Document:

ck1832351-ex1013_33.htm

Exhibit 10.13

 

INDEMNITY AGREEMENT

THIS INDEMNITY AGREEMENT (this “Agreement”) is made as of February 8, 2021, by and between ECP Environmental Growth Opportunities Corp., a Delaware corporation (the “Company”), and Tracy B McKibben (“Indemnitee”).

RECITALS

WHEREAS, highly competent persons have become more reluctant to serve publicly‐held corporations as directors, officers or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of such corporations;

WHEREAS, the Board of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself. The Amended and Restated Certificate of Incorporation (the “Charter”) and the Bylaws (the “Bylaws”) of the Company require indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to applicable provisions of the Delaware General Corporation Law (“DGCL”). The Charter, Bylaws and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the Board, officers and other persons with respect to indemnification, hold harmless, exoneration, advancement and reimbursement rights;

WHEREAS, the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;

WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company’s stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;

WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, hold harmless, exonerate and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so protected against liabilities;

WHEREAS, this Agreement is a supplement to and in furtherance of the Charter and Bylaws of the Company and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;

 

 

 

WHEREAS, Indemnitee may not be willing to serve as an officer or director, advisor or in another capacity without adequate protection, and the Company desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that Indemnitee be so indemnified; and

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

TERMS AND CONDITIONS

Article I.
Services to the Company

In consideration of the Company’s covenants and obligations hereunder, Indemnitee will serve or continue to serve as an officer, director, advisor, key employee or any other capacity of the Company, as applicable, for so long as Indemnitee is duly elected or appointed or retained or until Indemnitee tenders Indemnitee’s resignation or until Indemnitee is removed. The foregoing notwithstanding, this Agreement shall continue in full force and effect after Indemnitee has ceased to serve as a director, officer, advisor, key employee or in any other capacity of the Company, as provided in Article XVII. This Agreement, however, shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.

Article II.
Definitions

As used in this Agreement:

(a)References to “agent” shall mean any person who is or was a director, officer or employee of the Company or a subsidiary of the Company or other person authorized by the Company to act for the Company, to include such person serving in such capacity as a director, officer, employee, fiduciary or other official of another corporation, partnership, limited liability company, joint venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests of the Company or a subsidiary of the Company.

(b)The terms “Beneficial Owner” and “Beneficial Ownership” shall have the meanings set forth in Rule 13d-3 promulgated under the Exchange Act (as defined below) as in effect on the date hereof.

(c)A “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following events:

(i)Acquisition of Stock by Third Party. Other than an affiliate of ENNV Holdings, LLC, a Delaware limited liability company (the “Sponsor”), any Person (as defined below) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing fifteen percent (15%) or more of the combined voting power of the Company’s then outstanding securities entitled to vote generally in the election of directors, unless (1) the change in the relative Beneficial Ownership of the Company’s securities by any Person results solely from a reduction in the 

 

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aggregate number of outstanding shares of securities entitled to vote generally in the election of directors, or (2) such acquisition was approved in advance by the Continuing Directors (as defined below) and such acquisition would not constitute a Change in Control under part (iii) of this definition;

(ii)Change in Board of Directors. Individuals who, as of the date hereof, constitute the Board, and any new director whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two thirds of the directors then still in office who were directors on the date hereof or whose election for nomination for election was previously so approved (collectively, the “Continuing Directors”), cease for any reason to constitute at least a majority of the members of the Board;

(iii)Corporate Transactions. The effective date of a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving the Company and one or more businesses (a “Business Combination”), in each case, unless, following such Business Combination: (1) all or substantially all of the individuals and entities who were the Beneficial Owners of securities entitled to vote generally in the election of directors immediately prior to such Business Combination beneficially own, directly or indirectly, more than fifty‐one percent (51%) of the combined voting power of the then outstanding securities of the Company entitled to vote generally in the election of directors resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more Subsidiaries (as defined below)) in substantially the same proportions as their ownership immediately prior to such Business Combination, of the securities entitled to vote generally in the election of directors; (2) other than an affiliate of the Sponsor, no Person (excluding any corporation resulting from such Business Combination) is the Beneficial Owner, directly or indirectly, of fifteen percent (15%) or more of the combined voting power of the then outstanding securities entitled to vote generally in the election of directors of the surviving corporation except to the extent that such ownership existed prior to the Business Combination; and (3) at least a majority of the Board of Directors of the corporation resulting from such Business Combination were Continuing Directors at the time of the execution of the initial agreement, or of the action of the Board of Directors, providing for such Business Combination;

(iv)Liquidation. The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement or series of agreements for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than factoring the Company’s current receivables or escrows due (or, if such stockholder approval is not required, the decision by the Board to proceed with such a liquidation, sale, or disposition in one transaction or a series of related transactions); or

(v)Other Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or any successor rule) (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below), whether or not the Company is then subject to such reporting requirement.

 

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(d)“Corporate Status” describes the status of a person who is or was a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which such person is or was serving at the request of the Company.

(e)“Delaware Court” shall mean the Court of Chancery of the State of Delaware.

(f)“Disinterested Director” shall mean a director of the Company who is not and was not a party to the Proceeding (as defined below) in respect of which indemnification is sought by Indemnitee.

(g)“Enterprise” shall mean the Company and any other corporation, constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned subsidiaries) is a party, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent.

(h)“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

(i)“Expenses” shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever, including, without limitation, all reasonable attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, fees of private investigators and professional advisors, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, fax transmission charges, secretarial services and all other disbursements, obligations or expenses in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, settlement or appeal of, or otherwise participating in, a Proceeding (as defined below), including reasonable compensation for time spent by Indemnitee for which he or she is not otherwise compensated by the Company or any third party. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding (as defined below), including without limitation the principal, premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent. “Expenses,” however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

(j)References to “fines” shall include any excise tax assessed on Indemnitee with respect to any employee benefit plan; references to “serving at the request of the Company” shall include any service as a director, officer, employee, agent or fiduciary of the Company which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.

(k)“Independent Counsel” shall mean a law firm or a member of a law firm with significant experience in matters of corporation law and that neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements); or 

 

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(ii) any other party to the Proceeding (as defined below) giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

(l)The term “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act as in effect on the date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii) any Subsidiaries (as defined below) of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company; and (iv) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

(m)The term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative or related nature, in which Indemnitee was, is, will or might be involved as a party or otherwise by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any action (or failure to act) taken by Indemnitee or of any action (or failure to act) on Indemnitee’s part while acting as a director or officer of the Company, or by reason of the fact that Indemnitee is or was serving at the request of the Company as a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of any other Enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement or advancement of expenses can be provided under this Agreement.

(n)The term “Subsidiary,” with respect to any Person, shall mean any corporation, limited liability company, partnership, joint venture, trust or other entity of which a majority of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by that Person.

Article III.
Indemnity in Third-Party Proceedings

To the fullest extent permitted by applicable law, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Article III if Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Article III, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually, and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in 

 

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a manner he or she reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause to believe that Indemnitee’s conduct was unlawful.

Article IV.
Indemnity in Proceedings by or in the Right of the Company

To the fullest extent permitted by applicable law, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Article IV if Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding by or in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Article IV, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. No indemnification, hold harmless or exoneration for Expenses shall be made under this Article IV in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company, unless and only to the extent that any court in which the Proceeding was brought or the Delaware Court shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification, to be held harmless or to exoneration.

Article V.
Indemnification for the Expenses of a Party who is Wholly or Partly Successful

Notwithstanding any other provisions of this Agreement except for Article XXVII, to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved claim, issue or matter. If Indemnitee is not wholly successful in such Proceeding, the Company also shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses reasonably incurred in connection with a claim, issue or matter related to any claim, issue or matter on which Indemnitee was successful. For purposes of this Article and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

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Article VI.
Indemnification for Expenses of a Witness

Notwithstanding any other provision of this Agreement except for Article XXVII, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness or deponent in any Proceeding to which Indemnitee was or is not a party or threatened to be made a party, Indemnitee shall, to the fullest extent permitted by applicable law, be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.

Article VII.
Additional Indemnification, Hold Harmless and 
Exoneration Rights

Notwithstanding any limitation in Articles III, IV or V, except for Article XXVII, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding. No indemnification, hold harmless or exoneration rights shall be available under this Article VII on account of Indemnitee’s conduct which constitutes a breach of Indemnitee’s duty of loyalty to the Company or its stockholders or is an act or omission not in good faith or which involves intentional misconduct or a knowing violation of the law.

Article VIII.
Contribution in the Event of Joint Liability

(a)To the fullest extent permissible under applicable law, if the indemnification, hold harmless and/or exoneration rights provided for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying, holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for judgments, liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee.

(b)The Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.

(c)The Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may be brought by officers, directors or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee.

 

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Article IX.
Exclusions

Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification, advance expenses, hold harmless or exoneration payment in connection with any claim made against Indemnitee:

(a)for which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity or advancement provision, except with respect to any excess beyond the amount actually received under any insurance policy, contract, agreement, other indemnity or advancement provision or otherwise;

(b)for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act (or any successor rule) or similar provisions of state statutory law or common law; or

(c)except as otherwise provided in Article XIV(f) to Article XIV(g) hereof, prior to a Change in Control, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, hold harmless or exoneration payment, in its sole discretion, pursuant to the powers vested in the Company under applicable law. Indemnitee shall seek payments or advances from the Company only to the extent that such payments or advances are unavailable from any insurance policy of the Company covering Indemnitee.

Article X.
Advances of Expenses; Defense of Claim

(a)Notwithstanding any provision of this Agreement to the contrary, except for Article XXVII, and to the fullest extent not prohibited by applicable law, the Company shall pay the Expenses incurred by Indemnitee (or reasonably expected by Indemnitee to be incurred by Indemnitee within three months) in connection with any Proceeding within ten (10) days after the receipt by the Company of a statement or statements requesting such advances from time to time, prior to the final disposition of any Proceeding. Advances shall, to the fullest extent permitted by law, be unsecured and interest free. Advances shall, to the fullest extent permitted by law, be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to be indemnified, held harmless or exonerated under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing a Proceeding to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed. To the fullest extent required by applicable law, such payments of Expenses in advance of the final disposition of the Proceeding shall be made only upon the Company’s receipt of an undertaking, by or on behalf of Indemnitee, to repay the advanced amounts to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified, held harmless or exonerated by the Company under the provisions of this Agreement, the Charter, the Bylaws of the Company, applicable law or otherwise. This Article X(a) shall not apply to any claim made by Indemnitee for which an indemnification, hold harmless or exoneration payment is excluded pursuant to Article IX.

 

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(b)The Company will be entitled to participate in the Proceeding at its own expense.

(c)The Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, fine, penalty or limitation on Indemnitee without Indemnitee’s prior written consent.

Article XI.
Procedure for Notification and Application for Indemnification

(a)Indemnitee agrees to notify promptly the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding, claim, issue or matter therein which may be subject to indemnification, hold harmless or exoneration rights, or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement, or otherwise.

(b)Indemnitee may deliver to the Company a written application to indemnify, hold harmless or exonerate Indemnitee in accordance with this Agreement. Such application(s) may be delivered from time to time and at such time(s) as Indemnitee deems appropriate in his or her sole discretion. Following such a written application for indemnification by Indemnitee, Indemnitee’s entitlement to indemnification shall be determined according to Article XII(a) of this Agreement.

Article XII.
Procedure upon Application for Indemnification

(a)A determination, if required by applicable law, with respect to Indemnitee’s entitlement to indemnification shall be made in the specific case by one of the following methods, which shall be at the election of Indemnitee: (i) by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (ii) by a committee of such directors designated by majority vote of such directors, (iii) if there are no Disinterested Directors or if such directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee or (iv) by vote of the stockholders. The Company promptly will advise Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has been denied. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses (including reasonable attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby agrees to indemnify and to hold Indemnitee harmless therefrom.

