Document:

Unassociated Document

    Exhibit
10.2

    

    EXECUTION VERSION

    

    Confidential
materials omitted and filed separately with the Securities and
Exchange

    Commission.  Asterisks
denote such omission.

    

    JOINT
DEVELOPMENT AND LICENSE AGREEMENT

    

    BY
AND BETWEEN

    

    DYAX
CORP.

    

    AND

    

    DEFIANTE FARMACÊUTICA
S.A.,

    

    DATED
AS OF JUNE 18, 2010

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Exhibit
10.2

    

    EXECUTION VERSION

    

    Confidential
materials omitted and filed separately with the Securities and
Exchange

    Commission.  Asterisks
denote such omission.

    

    JOINT
DEVELOPMENT AND LICENSE AGREEMENT

     

    This
Joint Development and License Agreement (this "Agreement") is made
and effective as of June 18, 2010 (the "Effective Date") by
and between Dyax Corp., with principal offices at 300 Technology Square,
Cambridge, Massachusetts 02139, U.S.A. ("Dyax"), and Defiante
Farmacêutica S.A., with registered offices at Rua da Alfândega, n. 78, 3° andar,
9000-059, Funchal, Madeira, Portugal ("Defiante").

     

    INTRODUCTION

     

    WHEREAS,
Dyax owns or controls certain patents, know-how and other rights related to its
proprietary novel plasma kallikrein inhibitor known as DX-88
(ecallantide);

     

    WHEREAS,
Defiante is engaged in the development and commercialization of pharmaceutical
products;

     

    WHEREAS,
Defiante desires to collaborate with Dyax for the development and
commercialization of products incorporating DX-88 for the treatment of
angioedemas and certain other indications in the Defiante Territory (as such
terms are defined herein); and

     

    WHEREAS,
Dyax is willing to enter into such collaboration on the terms and conditions set
forth herein.

     

    NOW,
THEREFORE, for and in consideration of the mutual covenants contained herein,
Dyax and Defiante hereby agree as follows:

     

    ARTICLE
I

    DEFINITIONS

     

    As used
in this Agreement, the following terms shall have the meanings set forth
below:

     

    1.1             "Additional
Countries". Additional Countries shall mean the People’s Republic of
China, Hong Kong, Macao, India.

     

    1.2             "Additional
Indication". Additional Indication shall mean use in the treatment of any
Indication in the Field other than HAE.  For the avoidance of doubt,
acquired angioedema, drug-induced angioedema and idiopathic angioedema shall
each be considered an Additional Indication.

     

    1.3             "Additional Indication
Development Plan".  Additional Indication Development Plan
shall have the meaning given to that term under Section 4.3(e).

     

    1.4             "Affiliate".  Affiliate
shall mean with respect to any Person, any Person controlling, controlled by or
under common control with such first Person.  For purposes of this
Section 1.3, "control" shall mean (a) in the case of a Person that is a
corporate entity, direct or indirect ownership of more than fifty percent (50%)
of the stock or shares having the right to vote for the election of directors of
such Person and (b) in the case of a Person that is an entity, but is not a
corporate entity, the possession, directly or indirectly, of the power to
direct, or cause the direction of, the management or policies of such Person,
whether through the ownership of voting securities, by contract or
otherwise.

     

    1.5             "Alliance
Manager".  Alliance Manager shall have the meaning given to
that term under Section 2.6.

     

    1.6             "Bankruptcy
Code".  Bankruptcy Code shall mean Title 11 of the United
States Code.

     

    1.7             "Batch".  Batch
shall mean a quantity of Drug Substance manufactured by Dyax (or its CMO) that
(a) is expected to have uniform character and quality within specified limits,
and (b) is produced according to a single manufacturing run during the same
cycle.

    
      
         

      

      
        -1-

        
          

        

      

      
         

      

    

     

    1.8             "Blocking Third Party Patent
Rights".  Blocking Third Party Patent Rights shall mean, with
respect to any country in the Defiante Territory, on a country-by-country basis,
Patent Rights in such country owned or controlled by a Third Party that Cover
the Product or its Manufacture or Commercialization in the
Field.  Notwithstanding the foregoing, the [*****] 

     

    1.9            
"Breaching
Party".  Breaching Party shall have the meaning given to that
term under Section 12.2(b).

     

    1.10           "Business
Day".  Business Day shall mean a day that is not a Saturday,
Sunday or a day on which banking institutions in Cambridge, Massachusetts, USA,
Madeira, Portugal or Rome, Italy are authorized by law to remain
closed.

     

    1.11           "Calendar
Quarter".  Calendar Quarter shall mean each of the periods
ending on March 31, June 30, September 30 and December 31 of any
year.

     

    1.12           "Challenging
Party".  Challenging Party shall have the meaning given to that
term under Section 12.2(d).

     

    1.13           "CMO".  CMO
shall mean a contract manufacturing organization contracting with Dyax to supply
the Parties with Drug Substance or Drug Product pursuant to Article
VI.

     

    1.14           "Commercialization" or
"Commercialize".  Commercialization
or Commercialize shall mean activities to market, promote, label, package,
store, import, export, offer to sell and sell Product, including conducting any
Post-Approval Studies to support Commercialization.  Commercialization
shall not include any activities that are otherwise covered by the definitions
of "Development" or "Manufacturing" or "Post-Filing Activities".

     

    1.15           "Commercially Reasonable
Efforts".  Commercially Reasonable Efforts shall mean the
conduct and completion of an activity by a Party in a diligent and commercially
reasonable manner, using efforts not less than the efforts such Party devotes to
other similar activities based on conditions then prevailing and any other
technical, legal, scientific, medical or commercial factors that such Party
deems in good faith to be relevant.

     

    1.16           "Competitive
Infringement".  Competitive Infringement shall have the meaning
given to that term under Section 8.3(a).

     

    1.17           "Complaint".  Complaint
shall mean any information concerning any side effect, injury, toxicity or
sensitivity reaction, or any unexpected incident, adverse drug experience (as
that term is defined in Section 505-1 of the FDCA) or adverse event (as that
term is defined under the ICH Guidelines) in or involving a subject or, in the
case of pre-clinical studies, an animal in a toxicology study, and the
seriousness thereof, whether or not determined to be attributable to Compound or
Product, including any such information received by either Party from its
Related Parties or other Third Parties.

     

    1.18           "Compound".  Compound
shall mean DX-88.  To the extent that the Parties agree to jointly
develop any Product Improvement in accordance with Section 4.4, the term
"Compound" shall also include the active pharmaceutical ingredient of such
Product Improvement.

     

    1.19           "Confidential
Information".  Confidential Information shall have the meaning
given to that term under Section 9.1.

     

    1.20           "Confidentiality
Agreement".  Confidentiality Agreement shall mean the
Confidentiality Agreement, dated effective November 27, 2009.

     

    1.21           "Contribution
Payments".  Contribution Payments shall mean the payments due
from Defiante to Dyax in respect of Net Sales of Product, as described in
Section 7.5.

     

    1.22           "Contribution Payment
Term".  Contribution Payment Term shall have the meaning given
to that term under Section 7.5(b).

     

    1.23           "Control" or "Controlled".  Control
or Controlled shall mean, with respect to any intellectual property right or
other intangible property, or Know-How, the possession (whether by license or
ownership, or by control over an Affiliate having possession by license or
ownership, other than pursuant to this Agreement) by a Party of the ability to
grant to the other Party access, ownership and/or a license or sublicense as
provided herein without violating the terms of any agreement with any Third
Party; [*****]

     

     

    
      *
Confidential Treatment Requested.  Omitted portions filed with the
Commission.

    

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

     

    1.24           "Cover", "Covering" or "Covered".  Cover,
Covering or Covered shall mean, with respect to Compound, Product and/or
technology, that (a) in the absence of a license granted under a Valid Claim of
an issued patent, the making, use, offering for sale, sale, or importation of
Compound or Product, or the practice of such technology would infringe such
Valid Claim, and (b) in the absence of a license granted under a Valid Claim of
a patent application, the making, use, offering for sale, sale, or importation
of Compound or Product or the practice of such technology would infringe such
Valid Claim if it were to issue in a patent.

     

    1.25           "Defiante Development
Data". Defiante Development Data shall mean, as it pertains to Product or
its use, all pharmacology and toxicology data and information, pre-clinical
study data, clinical trial data, protocols, safety data, quality data and other
regulatory information and reports, whether in written or electronic form,
generated or developed by Defiante or any of its Affiliates in the course of
performing activities under this Agreement during the Term.

     

    1.26           "Defiante Intellectual
Property".  Defiante Intellectual Property shall mean Defiante
Know-How and Defiante Patent Rights, collectively.

     

    1.27           "Defiante
Know-How".  Defiante Know-How shall mean any Know-How that (a)
[*****] and (b) is [*****] for the Development, Manufacture and/or
Commercialization of Compound or Product as contemplated by this
Agreement.

     

    1.28           "Defiante Patent
Rights".  Defiante Patent Rights shall mean Patent Rights,
including Defiante's rights in Joint Patent Rights that (a) claim Defiante
Know-How, and (b) [*****].  Defiante Patent Rights shall include
Defiante's rights in Joint Patent Rights as well as any Patent Rights applicable
to Defiante Sole Inventions.

     

    1.29           "Defiante Product
Trademarks".  Defiante Product Trademarks shall have the
meaning given to that term under Section 8.8(c)

     

    1.30           "Defiante Promotional
Materials".  Defiante Promotional Materials shall have the
meaning given to that term in Section 5.2.

     

    1.31           "Defiante Sole
Inventions".  Defiante Sole Inventions shall have the meaning
given to that term under Section 8.1(b).

     

    1.32           "Defiante
Territory".  Defiante Territory shall mean countries listed on
Exhibit A,
together with (a) any additional countries that join the EU after the Effective
Date, and (b) any new countries or territories created or arising after the
Effective Date that reside within the geographical boundaries of the countries
listed on Exhibit
A.

     

    1.33           "Development" or
"Develop".  Development
or Develop shall mean, in respect of a Compound or Product, pre-clinical and
clinical research and drug development activities, including toxicology, test
method development and stability testing and studies, process development,
formulation development, delivery system development, quality assurance and
quality control development, statistical analysis, clinical studies (other than
post-approval studies), regulatory affairs, and product approval and regulatory
activities (excluding regulatory activities directed to obtaining pricing and
reimbursement approvals).

     

    1.34           "Development
Costs".  Development Costs shall mean, with respect to Compound
or Product, all out-of-pocket and internal costs and expenses incurred by or on
behalf of the Parties after the Effective Date in connection with the
Development of Compound or Product for use in the Field.  Development
Costs shall consist of:

     

    
      	
               
      

            	
              (a)

            	
              Manufacturing
      Costs associated with obtaining Drug Substance and/or Drug Product in
      connection with the Development of
Product;

            

    

     

    
      	
               
      

            	
              (b)

            	
              costs
      of studies on the preclinical, toxicological, pharmacokinetic, metabolic,
      clinical and/or stability aspects of Compound or
  Product;

            

    

     

    
      	
               
      

            	
              (c)

            	
              costs
      of conducting clinical studies for a Product (other than Post-Approval
      Studies), including the costs of clinical supplies for such efforts,
      including all internal and external costs incurred in purchasing and/or
      packaging comparator drugs, disposal of clinical samples, related
      regulatory compliance, quality control, medical affairs, clinical
      operations, study subject recruitment and the preparation, collation
      and/or validation of data from such clinical
  studies;

            

    

     

     

    * Confidential Treatment Requested.  Omitted
portions filed with the Commission.

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (d)

            	
              costs
      of preparing, submitting, reviewing or developing data or information,
      including the preparation of medical writing, for the purpose of
      submission to a Regulatory Authority to obtain approval to commence
      clinical studies (other than Post-Approval Studies) or to obtain
      Regulatory Approval for Product and costs associated with submitting,
      amending or maintaining such approval(s);
and

            

    

     

    
      	
               
      

            	
              (e)

            	
              the
      fully allocated costs of internal clinical, regulatory, scientific, or
      technical personnel engaged in such
efforts.

            

    

     

    Development
Costs shall not include any costs associated with Post-Filing Activities or
Post-Approval Studies, which shall be included in Regulatory Activities
Costs.

     

    1.35           "Drug
Product".  Drug Product shall mean the finished Product
formulation containing Drug Substance filled into unlabelled vials.

     

    1.36           "Drug Product Order
Limit".  Drug Product Order Limit shall mean, with respect to
any order for Drug Product placed during a Calendar Quarter, a quantity equal to
[*****].

     

    1.37           "Drug
Substance".  Drug Substance shall mean Compound in bulk form
manufactured for use as an active pharmaceutical ingredient in Drug
Product.

     

    1.38           "Drug Substance
Inventory".  Drug Substance Inventory shall mean Drug Substance
that (i) has been Manufactured by Dyax pursuant to an order placed by Defiante
in accordance with Section 6.1(c), and (ii) is being held by Dyax (or its
contractor) on behalf of Defiante for use in the Manufacture of Drug Product
ordered by Defiante in accordance with Section 6.1(d).

     

    1.39           "Drug Substance Order
Limit".  Drug Substance Order Limit shall mean, with respect to
any order for Drug Substance placed during a Calendar Quarter, a quantity equal
to the lower of:

     

    
      	
               
      

            	
              (a)

            	
              the
      quantity of Drug Substance forecasted for order during such Calendar
      Quarter in the most recent forecast provided by Defiante to Dyax plus one additional Batch;
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              one
      hundred twenty percent (120%) of the average of the quantity of Drug
      Substance forecasted for order during such Calendar Quarter in the four
      (4) most recent forecasts provided by Defiante to
  Dyax.

            

    

     

    1.40           "DX-88".  DX-88
shall mean the compound known as DX-88 (ecallantide) with the amino acid
sequence described in Exhibit
B.

     

    1.41           "Dyax Development
Data".  Dyax Development Data shall mean, as it pertains to
Product or its use, all pharmacology and toxicology data and information,
pre-clinical study data, clinical trial data, protocols, safety data, quality
data and other regulatory information and reports, whether in written or
electronic form, generated or developed by Dyax or its Affiliates in the course
of performing activities under this Agreement during the Term.  Dyax
Development Data shall include the HAE Development Data.

     

    1.42           "Dyax Intellectual
Property".  Dyax Intellectual Property shall mean Dyax Know-How
and Dyax Patent Rights.

     

    1.43           "Dyax
Know-How".  Dyax Know-How shall mean any Know-How that (a)
either is owned or Controlled by Dyax on the Effective Date [*****] and (b) is
necessary for the Development, Manufacture and/or Commercialization of Product
as contemplated by this Agreement, including all Know-How generated by or for
Dyax in the course of Development of Product.  Notwithstanding the
foregoing, Dyax Know-How shall specifically exclude:

     

    [*****]

     

     

    * Confidential Treatment Requested.  Omitted
portions filed with the Commission.

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

     

    1.44           "Dyax Patent
Rights".  Dyax Patent Rights shall mean any Patent Rights that
(a) Cover Dyax Know-How and (b) are owned or Controlled by Dyax on the Effective
Date or come within Dyax's Control during the Term, including the Existing Dyax
Patent Rights, Dyax's rights in Joint Patent Rights, and any Patent Rights
applicable to Dyax Sole Inventions.  Notwithstanding the foregoing,
Dyax Patent Rights shall specifically exclude the [*****].

     

    1.45           "Dyax Product
Trademarks".  Dyax Product Trademarks shall have the meaning
given to that term under Section 8.8(b).

     

    1.46           "Dyax Sole
Inventions".  Dyax Sole Inventions shall have the meaning given
to that term under Section 8.1(b).

     

    1.47           "Dyax
Territory".  Dyax Territory shall mean all the countries of the
world outside the Defiante Territory.

     

    1.48           "EMA".  EMA
shall mean the European Medicines Agency or any successor agency
thereto.

     

    1.49           "European Union" or
"EU".  European
Union or EU shall mean the countries of the European Union, as it is constituted
as of the Effective Date and as it may be expanded from time to
time.

     

    1.50           "Executive Officers".
Executive Officers shall mean the Chief Executive Officer of Dyax (or a senior
executive officer of Dyax designated by Dyax's Chief Executive Officer) and the
Chief Executive Officer of Defiante (or a senior executive officer of Defiante
designated by Defiante's Chief Executive Officer).

     

    1.51           "Existing Dyax Patent
Rights".  Existing Dyax Patent Rights shall mean those Dyax
Patent Rights specifically listed on Exhibit
C.

     

    1.52           "FDA".  FDA
shall mean the United States Food and Drug Administration or any successor
agency thereto.

     

    1.53           "FDCA".  FDCA
shall mean the United States Federal Food, Drug and Cosmetic Act, as
amended.

     

    1.54           "Field".  Field
shall mean use in the HAE Indication; provided that if and to the extent
that:

     

    
      	
               
      

            	
              (a)

            	
              Dyax
      and Defiante agree to jointly develop Product for an Additional Indication
      in accordance with Section 4.3(e), then the Field shall be automatically
      expanded to include the use of Product in such Additional Indication;
      or

            

    

     

    
      	
               
      

            	
              (b)

            	
              Defiante
      elects to independently develop Product for an Additional Indication in
      accordance with Section 4.3(c) (i.e. following Defiante's submission to
      the JSC of a proposal under Section 4.3(b) and Dyax's election not to join
      Defiante in such Development), then the Field shall be automatically
      expanded to include the use of Product in such Additional
      Indication.

            

    

     

    For the
avoidance of doubt, the Field shall specifically exclude any use in the
Opthalmic Field and the Surgical Field (except to the extent the Field is
expressly expanded to include the Surgical Field under the terms and conditions
set forth in Section 3.6).

     

    1.55           "First Commercial
Sale".  First Commercial Sale shall mean, with respect to
Product in a country, the first commercial sale of such Product in such
country.

     

    1.56           "GAAP".  GAAP
shall mean (a) with respect to Dyax, generally accepted accounting principles in
the United States as consistently applied by Dyax in the preparation of its
financial statements and (b) with respect to Defiante, generally accepted
accounting principles in Portugal as consistently applied by Defiante in the
preparation of its financial statements.

     

    1.57           "HAE".  HAE
shall mean hereditary angioedema.

     

    1.58           "HAE Development
Data".  HAE Development Data shall have the meaning given to
that term in Section 4.2(b)(i).

     

     

    * Confidential Treatment Requested.  Omitted
portions filed with the Commission.

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

     

    1.59           "HAE Development
Plan".  HAE Development Plan shall have the meaning given to
that term in Section 4.2(a).

     

    1.60           "ICH Guidelines". ICH
Guidelines shall mean the International Conference on Harmonisation guidelines,
including E2A, E2B, E2C and E2D as amended and any replacement thereof from time
to time.

     

    1.61           "IND".  IND
shall mean an Investigational New Drug Application filed with FDA or a similar
application to conduct Clinical Studies filed with an applicable Regulatory
Authority outside of the United States.

     

    1.62           "Indemnified
Parties".  Indemnified Parties shall have the meaning given to
that term in Section 11.3.

     

    1.63           "Indemnifying
Parties".  Indemnifying Parties shall have the meaning given to
that term in Section 11.3.

     

    1.64           "Independent
Development" or "Independently
Developed".  Independent Development or Independently Developed
shall mean any development conducted by one Party independently of the other
Party in accordance with Sections 4.3(b) and/or 4.4(b).

     

    1.65           "Indication".  Indication
shall mean a use of a Product approved by a Regulatory Authority (whether
through a label expansion or a separate Regulatory Approval).

     

    1.66           "In-License".  In-License
shall mean an agreement between a Party or its Affiliate and a Third Party
pursuant to which such Party or its Affiliate has licensed Blocking Third Party
Patent Rights for use by either Party or both Parties in accordance with Section
3.4.

     

    1.67           "Invention".  Invention
shall mean any Know-How or Patent Right that is generated, conceived, reduced to
practice and/or developed during the Term related to a Compound or Product (or
the use thereof).

     

    1.68           "Joint
Development".  Joint Development shall mean any Development
jointly conducted by the Parties under (i) the HAE Development Plan (ii) any
Additional Indication Development Plan and/or (iii) any Product Improvement
Development Plan.

     

    1.69           "Joint Development
Plan". Joint Development Plan shall mean the HAE Development Plan, (ii)
any Additional Indication Development Plan approved by the JSC under Sections
4.3(d), and/or (iii) any Product Improvement Development Plan approved by the
JSC under Sections 4.4(d).

     

    1.70           "Joint Intellectual
Property".  Joint Intellectual Property shall mean Joint
Know-How and Joint Patent Rights, collectively.

     

    1.71           "Joint
Inventions".  Joint Inventions shall have the meaning given to
that term under Section 8.1(b).

     

    1.72           "Joint
Know-How".  Joint Know-How shall mean any Know-How that is
developed or acquired jointly by the Parties in the course of performing
activities pursuant to this Agreement, including Joint Inventions.

     

    1.73           "Joint Patent
Rights".  Joint Patent Rights shall mean Patent Rights that
Cover Joint Inventions.

     

    1.74           "Know-How".  Know-How
shall mean any information and materials, whether proprietary or not and whether
patentable or not, including ideas, concepts, inventions, formulas, methods,
protocols, procedures, knowledge, know-how, trade secrets, processes, assays,
skills, experience, techniques, designs, compositions, plans, documents, results
of experimentation and testing, including pharmacological, toxicological, and
pre-clinical and clinical test data and analytical and quality control data,
improvements, discoveries and works of authorship.

     

    1.75           "Knowledge."  Knowledge
shall mean, with respect to a Party or its Affiliates, the actual awarness of a
fact or information by an officer or senior manager or other person with similar
responsibility, regardless of title, of such Party or Affiliate.

     

    1.76           "Major EU
Country".  Major EU Country shall mean each of France, Germany,
Italy, Spain, and the United Kingdom.

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

     

    1.77           "Manufacturing" or
"Manufacture".  Manufacturing
or Manufacture shall mean activities directed to producing, manufacturing,
processing, filling and finishing (excluding packaging and labeling) any product
or component thereof.

     

    1.78           "Manufacturing
Costs".  Manufacturing Cost shall mean with respect to Drug
Substance or Drug Product, the manufacturing Party's [*****] costs, determined
in accordance with GAAP by such manufacturing Party in the ordinary course of
its business and incurred in the course of Manufacturing and such Drug Substance
or Drug Product, which costs shall
include:

     

    
      	
               
      

            	
              (a)

            	
              costs
      associated with [*****]; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              [*****].

            

    

     

    1.79           "Marketing Authorization
Application" means the application submitted to the EMA to market and
sell Product in the Field in one or more countries within the
Territory.

     

    1.80           "Net
Sales".  Net Sales shall mean, with respect to Product, the
gross invoiced sales of such Product in the Defiante Territory by Defiante and
its Related Parties, less the following deductions to the extent included in the
gross invoiced sales price for such Product or otherwise directly paid or
incurred by Defiante and its Related Parties with respect to the sale of such
Product:

     

    [*****]

     

    In the
case of any sale or other disposal of Product between or among Defiante, it's
Affiliates or Sublicensees for resale, Net Sales shall be calculated as above
only on the value charged or invoiced on the first arm's-length sale thereafter
to a Third Party.

     

    Notwithstanding
the foregoing, in any case where Product is sold or otherwise disposed of in a
transaction that is not an arm's length sale of Product exclusively for cash
that is separate from any sale or disposition of other products or of services,
Net Sales shall mean the greatest of:

     

    [*****]

     

    1.81           "Non-Breaching
Party".  Non-Breaching Party shall have the meaning given to
that term in Section 12.2(b).

     

    1.82           "Non-Proposing
Party".  Non-Proposing Party shall mean (i) Defiante if the
Proposing Party under Sections 4.3(b) or 4.4(a) is Dyax, or (ii) Dyax if the
Proposing Party under Sections 4.3(b) or 4.4(a) is Defiante.

     

    1.83           "Ophthalmic
Field".  Ophthalmic Field shall mean all uses in the
therapeutic treatment or prevention of any ophthalmic disease, infection or
other ophthalmic condition.

     

    1.84           "Other Angioedema".
Other Angioedema shall mean acquired angioedema, drug-induced angioedema and
idiopathic angioedema.

     

    1.85           "Parties".  Parties
shall mean Dyax and Defiante.

     

    1.86           "Party".  Party
shall mean either Dyax or Defiante.

     

    1.87           "Patent
Rights".  Patent Rights shall mean any and all patents and
patent applications anywhere in the world, including provisional, utility,
substitution, divisional, continuation and continuation-in-part applications,
and reissues, reexaminations and extensions thereof, patents of addition and any
Supplementary Protection Certificates, restoration of patent term and other
similar rights.

     

    1.88           "Person".  Person
shall mean any natural person, corporation, firm, business trust, limited
liability company, joint venture, association, organization, company,
partnership or other business entity, or any government, or any agency or
political subdivisions thereof.

     

    1.89           "Phase II Clinical
Study".  Phase II Clinical Study shall mean a human clinical
study in any country in the world that would satisfy the requirements of 21
C.F.R. §312.21(b) as amended from time to time.

     

     

    * Confidential Treatment Requested.  Omitted
portions filed with the Commission.

