Document:

arct-ex1021_167.htm

 

Exhibit 10.21

This TERMINATION AGREEMENT (the “Termination Agreement”) is made as of July 26, 2019 (the “Effective Termination Date”), by and between Arcturus Therapeutics, Inc., a Delaware corporation with offices at 10628 Science Center Drive, Suite 200, San Diego, California 92121, U.S. (“Arcturus”), and CureVac AG, a German stock corporation with offices at Paul-Ehrlich-Strasse 15, 72076 Tuebingen, Germany (“CureVac”). CureVac and Arcturus are referred to in this Termination Agreement individually as a “Party” and collectively as the “Parties”.

RECITALS

WHEREAS, on January 1, 2018, the Parties entered into a Co-Development and Co-Commercialization Agreement (the “Co-Development Agreement”). 

WHEREAS, the Parties mutually desire to terminate the Co-Development Agreement.

NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants contained herein, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

ARTICLE 1

DEFINITIONS

The terms in this Termination Agreement with initial letters capitalized shall have the meanings designated throughout this Agreement or, if not defined herein, shall have the same meaning as provided in the Co-Development Agreement.

ARTICLE 2

TERMINATION OF THE CO-DEVELOPMENT AGREEMENT

2.1Termination. Subject to Section 2.2, the Parties hereby terminate the Co-Development Agreement and acknowledge and agree that, as a result of such termination, their respective rights and obligations under the Co-Development Agreement are terminated as of the Effective Termination Date.

2.2Survival. Section 11.4 of the Co-Development Agreement (survival) shall not survive the termination of the Co-Development Agreement except that the obligations of confidentiality under Article 10 of the Co-Development Agreement shall continue to apply beyond the Effective Termination Date.

 

 

ARTICLE 3

ONE-TIME PAYMENT

CureVac shall make, five (5) Business Days following the date of the Effective Termination Date a one-time payment of U.S. dollar four million (USD 4,000,000) to Arcturus by wire transfer to the bank account designated by Arcturus. 

ARTICLE 4

MUTUAL RELEASE

Arcturus and CureVac hereby release and forever discharge one another, and all of their respective employees, agents, successors, assigns, legal representatives, Affiliates, directors and officers from and against any and all actions, claims, suits, demands, payment obligations or other obligations or liabilities of any nature whatsoever, whether known or unknown, which the other Party or any of its employees, agents, successors, assigns, legal representatives, Affiliates, directors and officers have had, now have or may have in the future directly or indirectly arising out of (or in connection with) the Co-Development Agreement, including without limitation any and all potential or asserted claims related to the OTC Preclinical Development Plan and the termination thereof.

ARTICLE 5

NO ADMISSION OR LIABILITY

This Termination Agreement and compliance with it shall not operate or be construed as an admission by either Party of any liability, misconduct or wrongdoing whatsoever against the other Party or any party released herein, and shall not be construed as an admission of a violation of the rights of any Party, or as a violation of any law, rule, regulation or ordinance.

ARTICLE 6

DISCLOSURE

The Parties will mutually agree upon a Form 8-K to be filed by Arcturus with the Securities and Exchange Commission to disclose the Termination Agreement (the “Form 8-K”). Except for the Form 8-K, unless required by applicable law, neither Party will disclose any information relating to the circumstances which have led to the termination of the Co-Development Agreement or the actual termination of the Co-Development Agreement (including the terms of this Termination Agreement).

ARTICLE 7

NON-DISPARAGEMENT

Neither Party or any of its Affiliates shall make any statements, verbal or written, or cause or encourage others to make any statements, verbal or written, that defame, disparage, or in any way criticize the personal or business reputation, practices, or conduct of, the other Party or its shareholders, directors, officers, employees, or agents, including but not limited to statements 

 

 

made regarding the past relationship and past interactions between the Parties.  This prohibition extends to statements, verbal or written, made to anyone, including but not limited to, the news media, investors, potential investors, any board of directors or advisory board of directors, industry analysts, competitors, strategic partners, vendors, employees (past and present), and clients.  Any breach of this paragraph shall be a material breach of this Termination Agreement.  For the avoidance of any doubt, this Article 7 shall not prohibit the disclosure of any factual statements required by applicable Law. 