(b)In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Article XII(a) hereof, the Independent Counsel shall be 

 

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selected as provided in this Article XII(b). The Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements of “Independent Counsel” as defined in Article II of this Agreement. If the Independent Counsel is selected by the Board, the Company shall give written notice to Indemnitee advising Indemnitee of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements of “Independent Counsel” as defined in Article II of this Agreement. In either event, Indemnitee or the Company, as the case may be, may, within ten (10) days after such written notice of selection shall have been received, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Article II of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction has determined that such objection is without merit. If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Article XI(b) hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Delaware Court for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the Delaware Court, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Article XII(a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Article XII(a) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

(c)The Company agrees to pay the reasonable fees and expenses of Independent Counsel and to fully indemnify and hold harmless such Independent Counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

Article XIII.
Presumptions and Effect of Certain Proceedings

(a)In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Article XI(b) of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of the Company (including by the Disinterested Directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by the Disinterested Directors or Independent Counsel) that Indemnitee has not 

 

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met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

(b)If the person, persons or entity empowered or selected under Article XII of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within thirty (30) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent permitted by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a final judicial determination that any or all such indemnification is expressly prohibited under applicable law; provided, however, that such thirty (30)-day period may be extended for a reasonable time, not to exceed an additional fifteen (15) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto.

(c)The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.

(d)For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the directors, managers or officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member, or on information or records given or reports made to the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member, by an independent certified public accountant or by an appraiser or other expert selected by the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member. The provisions of this Article XIII(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this Agreement.

(e)The knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, manager, managing member, fiduciary, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

Article XIV.
Remedies of Indemnitee

(a)In the event that (i) a determination is made pursuant to Article XII of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses, to the fullest extent permitted by applicable law, is not timely 

 

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made pursuant to Article X of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Article XII(a) of this Agreement within thirty (30) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Articles V, VI, VII or the last sentence of Article XII(a) of this Agreement within ten (10) days after receipt by the Company of a written request therefor, (v) a contribution payment is not made in a timely manner pursuant to Article VIII of this Agreement, (vi) payment of indemnification pursuant to Article III or IV of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification or (vii) payment to Indemnitee pursuant to any hold harmless or exoneration rights under this Agreement or otherwise is not made in accordance with this Agreement, Indemnitee shall be entitled to an adjudication by the Delaware Court to such indemnification, hold harmless, exoneration, contribution or advancement rights. Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Except as set forth herein, the provisions of Delaware law (without regard to its conflict of laws rules) shall apply to any such arbitration. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

(b)In the event that a determination shall have been made pursuant to Article XII(a) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Article XIV shall be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.

(c)In any judicial proceeding or arbitration commenced pursuant to this Article XIV, Indemnitee shall be presumed to be entitled to be indemnified, held harmless, exonerated and to receive advancement of Expenses under this Agreement and the Company shall have the burden of proving Indemnitee is not entitled to be indemnified, held harmless, exonerated and to receive advancement of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Article XII(a) of this Agreement adverse to Indemnitee for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Article XIV, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Article X until a final determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).

(d)If a determination shall have been made pursuant to Article XII(a) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Article XIV, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

(e)The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Article XIV that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

(f)The Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses and, if requested by Indemnitee, shall (within 

 

12

 

ten (10) days after the Company’s receipt of such written request) pay to Indemnitee, to the fullest extent permitted by applicable law, such Expenses which are incurred by Indemnitee in connection with any judicial proceeding or arbitration brought by Indemnitee: (i) to enforce his or her rights under, or to recover damages for breach of, this Agreement or any other indemnification, hold harmless, exoneration, advancement or contribution agreement or provision of the Charter or the Bylaws now or hereafter in effect; or (ii) for recovery or advances under any insurance policy maintained by any person for the benefit of Indemnitee, regardless of the outcome and whether Indemnitee ultimately is determined to be entitled to such indemnification, hold harmless or exoneration right, advancement, contribution or insurance recovery, as the case may be (unless such judicial proceeding or arbitration was not brought by Indemnitee in good faith).

(g)Interest shall be paid by the Company to Indemnitee at the legal rate under Delaware law for amounts which the Company indemnifies, holds harmless or exonerates, or advances, or is obliged to indemnify, hold harmless or exonerate or advance for the period commencing with the date on which Indemnitee requests indemnification, to be held harmless, exonerated, contribution, reimbursement or advancement of any Expenses and ending with the date on which such payment is made to Indemnitee by the Company.

Article XV.
Security

Notwithstanding anything herein to the contrary, except for Article XXVII, to the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of Indemnitee.

Article XVI.
Non-Exclusivity; Survival of Rights; Insurance; Subrogation

(a)The rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Charter, the Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any Proceeding (regardless of when such Proceeding is first threatened, commenced or completed) or claim, issue or matter therein arising out of, or related to, any action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute or judicial decision, permits greater indemnification, hold harmless or exoneration rights or advancement of Expenses than would be afforded currently under the Charter, the Bylaws or this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

 

13

 

(b)The DGCL, the Charter and the Bylaws permit the Company to purchase and maintain insurance or furnish similar protection or make other arrangements including, but not limited to, providing a trust fund, letter of credit or surety bond (“Indemnification Arrangements”) on behalf of Indemnitee against any liability asserted against Indemnitee or incurred by or on behalf of Indemnitee or in such capacity as a director, officer, employee or agent of the Company, or arising out of Indemnitee’s status as such, whether or not the Company would have the power to indemnify Indemnitee against such liability under the provisions of this Agreement or under the DGCL, as it may then be in effect. The purchase, establishment, and maintenance of any such Indemnification Arrangement shall not in any way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights and obligations of the Company or the other party or parties thereto under any such Indemnification Arrangement.

(c)To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, trustees, partners, managers, managing members, fiduciaries, employees or agents of the Company or of any other Enterprise which such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, trustee, partner, managers, managing member, fiduciary, employee or agent under such policy or policies. If, at the time the Company receives notice from any source of a Proceeding as to which Indemnitee is a party or a participant (as a witness, deponent or otherwise), the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

(d)In the event of any payment under this Agreement, the Company, to the fullest extent permitted by law, shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

(e)The Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold harmless or exoneration payments or advancement of expenses from such Enterprise. Notwithstanding any other provision of this Agreement to the contrary except for Article XXVII, (i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification, hold harmless, exoneration, advancement, contribution or insurance coverage among multiple parties possessing such duties to Indemnitee prior to the Company’s satisfaction and performance of all its obligations under this Agreement, and (ii) the Company shall perform fully its obligations under this Agreement without regard to whether Indemnitee holds, may pursue or has pursued any indemnification, advancement, hold harmless, exoneration, contribution or insurance coverage rights against any person or entity other than the Company.

 

14

 

Article XVII.
Duration of Agreement

All agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves as a director or officer of the Company or as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee serves at the request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Article XIV of this Agreement) by reason of Indemnitee’s Corporate Status, whether or not Indemnitee is acting in any such capacity at the time any liability or expense is incurred for which indemnification or advancement can be provided under this Agreement.

Article XVIII.
Severability

If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Article, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Article, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

Article XIX.
Enforcement and Binding Effect

(a)The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director, officer or key employee of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director, officer or key employee of the Company.

(b)Without limiting any of the rights of Indemnitee under the Charter or Bylaws of the Company as they may be amended from time to time, this Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.

(c)The indemnification, hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), shall continue as to an 

 

15

 

Indemnitee who has ceased to be a director, officer, employee or agent of the Company or a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of any other Enterprise at the Company’s request, and shall inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

(d)The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

(e)The Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult to prove, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may, to the fullest extent permitted by law, enforce this Agreement by seeking, among other things, injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled. The Company and Indemnitee further agree that Indemnitee shall, to the fullest extent permitted by law, be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court of competent jurisdiction. The Company hereby waives any such requirement of such a bond or undertaking to the fullest extent permitted by law.

Article XX.
Modification and Waiver

No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the Company and Indemnitee. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver.

Article XXI.
Notices

All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given (i) if delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed:

(a)If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide in writing to the Company.

 

16

 

(b)If to the Company, to:

ECP Environmental Growth Opportunities Corp.

40 Beechwood Road
Summit, New Jersey 07901
Attention: Chris Leininger

With a copy, which shall not constitute notice, to:

Latham & Watkins LLP 
811 Main Street, Suite 3700
Houston, Texas 77002 
Attn: Ryan J. Maierson 
Fax No.: (713) 546-5401

 

or to any other address as may have been furnished to Indemnitee in writing by the Company.

Article XXII.
Applicable Law and Consent to Jurisdiction

This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant to Article XIV(a) of this Agreement, to the fullest extent permitted by law, the Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Delaware Court and not in any other state or federal court in the United States of America or any court in any other country; (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement; (c) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court; and (d) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum, or is subject (in whole or in part) to a jury trial. To the fullest extent permitted by law, the parties hereby agree that the mailing of process and other papers in connection with any such action or proceeding in the manner provided by Article XXI or in such other manner as may be permitted by law, shall be valid and sufficient service thereof.

Article XXIII.
Identical Counterparts

This Agreement may be executed in one or more counterparts (including by electronic delivery of a counterpart in PDF format), each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

17

 

Article XXIV.
Miscellaneous

Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

Article XXV.
Period of Limitations

No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against Indemnitee, Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration of two (2) years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such two (2)‐year period; provided, however, that if any shorter period of limitations is otherwise applicable to any such cause of action such shorter period shall govern.

Article XXVI.
Additional Acts

If for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is required to the fullest extent permitted by law, the Company undertakes to cause such act, resolution, approval or other procedure to be affected or adopted in a manner that will enable the Company to fulfill its obligations under this Agreement.

Article XXVII.
Waiver of Claims to Trust Account

Indemnitee hereby agrees that it does not have any right, title, interest or claim of any kind (each, a “Claim”) in or to any monies in the trust account established in connection with the Company’s initial public offering for the benefit of the Company and holders of shares issued in such offering, and hereby waives any Claim it may have in the future as a result of, or arising out of, any services provided to the Company and will not seek recourse against such trust account for any reason whatsoever.

Article XXVIII.

Maintenance of Insurance

 

The Company shall use commercially reasonable efforts to obtain and maintain in effect during the entire period for which the Company is obligated to indemnify the Indemnitee under this Agreement, one or more policies of insurance with reputable insurance companies to provide the officers and directors of the Company with coverage for losses from wrongful acts and omissions and to ensure the Company’s performance of its indemnification obligations under this Agreement. The Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director or officer under such policy or policies. In all such insurance policies, the Indemnitee shall be named as an insured in such a manner as to provide the 

 

18

 

Indemnitee with the same rights and benefits as are accorded to the most favorably insured of the Company’s directors and officers.

 

 [Signature Page Follows]

 

 

19

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Indemnity Agreement to be signed as of the day and year first above written.

 

	
ECP ENVIRONMENTAL GROWTH OPPORTUNITIES CORP.

	
 

	
 

	
By:
	
 
	
/s/ Tyler Reeder

	
Name:
	
 
	
Tyler Reeder

	
Title:
	
 
	
President and Chief Executive Officer

 

 

[Signature page to Indemnity Agreement]

 

 

	
INDEMNITEE:

	
 

	
 

	
By:
	
 
	
/s/ Tracy B McKibben

	
Name:
	
 
	
Tracy B McKibben

	
Address: 
	
 
	
 

 

 

[Signature page to Indemnity Agreement]urov-ex101_167.htm

EXHIBIT 10.1

 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED

CO-PROMOTION AGREEMENT

This Co-Promotion Agreement (this “Agreement”) is entered into as of October 05, 2020 (the “Effective Date”) by and between Sunovion Pharmaceuticals Inc., a Delaware corporation, having a principle place of business at 84 Waterford Drive, Marlborough, Massachusetts, 01752, USA (“Sunovion”) and Urovant Sciences GmbH, a Swiss company, having a principle place of business at Viadukstrasse 8, 4051 Basel, Switzerland (“Urovant”).  Sunovion and Urovant may individually be referred to as a “Party” and collectively as the “Parties.”

	
A.
	
Sunovion is a biopharmaceutical company that has certain capabilities with respect to the distribution and sales of pharmaceutical products and related services;

	
B.
	
Urovant is a biopharmaceutical company seeking support with respect to certain distribution and marketing related activities for newly approved products; and

	
C.
	
Sunovion and Urovant desire to enter into this Agreement in which Sunovion and Urovant will each perform certain obligations to facilitate the sale of the Product (as defined below).

NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, and for good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, intending to be legally bound hereby, it is understood and agreed upon by and between the Parties as follows:

	
1.
	
DEFINITIONS

The capitalized terms used in this Agreement shall have the meanings as defined below: 

	
1.1
	
“AAA” has the meaning set forth in Section 15.10.2.

	
1.2
	
“Additional Training Materials Costs and Expenses” has the meaning set forth in Section 6.3.

	
1.3
	
“Affiliate” means, with respect to either Urovant or Sunovion, any corporation, company, partnership, joint venture or firm which controls, is controlled by or is under common control with Sunovion or Urovant, as the case may be.  As used in the definition of Affiliate, “control” means (a) in the case of corporate entities, direct or indirect ownership of at least fifty percent (50%) of the stock or shares having the right to vote for the election of directors (or such lesser percentage that is the maximum allowed to be owned by a foreign corporation in a particular jurisdiction), and (b) in the case of non-corporate entities, the direct or indirect power to manage, direct or cause the direction of the management and policies of the non-corporate entity or the power to elect at least fifty percent (50%) of the members of the governing body of such non-corporate entity.  Notwithstanding the foregoing, for purposes of this Agreement, (x) Urovant and any Urovant controlled 

Confidential & Proprietary

 

		
Affiliates shall not be Affiliates of Sunovion, and (y) Sunovion and any Sunovion controlled Affiliates shall not be Affiliates of Urovant.

	
1.4
	
“Agreement” has the meaning set forth in the introductory paragraph.

	
1.5
	
“Applicable Law” means any federal, state, or local statutes or regulations that may exist from time to time that applies to the obligations of the Parties under this Agreement.  Applicable Law includes, as applicable, (a) the Prescription Drug Marketing Act of 1987, (b) the federal healthcare program Anti-Kickback Statute (42 U.S.C. § 1320a-7b(b)) and related implementing regulations, and any similar state law, (c) the federal False Claims Act (31 U.S.C. §§ 3729 et seq.); (d) the Federal Civil Monetary Penalty statute and any similar state law; (e) the Foreign Corrupt Practices Act; (f) anti-corruption and improper payments regulations; and (g) the Federal Food, Drug and Cosmetic Act.

	
1.6
	
“Break-Up Fee” has the meaning set forth in Section 14.7.1.

	
1.7
	
“Budget” has the meaning set forth in Section 8.1.

	
1.8
	
“Business Day” means a day (other than a Saturday, Sunday or a public holiday) on which the banks are generally open for the transaction of general banking in Marlborough, Massachusetts, USA.   

	
1.9
	
“Change of Control” means any of the following events during the Term: (a) any Third Party (or group of Third Parties acting in concert) becomes the beneficial owner, directly or indirectly, of more than fifty percent (50%) of the total voting power of the stock then outstanding of a Party normally entitled to vote in elections of directors; (b) a Party consolidates with or merges into another corporation or entity, or any corporation or entity consolidates with or merges into such Party, in either event pursuant to a transaction (or series of transactions) in which more than fifty percent (50%) of the total voting power of the stock outstanding of the surviving entity normally entitled to vote in elections of directors is not held by the same parties as held at least fifty percent (50%) of the outstanding shares of voting stock of the Party immediately preceding such consolidation or merger; or (c) such Party conveys, transfers, assigns or leases to any Third Party, or otherwise disposes of, all or substantially all of its assets.

	
1.10
	
“Claims” means any complaints, charges, demands, claims, hearings, investigations, actions, inquiries, proceedings, arbitrations or suits.

	
1.11
	
“Co-Promote” means joint performance of detailing and related activities consisting of (i) with respect to the Territory and the Targets, Sunovion’s performance of those detailing and related activities normally undertaken by Sunovion’s sales force, and (ii) with respect to the Territory and certain other targets, Urovant’s performance of detailing and related activities normally undertaken by Urovant’s sales force, in each case ((i) and (ii)), to commercialize a product under a single trademark in the Territory. “Co-Promotion” and “Co-Promoted” shall each have a correlative meaning.

	
1.12
	
“Co-Promotion Activities” has the meaning set forth in Section 4.1.

 

	
Confidential & Proprietary
	
Page 2

 

 

	
1.13
	
“Co-Promotion Expenses” means: [* * *].

	
1.14
	
“Co-Promotion Payment” shall have the meaning set forth in Section 8.3.1.

	
1.15
	
“Co-Promotion Period” means the period beginning as of the date of the Regulatory Approval of the Product by the FDA and ending on March 31, 2026.

	
1.16
	
“Commercially Reasonable Efforts” means, with respect to the efforts to be expended by a Party with respect to its performance of its obligations under this Agreement, including, the Co-Promotion Activities, reasonable, diligent, good-faith efforts to perform such obligations as a similarly situated pharmaceutical company would normally use to accomplish activities that are similar to such obligations, but not less than the efforts a Party would perform on behalf of itself under similar circumstances while exercising reasonable business judgment.  With respect to a Party’s obligations, Commercially Reasonable Efforts requires that the Party: (a) promptly assign responsibility for such obligations to specific employee(s) who are held accountable for progress and monitor such progress on an on-going basis; (b) set and consistently seek to achieve specific and meaningful objectives for carrying out such obligations; and (c) consistently make and implement decisions and allocate sufficient resources designed to advance reasonable progress with respect to such objectives.  Notwithstanding the foregoing, if the performance of a Party’s obligations hereunder is impaired by the other Party’s failure to perform its obligations hereunder, the determination of whether such first Party has used Commercially Reasonable Efforts in performing a given obligation will be determined in the context of such other Party’s failure.

	
1.17
	
“Confidential Information” means all non-public or proprietary business financial, scientific or technical information in whatever form (oral, visual or written) furnished or made available to, or otherwise acquired by, a Party from the other Party in connection with this Agreement.  Confidential Information shall also include (a) subject to Section 9.7, the terms and conditions of this Agreement, the Sales Plan and any reports, and (b) all derivative information prepared by or on behalf of Receiving Party (such as notes, drawings, plans, projections, analyses, records and materials) that incorporates or reflects Confidential Information.

	
1.18
	
“CPC” has the meaning set forth in Section 2.1.

	
1.19
	
“CPC Approved Expenses” means any costs and expenses that are approved in writing in advance by a representative of the CPC from each Party and thereafter reflected in the Budget.

	
1.20
	
“Detail” means [* * *].  When used as a verb, “Detail” shall mean to engage in a Detail.

	
1.21
	
“Disclosing Party” means the Party that discloses Confidential Information to the other Party.

	
1.22
	
“Dispute” has the meaning set forth in Section 15.10.

	
1.23
	
“Dollar” or “$” means the United States dollar.

 

	
Confidential & Proprietary
	
Page 3

 

 

	
1.24
	
“DSCSA” means the Drug Supply Chain Security Act, 21 U.S.C. § 201 et seq. and any implementing regulations or guidance thereunder.

	
1.25
	
“DSP” means Sumitomo Dainippon Pharma Ltd., a Japanese company with its principal place of business at 6-8 Doshomachi 2-Chome, Chuo-ku, Osaka, 541-0045, Japan.

	
1.26
	
“Effective Date” has the meaning set forth in the introductory paragraph.

	
1.27
	
“Excluded” has the meaning set forth in Section 11.1.6.

	
1.28
	
“Excluded Party” has the meaning set forth in Section 11.1.6.

	
1.29
	
“FDA” means the United States Food and Drug Administration and any successor entity thereto.

	
1.30
	
“Indication” means a separately defined, well-categorized class of human disease or condition for which a separate NDA must be filed with a Regulatory Authority

	
1.31
	
“Initial Co-Promotion Period” means the period from the Effective Date through March 31, 2023.

	
1.32
	
“Initial Co-Promotion Period Expenses” has the meaning set forth in Section 8.2.1.

	
1.33
	
“Initial Training Materials Costs and Expenses” has the meaning set forth in Section 6.2.

	
1.34
	
“IP” has the meaning set forth in Section 10.1.

	
1.35
	
“Losses” means liabilities, damages, awards, settlements, judgments, interest, costs, fines and expenses (including all reasonable attorneys’ fees and expenses).

	
1.36
	
“Market Access Services Agreement” means that certain Market Access Services Agreement entered into by the Parties on June 17, 2020.

	
1.37
	
“Materials” means, including but not limited to, (a) [* * *], (b) [* * *], (c) [* * *], and (d) other materials that relate to the Product as mutually agreed upon by the Parties.

	
1.38
	
“MSAS Force” means a multi-specialty account sales force of [* * *], which may be increased or decreased upon the mutual written agreement between the Parties taking into account the Sales Plan.

	
1.39
	
“MSAS Force Expenses” means (i) [* * *] of the aggregate fully burdened rate (including any applicable bonus compensation) for the MSAS Force during the Co-Promotion Period, and (ii) any costs and expenses incurred by the MSAS Force in furtherance of the Co-Promotion Activities; provided that such costs and expenses are permitted by the applicable Sunovion policies and procedures, set forth in the Budget or are a CPC Approved Expense.

	
1.40
	
“NDA” means new drug application filed with the FDA for authorization to market the Product.

 

	
Confidential & Proprietary
	
Page 4

 

 

	
1.41
	
“Net Sales” shall mean, subject to the conditions set out at sub-clauses (i) – (iii), with respect to the Product, the gross amount invoiced by or on behalf of Urovant, its Affiliates or sublicensees for such Product to Third Parties in bona fide, arms’ length transactions less customary deductions, to the extent included in the gross invoiced sales price of the Product and properly and directly incurred by Urovant or its Affiliates with respect to the sale of such Product, such as:

	
 
	
(a)
	
normal and customary trade and quantity discounts actually allowed and properly taken directly with respect to sales of the Product (including stocking, distribution and/or administrative fees to any wholesaler, group-purchasing organization, pharmacy benefit managers, and the like);

	
 
	
(b)
	
amounts repaid or credited by reasons of defects, rejection recalls, returns, rebates and allowances of goods or because of retroactive price reductions specifically identifiable to the Product;

	
 
	
(c)
	
chargebacks and other amounts paid on the sale of such Product;

	
 
	
(d)
	
amounts payable resulting from government-mandated rebate programs, retroactive or otherwise, for such amounts imposed by, negotiated with or otherwise paid to governmental authorities or other payees;

	
 
	
(e)
	
cash discounts for timely or early payment;

	
 
	
(f)
	
discounts pursuant to indigent patient programs and patient discount programs, including, without limitation, “Together Rx” and coupon discounts; and

	
 
	
(g)
	
any other specifically identifiable amounts included in the Product’s gross invoice amount that should be credited for reasons substantially equivalent to those listed above;

all as determined in accordance with the United States Generally Accepted Accounting Principles consistently applied by Urovant and its Affiliates for the purposes of their respective external financial reporting.  Sales to or from Urovant to or from its Affiliates, as applicable, shall be disregarded for purposes of calculating Net Sales.  Any of the items set forth above that would otherwise be deducted from the invoice price in the calculation of Net Sales but which are separately charged to Third Parties shall not be deducted from the invoice price in the calculation of Net Sales.

	
 
	
(i)
	
In the case of any sale or other disposal of a Product between or among Urovant and its Affiliates for resale, Net Sales shall be calculated as above only on the value charged or invoiced on the first bona fide arm’s length sale thereafter to a Third Party;

	
 
	
(ii)
	
In the case of any sale which is not invoiced or is delivered before invoice, Net Sales shall be calculated at the time of shipment or when the Product is paid for, if paid for before shipment or invoice; and

 

	
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(iii)
	
In the case of any sale or other disposal for value for money or money’s worth, including by way of barter or counter-trade, of the Product, or part thereof, other than in a bona fide arm’s length transaction exclusively for money, Net Sales shall be calculated as above on the value of the non-cash consideration received or the fair market price (if higher) of the Product in the country of sale or disposal agreed by the Parties.

	
1.42
	
“OAB” means overactive bladder, with symptoms of urge urinary incontinence, urgency and urinary frequency.

	
1.43
	
“Party” and “Parties” have the meanings set forth in the introductory paragraph.

