]

 

15

 

[* * *]

 

16

 

Attachment 2.5

 

List of Acquired
Property

 

17

 

[* * *]

 

18

 

[* * *]

 

19

 

[* * *]

 

20

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