ARTICLE 8

GENERAL PROVISIONS

8.1Severability. If any one or more of the provisions contained in this Termination Agreement is held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby, unless the absence of the invalidated provision(s) adversely affects the substantive rights of the Parties.  The Parties shall in such an instance use their best efforts to replace the invalid, illegal or unenforceable provision(s) with valid, legal and enforceable provision(s) which, insofar as practical, implement the purposes of this Termination Agreement.

8.2Successors and assigns. This Termination Agreement, and in particular the mutual release contained herein, shall be binding on all successors and assigns of each Party.

8.3Governing Law. This Termination Agreement shall be governed by and construed in accordance with and any dispute under this Termination Agreement shall be resolved in accordance with the laws of the State of New York, USA, without reference to any rules of conflict of laws.

8.4Dispute Resolution. 

(a)Dispute Escalation. In the event of a dispute between the Parties arising out of or in connection with this Termination Agreement, the Parties will first attempt in good faith to resolve such dispute by negotiation and consultation between themselves.  In the event that such dispute is not resolved on an informal basis within thirty (30) days, any Party may, by written notice to the other, have such dispute referred to each Party’s Chief Executive Officer or his or her designee (who will be a senior executive with the appropriate authority to determine the mater for such Party), who will attempt in good faith to resolve such dispute by negotiation and consultation for a thirty (30) days period following receipt of such written notice.

 

 

(b)Dispute Resolution. 

(i)In the event the Chief Executive Officers of the Parties are not able to resolve such dispute as set forth above, the Parties agree to try to solve such dispute amicably by mediation. The Parties shall conduct a mediation procedure according to the Mediation Rules of the World Intellectual Property Organization (WIPO) in effect on the date of the commencement of the mediation proceedings.  The location of the mediation proceedings will be New York City, New York, USA. The number of mediators will be one (1). The language of the mediation proceedings will be English.

(ii)If the dispute has not been settled pursuant to the said rules within sixty (60) days following the filing of a request for mediation or within such other period as the Parties may agree in writing, either Party may submit the dispute to final and binding arbitration.  Any dispute relating to the validity performance, construction or interpretation of this Termination Agreement, which cannot be resolved amicably between the Parties after following the procedure set forth in this Section 8.4, shall be submitted to arbitration in accordance with the Arbitration Rules of WIPO in effect on the date of the commencement of the arbitration proceedings.  The location of the arbitration proceedings will be New York City, New York, USA.  The number of arbitrators will be three (3).  The language of the arbitration proceeding will be English. The decision of the arbitrators shall be final and binding upon the Parties (absent manifest error on the part of the arbitrator(s)) and enforceable in any court of competent jurisdiction.

8.5Entire Agreement; Amendments. This Termination Agreement contains the entire understanding of the Parties regarding the termination of the Co-Development Agreement.  Any other express or implied agreements and understandings, negotiations, writings and commitments, either oral or written, in respect to the termination of the Co-Development Agreement are superseded by the terms of this Termination Agreement.

8.6Waiver of Rule of Construction. Each Party has had the opportunity to consult with counsel in connection with the review, drafting and negotiation of this Termination Agreement.  Accordingly, the rule of construction that any ambiguity in this Termination Agreement shall be construed against the drafting Party shall not apply.

8.7Counterparts. This Termination Agreement may be executed in two or more counterparts by original signature, facsimile or PDF files, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

[SIGNATURE PAGE FOLLOWS]

 

 

IN WITNESS WHEREOF, the Parties intending to be bound have caused this Termination Agreement to be executed by their duly authorized representatives as of the Effective Termination Date. 

 

	
Arcturus Therapeutics, Inc.
	
 
	
 
	
CureVac AG

	
By:
	
/s/ Joseph Payne
	
 
	
 
	
By:
	
/s/ Daniel Menichella

	
Name:
	
Joseph Payne
	
 
	
 
	
Name:
	
Daniel Menichella

	
Title:
	
Chief Executive Officer
	
 
	
 
	
Title:
	
Chief Executive Officer

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
By: 
	
/s/ Dr. Franz-Werner Haas

	
 
	
 
	
 
	
 
	
Name:
	
Dr. Franz-Werner Haas

	
 
	
 
	
 
	
 
	
Title:
	
Chief Operating OfficerExhibit 10.1

 

 

 