	
1.44
	
“Payout Threshold” means an amount equal to the sum of (a) one hundred and eighty percent (180%) of the Initial Co-Promotion Period Expenses, plus (b) the amount set forth in the statements of the Reimbursed Co-Promotion Expenses.  Notwithstanding anything to the contrary, the portion of the Payout Threshold described in subsection (a) shall not exceed One Hundred Eight Million US Dollars ($108,000,000).

	
1.45
	
“Person” means any individual, partnership, limited liability company, firm, corporation, association, trust, unincorporated organization or other entity.

	
1.46
	
“Pharmacovigilance Agreement” has the meaning set forth in Section 7.2.2.

	
1.47
	
“Post-Approval Materials” means Materials appropriate and specifically generated for use in connection with the Co-Promotion Activities after Urovant’s receipt of all Regulatory Approvals for the Product.

	
1.48
	
“Pre-Approval Materials” means Materials appropriate and specifically generated for use in connection with the Co-Promotion Activities prior to Urovant’s receipt of all Regulatory Approvals for the Product (e.g., disease state awareness Materials).

	
1.49
	
“Product” means Urovant’s beta-3 adrenergic receptor agonist compound for Indications in OAB that will be commercialized as Vibegron during the Term.

	
1.50
	
“Receiving Party” means the Party that receives Confidential Information from the other Party.

	
1.51
	
“Regulatory Approval” means, with respect to the Territory, the approvals, licenses, registrations, or authorizations of any Regulatory Authority necessary to promote and commercialize the Product in the Territory, including, where applicable, (a) such approvals, agreements, determinations or decisions establishing prices for the Product that can be charged to consumers or will be reimbursed by governmental authorities, (b) pre- and post-approval marketing authorizations (including any prerequisite manufacturing approval or authorization related thereto), and (c) (i) the Regulatory Authority‐approved full prescribing information for the Product in the Territory, including any required patient information, and (ii) all labels and other written, printed, or graphic matter upon a container, wrapper, or any package insert utilized with or for the Product in the Territory.

 

	
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1.52
	
“Regulatory Authority” means any applicable supra-national, federal, national, regional, state, provincial, or local governmental authority or regulatory authority, agency, department, bureau, commission, council, or other entities (e.g., the FDA) regulating or otherwise exercising authority with respect to activities contemplated in this Agreement, including the promotion of the Product.

	
1.53
	
“Reimbursed Co-Promotion Expenses” has the meaning set forth in Section 8.2.4.

	
1.54
	
“Repayment Term” means the period beginning on April 1, 2023 and ending on the date that Sunovion receives an amount equal to the Payout Threshold.

	
1.55
	
“Sales Plan” has the meaning set forth in Section 4.1.2.

	
1.56
	
“Subcommittee” has the meaning set forth in Section 2.8.

	
1.57
	
“Sunovion” has the meaning set forth in the introductory paragraph.

	
1.58
	
“Sunovion Indemnitees” has the meaning set forth in Section 12.2.

	
1.59
	
“Targets” means: [* * *].  

	
1.60
	
“Term” has the meaning set forth in Section 14.1.

	
1.61
	
“Territory” means the United States, the District of Columbia, and all of the United States’ territories and possessions.

	
1.62
	
“Third Party” means any Person other than a Party or an Affiliate of a Party.

	
1.63
	
“Training Materials Costs and Expenses” has the meaning set forth in Section 6.3.

	
1.64
	
“Urovant” has the meaning set forth in the introductory paragraph.

	
1.65
	
“Urovant Expenses” has the meaning set forth in Section 1.13.

	
1.66
	
“Urovant Indemnitees” has the meaning set forth in Section 12.1.

	
1.67
	
“Work Product” has the meaning set forth in Section 10.1.

	
2.
	
CO-PROMOTION COMMITTEE

	
2.1
	
Co-Promotion Committee.  Within [* * *] after the Effective Date, the Parties shall establish a co-promotion committee (the “CPC”), which shall be responsible for overseeing the performance of the Parties’ respective obligations under this Agreement and establish any Subcommittees (defined below) that may be needed in order to carry out such obligations as set forth in Section 2.3.  For the avoidance of doubt, the CPC shall be distinct and separate from the Joint Governance Committee (as defined in the Market Access Services Agreement).

 

	
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2.2
	
Composition.  The CPC shall consist of four (4) representatives from each Party, each with the requisite experience and seniority to enable such representative to make decisions on behalf of the Party it represents with respect to the issues falling within the jurisdiction of the CPC; provided, that [* * *]. Each individual appointed by a Party as a representative to the CPC shall be an employee of such Party or of such Party’s Affiliate.  The Parties shall each select a chairperson for the CPC which shall serve as joint-chairpersons during the Term unless a Party determines to replace its chairperson.  The CPC may allow observers from a Party to attend its meetings upon the other Party’s prior written consent.

	
2.3
	
Responsibilities.  The CPC shall:

	
 
	
2.3.1
	
[* * *];

	
 
	
2.3.2
	
[* * *];

	
 
	
2.3.3
	
[* * *];

	
 
	
2.3.4
	
[* * *];

	
 
	
2.3.5
	
[* * *];

	
 
	
2.3.6
	
[* * *];

	
 
	
2.3.7
	
[* * *];

	
 
	
2.3.8
	
[* * *];

	
 
	
2.3.9
	
[* * *]; and

	
 
	
2.3.10
	
perform such other functions as are set forth herein, if and as applicable, or as the Parties may mutually agree in writing.

	
2.4
	
Meetings.  After being established, the CPC shall meet [* * *] during the Co-Promotion Period.  The meetings may be conducted as in-person meetings, teleconferences or video conferences, as agreed to by the Parties, with the location of in-person meetings alternating between a location designated by Sunovion and a location designated by Urovant, with Sunovion designating the place of the first in-person meeting; provided in each case that any in-person meeting shall be held within the United States.  The joint-chairpersons of the CPC shall be responsible for calling meetings of the CPC on no less than [* * *] notice unless exigent circumstances require shorter notice.  Each Party shall make all proposals for agenda items at least [* * *] in advance of the applicable meeting and shall provide all appropriate information with respect to such proposed items at least [* * *] in advance of the applicable meeting; provided, that under exigent circumstances requiring input by the CPC, a Party may provide its agenda items to the other Party within a shorter period of time in advance of the meeting or may propose that there not be a specific agenda for a particular meeting, so long as the other Party consents to such later addition of such agenda items or the absence of a specific agenda for such meeting (which consent shall not be unreasonably conditioned, withheld or delayed).  The joint-chairpersons of the CPC shall 

 

	
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prepare and circulate, or cause to be prepared and circulated, for review and approval of the Parties minutes of each meeting within [* * *] after the meeting.  The Parties shall strive to agree on the minutes of each meeting promptly, but in no event later than the next meeting of the CPC.

	
2.5
	
Procedural Rules.  The CPC shall have the right to adopt standing rules as necessary for the CPC to conduct business; provided, that such rules are not inconsistent with this Agreement.  Representatives of the Parties on the CPC may attend a meeting either in person or by telephone, video conference or similar means in which each participant can hear what is said by and be heard by, the other participants.  Representation by proxy shall be allowed.

	
2.6
	
Decision-Making.  The CPC will only act when there is a consensus between members representing Sunovion and Urovant.  [* * *].

	
2.7
	
Limitations on Authority.  Without limitation to the foregoing, the Parties hereby agree that matters explicitly reserved to the consent, approval, discretion or other decision-making authority of one or both Parties, as expressly provided in this Agreement, are outside the jurisdiction and decision-making authority of the CPC, including, but not limited to, amendment, modification or waiver of compliance with this Agreement, which must occur in accordance with Section 15.8.

	
2.8
	
Subcommittees.  From time to time, the CPC may establish and delegate duties to sub-committees or directed teams (each, a “Subcommittee”) on an “as-needed” basis to oversee specific obligations of the Parties’ under this Agreement.  Each such Subcommittee shall be constituted and shall operate as the CPC determines; provided, that each Subcommittee shall have equal representation from each Party, unless otherwise mutually agreed.  Subcommittees may be established on an ad hoc basis for a specific purpose or on such other basis as the CPC may determine.  Each Subcommittee and its activities shall be subject to the oversight, review and approval of, and shall report to, the CPC; provided, that in no event shall the authority of the Subcommittee exceed that specified for the CPC.  All decisions of a Subcommittee shall be by consensus.  Any disagreement between the designees of Sunovion and Urovant on a Subcommittee shall be referred to the CPC for resolution.

	
2.9
	
Expenses.  Each Party shall be responsible for all travel and related costs and expenses for its members and other representatives to attend meetings of, and otherwise participate on, the CPC or any Subcommittee.

	
2.10
	
Alliance Manager.  Each Party shall appoint a person(s) within [* * *] of execution of this agreement who shall be the primary contact between the Parties for all matters that arise between the date of meetings of the CPC and shall have such other responsibilities as the Parties may agree in writing after the Effective Date (each, an “Alliance Manager”).  Each Party shall be responsible for all travel and related costs and expenses for its Alliance Manager.  Each Party may replace its Alliance Manager at any time by notice in writing to the other Party.

 

	
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3.
	
APPOINTMENT; exclusivity

	
3.1
	
Subject to the terms and conditions of this Agreement, Urovant hereby appoints Sunovion, and Sunovion hereby accepts such appointment, to (a) Co-Promote the Product during the Co-Promotion Period, and (b) perform any other obligations assigned to Sunovion under this Agreement.  Sunovion’s appointment hereunder shall automatically and immediately be revoked on the expiration or earlier termination of this Agreement.  Notwithstanding the foregoing, Urovant retains and reserves the right for Urovant and its Affiliates to Co-Promote the Product in the Territory.  Any obligation of Sunovion under or pursuant to this Agreement may be satisfied, met or fulfilled, in whole or in part, at Sunovion’s sole and exclusive option, either by Sunovion or its Affiliates.

	
3.2
	
During the Term, Sunovion shall not (and shall ensure that its Affiliates will not) directly or indirectly, promote, co-promote, detail, market or otherwise commercialize any products with an Indication for OAB except for the Product.

	
4.
	
Sunovion Activities for the product

	
4.1
	
Generally; Efforts.  Sunovion shall, or shall cause an Affiliate, to use Commercially Reasonable Efforts to (i) Co-Promote the Product in the Territory (the “Co-Promotion Activities”) during the Co-Promotion Period, and (ii) perform its obligations under this Agreement.  The Co-Promotion Activities shall include the following obligations:

	
 
	
4.1.1
	
after the Effective Date and prior to Urovant’s receipt of all Regulatory Approvals for the Product, [* * *];

	
 
	
4.1.2
	
after Urovant’s receipt of all Regulatory Approvals for the Product and for the duration of the Co-Promotion Period, Sunovion shall cause the MSAS Force to, with respect to the Targets, promote the Product in accordance with the sales plan for the Product that is reviewed and approved by the CPC (the “Sales Plan”) [* * *], (a) [* * *], (b) [* * *], (c) [* * *], (d) [* * *], (e) [* * *], (f) discuss, review and approve any additional promotional activities and related CPC Approved Expenses, and (g) report any adverse event, field report or quality complaint related to the Product to Urovant pursuant to the Pharmacovigilance Agreement; and

	
 
	
4.1.3
	
perform any other activities related to Sunovion’s Co-Promotion of the Product (which may result in additional fees being added to this Agreement, subject to customary, good faith negotiation) that are agreed upon in writing by the Parties from time to time.

	
4.2
	
Samples.  Urovant shall supply a reasonable quantity of samples of the Product to Sunovion to be used in connection with the Co-Promotion Activities.  [* * *]. 

	
4.3
	
MSAS Force. 

	
 
	
4.3.1
	
Sunovion shall, in accordance with the terms and conditions of this Agreement, provide the MSAS Force.  For the avoidance of doubt, the 

 

	
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MSAS Force shall be [* * *], which may be increased or decreased upon the mutual written agreement between the Parties taking into account the Sales Plan.

	
 
	
4.3.2
	
The MSAS Force and the applicable Sunovion leadership team will be jointly responsible for Detailing the Product (in accordance with the Sales Plan and the terms and conditions of this Agreement) and any other products as determined by Sunovion from time to time; provided, that, after the first commercial sale of the Product and during the Co-Promotion Period, (i) [* * *], and (ii) [* * *].