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

     

    1.90           "Post-Approval
Studies".  Post-Approval Studies shall mean those studies and
activities subsequent to the granting of a Regulatory Approval that are required
or necessary for the maintenance of such Regulatory Approval.

     

    1.91           "Post-Filing
Activities".  Post-Filing Activities shall mean all studies and
activities subsequent to a filing of application for Regulatory Approval in the
Defiante Territory but prior to obtaining such Regulatory Approval that are
required, or are necessary to comply with a requirement, by a Regulatory
Authority for obtaining Regulatory Approval in the Defiante
Territory.

     

    1.92           "Product". Product
shall mean any pharmaceutical product containing the Compound for subcutaneous
administration; provided that if and to the extent that both Parties agree to
Develop and/or Commercialize any Product Improvement in accordance with Section
4.4, then the term "Product" shall also include such Product
Improvement.

     

    1.93           "Product
Competitor".  Product Competitor shall mean any Third Party
that is engaged [*****].  As of the Effective Date, Product
Competitors consist of: [*****]

     

    1.94           "Product
Improvement".  Product Improvement shall mean, with respect to
any Compound or Product, [*****] including [*****]:

     

    
      	
               
      

            	
              (a)

            	
              [*****];

            

    

     

    
      	
               
      

            	
              (b)

            	
              [*****];
      and

            

    

     

    
      	
               
      

            	
              (c)

            	
              [*****].

            

    

     

    1.95           "Product Improvement
Development Plan".  Product Improvement Development Plan shall
mean any development plan approved by the JSC under Sections 4.4(d) that governs
specific activities of the Parties to jointly Develop Product
Improvements.

     

    1.96           "Product Manufacturing
Process".  Product Manufacturing Process shall mean the
processes used to complete the Manufacture of unlabeled vials of Product for
Defiante under this Agreement, which processes shall include the Manufacture of
Drug Substance and Drug Product.

     

    1.97           "Product
Trademark(s)".  Product Trademark(s) shall mean the
trademark(s) and service mark(s) distinguishing the Product, and used in
connection with the Commercialization and/or any other distribution, marketing,
promotion and sale activities of or for Product according to Section 8.8, and/or
accompanying logos, trade dress and/or indicia of origin.

     

    1.98           "Proposing
Party".  Proposing Party shall mean the Party proposing to
Develop, as the case may be (i) a Product for an Additional Indication under
Section 4.3(b), or (ii) any Product Improvement under Section
4.4(a).

     

    1.99           "Prosecuting
Party".  Prosecuting Party shall have the meaning given to that
term in Section 8.2(a).

     

    1.100         "Quality
Agreement".  Quality Agreement shall have the meaning given to
that term under Section 6.5.

     

    1.101    
    [*****]

     

    1.102         [*****] License
Agreement".  [*****] License Agreement shall mean the License
Agreement effective April 3, 1997 [*****].

     

    1.103         "[*****] Intellectual
Property".  [*****] Intellectual Property shall mean the
"[*****] Expression System", the "[*****] Expression Technology" and the
"[*****] Patent Rights" as such terms are defined in Paragraphs 1.3, 1.5 and 1.8
of the [*****] License Agreement.

     

    1.104         "Regulatory
Activities".  Regulatory Activities shall mean all activities
associated with the submission of a Regulatory Filing, including (i) preparing
and drafting reports for and correspondence with, holding meetings and
conversations with Regulatory Authorities, (ii) Post-Filing Activities, (iii)
activities relating to the maintenance of a Regulatory Approval and (iv) the
performance of Post-Approval Studies.

     

     

    * Confidential Treatment Requested.  Omitted
portions filed with the Commission.

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

     

    1.105         "Regulatory Activities
Costs".  Regulatory Activities Costs shall mean all costs and
expenses (excluding Development Costs) connected with Regulatory Activities,
including (i) the fully allocated costs of both Parties' internal clinical,
regulatory and technical personnel engaged in such efforts, (ii) fees and other
amounts to be paid to a Regulatory Authority in connection therewith, and (iii)
costs associated with any Post-Filing Activities or Post-Approval
Studies.

     

    1.106         "Regulatory
Approval".  Regulatory Approval shall mean all governmental and
regulatory approvals required to Commercialize a Product for a particular
indication in a country, including any permit, authorization, license or
approval (or waiver) from any Regulatory Authority required for the
Commercialization of Product and separate pricing and/or reimbursement approvals
from Regulatory Authorities even if not legally required for the
Commercialization of Product.

     

    1.107         "Regulatory
Authority". Regulatory Authority shall mean any federal, national,
multinational, state, provincial or local regulatory agency, department, bureau
or other governmental entity with authority over the clinical testing, marketing
and/or sale of a pharmaceutical product in a country, including the FDA in the
United States and EMA in the EU.

     

    1.108         "Regulatory
Exclusivity".  Regulatory Exclusivity shall have the meaning
given to that term in Section 8.6.

     

    1.109         "Regulatory Filings".
Regulatory Filings shall mean all applications and registrations, including any
INDs, submitted to any Regulatory Authority with respect to the Product to
obtain Regulatory Approval in a country.

     

    1.110         "Related Party".
Related Party shall mean any of a Party's Affiliates and
Sublicensees.

     

    1.111         "Safety
Data".  Safety Data means adverse event or adverse experience
information, as defined under 21 C.F.R. §600.80 or the ICH Guidelines, as
applicable, or the equivalent under any other applicable law, and other
information regarding health risks posed by Product, including
Complaints.

     

    1.112         "Sole
Inventions".  Sole Inventions shall have the meaning given to
that term under Section 8.1(b).

     

    1.113         "Specifications".
Specifications shall mean the specifications, including the necessary
documentation, certificates of analysis and test results, for the Drug Substance
and Drug Product, as mutually agreed upon by the Parties.  For the
sake of clarity, the Specifications for the Drug Substance and Drug Product may
vary by country, depending on the countries for which Product will be Developed
or in which Product will be Commercialized.

     

    1.114         "Sublicensee".  Sublicensee
shall mean a Third Party to whom a license or sublicense under any Dyax
Intellectual Property or Defiante Intellectual Property, as the case may be, has
been granted pursuant to this Agreement to Develop, Manufacture or Commercialize
products containing the Compound.

     

    1.115         "Sublicensee Development
Data". Sublicensee Development Data shall, as it pertains to Product or
its use, mean all pharmacology and toxicology data and information, pre-clinical
study data, clinical trial data, protocols, safety data, quality data and other
regulatory information and reports, whether in written or electronic form,
generated or developed by generated or developed by a Sublicensee of either
Party, in the course of performing activities under this Agreement during the
Term.

     

    1.116         "Subsidiary".  Subsidiary
shall mean any Person (a) as to which Defiante or Dyax (as applicable) is the
beneficial owner of at least fifty percent (50%) of the voting share capital,
and/or (b) of which Defiante or Dyax (as applicable) has the ability to control
the policies (or to control the hiring and firing of the management who
determine the policies) through a voting agreement or other
contract.

     

    1.117         "Supply
Agreement".  Supply Agreement shall have the meaning given to
that term under Section 6.5.

     

    1.118         "Surgical
Field".  Surgical Field shall mean use of a product to prevent
or treat bleeding during the conduct of any procedure involving the use of
instruments (including lasers) to cut, abrade, suture or otherwise physically
change body tissues and/or organs, including without limitation the following
specific surgical procedures:

     

    
      	
               
      

            	
              (a)

            	
              on
      pump cardiopulmonary bypass
procedures;

            

    

    
      
         

      

      
        -9-

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (b)

            	
              off
      pump cardiopulmonary bypass
procedures;

            

    

     

    
      	
               
      

            	
              (c)

            	
              spinal
      surgeries;

            

    

     

    
      	
               
      

            	
              (d)

            	
              hip
      surgeries;

            

    

     

    
      	
               
      

            	
              (e)

            	
              shoulder
      surgeries;

            

    

     

    
      	
               
      

            	
              (f)

            	
              oncology
      surgeries;

            

    

     

    
      	
               
      

            	
              (g)

            	
              radical
      prostatectomy;

            

    

     

    
      	
               
      

            	
              (h)

            	
              radical
      hysterectomy;

            

    

     

    
      	
               
      

            	
              (i)

            	
              whipple
      procedures
(pancreaticoduodenonectomy);

            

    

     

    
      	
               
      

            	
              (j)

            	
              intracranial
      procedures;

            

    

     

    
      	
               
      

            	
              (k)

            	
              esophagogastrectomy;

            

    

     

    
      	
               
      

            	
              (l)

            	
              thoracotomy,
      lung reduction surgery, and
lobe/pneumonectomy;

            

    

     

    
      	
               
      

            	
              (m)

            	
              liver
      resection;

            

    

     

    
      	
               
      

            	
              (n)

            	
              organ
      transplants; and

            

    

     

    
      	
               
      

            	
              (o)

            	
              knee
      surgeries.

            

    

     

    Notwithstanding
anything to the contrary, the Surgical Field shall specifically exclude all uses
in the treatment of HAE and/or other angioedemas (even during
surgery).

     

    1.119         "Term".  Term
shall have the meaning given to that term under Section 12.1.

     

    1.120         "Territory".  Territory
shall mean the Defiante Territory or the Dyax Territory, as the context
requires.

     

    1.121         "Third
Party".  Third Party shall mean any Person other than a Party
or any of its Affiliates.

     

    1.122         "Transfer
Price".  Transfer Price shall mean, with respect to any amount
of Drug Substance or Drug Product delivered to Defiante for use in the
Independent Development of Product or the Commercialization of Product, the
[*****].

     

    1.123         "United
States".  United States shall mean the United States of America
and its territories and possessions.

     

    1.124         "Valid
Claim".  Valid Claim shall mean a claim (a) of any issued,
unexpired patent that has not been revoked or held unenforceable or invalid by a
decision of a court or governmental agency of competent jurisdiction from which
no appeal can be taken, or with respect to which an appeal is not taken within
the time allowed for appeal, and that has not been disclaimed or admitted to be
invalid or unenforceable through reissue, disclaimer or otherwise or (b) of any
patent application that has not been cancelled, withdrawn or abandoned or been
pending for [*****].

     

     

    * Confidential Treatment Requested.  Omitted
portions filed with the Commission.

    
      
         

      

      
        -10-

        
          

        

      

      
         

      

    

     

    ARTICLE
II

    MANAGEMENT OF AGREEMENT
ACTIVITIES

     

    2.1           Joint Steering
Committee.

     

    
      	
               
      

            	
               
      (a)

            	
              Formation; Purposes
      and Principles.  Within thirty (30) days after the
      Effective Date, Dyax and Defiante shall establish a joint steering
      committee (the "JSC"), which
      shall have overall responsibility for the oversight of the Parties'
      activities in the Field in accordance with the terms of this
      Agreement.

            

    

     

    
      	
               
      

            	
               
      (b)

            	
              Specific
      Responsibilities.  In addition to its overall
      responsibility for such oversight as established by this Agreement, the
      JSC shall in particular:

            

    

     

    
      	
               
      

            	
              (i)

            	
              review,
      discuss and agree on the activities of each Party with respect to the
      Joint Development of Product under this
  Agreement;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              review,
      discuss and agree on the strategy to seek and obtain Regulatory Approval
      of the Product, as well as related pricing and reimbursement approvals, in
      the Field in the Defiante
Territory;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              review
      and monitor the progress in seeking and obtaining Regulatory Approval of
      the Product, as well as related pricing and reimbursement approvals, in
      the Field in the Defiante
Territory;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              review,
      discuss and agree on the Trademarks that will be used in connection with
      the Commercialization of Products in the Field in the Defiante
      Territory;

            

    

     

    
      	
               
      

            	
              (v)

            	
              review,
      discuss and comment on the Commercialization plans and strategies for the
      Product in the Field in the Defiante
Territory;

            

    

     

    
      	
               
      

            	
              (vi)

            	
              review,
      discuss and comment on Defiante's Manufacturing forecasts and commercial
      supply requirements;

            

    

     

    
      	
               
      

            	
              (vii)

            	
              facilitate
      the exchange of data, information, material and results that may be
      required for the purposes of obtaining appropriate Regulatory Approvals;
      

            

    

     

    
      	
               
      

            	
              (viii)

            	
              facilitate
      the exchange of data, information, material and results related to the
      Product both in the Defiante Territory and in the Dyax Territory;
      and

            

    

     

    
      	
               
      

            	
              (ix)

            	
              perform
      such other functions as are expressly provided for elsewhere in this
      Agreement or as are appropriate to further the purposes of this Agreement
      as determined by the Parties, including periodic evaluations of
      performance against goals.

            

    

     

    2.2           Working
Groups.  From time to time, the JSC may establish working
groups (each, a "Working Group") to
oversee particular projects or activities, and each such Working Group shall be
constituted and shall operate as the JSC determines.

     

    2.3           Membership.  Each
of the JSC and any Working Groups shall be composed of an equal number of
representatives appointed by each of Dyax and Defiante.  The JSC shall
initially have three (3) representatives of each Party, but the JSC may change
the size of the JSC from time to time by mutual consent of the members of the
JSC.  Each Party may replace its JSC and Working Group representatives
at any time upon written notice to the other Party. The chairperson
[*****].  The chairperson shall be responsible for calling meetings,
preparing and circulating an agenda in advance of each meeting, and preparing
and issuing minutes of each meeting [*****] thereafter.  Meetings
shall be called by the chairperson upon the request of either
Party.

     

    2.4           Decision-Making.  The
JSC and any Working Group shall [*****].  With respect to decisions of
the JSC and any Working Group, the representatives of each Party shall have
collectively one vote on behalf of such Party.  Should the members of
a Working Group maintain their disagreement on any matter [*****].

     

     

    * Confidential Treatment Requested.  Omitted
portions filed with the Commission.

    
      
         

      

      
        -11-

        
          

        

      

      
         

      

    

     

    2.5           Meetings of the JSC and
Working Groups.  The JSC and any Working Groups shall hold
meetings at such times as the JSC shall determine, but in no event shall such
meetings of the JSC be held less frequently than [*****].  The JSC and
any Working Groups shall meet alternately at Dyax's facilities in Cambridge,
Massachusetts and Defiante's facilities in Rome, Italy or at such locations as
the Parties may otherwise agree.  Other representatives of each Party
or, with approval of the JSC and subject to confidentiality and non-use
provisions which are no less stringent than those set forth in Article IX of
this Agreement, representatives of Third Parties involved in the Development,
Manufacture or Commercialization of Product (or the conduct of Regulatory
Activities relating thereto), may attend meetings of the JSC or such Working
Group as nonvoting observers.  Meetings of the JSC and any Working
Groups may be held by audio or video teleconference with the consent of each
Party.  Each Party shall be responsible for all of its own expenses of
participating in the JSC and any Working Groups.  No action taken at a
meeting of the JSC or a Working Group shall be effective unless a representative
of each Party is present or participating.

     

    2.6           Alliance
Managers.  Each Party shall designate a single alliance
manager, which may be a member of the JSC and/or any Working Group (the "Alliance Manager")
for all of the activities contemplated under this Agreement.  Such
alliance managers will be responsible for the day-to-day worldwide coordination
of the activities contemplated by this Agreement and will serve to facilitate
communication between the Parties.  Such alliance managers shall have
experience and knowledge appropriate for managers with such project management
responsibilities.  Each Party may change its designated alliance
manager from time to time upon written notice to the other Party.

     

    2.7           Third Party Performance of
Agreement Activities.

     

    
      	
               
      

            	
               
      (a)

            	
              Defiante
      shall be entitled to utilize the services of Third Parties to Develop and
      Commercialize Product (and conduct Regulatory Activities in connection
      therewith) under the following
conditions:

            

    

     

    
      	
               
      

            	
              (i)

            	
              any
      use of a Third Party that is a Product Competitor shall be subject to
      Dyax's prior written approval;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Defiante
      shall remain at all times fully liable for its responsibilities under this
      Agreement;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              Defiante
      shall not use Third Party contract resources to conduct part or all of its
      obligations under this Agreement unless Defiante's rights under the
      agreement with the Third Party guarantee Dyax the same rights under this
      Agreement, as if Defiante had done the work itself;
  and

            

    

     

    
      	
               
      

            	
              (iv)

            	
              any
      such Third Party agreement shall include confidentiality and non-use
      provisions which are no less stringent than those set forth in Article IX
      of this Agreement.

            

    

     

    
      	
               
      

            	
               
      (b)

            	
              Dyax
      shall be entitled to utilize the services of Third Parties to Develop,
      Manufacture and Commercialize Product (and conduct Regulatory Activities
      in connection therewith) in accordance with the provisions of this
      Agreement; provided that:

            

    

     

    
      	
               
      

            	
              (i)

            	
              Dyax
      shall remain at all times fully liable for its responsibilities under this
      Agreement;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Dyax
      shall not use Third Party contract resources to conduct part or all of its
      obligations under this Agreement unless Dyax's rights under the agreement
      with the Third Party guarantee Defiante the same rights under this
      Agreement, as if Dyax had done the work itself;
  and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              any
      such Third Party agreement shall include confidentiality and non-use
      provisions which are no less stringent than those set forth in Article IX
      of this Agreement.

            

    

     

     

    * Confidential Treatment Requested.  Omitted
portions filed with the Commission.

    
      
         

      

      
        -12-

        
          

        

      

      
         

      

    

     

    ARTICLE
III

    LICENSE GRANTS; TRANSFERS
AND ASSIGNMENTS

     

    3.1           Dyax
Grants.

     

    
      	
               
      

            	
               
      (a)

            	
              Grant of Rights for
      Development. Subject to the terms and conditions of this Agreement,
      Dyax hereby grants to Defiante an exclusive license under the Dyax
      Intellectual Property, with the right to grant sublicenses solely as set
      forth in Section 3.1(d), to Develop and have Developed the Compound and
      Product for use in the Field in the Defiante
      Territory.  Notwithstanding the foregoing, the exclusive license
      granted by Dyax to Defiante does not exclude or limit the right of Dyax to
      use and exploit itself the Dyax Intellectual Property, according to this
      Agreement, or to license the Dyax Intellectual Property to Related Parties
      to Develop Compound or Product for use in the Field in the Defiante
      Territory, in either case to the extent necessary for Dyax to perform its
      obligations under this Agreement.

            

    

     

    
      	
               
      

            	
               
      (b)

            	
              Grant of Rights for
      Manufacture.  Subject to the terms and conditions of this
      Agreement, Dyax hereby grants to Defiante an exclusive license under the
      Dyax Intellectual Property, with the right to grant sublicenses solely as
      set forth in Section 3.1(d), to Manufacture and have Manufactured Drug
      Substance and Drug Product for use by or on behalf of Defiante, its
      Affiliates, Sublicensees and Third Party contractors in the Development
      and Commercialization of Product in the Field for the Defiante Territory;
      provided that Defiante will not exercise any of the rights granted to it
      under this Section 3.1(b) unless and until Defiante exercises its step-in
      rights in accordance with Article VI
hereof.

            

    

     

    
      	
               
      

            	
               
      (c)

            	
              Grant of Rights for
      Commercialization.  Subject to the terms and conditions
      of this Agreement, Dyax hereby grants to Defiante an exclusive license
      under Dyax Intellectual Property, with the right to grant sublicenses
      solely as set forth in Section 3.1(d), to Commercialize Product for use in
      the Field in the Defiante
Territory.

            

    

     

    
      	
               
      

            	
               
      (d)

            	
              Sublicense
      Rights.  Defiante shall be entitled to grant sublicenses
      under the licenses granted to it under Sections 3.1(a), (b) and (c) to
      Affiliates and Third Parties under the following
    conditions:

            

    

     

    
      	
               
      

            	
              (i)

            	
              [*****];

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Defiante
      may only grant a sublicense
[*****];

            

    

     

    
      	
               
      

            	
              (iii)

            	
              Each
      permitted sublicense under this Section 3.1(d) shall be in writing, shall
      not contravene or be inconsistent or in conflict with the terms of this
      Agreement and shall include provisions requiring the applicable
      Sublicensee to acknowledge and agree that such sublicense is subject to
      the applicable license(s) granted hereunder and to the relevant terms of
      this Agreement;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              Defiante
      shall at all times remain responsible for the performance of its
      Sublicensees; and

            

    

     

    
      	
               
      

            	
              (v)

            	
              Defiante
      shall provide, or cause to be provided, to Dyax a copy of each such
      sublicense agreement [*****]; provided that Defiante shall have the right
      to redact any terms contained in such sublicense agreement that are not
      material to Dyax's assessment of whether the sublicense agreement complies
      with the requirements of this Section
3.1(d).

            

    

     

     

    * Confidential Treatment Requested.  Omitted
portions filed with the Commission.

    
      
         

      

      
        -13-

        
          

        

      

      
         

      

    

     

    3.2           Grant Back
License.

     

    
      	
               
      

            	
               
      (a)

            	
              Subject
      to the terms and conditions of this Agreement, Defiante hereby grants to
      Dyax a non-exclusive, fully paid, royalty-free license, with the right to
      grant sublicenses as set forth in Section 3.2(b), under the Defiante
      Intellectual Property, to Develop, conduct Regulatory Activities,
      Manufacture and Commercialize the Compound or Product (i) in the Field in
      the Dyax Territory, and (ii) outside the Field in all countries of the
      world.

            

    

     

    
      	
               
      

            	
               
      (b)

            	
              Dyax
      shall have the right to grant sublicenses under the non-exclusive licenses
      granted to it pursuant to Section 3.2(a) to its Affiliates and to Third
      Parties under the following
conditions:

            

    

     

    
      	
               
      

            	
              (i)

            	
              Each
      sublicense agreement shall be in writing, shall not contravene or be
      inconsistent or in conflict with the terms of this Agreement, and shall
      include provisions requiring the applicable Sublicensee to acknowledge and
      agree that such sublicense is subject to the applicable license(s) granted
      hereunder and to the relevant terms of this
  Agreement;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Dyax
      may only grant a sublicense to a Sublicensee who has granted Dyax an
      assignment or a fully paid, royalty-free, exclusive or non-exclusive
      license with the right to grant further sublicenses through multiple
      tiers, or an assignment, under all Sublicensee Development Data, to
      Develop, Manufacture and Commercialize Product in the Field in the
      Defiante Territory.  For clarity, any Patent Rights or Know-How
      so licensed or assigned to Dyax by any such Sublicensee shall be deemed to
      be Dyax Intellectual Property
hereunder;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              Dyax
      shall at all times remain responsible for the performance of its
      Sublicensees; and

            

    

     

    
      	
               
      

            	
              (iv)

            	
              Dyax
      shall provide, or cause to be provided, to Defiante a copy of each such
      sublicense agreement promptly following its execution; provided that Dyax
      shall have the right to redact any terms contained in such sublicense
      agreement that are not material to Defiante's assessment of whether the
      sublicense agreement complies with the requirements of this Section
      3.2(b).

            

    

     

    3.3           Retained
Rights.  Any rights of a Party, not expressly granted by such
Party to the other Party, or otherwise expressly restricted or limited, under
this Agreement shall be retained by that Party.  Without limiting the
generality of the immediately preceding sentence, Dyax shall retain the right to
(i) exploit and license Dyax Intellectual Property to Develop, Manufacture and
Commercialize the Compound and Product for use in the Field in the Dyax
Territory, without any duty to account to Defiante or to obtain Defiante's
consent for such exploitation or license; (ii) exploit and license Dyax
Intellectual Property to Develop, Manufacture and Commercialize the Compound and
Product outside the Field in the Defiante Territory, without any duty to account
to Defiante or obtain Defiante's consent for such exploitation or license, (iii)
exploit Dyax Intellectual Property for purposes unrelated to Compound or Product
without any duty to account to Defiante or obtain Defiante's consent for such
exploitation or license, and (iv) otherwise exercise Dyax's rights and perform
Dyax's obligations under this Agreement.

     

    3.4           [*****]

     

    For
clarity, the Parties agree that the [*****] License Agreement shall not be
considered an In-License subject to this Section 3.4.

     

    3.5           Scope of Agreement;
Activities in the Dyax Territory.  The Parties acknowledge and
agree that, unless otherwise expressly stated herein:

     

    
      	
               
      

            	
               
      (a)

            	
              this
      Agreement sets forth the terms and conditions pursuant to which (i) the
      Parties will jointly Develop and seek Regulatory Approval for Product in
      the Field, and (ii) Defiante will Commercialize Products in the Defiante
      Territory; and

            

    

     

    
      	
               
      

            	
               
      (b)

            	
              the
      activities of Dyax to Develop, Manufacture and/or Commercialize Compound
      and/or Product in the Field in the Dyax Territory and outside the Field in
      all countries of the world shall be outside the scope of this Agreement
      and under the sole responsibility of Dyax at its cost and expense (except
      where it is expressly otherwise provided in this Agreement, such as with
      respect to Development activities carried out under a Joint Development
      Plan).

            

    

     

     

    * Confidential Treatment Requested.  Omitted
portions filed with the Commission.

