Document:

Prepared by R.R. Donnelley Financial -- Exhibit 4.6

 Exhibit 4.6 

WORKDAY, INC. 

2012 EMPLOYEE STOCK PURCHASE PLAN 

1. Establishment of Plan. Workday proposes to grant rights to purchase shares of Common Stock to eligible employees of Workday and its
Participating Corporations (as hereinafter defined) pursuant to this Plan. Workday intends this Plan to qualify as an “employee stock purchase plan” under Section 423 of the Code (including any amendments to or replacements of such
Section), and this Plan will be so construed. Any term not expressly defined in this Plan but defined for purposes of Section 423 of the Code will have the same definition herein. However, with regard to offers of options for purchase of the
Common Stock under the Plan to employees outside the United States (the “U.S.”) working for a Subsidiary or an affiliate of Workday that is not a Subsidiary, the Board or Committee (as defined herein) may offer a subplan or
an option that is not intended to meet the Code Section 423 requirements, provided, if necessary under Code Section 423, that the other terms and conditions of the Plan are met. Subject to Section 14, a total of two million
(2,000,000) shares of Common Stock is reserved for issuance under this Plan. In addition, on each March 31 for the first ten (10) calendar years after the first Offering Date, the aggregate number of shares of Common Stock reserved
for issuance under the Plan will be increased automatically by the number of shares equal to the greater of (i) one percent (1%) of the aggregate number of outstanding shares of Workday Class A and Class B common stock on the
immediately preceding January 31 (rounded down to the nearest whole share), and (ii) actual Shares purchased under the Plan in the immediately preceding fiscal year; provided, that the Board or Committee may in its sole discretion reduce
the amount of the increase in any particular year; and, provided further, that the aggregate number of shares issued over the term of this Plan will not exceed one hundred million (100,000,000) shares of Common Stock. The number of shares
reserved for issuance under this Plan and the maximum number of shares that may be issued under this Plan will be subject to adjustments effected in accordance with Section 14 of this Plan. Capitalized terms not defined elsewhere in the text
are defined in Section 26. 
 2. Purpose. The purpose of this Plan is to provide eligible employees of Workday and Participating
Corporations with a means of acquiring an equity interest in Workday through payroll deductions, to enhance such employees’ sense of participation in the affairs of Workday and Participating Corporations. 

3. Administration. The Plan will be administered by the Compensation Committee of the Board (the “Committee”),
by the Board, or by the Committee’s delegate(s), as permitted by applicable law and provided herein. Subject to the provisions of this Plan and the limitations of Section 423 of the Code or any successor provision in the Code, all
questions of interpretation or application of this Plan will be determined by the Committee or its delegate(s) and its decisions will be final and binding upon all Participants. The Committee or its delegate(s) will have full and exclusive
discretionary authority to construe, interpret and apply the terms of the Plan, to determine eligibility and decide upon any and all claims filed under the Plan. Every finding, decision and determination made by the Committee or its delegate(s)
will, to the full extent permitted by law, be final and binding upon all parties. Notwithstanding any provision to 

  
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the contrary in this Plan, Workday may adopt rules and/or procedures relating to the operation and administration of the Plan to accommodate requirements of local law and procedures outside of
the United States, and in keeping with Section 1, the Committee or its delegate(s) may grant options to eligible employees working outside the United States that are not intended to meet the Code Section 423 requirements. The Board or
Committee will have the authority to determine the Fair Market Value of the Common Stock (which determination will be final, binding and conclusive for all purposes) in accordance with Section 8 below and to interpret Section 8 of the Plan
in connection with circumstances that impact the Fair Market Value. Members of the Committee will receive no compensation for their services in connection with the administration of this Plan, other than standard fees as established from time to
time by the Board for services rendered by Board members serving on Board committees. All expenses incurred in connection with the administration of this Plan will be paid by Workday. For purposes of this Plan, the Committee may designate separate
offerings under the Plan (the terms of which need not be identical) in which eligible employees of one or more Participating Corporations will participate, even if the dates of the applicable Offering Periods of each such offering are identical.

 4. Eligibility. Any employee of Workday or the Participating Corporations is eligible to participate in an Offering Period under
this Plan except the following (other than where prohibited by applicable law): 
 (a) employees who are not employed by Workday or a
Participating Corporation at least one U.S. business day prior to the beginning of such Offering Period or prior to such other time period as specified by the Committee or its delegate(s); 

(b) employees who are customarily employed for twenty (20) or less hours per week, except as are required by law to be eligible to
participate; 
 (c) employees who are customarily employed for five (5) months or less in a calendar year; 

(d) employees who, together with any other person whose stock would be attributed to such employee pursuant to Section 424(d) of the Code,
own stock or hold options to purchase stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of Workday or any of its Participating Corporations or who, as a result of being granted an
option under this Plan with respect to such Offering Period, would own stock or hold options to purchase stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of Workday or any of its
Participating Corporations; 
 (e) employees who do not meet any other eligibility requirements that the Committee may choose to impose
(within the limits permitted by the Code); and 
 (f) individuals who provide services to Workday or any of its Participating Corporations as
independent contractors who are reclassified as common law employees for any reason except for federal income and employment tax purposes. 

  
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 The foregoing notwithstanding, an individual will not be eligible if his or her participation in the Plan is
prohibited by the law of any country that has jurisdiction over him or her or if he or she is subject to a collective bargaining agreement that does not provide for participation in the Plan. 

5. Offering Dates.  

(a) While the Plan is in effect, the Board or Committee may determine the duration and commencement date of each Offering Period, provided that
an Offering Period will in no event be longer than twenty-seven (27) months, except as otherwise provided by an applicable subplan. Offering Periods may be consecutive or overlapping. Each Offering Period may consist of one or more Purchase
Periods during which payroll deductions of Participants are accumulated under this Plan. While the Plan is in effect, the Board or Committee may determine the duration and commencement date of each Purchase Period, provided that a Purchase Period
will in no event end later than the close of the Offering Period in which it begins. Purchase Periods will be consecutive. 
 (b) The initial
Offering Period will commence and end on dates determined by the Board or Committee. Thereafter, a new six-month Offering Period will commence on each December 1 and June 1, with each such Offering Period also consisting of a single
six-month Purchase Period, except as otherwise provided by an applicable subplan. The Board or Committee will have the power to change these terms as provided in Section 5(a) above and Section 24 below. 

6. Participation in this Plan.  

(a) With respect to each Offering Period , an eligible employee determined in accordance with Section 4 may elect to become a Participant
by submitting the prescribed enrollment form, or electronic representation thereof (an “Enrollment Form”) prior to the commencement of the Offering Period to which such agreement relates in accordance with such rules as
Workday may determine; provided that if the Board or Committee determines to commence an Offering Period on the Effective Date, each Participant will be automatically enrolled in accordance with rules as Workday may determine. 