	
 
	
4.3.3
	
Sunovion shall have complete discretion over (a) the hiring and/or termination of any member of the MSAS Force, and (b) the content of any job description for any member of the MSAS Force; provided, that, such job description is not inconsistent with the terms of this Agreement.

	
 
	
4.3.4
	
Sunovion shall promptly inform Urovant if the then current Sales Plan or MSAS Force does not permit Sunovion’s performance of the Co-Promotion Activities.  If Sunovion believes that it needs to modify the MSAS Force, then such matter shall be discussed and resolved by the Parties in good faith.

	
4.4
	
Cooperation.  During the Co-Promotion Period, Sunovion shall reasonably cooperate with, and provide any information reasonably useful or necessary to, Urovant and its Affiliates to enable Urovant to perform its obligations under this Agreement.

	
5.
	
Urovant OBLIGATIONS

	
5.1
	
Efforts.  During the Term, Urovant shall use Commercially Reasonable Efforts to (a) Co-Promote, manufacture and otherwise commercialize the Products in the Territory, and (b) perform its obligations under this Agreement. 

	
5.2
	
Cooperation.  During the Co-Promotion Period, Urovant shall reasonably cooperate with, and provide any information reasonably useful or necessary to, Sunovion and its Affiliates to enable Sunovion to perform its obligations under this Agreement.

	
5.3
	
Third Party Agreements.  Urovant shall remain solely responsible for the payment of royalty, milestone and other payment obligations, if any, due to Third Parties on (or in connection with) the sale of the Product in the Territory.

	
6.
	
materials; Training

	
6.1
	
Materials.  Urovant shall prepare and control the content of all Materials for the MSAS Force.  Urovant shall be solely responsible for ensuring that the Materials are in compliance with the Regulatory Approvals for the Product and Applicable Law.  Once approved by Urovant, the content of the Materials shall be provided by Urovant to the CPC in advance of the time period in which such Materials are to be used by Sunovion in accordance with the Sales Plan for the CPC to review and provide comments, which such comments shall be considered in good faith by Urovant; provided that, if Sunovion’s legal or regulatory 

 

	
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personnel reasonably determine in good faith that any Materials potentially are not in compliance with the Regulatory Approvals of the Product or violate Applicable Law, the potential non-compliance or violation shall be escalated to the CPC.  Sunovion shall not be required to use any Materials (a) on which the CPC has not had an opportunity to review and comment, or (b) that have not been approved in writing by Urovant.  [* * *].

	
6.2
	
Initial Training.  Promptly after the Effective Date [* * *], the Parties will collaborate to plan and schedule initial training for the MSAS Force at a mutually acceptable location, date and time, including a launch meeting for the MSAS Force.  Urovant shall develop all of the Materials necessary for such initial training.  Sunovion will facilitate such training under the subject matter expertise of Urovant in support thereof.  [* * *].

	
6.3
	
Additional Training.  After the initial training, the Parties will collaborate to provide additional training at such frequency as the circumstances warrant.  Urovant shall develop all of the Materials necessary for such additional training.  [* * *].

	
7.
	
title; risk of loss; regulatory and commercial matters

	
7.1
	
Title and Risk of Loss.  Unless otherwise mutually agreed to in advance in writing, as between the Parties and for purposes of this Agreement, at no time during the Term in Sunovion’s fulfillment of the Co-Promotion Activities shall Sunovion or any of its Affiliates or subcontractors have title to the Product (or any samples thereof).  Risk of loss of Product (including samples thereof) shall be with Urovant at all times.

	
7.2
	
Regulatory and Commercial Matters.  

	
 
	
7.2.1
	
Except as expressly set forth in this Agreement, as between Sunovion and Urovant, Urovant (as the owner and applicant of the NDA for each Product) shall be solely responsible, at Urovant’s sole cost and expense, for all regulatory obligations related to the Product, including without limitation annual product reports, drug listing updates, and DSCSA reporting and recordkeeping.  Subject to Applicable Law, Urovant, not Sunovion, shall have the sole right to interact with FDA regarding the Product.

	
 
	
7.2.2
	
Subject to the terms of this Agreement, as soon as reasonably practicable following the Effective Date, but in any event, prior to the first commercial sale of the Product, the pharmacovigilance departments of each Party shall meet and determine the responsibilities of the Parties with regard to the collection, review, assessment, tracking and filing of information related to adverse events, field reports and quality complaints associated with the Product, which shall be documented in a separate drug safety data exchange agreement between the Parties (the “Pharmacovigilance Agreement”), which upon execution shall be attached hereto as Schedule 7.2.2.  The Pharmacovigilance Agreement shall provide that (a) Urovant shall be responsible for all pharmacovigilance activities regarding the Product, including signal detection, medical surveillance, risk management, medical literature review and monitoring, adverse event reporting and responses to 

 

	
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governmental authority requests or inquiries, and shall provide information related thereto to Sunovion, and (b) in the event that Sunovion receives safety information regarding the Product, or information regarding any safety-related regulatory request or inquiry, Sunovion shall notify Urovant as soon as practicable, but in any event, within the timelines set forth in the Pharmacovigilance Agreement.  To the extent that any terms of the Pharmacovigilance Agreement conflict with any terms of this Agreement, the terms of the Pharmacovigilance Agreement shall control.

	
 
	
7.2.3
	
Sunovion shall direct to Urovant any unsolicited requests for off-label medical information from health care professionals with respect to the Product promptly following receipt by Sunovion.  Urovant shall address any such requests directly and Sunovion shall no have no further responsibly.

	
 
	
7.2.4
	
Urovant shall record on its books all revenues from sales of the Product.  Subject to the terms and conditions of the Market Access Services Agreement, (a) Urovant shall be exclusively responsible for accepting and filling purchase orders, billing, and returns with respect to the Product, (b) if Sunovion receives an order for the Product, it shall promptly transmit such order to Urovant (or its designee) for acceptance or rejection, and (c) Urovant shall have the sole responsibility for shipping, distribution and warehousing of the Product, and for invoicing and billing of purchasers of the Product and for the collection and receivables resulting from the sales of the Product in the Territory.

	
 
	
7.2.5
	
Unless the Market Access Services Agreement is in effect and expressly states otherwise, (a) any Product returned to Sunovion shall, at Urovant’s expense, be shipped to the facility designated by Urovant, with any shipping or other documented direct cost to be paid by Urovant, and (b) Sunovion shall advise the customer who made the return that the Product has been returned to Urovant, but shall take no other actions with respect to such returned Product, except with the prior written consent of Urovant. 

	
 
	
7.2.6
	
Unless the Market Access Services Agreement and/or Pharmacovigilance Agreement are in effect and expressly state otherwise, Urovant shall be solely responsible for initiating and conducting recalls for the Product, obtaining and receiving any Product that has been the subject of a recall, market withdrawal or stock recovery, and any and all costs and expenses relating thereto. 

	
 
	
7.2.7
	
Each Party shall be responsible for its own federal, state and local government transparency reporting in the Territory arising from its Co-Promotion Activities and related expenditures pursuant to Applicable Law.  It is the intention of the Parties that any payments or transfers of value by a Party as it relates to the Product shall constitute transfers of value by the Party and such Party shall be responsible for the reporting described in the immediately preceding sentence.  However, if a Party is deemed to have 

 

	
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provided any payments or transfers of value to a Third Party on behalf of the other Party as it relates to the Product, then such Party shall provide to the other Party, in a format reasonably acceptable to such other Party, the data and other information in a timely fashion for such other Party’s reporting under the Physician Payments Sunshine Act and other Applicable Laws.

	
 
	
7.2.8
	
Unless the Market Access Services Agreement is in effect and expressly states otherwise, Urovant shall be responsible for its own federal, state and local government price reporting obligations in the Territory for the Product.

	
8.
	
FINANCIAL TERMS

	
8.1
	
Budget.  During the Co-Promotion Period and no later than sixty (60) days prior to the end of the then-current Sunovion fiscal year, the CPC shall develop, review and approve a written budget for the Co-Promotion Expenses to be incurred by each Party pursuant to the Sales Plan for the following Sunovion fiscal year (the “Budget”).  The Budget may be amended by the CPC from time to time upon approval by the CPC.

	
8.2
	
Sunovion Costs and Expenses during the Co-Promotion Period.  

	
 
	
8.2.1
	
Sunovion will be responsible for no less than Sixty Million US Dollars ($60,000,000) (the “Initial Threshold”) in Co-Promotion Expenses during the Initial Co-Promotion Period (the “Initial Co-Promotion Period Expenses”).  For the sake of clarity, the Initial Threshold may exceed Sixty Million US Dollars ($60,000,000) if agreed to in writing in advance by the Parties.

	
 
	
8.2.2
	
Unless the CPC determines otherwise, subject to Section 8.2.1, Urovant will be responsible for the Urovant Expenses and CPC Approved Expenses allocated to Urovant pursuant to the applicable Sales Plan or by the CPC.  [* * *]. 

	
 
	
8.2.3
	
[* * *].

	
 
	
8.2.4
	
Urovant will pay to Sunovion (a) one hundred and eighty percent (180%) of the first Sixty Million US Dollars ($60,000,000) of the Initial Threshold (which is One Hundred Eight Million US Dollars ($108,000,000)), plus (b) one hundred percent (100%) of any Initial Threshold amounts in excess of Sixty Million US Dollars ($60,000,000), in each case ((a) and (b)) in the form of Co-Promotion Payments during the Repayment Term.  

	
 
	
8.2.5
	
Upon such time that Sunovion reaches the Initial Threshold in Initial Co-Promotion Period Expenses, [* * *].

	
 
	
8.2.6
	
[* * *].

 

	
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8.3
	
Co-Promotion Payments.

	
 
	
8.3.1
	
As consideration for the Co-Promotion Activities performed by Sunovion hereunder, during the Repayment Term, Urovant shall, subject to Section 8.3.2, pay to Sunovion an amount equal to a percentage of Net Sales of the Product in the Territory during each calendar quarter [* * *] (each, a “Co-Promotion Payment”).

		
	
[* * *]
	
[* * *]

	
[* * *]
	
[* * *]

	
[* * *]
	
[* * *]

	
[* * *]
	
[* * *]

 

For clarity, if the Product is withdrawn from the market or suspended by an Regulatory Authority (and such Product withdrawal or suspension is not caused in whole or in part by Sunovion) and Urovant subsequently starts commercializing the Product after such withdrawal or suspension, whether or not this Agreement was terminated or has expired and in addition to any other rights and remedies available to Sunovion, Urovant shall pay to Sunovion the Co-Promotion Payments until expiration of the Repayment Term.  

	
 
	
8.3.2
	
Co-Promotion Payments for the “Time Period” that is on and after April 1, 2023 through March 31, 2024 shall not exceed [* * *].  Co-Promotion Payments in the aggregate during the Repayment Term shall not exceed the Payout Threshold.

	
 
	
8.3.3
	
Within thirty (30) days after the end of each calendar quarter, Urovant shall, subject to Section 8.3.2, pay to Sunovion each Co-Promotion Payment.  Urovant shall, concurrent with any such payment, deliver a written report that sets forth the Net Sales, including a reasonable description of the deductions applied in connection therewith. Urovant shall use reasonable efforts to provide to Sunovion an estimate of Net Sales for the preceding calendar quarter by the third (3rd) Business Day after the end of such calendar quarter.  Sunovion shall notify Urovant in writing of any disputed report within thirty (30) days of receipt of such report, and the Parties will resolve such Dispute promptly and in good faith.  If such Dispute is not resolved within thirty (30) days of such Dispute notice, then either Party may refer such Dispute for resolution in accordance with Section 15.10.

	
8.4
	
Statements.  

	
 
	
8.4.1
	
Sunovion shall submit statements to Urovant on a monthly basis for any Initial Co-Promotion Period Expenses, Reimbursed Co-Promotion 

 

	
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Expenses, and CPC Approved Expenses incurred by or on behalf of Sunovion, solely to the extent there are any such expenses during the preceding month.  The foregoing statements shall be used to determine the Payout Threshold.  Sunovion shall use reasonable efforts to provide an estimate to Urovant for any such Initial Co-Promotion Period Expenses, Reimbursed Co-Promotion Expenses, and CPC Approved Expenses by the third (3rd) Business Day after the end of the applicable month.  Urovant shall notify Sunovion in writing of any disputed statement within thirty (30) days of receipt of such statement, and the Parties will resolve such Dispute promptly and in good faith.  If such Dispute is not resolved within thirty (30) days of such Dispute notice, then either Party may refer such Dispute for resolution in accordance with Section 15.10. 