    
      
         

      

      
        -14-

        
          

        

      

      
         

      

    

     

    3.6         Right of First Offer;
Surgical Field.  Prior to granting any Third Party rights to
Develop and/or Commercialize Product in the Surgical Field (other than rights
granted to Cubist Pharmaceuticals, Inc. or its assignees or sublicensees
pursuant to that certain License and Collaboration Agreement dated April 23,
2008 if and as long as this agreement is in place), Dyax shall first offer to
grant such license to Defiante (the " Surgical Field Right of First
Offer").  The Surgical Field Right of First Offer shall set
forth [*****].  Within [*****] following its receipt of the Surgical
Field Right of First Offer, Defiante will notify Dyax in writing whether it
wishes to obtain such license on the terms set forth therein.  If
Defiante does wish to obtain such license on the terms set forth therein, the
parties will negotiate in good faith for a [*****] regarding any additional
terms (other than those set forth herein) applicable to such
license.  If Defiante does not wish to obtain such license on the
terms set forth therein or if the parties fail to reach full agreement on such
additional terms within [*****], Dyax shall be free to offer the license to any
Third Party, provided however that the terms so granted to such Third Party are
not more favorable to such Third Party than the terms offered to
Defiante.  If Defiante does wish to obtain such license on the terms
set forth therein and the parties reach full agreement on such additional terms
within [*****], then such additional terms shall be incorporated
herein.  Furthermore, subject to such additional terms, the
Field (as defined herein) shall thereafter include the Surgical
Field.

     

    3.7         Right of First Offer;
Additional Countries.  Prior to granting any Third Party rights
to Develop and/or Commercialize Product in the Additional Countries, Dyax shall
first offer to grant such license to Defiante (the " Additional
Countries Right of
First Offer").  The Additional Countries Right of First Offer
shall set forth [*****].  Within [*****] following its receipt of the
Additional Countries Right of First Offer, Defiante will notify Dyax in writing
whether it wishes to obtain such license on the terms set forth
therein.  If Defiante does wish to obtain such license on the terms
set forth therein, the parties will negotiate in good faith for [*****]
regarding any additional terms (other than those set forth herein) applicable to
such license.  If Defiante does not wish to obtain such license on the
terms set forth therein or if the parties fail to reach full agreement on such
additional terms within [*****], Dyax shall be free to offer the license to any
Third Party, provided however that the terms so granted to such Third Party are
not more favorable to such Third Party than the terms offered to
Defiante.  If Defiante does wish to obtain such license on the terms
set forth therein and the parties reach full agreement on such additional terms
within [*****], then such additional terms shall be incorporated
herein.  Furthermore, subject to such additional terms, the Defiante
Territory (as defined herein) shall thereafter include the Additional
Countries.

     

    ARTICLE
IV

    DEVELOPMENT AND REGULATORY
MATTERS

     

    4.1         Status of Clinical
Development by Dyax.  All clinical studies relating to DX-88
conducted or initiated by Dyax prior to the Effective Date are set forth more
specifically in Exhibit D.

     

    4.2         HAE
Indication.

     

    
      	
               
      

            	
              (a)

            	
              HAE Development
      Plan. As soon as practicable after the Effective Date, the JSC
      shall convene to review and discuss the activities that are necessary to
      obtain Regulatory Approval of the Product for the treatment of HAE in the
      Defiante Territory.  Following this process, but in any event no
      later that [*****] after the Effective
      Date, Defiante and Dyax shall jointly complete, and the JSC shall approve,
      a formal plan to obtain Regulatory Approval for Product in the Defiante
      Territory for the HAE Indication (the "HAE Development
      Plan").  The HAE Development Plan shall set forth all
      further activities that are necessary to obtain Regulatory Approval of the
      Product for the treatment of HAE in the Defiante Territory, strategies and
      timelines for completing such activities, together with the annual budget
      for expenses related thereto. The HAE Development Plan shall also allocate
      responsibility between the Parties for such activities, subject to Section
      4.2(c), (d) and (e) below and each Party's financial obligations under
      Section 7.3.

            

    

     

    The JSC
shall review and monitor the activities conducted by the Parties under the HAE
Development Plan, which shall be updated and modified from time to time to
include any additional studies required by any Regulatory Authority in the
Defiante Territory, up until filing of application for Regulatory Approval, and
any Post-Filing Activities required to obtain Regulatory Approval for the
treatment of HAE in the Defiante Territory, in accordance with the following
process:

     

     

    * Confidential Treatment Requested.  Omitted
portions filed with the Commission.

    
      
         

      

      
        -15-

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (i)

            	
              each
      Party shall review the HAE Development Plan not less frequently than
      quarterly and shall develop detailed and specific updates to the HAE
      Development Plan, until the completion of the activities covered
      thereunder;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              each
      Party shall submit all such updates to the JSC for review and approval at
      each meeting of the JSC; and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      JSC shall review proposed updates to the HAE Development Plan at the next
      scheduled meeting of the JSC, or earlier if the JSC so agrees, and may
      approve such proposed updates in its discretion and, upon such approval by
      the JSC, the HAE Development Plan shall be amended
      accordingly.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Roles and
      Responsibilities.  Subject to each Party's respective
      financial obligations under Section
7.3:

            

    

     

    
      	
               
      

            	
              (i)

            	
              HAE Development
      Data. Dyax shall provide Defiante with all protocols, pharmacology
      and toxicology data and information, pre-clinical and clinical data and
      information and all other data and information developed by or available
      to Dyax and which are relevant, required, or useful for Regulatory
      Approval of DX-88 in the HAE Indication in the Defiante Territory to
      safety and efficacy response and a discussion of safety as well as
      efficacy in the context of alternative treatments (collectively, the
      "HAE Development
      Data").

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Marketing
      Authorization Application.  Dyax shall remain responsible
      for completing the remaining preparation and drafting of the Marketing
      Authorization Application for the Product in the HAE Indication and for
      correspondence, meetings and conversations with Regulatory Authorities
      until the date the Regulatory Approval is granted by EMA in the name of
      Defiante. Responsibility for the obtaining and maintenance of such
      Regulatory Approval shall be assigned to Defiante as soon as practicable
      according to the above and to a process approved by the
    JSC.

            

    

     

    
      	
               
      

            	
              (iii)

            	
              Pediatric
      Study. Until the date the Regulatory Approval is granted by the EMA
      in Defiante’s name, Dyax shall remain responsible for the ongoing
      preparations relating to the clinical study included in the EMA approved
      Pediatric Investigational Plan (currently scheduled to be initiated in
      [*****]).  Thereafter, responsibility for the preparation and
      conduct of such study shall be assigned to Defiante as soon as practicable
      according to a process approved by the
JSC.

            

    

     

    
      	
               
      

            	
              (iv)

            	
              Reformulation.  Dyax
      shall remain responsible for any activities relating to the reformulation
      of the Product, including those that are conducted in connection with the
      EMA approved Pediatric Investigational
Plan.

            

    

     

    
      	
               
      

            	
              (v)

            	
              Post-Filing
      Activities.  Defiante shall be solely responsible for all
      Post-Filing Activities required to obtain Regulatory Approval for Product
      for the HAE Indication in the Defiante
  Territory.

            

    

     

    4.3         Additional
Indications.

     

    
      	
               
      

            	
              (a)

            	
              Current
      Status.  The status of development in all Other
      Angioedema Indications as of the Effective Date is set forth more
      specifically in Exhibit
      E.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Development
      Proposals.  After the Effective Date, any Party engaged
      in Developing Product for any Additional Indication shall, prior to filing
      a Party-sponsored IND for Product in such Additional Indication, submit to
      the JSC a proposal outlining a strategy for such Development activities,
      which proposal shall include reasonable budgets and timelines prepared by
      such Party in good faith.  If, after reviewing any such proposal
      and discussing it in good faith, the Parties agree to jointly Develop
      Product for such Additional Indication, then all further Development
      activities shall be carried out in accordance with an Additional
      Indication Development Plan referred to in Section 4.3(e)
      below.

            

    

     

     

    * Confidential Treatment
Requested.  Omitted portions filed with the Commission.

    
      
         

      

      
        -16-

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (c)

            	
              Independent
      Development.   If [*****] following a Party's
      submission to the JSC of a proposal under Section 4.3(b), the
      Non-Proposing Party does not elect to join the Proposing Party in the
      Development of Product for the proposed Additional Indication, then the
      Proposing Party shall be free to independently Develop, Manufacture (to
      the extent such Party has a right to Manufacture under this Agreement) and
      Commercialize Product in such Additional Indication in the Defiante
      Territory at its own cost; provided that the following terms of this
      Agreement shall continue to apply, as applicable and mutatis mutandis, to
      all Development, Manufacturing or Commercialization activities conducted
      by such Party in connection with such proposed Additional Indication (as
      if such activities were being conducted with respect to a Product in the
      Field):

            

    

     

    
      	
               
      

            	
              (i)

            	
              If
      Dyax is the Proposing Party, Sections 3.2, 4.6(a), 4.6(d), 4.9, 5.3(b),
      5.4(b), 5.5, 10.7 and Articles VI, VIII, IX, XI, XII and
      XIII;  and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              If
      Defiante is the Proposing Party, Sections 3.1, 3.2, 4.6(b), 4.6(d), 4.9,
      5.1, 5.2, 5.3(a), 5.4(b), 5.5, 7.4, 7.5, 7.6, 7.7, 7.8, 7.9, 7.10, 7.11,
      7.12, 7.13, 10.7, and Articles VI, VIII, IX, XI, XII and
    XIII.

            

    

     

    
      	
               
      

            	
              (d)

            	
              Right to
      Opt-In.

            

    

     

    
      	
               
      

            	
              (i)

            	
              Within
      [*****] following the date of the presentation by the Proposing Party of
      the release of top-line data from the first Phase II Clinical Study in
      such Additional Indication, the Non-Proposing Party shall have the option
      to join the Proposing Party in the Development of Product in such
      Additional Indication, in which case all further Development of Product in
      such Additional Indication shall be jointly carried out by the Parties in
      accordance with the Additional Indication Development Plan under Section
      4.3(e) below.

            

    

     

    
      	
               
      

            	
              (ii)

            	
              It
      is understood and agreed that if the Non-Proposing Party does not elect to
      join the Proposing Party in the Development of  Product for the
      proposed Additional Indication in accordance with Section 4.3(c) or (d),
      then the Non-Proposing Party shall not otherwise take any action to
      independently Develop such Additional Indication in the Defiante
      Territory.

            

    

     

    
      	
               
      

            	
              (iii)

            	
              If
      a Non-Proposing Party exercises its right to opt-in pursuant to this
      Section 4.3(d), such Non-Proposing Party shall make to the Proposing Party
      a [*****] of the Development Costs incurred by the Proposing Party in the
      Development of the Product in such Additional Indication prior to the
      effective date of such opt-in.  Within [*****] after the
      effective date of such opt-in, the Proposing Party shall provide to the
      Non-Proposing Party a written accounting of such Development Costs
      (accompanied by supportive documentary evidence). The Non-Proposing Party
      shall then have thirty (30) days to verify such accounting and pay the
      Proposing Party.  In case of disagreement on the amount stated
      in the written accounting: (i) each Party shall be entitled to refer the
      disputed matter to the audit procedure under Section 7.7, (ii) any
      undisputed amount shall be paid within such thirty (30) day period, and
      (iii) the balance shall become due and payable upon, and in conformity
      with, the exhaustion of the audit procedure under Section 7.7 or, upon
      issuance of a final arbitration award, under Section 13.3 as the case may
      be.

            

    

     

     

    * Confidential Treatment
Requested.  Omitted portions filed with the Commission.

    
      
         

      

      
        -17-

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (e)

            	
              Joint Development;
      Additional Indication Development Plan.  If the proposal
      submitted by the Proposing Party under Section 4.3(b) is accepted by the
      Non-Proposing Party or such Non-Proposing Party elects to exercise its
      opt-in rights under Section 4.3(d), then all further Development of
      Product in such Additional Indication shall be governed by a development
      plan jointly developed by Defiante and Dyax and approved by the JSC (each,
      an "Additional
      Indication Development Plan").  Each Additional
      Indication Development Plan shall set forth Development activities that
      are necessary or appropriate to obtain Regulatory Approval for Product for
      such Additional Indication in the Dyax Territory and the Defiante
      Territory, as well as allocation of such activities between the Parties,
      strategies and timelines for completing such activities, together with a
      reasonable forecast of the Development Costs and the annual budget for
      expenses related thereto. The JSC shall review and monitor the Development
      activities conducted by the Parties under such Additional Indication
      Development Plan, which shall be updated and modified from time to time to
      include any studies required by the  FDA and/or any Regulatory
      Authority in the Defiante Territory up until filing of the relevant
      application for Regulatory Approval and any Post-Filing Activities
      required (or necessary to comply with a requirement by a Regulatory
      Authority) to obtain Regulatory Approval in the Defiante Territory for
      treatment in such Additional Indication, in accordance with the following
      process:

            

    

     

    
      	
               
      

            	
              (i)

            	
              each
      Party shall review such Additional Indication Development Plan not less
      frequently than quarterly and shall develop detailed and specific updates
      to such Additional Indication Development Plan, until the completion of
      the Development activities covered
thereunder;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              each
      Party shall submit all such updates to the JSC for review and approval at
      each meeting of the JSC; and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      JSC shall review proposed updates to such Additional Indication
      Development Plan at the next scheduled meeting of the JSC, or earlier if
      the JSC so agrees, and may approve such proposed updates in its discretion
      and, upon such approval by the JSC, such Additional Indication Development
      Plan shall be amended accordingly.

            

    

     

    4.4         Product
Improvements.

     

    
      	
               
      

            	
              (a)

            	
              Development
      Proposal.  If at any point during the Term of this
      Agreement, a Proposing Party intends to engage in the development of any
      Product Improvement for use in the Field, such Party shall submit to the
      JSC a proposal outlining a strategy to Develop such Product Improvement,
      which proposal shall include reasonable budgets and timelines prepared by
      such Party in good faith. If, after reviewing any such proposal and
      discussing it in good faith, the Parties agree to jointly Develop such
      Product Improvement for use in the Field in the Dyax Territory and the
      Defiante Territory, then such Product Improvement shall thereafter be
      deemed to be a Product for all purposes of this Agreement as that term is
      defined in Section 1.92, and all then all further Development activities
      shall be carried out in accordance with a Product Improvement Development
      Plan referred to in Section 4.4(d)
below.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Independent
      Development. Subject to Section 4.4(d) below, if, ninety (90)
      days  following a Party's submission to the JSC of a proposal
      under Section 4.4(a), the Non-Proposing Party does not then elect to join
      the Proposing Party in the Development of such Product Improvement, then
      the Proposing Party shall be free to independently develop, manufacture,
      conduct regulatory activities and commercialize such Product Improvement
      in the Field in the Defiante Territory at its own cost, without regard for
      terms and conditions of this
Agreement.

            

    

     

    
      
         

      

      
        -18-

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (c)

            	
              Right to
      Opt-In.

            

    

     

    
      	
               
      

            	
              (i)

            	
              Within
      [*****] following the date
      of the presentation by the Proposing Party of the release of top-line data
      from the first Phase II Clinical Study relating to the proposed Product
      Improvement, the Non-Proposing Party shall have the option to join the
      Proposing Party for any further Development of the proposed Product
      Improvement, in which case such Product Improvement shall thereafter be
      deemed to be a Product for all purposes of this Agreement as that term is
      defined in Section 1.92 and all further Development of such Product
      Improvement shall be jointly carried out by the Parties in accordance with
      the Product Improvement Development Plan referred to in Section 4.4(d)
      below.

            

    

     

    
      	
               
      

            	
              (ii)

            	
              It
      is understood and agreed that if the Non-Proposing Party does not elect to
      join the Proposing Party in the Development of a Product Improvement in
      accordance with Section 4.4(b) or (c), then the Non-Proposing Party shall
      not otherwise take any action to independently Develop such Product
      Improvement in the Field in the Defiante
  Territory.

            

    

     

    
      	
               
      

            	
              (iii)

            	
              If
      a Non-Proposing Party exercises its right to opt-in pursuant to Section
      4.4(c), such Non-Proposing Party shall make to the Proposing Party a
      [*****]of the Development Costs incurred by the Proposing Party in the
      Development of the Product in such Product Improvement prior to the
      effective date of such opt-in.  Within [*****]after the
      effective date of such opt-in, the Proposing Party shall provide to the
      Non-Proposing Party a written accounting of such Development Costs
      (accompanied by supportive documentary evidence). The Non-Proposing Party
      shall then have thirty (30) days to verify such accounting and pay the
      Proposing Party.  In case of disagreement on the amount stated
      in the written accounting: (i) each Party shall be entitled to refer the
      disputed matter to the audit procedure under Section 7.7, (ii) any
      undisputed amount shall be paid within [*****], and (iii) the balance
      shall become due and payable upon, and in conformity with, the exhaustion
      of the audit procedure under Section 7.7 or, upon issuance of a final
      arbitration award, under Section 13.3 as the case may
  be.

            

    

     

    
      	
               
      

            	
              (d)

            	
              Joint Development;
      Product Improvement Development Plan. If the Parties agree to
      jointly Develop the Product Improvement pursuant to Section 4.4(b) or the
      Non-Proposing Party elects to exercise its option under Section 4.4(c),
      then all further Development of the Product Improvement shall be governed
      by a development plan jointly developed by Defiante and Dyax and approved
      by the JSC (each, a "Product Improvement
      Development Plan").  Each Product Improvement Development
      Plan shall set forth Development activities that are necessary or
      appropriate to obtain Regulatory Approval for such Product Improvement in
      the Dyax Territory and the Defiante Territory up until filing of the
      relevant application for Regulatory Approval, as well as allocation of
      such activities between the Parties, strategies and timelines for
      completing such activities, together with a reasonable forecast of the
      Development Costs and the annual budget for expenses related thereto. The
      JSC shall review and monitor the Development activities conducted by the
      Parties under such Product Improvement Development Plan, which shall be
      updated and modified from time to time to include any studies required by
      any Regulatory Authority in the Defiante Territory and/or the FDA up until
      filing of the relevant application for Regulatory Approval and any
      Post-Filing Activities required (or necessary to comply with a requirement
      by a Regulatory Authority) to obtain Regulatory Approval in the Defiante
      Territory, in accordance with the following
  process:

            

    

     

    
      	
               
      

            	
              (i)

            	
              each
      Party shall review such Product Improvement Development Plan not less
      frequently than quarterly and shall develop detailed and specific updates
      to such Product Improvement Development Plan, until the completion of the
      Development activities covered
thereunder;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              each
      Party shall submit all such updates to the JSC for review and approval at
      each meeting of the JSC; and

            

    

     

     

    * Confidential Treatment
Requested.  Omitted portions filed with the Commission.

    
      
         

      

      
        -19-

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      JSC shall review proposed updates to such Product Improvement Development
      Plan at the next scheduled meeting of the JSC, or earlier if the JSC so
      agrees, and may approve such proposed updates in its discretion and, upon
      such approval by the JSC, such Product Improvement Development Plan shall
      be amended accordingly.

            

    

     

    4.5         Development Efforts; Manner
of Performance; Reports.

     

    
      	
               
      

            	
              (a)

            	
              Each
      Party shall use Commercially Reasonable Efforts to execute and to perform,
      or cause to be performed, the activities for which it is responsible under
      any Joint Development Plan and to cooperate with the other Party in
      carrying out the activities described therein, in accordance with the
      budgets and timetables set forth therein and in good scientific manner and
      in compliance with all applicable laws and regulations and good clinical
      and laboratory practice.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Each
      Party agrees to keep the other Party fully informed as to its progress,
      results (including the development of any technology or inventions),
      status and plans for performing and implementing the activities for which
      it is responsible under any Joint Development Plan.  In
      addition, within thirty (30) days after the end of each Calendar Quarter
      in which Development activities are performed and at least ten (10) days
      prior to the quarterly meeting of the JSC, each Party will provide to the
      JSC a written progress report, which will describe the Development
      activities that such Party has performed or caused to be performed during
      such Calendar Quarter, evaluate the work performed in relation to any
      established Development goals, and provide such other information as may
      be reasonably requested by the JSC with respect to such Development
      activities.

            

    

     

    4.6         Exchange of Development
Information.  In accordance with and subject to the terms of
Article IX, on an ongoing basis during the Term:

     

    
      	
               
      

            	
              (a)

            	
              Dyax
      shall disclose to Defiante all Dyax Development Data necessary or useful
      to the Development of the Compound or Product for use in the Field in the
      Defiante Territory in accordance with this Agreement and shall update such
      disclosure at least once semi-annually.  Dyax acknowledges and
      agrees that all data generated in connection with Development activities
      conducted by Dyax and/or its Related Parties with respect to the Compound
      or Product in the Field may be used by Defiante to obtain Regulatory
      Approval for Product in the Field for the Defiante
    Territory.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Defiante
      shall disclose to Dyax all Defiante Development Data necessary or useful
      to the Development of the Compound or Product for use in the Field in the
      Dyax Territory or outside the Field in any country in the world in
      accordance with this Agreement and shall update such disclosure at least
      once semi-annually.  Defiante acknowledges and agrees that all
      such data may be used by Dyax to obtain Regulatory Approval for Product in
      the Field in the Dyax Territory or outside the Field in any country of the
      world.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Upon
      reasonable notice during normal business hours as coordinated through the
      Alliance Managers and the JSC, each Party shall provide the other Party
      with such assistance and access to its employees, consultants and
      subcontractors as may be reasonably necessary for such other Party to
      exercise its rights and perform its obligations with respect to the
      Development, Manufacture and/or Commercialization of Product (or the
      conduct of Regulatory Activities related thereto) under this
      Agreement.

            

    

     

    
      	
               
      

            	
              (d)

            	
              Notwithstanding
      anything to the contrary in this Agreement: (i) Dyax shall not have any
      rights hereunder to any Defiante Development Data arising out of any
      Independent Development conducted by Defiante, and (ii) Defiante shall not
      have any rights hereunder to any Dyax Development Data arising out of any
      Independent Development conducted by Dyax; except in each case as it
      pertains to Safety Data.

            

    

     

    
      
         

      

      
        -20-

        
          

        

      

      
         

      

    

     

    4.7         Regulatory Submissions and
Regulatory Approvals.

     

    
      	
               
      

            	
              (a)

            	
              Each
      Party will have access to all Regulatory Filings by the other Party
      related to any Development activities conducted under any Joint
      Development Plan.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Defiante
      shall own all Regulatory Filings and Regulatory Approvals for Product in
      the Field for the Defiante Territory, and shall be responsible for the
      Regulatory Activities in Field in the Defiante Territory; provided that
      unless Dyax otherwise agrees in good faith, any Regulatory Filings for
      Product in the HAE Indication in the Defiante Territory shall be
      consistent (to the extent permitted by applicable law) with Regulatory
      Filings for Product in the HAE Indication in the United States. Dyax and
      its Related Parties shall have the right to access all data contained or
      referenced in such Regulatory Filings, including all reports,
      correspondence and conversation logs, and Defiante shall provide
      appropriate notification of Dyax's and its Related Parties' access and
      reference rights to the Regulatory Authorities. Defiante hereby grants,
      and shall ensure that its Related Parties grant, to Dyax a "Right of
      Reference or Use," as that term is defined in 21 C.F.R. §314.3(b) as
      amended from time to time, and any foreign equivalents, to any and all
      data contained or referenced in any Regulatory Filing, including all
      reports, correspondence and conversation logs, and Defiante shall provide
      appropriate notification of Dyax's and its Related Parties' access and
      reference rights to the Regulatory
Authorities.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Dyax
      shall own all Regulatory Filings and Regulatory Approvals for Compound and
      for Product (i) inside the Field for the Dyax Territory and (ii) outside
      the Field, and shall be responsible for all Regulatory Activities in the
      Field in the Dyax Territory and outside the Field in any country of the
      world.  Defiante and its and its Related Parties shall have the
      right to access all data contained or referenced in the Regulatory Filings
      (other than data arising out any Independent Development conducted by
      Dyax), including all reports, correspondence and conversation logs, and
      Dyax shall provide appropriate notification of Defiante's and its Related
      Parties access and reference rights to the Regulatory
      Authorities.  Dyax hereby grants, and shall ensure that its
      Related Parties grant, to Defiante a "Right of Reference or Use," as that
      term is defined in 21 C.F.R. §314.3(b), and any foreign equivalents, to
      any and all data contained or referenced in any such Regulatory Filings
      relating to any Compound or Product, including all reports, correspondence
      and conversation logs, and Dyax shall provide appropriate notification of
      Defiante's and its Related Parties' access and reference rights to the
      Regulatory Authorities.

            

    

     

    
      	
               
      

            	
              (d)

            	
              Upon
      reasonable advance notice from Defiante, Dyax shall participate in any
      scheduled meeting or phone conference with any applicable Regulatory
      Authority necessary for obtaining or maintaining Regulatory Approval for
      Product in the Defiante Territory.

            

    

     

    4.8         Orphan Drug
Designation. Following the date the Marketing Authorization Application
for Product in the HAE Indication is submitted to the EMA, and subject to
Article 5(11) of Regulation (EC) No 141/2000 and other applicable laws and
guidelines, Dyax shall transfer to Defiante any rights of Dyax in any orphan
drug designation for the Product in the Defiante Territory according to a
process approved by the JSC.

     

    4.9         Complaints; Adverse Event
Reporting Procedures; Notice of Adverse Events Affecting Compound; Global Safety
Database.