(b) Once an employee becomes a Participant in an Offering Period, then such Participant will automatically participate in the Offering Period
commencing immediately following the last day of such prior Offering Period at the same contribution level as was in effect in the prior Offering Period unless the Participant withdraws or is deemed to withdraw from this Plan or terminates further
participation in the Offering Period as set forth in Section 11 below, or otherwise notifies Workday of a change in the Participant’s contribution level. A Participant that is automatically enrolled in a subsequent Offering Period pursuant
to this section is not required to file any additional Enrollment Form in order to continue participation in this Plan. 
 7. Grant of
Option on Enrollment. Becoming a Participant with respect to an Offering Period will constitute the grant (as of the Offering Date) by Workday to such Participant of an option to purchase on the Purchase Date up to that number of shares of
Common Stock determined by a fraction, the numerator of which is the amount of the applicable 

  
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contribution level for such Participant multiplied by such Participant’s Compensation (as defined in Section 9 below) during such Purchase Period and the denominator of which
is the lower of (i) eighty-five percent (85%) of the Fair Market Value of a share of the Common Stock on the Offering Date (but in no event less than the par value of a share of Workday’s Common Stock), or (ii) eighty-five
percent (85%) of the Fair Market Value of a share of the Common Stock on the Purchase Date (but in no event less than the par value of a share of the Common Stock), and provided, further, that the number of shares of Common Stock subject to any
option granted pursuant to this Plan will not exceed the lesser of (x) the maximum number of shares provided under this Plan, as may be changed by the Board or Committee pursuant to Section 10(b) below with respect to the applicable
Purchase Date or (y) the maximum number of shares which may be purchased pursuant to Section 10(a) below with respect to the applicable Purchase Date. 

8. Purchase Price. The purchase price per share at which a share of Common Stock will be sold to a Participant in any Offering Period
will be eighty-five percent (85%) of the lesser of: 
 (a) The Fair Market Value on the Offering Date; or 

(b) The Fair Market Value on the Purchase Date. 

9. Payment of Purchase Price; Payroll Deduction Changes; Share Issuances.  

(a) The aggregate Purchase Price of the shares purchased hereunder is accumulated by regular payroll deductions made during each Offering
Period, unless Workday determines that contributions may be made in another form (including payment by check at the end of a Purchase Period). The deductions are made as a percentage of the Participant’s compensation in one percent
(1%) increments not less than one percent (1%), nor greater than fifteen percent (15%) or such lower limit set by the Board or Committee. “Compensation” will mean base salary and regular hourly wages (or in foreign
jurisdictions, equivalent cash compensation), not including bonuses and incentive compensation commissions and shift differentials; however, Workday may at any time prior to the beginning of an Offering Period determine that for that and future
Offering Periods, Compensation may include any W-2 cash compensation, including without limitation base salary or regular hourly wages, bonuses, incentive compensation, commissions, overtime, shift premiums, plus draws against commissions (or in
foreign jurisdictions, equivalent cash compensation). For purposes of determining a Participant’s Compensation, any election by such Participant to reduce his or her regular cash remuneration under Sections 125 or 401(k) of the Code (or in
foreign jurisdictions, equivalent salary deductions) will be treated as if the Participant did not make such election. Payroll deductions will commence on the first payday following the last Purchase Date or as otherwise determined by rules
established by Workday and will continue to the end of the Offering Period unless sooner altered or terminated as provided in this Plan. Notwithstanding the foregoing, the terms of any subplan may permit matching shares without the payment of any
purchase price. 
 (b) Subject to Section 24 below and to the rules of the Plan, a Participant may make changes in the rate of payroll
deductions once during each Offering Period and Purchase Period by filing with Workday a new authorization for payroll deductions, which change will be effective on a prospective basis as soon as administratively practicable following the date of
receipt of the new authorization by Workday. 

  
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 (c) Subject to Section 24 below and to the rules of the Plan, a Participant may reduce his
or her payroll deduction percentage to zero during an Offering Period by filing with Workday a request for withdrawal from participation at least fifteen (15) days before the applicable Purchase Date, and after such withdrawal becomes effective
no further payroll deductions will be made for the duration of the Offering Period. Payroll deductions accumulated on behalf of the Participant but not yet used to purchase shares prior to the effective date of the request will be refunded to the
Participant. A reduction of the payroll deduction percentage to zero will be treated as such Participant’s withdrawal from such Offering Period and the Plan, effective as of the day following the filing date of such request with Workday. 

(d) All payroll deductions made for a Participant will be deposited with the general funds of Workday, except to the extent required to be
segregated due to local legal restrictions outside the United States. No interest accrues on the payroll deductions. All payroll deductions received or held by Workday may be used by Workday for any corporate purpose. 

(e) On each Purchase Date, so long as this Plan remains in effect and provided that the Participant has not withdrawn from participation in the
Offering Period at least fifteen (15) days before such Purchase Date, Workday will apply the funds accumulated on behalf of the Participant to the purchase of whole shares of Common Stock reserved under the option granted to such Participant
with respect to the Offering Period to the extent that such option is exercisable on the Purchase Date. The Purchase Price per share will be as specified in Section 8 of this Plan. Any amount accumulated on behalf of a Participant on a Purchase
Date which is less than the amount necessary to purchase a full share of Common Stock will be carried forward into the next Purchase Period or Offering Period, as the case may be (except to the extent required due to local legal requirements outside
the United States), unless otherwise determined by Workday. No Common Stock will be purchased on a Purchase Date on behalf of any employee who has ceased to provide services to either Workday or a Participating Corporation prior to such Purchase
Date. In the event that this Plan has been oversubscribed, all funds accumulated on behalf of a Participant that are not used to purchase shares on the Purchase Date will be returned to the Participant, without interest (except to the extent
required due to local legal requirements outside the United States). 
 (f) As promptly as practicable after the Purchase Date, Workday will
issue shares for the Participant’s benefit representing the shares purchased upon exercise of his or her option. 
 (g) During a
Participant’s lifetime, his or her option to purchase shares hereunder is exercisable only by him or her. The Participant will have no interest or voting right in shares covered by his or her option until such option has been exercised. 

(h) To the extent required by applicable federal, state, local or foreign law, a Participant will make arrangements satisfactory to Workday for
the satisfaction of any withholding tax obligations that arise in connection with the Plan. Workday will not be required to issue any shares of Common Stock under the Plan until such obligations are satisfied. 

  
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 10. Limitations on Shares to be Purchased. 