	
 
	
8.4.2
	
During the Initial Co-Promotion Period, Urovant shall submit invoices to Sunovion on a monthly basis for any Urovant Expenses and CPC Approved Expenses incurred by or on behalf of Urovant, solely to the extent there are any such expenses during the preceding month.  Urovant shall use reasonable efforts to provide an estimate to Sunovion for any such Urovant Expenses and CPC Approved Expenses by the third (3rd) Business Day after the end of the applicable month.  Sunovion shall notify Urovant in writing of any disputed statement within ten (10) days of receipt of such invoice, and the Parties will resolve such Dispute promptly and in good faith.  If such Dispute is not resolved within ten (10) days of such Dispute notice, then either Party may refer such Dispute for resolution in accordance with Section 15.10.  Sunovion shall pay Urovant the amount of each undisputed invoice within thirty (30) days after receipt thereof.  The amounts reimbursed to Urovant from foregoing invoices shall be used to determine the Payout Threshold.

	
8.5
	
Taxes.  Urovant shall be responsible for all sales, use and excise taxes, and any other similar taxes, duties and charges of any kind imposed by any federal, state or local governmental entity (a) on any amounts payable by Urovant hereunder, and (b) related to the Product, including without limitation the branded prescription drug fee pursuant to 26 C.F.R. Parts 51 and 602; provided, that, in no event shall Urovant pay or be responsible for any taxes imposed on, or with respect to, Sunovion’s income, revenues, gross receipts, personnel or real or personal property or other assets.

	
8.6
	
Financial Records; Financial Audits.  Each Party shall, and shall cause its Affiliates to, keep complete and accurate books and records pertaining to (a) with respect to Sunovion, the Co-Promotion Expenses, and CPC Approved Expenses, in each case, incurred by or on behalf of Sunovion, and (b) with respect Urovant, Net Sales, Co-Promotion Payments, Co-Promotion Expenses, and CPC Approved Expenses, in each case, made or incurred by or on behalf of Urovant.  Such books and records shall be retained by such Party and its Affiliates until the later of (x) [* * *] after the end of the period to which such books and records pertain, and (y) the expiration of the applicable tax statute of limitations (or any extensions thereof), or for such longer period as may be required by Applicable Law.

 

	
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8.7
	
Audit.  At the request of a Party, the other Party shall, and shall cause its Affiliates to, permit an independent public accounting firm of nationally recognized standing designated by the audit-requesting Party and reasonably acceptable to the other Party, at reasonable times during normal business hours and upon reasonable notice, to audit the books and records maintained pursuant to Section 8.6 to ensure the accuracy of all reports and payments made hereunder.  Such examinations may not (a) be conducted for any calendar quarter more than [* * *] after the end of such quarter, or (b) be conducted more than once in any [* * *].  Such other Party shall provide reasonable assistance to the accounting firm to enable the accounting firm to carry out such audit.  The accounting firm shall disclose only whether the reports are correct or not, and the specific details concerning any discrepancies.  No other information shall be shared.  Except as provided below, the cost of this audit shall be borne by audit-requesting Party, unless the audit reveals a variance of more than five percent (5%) from the reported amounts, in which case such other Party shall bear the cost of the audit.  If such audit concludes that (x) additional amounts were owed by such other Party, such other Party shall pay the additional amounts, or (y) excess payments were made by such other Party, the audit-requesting Party shall reimburse such excess payments, in either case ((i) or (ii)), within [* * *] after the date on which such audit is completed by the audit-requesting Party.

	
9.
	
Confidentiality

	
9.1
	
Obligations of Confidentiality.  During the Term and thereafter, Receiving Party agrees to (a) hold all Confidential Information in confidence and not, directly or indirectly, publish, disseminate or otherwise disclose, deliver or make available to any Third Party any Confidential Information, except as expressly permitted in this Agreement or, with respect to Sunovion, to its auditors and Affiliates, (b) use Confidential Information solely in furtherance of the purpose of this Agreement, (c) treat Confidential Information with the same degree of care that Receiving Party uses to protect its own confidential information, but in no event with less than a reasonable degree of care, (d) reproduce Confidential Information solely as necessary to further the purpose of this Agreement, (e) provide Confidential Information through a permission-controlled system to its employees on need-to-know basis solely to the extent that such Confidential Information is reasonably necessary for exercise of its rights or fulfillment of its obligations under this Agreement, and (f) notify Disclosing Party upon discovery of any unauthorized use or disclosure of any Confidential Information or any other breach of this ARTICLE 9 by Receiving Party and to cooperate with Disclosing Party in every reasonable way to help Disclosing Party regain possession of the Confidential Information and prevent its further unauthorized use.

	
9.2
	
Exceptions.  Receiving Party shall have no obligations of confidentiality and non-use with respect to any Confidential Information which:

	
 
	
9.2.1
	
is, or later becomes, generally available to the public or trade by the use, publication or the like, through no fault of, or act, or failure to act on the part of Receiving Party, as evidenced by the then existing publication or other public dissemination of such information in written or other documentary form;

 

	
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9.2.2
	
is obtained, after the Effective Date, by Receiving Party from a Third Party on a non-confidential basis and such Third Party had the legal right to disclose such Confidential Information to Receiving Party;

	
 
	
9.2.3
	
is independently developed by the Receiving Party without reliance on Disclosing Party’s Confidential Information, as evidenced by the contemporaneous written records of Receiving Party that are maintained in the ordinary course of business; or

	
 
	
9.2.4
	
Receiving Party already knows prior to the date of any disclosure by Disclosing Party, as evidenced by the contemporaneous written records of Receiving Party that are maintained in the ordinary course of business. 

	
9.3
	
Disclosures Required by Law.  In the event that Receiving Party is (a) requested in any judicial or administrative proceeding or by any governmental or regulatory authority to disclose any Confidential Information, Receiving Party shall give Disclosing Party prompt notice of such request so that Disclosing Party may seek an appropriate protective order, or (b) compelled by a judicial or administrative proceeding or by any governmental or regulatory authority to disclose any Confidential Information, in either case, Receiving Party shall give Disclosing Party prompt prior written notice of such event and shall furnish only that portion of such Confidential Information that is legally required and shall exercise all reasonable efforts to obtain reliable assurance that confidential treatment will be afforded to such Confidential Information.

	
9.4
	
Work Product.  Notwithstanding that Sunovion will be the Disclosing Party with respect to the Work Product, (a) the Work Product shall be deemed to be the Confidential Information of Urovant, and (b) Urovant shall be deemed to be the “Disclosing Party” and Sunovion shall be deemed to be the “Receiving Party” with respect thereto.

	
9.5
	
Ownership.  All Confidential Information is and will remain the sole and exclusive property of Disclosing Party.  Except for the limited right to use Confidential Information solely in accordance with this Agreement, or as otherwise set forth in this Agreement, no ownership interests, rights or licenses whatsoever, either express or implied, are granted hereunder by Disclosing Party to Receiving Party under any patents or patent applications, copyrights, trademarks, trade secrets, or other intellectual property rights now or hereafter acquired, developed, or controlled by Disclosing Party.  Disclosing Party retains all rights and remedies afforded under all patent, copyright, trade secret, and other Applicable Law for protecting confidential, proprietary, or trade secret information.

	
9.6
	
Use of Name. Except as expressly provided herein, neither Party shall mention or otherwise use the name, logo, or trademark of the other Party or any of its Affiliates (or any abbreviation or adaptation thereof) in any publication, press release, marketing and promotional material, or other form of publicity without the prior written approval of such other Party in each instance.  The restrictions imposed by this Section 9.6 shall not prohibit either Party from making any disclosure identifying the other Party that, in the opinion of the disclosing Party’s counsel, is required by Applicable Law; provided, that such Party shall submit the proposed disclosure identifying the other Party in writing to the other Party 

 

	
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as far in advance as reasonably practicable (and in no event less than [* * *] prior to the anticipated date of disclosure if reasonably possible) so as to provide a reasonable opportunity to comment thereon.

	
9.7
	
Publicity.  Neither Party shall issue any other public announcement, press release, or other public disclosure regarding this Agreement or its subject matter without the other Party’s prior written consent, except for any such disclosure that is, in the opinion of the disclosing Party’s counsel, required by Applicable Law or the rules of a stock exchange on which the securities of the disclosing Party are listed.  In the event a Party is, in the opinion of its counsel, required by Applicable Law or the rules of a stock exchange on which its securities are listed to make such a public disclosure, such Party shall submit the proposed disclosure in writing to the other Party as far in advance as reasonably practicable so as to provide a reasonable opportunity to comment thereon.

	
9.8
	
Injunctive Relief.  Each Party agrees that (a) the Disclosing Party may be irreparably injured by an impending or existing breach of this ARTICLE 9; (b) money damages would not be an adequate remedy for any such breach; and (c) the Disclosing Party will be entitled to seek equitable relief, including injunctive relief and specific performance, without proof of damages or having to post a bond, as a remedy for any such breach.  Such injunctive relief shall be in addition to any other rights or remedies to which the Disclosing Party may otherwise be entitled.

	
10.
	
WORK PRODUCT; License Grant

	
10.1
	
Work Product.  Urovant shall own all (a) the Materials that are generated by the Parties (either solely or jointly) under this Agreement; (b) data, analyses, reports and other work product solely related to the Product generated by Sunovion under this Agreement (“Work Product”); and (c) all inventions (whether patentable or not), improvements, developments and intellectual property rights related thereto (including any patent applications, patents, copyrights, trademarks and goodwill), that in each case are conceived, reduced to practice, made or authored by Sunovion (whether solely or jointly) under this Agreement and solely relate to the Product (collectively, “IP”).  Sunovion shall disclose all Work Product and IP to Urovant in writing promptly after such Work Product is completed or created.

	
10.2
	
Assignment.  Sunovion hereby assigns to Urovant all of Sunovion’s right, title and interest in any and all Materials, Work Product and IP without any additional consideration, and Sunovion shall reasonably assist Urovant in the prosecution, maintenance and enforcement of such IP (at Urovant’s sole cost and expense).  

	
10.3
	
License Grant.  Urovant hereby grants to Sunovion during the Term a non-exclusive license, with the right to grant sublicenses, under any intellectual property rights owned or controlled by Urovant in the Territory, including with respect to the Materials, Work Product and IP solely to enable Sunovion to perform the Co-Promotion Activities.  

	
10.4
	
No Further Rights.  Except as otherwise expressly provided herein, nothing in this Agreement is intended to grant to either Party any rights under any intellectual property right of the other Party.

 

	
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11.
	
Representations, warranties and covenants 

	
11.1
	
Mutual.  Each Party hereby represents, warrants and covenants to the other Party that:

	
 
	
11.1.1
	
it is, and will remain during the Term, a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of organization;

	
 
	
11.1.2
	
the execution and delivery of this Agreement has been authorized by all requisite corporate action;

	
 
	
11.1.3
	
this Agreement is and will remain a valid and binding obligation of it, enforceable in accordance with the terms of this Agreement, subject to laws of general application relating to bankruptcy, insolvency and the relief of debtors;

	
 
	
11.1.4
	
it is under no contractual or other obligation or restriction that is inconsistent with its execution or performance of this Agreement;

	
 
	
11.1.5
	
during the Term, it will not, directly or indirectly, enter into any agreement, either written or oral, that would constitute an actual conflict with its responsibilities under this Agreement; 

	
 
	
11.1.6
	
it, its Affiliates, and each of their respective officers, directors, employees and subcontractors, as applicable: (a) have not been debarred and are not subject to a pending debarment, and will not use in any capacity in connection with performance of its obligations under this Agreement, any person who has been debarred or is subject to a pending debarment, pursuant to section 306 of the Federal Food, Drug and Cosmetic Act, 21 U.S.C. §335a, (b) are not ineligible to participate in any federal procurement or non-procurement programs or any “Federal Health Care Programs” (as that term is defined in 42 U.S.C. 1320a-7b(f)), including, but not limited to, Medicare, Medicaid, or TRICARE, (c) are not included on the List of Excluded Individuals and Entities maintained by the Department of Health and Human Services Office of Inspector General (“OIG”) or the General Services Administration’s System for Award Management exclusion database, and (d) are not disqualified by any government or regulatory agencies from performing specific services, and are not subject to a pending disqualification proceeding (collectively “Excluded”) (in the event that a Party, during the term of this Agreement, is or becomes Excluded (the “Excluded Party”), the other Party may terminate this Agreement immediately without further obligation upon written notice to the Excluded Party); and 

	
 
	
11.1.7
	
it, its Affiliates, and each of their respective officers, directors, employees and subcontractors, as applicable, have not been convicted of a criminal offense related to the provision of healthcare items or services, and are not subject to any such pending action.  