     

    
      	
               
      

            	
              (a)

            	
              Each
      Party will have access to all Safety Data generated by the other Party
      and/or its Related Parties and contractors in connection with the
      Development, Manufacture and Commercialization of Product (or the conduct
      of Regulatory Activities relating thereto), subject to and to the extent
      provided for in this Agreement.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Each
      Party will maintain a record of any and all Complaints and other Safety
      Data it receives with respect to Compound or Product.  Each
      Party will notify the other Party in reasonable detail of any Complaint or
      other Safety Data received by the Party with respect to Product within
      sufficient time to allow the other Party and/or it Related Parties to
      comply with any and all regulatory and other requirements imposed upon
      them in any jurisdiction in which or for which such Product is being
      Developed in Clinical Studies or
Commercialized.

            

    

     

    
      
         

      

      
        -21-

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (c)

            	
              Each
      Party shall require its Related Parties to provide it with all Complaints
      and Safety Data relating to any Product in the control of such Related
      Parties. Each Party will provide the other Party with all Complaints and
      Safety Data in its control relating to any Product which information is
      necessary or desirable for the other Party to comply with all applicable
      laws, rules and regulations with respect to Product.  Each Party
      will provide such information to the other Party within [*****] after its first
      receipt; provided that any information relating to a serious adverse
      experience (SAE), as that term is defined at 21 C.F.R. §600.80, in the ICH
      Guidelines and/or in the Directive 2001/83/EC, shall be provided to the
      other Party within [*****] after its first receipt.  The Party
      providing the Complaint or Safety Data shall make all reasonable efforts
      to assist the receiving Party with any follow-up investigation necessary
      to comply with applicable laws, rules and regulations with respect to
      Product.

            

    

     

    
      	
               
      

            	
              (d)

            	
              Dyax
      shall maintain, or Dyax shall enter into an Agreement with a Third Party
      to maintain, a global adverse event database for Product (the "AE Database")
      and shall generate adverse event reports for Defiante's use in the
      Defiante Territory. Defiante shall have access to all data in the AE
      Database.  [*****].

            

    

     

    
      	
               
      

            	
              (e)

            	
              With
      respect to Product in the Field for the Defiante Territory, Defiante shall
      be responsible for submitting adverse event reports to the applicable
      Regulatory Authorities.  With respect to Product for use in the
      Field for the Dyax Territory and outside the Field in all countries, Dyax
      shall be responsible for submitting adverse event reports to the
      applicable Regulatory Authorities.

            

    

     

    
      	
               
      

            	
              (f)

            	
              Within
      [*****] after the Effective Date, the Parties will develop and agree in
      writing upon safety data exchange procedures governing the coordination of
      collection, investigation, reporting, and exchange of information
      concerning any adverse experiences, and any product quality and product
      complaints involving adverse experiences, and any other Safety Data,
      related to Product, sufficient to enable each Party to comply with its
      legal and regulatory obligations (the "Pharmacovigilance
      Agreement"). The form of the Pharmacovigilance Agreement shall be
      substantially similar to that attached hereto as Exhibit
      F.  Dyax shall establish pharmacovigilance agreements
      with Defiante and any future Related Parties involved in the Development,
      Manufacture or Commercialization of Product.  Such
      pharmacovigilance agreements shall conform in all material respects with
      the Pharmacovigilance Agreement to be established between Dyax and
      Defiante.

            

    

     

    
      	
               
      

            	
              (g)

            	
              The
      Parties acknowledge and agree that all safety data maintained in the AE
      Database for Product may be used by both Parties and their respective
      Related Parties (i) to obtain all applicable Regulatory Approvals in
      accordance with the terms of this Agreement and (ii) in connection with
      any litigation relating to a
Product.

            

    

     

    
      	
               
      

            	
              (h)

            	
              Dyax
      will use Commercially Reasonable Efforts to cause its Related Parties
      involved in the Commercialization of Product to agree to annual meetings
      with Defiante and its Related Parties involved in the Commercialization of
      Product to discuss the exchange of safety data with respect to
      Product.

            

    

     

     

    * Confidential Treatment
Requested.  Omitted portions filed with the Commission.

    
      
         

      

      
        -22-

        
          

        

      

      
         

      

    

     

    ARTICLE
V 

    COMMERCIALIZATION

     

    5.1         [*****]Efforts.

     

    
      	
               
      

            	
              (a)

            	
              Defiante
      shall use [*****] Efforts to obtain Regulatory Approval and Commercialize
      Product in the Defiante Territory for the HAE Indication and any
      Additional Indications that are Jointly Developed by the Parties in the
      Field.  The foregoing provisions of this Section 5.1
      notwithstanding, it is understood that the [*****] Efforts obligations set
      forth in this Section 5.1 do not require that Defiante obtain Regulatory
      Approval and Commercialize Product in all countries in the Defiante
      Territory, or in any particular country of the Defiante Territory if
      undertaking such efforts to obtain Regulatory Approval and Commercialize
      Product in such country would not be advisable in the exercise of
      reasonable business judgment; provided that such obligation to exercise
      [*****] Efforts shall nonetheless require that Defiante exercise such
      [*****] Efforts to obtain Regulatory Approval and Commercialize Product in
      all the Major EU Countries for the Product in HAE and all other
      Indications that are Jointly Developed by the Parties in the
      Field.

            

    

     

    
      	
               
      

            	
              (b)

            	
              In
      connection with its obligation to use [*****] Efforts to obtain Regulatory
      Approval and Commercialize Product in the Defiante Territory for the HAE
      Indication and any Additional Indications that are Jointly Developed by
      the Parties in the Field, Defiante acknowledges and agrees that it shall
      not directly or indirectly engage in the commercialization of a
      therapeutic or prophylactic product that competes with the Product in the
      Field in the Defiante Territory.

            

    

     

    5.2         Advertising and Promotional
Materials.  Defiante shall be responsible, at its own cost and
expense, for the creation, preparation, production, reproduction and filing with
the applicable Regulatory Authorities, of relevant written sales, promotion and
advertising materials relating to Product ("Defiante Promotional
Materials") for Commercialization in the Field for the Defiante
Territory.  All such Promotional Materials shall be compliant in all
material respects with all applicable laws, rules and regulations and any
guidelines established by the pharmaceutical industry in the applicable country
in the Defiante Territory.  When distributing information related to
Product or its use (including information contained in scientific articles,
reference publications and publicly available healthcare economic information),
Defiante shall comply in all material respects with all applicable laws, rules
and regulations and any guidelines established by the pharmaceutical industry in
the applicable country in the Defiante Territory. [*****]

     

    5.3         Sales and
Distribution.

     

    
      	
               
      

            	
              (a)

            	
              Defiante
      and its Related Parties shall be responsible for booking sales of Product
      in the Field in the Defiante Territory and for all aspects of Product
      order processing, invoicing and collection, distribution, inventory and
      receivables, and for handling (at its own cost and expense) all returns,
      recalls, field alerts and other withdrawals of Product sold for use in the
      Field in the Defiante Territory.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Dyax
      and its Related Parties shall be responsible for booking sales of Product
      in the Field in the Dyax Territory and outside the Field in any country in
      the world and for all aspects of Product order processing, invoicing and
      collection, distribution, inventory and receivables, and for handling (at
      its own cost and expense) all returns, recalls, field alerts and other
      withdrawals of Product sold for use in the Field in the Dyax Territory and
      outside the Field in any country in the
world.

            

    

     

    5.4         Cross-Territory and
Cross-Field Sales.  

     

    
      	
               
      

            	
              (a)

            	
              Dyax
      shall not, and shall ensure that its Related Parties agree not to, sell
      the Product in the Field in the Defiante Territory, as well as any Product
      Improvement.  Defiante shall be a third party beneficiary of the
      agreements between or among Dyax, its Affiliates, licensees, distributors
      and wholesalers with respect to such restriction, with the right to
      enforce such agreements.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Defiante
      shall not, and shall ensure that its Related Parties agree not to, sell
      Product in the Field in the Dyax Territory or outside the Field in any
      country in the world.  Dyax shall be a third party beneficiary
      of the agreements between or among Defiante, its Affiliates, licensees,
      distributors and wholesalers with respect to such restriction, with the
      right to enforce such agreements.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Subject
      to applicable laws and regulations, Defiante shall take commercially
      reasonable steps to restrict the ability of any Third Parties to export
      Product outside of the Defiante Territory for sale and or use in the Field
      in the Dyax Territory or outside the Field in any country of the
      world.

            

    

     

     

    * Confidential Treatment
Requested.  Omitted portions filed with the Commission.

    
      
         

      

      
        -23-

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (d)

            	
              The
      Parties acknowledge and agree that their respective obligations under this
      Section 5.4 are all considered to be material conditions to this
      Agreement.

            

    

     

    5.5         Recalls, Market Withdrawals
or Corrective Actions.  If any Regulatory Authority issues or
requests a recall or takes a similar action in connection with Product anywhere
in the world, or if either Party determines that an event, incident or
circumstance has occurred that may result in the need for a recall or market
withdrawal of Product, the Party notified of such recall or similar action, or
the Party that desires such recall or similar action, shall, within [*****] advise the other Party
thereof by e-mail, overnight courier or facsimile.  Defiante shall, in
consultation with Dyax, determine whether to conduct a recall of Product in the
Field in the Defiante Territory and the manner in which any such recall shall be
conducted (except in the case of a government mandated recall, when Defiante may
act without such advance notice but shall notify Dyax as soon as
possible).  Similarly, Dyax shall, in consultation with Defiante,
determine whether to conduct a recall of Product in the Field in the Dyax
Territory, and shall determine the manner in which such recall shall be
conducted (except in the case of a government mandated recall, when Dyax may act
without such advance notice but shall notify Defiante as soon as
possible).  Each Party will make available all of its pertinent
records that may be reasonably requested in order to affect a recall conducted
by the other Party. Costs and expenses for the recall shall be borne by the
Party whose action or omission caused the recall.

     

    ARTICLE
VI

    MANUFACTURE AND
SUPPLY OF DRUG
PRODUCT

     

    6.1         Manufacture of Drug
Substance and Drug Product.  During the Term, Dyax shall
Manufacture Drug Substance and Drug Product for Defiante (or its designee) in
sufficient quantities to satisfy all the requirements of Defiante and its
Related Parties for use in Developing, obtaining Regulatory Approval and in
Commercializing Product in the Field in the Defiante Territory pursuant to this
Agreement; provided that the foregoing obligation of Dyax to manufacture Drug
Substance and Drug Product shall be subject to the following terms and
conditions:

     

    
      	
               
      

            	
              (a)

            	
              Exclusivity.  Dyax
      shall be Defiante's sole and exclusive manufacturer of all Drug Substance
      and Drug Product requirements of Defiante and its Related Parties, unless
      otherwise agreed by Dyax in
writing.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Forecasts.  On
      or before [*****] and [*****]
      following the commencement of each Calendar Quarter occurring thereafter,
      Defiante will give to Dyax a forecast, determined in good faith based upon
      commercially reasonable estimates of Product Sales, for the next
      [*****].  Each such forecast shall summarize projected Product
      demand, inventory targets, projected inventory levels (including Drug
      Substance Inventory levels) and the estimated quantities of Drug Substance
      and Drug Product that Defiante expects to order, in accordance with
      Sections 6.1(c) and (e).

            

    

     

    
      	
               
      

            	
              (c)

            	
              Orders for Drug
      Substance; Delivery.

            

    

     

    In the
event Defiante purchases Drug Substance in accordance with the terms and
conditions of this Agreement:

     

    
      	
               
      

            	
              (i)

            	
              For
      quantities of Drug Substance required by Defiante, Defiante shall provide
      Dyax with binding purchase orders for Drug Substance.  Defiante
      may place [*****].

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Upon
      Defiante's issuance of a binding order for Drug
  Substance:

            

    

     

    
      	
               
      

            	
              (A)

            	
              Each
      such order shall be considered accepted by and binding upon Dyax, unless
      such order exceeds the Drug Substance Order Limit for the relevant
      Calendar Quarter,
      in which case such order shall be considered accepted by Dyax unless Dyax
      provides written notice objecting to such order within fifteen (15)
      Business Days after Dyax's receipt of such order. In case of objection,
      Dyax shall provide the quantity requested up to the Drug Substance Order
      Limit for the relevant Calendar Quarter and shall use [*****] Efforts to
      provide the additional requested
quantity.

            

    

     

     

    * Confidential Treatment
Requested.  Omitted portions filed with the Commission.

    
      
         

      

      
        -24-

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (B)

            	
              Dyax
      shall have fifteen (15) Business Days after Dyax's receipt of such order
      to provide Defiante the latest start and completion date for that order.
      In turn, Defiante will have fifteen (15) Business Days thereafter to
      acknowledge and accept this schedule, negotiate a change, or cancel the
      order. In order to keep cost of goods as low as possible, the preference
      will be to combine all binding orders for Drug Substance into single
      campaigns. Any binding order placed per the above conditions will be
      scheduled to begin production
[*****].

            

    

     

    
      	
               
      

            	
              (iii)

            	
              All
      Drug Substance manufactured by Dyax shall, at the option of Defiante,
      either be held as Drug Substance Inventory by Dyax (or its Third Party
      contractor) on behalf of Defiante pursuant to Section 6.1(d) or delivered
      [*****].  All Drug Substance shall be delivered within [*****]
      following the quality release of such Drug Substance (but not later than
      [*****] the manufacturing of such Drug Substance is
      completed).

            

    

     

    
      	
               
      

            	
              (d)

            	
              Drug Substance
      Inventory.  If and to the extent that Defiante requests
      that Drug Substance manufactured by Dyax for Defiante be held as Drug
      Substance Inventory, then Dyax shall be responsible for the handling and
      custody of such Drug Substance Inventory (including insurance to cover
      risk of loss of such Drug Substance Inventory); provided that all costs
      directly related to the handling, custody and insurance of the Drug
      Substance Inventory shall be reimbursed by
  Defiante.

            

    

     

    
      	
               
      

            	
              (e)

            	
              Orders for Drug
      Product; Delivery.

            

    

     

    In the
event Defiante purchases Drug Product in accordance with the terms and
conditions of this Agreement:

     

    
      	
               
      

            	
              (i)

            	
              For
      quantities of Drug Product required by Defiante, Defiante shall provide
      Dyax with binding purchase orders for Drug Product.  Defiante
      shall place no more than [*****].

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Upon
      Defiante's issuance of a binding order for Drug
  Product:

            

    

     

    
      	
               
      

            	
              (A)

            	
              Each
      such order shall be considered accepted by and binding upon Dyax, unless
      such order exceeds the Drug Product Order Limit for the relevant Calendar
      Quarter, in which
      case such order shall be considered accepted by Dyax unless Dyax provides
      written notice objecting to such order within fifteen (15) Business Days
      after Dyax's receipt of such order. In case of objection, Dyax shall
      provide the quantity requested up to the Drug Product Order Limit for the
      relevant Calendar Quarter and shall use [*****] to provide the additional
      requested quantity.

            

    

     

    
      	
               
      

            	
              (B)

            	
              Dyax
      shall have fifteen (15) Business Days after Dyax's receipt of such order
      to provide Defiante the latest start and completion date for that order.
      In turn, Defiante will have fifteen (15) Business Days thereafter to
      acknowledge and accept this schedule, negotiate a change, or cancel the
      order. In order to keep cost of goods as low as possible, the preference
      will be to combine all binding orders for Drug Product into single
      campaigns. Any binding order placed per the above conditions will be
      scheduled to begin production
[*****].

            

    

     

    
      	
               
      

            	
              (iii)

            	
              All
      Drug Product manufactured by Dyax shall be delivered
      [*****].  All Drug Product shall be delivered
      within [*****] following the quality release of such Drug Product
      (but not later than [*****] after such Drug Product is
      filled).  [*****].

            

    

     

    
      	
               
      

            	
              (f)

            	
              Supply Shortage;
      Allocation of Drug Substance and Drug Product.  Dyax
      shall promptly notify Defiante of any event that causes or may cause the
      amount of Drug Substance and/or Drug Product Manufactured to be
      insufficient to fully meet the quantities ordered by Defiante under
      Section 6.1(c) and (e)
..  Thereafter:

            

    

     

     

    * Confidential Treatment
Requested.  Omitted portions filed with the Commission.

    
      
         

      

      
        -25-

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (i)

            	
              if
      such a supply shortage was caused by manufacturing failures or delays in
      fulfilling orders properly placed by Defiante, available supply shall be
      allocated between the Parties and Dyax's other Sublicensees of Drug
      Substance or Drug Product on a pro-rata basis based on the then current
      good faith forecasted requirements of such entities;
  and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              if
      such a product shortage was caused by one or more inaccurate Defiante
      forecasts or otherwise arose as a result of orders placed for Drug
      Substance in excess of the Drug Substance Order Limit or orders for Drug
      Product in excess of the Drug Product Order Limit, then the allocation
      available supply under Section 6.1(f)(i) above shall not be
      required.

            

    

     

    
      	
               
      

            	
              (g)

            	
              Pricing. With
      respect to any amount of Drug Substance or Drug Product delivered by Dyax
      to Defiante for use in the Independent Development of Product or the
      Commercialization of Product, Defiante shall pay to Dyax the applicable
      Transfer Price for such Drug Substance or Drug Product.  Such
      Transfer Price shall be paid as
follows:

            

    

     

    
      	
               
      

            	
              (i)

            	
              if
      and to the extent external Manufacturing Costs are incurred by Dyax in
      advance of actual delivery of Drug Product to Defiante, such Manufacturing
      Costs shall be invoiced to Defiante and Defiante shall pay such invoice
      within thirty (30) days after receipt thereof;
  and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      balance of the Transfer Price shall be paid by Defiante within thirty (30)
      days after receipt of the relevant invoice to be issued by Dyax after the
      quality release (duly documented) of such Drug
  Product.

            

    

     

    6.2         Quality.

     

    
      	
               
      

            	
              (a)

            	
              Certificates of
      Analysis.  Dyax shall provide Defiante with certificates
      of analysis related to each batch of Drug Substance or Drug Product
      delivered to Defiante hereunder.  These certificates will
      document that each batch delivered to Defiante conforms to the
      Specifications and meets the requirements of cGMPs at the time of
      delivery. These certificates shall include the date of Manufacture and
      applicable expiry date.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Quality Control
      Testing.  Dyax shall perform, or have performed such
      quality control tests as are indicated in the
      Specifications.  Dyax shall make the results of its quality
      control tests available to Defiante on or before the date that Drug
      Substance or Drug Product is delivered to Defiante
      hereunder.  No production batch shall be released for delivery
      unless such quality control tests show that such Drug Substance or Drug
      Product meets the Specifications.  Defiante shall not perform or
      re-perform the control quality tests that support any certificate of
      analysis. Should a Regulatory Authority in the Territory require Drug
      Substance or Drug Product testing beyond that currently included in the
      process specification, the Parties shall evaluate the GMP and regulatory
      issues associated with modifying the specification to include such
      testing.

            

    

     

    6.3         Responsibility for Product
Manufacturing Process.  At all times during which Dyax is
manufacturing Drug Substance and Drug Product for Defiante (or its designee)
under Section 6.1, Dyax shall have sole authority over the Product Manufacturing
Process under this Agreement, subject however to approval by the Regulatory
Authority in the Defiante Territory, and shall be fully responsible for all
costs and expenses incurred in connection therewith, except to the extent that
Dyax is to be reimbursed by Defiante for such costs and expenses as provided
herein.  Without in any way limiting the foregoing, Dyax shall have
the sole authority to (i) select contract manufacturers involved in Product
Manufacturing Process, (ii) terminate contract manufacturers involved in Product
Manufacturing Process, and/or (iii) internalize Product Manufacturing Process by
Manufacturing Drug Substance and/or Drug Product within facilities owned or
controlled by Dyax.

     

    
      
         

      

      
        -26-

        
          

        

      

      
         

      

    

     

    6.4         Step-in
Rights.

     

    
      	
               
      

            	
              (a)

            	
              For
      Cause.  Notwithstanding the restrictions set forth in
      Section 3.1(b) that preclude Defiante from Manufacturing or having
      Manufactured Drug Substance and Drug Product in or for the Defiante
      Territory, Defiante shall have the option, exercisable at any time after
      the occurrence of any of the following events, to enter into a direct
      contractual relationship with Dyax's CMO(s) to have Manufactured Drug
      Substance and/or Drug Product as necessary to meet the requirements of
      Defiante and its Related Parties for Development and Commercialization of
      Product in the Field in the Defiante
Territory:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      quantity of Drug Substance and/or Drug Product supplied by Dyax pursuant
      to binding orders placed by Defiante under Sections 6.1(c) or (e) is less
      than [*****] of the quantity ordered by Defiante, [*****]; provided that,
      for the purposes of this Section 6.4(a)(i), the amount of any order placed
      by Defiante under Section 6.1(c) that is in excess of the Drug Substance
      Order Limit or the amount of any order placed by Defiante under Section
      6.1(e) that is in excess of the Drug Product Order Limit may not be
      applied toward the calculation of any supply
  shortage;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              a
      Regulatory Authority notifies Dyax or Defiante in writing that the Product
      Manufacturing Process does not comply with Applicable Law in the Defiante
      Territory and [*****]; or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              Dyax
      informs Defiante that it elects to discontinue the Manufacture of Drug
      Substance and Drug Product for
Defiante.

            

    

     

    If
Defiante elects to exercise its option under this Section 6.4(a), then all of
Dyax's obligations under Section 6.1 shall terminate; provided
that:

     

    
      	
               
      

            	
              (iv)

            	
              Dyax
      shall provide reasonable assistance and documentation, at its expense, to
      enable Defiante to assume responsibility for Product Manufacturing
      Process. Such assistance shall include introducing Defiante to Dyax's CMOs
      and working with Defiante and such CMO to coordinate any actions
      reasonably required in order to enable Defiante to enter into a direct
      contractual relationship with, and receive supply directly from, any such
      CMO. Any Drug Substance or Drug Product Manufactured by Defiante may be
      used solely in Development and Commercialization of Product in the Field
      and in the Defiante Territory conducted in accordance with the terms of
      this Agreement. 

            

    

     

    
      	
               
      

            	
              (v)

            	
              At
      Defiante's option and request, Dyax shall continue to Manufacture and
      supply Drug Product [*****] for a period of [*****], or until such time as
      all of the technology transfer under Section 6.4(a)(iv) has been
      completed.

            

    

     

    
      	
               
      

            	
              (vi)

            	
              Each
      Party will appoint at least one manufacturing logistics and quality
      assurance manager to support the Parties' respective Manufacturing
      activities, and to function as a liaison with the other Party's
      manufacturing logistics and quality assurance manager on matters relating
      to the Manufacture and supply of Drug Substance and Drug Product under
      this Agreement.

            

    

     

    
      	
               
      

            	
              (b)

            	
              For
      Convenience.  Notwithstanding the restrictions set forth
      in Section 3.1(b) that preclude Defiante from Manufacturing or having
      Manufactured Drug Product in or for the Defiante Territory, Defiante shall
      have the right, exercisable at its convenience, to assume from Dyax the
      right to Manufacture and have Manufactured Drug Product  (but
      not Drug Substance) as necessary to meet the requirements of Defiante and
      its Related Parties for Development and Commercialization of Product in
      the Field in the Defiante Territory.  If Defiante elects to
      exercise its option under this Section 6.4(b), then all of Dyax's
      obligations with respect to the Manufacture of Drug Product (but not Drug
      Substance) under Section 6.1 shall terminate; provided
    that:

            

    

     

     

    * Confidential Treatment
Requested.  Omitted portions filed with the Commission.

    
      
         

      

      
        -27-

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (i)

            	
              Dyax
      shall provide reasonable assistance and documentation, at Defiante's
      expense (such expenses to be documented and approved in advance by
      Defiante), to enable Defiante to assume responsibility for the Manufacture
      of Drug Product. Such assistance shall include introducing Defiante to
      Dyax's CMOs and working with Defiante and such CMOs to coordinate any
      necessary technology transfers and taking such other actions as may be
      reasonably required in order to enable Defiante to assume responsibility
      for the Manufacture of Drug Product. Any Drug Product Manufactured by
      Defiante may be used solely in Development and Commercialization of
      Product conducted in accordance with the terms of this
      Agreement.

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Each
      Party will appoint at least one manufacturing logistics and quality
      assurance manager to support the Parties' respective Manufacturing
      activities, and to function as a liaison with the other Party's
      manufacturing logistics and quality assurance manager on matters relating
      to the Manufacture of Drug Substance and Drug Product under this
      Agreement.

            

    

     

    Notwithstanding
any election by Defiante to assume the Manufacture of Drug Product under this
Section 6.4(b), Dyax shall remain responsible for the Manufacture of Drug
Substance and, in lieu of holding all Drug Substance ordered by Defiante under
Section6.1(d) as Drug Substance Inventory, Dyax shall deliver all such Drug
Substance directly to Defiante (or its designee).  In consideration
for Drug Substance delivered by Dyax to Defiante, Defiante shall pay to Dyax the
applicable Transfer Price for such Drug Substance.  The Transfer Price
shall be paid as follows:

    
 

    
      	
               
      

            	
              (i)

            	
              if
      and to the extent external Manufacturing Costs are incurred by Dyax in
      advance of actual delivery of Drug Substance to Defiante, such
      Manufacturing Costs shall be invoiced to Defiante and Defiante shall pay
      such invoice within thirty (30) days after receipt thereof;
      and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      balance of the Transfer Price shall be paid by Defiante within thirty (30)
      days after receipt of the relevant invoice to be issued by Dyax after the
      quality release (duly documented) of such Drug
  Substance.