(a) No Participant will be entitled to purchase stock under any Offering Period at a rate which, when aggregated with such Participant’s
rights to purchase stock that are also outstanding in the same calendar year(s) under other Offering Periods or other employee stock purchase plans of Workday, its Parent and its Subsidiaries exceeds $25,000 in Fair Market Value, determined as of
the Offering Date (or such other limit as may be imposed by the Code) for each calendar year in which such Offering Period is in effect (hereinafter the “Maximum Dollar Amount”), or such lower amount as is determined by the
Board or the Committee. Workday may automatically suspend the payroll deductions of any Participant as necessary to enforce such limit; provided that when Workday automatically resumes such payroll deductions, Workday must apply the rate in effect
immediately prior to such suspension. 
 (b) The Board or Committee may, in its sole discretion, set a lower maximum number of shares which
may be purchased by any Participant during any Offering Period than that determined under Section 10(a) above, which will be the “Maximum Share Limit” for subsequent Offering Periods; provided, however, in no event will
a Participant be permitted to purchase more than ten thousand (10,000) Shares during any one Purchase Period, irrespective of the limits set forth in (a) and (b) hereof. The initial Maximum Share Limit is 1,500 shares during any one
Purchase Period. If a new Maximum Share Limit is set, then all Participants will be notified of such Maximum Share Limit prior to the commencement of the next Offering Period for which it is to be effective. The Maximum Share Limit will continue to
apply with respect to all succeeding Offering Periods unless revised by the Board or Committee as set forth above. 
 (c) If the number of
shares to be purchased on a Purchase Date by all Participants exceeds the number of shares then available for issuance under this Plan, then Workday will make a pro rata allocation of the remaining shares in as uniform a manner as will be reasonably
practicable and as Workday determines to be equitable. In such event, Workday will give written notice of such reduction of the number of shares to be purchased under a Participant’s option to each Participant affected. 

(d) Any payroll deductions accumulated on behalf of a Participant which are not used to purchase stock due to the limitations in this
Section 10, and not covered by Section 9(e), will be returned to the Participant as soon as practicable after the end of the applicable Purchase Period, without interest (except to the extent required due to local legal requirements
outside the United States). 
 11. Withdrawal. 

(a) Each Participant may withdraw from an Offering Period under this Plan pursuant to a method specified by Workday. Such withdrawal may be
elected at any time prior to the last fifteen (15) days of an Offering Period, or such other time period as specified by Workday. 
 (b)
Upon withdrawal from this Plan, the accumulated payroll deductions will be returned to the withdrawn Participant, without interest, and his or her interest in this Plan will terminate. In the event a Participant voluntarily elects to withdraw from
this Plan, he or she may not resume his or her participation in this Plan during the same Offering Period, but he or she may participate in any Offering Period under this Plan which commences on a date subsequent to such withdrawal by re-enrolling
in this Plan. 

  
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 12. Termination of Employment. If a Participant ceases to provide services for any reason,
including retirement, death, disability, or the failure of a Participant to remain an eligible employee of Workday or of a Participating Corporation, his or her participation in this Plan will terminate as of the date of such cessation of service.
In such event, accumulated payroll deductions credited to the Participant will be returned to him or her or, in the case of his or her death, to his or her legal representative, without interest (except to the extent required due to local legal
requirements outside the United States). For purposes of this Section 12, an employee will not be deemed to have ceased to provide services or failed to remain in the continuous employ of Workday or of a Participating Corporation in the case of
sick leave, military leave, or any other leave of absence approved by Workday; provided that such leave is for a period of not more than ninety (90) days or reemployment upon the expiration of such leave is guaranteed by contract or statute.
Workday will have sole discretion to determine whether a Participant has terminated employment and the effective date on which the Participant terminated employment, regardless of any notice period or garden leave required under local employment
law. 
 13. Return of Payroll Deductions. In the event a Participant’s interest in this Plan is terminated by withdrawal,
termination of employment or otherwise, or in the event this Plan is terminated by the Board or Committee, Workday will deliver to the Participant all accumulated payroll deductions accumulated on behalf of such Participant which were not previously
used to purchase Shares. No interest will accrue on the payroll deductions of a Participant in this Plan (except to the extent required due to local legal requirements outside the United States). 

14. Capital Changes. If the number of outstanding Shares is changed by a stock dividend, recapitalization, stock split, reverse stock
split, subdivision, combination, reclassification or similar change in the capital structure of Workday, without consideration, then the number and class of Common Stock that may be delivered under the Plan, the purchase price per share, the number
of shares of Common Stock covered by each option under the Plan which has not yet been exercised, and the numerical limits of Sections 1 and 10 will be proportionately adjusted, subject to any required action by the Board or the stockholders of
Workday and in compliance with applicable securities laws; provided that fractions of a Share will not be issued. 
 15.
Non-assignability. Neither payroll deductions accumulated on behalf of a Participant nor any rights with regard to the exercise of an option or to receive shares under this Plan may be assigned, transferred, pledged or otherwise disposed of in
any way (other than by will, the laws of descent and distribution, or the designation of a beneficiary pursuant to a method specified by Workday) by the Participant. Any such attempt at assignment, transfer, pledge or other disposition will be void
and without effect. 
 16. Use of Participant Funds and Reports. Workday may use all payroll deductions received or held by it under
the Plan for any corporate purpose, and Workday will not be required to segregate Participant payroll deductions (except to the extent required due to local legal requirements outside the United States). Until Shares are issued, Participants will
only have the rights of an unsecured creditor. Each Participant will receive a report containing, or 

  
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otherwise have access to, the following information promptly after the end of each Purchase Period: the total payroll deductions accumulated, the number of shares purchased, the per share price
thereof and the remaining cash balance, if any, carried forward or refunded, as determined by Workday, to the next Purchase Period or Offering Period, as the case may be. 

17. Notice of Disposition. To the extent that this information is not provided by the applicable broker, each U.S. taxpayer Participant
will notify Workday in writing if the Participant disposes of any of the shares purchased in any Offering Period pursuant to this Plan if such disposition occurs within two (2) years from the Offering Date or within one (1) year from the
Purchase Date on which such shares were purchased (the “Notice Period”). Workday may, at any time during the Notice Period, place a legend or legends on any certificate representing shares acquired pursuant to this Plan
requesting Workday’s transfer agent to notify Workday of any transfer of the shares. The obligation of the Participant to provide such notice will continue notwithstanding the placement of any such legend on the certificates. 

18. No Rights to Continued Employment. Neither this Plan nor the grant of any option hereunder will confer any right on any employee to
remain in the employ of Workday or any Participating Corporation, or restrict the right of Workday or any Participating Corporation to terminate such employee’s employment. 

19. Equal Rights And Privileges. All eligible employees granted an option under this Plan that is intended to meet the Code
Section 423 requirements will have equal rights and privileges with respect to this Plan or within any separate offering under the Plan so that this Plan qualifies as an “employee stock purchase plan” within the meaning of
Section 423 or any successor provision of the Code and the related regulations. Any provision of this Plan which is inconsistent with Section 423 or any successor provision of the Code will, without further act or amendment by Workday, the
Committee or the Board, be reformed to comply with the requirements of Section 423. This Section 19 will take precedence over all other provisions in this Plan. 