 

	
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Each Party will promptly notify the other Party if it, its Affiliates or any of their respective officers, directors, employees and subcontractors, as applicable, are or become subject to the foregoing, or if any Claim relating to the foregoing is pending, or to the best of such Party’s knowledge, is threatened.  The non-breaching Party shall have the right to immediately terminate this Agreement if the representation and warranties in Section 11.1.6 is or becomes untrue.

	
11.2
	
Sunovion.  Sunovion hereby represents, warrants and covenants to Urovant that:

	
 
	
11.2.1
	
it will perform the Co-Promotion Activities in accordance with Applicable Law; 

	
 
	
11.2.2
	
it has obtained and will maintain, at all times during the Term, the required licenses, permits and authorizations necessary to perform the Co-Promotion Activities; and

	
 
	
11.2.3
	
it will not employ or contract with any individual or entity to perform any of the Co-Promotion Activities under this Agreement who is debarred, disqualified, excluded, or otherwise sanctioned by any local state, federal, or international governmental body, or is subject to an administrative, civil, or criminal proceeding which could result in such sanctions by a governmental body.

	
11.3
	
Urovant.  Urovant hereby represents, warrants, and covenants to Sunovion that:

	
 
	
11.3.1
	
it will obtain and maintain, at all times during the Term, the required licenses, permits and authorizations necessary to commercialize the Product in the Territory;

	
 
	
11.3.2
	
the Product (a) is free from defect in design, material and workmanship, (b) is  manufactured and commercialized in compliance with Applicable Law, including in accordance with current Good Manufacturing Practices as promulgated by the FDA from time to time, and (c) has been approved by the FDA prior to sale, (d) may be introduced into interstate commerce, (e) is not infringing upon the patents, trademarks or other intellectual property rights of any Third Party, and (f) complies with all traceability aspects of the DSCSA; and

	
 
	
11.3.3
	
the Materials will comply the all of the Regulatory Approvals for the Product and Applicable Law.

	
11.4
	
Warranty Disclaimer. EXCEPT FOR THE EXPRESS WARRANTIES SET FORTH HEREIN, NEITHER PARTY MAKES ANY REPRESENTATIONS OR GRANTS ANY WARRANTIES, EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE, AND EACH PARTY SPECIFICALLY DISCLAIMS ANY OTHER WARRANTIES, WHETHER WRITTEN OR ORAL, OR EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF QUALITY, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR USE OR PURPOSE.

 

	
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12.
	
INDEMNIFICATION; LIMITATION OF LIABILITY

	
12.1
	
Indemnification by Sunovion.  Subject to Section 12.4.3, Sunovion agrees to indemnify, defend and hold Urovant, its Affiliates, and its and their respective officers, directors, employees, subcontractors, and agents (collectively, the “Urovant Indemnitees”) harmless from and against any and all Losses resulting from any Claims by a Third Party to the extent such Claim results from, arises from or out of, relates to, is in the nature of, or is caused by (a) a breach of any representation, warranty or covenant of Sunovion set forth in this Agreement, (b) negligence, gross negligence or willful misconduct of Sunovion in connection with Sunovion’s performance of its obligations set forth in this Agreement, and (c) failure to comply with Applicable Laws by Sunovion; except, in each case (clauses (a) and (b)), to the extent that such Losses (or part thereof) results from a Claim that is an indemnifiable event pursuant to Section 12.2, in which case Urovant shall indemnify the Sunovion Indemnitees for such Losses (or part thereof) in accordance with Section 12.2.

	
12.2
	
Indemnification by Urovant.  Urovant agrees to indemnify, defend and hold Sunovion, its Affiliates, and its and their respective officers, directors, employees, subcontractors and agents (collectively, the “Sunovion Indemnitees”) harmless from and against any and all Losses resulting from any Claims by a Third Party to the extent such Claim results from, arises from or out of, relates to, is in the nature of, or is caused by (a) any use of the Product, including, but not limited to, death of, or bodily injury to, and/or emotional damage to, any Person on account of the use of the Product, including but not limited to, claims of negligence, claims of design defect, warning defect, or manufacturing defect, claims of implied warranty or express warranty, or any other theory or combination of theories, (b) any recall, quarantine, warning or withdrawal of the Product, (c) use of Materials approved in advance by Urovant, (d) the failure to comply with Applicable Laws by Urovant or the Targets, (e) a breach of any representation, warranty or covenant of Urovant set forth in this Agreement, and (f) the negligence, gross negligence or willful misconduct of Urovant in connection with this Agreement; except, in each case (clauses (a) through (f)), to the extent that such Losses (or part thereof) results from a Claim that is an indemnifiable event pursuant to Section 12.1, in which case Sunovion shall indemnify the Urovant Indemnitees for such Losses (or part thereof) in accordance with Section 12.1.

	
12.3
	
Indemnification Procedure.  The indemnifying Party’s agreement and obligation to indemnify, defend and hold the other harmless is conditioned on the indemnified Party: 

	
 
	
12.3.1
	
promptly providing written notice to the indemnifying Party of any Claim resulting from, arising from or out of, relating to, in the nature of, or caused by the indemnified activities set forth in Section 12.1 and Section 12.2, at most within [* * *] after becoming aware of such Claim; provided, that failure to provide prompt notice will not relieve the indemnifying Party of its indemnification obligations, except only to the extent that the indemnifying Party has been materially prejudiced as a result of such failure;

	
 
	
12.3.2
	
notwithstanding any obligation under any insurance policies of either Party, permitting the indemnifying Party to assume full responsibility to select its 

 

	
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choice of counsel, investigate, prepare for and defend against any such Claim; provided that each Party shall have the right to control the litigation strategy with respect to the Claims asserted against such Party; provided, further that the indemnified Party shall have the right to retain separate legal counsel and participate in any defense of any Claim at its own expense;

	
 
	
12.3.3
	
reasonably assisting the indemnifying Party, at the indemnifying Party’s reasonable expense, in the investigation of, preparation for, and defense of any such Claim; and

	
 
	
12.3.4
	
not compromising or settling such Claim without the indemnifying Party’s written consent.  

The indemnifying Party may not, without the indemnified Party’s written consent, compromise or settle any Claim resulting from, arising from or out of, relating to, in the nature of, or caused by the indemnified activities set forth in Section 12.1 and Section 12.2 if such compromise or settlement admits liability on behalf of or imposes any restrictions or obligations on the indemnified Party.  The indemnifying Party shall make quarterly payments on a calendar quarter basis to the indemnified Parties for any documented Losses resulting from such Claim.

	
12.4
	
Limitations of Liability. 

	
 
	
12.4.1
	
EXCEPT WITH REGARD TO A PARTY’S (A) OBLIGATIONS UNDER SECTION 12.1 (INDEMNIFICATION BY SUNOVION) AND SECTION 12.2 (INDEMNIFICATION BY UROVANT), (B) GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, (C) FRAUD, (D) FAILURE TO COMPLY WITH APPLICABLE LAW, AND (E) BREACH OF OBLIGATIONS UNDER ARTICLE 9, IN NO EVENT SHALL A PARTY BE LIABLE FOR LOSSES TO THE OTHER PARTY FOR ANY CONSEQUENTIAL, LOST PROFITS, INDIRECT, INCIDENTAL, EXEMPLARY, PUNITIVE, AND SPECIAL DAMAGES.

	
 
	
12.4.2
	
EXCEPT WITH REGARD TO LOSSES ARISING FROM SUNOVION’S (A) OBLIGATIONS UNDER SECTION 12.1 (INDEMNIFICATION BY SUNOVION), (B) GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, AND (C) FRAUD, (D) FAILURE TO COMPLY WITH APPLICABLE LAW, AND (E) BREACH OF OBLIGATIONS UNDER ARTICLE 9, [* * *].

	
 
	
12.4.3
	
IN NO EVENT SHALL SUNOVION BE OBLIGATED TO INDEMNIFY ANY UROVANT INDEMNITEE FOR ANY CLAIMS BY A THIRD PARTY TO THE EXTENT SUCH CLAIM RESULTS FROM, ARISES FROM OR OUT OF, RELATES TO, IS IN THE NATURE OF, OR IS CAUSED BY ANY USE OF THE PRODUCT, INCLUDING, BUT NOT LIMITED TO, DEATH OF, OR BODILY INJURY TO, AND/OR EMOTIONAL DAMAGE TO, ANY PERSON ON ACCOUNT OF THE USE OF THE PRODUCT, INCLUDING BUT NOT LIMITED TO 

 

	
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CLAIMS OF NEGLIGENCE, CLAIMS OF DESIGN DEFECT, WARNING DEFECT, OR MANUFACTURING DEFECT, CLAIMS OF IMPLIED WARRANTY OR EXPRESS WARRANTY, OR ANY OTHER THEORY OR COMBINATION OF THEORIES.

	
13.
	
INSURANCE

	
13.1
	
Urovant Insurance.  Urovant shall (a) maintain (i) general liability insurance including premises and operations, broad form property damage, independent contractors, and contractual liability covering its obligations under this Agreement, with a combined single limit of [* * *] on a per occurrence and aggregate basis, and (ii) product liability insurance including contractual liability for all products and completed operations and any work supplied pursuant to the terms and conditions of this Agreement, [* * *] on a per occurrence and aggregate basis, and (b) add Sunovion as an additional insured to all of the above stated policies.  

	
13.2
	
Sunovion Insurance.  Sunovion shall (a) maintain general liability insurance including premises and operations, broad form property damage, independent contractors, and contractual liability covering its obligations under this Agreement, with a combined single limit of [* * *] on a per occurrence and aggregate basis, and (b) [* * *].  

	
13.3
	
Claims-Made Policies.  If any of the above stated policies are on a claims-made basis, then the insured Party shall maintain such policy in effect through a period of not less than one (1) year following the termination or expiration of this Agreement.

	
14.
	
TERM; TERMINATION

	
14.1
	
Term.  This Agreement shall become effective as of the Effective Date and, unless terminated earlier by a Party in accordance herewith, will expire upon the later of [* * *] (the “Term”).  

	
14.2
	
Termination by for Material Breach.  Either Party may terminate this Agreement upon [* * *] prior written notice to the other Party if the other Party materially breaches this Agreement and fails to cure the breach during such notice period.

	
14.3
	
Termination for Insolvency.  Subject to applicable bankruptcy laws, either Party may terminate this Agreement effective immediately in the event that the other Party: (a) has become insolvent (defined as such Party being subject to a voluntary or involuntary bankruptcy petition which is not dismissed ) or has been dissolved or liquidated, has filed itself a petition, case or other proceeding under the applicable bankruptcy laws relating to bankruptcy, dissolution, liquidation, winding up or reorganization; (b) makes a general assignment for the benefit of creditors; or (c) has a receiver, custodian, trustee or other person exercising similar functions appointed for all or substantially all of its assets.

	
14.4
	
Product Divestiture.  

	
 
	
14.4.1
	
In the event Urovant divests the Product to a Third Party during the Term, (a) Urovant shall provide written notice thereof to Sunovion, and (b) 

 

	
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Sunovion may immediately terminate this Agreement as of the closing date of such divestiture. 

	
 
	
14.4.2
	
If: (a)(i) the Agreement is terminated for any reason (other than for termination for Sunovion’s uncured material breach) or no reason at all; or (ii) the Product is withdrawn from the market (and such Product withdrawal is not caused, in whole or in part, by Sunovion); and (b) after (a)(i) or (a)(ii), Urovant divests the Product to a Third Party during the Repayment Term, then Urovant shall pay the Break-Up Fee pursuant to Section 14.7.1.  