            

    

     

    6.5         Supply and Quality
Agreements.  As soon as possible after the Effective Date, the
Parties shall negotiate in good faith and enter into a comprehensive supply
agreement pursuant to which Dyax will supply Drug Substance and Drug Product to
Sigma Tau (the "Supply
Agreement") together with a quality agreement in accordance with industry
standards governing the Drug Substance and Drug Product supplied pursuant to the
Supply Agreement (the "Quality
Agreement").  The Supply Agreement and the Quality Agreement
shall include terms similar to those set forth in Sections 6.1 through 6.4 of
this Agreement and shall contain such other terms and conditions that the
Parties mutually agree upon that are customary for supply agreements and quality
agreements of this type.  Pending the execution and delivery of a
Supply Agreement and a Quality Agreement, Manufacture of Product shall be
conducted in accordance with the terms and conditions of this Article
VI.

     

    6.6         [*****]

     

    ARTICLE
VII

    FINANCIAL
PROVISIONS

     

    7.1         Initial
Consideration.

     

    
      	
               
      

            	
              (a)

            	
              License Fee. As
      soon as possible following the Effective Date (but in no event no later
      than thirty (30) days thereafter), Defiante shall pay to Dyax an upfront
      license fee in the amount of Two Million Five Hundred Thousand Dollars
      ($2,500,000) as partial consideration for the rights granted by Dyax to
      Defiante under this Agreement.

            

    

     

     

    * Confidential Treatment
Requested.  Omitted portions filed with the Commission.

    
      
         

      

      
        -28-

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (b)

            	
              Equity
      Investment.  Simultaneous with the execution of this
      Agreement,, Defiante and Dyax will enter into a Stock Purchase Agreement
      attached hereto as Exhibit G (the
      "Stock Purchase
      Agreement"), under which Defiante will purchase, in a private
      transaction, shares of Dyax common stock for a total of Two Million Five
      Hundred Thousand Dollars ($2,500,000) at a price per share to be
      calculated by applying a 50% premium to the average closing price of the
      Dyax common shares for the preceding twenty (20) Business
      Days.  It is acknowledged that the premium paid by Defiante
      shall be paid as additional consideration for the rights granted by Dyax
      to Defiante under this Agreement.

            

    

     

    7.2         Milestone
Payments.

     

    
      	
               
      

            	
              (a)

            	
              Approval
      Milestone. Within [*****] following Regulatory Approval in
      Defiante’s name of the Product for the HAE Indication by the EMA, Defiante
      shall pay to Dyax a one-time milestone payment in the amount of
      [*****].

            

    

     

    
      	
               
      

            	
              (b)

            	
              Commercialization
      Milestone. Within twenty (20) Business Days following the First
      Commercial Sale of the Product in the Major EU Countries, Defiante shall
      pay to Dyax a one-time milestone payment in the amount of
      [*****].

            

    

     

    7.3         Ongoing
Costs.

     

    
      	
               
      

            	
              (a)

            	
              Development
      Costs. From and after the Effective Date, the Parties shall share
      equally (50/50) in all Development Costs incurred by either Party in the
      conduct of activities pursuant to any Joint Development Plan (the "Shared
      Costs").  Shared Costs shall also include any costs
      described in Section 7.3(b)(iv)(A) below.  Within thirty (30)
      days after the end of each Calendar Quarter during the Term of this
      Agreement, each Party shall provide to the other Party a written
      accounting of the Shared Costs incurred by such Party during such Calendar
      Quarter, accompanied by supportive documentary evidence.  Each
      Party shall then have ten (10) Business Days to verify such accountings,
      after which the Party who is entitled to reimbursement under this Section
      7.3 shall issue an invoice to the other Party (payable within thirty (30)
      days after receipt thereof), such that each Party pays for fifty percent
      (50%) of all Shared Costs subject to this Section 7.3.  In case
      of disagreement on the amount previously stated in the written accounting:
      (i) each Party shall be entitled to refer the disputed matter to the audit
      procedure under Section 7.7, (ii) any undisputed amount shall be paid
      within 30 (thirty) days of the receipt of the relevant invoice and (iii)
      the balance shall become due and payable upon, and in conformity with, the
      exhaustion of the audit procedure under Section 7.7 or, upon issuance of a
      final arbitration award, under Section 13.3 as the case may
      be.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Regulatory Activities
      Costs.  From and after the Effective Date, each Party
      shall be fully and independently responsible for all Regulatory Activities
      Costs associated with obtaining Regulatory Approval for Product in the
      Field in the Territory of such
Party.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Commercialization
      Costs.  From and after the Effective Date, each Party
      shall be fully and independently responsible for all costs associated with
      the promotion, marketing and sale of Product in the Territory of such
      Party.

            

    

     

    7.4         Sales
Milestones.  Within thirty (30) days after the first occurrence
of each of the following events with respect to annual Net Sales of Product
(cumulative for all Indications) in the Defiante Territory, Defiante shall make
the following payments to Dyax:

     

    
      
        
          	
                  Milestone Event

                	 
      	
                  Payment

                
	 
      	 
      	 
      
	
                  First
      calendar year in which Net Sales for Product in the Defiante Territory are
      greater than [*****]

                	 
      	
                  [*****]

                
	 
      	 
      	 
      
	
                  First
      calendar year in which Net Sales for all Product in the Defiante Territory
      are greater than [*****]

                	 
      	
                  [*****]

                
	 
      	 
      	 
      
	
                  First
      calendar year in which Net Sales for all Product in the Defiante Territory
      are greater than [*****]

                	 
      	
                  [*****]

                
	 
      	 
      	 
      
	
                  First
      calendar year in which Net Sales for all Product in the Defiante Territory
      are greater than [*****]

                	 
      	
                  [*****]

                
	 
      	 
      	 
      
	
                  First
      calendar year in which Net Sales for all Product in the Defiante Territory
      are greater than [*****]

                	 
      	
                  [*****]

                
	 
      	 
      	 
      
	
                  First
      calendar year in which Net Sales for all Product in the Defiante Territory
      are greater than [*****]

                	 
      	
                  [*****]

                
	 
      	 
      	 
      
	
                  First
      calendar year in which Net Sales for all Product in the Defiante Territory
      are greater than [*****]

                	 
      	
                  [*****]

                
	 
      	 
      	 
      
	
                  First
      calendar year in which Net Sales for all Product in the Defiante Territory
      are greater than [*****]

                	
                    

                	
                  [*****]

                

        

      

    

     

     

    * Confidential Treatment Requested.  Omitted
portions filed with the Commission.

    
      
         

      

      
        -29-

        
          

        

      

      
         

      

    

     

    For the
avoidance of doubt, each of the foregoing milestone payments is a separate
payment and shall be paid only once by Defiante.  Consequently, the
maximum amount that Defiante is obligated to pay to Dyax under this Section 7.4
is [*****].

     

    7.5         Contribution
Payments.

     

    
      	
               
      

            	
              (a)

            	
              Calculation of
      Contribution Payments; Transfer Price Deduction.  During
      the Term of this Agreement, Defiante shall pay to Dyax forty-one percent
      (41%) of the Net Sales of Product in the Defiante Territory; provided
      however that Defiante shall be entitled to first deduct the amount of the
      Transfer Price: i) previously paid by Defiante to Dyax for the supply of
      the Drug Product or of the Drug Substance, as the case may be; and ii)
      borne by Defiante as Manufacturing Costs in the course of Manufacturing
      the Drug Product, as the case may
be.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Term of Contribution
      Payments.  The obligations of Defiante with respect to
      Contribution Payments in the Defiante Territory at the rates set forth in
      Section 7.5(a) shall be determined on a product by product and on a
      country-by-country basis and shall continue until the later of (i) the
      expiration of the last Valid Claim of the Dyax Patent Rights Covering the
      use or sale of the applicable Product commercialized in the Field in such
      country of the Defiante Territory or Covering the composition of matter of
      Compound included in such Product in such country of the Defiante
      Territory, or (ii) the tenth anniversary of the First Commercial Sale of
      such Product in the Field in the Defiante Territory (the "Contribution
      Payment Term").

            

    

     

    
      	
               
      

            	
              (c)

            	
              Blocking Third Party
      Patent Rights; In-Licenses.

            

    

     

    
      	
               
      

            	
              (i)

            	
              Dyax
      shall be responsible for paying any milestones, royalties or other
      payments due under any In-License of Blocking Third Party Patent Rights
      that are allocable to the Development, Manufacture or Commercialization of
      Product (in its existing form as of the Effective Date) in the HAE
      Indication in the Defiante
Territory.

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Defiante
      shall be responsible for paying any milestones, royalties or other
      payments due under any In-License of Blocking Third Party Patent Rights
      that are allocable to the Development, Manufacture or Commercialization of
      Product for any Additional Indications or any Product Improvement in the
      Defiante Territory.

            

    

     

    
      	
               
      

            	
              (d)

            	
              Royalties to
      [*****].  Dyax shall be responsible for all royalties
      payable to [*****] under the [*****] License Agreement with respect to Net
      Sales of Product by Defiante and its Related Parties in the Field in the
      Defiante Territory, except for royalties payable to [*****]  on
      Net Sales of Product Independently Developed by Defiante, for which
      Defiante shall be solely
responsible.

            

    

     

     

    * Confidential Treatment
Requested.  Omitted portions filed with the Commission.

    
      
         

      

      
        -30-

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (e)

            	
              General.

            

    

     

    Contribution
Payments shall be calculated (and paid) only once with respect to the same unit
of Product.

     

    
      	
               
      

            	
              (i)

            	
              No
      Contribution Payment shall be due upon the sale or other transfer of
      Product among Defiante or its Related Parties, but in such cases the
      Contribution Payment shall be due and calculated upon Defiante's or its
      Related Party's Net Sales to the first independent Third
      Party.

            

    

     

    
      	
               
      

            	
              (ii)

            	
              No
      Contribution Payment shall accrue on the disposition of Product by
      Defiante or its Related Parties as samples (promotion or
      otherwise).

            

    

     

    7.6         Net Sales Reports and
Contribution Payments.  Within [*****] after the end of each
Calendar Quarter for which Contribution Payments are due from Defiante pursuant
to Section 7.5, Defiante shall submit to Dyax a report, on a country-by-country
basis, providing an accounting of the Net Sales of Product made during such
Calendar Quarter, and the calculation of the Contribution Payments due under
Section 7.5.  Concurrently with the submission of such report,
Defiante shall pay to Dyax all Contribution Payments payable by it under Section
7.5, as indicated in the report.

     

    7.7         Audits.  Each
Party shall, and shall require its Related Parties to, keep true and accurate
records and books of account containing all data necessary for the calculation
of the amounts payable under this Agreement, including Contribution Payment due
under Section 7.5.  Those records and books of account shall be kept
for at least [*****] following the end of the calendar year to which they
relate.  Upon the other Party's  written request (the "Requesting Party"),
an international firm of independent certified public accountants appointed by
agreement between the Parties or, failing such agreement within [*****] after
the initiation of discussions between them on this point, by the Requesting
Party, among such firms that have not performed auditing or other services for
either Party or their Affiliates in the [*****], shall inspect such records and
books of account of the other Party (the "Audited Party") and
carry out the following activities:

     

    
      	
               
      

            	
              (a)

            	
              such
      independent accounting firm shall be given access to and shall be
      permitted to examine and copy such books and records of the Audited Party
      and its Affiliates and any other documentation that may be relevant for
      the purposes hereof upon [*****] notice having been given by the
      Requesting Party and at all reasonable times on Business Days for the
      purpose of certifying  (i) if the Audited Party is Defiante,
      that the Net Sales or other relevant sums calculated by Defiante and its
      Affiliates during any calendar year were reasonably calculated, true and
      accurate in conformity with this Agreement or, if this is not their
      opinion, certify the Net Sales figure or other relevant sums for such
      period which in its judgment and evaluation is true and correct; (ii) if
      the Audited Party is Dyax, that the Manufacturing Costs charged by Dyax to
      Defiante during any calendar year were reasonably calculated, true and
      accurate or, if this is not their opinion, certify the Manufacturing Costs
      figure for such period which in its judgment and evaluation is true and
      correct; or (iii) that the Shared Costs and any other sums subject to
      reimbursement under this Agreement calculated by either Party and its
      Affiliates during any calendar year were reasonably calculated, true and
      accurate in conformity with this Agreement or, if this is not their
      opinion, certify the Shared Costs or other relevant sums for such period
      which in its judgment and evaluation  is true and
      correct;

            

    

     

    
      	
               
      

            	
              (b)

            	
              prior
      to any such examination taking place, such accounting firm shall undertake
      to the Audited Party in writing that it shall keep all information and
      data contained in such books and records strictly confidential and shall
      not disclose such information or copies of such books and records to any
      Person, including the Requesting Party, but shall only use the same for
      the purpose of performing the calculations referred to in Section
      7.7(a);

            

    

     

    
      	
               
      

            	
              (c)

            	
              any
      such access examination and certification shall occur no more than once
      per calendar year;

            

    

     

     

    * Confidential Treatment
Requested.  Omitted portions filed with the Commission.

    
      
         

      

      
        -31-

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (d)

            	
              the
      Audited Party and its Affiliates shall make available personnel to answer
      such accounting firm's reasonable queries on all books and records
      required for the purpose of calculating the amounts referred to in Section
      7.7(a);

            

    

     

    
      	
               
      

            	
              (e)

            	
              any
      amount that is found by the independent accounting firm to be due by a
      Party to the other Party, shall be paid by the owing Party within sixty
      (60) days of the final determination of such independent accounting firm,
      provided that in the event either Party disagree with such determination,
      such Party may refer the matter to arbitration pursuant to Section 13.3
      within thirty (30) days of the date of the accounting firm's
      determination; and

            

    

     

    
      	
               
      

            	
              (f)

            	
              the
      reasonable cost of the accounting firm shall be the responsibility of the
      Audited Party if the certification shows either (i) that the Audited Party
      has underpaid monies due to the other Party hereunder by more than [*****]
      over a calendar year, or (ii) that the Audited Party has overcharged the
      other Party for Manufacturing Costs, Development Costs or other relevant
      sums subject to reimbursement under this Agreement by more than [*****]
      over a calendar year.  In all other instances, the reasonable
      cost of the accounting firm shall be the responsibility of the Requesting
      Party.

            

    

     

    7.8         Taxes; Deductions and
Set-Offs.  Any taxes (other than value added taxes) Defiante is
required by the local authorities to pay or withhold on behalf of Dyax with
respect to the money payable to Dyax under this Agreement shall be deducted from
the amount of such payments, provided, however, that with regard to any such
deduction Defiante shall give Dyax such assistance as may be necessary to enable
or assist Dyax to claim exception therefore (under any applicable laws as well
as any applicable treaties or conventions) and shall give Dyax proper evidence
as to payment of the tax.  Any other taxes due in the Defiante
Territory and arising out of or in connection with Defiante exercise of the
rights granted herein shall be borne by Defiante.

    

    7.9         United States
Dollars.  All dollar ($) amounts specified in this Agreement
are United States dollar amounts.

     

    7.10       Currency
Exchange.  With respect to Net Sales invoiced or expenses
incurred in U.S. dollars, the Net Sales or expense amounts and the amounts due
to the receiving Party hereunder shall be expressed in U.S.
dollars.  With respect to Net Sales invoiced or expenses incurred in a
currency other than U.S. dollars, the Net Sales or expense shall be expressed in
the currency in which such Net Sales were invoiced or such expense was incurred
together with the U.S. dollar equivalent, calculated using the average of the
spot rate on the first and last Business Days of the Calendar Quarter in which
the Net Sales were made or the expense was incurred.  The "closing
mid-point rates" found in the "dollar spot forward against the dollar" table
published by The Financial
Times or any other publication as agreed to by the Parties shall be used
as the source of spot rates.  All payments shall be made in U.S.
dollars.

     

    7.11       Blocked
Payments.  If, by reason of applicable laws, rules or
regulations in any country, it becomes impossible or illegal for Defiante or its
Related Parties to transfer, or have transferred on their behalf, Contribution
Payments or other payments to Dyax, Defiante shall promptly notify Dyax of the
conditions preventing such transfer and such Contribution Payments or other
payments shall be deposited in local currency in the relevant country to the
credit of Dyax in a recognized banking institution designated by Dyax or, if
none is designated by Dyax within a period of thirty (30) days, in a recognized
banking institution selected by Defiante or its Related Party, as the case may
be, and identified in a notice given to Dyax.

     

    7.12       Late
Payments.  The owing Party shall pay interest to the owed Party
on the aggregate amount of any payments that are not paid on or before thirty
(30) days after the date such payments are due under this Agreement at a rate
per annum equal to LIBOR plus [*****], calculated on the number of days such
payments are paid after the date such payments are due and compounded
monthly.

     

    7.13       Invoice.   All
payments hereunder shall be made by Defiante after receipt of the relevant
invoice/s.

     

     

    
      *
Confidential Treatment Requested.  Omitted portions filed with the
Commission.

    

    
      
         

      

      
        -32-

        
          

        

      

      
         

      

    

    

    ARTICLE
VIII

    INTELLECTUAL PROPERTY
OWNERSHIP, PROTECTION AND RELATED MATTERS

     

    8.1         Ownership of
Inventions.

     

    
      	
               
      

            	
              (a)

            	
              Ownership of Product
      Intellectual Property.   Notwithstanding anything to
      the contrary contained in this Agreement or elsewhere, the Parties
      acknowledge and agree that Dyax is, and throughout the Term of this
      Agreement shall remain, the owner
of:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Existing Dyax Patent Rights; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              all
      other Know-How, Patent Rights and other intellectual property that Covers
      the  Compound or its manufacture, including without limitation
      any such intellectual property generated, developed, conceived or reduced
      to practice by or on behalf of Defiante or any of its Related
      Parties.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Sole
      Inventions.  Except as set forth in Section 8.1(a), each
      Party shall exclusively own all Inventions generated, conceived or reduced
      to practice in the course of performing activities under this Agreement
      (including any Independent Development) solely by such Party, its
      Affiliates and its and their employees, agents, consultants and
      contractors ("Sole
      Inventions").  Sole Inventions generated, conceived or
      reduced to practice solely by Defiante, its Affiliates, and its and their
      employees, agents, consultants and contractors are referred to herein as
      "Defiante Sole
      Inventions".  Sole Inventions generated, conceived or
      reduced to practice solely by Dyax, its Affiliates, and its and their
      employees, agents and consultants and contractors, as well as [*****] are
      referred to herein as "Dyax Sole
      Inventions".

            

    

     

    
      	
               
      

            	
              (c)

            	
              Joint Inventions and
      Joint Know-How.  Except as set forth in Sections 8.1(a)
      and 8.1 (b), the Parties shall jointly own all Inventions generated,
      conceived or reduced to practice in the course of performing activities
      under this Agreement jointly by employees, agents, consultants, and
      contractors of Defiante and its Affiliates on the one hand, and by
      employees, agents, consultants and contractors of Dyax and its Affiliates
      on the other hand, on the basis of each Party having an undivided interest
      in the whole ("Joint
      Inventions").  The Parties shall jointly own all Joint
      Know-How and Joint Patent Rights on a worldwide basis in accordance with
      and bearing with it the same rights as the joint ownership interests of
      co-inventors named on U.S. patents under U.S. patent laws, including the
      right to practice the Joint Know-How or Joint Patents and to license
      others to do the same, without obtaining the consent of or accounting to
      the other Party.

            

    

     

    
      	
               
      

            	
              (d)

            	
              Inventorship;
      Implementation of Joint
Ownership.

            

    

     

    
      	
               
      

            	
              (i)

            	
              For
      purposes of determining whether an Invention is a Defiante Sole Invention,
      a Dyax Sole Invention or a Joint Invention, questions of inventorship
      shall be resolved in accordance with United States patent
      laws.  If a dispute among the Parties as to an inventorship
      determination, which cannot be resolved by counsel to the Parties, the
      Parties shall refer the determination to a third patent counsel reasonably
      acceptable to the Parties, who shall make a final determination of
      inventorship which shall be binding upon the Parties and their respective
      inventors.

            

    

     

    
      	
               
      

            	
              (ii)

            	
              In
      order to implement the rights of joint ownership throughout the world as
      provided for in Section 8.1(c), each Party hereby assigns to the other
      Party, and hereby grants to the other Party all consents, licenses and
      waivers, in each case that are necessary to achieve such joint ownership
      and the rights associated with such sole or joint ownership worldwide, and
      agrees to provide documents evidencing or that may be required to record
      such assignments, consents, licenses and waivers promptly upon the other
      Party's request.  Promptly after being requested in writing,
      each Party shall provide to the other all documents and instruments
      required to evidence or record any such assignments, consents, licenses or
      waivers, or (to the extent otherwise consistent with this Agreement) to
      enforce rights in the assigned Joint Patent Rights.  Each Party
      hereby appoints the other Party as the appointing Party's attorney-in-fact
      to execute and deliver each of the foregoing documents and instruments if
      the other Party is unable, after making reasonable inquiry, to obtain the
      appointing Party's signature on any such documents and
      instruments.

            

    

     

     

    * Confidential Treatment
Requested.  Omitted portions filed with the Commission.

    
      
         

      

      
        -33-

        
          

        

      

      
         

      

    

     

    8.2         Prosecution and Maintenance
of Patent Rights.

     

    
      	
               
      

            	
              (a)

            	
              As
      used in this Section 8.2(a), the term "Prosecuting
      Party" shall mean (i) Dyax with respect to the filing, prosecution
      and maintenance of the Dyax Patent Rights, and any Joint Patent Rights
      that [*****], and (ii) Defiante with respect to the filing, prosecution
      and maintenance of the Defiante Patent Rights and of all other Joint
      Patent Rights in the Defiante Territory.  The Prosecuting Party
      shall use reasonable efforts to prepare, file, prosecute and maintain the
      Patent Rights for which it is responsible and shall confer with and keep
      the other Party reasonably informed regarding the status of such
      activities. In addition, the Prosecuting Party shall have the following
      obligations with respect to the filing, prosecution and maintenance of any
      Patent Rights for which it is
responsible:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Prosecuting Party shall use reasonable efforts to provide to the other
      Party for review and comment a substantially completed draft of any patent
      application included within the Patent Rights for which it is responsible
      at least thirty (30) days prior to the filing of any such patent
      application and consider [*****] any comment from such
    Party;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Prosecuting Party shall provide the other Party promptly with copies of
      all material communications received from or filed in patent offices with
      respect to such filings; and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      Prosecuting Party shall consult with the other Party a reasonable time
      prior to taking or failing to take action that would materially affect the
      scope, validity, enforceability, or maintenance of any Valid Claim
      included within the Patent Rights for which it is responsible, including
      providing access by the other Party to the complete files of any patent
      nullification, opposition, interference, re-examination, reissue or patent
      term extension proceedings instituted anywhere in the world without regard
      to Territory or Field under this
Agreement.

            

    

     

    Furthermore,
if the Prosecuting Party elects not to undertake the preparation, filing,
prosecution, defense and/or maintenance of any Patent Right for which it is made
a Prosecuting Party hereunder (or, after commencement
of such filing, prosecution, defense and/or maintenance, desires to cease the
prosecution or the maintenance of any Patent Rights for which it is responsible
and which Cover Product), then the Prosecuting Party shall promptly notify the
other Party of such election and the other Party shall be entitled (but not
obligated), at its expense, to assume the preparation, filing, prosecution,
defense and/or maintenance of such Patent Rights.  Notwithstanding the
foregoing, Defiante shall not be entitled to assume the preparation, filing,
prosecution, defense and/or maintenance of any Dyax Patent Rights that Cover
Compound or its use in the Field.

     

    
      	
               
      

            	
              (b)

            	
              Costs and
      Expenses.  Any costs and expenses incurred by a Party in
      preparing, filing, prosecuting, maintaining or defending the Joint Patent
      Rights shall be borne by Defiante for the Defiante Territory and by Dyax
      for the Dyax Territory.  Any costs and expenses incurred by Dyax
      in preparing, filing, prosecuting, maintaining or defending the Dyax
      Patent Rights in any Territory shall be paid solely by
    Dyax.

            

    

     

     

    * Confidential Treatment
Requested.  Omitted portions filed with the Commission.