20. Notices. All notices or other communications by a Participant to Workday under or in connection with this Plan will be deemed to
have been duly given when received in the form specified by Workday at the location, or by the person, designated by Workday for the receipt thereof. 

21. Term; Stockholder Approval. This Plan will become effective on the Effective Date. This Plan will be approved by the stockholders
of Workday, in any manner permitted by applicable corporate law, within twelve (12) months before or after the date this Plan is adopted by the Board. No purchase of shares that are subject to such stockholder approval before becoming available
under this Plan will occur prior to stockholder approval of such shares and the Board or Committee may delay any Purchase Date and postpone the commencement of any Offering Period subsequent to such Purchase Date as deemed necessary or desirable to
obtain such approval (provided that if a Purchase Date would occur more than twenty-four (24) months after commencement of the Offering Period to which it relates, then such Purchase Date will not occur and instead such Offering Period will
terminate without the purchase of such shares and Participants in such Offering Period will be refunded their contributions without interest). This Plan will continue until the earlier to occur of (a) termination of this Plan by the Board or
the 

  
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Committee (which termination may be effected by the Board or the Committee at any time pursuant to Section 24 below), (b) issuance of all of the shares of Common Stock reserved for
issuance under this Plan, or (c) the tenth anniversary of the first Purchase Date under the Plan. 
 22. Conditions Upon Issuance of
Shares; Limitation on Sale of Shares. Shares will not be issued with respect to an option unless the exercise of such option and the issuance and delivery of such shares pursuant thereto will comply with all applicable provisions of law,
domestic or foreign, including, without limitation, the Securities Act, the Exchange Act, the rules and regulations promulgated thereunder, and the requirements of any stock exchange or automated quotation system upon which the shares may then be
listed, exchange control restrictions and/or securities law restrictions outside the United States, and will be further subject to the approval of counsel for Workday with respect to such compliance. Shares may be held in trust or subject to further
restrictions as permitted by any subplan. 
 23. Applicable Law. The Plan will be governed by the substantive laws (excluding
the conflict of laws rules) of the State of Delaware. 
 24. Amendment or Termination. The Board or the Committee, in its sole
discretion, may amend, suspend, or terminate the Plan, or any part thereof, at any time and for any reason. If the Plan is terminated, the Board or the Committee, in its discretion, may elect to terminate all outstanding Offering Periods either
immediately or upon completion of the purchase of shares of Common Stock on the next Purchase Date (which may be sooner than originally scheduled, if determined by the Board or the Committee in its discretion), or may elect to permit Offering
Periods to expire in accordance with their terms (and subject to any adjustment pursuant to Section 14). If an Offering Period is terminated prior to its previously-scheduled expiration, all amounts then credited to Participants’ accounts
for such Offering Period which have not been used to purchase shares of Common Stock will be returned to those Participants (without interest thereon, except as otherwise required under local laws) as soon as administratively practicable. Further,
Workday will be entitled to establish rules to change the Purchase Periods and Offering Periods, limit the frequency and/or number of changes in the amount withheld during a Purchase Period or an Offering Period, establish the exchange ratio
applicable to amounts withheld in a currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by a Participant in order to adjust for delays or mistakes in the administration of the Plan, establish reasonable
waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each Participant properly correspond with amounts withheld from the Participant’s base salary or
regular hourly wages, and establish such other limitations or procedures as Workday determines in its sole discretion advisable which are consistent with the Plan. Such actions will not require stockholder approval or the consent of any
Participants. However, no amendment will be made without approval of the stockholders of Workday (obtained in accordance with Section 21 above) within twelve (12) months of the adoption of such amendment (or earlier if required by
Section 21) if such amendment would: (a) increase the number of shares that may be issued under this Plan; or (b) change the designation of the employees (or class of employees) eligible for participation in this Plan. In addition, in
the event the Board or Committee determines that the ongoing operation of the Plan may result in unfavorable financial accounting consequences, the Board or Committee may, in its discretion and, to the extent necessary or desirable, modify, amend or
terminate the Plan to reduce or 

  
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eliminate such accounting consequences including, but not limited to: (i) amending the definition of compensation, including with respect to an Offering Period underway at the time;
(ii) altering the Purchase Price for any Offering Period including an Offering Period underway at the time of the change in Purchase Price; (iii) shortening any Offering Period by setting a Purchase Date, including an Offering Period
underway at the time of the Board or Committee action; (iv) reducing the maximum percentage of compensation a participant may elect to set aside as payroll deductions; and (v) reducing the maximum number of shares of Common Stock a
Participant may purchase during any Offering Period. Such modifications or amendments will not require approval of the stockholders of Workday or the consent of any Participants. 

25. Corporate Transactions. In the event of a Corporate Transaction, each outstanding right to purchase Workday Common Stock will be
assumed or an equivalent option substituted by the successor corporation or a parent or a subsidiary of the successor corporation. In the event that the successor corporation refuses to assume or substitute for the purchase right, the Offering
Period with respect to which such purchase right relates will be shortened by setting a new Purchase Date (the “New Purchase Date”) and will end on the New Purchase Date. The New Purchase Date will occur on or prior to the
consummation of the Corporate Transaction, and the Plan will terminate on the consummation of the Corporate Transaction. 
 26.
Definitions. 
 (a) “Board” means the Board of Directors of Workday. 

(b) “Code” means the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder. 

(c) “Common Stock” means the Class A common stock of Workday. 

(d) “Corporate Transaction” means the occurrence of any of the following events: (i) any “person” (as
such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of Workday representing fifty percent (50%) or
more of the total voting power represented by Workday’s then outstanding voting securities; (ii) the consummation of the sale or disposition by Workday of all or substantially all of Workday’s assets; (iii) the consummation of a
merger or consolidation of Workday with any other corporation, other than a merger or consolidation which would result in the voting securities of Workday outstanding immediately prior thereto continuing to represent (either by remaining outstanding
or by being converted into voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of Workday or such surviving entity or its parent outstanding
immediately after such merger or consolidation; or (iv) any other transaction which qualifies as a “corporate transaction” under Section 424(a) of the Code wherein the stockholders of Workday give up all of their equity interest
in Workday (except for the acquisition, sale or transfer of all or substantially all of the outstanding shares of Workday). 

  
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 (e) “Effective Date” means the date on which the Registration Statement
covering the initial public offering of the shares of Common Stock is declared effective by the U.S. Securities and Exchange Commission. 