	
14.5
	
Termination for Change of Control.  In the event of a Change of Control of either Party, the other Party may terminate this Agreement upon [* * *] prior written notice to the Party that underwent a Change of Control (or its successor).

	
14.6
	
Termination by Urovant.  Urovant may terminate this Agreement for any reason or no reason at all upon [* * *] prior written notice to Sunovion.

	
14.7
	
Effect of Termination or Expiration.

	
 
	
14.7.1
	
If Sunovion terminates this Agreement pursuant to Section 14.4.1 or the applicable event identified in Section 14.4.2 is met, then Urovant shall pay to Sunovion an amount equal to (a) [* * *], minus (b) [* * *] ((a) minus (b), the “Break-Up Fee”) within [* * *].  

	
 
	
14.7.2
	
If Urovant terminates this Agreement pursuant to Section 14.3, 14.5, or 14.6, then Urovant’s obligations under ARTICLE 8 shall survive such termination until expiration of the Repayment Term; provided, that, if after the effective date of such termination and before the expiration of the Repayment Term, Urovant divests the Product to a Third Party, the terms of Section 14.7.1 shall apply.  

	
 
	
14.7.3
	
Without limiting the foregoing, upon any expiration or termination of this Agreement, neither Urovant nor Sunovion will have any further obligations under this Agreement, except that:

	
 
	
(a)
	
the Parties shall be responsible for any obligation that accrued on or before the effective date of such termination or expiration;

	
 
	
(b)
	
each Party will promptly return to the other Party all Confidential Information and all copies of Confidential Information associated with this Agreement, provided that each Party may retain one copy of Confidential Information to determine its obligations hereunder, provided such Party’s obligations set forth in ARTICLE 9 shall continue to apply to such retained copy; and

	
 
	
(c)
	
the terms and conditions that expressly survive by their terms and ARTICLES 1 (Definitions), 9 (Confidentiality), 10 (Work Product; License Grant), 12 (Indemnification; Limitation of Liability), and 15 

 

	
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(Miscellaneous), and Sections 8.3.1 (solely with respect to the last sentence) (Co-Promotion Payments), 8.5 (Taxes), 8.6 (Financial Records), 8.7 (Audit), and 14.7 (Effect of Termination or Expiration) will survive any such termination or expiration of this Agreement.

	
15.
	
MISCELLANEOUS

	
15.1
	
Notices.  All notices must be in writing and sent to the address for the recipient set forth below or at such other address as the recipient may specify in writing under this procedure.  All notices must be given (a) by personal delivery, with receipt acknowledged, or (b) by first class, prepaid certified or registered mail, return receipt requested, or (c) by prepaid national express delivery service.  Notices will be effective upon receipt or at a later date stated in the notice.

		
	
If to SUNOVION:
	
If to UROVANT:

	
 

Sunovion Pharmaceuticals Inc.

84 Waterford Drive

Marlborough, MA 01752

Attn: President and CEO
	
 

Urovant Sciences GmbH 

c/o Urovant Sciences, Inc. 

5281 California Avenue, Suite 100Irvine, CA  92617

Attn: President and CFO

	
 
	
 

	
With a copy to:

 

Sunovion Pharmaceuticals Inc.

84 Waterford Drive

Marlborough, MA 01752

Attn: General Counsel
	
With a copy to:

 

Urovant Sciences GmbH 

c/o Urovant Sciences, Inc. 

5281 California Avenue, Suite 100Irvine, CA  92617

Attn: General Counsel

 

	
With a copy to (which shall not constitute notice):

 

Reed Smith LLP

506 Carnegie Center

Suite 300

Princeton, NJ 08540-7839

Attn: Diane Frenier
	
With a copy to (which shall not constitute notice):

 

O’Melveny & Myers LLP

610 Newport Center Drive, Suite 1700

Newport Beach, CA 92660

Attn: Mark Peterson and Geoff Kuziemko

 

	
15.2
	
Assignment.  Neither Party will assign, transfer or otherwise dispose of this Agreement in whole or in part to any Third Party without the prior written consent of the other Party; provided that each Party may assign this Agreement without such consent, in whole or in part, to any Affiliate; provided further that such Affiliate remains an Affiliate of the assigning Party during the Term.  Any successor or assignee of rights or obligations permitted hereunder must, in writing to the other Party, expressly assume performance of such rights or obligations.  Any permitted assignment will be binding on the successors of the assigning Party.  No assignment will relieve either Party of the performance of any 

 

	
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accrued obligation that such Party may then have under this Agreement.  This Agreement shall be binding upon, and inure to the benefit of the Parties and their respective legal representatives, heirs, successors and permitted assigns.  Any assignment or attempted assignment by either Party in violation of the terms of this Section 15.2 will be null, void and of no legal effect.

	
15.3
	
Change of Control.

	
 
	
15.3.1
	
Each Party (or its successor) shall provide the other Party with written notice of any Change of Control within [* * *] following the closing date of such transaction.

	
 
	
15.3.2
	
If: (a) Urovant undergoes a Change of Control and Sunovion does not terminate this Agreement pursuant to Section 14.5, or (b) Sunovion undergoes a Change of Control and Urovant does not terminate this Agreement pursuant to Section 14.5, then, in each case, the Party that undergoes a Change of Control shall (i) ensure that all activities performed by or on behalf of such Party for the benefit of its successor are kept separate from the activities performed under or in connection with this Agreement; and (ii) establish and cause its applicable Affiliates to establish reasonable internal safeguards that prevent any Confidential Information of the other Party from being utilized for the benefit of the successor of the Party that undergoes a Change of Control.

	
15.4
	
Independent Contractor.  All obligations of a Party will be rendered by such Party as an independent contractor of the other Party for federal, state and local income tax purposes and for all other purposes.  Neither Party will represent itself to be a partner or joint venturer of or with the other Party.

	
15.5
	
Severability; Reformation.  If for any reason a court of competent jurisdiction finds any provision of this Agreement or any portion of such a provision to be invalid or unenforceable, such provision will be reformed to the extent required to make the provision valid and enforceable to the maximum extent permitted by Applicable Law.

	
15.6
	
Entire Agreement.  This Agreement, including the attached Exhibits, each of which is incorporated herein, constitutes the entire agreement between the Parties with respect to the specific subject matter of this Agreement, and supersedes all negotiations, prior discussions, agreements or understandings, whether written or oral, with respect to the subject matter hereof.

	
15.7
	
Force Majeure.  Nonperformance of either Party shall be excused to the extent that such performance is rendered impossible by fire, flood, earthquake, mass disaster, governmental acts, orders or restrictions (including shelter in place orders, quarantine orders or curfews), terrorism, epidemic, pandemic (including COVID-19), or any other reason where failure to perform is beyond the reasonable control of the non-performing Party and is not caused by the non-performing Party’s negligence.  If any condition contemplated by this Section 15.7 shall continue for a period of sixty (60) days, the non-breaching Party shall have the 

 

	
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option of terminating this Agreement and, in such event, neither Party shall incur any liability for performance or payment other than for performance of such Party’s respective obligations satisfactorily provided up to and including the date of termination.

	
15.8
	
Waiver and Amendments.  The failure of any Party to insist on the performance of any obligation hereunder will not be deemed to be a waiver of such obligation.  No waiver of any term, provision or condition of this Agreement in any one or more instances will be deemed to be or construed as a further or continuing waiver or a waiver of any other term, provision or condition of this Agreement.  No waiver, modification, release or amendment of any term, provision or condition of this Agreement (including the attached Exhibits) will be valid or effective unless evidenced by an instrument in writing executed by an officer authorized to execute such waiver, modification, release or amendment.

	
15.9
	
Governing Law. The validity, interpretation and enforcement of this Agreement, matters arising out of or related to this Agreement or its making, performance or breach, and related matters shall be governed by the laws of the State of Delaware without reference to choice of law doctrine.  The Parties expressly reject any application to this Agreement of (a) the United Nations Convention on Contracts for the International Sale of Goods, and (b) the 1974 Convention on the Limitation Period in the International Sale of Goods, as amended by that certain Protocol, done at Vienna on April 11, 1980.

	
15.10
	
Dispute Resolution.  

	
 
	
15.10.1
	
  Subject to Section 2.6, if a dispute arises between the Parties in connection with or relating to this Agreement, including disputes that arise within the scope of the CPC, or any document or instrument delivered in connection herewith (a “Dispute”), it shall be resolved pursuant to this Section 15.10.  Any Dispute shall first be referred to the Chief Executive Officers of the Parties, who shall confer in good faith on the resolution of the issue.  Any final decision mutually agreed to by the Chief Executive Officers shall be conclusive and binding on the Parties.  If the Chief Executive Officers are not able to agree on the resolution of any such issue within [* * *] (or such other period of time as mutually agreed by the Chief Executive Officers) after such issue was first referred to them, then, either Party may, by written notice to the other Party, elect to escalate the Dispute to DSP.  In the event that DSP is unable to resolve a Dispute a Party may submit such Dispute to non-binding mediation.  In the event that non-binding mediation is unable to resolve such Dispute, a Party shall submit such Dispute to binding arbitration in accordance with Section 15.10.2.

	
 
	
15.10.2
	
  If any Dispute has not been resolved by good faith negotiations between the Parties pursuant to Section 15.10.1, then the Parties shall endeavor to settle the Dispute by submitting the matter to binding arbitration by the American Arbitration Association (“AAA”) in New York, New York.  Such arbitration may be conducted under the commercial rules then in effect for the AAA except as provided herein.  All such proceedings shall be held in English and a transcribed record prepared in English.  Each Party shall 

 

	
Confidential & Proprietary
	
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choose one (1) arbitrator within [* * *] of receipt of notice of the intent to arbitrate.  Such arbitrators shall thereafter choose a third arbitrator within [* * *] of their appointment.  Any arbitrator chosen by the Parties or arbitrators will not have a material financial interest in any Party and will have significant experience with the arbitration of similar large, complex, commercial disputes between pharmaceutical companies.  Each Party in any arbitration proceeding commenced hereunder shall bear such Party’s own costs and expenses (including expert witness and attorneys’ fees) of investigating, preparing and pursuing such arbitration claim.  Nothing in this Agreement shall be deemed as preventing either Party from seeking injunctive relief (or any other provisional remedy) from any court having jurisdiction over the Parties and the subject matter of the Dispute as necessary to protect either Party’s name, intellectual property or Confidential Information.  If the Dispute involves scientific or technical matters, any arbitrator chosen hereunder shall have educational training and/or experience sufficient to demonstrate a reasonable level of knowledge in the applicable field.  The award rendered by the arbitrators with respect to such Dispute shall be written, final and non-appealable, and judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof.  The existence and contents of the arbitration shall be kept confidential by each Party except to the extent that disclosure may be required to fulfil a legal duty, protect or pursue a legal right, or enforce or challenge an award in legal proceedings.

	
15.11
	
Headings.  This Agreement contains headings only for convenience and the headings do not constitute a form or part of this Agreement, and should not be used in the construction of this Agreement.

	
15.12
	
Counterparts.  This Agreement may be executed in any number of counterparts, each of which will be deemed to be an original, and all of which together will constitute one and the same instrument.

 

[Signature Page to Follow]

 

 

 

	
Confidential & Proprietary
	
Page 29

 

 

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

	
Sunovion Pharmaceuticals Inc.
	
 
	
Urovant Sciences, GmbH

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
By:
	
 
	
/s/ Thomas Gibbs
	
 
	
By:
	
 
	
/s/ Sascha Bucher

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Name:
	
 
	
Thomas E. Gibbs
	
 
	
Name:
	
 
	
Sascha Bucher

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Title:
	
 
	
SVP, Chief Commercial Officer
	
 
	
Title:
	
 
	
Director

 

 

Schedule 7.2.2 – PHARMACOVIGILANCE AGREEMENT

 

 

 

	
Confidential & Proprietary
	
[Signature Page to Co-Promotion Agreement]

 

 

Schedule 7.2.2

Pharmacovigilance Agreement

To be attached upon execution by the Parties.

Confidential & Proprietary

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