    
      
         

      

      
        -34-

        
          

        

      

      
         

      

    

     

    8.3         Third Party
Infringement.

     

    
      	
               
      

            	
              (a)

            	
              Notice.  Each
      Party shall promptly report in writing to the other Party during the Term
      any known or suspected (i) infringement of any of the Dyax Patent Rights,
      Defiante Patent Rights or Joint Patent Rights or (ii) unauthorized use of
      any of the Dyax Know-How, Defiante Know-How or Joint Know-How that, in
      each case, involves activities of Third Parties that may adversely affect
      the Commercialization of the Product in the Field (a "Competitive
      Infringement") of which such Party becomes aware and shall provide
      the other Party with all available evidence supporting such known or
      suspected Competitive Infringement. Dyax shall keep Defiante informed of
      any disputes or proceedings involving any of the Dyax Patent Rights
      anywhere in the world where such infringement involves a product
      containing any Compound.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Cooperation with
      Respect to Competitive Infringements.  With respect to
      any Competitive Infringement described in paragraph (a) above, the Parties
      shall at all times cooperate, share all material notices and filings in a
      timely manner, provide all reasonable assistance to each other and use
      Commercially Reasonable Efforts to mutually agree upon an appropriate
      course of action, including, as appropriate, the preparation of material
      court filings and any discussions concerning prosecution and/or settlement
      of any such claim.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Final
      Authority.  Final decisions on whether to initiate a
      proceeding, and the course of action in such proceeding, including
      settlement negotiations and terms with respect to any Competitive
      Infringement will be made (i) with respect to Dyax Patent Rights and
      any Patent Rights owed by Dyax under this Agreement [*****],
      (ii) with respect to any Defiante Patent Rights, [*****], and
      (iii) with respect to all other Joint Patent Rights [*****]. Any
      disagreement between the Parties concerning the enforcement of Joint
      Patent Rights shall be referred to the Executive Officers for resolution
      pursuant to Section 13.1 and if they are unable to decide as provided in
      Sections 13.2 and
13.3.   

            

    

     

    
      	
               
      

            	
              (d)

            	
              Conduct of Litigation;
      Costs.  The Party initiating suit with respect to any
      Competitive Infringement, shall have the sole and exclusive right to
      select counsel for any suit initiated by it, which selected counsel shall
      be reasonably acceptable to the other Party and not previously or
      presently adverse to such other Party.  If and to the extent
      that the initiating Party is unable to initiate or prosecute such suit
      solely in its own name or it is otherwise advisable in order to obtain an
      effective remedy, the other Party will join such action and will execute
      and cause its Related Parties to execute all documents necessary for the
      initiating Party to initiate litigation to prosecute and maintain such
      action; provided that Defiante shall be required to join any action
      initiated by Dyax only to the extent such action relates to Competitive
      Infringement in the Defiante Territory.  Such other Party shall
      offer reasonable assistance to the initiating Party in connection
      therewith at no charge to the initiating Party except for reimbursement of
      reasonable out-of-pocket expenses incurred in rendering such assistance;
      provided that Defiante shall be required to offer such assistance only to
      the extent relating to an action in connection with a Competitive
      Infringement in the Defiante Territory  The initiating Party
      shall assume and pay all of its own out-of-pocket costs incurred in
      connection with any litigation or proceedings initiated by it, including
      the fees and expenses of the counsel selected by it.  The other
      Party shall have the right to participate and be represented in any such
      suit that is based on a Competitive Infringement in the Defiante Territory
      by its own counsel at its own
  expense.  

            

    

     

    
      	
               
      

            	
              (e)

            	
              Recoveries.
      With respect to any suit or action that is based on a Competitive
      Infringement in the Defiante Territory, any recovery obtained as a result
      of any such proceeding, by settlement or otherwise, shall be applied in
      the following order of priority:

            

    

     

    (i)           first,
the [*****]

     

    
      	
               
      

            	
              (ii)

            	
              second,
      [*****]

            

    

     

    8.4         Claimed Infringement; Patent
Invalidity Claims.  If a Party becomes aware of any claim that
the Development, Manufacture or Commercialization of Product infringes the
intellectual property rights of any Third Party, such Party shall promptly
notify the other Party.  In any such instance, the Parties shall
cooperate and shall mutually agree upon an appropriate course of
action.  The costs and expenses of any action instituted pursuant to
this Section 8.4, (including reasonable fees of attorneys and other
professionals) shall be borne by the Party defending the claim.  The
other Party may, at its own expense and with its own counsel, join in defending
the claim. Each Party shall provide to the other Party copies of any notices it
receives from Third Parties regarding any patent nullity actions, any
declaratory judgment actions and any alleged infringement or misappropriation of
Third Party intellectual property relating to the Development, Manufacture or
Commercialization of Product.  Such notices shall be provided
promptly, but in no event after more than [*****] following receipt
thereof.  Neither Party will enter into any settlement without the
prior written consent of the other Party (which consent will not unreasonably be
withheld, delayed or conditioned) if such settlement includes a finding,
stipulation or agreement that any Dyax Intellectual Property or Defiante
Intellectual Property is invalid or unenforceable, or results in or requires a
reduction in the scope or abandonment of a claim or enforceable right in such
Dyax Intellectual Property or Defiante Intellectual Property.  Any
disputes under this Section shall be determined in accordance with the
provisions of Section 13.3.

     

     

    * Confidential Treatment Requested.  Omitted
portions filed with the Commission.

    
      
         

      

      
        -35-

        
          

        

      

      
         

      

    

     

    8.5         Patent Term
Extensions.  The Parties shall cooperate, if necessary and
appropriate, with each other in gaining patent term extensions and supplemental
protection certificates wherever applicable to Patent Rights in the Defiante
Territory Controlled by either Party that Cover Compound, Product or their
method of manufacture or use.  The Parties shall, if necessary and
appropriate, [*****].

     

    8.6         Non-Patent Regulatory
Exclusivity.  Defiante shall have the exclusive right to apply
for Regulatory Exclusivity for Product in the Field for the Defiante
Territory.  As used in this Section 8.6, "Regulatory
Exclusivity" shall mean a government-granted right to exclude others from
manufacturing, using or marketing a pharmaceutical product, other than a right
conferred solely by a Patent Right.

     

    8.7         Patent
Marking.  To the extent customary in the pharmaceutical
industry in each Party's respective Territory and where notice is required to
accrue damages or other rights, each Party agrees to comply with the patent
marking statutes in each country in its Territory in which Product is sold by
such Party and/or its Affiliates, licensees or Sublicensees.

     

    8.8         Trademarks.

     

    
      	
               
      

            	
              (a)

            	
              Each
      Party and its Affiliates shall retain all right, title and interest in and
      to its and their respective corporate names and
  logos.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Dyax
      will be responsible, at its cost and expense, for establishing and
      maintaining Product Trademarks applicable to Product in the Field in the
      Dyax Territory or outside of the Field in all countries of the world
      during the Term ("Dyax Product
      Trademarks").  Dyax shall own all Dyax Product Trademarks
      and all goodwill associated
therewith.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Dyax
      hereby grants Defiante a royalty-free license to use the Dyax Product
      Trademarks in connection with the Commercialization of Products in the
      Field in the Defiante Territory.  Defiante shall use Dyax
      Product Trademarks in accordance with sound trademark and trade name usage
      principles and any reasonable guidelines provided by Dyax in connection
      therewith.

            

    

     

    
      	
               
      

            	
              (d)

            	
              If
      and to the extent that the Dyax Product Trademarks are not capable of
      being used in connection with the Commercialization of Products in the
      Field in any country of the Defiante Territory, then Defiante will be free
      to select and utilize trademarks of its own  (the "Defiante Product
      Trademarks") in connection with the Commercialization of Products
      in the Field; provided that any such trademark or its use in the
      Commercialization of Product shall not adversely affect Dyax's own
      trademark or other rights. The Defiante Product Trademarks shall be owned
      by Defiante.

            

    

     

    
      	
               
      

            	
              (e)

            	
              If
      Dyax or Defiante has Knowledge of any suspected infringement of the
      Product Trademarks by Third Parties, the Party having such Knowledge shall
      promptly inform the other Party of such infringement.  Dyax and
      Defiante shall thereafter consult and cooperate fully to determine a
      course of action.  In any event Dyax shall have the sole right
      to take such steps as may be required to enforce Dyax Product Trademarks
      in any Territory, and Defiante shall have the sole right to take such
      steps as may be required to enforce Defiante Product
      Trademarks.  Each Party shall keep the other informed of
      developments in any court action or proceeding, including the status of
      any settlement negotiations and the terms of any offer related
      thereto.

            

    

     

     

    * Confidential Treatment
Requested.  Omitted portions filed with the Commission.

    
      
         

      

      
        -36-

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (f)

            	
              Defiante
      shall have sole responsibility and authority for, and control of, all
      package labeling and all package inserts (and any changes or supplements
      thereto) for Product for Commercialization in the Defiante Territory,
      including determining packaging and trade dress for such
      Product.

            

    

     

     ARTICLE
IX

    CONFIDENTIALITY AND
PUBLICITY

     

    9.1         Confidential
Information.  Each Party shall keep in confidence and not
disclose to any Third Party, or use for any purpose, except pursuant to, and in
order to carry out, the terms and objectives of this Agreement, any Confidential
Information of the other Party.  As used herein, "Confidential
Information" shall mean all trade secrets or confidential or proprietary
information designated as such in writing by the disclosing Party, including any
Defiante Know-How and Dyax Know-How, whether by letter or by the use of an
appropriate stamp or legend, prior to or at the time any such trade secret or
confidential or proprietary information is disclosed by the disclosing Party to
the receiving Party.  Notwithstanding the foregoing, information which
is orally or visually disclosed to the receiving Party by the disclosing Party,
or is disclosed in writing without an appropriate letter, stamp or legend, shall
constitute Confidential Information if (x) it would be apparent to a reasonable
person, familiar with the disclosing Party's business and the industry in which
it operates, that such information is of a confidential or proprietary nature,
the maintenance of which is important to the disclosing Party, or (y) the
disclosing Party, within [*****] after such disclosure, delivers to the
receiving Party a written document or documents describing such information and
referencing the place and date of such oral, visual or written disclosure and
the names of the employees or officers of the receiving Party to whom such
disclosure was made.  Confidential Information shall also include all
Proprietary Information (as such term is defined in the Confidentiality
Agreement) disclosed by the disclosing Party pursuant to the Confidentiality
Agreement prior to the Effective Date.  The restrictions on the
disclosure and use of Confidential Information set forth in this Section 9.1
shall not apply to any Confidential Information that:

     

    
      	
               
      

            	
              (a)

            	
              was
      known by the receiving Party or its Affiliates prior to disclosure by the
      disclosing Party or its Affiliates hereunder or under the Confidentiality
      Agreement (as evidenced by the receiving Party's or its Affiliates'
      written records);

            

    

     

    
      	
               
      

            	
              (b)

            	
              is
      part of the public domain or otherwise publicly known prior to disclosure
      by the disclosing Party or its Affiliates, or becomes part of the public
      domain or otherwise publicly known through no fault of the receiving Party
      or its Affiliates;

            

    

     

    
      	
               
      

            	
              (c)

            	
              is
      disclosed to the receiving Party or its Affiliates by a Third Party having
      a legal right to make such a disclosure without violating any
      confidentiality or non-use obligation that such Third Party has to the
      disclosing Party or its Affiliates;
or

            

    

     

    
      	
               
      

            	
              (d)

            	
              is
      independently developed by the receiving Party or its Affiliates (as
      evidenced by the receiving Party's or its Affiliates' written
      records).

            

    

     

     

    
      *
Confidential Treatment Requested.  Omitted portions filed with the
Commission.

        
          
             

          

          
            -37-

            
              

            

          

          
             

          

        

      

    

     

    Notwithstanding
the obligations of confidentiality and non-use set forth above, a receiving
Party may provide Confidential Information disclosed to it to (i) Regulatory
Authorities or other governmental authorities in order to seek or obtain patents
or to gain or maintain authorization to conduct Clinical Studies or to otherwise
Develop, Manufacture or Commercialize Product; provided that such Confidential
Information shall be disclosed only to the extent reasonably necessary to seek
or obtain Regulatory Approvals, patents or such authorizations or to otherwise
Develop, Manufacture or Commercialize Product in accordance with this Agreement,
(ii) the extent required by applicable law, including by the rules or
regulations of the United States Securities and Exchange Commission or similar
Regulatory Authority in a country other than the United States or of any stock
exchange or listing entity, (iii) any bona fide actual or prospective
underwriters, investors, lenders, other financing sources, collaborators,
licensees, sublicensees, strategic partners or acquirors, in each case who are
subject to obligations of confidentiality and non-use with respect to such
Confidential Information no less strict than those set forth in this Section
9.1, to the extent reasonably necessary to enable such actual or prospective
underwriters, investors, lenders, other financing sources, collaborators,
licensees, sublicensees, strategic partners or acquirors to determine their
interest in underwriting or making an investment in, or otherwise providing
financing to, collaborating or partnering with, licensing intellectual property
from, or acquiring, the receiving Party.  In addition, if either Party
is required to disclose Confidential Information of the other Party by
regulation, law or legal process, including by the rules or regulations of the
FDA, any similar Regulatory Authority in a country other than the United States,
the United States Securities and Exchange Commission or of any stock exchange or
listing entity, such Party shall, if practicable under the circumstances,
provide to such other Party, prior to such intended disclosure, a copy of the
proposed text of any such written disclosure or the proposed content of any
non-written disclosure, and the disclosing Party shall consider in good faith
any comments received from such other Party with respect to such proposed
disclosure and shall disclose only such Confidential Information of such other
Party as is required to be disclosed.  The Parties agree and
acknowledge that each Party is subject to disclosure requirements under the
Securities Exchange Act of 1934 and related laws and
regulations.  Therefore, in addition to the foregoing obligations, if
a Party is required to publicly disclose the other Party's Confidential
Information in accordance with such laws or regulations, the Party subject to
such disclosure obligations shall, at least two (2) Business Days prior to such
intended disclosure (unless impracticable under the circumstances), provide to
such other Party a copy of the proposed text of any such disclosure, so as to
permit such other Party to publicly disclose such Confidential Information on or
before the date on which the Party originally subject to such disclosure
obligations publicly discloses such Confidential Information in accordance with
such laws or regulations. The confidentiality obligations set forth in this
Section 9.1 and in the Confidentiality Agreement shall survive the expiration or
termination of this Agreement until the Confidential Information becomes of
public domain

     

    9.2         Related Party, Employee,
Consultant and Advisor Obligations.  Except as set forth in
Section 9.1, each Party agrees that it and its Affiliates shall provide or
permit access to Confidential Information received from the other Party only to
the receiving Party's Affiliates, licensees and Sublicensees, and to the
employees, consultants, advisors and permitted subcontractors of the receiving
Party and its Affiliates, licensees and Sublicenses, who have a need to know
such Confidential Information to assist the receiving Party, its Affiliates,
licensees and Sublicensees with the Development, Manufacture and
Commercialization of Product in accordance with this Agreement and who are
subject to obligations of confidentiality and non-use with respect to such
Confidential Information no less strict than the obligations of confidentiality
and non-use of the receiving Party set forth in to Section 9.1; provided that
Dyax and Defiante shall each remain responsible for any failure by its
Affiliates, licensees and Sublicensees, and its and its Affiliates', licensees',
and Sublicensees' respective employees, consultants, advisors and permitted
subcontractors, to treat such Confidential Information as required under this
Section 9.2.

     

    9.3         Publicity; Terms of
Agreement.

     

    
      	
               
      

            	
              (a)

            	
              Following
      the Effective Date, the Parties shall at a mutually agreeable time issue a
      mutually agreeable joint press release regarding the subject matter of
      this Agreement, in the form attached hereto as Exhibit
      H.  After issuance of such initial joint press release,
      neither Party shall issue any other press release or public announcement
      regarding the execution or terms of this Agreement without the prior
      written approval of the other Party, which approval shall not be
      unreasonably withheld, conditioned or delayed, except that a Party may (i)
      issue such a press release or public announcement regarding the execution
      or terms of this Agreement if the contents of such press release or public
      announcement have previously been made public other than through a breach
      of this Agreement by the issuing Party; and (ii) issue such a press
      release or public announcement regarding the execution or terms of this
      Agreement if required by applicable regulation or law, including by the
      rules or regulations of the FDA, United States Securities and Exchange
      Commission or similar Regulatory Authority in a country other than the
      United States or of any stock exchange or listing entity; provided that
      with respect to press releases and public announcements made pursuant to
      the foregoing clause (ii), the Party subject to the requirement includes
      in such press release or public announcement only such information
      relating to Compound, Product or this Agreement as is required by such
      applicable regulation or law, and shall comply with the last three (3)
      sentences of Section 9.1. 

            

    

     

    
      	
               
      

            	
              (b)

            	
              In
      addition, if at any time a Party is legally required to file a copy of
      this Agreement with the Securities and Exchange Commission (or its
      counterpart in any country other than the U.S.), such Party shall attempt
      to obtain confidential treatment of economic and trade secret information
      for which such treatment is reasonably available in accordance with
      applicable laws and regulations and SEC (or its counterpart's)
      practice.  To that end, the filing Party shall, at least fifteen
      (15) days in advance of any such filing, provide the other Party with a
      draft set of redactions to the Agreement for which confidential treatment
      will be sought, and incorporate such other Party's reasonable comments as
      to additional terms it would like to see redacted, and seek confidential
      treatment for such additional
terms.

            

    

     

    
      
         

      

      
        -38-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
               (c)

            	
              Either
      Party may further disclose the terms of this Agreement which have been
      publicly disclosed pursuant to Sections 9.3(a) or
      (b).  Otherwise, the terms of this Agreement shall be treated as
      Confidential Information of both Parties.  Such undisclosed
      terms may be disclosed by a Party to its prospective and actual licensees,
      Sublicensees, employees, consultants, agents, accountants, lawyers,
      advisers, bankers, lenders and investors who are bound to obligations of
      confidentiality and non-use substantially equivalent in scope to those set
      forth in this Article IX.

            

    

     

    9.4           Publications.  During
the Term, if either Dyax or Defiante desires to publicly disclose any New
Information in scientific journals or publications or through scientific
presentations, the publishing Party shall provide the other Party an advance
copy of any such proposed abstracts, posters, scientific presentations and
scientific publications incorporating the New Information prior to submission
for publication.  With regard to abstracts, posters, and scientific
presentations, the advance copy shall be provided to the other Party at [*****]
to submission.  With regard to scientific publications, the advance
copy shall be provided to the other Party at least [*****]
submission.  The other Party shall have a reasonable opportunity to
recommend any changes [*****].  Disputes concerning publication shall
be referred to the Executive Officers for resolution pursuant to Section 13.1
and if they are unable to decide as provided in Sections 13.2 and
13.3.  For the purposes of this Section 9.4, "New Information"
shall mean any and all new ideas, inventions, data, writings, protocols,
discoveries, improvements, trade secrets, materials or other proprietary
information which has not been previously disclosed to the public, which may
arise or be conceived or developed by the Parties or their Related Parties
during the Term pursuant to this Agreement to the extent specifically related to
the Development, Manufacture or Commercialization of Product.

     

    ARTICLE
X

    REPRESENTATIONS AND
WARRANTIES

     

    10.1         Representations of
Authority.  Dyax and Defiante each represents and warrants to
the other Party that, as of the Effective Date, it has full corporate right,
power and authority to enter into this Agreement and to perform its respective
obligations under this Agreement; that it has the right to grant to the other
Party the licenses and sublicenses granted pursuant to this Agreement; and that
this Agreement has been duly executed by such Party.

     

    10.2         Consents.  Dyax
and Defiante each represents and warrants to the other Party that, except for
any Regulatory Approvals, pricing and/or reimbursement approvals, manufacturing
approvals and/or similar approvals necessary for the Development, Manufacture or
Commercialization of Product, all necessary consents, approvals and
authorizations of all government authorities and other persons required to be
obtained by it as of the Effective Date in connection with the execution,
delivery and performance of this Agreement have been obtained by the Effective
Date.

     

    10.3         No
Conflict.  Dyax and Defiante each represents and warrants to
the other Party that, notwithstanding anything to the contrary in this
Agreement, the execution and delivery of this Agreement by such Party, the
performance of such Party's obligations hereunder and the licenses and
sublicenses to be granted by such Party pursuant to this Agreement (a) do not
conflict with or violate any requirement of any laws, rules or regulations
existing as of the Effective Date and applicable to such Party and (b) do not
conflict with, violate, breach or constitute a default under any contractual
obligations of such Party or any of its Affiliates existing as of the Effective
Date.

     

    10.4         Enforceability.  Dyax
and Defiante each represents and warrants to the other Party that, as of the
Effective Date, this Agreement is a legal and valid obligation binding upon it
and is enforceable against it in accordance with its terms, except as such
enforceability may be limited by applicable insolvency and other applicable laws
affecting creditors' rights generally or by the availability of equitable
remedies.

     

    10.5         No
Debarment.  Each Party warrants to the other that neither it
nor any of its Affiliates has been debarred or is subject to debarment under
applicable laws of any country in any Territory. Each Party agrees that neither
it nor any of its Affiliates will use in any capacity, in connection with the
Development, Manufacture or Commercialization of Products, any person who has
been debarred under applicable laws of any country in any
Territory.  Each Party agrees to inform the other Party in writing
immediately if it or any person who is performing services hereunder is debarred
or is the subject of a conviction, or if any action, suit, claim, investigation
or legal or administrative proceeding is pending or, to the best of such Party's
Knowledge, is threatened, relating to the debarment or conviction of such Party
or any person used in any capacity by such Party or any of its Affiliates in
connection with the Development, Manufacture or Commercialization of any
Products.

     

     

    * Confidential Treatment Requested.  Omitted
portions filed with the Commission.

    
      
         

      

      
        -39-

        
          

        

      

      
         

      

    

     

    10.6        Additional Representations
and Warranties of Dyax.  Dyax represents and warrants to
Defiante that, as of the Effective Date:

     

    
      	
               
      

            	
              (a)

            	
              Dyax
      has not granted and will not grant during the Term, any rights, licenses
      or interests in or to Dyax Intellectual Property or any other intellectual
      property that conflicts with any of the rights or licenses granted to
      Defiante under this Agreement;

            

    

     

    
      	
               
      

            	
              (b)

            	
              except
      for the [*****] License Agreement, there is no agreement between Dyax and
      any Third Party that imposes an obligation to pay royalties or any other
      amounts to a Third Party based on the Development, Manufacture or
      Commercialization of Product in the Field in the Defiante
      Territory;

            

    

     

    
      	
               
      

            	
              (c)

            	
              Exhibit C sets
      forth a complete and correct list of all Dyax Patent Rights existing as of
      the Effective Date that claim DX-88, its formulation or method of
      manufacture or use; except for the Dyax Patent Rights licensed under the
      [*****] License Agreement, Dyax is the sole and exclusive owner (as listed
      in the records of the relevant governmental entities) of all rights, title
      and interests in and to the Existing Dyax Patent Rights and any other Dyax
      Intellectual Property;

            

    

     

    
      	
               
      

            	
              (d)

            	
              Dyax
      has not granted and shall not grant any lien, security interest, mortgage
      or other encumbrance (excluding any licenses) with respect to any Dyax
      Intellectual Property, and has not permitted and shall not permit such a
      lien, security interest or other encumbrance (excluding any licenses) to
      attach to such Dyax Intellectual
Property;

            

    

     

    
      	
               
      

            	
              (e)

            	
              Dyax
      has obtained the effective assignment of all rights, title and interests
      of any and all Third Parties (including employees) in and to the Existing
      Dyax Patent Rights (and all Inventions claimed thereunder); all inventors
      of any Dyax Patent Rights have executed or will have executed effective
      assignments or their inventions to Dyax, and all such assignments are and
      shall be valid and enforceable;

            

    

     

    
      	
               
      

            	
              (f)

            	
              the
      issued Existing Dyax Patent Rights are in full force and to the Knowledge
      of Dyax: (i) all necessary registration, maintenance and renewal fees and
      any other payment due and owed with respect to such Patent Right have been
      fully paid and all necessary documents and certificates have been filed
      with the relevant governmental entities for the purpose of maintaining
      such Patent Right; (ii) such Patent Right discloses patentable subject
      matter under 35 U.S.C. Section 101 and its counterparts under the laws of
      jurisdictions outside the United States; and (iii) Dyax and each Affiliate
      have complied with the required duty of candor and good faith in dealing
      with the U.S. Patent and Trademark Offices and similar governmental
      entities in other countries (collectively, "Patent
      Offices"), including the duty to disclose to the Patent Offices all
      information required to be disclosed under all applicable laws and
      regulations;

            

    

     

    
      	
               
      

            	
              (g)

            	
              there
      are no claims or demands of any Third Party or any actions, suits or other
      proceedings (including re-examination, opposition or interference
      proceedings) pending or threatened against Dyax or any of its Affiliates
      with respect to [*****]; and

            

    

     

    
      	
               
      

            	
              (h)

            	
              to
      the Knowledge of Dyax, the Development, Manufacture, Commercialization,
      use or sale of Product (as it exists on the Effective Date) in the HAE
      Indication as contemplated hereunder
[*****].

            

    

     

    10.7        No
Warranties.  EXCEPT AS OTHERWISE EXPRESSLY SET FORTH HEREIN,
NEITHER PARTY MAKES ANY REPRESENTATION OR EXTENDS ANY WARRANTIES OF ANY KIND,
EITHER EXPRESS OR IMPLIED, TO THE OTHER PARTY, AND EACH PARTY HEREBY DISCLAIMS
ALL IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND
NON-INFRINGEMENT WITH RESPECT TO THE COMPOUND AND THE PRODUCT.  EACH
PARTY HEREBY DISCLAIMS ANY REPRESENTATION OR WARRANTY THAT THE DEVELOPMENT,
MANUFACTURE AND COMMERCIALIZATION OF PRODUCT PURSUANT TO THIS AGREEMENT WILL BE
SUCCESSFUL.