(f) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(g) “Fair Market Value” means, as of any date, the value of a share of Common Stock determined as follows: 

(i) its closing price on the date of determination on the principal national securities exchange on which the Common Stock is listed or
admitted to trading as reported in The Wall Street Journal or such other source as the Board or Committee deems reliable; or 
 (ii)
with respect to the initial Offering Period, Fair Market Value on the Offering Date will be the price at which shares of Common Stock are offered to the public by Workday’s underwriters pursuant to the Registration Statement covering the
initial public offering of shares of Common Stock; and 
 (iii) if none of the foregoing is applicable, by the Board or the Committee in
good faith. 
 (h) “IPO” means the initial public offering of Common Stock of Workday. 

(i) “Offering Date” means the first U.S. business day of each Offering Period. However, for the initial Offering Period
the Offering Date will be the Effective Date. 
 (j) “Offering Period” means a period with respect to which the right
to purchase Common Stock may be granted under the Plan, as determined by the Board or Committee pursuant to Section 5(a). 

(k) “Parent” has the same meaning as “parent corporation” in Sections 424(e) and 424(f) of the
Code. 
 (l) “Participant” means an eligible employee who meets the eligibility requirements set forth
in Section 4 and who makes a contribution to the plan. 
 (m) “Participating Corporation” means any Parent or
Subsidiary that the Board designates from time to time as a corporation that will participate in this Plan. 
 (n)
“Plan” means this Workday, Inc. 2012 Employee Stock Purchase Plan. 
 (o) “Purchase Date”
means the last U.S. business day of each Purchase Period. 
 (p) “Purchase Period” means a period during which
contributions may be made toward the purchase of Common Stock under the Plan, as determined pursuant to Section 5(b). 

  
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 (q) “Purchase Price” means the price at which Participants may purchase
shares of Common Stock under the Plan, as determined pursuant to Section 8. 
 (r) “Securities Act” means the
United States Securities Act of 1933, as amended. 
 (s) “Shares” means shares of Workday’s Common Stock and the
common stock of any successor security. 
 (t) “Subsidiary” has the same meaning as “subsidiary
corporation” in Sections 424(e) and 424(f) of the Code. 
 (u) “Workday” means Workday, Inc., a Delaware
corporation, or any successor corporation. 

  
 12Unassociated Document

 

Execution Copy

 

INTERNATIONAL RIGHTS PURCHASE AGREEMENT

 

THIS INTERNATIONAL RIGHTS PURCHASE AGREEMENT (this “Agreement”) is made and entered into effective as of March 26, 2014, (the “Effective Date”), and is by and between, Manchester Pharmaceuticals LLC, a California limited liability company (including any permissible assignees of Seller hereunder, “Seller”), and, Retrophin Therapeutics International, LLC, a Delaware limited liability company (“Purchaser”).

 

STATEMENT

 

Seller owns certain rights, titles and interests and related trademarks to certain pharmaceutical products that contain the active ingredients chenodiol or mecamylamine, each of which is referred to as a “Product,” and are collectively referred to as the “Products.”

 

Seller desires to sell and assign to Purchaser, and Purchaser desires to acquire from Seller, all of Seller’s rights, titles and interests and related goodwill in, to and under the Products (such rights, the “International Rights”), worldwide other than the United States of America and its territories and possessions (the “International Territory”), including, for the avoidance of doubt, the Commonwealth of Puerto Rico in the International Territory, in consideration of the payments set forth below and in accordance with the terms and conditions set forth herein.

 

NOW THEREFORE, in consideration of the promises and covenants contained herein and for good and valuable consideration, it is agreed as follows:

 

1.           Payments.  In consideration of the payment and delivery from Purchaser to Seller of (i) Three Million Two Hundred Thousand Dollars ($3,200,000) (the “Initial Purchase Payment”), which shall be paid as set forth in Paragraph 2 hereof, and (ii) the International Contingent Purchase Price Payments (as defined in Paragraph 4 hereof), which shall be paid as set forth in Paragraph 4 hereof, Seller agrees to transfer, assign, and set over to Purchaser all of Seller’s right, title and interest in and to the International Rights, which International Rights shall include, without limitation, any and all contract rights, rights to payment, intellectual property rights (including trademarks and rights to sue for infringement thereof) and all other rights derived from, relating to or arising out of the Products in the International Territory.  In connection with Purchaser’s acquisition of the International Rights, Seller agrees to cooperate with Purchaser and execute and deliver to Purchaser such other documents as may be necessary to vest in Purchaser all of Seller’s right, title and interest in, to and under the International Rights existing as of the Effective Date (including, without limitation, any trademarks or other intellectual property assignments).

 

  

  

  

 

2.           Timing of Initial Purchase Price Payment.  Concurrent with the execution and delivery of this Agreement, Purchaser shall deliver the Initial Purchase Price Payment to Seller by wire transfer of immediately available funds to an account of Seller in accordance with instructions as Seller will have provided to Purchaser.

 

3.           Preservation and Maintenance of International Rights.  Following the execution and delivery of this Agreement, Purchaser will assume all responsibility for preserving and maintaining (or ceasing the preservation and maintenance, at is discretion, of) applications and registrations of the International Rights existing as of the Effective Date and Seller shall provide all reasonable assistance and cooperation at Purchaser’s expense.

 

4.           International Contingent Purchase Price Payments.

(a)           In consideration of the foregoing, Purchaser shall, and shall cause any Affiliate, licensee or sublicensee of Purchaser with respect to the Products and the Derived Products in the International Territory, or any party acquiring rights, directly or indirectly from Purchaser, to market and sell the Direct Products or the Derived Products in the International Territory, to pay to Seller contingent purchase payments (each an “International Contingent Purchase Price Payment”), as applicable, equal to (i) ten percent (10%) of the aggregate Net Sales (as defined in Paragraph 8 below) in the International Territory of any pharmaceutical products (1) containing the active pharmaceutical ingredients chenodiol  or mecamylamine, including, but not limited to, the Company’s Chenodal (containing the active pharmaceutical ingredient chenodiol) and Vecamyl (containing the active pharmaceutical ingredient mecamylamine) products (the “Direct Products”) and (2) the sale and marketing of which does not require the submission of a new drug application or any similar filing with any governmental authority in the International Territory, as determined on a country-by-country basis, and (ii) five percent (5%) of the aggregate Net Sales in the International Territory of any pharmaceutical products (1) derived from the Direct Products or otherwise incorporating the active pharmaceutical ingredients of the Direct Products or chemical derivatives thereof and (2) the sale and marketing of which in a particular country or countries in the International Territory (but only with respect to that country or countries)  requires one or more original clinical studies to be performed by or for Purchaser as a requirements to support the submission of a new drug application or similar filing with any governmental authority in such country or countries in the International Territory (the “Derived Products”).  For the avoidance of doubt, the parties agree that bioavailability or bioequivalence studies are not considered clinical studies for purposes of the above definition of Derived Products.