Contract
No.: Long Yin Ha Branch 2018 (maximum insurance) word No. 2012-0005401

 

 

Maximum
Guarantee Contract

(2015
edition)

 

 

 

    	 

    	 

    

 

Creditor:
Longjiang Bank Co., Ltd. Harbin Pingfang branch (hereinafter referred to as "Party A")

Principal:
Ning Tian

Business
address: No. 147-149, XinJiangDa Street, Pingfang District, Harbin

Telephone
and fax: 0451-51787802

 

Guarantor:
Heilongjiang Xinda Enterprise Group Co., Ltd. (hereinafter referred to as “Party B”)

Legal
representative: Qingwei Ma

Business
address: No. 9 Dalian North Road, HaPin Lu JiZhong Qu, Economic Development Dist, Harbin

Telephone
and fax: 0451-86781111

 

In
order to assure the performance of Party A's creditor's rights, Party B will voluntarily provide maximum amount guarantee (counter-guarantee)
to Party A. In order to clarify the rights and obligations of both parties, in accordance with the "Contract Law", the
"Guarantee Law" and other relevant laws and regulations, Party A and Party B shall conclude this contract by equal agreement.

Article
1 Principal Creditor Guaranteed

Article
1.1 The principal creditor's rights guaranteed by Party B shall be performed from December 25, 2018 to December 24, 2019 (including
the start date and expiration date of the period), within RMB 500,000,000.00 (capital format: In RMB Five Hundred Thousand)( In
case of inconsistent capital format, the capital format shall prevail) the maximum principal balance, Party A enjoys the claim
of debtor in terms of signing with Heilongjiang Xinda Enterprise Group Shanghai New Material Sales Co., Ltd. (hereinafter referred
to as “debtor”) foreign currency loan contract, foreign exchange loan contract, bank acceptance agreement, letter
of credit stipulation agreement/contract, open guarantee agreement, international and domestic trade financing agreement, financial
derivative product agreement such as the forward settlement agreement, and other documents (hereinafter referred to as the “principal
contract”), whether or not the claim has expired at the expiration of the above period.

Article
1.2 The maximum principal balance mentioned in the preceding article refers to the sum of the principal balances expressed in
RMB, which is converted from the creditor's rights of different currencies, on the date when Party B assumes the main creditor's
right of guarantee responsibility according to the foreign exchange central parity announced by Party A.

Article
1.3 The interest, compound interest, default interest, breach penalty, liquidated damages, exchange rate losses (related losses
caused by exchange rate changes) and expenses for achieving debt (including but not limited to litigation expenses and attorney
fees, etc.) based on the principal of the credits referred to in Article 1.1 of this contract is also a guaranteed creditor's
right, and the specific amount is determined when it is paid off.

 

    	 

    	 

    

Article
2 Ways of Guarantee

Article
5.3 Sufficient capacity to assume the guarantee responsibility and does not mitigate or waive the guarantee liability assumed
by any agreement, financial status change, or any agreement with any third party.

Article
5.4 A complete understanding of the purpose of the debt under the main contract and the provision of the guarantee for the debtor
is entirely voluntary, and the intention expressed under this contract is completely genuine. For international and domestic trade
financing, Party B acknowledges that the underlying transaction on which the financing is based is true and there is no fraud.

Article
5.5 The information or material provided to Party A is true, accurate and complete in all respects, and there are no false records,
major omissions or misleading statements.

Article
5.6 If the main creditor's right secured by this contract is the international trade financing provided by Party A to the debtor,
Party B accepts and recognizes the relevant international practices of the relevant business.

Article
5.7 Signing and performance of this contract does not violate any contract, agreement or other legal document binding on Party
B.

Article
5.8 If Party B is a natural person, its simultaneous representation and guarantee are as follows:

(1)
Ability to have full civil rights and full capacity for civil conduct;

(2)
Have a legitimate source of income and sufficient compensatory capacity;

(3)
No unlawful arrears of bank loan principal and interest, credit card malicious overdraft, etc.;

(4)
No bad behavior or criminal record such as gambling or drug abuse;

(5)
The guarantee provided to Party A has been obtained by the spouse.