     

     

    * Confidential Treatment Requested.  Omitted
portions filed with the Commission.

    
      
         

      

      
        -40-

        
          

        

      

      
         

      

    

     

    ARTICLE
XI

    INDEMNIFICATION, DAMAGES AND
INSURANCE

     

    11.1        By
Defiante.  Defiante will defend, indemnify and hold harmless
Dyax, its Affiliates and Sublicensees and their respective directors, officers,
employees and agents (the "Dyax Indemnified
Parties") from and against all claims, demands, liabilities, damages,
penalties, fines, costs and expenses, including reasonable attorneys' and expert
fees and costs, and costs or amounts paid to settle (collectively, "Losses"), arising
from or occurring as a result of a Third Party's claim (including any Third
Party product liability or infringement claim), action, suit, judgment or
settlement to the extent such Losses are due to or based upon:

     

    
      	
               
      

            	
              (a)

            	
              the
      negligence, recklessness, bad faith, intentional wrongful acts or
      omissions or violations of applicable law or regulation by or of Defiante
      or its Related Parties or their respective directors, officers, employees
      or agents, including in connection with the Development or
      Commercialization of Product by Defiante or its Related Parties;
      or

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      breach by Defiante of the terms of, or the inaccuracy of any
      representation or warranty made by it in this Agreement;
  or

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      Development or Commercialization of Product by Defiante or its Related
      Parties except to the extent that such Losses arise out of, and are
      allocable to any cause set forth in Section 11.2(a) or (b) or
      (c).

            

    

     

    11.2       By
Dyax.  Dyax will defend, indemnify and hold harmless Defiante,
its Affiliates or Sublicensees and their respective directors, officers,
employees and agents (the "Defiante Indemnified
Parties") from and against all Losses arising from or occurring as a
result of a Third Party's claim (including any Third Party product liability or
infringement claim), action, suit, judgment or settlement to the extent such
Losses are due to or based upon:

     

    
      	
               
      

            	
              (a)

            	
              the
      negligence, recklessness, bad faith, intentional wrongful acts or
      omissions or violations of applicable law or regulation by or of Dyax or
      its Related Parties or their respective directors, officers, employees or
      agents, including in connection with the Development, Manufacture or
      Commercialization of Product by Dyax or its Related Parties;
      or

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      breach by Dyax of the terms of, or the inaccuracy of any representation or
      warranty made by it in this Agreement;
or

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      Development, Manufacture or Commercialization of Product by Dyax or its
      Related Parties except to the extent that such Losses arise out of, and
      are allocable to any cause set forth in Section 11.1(a), (b) or
      (c).

            

    
 

    
      
         

      

      
        -41-

        
          

        

      

      
         

      

    

     

    11.3        Claims for
Indemnification.

     

    
      	
               
      

            	
              (d)

            	
              A
      Person entitled to indemnification under Sections 11.1 or 11.2 (an "Indemnified
      Party") shall give prompt written notification to the Party from
      whom indemnification is sought (the "Indemnifying
      Party") of the commencement of any action, suit or proceeding
      relating to a Third Party claim for which indemnification may be sought
      or, if earlier, upon the assertion of any such claim by a Third Party (it
      being understood and agreed, however, that the failure by an Indemnified
      Party to give notice of a Third Party claim as provided in this Section
      11.3 shall not relieve the Indemnifying Party of its indemnification
      obligation under this Agreement except and only to the extent that such
      Indemnifying Party is actually prejudiced as a result of such failure to
      give notice).

            

    

     

    
      	
               
      

            	
              (e)

            	
              Within
      [*****] after delivery of such notification, the Indemnifying Party may,
      upon written notice thereof to the Indemnified Party, assume control of
      the defense of such action, suit, proceeding or claim with counsel
      reasonably satisfactory to the Indemnified Party.  If the
      Indemnifying Party does not assume control of such defense, the
      Indemnified Party shall control such
defense.

            

    

     

    
      	
               
      

            	
              (f)

            	
              The
      Party not controlling such defense may participate therein at its own
      expense; provided that if the Indemnifying Party assumes control of such
      defense and the Indemnified Party reasonably concludes, based on advice
      from counsel, that the Indemnifying Party and the Indemnified Party have
      conflicting interests with respect to such action, suit, proceeding or
      claim, the Indemnifying Party shall be responsible for the reasonable fees
      and expenses of counsel to the Indemnified Party solely in connection
      therewith; provided further that in no event shall the Indemnifying Party
      be responsible for the fees and expenses of more than one counsel in any
      one jurisdiction for all Indemnified
Parties.

            

    

     

    
      	
               
      

            	
              (g)

            	
              The
      Party controlling such defense shall keep the other Party advised of the
      status of such action, suit, proceeding or claim and the defense thereof
      and shall consider recommendations made by the other Party with respect
      thereto.

            

    

     

    
      	
               
      

            	
              (h)

            	
              The
      Indemnified Party shall not agree to any settlement of such action, suit,
      proceeding or claim without the prior written consent of the Indemnifying
      Party, which shall not be unreasonably withheld or delayed.  The
      Indemnifying Party shall not, without the prior written consent of the
      Indemnified Party, agree to any settlement of such action, suit,
      proceeding or claim or consent to any judgment in respect thereof that
      does not include a complete and unconditional release of the Indemnified
      Party from all liability with respect thereto or that imposes any
      liability or obligation on the Indemnified
  Party.

            

    

     

    11.4        No Consequential or Punitive
Damages.  NEITHER PARTY HERETO WILL BE LIABLE FOR INDIRECT,
INCIDENTAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY, OR PUNITIVE DAMAGES ARISING OUT
OF THIS AGREEMENT OR THE EXERCISE OF ITS RIGHTS HEREUNDER, OR FOR LOST PROFITS
ARISING FROM OR RELATING TO ANY BREACH OF THIS AGREEMENT, REGARDLESS OF ANY
NOTICE OF SUCH DAMAGES; PROVIDED THAT NOTHING IN THIS SECTION 11.4 IS INTENDED
TO LIMIT OR RESTRICT (A) THE INDEMNIFICATION RIGHTS OR OBLIGATIONS OF EITHER
PARTY WITH

     

    RESPECT
TO THIRD PARTY CLAIMS, OR (B) ANY CLAIMS WITH RESPECT TO A BREACH OF A PARTY'S
OBLIGATIONS OF CONFIDENTIALITY OR NON-USE IN ARTICLE IX.

     

    11.5        Insurance.  During
the Term and for a period of three (3) years after the expiration of this
Agreement or the earlier termination thereof, each Party shall obtain and/or
maintain, respectively, at its sole cost and expense, product liability
insurance (including any self-insured arrangements); provided that clinical
trial insurance policies will be required only while trials are ongoing. Such
product liability insurance or self-insured arrangements shall insure against
all reasonably anticipated liability, including personal injury, physical injury
and/or property damage arising out of the manufacture, sale, distribution or
marketing of Product in such Party's Territory.  Such insurance will
not be construed to create a limit of either Party's liability with respect to
its indemnification obligations under this Article XI.  Each
Party will provide the other Party with a copy of the certificate of insurance
or other evidence of such insurance and/or self-insurance, upon
request.  Each Party will use Commercially Reasonable Efforts to
provide the other Party with written notice at least thirty (30) days prior to
the cancellation of, non-renewal of or material change in, such insurance or
self-insurance that materially adversely affects the rights of the other Party
hereunder.

     

     

    * Confidential Treatment Requested.  Omitted
portions filed with the Commission.

    
      
         

      

      
        -42-

        
          

        

      

      
         

      

    

     

    ARTICLE
XII

    TERM AND
TERMINATION

     

    12.1        Term.  Unless
terminated earlier in accordance with this Article XII, this Agreement shall
remain in force for the period commencing on the Effective Date and ending on
the expiration of the last Contribution Payment Term to expire under this
Agreement (the "Term").  After
the expiration of the Term the licenses granted in Sections 3.1, 3.2 and
8.8(c) hereof shall survive as perpetual, fully paid-up, non-royalty-bearing
licenses, and any exclusive license in such Sections shall convert to a
nonexclusive license.

     

    12.2        Termination
Rights.

     

    
      	
               
      

            	
              (a)

            	
              Termination for
      Convenience.  Defiante shall have the right to terminate
      this Agreement at any time after the Effective Date on [*****] prior
      written notice to Dyax.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Termination For
      Breach.

            

    

     

    
      	
               
      

            	
              (i)

            	
              Upon any
      material breach of this Agreement by a Party (the "Breaching
      Party"), the other Party (the "Non-Breaching
      Party") may seek to terminate this Agreement by providing written
      notice to the Breaching Party specifying the nature of the material breach
      (a "Termination
      Notice").

            

    

     

    
      	
               
      

            	
              (ii)

            	
              The
      termination shall become effective [*****] following receipt of the
      Termination Notice by the
      Breaching Party unless the Breaching Party cures the noticed material
      breach during such notice period.  Notwithstanding the
      foregoing, (i) if such material breach, by its nature, is incurable,
      the Non-Breaching Party may terminate this Agreement immediately upon
      receipt of the Termination Notice by the Breaching Party and (ii) if
      such material breach (other than a payment breach), by its nature, is
      curable, but not within the foregoing cure period, then such cure period
      shall be extended if the Breaching Party provides a written plan for
      curing such material breach to the Non-Breaching Party and uses
      Commercially Reasonable Efforts to cure such material breach in accordance
      with such written plan; provided that no such extension shall exceed
      [*****] without the written consent of the Non-Breaching
      Party.

            

    

     

    
      	
               
      

            	
              (iii)

            	
              Notwithstanding
      the provisions of Sections 12.2(b)(i) and (ii), if either Party gives a
      Termination Notice to the other Party pursuant to Section 12.2(a)(i), and,
      as of the end of the cure period set forth in Section 12.2(a)(ii) above,
      the Parties are engaged in an arbitration pursuant to Section 13.3 in
      which the Non-Breaching Party is disputing the basis for such termination
      pursuant to this Section 12.2(b), then this Agreement shall not terminate
      unless and until the arbitrator issues an award upholding such basis for
      termination (or unless the Breaching Party is no longer disputing such
      basis in good faith, if earlier, and the Breaching Party cures such
      material breach within thirty (30) days after the issuance of such
      award).

            

    

     

    
      	
               
      

            	
              (c)

            	
              Termination for
      Bankruptcy. A Party may terminate this Agreement should the other
      Party commit an act of bankruptcy, be declared bankrupt, voluntarily file
      or have filed against it a petition for bankruptcy or reorganization
      unless such petition is dismissed within [*****] of filing or such
      petition is for a reorganization under Chapter 11 of the Bankruptcy Code
      (as defined below) or any relevant foreign equivalent thereof and such
      Party is not in default at the time of the filing of such petition or at
      any time during such reorganization of any of its obligations under this
      Agreement, enter into a procedure of winding up to dissolution, or should
      a trustee or receiver be appointed for its business assets or operations.
      All rights and licenses granted under or pursuant to this Agreement are,
      and shall otherwise be deemed to be, for the purposes of Section 365(n) of
      Title 11 of the Bankruptcy Code, license rights to "intellectual property"
      as defined under Section 101(60) of the Bankruptcy Code. The Parties agree
      that any Party, as a licensee hereunder, shall retain and may fully
      exercise all of its rights and elections under the Bankruptcy Code or any
      relevant foreign equivalent
thereof.

            

    

     

     

    * Confidential Treatment Requested.  Omitted
portions filed with the Commission.

    
      
         

      

      
        -43-

        
          

        

      

      
         

      

    

     

    12.3        Consequences of
Termination.

     

    
      	
               
      

            	
              (a)

            	
              Termination by Dyax
      for Cause.

            

    

     

    
      	
               
      

            	
              (i)

            	
              Without
      limiting any other legal or equitable remedies that Dyax may have, if Dyax
      terminates this Agreement in accordance with Sections 12.2(b), (c) or (d)
      then:

            

    

     

    
      	
               
      

            	
              (A)

            	
              Defiante's
      obligations under Section 5.1(b) shall survive for a period of [*****]
      after termination;

            

    

     

    
      	
               
      

            	
              (B)

            	
              Defiante
      shall, as promptly as practicable, transfer to Dyax or Dyax's designee all
      records and materials in Defiante's possession or Control containing
      Confidential Information of Dyax;

            

    

     

    
      	
               
      

            	
              (C)

            	
              to
      the extent necessary and permitted under applicable law, Defiante shall
      appoint Dyax as Defiante's and/or Defiante's Related Parties' agent for
      all Product-related matters involving Regulatory Authorities in the
      Defiante Territory until all Regulatory Approvals and other regulatory
      filings have been transferred to Dyax or its
  designee;

            

    

     

    
      	
               
      

            	
              (D)

            	
              if
      the effective date of termination is after First Commercial Sale, to the
      extent necessary and permitted under applicable law, Defiante shall
      appoint Dyax as its exclusive distributor of Product in the Defiante
      Territory and grant Dyax the right to appoint sub-distributors, until such
      time as all Regulatory Approvals in the Defiante Territory have been
      transferred to Dyax or its
designee;

            

    

     

    
      	
               
      

            	
              (E)

            	
              Defiante
      shall transfer to Dyax or Dyax's designee possession and ownership of all
      Regulatory Approvals and pricing and reimbursement approvals in Defiante's
      possession or Control relating to Product in the Defiante Territory
      subject to reimbursement by Dyax of all costs and expenses incurred by
      Defiante, or its Related Parties, for obtaining such Regulatory Approval;
      the amount to be paid by Dyax to Defiante under this Section 12.3(a)(i)(E)
      shall be first off set against any outstanding amounts due from Defiante
      to Dyax under Article VII;

            

    

     

    
      	
               
      

            	
              (F)

            	
              if
      Dyax so requests and subject to Dyax acquiring the relevant Regulatory
      Approvals under Section 12.3(a)(i)(E) above, Defiante shall provide
      reasonable assistance to allow the transfer to Dyax of any Third Party
      agreements relating to the Commercialization of Product in the Defiante
      Territory to which Defiante is a party, to the extent that such transfer
      is not expressly prohibited by the terms of such Third Party
      agreements;

            

    

     

    
      	
               
      

            	
              (G)

            	
              Defiante
      shall grant Dyax an exclusive license, with the right to grant sublicenses
      through multiple tiers, under the Defiante Development Data that relate
      solely to the Product to Develop, Manufacture and/or Commercialize
      Products (or conduct Regulatory Activities related thereto) in the Field
      and throughout the world. The license granted pursuant to this Section
      12.3(a)(i)(G) shall be royalty-free, fully-paid and perpetual; provided
      that:

            

    

     

     

    * Confidential Treatment Requested.  Omitted
portions filed with the Commission.

    
      
         

      

      
        -44-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (1)

            	
              if
      the effective date of termination occurs at any time after the Regulatory
      Approval of the Product has been obtained in any country in the Defiante
      Territory, then Dyax will be obligated to pay to Defiante [*****] of the
      net sales of such Product by Dyax and its Related Parties (to be
      calculated consistently with the definition of Net Sales under Section
      1.80) in such country in the Defiante Territory;
  and

            

    

     

    
      	
               
      

            	
              (2)

            	
              if
      and to the extent that any such license includes any sublicense of Third
      Party intellectual property licensed by Defiante, then such sublicense
      shall be subject to the terms and conditions of the license between
      Defiante and such Third Party and Dyax shall be responsible for the
      payment to such Third Party of any and all fees, payments and royalties
      due under the license between Defiante and such Third Party as a result of
      the practice by Dyax and its Related Parties of such sublicensed Third
      Party intellectual property.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Termination by
      Defiante for Convenience.  If Defiante terminates this
      Agreement in accordance with Section 12.2(a),
  then:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      provisions of Section 12.3(a)(i)(A)-(F) shall apply;
  and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Defiante
      shall grant to Dyax (x) an exclusive license, with the right to grant
      sublicenses, under the Defiante Development Data that relates solely to
      Product, to develop, manufacture, conduct regulatory activities and
      commercialize products containing Compound inside and outside the Field
      and throughout the world and (y) a non-exclusive license, with the right
      to grant sublicenses, under all other Defiante Development Data to
      develop, manufacture, conduct regulatory activities and commercialize
      products containing Compound inside and outside the Field and throughout
      the world.  The licenses granted pursuant to this Section
      12.3(b) shall be royalty-free, fully-paid and perpetual; provided that if
      and to the extent that any such license includes any sublicense of Third
      Party intellectual property licensed by Defiante, then such sublicense
      shall be subject to the terms and conditions of the license between
      Defiante and such Third Party and Dyax shall be responsible for the
      payment to such Third Party of any and all fees, payments and royalties
      due under the license between Defiante and such Third Party as a result of
      the practice by Dyax and its Related Parties of such sublicensed Third
      Party intellectual property.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Termination by
      Defiante for Cause.  Without limiting any other legal or
      equitable remedies that Defiante may have (but subject to the provisions
      set forth below in this Section 12.3(c)), if it is determined that
      Defiante has the right to terminate this Agreement in accordance with
      Section 12.2(b), (c) or (d), then Defiante may, by notice to Dyax, elect
      to continue this Agreement or terminate this Agreement, with the
      consequences set forth in either Section 12.3(c)(i) or Section
      12.3(c)(ii), as applicable.

            

    

     

    
      	
               
      

            	
              (i)

            	
              If
      Defiante elects to continue this Agreement:  (A) all payments
      that become due and payable by Defiante to Dyax under Article VII after
      date the Dyax receives written notice of such election shall be reduced,
      as liquidated damages to be paid to Defiante, and not a as penalty to be
      paid by Dyax, to [*****] of the amounts that otherwise would have been
      payable to Dyax; and (B) all other provisions of this Agreement shall
      remain in full force and effect without
change.

            

    

     

    
      	
               
      

            	
              (ii)

            	
              If
      Defiante elects to terminate this Agreement, as of the effective date of
      such termination, all rights and obligations of the Parties under this
      Agreement shall terminate except as set forth in Section 12.4 and without
      prejudice for Defiante to seek and obtain
  damages.

            

    

     

     

    * Confidential Treatment Requested.  Omitted
portions filed with the Commission.

    
      
         

      

      
        -45-

        
          

        

      

      
         

      

    

    12.4        Survival.  In
the event of any expiration or termination of this Agreement, (a) all financial
obligations under Article VII owed as of the effective date of such expiration
or termination shall remain in effect, (b) all obligations to pay damages in
connection with any material breach of this Agreement that has not been cured or
otherwise resolved or settled as of the effective date of such expiration or
termination shall remain in effect, (c) the provisions set forth in Sections
4.9(a), 4.9(b), 5.5, 7.7, 7.8, 7.9, 7.10, 7.11, 7.12, 7.13, 8.1, 9.1, 9.2, 9.3,
10.7, 11.1, 11.2, 11.3, 11.4, 12.1, 12.3, 12.4 and to the limited extent
necessary to implement any of the other surviving provisions, ARTICLE I, ARTICLE
XIII and ARTICLE XIV and the Exhibits, and  (d) all other provisions
contained in this Agreement that by their terms survive expiration or
termination of this Agreement, shall survive.

     

    ARTICLE
XIII

    DISPUTE
RESOLUTION

     

    13.1        Referral to Executive
Officers.  If for any reason the JSC cannot resolve any matter
properly referred to it, either Party may refer the matter to the Executive
Officers for resolution.  If after discussing such matter, or any
other matter to be resolved pursuant to this Section 13.1 pursuant to this
Agreement, in good faith and attempting to find a mutually satisfactory
resolution to the issue, the Executive Officers fail to come to consensus within
[*****] after the date on which the matter is referred to the Executive
Officers, the provisions of Section ARTICLE IV13.2 shall apply.  The
resolutions so reached through the provisions of Section ARTICLE IV13.1 or
ARTICLE IV13.2 shall be binding on the Parties.

     

    13.2        Final Decision-Making
Authority Allocated to a Single Party.  If the Executive
Officers fail to come to consensus on any matter referred to the Executive
Officers (other than those matters properly referred to the JSC under Sections
3.4, 4.3 and 4.4) within the period for resolution set forth in Section 13.1,
then:

     

    
      	
               
      

            	
              (a)

            	
              on
      matters solely relating to the Development, Regulatory Approval, and
      Commercialization of Products in the Field in the Defiante Territory,
      Defiante shall have the final decision-making authority; provided
      that:

            

    

     

    
      	
               
      

            	
              (i)

            	
              with
      respect to any such matters that Dyax reasonably concludes could adversely
      impact the Regulatory Approval of the Product for the treatment of HAE in
      the United States (including the timing of such Regulatory Approval), Dyax
      shall have the final decision-making authority;
  and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              with
      respect to any activities relating to any reformulation of the Product
      (including those
      that are conducted in connection with the EMA approved Pediatric
      Investigational Plan), Dyax shall have the final decision-making
      authority;

            

    

     

    
      	
               
      

            	
              (b)

            	
              on
      matters solely relating to the Development, Regulatory Approval, and
      Commercialization of Products in the Field in the Dyax Territory or
      outside the Field in any country of the world; Dyax shall have the final
      decision-making authority;

            

    

     

    
      	
               
      

            	
              (c)

            	
              on
      any matter that is reasonably likely to materially and adversely impact
      the safety profile of Product in or outside the Field (including matters
      relating to Product formulation and safety), Dyax shall have the final
      decision-making authority; and

            

    

     

    
      	
               
      

            	
              (d)

            	
              notwithstanding
      the foregoing provisions of this Section 13.2, neither Party shall have
      final decision-making authority pursuant to this Section 13.2 with respect
      to matters (i) over which the other Party is expressly allocated final
      decision-making authority elsewhere in this Agreement and (ii) for which
      this Agreement expressly provides that a decision shall not be made
      without the approval or consent of the other
  Party.

            

    

     

    13.3        Arbitration.  Any
dispute arising out of or relating to this Agreement that is not finally
resolved through the provisions of Sections 13.1 or 13.2, including the
interpretation of this Agreement and any breach or alleged breach of this
Agreement, shall be resolved through binding arbitration as described below;
provided that specific matters for which this Agreement expressly provides that
a decision shall not be made without the approval or consent of one or both of
the Parties shall not be subject to resolution under this Section
13.3.  Furthermore, the following procedures will apply to all
arbitration proceedings pursuant to this Agreement:

     

     

    * Confidential Treatment Requested.  Omitted
portions filed with the Commission.

    
      
         

      

      
        -46-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (a)

            	
              A
      Party may submit such dispute to arbitration by notifying the other Party,
      in writing, of such dispute.  Within [*****] after receipt of
      such notice, the Parties shall designate in writing a single arbitrator to
      resolve the dispute; provided that if the Parties cannot agree on an
      arbitrator within such [*****], the arbitrator shall be selected by the
      International Court of Arbitration of the International Chamber of
      Commerce ("ICC").  The arbitrator shall be a lawyer
      knowledgeable and experienced in the law concerning the subject matter of
      the dispute and a technical expert in the applicable field if the subject
      matter of the dispute involves a technical issue, and shall not be an
      Affiliate, employee, consultant, officer, director or stockholder of
      either Party or of a licensee of either
Party.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Within
      [*****] after the designation of the arbitrator, the arbitrator and the
      Parties shall meet, at which time the Parties shall be required to set
      forth in writing all disputed issues and a proposed ruling on the merits
      of each such issue.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      arbitrator shall set a date for a hearing, which shall be no later than
      forty-five (45) days after the submission of written proposals pursuant to
      Section 13.2(b), to discuss each of the issues identified by the
      Parties.  The Parties shall have the right to be represented by
      counsel.  Except as provided herein, the arbitration shall be
      governed by the Arbitration Rules of the ICC applicable at the time of the
      notice of arbitration pursuant to Section 13.3(a); provided that the
      arbitration shall be conducted by a single
  arbitrator.

            

    

     

    
      	
               
      

            	
              (d)

            	
              The
      arbitrator shall use his or her best efforts to rule on each disputed
      issue within [*****] after the completion of the hearings described in
      this Section 13.2.  The determination of the arbitrator as to
      the resolution of any dispute shall be binding and conclusive upon all
      Parties.  All rulings of the arbitrator shall be in writing and
      shall be delivered to the Parties.

            

    

     

    
      	
               
      

            	
              (e)

            	
              The
      (i) attorneys' fees of the Parties in any arbitration, (ii) fees of the
      arbitrator and (iii) costs and expenses of the arbitration shall be borne
      by the Parties as determined by the
arbitrator.

            

    

     

    
      	
               
      

            	
              (f)

            	
              Any
      arbitration pursuant to this Section 13.2 (including the meeting under (b)
      and the hearing under (c) of this Section 13.2) shall be conducted in
      Paris, France.

            

    

     

    
      	
               
      

            	
              (g)

            	
              Nothing
      in this Section 13.2 shall be construed as limiting in any way the right
      of a Party to seek injunctive relief with respect to any actual or
      threatened breach of this Agreement from, or to bring an action in aid of
      arbitration in, a court in accordance with Section 14.8.  Should
      any Party seek injunctive relief, then for purposes of determining whether
      to grant such injunctive relief, the dispute underlying the request for
      such injunctive relief may be heard by a court in accordance with Section
      14.8.