 

  

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(b)           Notwithstanding anything to the contrary in this Agreement, Purchaser shall be entitled to deduct and withhold from the International Contingent Purchase Price Payments otherwise payable pursuant to Section 4(a), such amounts as are required to be deducted and withheld with respect to the making of such payment under applicable law.  Any such withheld amounts shall be paid over to the appropriate governmental authority and written receipts of such payments or other evidence of such payments reasonably satisfactory to Seller shall be submitted to Seller.  Seller shall provide to Purchaser any forms or other documentation reasonably requested by Purchaser from time to time in order to establish exemption from or reduction in the rate of any required withholdings.

 

5.           Payment of International Contingent Purchase Price Payments.  Each calendar quarter during the term hereof, Purchaser shall pay to Seller (or Seller’s assignee) the International Contingent Purchase Price Payment earned for such period in accordance with the following schedule: the payment for January, February and March of each year shall be due May 15th; the payment for April, May and June shall be due August 15th; the payment for July, August and September shall be due November 15th; and the payment for October, November and December shall be due February 15th of the following calendar year; provided, however, that in the event any such date falls on a weekend or holiday, the payment shall be due on the next Business Day (as defined below). All payments required hereunder shall be made in United States dollars by check or by wire transfer of immediately available funds to the account of Seller in accordance with such instructions Seller may, from time to time, provide to Purchaser.  Purchaser shall, on the foregoing dates based on the amounts and calculations set forth in the International Contingent Purchase Price Payment Report (as defined in Paragraph 6 below), showing the applicable exchange rate into United States Dollars as of the last Business Day of the calendar quarter for which the International Contingent Purchase Price Payment is being made, make such International Contingent Purchase Price Payment notwithstanding any dispute or disagreement Seller may have communicated to Purchaser, or any action being taken pursuant to Paragraph 7 hereof to resolve such dispute, with respect to any prior International Contingent Purchase Payment Report and any International Contingent Purchase Price Payment due with respect thereto. Any amounts that may be owed to Seller following resolution of any such dispute shall be paid to Seller in accordance with this Agreement.  For purposes of this Agreement, “Business Day” shall mean any day other than a Saturday, Sunday or a legal holiday on which commercial banking institutions in New York, New York are authorized to close for business.

 

  

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6.           International Contingent Purchase Price Payment Reports.  Within forty-five (45) days after the end of each calendar quarter during the term hereof, Purchaser shall deliver a written report (the “International Contingent Purchase Price Payment Report”) to Seller setting forth for such calendar quarter (i) the quantity of each Direct Product and/or Derived Product sold by Purchaser or any Affiliate, licensee or sublicensee of Purchaser in the International Territory (or any party acquiring rights, directly or indirectly from Purchaser, to market and sell the Direct Products or the Derived Products in the International Territory), to Customers (as such term is defined below), (ii) the invoiced dollar amount of each such Direct Product or Derived Product, broken down by brand for each month and specific country in which such sales took place during such quarter, (iii) the aggregate Net Sales thereof and (iv) the amount of International Contingent Purchase Price Payment payable with respect thereto, including the calculation thereof, and pay such International Contingent Purchase Price Payment.

 

  

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7.           Audit Right and Disputes.

 

(a)           During the term hereof and for a period of two (2) years following the end of the calendar quarter to which they pertain, the records and the books of account of Purchaser with respect to the sales of the Direct Products and any Derived Products shall be available for audit by Seller and its representatives, during normal business hours, upon not less than ten (10) Business Days advance notice, and shall be made by Seller at its own expense, subject to the Seller entering into a confidentiality agreement provided by Purchaser in substantially the form annexed hereto as Exhibit A.  All such audits shall be at Purchaser’s principal place of business, during Purchaser’s regular business hours, and in a manner that does not unreasonably interfere with Purchaser’s business operations.  Any such audit shall be at the sole expense of Seller, unless a variation or error in excess of Five Percent (5%) of the payments actually paid is discovered in the course of any such audit, whereupon all costs relating thereto shall be paid by Purchaser, subject to the verification procedure described herein.  Purchaser shall pay to Seller within twenty (20) days of receiving notice from Seller the full amount of any underpayment, together with interest thereon at an annual rate equal to the lesser of (i)  the three-month London Interbank Offered Rate, as reported by the Wall Street Journal on the Business Day immediately preceding the date on which interest begins to accrue in accordance with the terms of this Agreement, plus five percent (5.00%) or (ii) the maximum rate permitted under applicable law. If Purchaser disagrees with the determination by Seller that an underpayment has been made by Purchaser, Purchaser shall within ten (10) days after receipt of the notice from Seller of the underpayment so inform Seller and the matter shall promptly and in good faith be referred by both parties to a mutually acceptable international public accounting firm for an independent verification of which party’s view is correct, which referral shall take place no later than twenty (20) days after the date of Purchaser’s notification to Seller that Purchaser believes that Seller’s determination is in error.  The compensation for such   international public accounting firm shall be paid by the party whose view is not verified or upheld by the international public accounting firm.

 

  

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(b) Notwithstanding anything herein to the contrary, Seller shall not be entitled to exercise the audit rights provided under this Paragraph 7 more than once during any twelve (12) month period.

 

8.           Computation of Net Sales.

 

	
  

	
(a)

	
For purposes hereof, “Net Sales” with respect to any calendar quarter of the International Contingent Purchase Price Payment Period means the full invoiced price for all Direct Products and any Derived Products, respectively (“Gross Sales”), sold in the International Territory to any non-Affiliated third party purchaser of the Direct Products or the Derived Products from Purchaser or an Affiliate of Purchaser (each, a “Customer”),  less the following deductions (all of which shall be permitted to the extent customary in the trade and supported by reasonable written documentation provided by Purchaser in the quarterly International Contingent Purchase Price Payment Report):

 

(i)      transportation and insurance charges and allowances, if any, related to the delivery of the Direct Products and Derived Products to customers;

 

(ii)      normal trade, volume and cash discounts, including retroactive price reductions, pertaining to the sale of the Direct Products and Derived Products;

 

(iii)              any service fees actually paid to customers as a requirement for the stocking and subsequent re-distribution of the Direct Products and Derived Products;

 

  

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(iv)              credits, allowances or refunds given or made to customers for rejection, damage, defect, recall or return of the Direct Products and Derived Products to Purchaser by customers;

 

(v)      sales and excise, value added and other taxes (other than income taxes) or other governmental charges including, but not limited to, levies, duties or charges, imposed upon the amounts billed for the Direct Products and the Derived Products, as adjusted for rebates and refunds or duties that fall due or are absorbed or otherwise imposed on or paid by Purchaser on sales of Direct Products and Derived Products and other governmental charges imposed upon the importation, transportation, use or sale of the Direct Products and Derived Products;

 

(vi)              chargebacks and rebates to third parties in the applicable reporting quarter, including, without limitation, to managed care health organizations, federal and state government agencies, and/or other purchasers of the Direct Products and Derived Products, and group purchasing organization administration fees;

 

(vii)             the amount of the rebate that is provided or credited with respect to couponing, a patient assistance program, a patient insurance co-pay program or any program designed to provide a discount to the patient for the cost of a prescription for the Direct Products and Derived Products;

 

(viii)             delayed shipping credits, discounts or payments related to the impact of Direct Product and Derived Product price increases between purchase dates and shipping dates; and

 

  

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(ix)              fees for service payments to customers for non-separable services (including compensation for maintaining agreed Direct Product and Derived Product inventory levels and providing Product-related information).