Article
6 Party B's Commitment

Party
B shall make the following commitments to Party A:

Article
6.1 Upon the occurrence of one of the following circumstances, the guarantee liability under this contract shall be unconditionally
fulfilled within 5 working days from the date of receipt of Party A's notice:

(1)
If the main claim is due (including early due), the debtor is not paid:

(2)
Party B or the debtor is filed for bankruptcy or business closure, dissolution, liquidation, suspension of business, revocation
of business license, and cancellation.

Article
6.2 If the guarantee of the existence of Party A's main creditor's right is the collateral provided by the debtor or by a third
party, Party A has the right to ask Party B to assume the guarantee responsibility first, and Party B promises not to defend against
it. If Party A waives, changes or loses other security interests, Party B's guarantee responsibility shall remain valid and shall
not be invalid or reduced.

 

 

    	 

    	 

    

 

Article
6.3 Party B shall promptly provide financial information, tax payment vouchers and other relevant information reflecting its financial
status as required by Party A.

Article
6.4 In any of the following circumstances, Party B shall continue to bear its guarantee obligations under this contract without
the consent of Party B:

(1)
Party A negotiates with the debtor to change the main contract, does not aggravate the debtor's debt or extend the debt performance
period;

(2)
Under the international and domestic trade financing, Party A and the debtor modify the letter of credit related to the main contract,
and do not aggravate the debtor’s payment obligation under the letter of credit or extend the payment period;

(3)
Party A transfers the main creditor's right to a third party.

Article
6.5 If any form of security is provided to a third party, the interests of Party A shall not be harmed.

Article
6.6 In the event of merger, division, capital reduction, equity change, transfer of major assets and creditor's rights, major
foreign investment, substantial increase in debt financing, and other actions that may adversely affect Party A's rights and interests,
Party A shall be notified in advance. Agree to or make arrangements for the satisfaction of Party A under this contract, otherwise
Party B may not engage in the above acts.

Article
6.7 In case of any of the following circumstances, Party A shall be notified in a timely manner:

(1)
changes of articles of association, business scope, registered capital, changes in legal representatives, changes in equity;

(2)
going out of business, dissolving, liquidating, suspending business, rectifying business license, being revoked or being filed
for bankruptcy;

(3)
involving or possibly involving major economic disputes, litigation, arbitration, or property being seized, detained or supervised
by law;

(4)
If Party B is a natural person, the residence, work unit, contact information, etc. are changed;

(5)
Issuance of corporate bonds, company bonds, short-term financing bills or use other direct financing methods to increase the level
of liabilities;

(6)
Other large loans or external guarantees.

Article
6.8 A written notice issued by Party A shall be signed in time.

Article
6.9 Under the domestic letter of credit, domestic purchase of letters of credit, import letters of credit and import bills / import
payment services, Party B shall have an irrevocable guarantee obligation in the event of one of the following circumstances, Party
B shall not Disclaimer or defense for any judicial or administrative agency that issues a stop order, prohibition order, or measures
to seal up, detain, freeze, and similar property with a letter of credit for a payment obligation under the letter of credit:

 

 

    	 

    	 

    

 

(1)
Party A’s designee and licensor have made a good faith payment in accordance with Party A’s instructions;

(2)
Party A or its designee or licensor has issued a confirmation of due payment in good faith for the goods under the domestic letter
of credit or has made a good faith acceptance of the documents under the import letter of credit;

(3)
The confirming bank of the letter of credit performed the payment obligation in good faith;

(4)
The negotiating bank of the letter of credit has negotiated in good faith.

Article
6.10 Under the delivery guarantee, bill of lading endorsement, authorized delivery business, Party B shall not waive or defend
because of the debtor's refusal to pay the corresponding letter of credit.

Article
7 Party A promises

Party
A promises to keep confidential the non-public information in relevant documents, financial information and other relevant materials
submitted by Party B in fulfilling its obligations under this contract, except as otherwise provided in relevant laws and regulations
and otherwise stipulated in this contract.

Article
8 Principal Debt’s Determination

In
the event of one of the following circumstances, the claim for the maximum guarantee is determined:

(1)
The expiration of the principal's debt as agreed in Article 1.1;

(2)
New debts cannot happen again;

(3)
The creditor informs the debtor that the creditor's right has expedited and no longer has a new creditor's debt relationship with
the debtor;

(4)
The debtor or Party B is declared bankrupt or revoked;

(5)
Other circumstances in which the law provides for the determination of claims.

Article
9 Breach of contract

Article
9.1 After the contract enters into force, any failure to perform any of its obligations under this contract or any breach of any
representations, warranties and undertakings made under this contract constitutes a breach of contract. Therefore, if the loss
is caused to the other party, compensation shall be paid.

 

    	 

    	 

    

 

Article
9.2 If Party B fails to perform its guarantee obligations under this contract, Party A has the right to deduct the funds opened
by Party B in all accounts of Longjiang Bank and its branches to settle the debts under the main contract. If the deduction amount
is inconsistent with the main contract currency, the deductible amount shall be calculated based on the applicable exchange rate
of the corresponding currency announced by Party A on the deduction date. The interest and other expenses (Party A converts the
deduction amount into the main contract currency according to the national foreign exchange management policy and actually pays
off the debt date under the main contract) incurred during the period from the deduction date to the settlement date and the difference
arising from the exchange rate fluctuations during this period shall be borne by Party B.

Article
9.3 Except as otherwise provided in this contract, either party breaches the contract and the other party has the right to take
any other measures prescribed by the laws, regulations and rules of the People's Republic of China.

Article
10 Effectiveness, Modification and Rescission of the Contract

Article
10.1 This contract shall enter into force from the date of signing.

Article
10.2 Any modification to this contract shall be made by the parties to the agreement and in writing. The change clause or agreement
forms part of this contract and has the same legal effect as this contract. Except for the modification, the rest of the contract
is still valid, and the original terms of this contract are still valid before the change is effective.

Article
10.3 The invalidity or unenforceability of any clause of this contract does not affect the validity and enforceability of other
clauses, nor does it affect the validity of the entire contract.

Article
10.4 The modification and rescission of this contract shall not affect the rights of the contracting parties to claim damages.
The rescission of this contract does not affect the validity of the dispute resolution clause in this contract.

Article
10.5 All notices under this contract shall be issued in writing. Unless otherwise agreed, the parties shall designate the place
of residence as stated in this contract as the communication and contact address. In the event of any change in the address or
other contact information of any party, the other party shall be notified in writing. A notice sent by a party based on the contact
information prior to the change before it is received by the other party is deemed to be valid.

If
either party refuses to sign or otherwise fails to deliver, the notifying party may serve it by notarization or announcement.

Article
11 Dispute Resolution

The
conclusion, validity, interpretation, performance and settlement of disputes of this contract shall be governed by the laws of
the People's Republic of China. All disputes and disputes arising from or in connection with this contract shall be settled by
both parties, and if the negotiation fails, the following second method shall be adopted:

(1)
Submit the dispute to the ______/_______ Arbitration Commission and arbitrate according to the arbitration rules that are valid
at the time of filing the arbitration application. The arbitral award is final and binding on both parties.

 

    	 

    	 

    

 

 

(2)
It shall be settled through litigation in the court of the locality of Party A.

Article
12 Miscellaneous

Article
12.1 Without the written consent of Party A, Party B shall not transfer all or part of its rights or obligations under this contract.

Article
12.2 Party A's failure to exercise or partially exercise or delay the exercise of any rights under this contract does not constitute
a waiver or change of the right or any other rights, nor does it affect its further exercise of that right or any other right.

Article
12.3 Party A has the right to provide information about this contract and other relevant information to the People's Bank of China
Financial Credit Information Basic Database or other legally established sources in accordance with the provisions of relevant
laws and regulations or other regulatory documents or the requirements of financial regulatory agencies. The credit database shall
be inquired and used by institutions or individuals with appropriate qualifications. Party A shall also have the right to inquire
the relevant information of Party B through the People's Bank of China Financial Credit Information Basic Database and other legally
established credit databases for the purpose of entering into and fulfilling this contract.

Article
12.4 This agreement is made in two originals, each one holding one with same effect.

Article
13 Other matters agreed by the parties

Article
13.1__________________ N/A ____________________________

Article
13.2___________________ N/A ___________________________

    	 

    	 

    

 

 

 

Party
A (seal): Longjiang Bank __________________________________

Legal
representative (authorized agent): Ning Tian __________________________

 

Party
B (seal): Heilongjiang Xinda Enterprise Group Co., Ltd. ________________

Legal
representative (authorized agent): Qingwei Ma ________________________

 

Date
of signing: December 25, 2018

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