 

(b)           For the avoidance of doubt, deductions to Gross Sales that are specifically prohibited and are not considered allowable deductions include:

 

(i)      payments, rebates, reimbursements or other consideration of any type whatsoever to non-customers or non-patients;

 

(ii)      the costs of marketing programs, including, without limitation, couponing, patient assistance programs, patient insurance co-pay programs or any program designed to provide a discount to the patient for the cost of a prescription for the Direct Products and Derived Products, that are not the actual rebate as provided thereby to a patient using the Direct Products or Derived Products; and

 

(iii)     the cost of goods in the Products and the Derived Products as obtained from Nexgen Pharma, Inc. (or any substitute manufacturer of the Direct Products or the Derived Products, including Purchaser or an Affiliate thereof).

 

9.             Representations and Warranties of Seller.  Seller represents and warrants to Purchaser as follows:

 

	
  

	
(a)

	
Seller is a limited liability company duly organized, validly existing and in good standing under the laws of the State of California.  Seller has the requisite limited liability company power and authority to own, operate and lease its properties and carry on its business as now conducted.

 

  

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(b)

	
Seller has all necessary limited liability company power and authority to execute and deliver this Agreement and to perform its obligations hereunder.  The execution, delivery and performance of this Agreement by Seller and the consummation by Seller of the transactions contemplated hereby have been duly and validly authorized by all necessary limited liability company action on behalf of Seller.  No other limited liability company proceedings on the part of Seller are necessary to authorize this Agreement or to consummate the transactions contemplated hereby.  This Agreement has been duly and validly executed and delivered by Seller and, assuming due authorization, execution and delivery of this Agreement by Purchaser, constitutes the legal, valid and binding obligation of Seller, enforceable against Seller in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and similar laws of general applicability relating to or affecting creditors’ rights or by general equity principles.

 

	
  

	
(c)

	
The execution and delivery by Seller of this Agreement does not, and the performance of Seller obligations hereunder will not (i) conflict with or violate Seller’s Articles of Organization or Seller’s Operating Agreement, (ii) conflict with or violate any law applicable to Seller or by which any property or asset of Seller is bound, (iii) require any consent, notice or waiver under or result in any violation or breach of or constitute (with or without notice or lapse of time or both) a default (or give rise to any right of termination, amendment, acceleration, prepayment or cancellation or to a loss of any benefit to which Seller is entitled) under, or result in the triggering of any payments pursuant to (A) any contract, or (B) any permit affecting, or relating in any way to, the assets or business of Seller, or (iv) result in the creation or imposition of any mortgage, lien, charge, option, pledge, security interest, encumbrance, covenant, condition, restriction or other adverse claim or restriction of any kind or nature, whether known or unknown (collectively, “Liens”), on the International Rights.

 

  

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(d)

	
None of the execution, delivery or performance of this Agreement by Seller, the consummation by Seller of any of the transactions contemplated hereby, or Seller’s compliance with any of the provisions of this Agreement will require (with or without notice or lapse of time, or both) any consent, approval, authorization or permit of, or filing or registration with or notification to, any governmental authority or any other person.

 

	
  

	
(e)

	
Seller has good, valid title and marketable title to the International Rights, free and clear of all Liens.

 

10.             Representations and Warranties of Purchaser.  Purchaser represents and warrants to Seller as follows:

 

	
  

	
(a)

	
Purchaser is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware.

 

	
  

	
(b)

	
Purchaser has all necessary limited liability company power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby.  The execution, delivery and performance of this Agreement by Purchaser and the consummation by Purchaser of the transactions contemplated hereby have been duly and validly authorized by all necessary action on behalf of Purchaser.  No other proceedings on the part of Purchaser are necessary to authorize this Agreement.  This Agreement has been duly and validly executed and delivered by Purchaser and, assuming due authorization, execution and delivery of this Agreement by Seller, constitutes the legal, valid and binding obligation of Purchaser, enforceable against Purchaser in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and similar laws of general applicability relating to or affecting creditors’ rights or by general equity principles.

 

  

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(c)

	
The execution and delivery by Purchaser of this Agreement does not, and the performance of Purchaser’s obligations hereunder will not, (i) conflict with or violate Purchaser’s certificate of formation or limited liability company agreement or (ii) conflict with or violate any law applicable to Purchaser.

 

	
  

	
(d)

	
None of the execution, delivery or performance of this Agreement by Purchaser, the consummation by Purchaser of any of the transactions contemplated hereby, or Purchaser’s compliance with any of the provisions of this Agreement will require (with or without notice or lapse of time, or both) any consent, approval, authorization or permit of, or filing or registration with or notification to, any governmental authority or any other person.

 

11.             Notices.  All notices or other communications required or permitted hereunder shall be in writing and shall be deemed given or delivered (a) when delivered personally, against written receipt, (b) if sent by registered or certified mail, return receipt requested, postage prepaid, when received, (c) on the date sent by e-mail of a PDF document (with electronic confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient, and (d) when delivered by a nationally recognized overnight courier service, prepaid, as shown by the signed receipt of the receiving party, and shall be addressed as follows: if to Seller, to: Kenneth R. Greathouse, 809 Arroyo Road, Los Altos, California 94040 U.S.A., email: kgreat98@yahoo.com, with a copy (which shall not constitute notice) to:  Joseph I. Hirsch, Esq., 4149 Georgia Avenue, Palo Alto, California 94306, U.S.A., email: jihirschpa@comcast.net; and if to Purchaser, to: c/o Retrophin, Inc., 777 Third Avenue, 22nd Floor, New York, New York 10017  U.S.A., Attention: Chief Financial Officer, Facsimile: (646) 861-6485, email: marc@retrophin.com, with a copy (which shall not constitute notice) to: Katten Muchin Rosenman LLP, 575 Madison Avenue, New York, New York 10022 U.S.A., Attention:  Evan L. Greebel, Esq., Facsimile:  (212) 894-5883, email:  evan.greebel@kattenlaw.com.

 

  

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12.             Assignment.  The rights of a party under this Agreement shall not be assignable by such party without the written consent of the other party; provided, however, that Seller may assign its right to receive the International Contingent Purchase Price Payments under this Agreement to the members of Seller without the consent of Purchaser; provided, further that Purchaser shall be entitled, without the consent of Seller, to collaterally assign its rights and interests and obligations to any financial institution providing secured debt financing.  This Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, executors, personal representatives, successors and permitted assigns.  Nothing in this Agreement, expressed or implied, is intended or shall be construed to confer upon any person other than the parties hereto any right, remedy or claim under or by reason of this Agreement.  In the event of a transaction that results in Purchaser no longer being a direct or indirect Affiliate (as defined in the Membership Interest Purchase Agreement of even date herewith) of Retrophin, Inc., Purchaser shall provide prompt written notice of such transaction to Seller at least ten (10) days before such transaction is finalized, which notice shall be under conditions of confidentiality.

 

13.             Remedies.  All rights and remedies that either party may have hereunder or by operation of law are cumulative and the pursuit of one right or remedy will not be deemed an election to waive or renounce any other right or remedy.

 

14.             Governing Law.  This Agreement and all matters arising hereunder or in connection herewith shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to laws that may be applicable under conflicts of laws principles (whether of the State of New York or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of New York.

 

  

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15.             Jurisdiction; Waiver of Jury Trial.

 

	
  

	
(a)

	
Each of the parties hereto hereby agrees that, other than as provided in Paragraphs 4-8 hereof (which are specifically resolved pursuant to Paragraph 7, any action or proceeding (of any and every kind or type, whether based on contract, tort, statute, regulation or otherwise, and whether based on state, federal, foreign or any other law) that it commences against any other party relating to this Agreement shall be heard and determined exclusively in the state or Federal courts located in the County of New York in the State of New York and the appropriate appellate courts therefrom, and in no other. Each of the parties expressly agrees and acknowledges that, other than as set forth in Paragraphs 4-8 hereof (which are specifically resolved pursuant to Paragraph 7), the state or Federal courts located in the County of New York in the State of New York are an appropriate and convenient forum for resolution of any and all actions or proceedings brought pursuant to this Agreement, that it will not suffer any undue hardship or inconvenience if required to litigate in such court, and that such court is fully competent and legally capable of adjudicating any such actions or proceedings. Each party further represents that it has agreed to the jurisdiction of the state or Federal courts located in the County of New York in the State of New York, in respect of any action or proceeding relating to this Agreement (other than as set forth in Paragraphs 4-8 hereof (which are specifically resolved pursuant to Paragraph 7) after being fully and adequately advised by legal counsel of its own choice concerning the procedures and laws applied in such courts and has not relied on any representation by any other party or its affiliates, representatives or advisors as to the content, scope or effect of such procedures and law, and will not contend otherwise in any proceeding in any court of any jurisdiction.

 

  

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(b)

	
EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, OTHER THAN AS CONTEMPLATED IN PARAGRAPHS 4-8 HEREOF (WHICH ARE SPECIFICALLY RESOLVED PURSUANT TO PARAGRAPH 7). EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE EITHER OF SUCH WAIVERS, (II) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVERS, (III) IT MAKES SUCH WAIVERS VOLUNTARILY, AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS PARAGRAPH 16(b).

 

16.             Entire Agreement.  This Agreement and the documents delivered pursuant to this Agreement contain the entire understanding of the parties with regard to the collective subject matter contained herein, and supersede all other prior agreements, understandings, term sheets, or letters of intent between the parties with respect to the subject matter hereof or thereof.

 

  

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17.             Severability.  Wherever possible, each provision hereof shall be interpreted in such a manner as to be effective and valid under applicable law.  In case any one or more of the provisions contained herein shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such provision or provisions shall be ineffective to the extent, but only to the extent, of such invalidity, illegality or unenforceability, without invalidating the remainder of such invalid, illegal or unenforceable provision or provisions or any other provisions hereof, unless such a construction would be unreasonable.

 

18.             Amendment.  Any term or provision of this Agreement may be amended or waived, or the time for its performance may be extended, by the party entitled to the benefit thereof.  Any such amendment or waiver shall be validly and sufficiently authorized for the purposes of this Agreement if, as to any party, it is authorized in writing by an authorized representative of such party.  The failure of any party to enforce at any time any provision of this Agreement shall not be construed to be a waiver of such provision, nor in any way to affect the validity of this Agreement or any part hereof or the right of any party thereafter to enforce each and every such provision.  No waiver of any breach of this Agreement shall be held to constitute a waiver of any other or subsequent breach.

 

19.             Expenses.  Except as otherwise provided herein, each party shall pay all costs and expenses incident to its negotiation and preparation of this Agreement and the agreements, documents, and instruments contemplated hereby and to its performance and compliance with all agreements and conditions contained herein or therein on its part to be performed or complied with, including the fees, expenses and disbursements of its counsel, accountants, advisors and consultants.

 

20.             Counterparts.  This Agreement and each document to be executed and delivered pursuant to this Agreement may be executed and delivered in counterpart signature pages executed and delivered via facsimile transmission or via email with scanned or PDF attachment, and any such counterpart so executed and delivered via facsimile transmission or via email will be deemed an original for all intents and purposes; except as otherwise prohibited by law in the case of documents that may not be filed with governmental authorities in such format.

 

  

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21.             Representation by Counsel.  Each of Seller and Purchaser represents that it has had the opportunity to seek separate legal counsel of its own choosing in connection with the preparation, review and execution of this Agreement.

 

22.             Mutual Drafting.  Each party hereto has participated in the drafting of this Agreement, which each party acknowledges is the result of extensive negotiations between the parties.  If an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision.

 

[SIGNATURE PAGE FOLLOWS]

 

  

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IN WITNESS WHEREOF, Purchaser and Seller have each caused this Agreement to be executed by their duly authorized respective officers as of the date herein.

 

	
RETROPHIN THERAPEUTICS

	
MANCHESTER PHARMACEUTICALS LLC

	
INTERNATIONAL, LLC

	  
	  	  
	
By: /s/ Marc Panoff                              

	
By:   /s/ Kenneth R. Greathouse                     

	
Na me: Marc Panoff

	
Name: Kenneth R. Greathouse

	
Title:  Manager

	
Title:  Senior Manager and C.E.O.

 

Retrophin, Inc., the ultimate parent company of

Purchaser, hereby guarantees the obligations set

forth herein of Purchaser and any other Affiliate

of Purchaser to which this Agreement may be

assigned.

RETROPHIN, INC.

By: /s/ Marc Panoff                                 

Name:  Marc Panoff

Title:   Chief Financial Officer

 

[Signature Page to International Rights Purchase Agreement]

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