            

    

     

    
      	
               
      

            	
              (h)

            	
              The
      arbitrator shall not award damages excluded pursuant to Section
      11.4.

            

    

     

    
      	
               
      

            	
              (i)

            	
              The
      Parties agree to continue performing under the Agreement in accordance
      with its provisions, pending the final resolution of any dispute, and,
      without limiting the foregoing, shall continue to cooperate and
      participate in the committees provided for in the
    Agreement.

            

    

     

     

    * Confidential Treatment Requested.  Omitted
portions filed with the Commission.

    
      
         

      

      
        -47-

        
          

        

      

      
         

      

    

     

    ARTICLE
XIV

    MISCELLANEOUS

     

    14.1        Choice of Law;
Jurisdiction.  This Agreement shall be governed by and
interpreted under, and any court action in accordance with Section 14.8 shall
apply, the laws of the Commonwealth of Massachusetts excluding: (a) its
conflicts of laws principles; (b) the United Nations Conventions on Contracts
for the International Sale of Goods; (c) the 1974 Convention on the Limitation
Period in the International Sale of Goods; and (d) the Protocol amending such
1974 Convention, done at Vienna April 11, 1980.  Each Party submits to
the non-exclusive jurisdiction of the state and federal courts sitting in
Boston, Massachusetts, with respect to any actions or proceedings (other than
those described in Section 13.3) arising out of or relating to this
Agreement.  Each Party waives any defense of inconvenient forum to the
maintenance of any action or proceeding so brought and waives any bond, surety
or other security that might be required of the other Party with respect
thereto.  Each Party may make service on the other Party by sending or
delivering a copy of the process to the Party to be served at the address and in
the manner provided for the giving of notices in Section
14.2.  Nothing in this Section 14.1, however, shall affect the right
of any Party to serve legal process in any other manner permitted by
law.

     

    14.2        Notices.  Any
notice or report required or permitted to be given or made under this Agreement
by one of the Parties to the other shall be in writing and shall be deemed to
have been delivered upon personal delivery or (a) four (4) days after deposit in
the mail or the Business Day next following deposit with a reputable overnight
courier and (b) in the case of notices provided by facsimile (which notice shall
be followed immediately by an additional notice pursuant to clause (a) above if
the notice is of a default hereunder), upon completion of transmissions to the
addressee's facsimile number, as follows (or at such other addresses or
facsimile numbers as may have been furnished in writing by one of the Parties to
the other as provided in this Section 14.2):

     

    
      	
              If
      to Dyax:

            	
              Dyax
      Corp.

              300
      Technology Square

              Cambridge,
      Massachusetts 02139

              U.S.A.

              [*****]

            
	
              With
      a copy to:

            	
              Dyax
      Corp.

              300
      Technology Square

              Cambridge,
      Massachusetts 02139

              U.S.A.

              [*****]

            
	
              If
      to Defiante:

            	
              Defiante
      Farmacêutica SA

              Operating
      Office

              R.
      da Alfândega, 78, 3o

              9000-056
      Funchal

              Portugal

              [*****]

            

    

     

    14.3        Construction.  This
Agreement has been prepared jointly and shall not be strictly construed against
either Party.  Any reference in this Agreement to an Article, Section,
subsection, paragraph, clause, Schedule or Exhibit shall be deemed to be a
reference to any Article, Section, subsection, paragraph, clause, Schedule or
Exhibit, of or to, as the case may be, this Agreement.  Except where
the context otherwise requires, (a) any definition of or reference to any
agreement, instrument or other document refers to such agreement, instrument
other document as from time to time amended, supplemented or otherwise modified
(subject to any restrictions on such amendments, supplements or modifications
set forth herein or therein), (b) any reference to any laws refers to such laws
as from time to time enacted, repealed or amended, (c) the words "herein,"
"hereof" and "hereunder," and words of similar import, refer to this Agreement
in its entirety and not to any particular provision hereof, and (d) the words
"include," "includes" and "including" shall be deemed to be followed by the
phrase "but not limited to," "without limitation" or words of similar
import.

     

    14.4        Severability.  If,
under applicable law or regulation, any provision of this Agreement is invalid
or unenforceable, or otherwise directly or indirectly affects the validity of
any other material provision(s) of this Agreement (such invalid or unenforceable
provision, a "Severed
Clause"), it is mutually agreed that this Agreement shall endure except
for the Severed Clause.  The Parties shall consult one another and use
their Commercially Reasonable Efforts to agree upon a valid and enforceable
provision that is a reasonable substitute for the Severed Clause in view of the
intent of this Agreement.

     

     

    * Confidential Treatment Requested.  Omitted
portions filed with the Commission.

    
      
         

      

      
        -48-

        
          

        

      

      
         

      

    

     

    14.5        Captions.  All
captions herein are for convenience only and shall not be interpreted as having
any substantive meaning.

     

    14.6        Integration.  This
Agreement (together with all Exhibits), constitutes the entire agreement between
the Parties hereto with respect to the within subject matter and supersedes all
previous agreements, whether written or oral.  This Agreement may be
amended only in writing signed by properly authorized representatives of each of
Dyax and Defiante.

     

    14.7        Independent Contractors; No
Agency.  Neither Party shall have any responsibility for the
hiring, firing or compensation of the other Party's employees or for any
employee benefits.  No employee or representative of a Party shall
have any authority to bind or obligate the other Party to this Agreement for any
sum or in any manner whatsoever, or to create or impose any contractual or other
liability on the other Party without said Party's written
approval.  For all purposes, and notwithstanding any other provision
of this Agreement to the contrary, Defiante's legal relationship under this
Agreement to Dyax shall be that of independent contractor.

     

    14.8       Assignment;
Successors.  Neither Dyax nor Defiante may assign this
Agreement in whole or in part, nor any rights hereunder, without the prior
written consent of the other Party; provided that:

     

    
      	
               
      

            	
              (a)

            	
              either
      Party may assign this Agreement to an Affiliate for the period that such
      Affiliate remains an Affiliate of such assigning Party on the condition
      that the assigning Party shall remain primarily liable hereunder for the
      prompt and punctual payment and performance of all obligations of the
      assignee;

            

    

     

    
      	
               
      

            	
              (b)

            	
              this
      Agreement may be assigned by Defiante in connection with a sale or
      transfer of all or substantially all of Defiante's business or assets to
      which this Agreement relates to any Third Party who is not a Product
      Competitor;

            

    

     

    
      	
               
      

            	
              (c)

            	
              this
      Agreement may be assigned by Dyax to a Third Party in connection with a
      sale or transfer of all or substantially all of Dyax's business or assets
      to which this Agreement relates.

            

    

     

    This
Agreement shall be binding upon, and shall inure to the benefit of, all
permitted successors and assigns.

     

    14.9        Execution in Counterparts;
Facsimile Signatures.  This Agreement may be executed in
counterparts, each of which counterparts, when so executed and delivered, shall
be deemed to be an original, and all of which counterparts, taken together,
shall constitute one and the same instrument even if both Parties have not
executed the same counterpart.  Signatures provided by facsimile
transmission shall be deemed to be original signatures.

     

    14.10      Waiver.  The
waiver by either Party hereto of any right hereunder, or of the failure of the
other Party to perform, or of a breach by the other Party, shall not be deemed a
waiver of any other right hereunder or of any other breach or failure by such
other Party whether of a similar nature or otherwise.

     

    14.11      Performance by
Affiliates.  To the extent that this Agreement imposes
obligations on Affiliates of a Party, such Party agrees to cause its Affiliates
to perform such obligations.  Either Party may use one or more of its
Affiliates to perform its obligations and duties hereunder and Affiliates of a
Party are expressly granted certain rights herein; provided that each such
Affiliate shall be bound by the corresponding obligations of such Party and the
Parties shall remain liable hereunder for the prompt payment and performance of
all their respective obligations hereunder.

     

    14.12      Force
Majeure.  Neither Party shall be held liable to the other Party
nor be deemed to have defaulted under or breached the Agreement for failure or
delay in performing any obligation under this Agreement when such failure or
delay is caused by or results from causes beyond the reasonable control of the
affected Party, which may include embargoes, war, acts of war (whether war be
declared or not), insurrections, riots, civil commotions, strikes, lockouts or
other labor disturbances, fire, floods, or other acts of God, or acts, omissions
or delays in acting by any governmental authority or the other
Party.  The affected Party shall notify the other Party of such force
majeure circumstances as soon as reasonably practical, and shall promptly
undertake all reasonable efforts necessary to cure such force majeure
circumstances.

    
      
         

      

      
        -49-

        
          

        

      

      
         

      

    

     

    14.13      Export
Control.  This Agreement is made subject to any restrictions
concerning the export of products or technical information from the United
States of America or other countries which may be imposed upon or related to
Dyax or Defiante from time to time.  Each Party agrees that it shall
not export, directly or indirectly, any technical information acquired from the
other Party under this Agreement or any products using such technical
information to a location or in a manner that at the time of export requires an
export license or other governmental approval, without first obtaining the
written consent to do so from the appropriate agency or other governmental
entity.

     

    14.14  
   Costs.  Each
Party shall bear its own legal costs of and incidental to the preparation,
negotiation and execution of this Agreement.

     

    14.15      Counterparts.  This
Agreement may be executed in two (2) or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the
same instrument.

     

    [Remainder
of page intentionally left blank.]

    
      
         

      

      
        -50-

        
          

        

      

      
         

      

    

     

    IN
WITNESS WHEREOF, Dyax and Defiante have caused this Agreement to be duly
executed by their authorized representatives under seal, effective as of the
Effective Date.

     

    
      
        
          
            	
                    DYAX
      CORP.

                  
	 
      	 
      
	
                    By:

                  	/s/
      George Migausky
	 
      	
                     
      Name: George Migausky

                  
	 
      	
                     
      Title: Executive Vice President and Chief Financial
  Officer

                  
	 
      	 
      
	
                    DEFIANTE FARMACÊUTICA
      S.A.,

                  
	 
      	 
      
	
                    By:

                  	/s/
      Paulo Viegas 
	 
      	
                     
      Name: Paulo Viegas

                  
	 
      	
                     
      Title: Chief Executive
Officer

                  

          

        

      

    

    
      
         

      

      
        -51-

        
          

        

      

      
         

      

    

    CONFIDENTIAL
DOCUMENT

     

    EXHIBIT
A

     

    [*****]

     

     

     

    * Confidential
Treatment Requested.  Omitted portions filed with the
Commission.

     

    Exhibit
A

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    CONFIDENTIAL
DOCUMENT

     

    EXHIBIT
B

     

    Amino Acid Sequence of
DX-88

     

    [*****]

     

     

     

    * Confidential Treatment
Requested.  Omitted portions filed with the Commission.

     

    Exhibit
B 

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    CONFIDENTIAL
DOCUMENT

     

    EXHIBIT
C

     

    
      Existing Dyax Patent
Rights

       

      
        
          
            
              	
                      DX-88

                    
	
                      MATTER

                    	 
      	 
      	 
      	
                      SERIAL

                    	 
      	
                      PATENT

                    	 
      	
                      PUBL

                    	 
      	
                      TITLE

                    	 
      	
                      STATUS

                    	 
      	
                      ISSUE

                    	 
      	
                      EXPIRATION

                    
	
                      094003

                    	 
      	
                      US

                    	 
      	
                      11/323,261

                    	 
      	
                      7,276,480

                    	 
      	
                      20070249807

                    	 
      	
                      PREVENTION
      AND REDUCTION OF BLOOD LOSS

                    	 
      	
                      ISSUED

                    	 
      	
                      10/2
      /2007

                    	 
      	
                      6 /6
      /2023

                    
	
                      [*****]

                    	 
      	
                      [*****]

                    	 
      	
                      [*****]

                    	 
      	 
      	 
      	 
      	 
      	
                      [*****]

                    	 
      	
                      [*****]

                    	 
      	 
      	 
      	
                      [*****]

                    
	
                      094007

                    	 
      	
                      US

                    	 
      	
                      11/930,012

                    	 
      	 
      	 
      	
                      20090082267

                    	 
      	
                      PREVENTION
      AND REDUCTION OF BLOOD LOSS

                    	 
      	
                      PUBLISHED

                    	 
      	 
      	 
      	
                      6 /6
      /2023

                    
	
                      094011

                    	 
      	
                      US

                    	 
      	
                      11/931,373

                    	 
      	 
      	 
      	
                      20080200646

                    	 
      	
                      PREVENTION
      AND REDUCTION OF BLOOD LOSS

                    	 
      	
                      PUBLISHED

                    	 
      	 
      	 
      	
                      6 /6
      /2023

                    
	
                      094EP2

                    	 
      	
                      EP

                    	 
      	
                      07023364.8

                    	 
      	 
      	 
      	
                      EP1941867

                    	 
      	
                      PREVENTION
      AND REDUCTION OF BLOOD LOSS

                    	 
      	
                      PUBLISHED

                    	 
      	 
      	 
      	
                      6 /6
      /2023

                    
	
                      094HK2

                    	 
      	
                      HK

                    	 
      	
                      08114131.3

                    	 
      	 
      	 
      	
                      EP1941867

                    	 
      	
                      PREVENTION
      AND REDUCTION OF BLOOD LOSS

                    	 
      	
                      PUBLISHED

                    	 
      	 
      	 
      	
                      6 /6
      /2023

                    
	
                      096001

                    	 
      	
                      US

                    	 
      	
                      08/208,264

                    	 
      	
                      6,057,287

                    	 
      	 
      	 
      	
                      KALLIKREIN-BINDING
      "KUNITZ DOMAIN" PROTEINS AND ANALOGUES THEREOF

                    	 
      	
                      ISSUED

                    	 
      	
                      5 /2
      /2000

                    	 
      	
                      8
      /18/2015

                    
	
                      096002

                    	 
      	
                      US

                    	 
      	
                      09/421,097

                    	 
      	
                      6,333,402

                    	 
      	 
      	 
      	
                      KALLIKREIN-BINDING
      "KUNITZ DOMAIN" PROTEINS AND ANALOGUES THEROF

                    	 
      	
                      ISSUED

                    	 
      	
                      12/25/2001

                    	 
      	
                      1
      /11/2014

                    
	
                      [*****]

                    	 
      	
                      [*****]

                    	 
      	
                      [*****]

                    	 
      	 
      	 
      	 
      	 
      	
                      [*****]

                    	 
      	
                      [*****]

                    	 
      	 
      	 
      	
                      [*****]

                    
	
                      096004

                    	 
      	
                      US

                    	 
      	
                      09/136,012

                    	 
      	
                      5,994,125

                    	 
      	 
      	 
      	
                      KALLIKREIN-INHIBITING
      "KUNITZ DOMAIN" PROTEINS AND ANALOGUES THEREOF

                    	 
      	
                      ISSUED

                    	 
      	
                      11/30/1999

                    	 
      	
                      1
      /11/2014

                    
	
                      [*****]

                    	 
      	
                      [*****]

                    	 
      	
                      [*****]

                    	 
      	 
      	 
      	
                      [*****]

                    	 
      	
                      [*****]

                    	 
      	
                      [*****]

                    	 
      	 
      	 
      	
                      [*****]

                    
	
                      096AT1

                    	 
      	
                      AT

                    	 
      	
                      95909223.0

                    	 
      	
                      E
      275 583

                    	 
      	
                      739355

                    	 
      	
                      KALLIKREIN-BINDING
      "KUNITZ DOMAIN" PROTEINS AND ANALOGUES THEREOF

                    	 
      	
                      ISSUED

                    	 
      	
                      9 /8
      /2004

                    	 
      	
                      1
      /11/2015

                    
	
                      096BE1

                    	 
      	
                      BE

                    	 
      	
                      95909223.0

                    	 
      	
                      0739355

                    	 
      	 
      	 
      	
                      KALLIKREIN-BINDING
      "KUNITZ DOMAIN" PROTEINS AND ANALOGUES THEREOF

                    	 
      	
                      ISSUED

                    	 
      	
                      9 /8
      /2004

                    	 
      	
                      1
      /11/2015

                    
	
                      096CA1

                    	 
      	
                      CA

                    	 
      	
                      2180950

                    	 
      	
                      2180950

                    	 
      	 
      	 
      	
                      KALLIKREIN-INHIBITING
      "KUNITZ DOMAIN" PROTEINS AND ANALOGUES THEREOF

                    	 
      	
                      ISSUED

                    	 
      	
                      3
      /29/2005

                    	 
      	
                      1
      /11/2015

                    
	
                      096CH1

                    	 
      	
                      CH

                    	 
      	
                      95909223.0

                    	 
      	
                      0739355

                    	 
      	 
      	 
      	
                      KALLIKREIN-BINDING
      "KUNITZ DOMAIN" PROTEINS AND ANALOGUES THEREOF

                    	 
      	
                      ISSUED

                    	 
      	
                      9 /8
      /2004

                    	 
      	
                      1
      /11/2015

                    

            

          

        

      

       

       

      * Confidential Treatment
Requested.  Omitted portions filed with the Commission.

       

    

    Exhibit
C

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        
          
            	
                    DX-88

                  
	
                    MATTER

                  	 
      	 
      	 
      	
                    SERIAL

                  	 
      	
                    PATENT

                  	 
      	
                    PUBL

                  	 
      	
                    TITLE

                  	 
      	
                    STATUS

                  	 
      	
                    ISSUE

                  	 
      	
                    EXPIRATION

                  
	
                    096DE1

                  	 
      	
                    DE

                  	 
      	
                    95909223.0

                  	 
      	
                    69533472.7

                  	 
      	 
      	 
      	
                    KALLIKREIN-BINDING
      "KUNITZ DOMAIN" PROTEINS AND ANALOGUES THEREOF

                  	 
      	
                    ISSUED

                  	 
      	
                    9 /8
      /2004

                  	 
      	
                    1
      /11/2015

                  
	
                    096DK1

                  	 
      	
                    DK

                  	 
      	
                    95909223.0

                  	 
      	
                    0739355

                  	 
      	
                    739355

                  	 
      	
                    KALLIKREIN-BINDING
      "KUNITZ DOMAIN" PROTEINS AND ANALOGUES THEREOF

                  	 
      	
                    ISSUED

                  	 
      	
                    9 /8
      /2004

                  	 
      	
                    1
      /11/2015

                  
	
                    096EP1

                  	 
      	
                    EP

                  	 
      	
                    95909223.0

                  	 
      	
                    0739355

                  	 
      	
                    EP0739355

                  	 
      	
                    KALLIKREIN-BINDING
      "KUNITZ DOMAIN" PROTEINS AND ANALOGUES THEREOF

                  	 
      	
                    ISSUED

                  	 
      	
                    9 /8
      /2004

                  	 
      	
                    1
      /11/2015

                  
	
                    [*****]

                  	 
      	
                    [*****]

                  	 
      	
                    [*****]

                  	 
      	 
      	 
      	
                    [*****]

                  	 
      	
                    [*****]

                  	 
      	
                    [*****]

                  	 
      	 
      	 
      	
                    [*****]

                  
	
                    096EP3

                  	 
      	
                    EP

                  	 
      	
                    08018863.4

                  	 
      	 
      	 
      	
                    EP2055716

                  	 
      	
                    KALLIKREIN-BINDING
      "KUNITZ DOMAIN" PROTEINS AND ANALOGUES THEREOF

                  	 
      	
                    PUBLISHED

                  	 
      	 
      	 
      	
                    1
      /11/2015

                  
	
                    096ES1

                  	 
      	
                    ES

                  	 
      	
                    95909223.0

                  	 
      	
                    0739355

                  	 
      	 
      	 
      	
                    KALLIKREIN-BINDING
      "KUNITZ DOMAIN" PROTEINS AND ANALOGUES THEREOF

                  	 
      	
                    ISSUED

                  	 
      	
                    9 /8
      /2004

                  	 
      	
                    1
      /11/2015

                  
	
                    096FR1

                  	 
      	
                    FR

                  	 
      	
                    95909223.0

                  	 
      	
                    0739355

                  	 
      	 
      	 
      	
                    KALLIKREIN-BINDING
      "KUNITZ DOMAIN" PROTEINS AND ANALOGUES THEREOF

                  	 
      	
                    ISSUED

                  	 
      	
                    9 /8
      /2004

                  	 
      	
                    1
      /11/2015

                  
	
                    096GB1

                  	 
      	
                    GB

                  	 
      	
                    95909223.0

                  	 
      	
                    0739355

                  	 
      	 
      	 
      	
                    KALLIKREIN-BINDING
      "KUNITZ DOMAIN" PROTEINS AND ANALOGUES THEREOF

                  	 
      	
                    ISSUED

                  	 
      	
                    9 /8
      /2004

                  	 
      	
                    1
      /11/2015

                  
	
                    096GR1

                  	 
      	
                    GR

                  	 
      	
                    95909223.0

                  	 
      	
                    0739355

                  	 
      	 
      	 
      	
                    KALLIKREIN-BINDING
      "KUNITZ DOMAIN" PROTEINS AND ANALOGUES THEREOF

                  	 
      	
                    ISSUED

                  	 
      	
                    9 /8
      /2004

                  	 
      	
                    1
      /11/2015

                  
	
                    096HK2

                  	 
      	
                    HK

                  	 
      	
                    05104679.5

                  	 
      	 
      	 
      	
                    1071899A

                  	 
      	
                    KALLIKREIN-BINDING
      "KUNITZ DOMAIN" PROTEINS AND ANALOGUES THEREOF

                  	 
      	
                    PUBLISHED

                  	 
      	 
      	 
      	
                    1
      /11/2015

                  
	
                    096IE1

                  	 
      	
                    IE

                  	 
      	
                    95909223.0

                  	 
      	
                    0739355

                  	 
      	 
      	 
      	
                    KALLIKREIN-BINDING
      "KUNITZ DOMAIN" PROTEINS AND ANALOGUES THEREOF

                  	 
      	
                    ISSUED

                  	 
      	
                    9 /8
      /2004

                  	 
      	
                    1
      /11/2015

                  
	
                    096IT1

                  	 
      	
                    IT

                  	 
      	
                    95909223.0

                  	 
      	
                    0739355

                  	 
      	 
      	 
      	
                    KALLIKREIN-BINDING
      "KUNITZ DOMAIN" PROTEINS AND ANALOGUES THEREOF

                  	 
      	
                    ISSUED

                  	 
      	
                    9 /8
      /2004

                  	 
      	
                    1
      /11/2015

                  
	
                    096JP1

                  	 
      	
                    JP

                  	 
      	
                    7-518726

                  	 
      	
                    3805785

                  	 
      	
                    9511131

                  	 
      	
                    KALLIKREIN-BINDING
      "KUNITZ DOMAIN" PROTEINS AND ANALOGUES THEREOF

                  	 
      	
                    ISSUED

                  	 
      	
                    5
      /19/2006

                  	 
      	
                    1
      /11/2015

                  

          

        

      

    

     

     

    * Confidential
Treatment Requested.  Omitted portions filed with the
Commission.

     

    Exhibit
C

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        
          	
                  DX-88

                
	
                  MATTER

                	 
      	 
      	 
      	
                  SERIAL

                	 
      	
                  PATENT

                	 
      	
                  PUBL

                	 
      	
                  TITLE

                	 
      	
                  STATUS

                	 
      	
                  ISSUE

                	 
      	
                  EXPIRATION

                
	
                  [*****]

                	 
      	
                  [*****]

                	 
      	
                  [*****]

                	 
      	
                  [*****]

                	 
      	 
      	 
      	
                  [*****]

                	 
      	
                  [*****]

                	 
      	
                  [*****]

                	 
      	
                  [*****]

                
	
                  096LU1

                	 
      	
                  LU

                	 
      	
                  95909223.0

                	 
      	
                  0739355

                	 
      	 
      	 
      	
                  KALLIKREIN-BINDING
      "KUNITZ DOMAIN" PROTEINS AND ANALOGUES THEREOF

                	 
      	
                  ISSUED

                	 
      	
                  9 /8
      /2004

                	 
      	
                  1
      /11/2015

                
	
                  096MC1

                	 
      	
                  MC

                	 
      	
                  95909223.0

                	 
      	
                  0739355

                	 
      	 
      	 
      	
                  KALLIKREIN-BINDING
      "KUNITZ DOMAIN" PROTEINS AND ANALOGUES THEREOF

                	 
      	
                  ISSUED

                	 
      	
                  9 /8
      /2004

                	 
      	
                  1
      /11/2015

                
	
                  096NL1

                	 
      	
                  NL

                	 
      	
                  95909223.0

                	 
      	
                  0739355

                	 
      	 
      	 
      	
                  KALLIKREIN-BINDING
      "KUNITZ DOMAIN" PROTEINS AND ANALOGUES THEREOF

                	 
      	
                  ISSUED

                	 
      	
                  9 /8
      /2004

                	 
      	
                  1
      /11/2015

                
	
                  096PT1

                	 
      	
                  PT

                	 
      	
                  95909223.0

                	 
      	
                  0739355

                	 
      	
                  739355

                	 
      	
                  KALLIKREIN-BINDING
      "KUNITZ DOMAIN" PROTEINS AND ANALOGUES THEREOF

                	 
      	
                  ISSUED

                	 
      	
                  9 /8
      /2004

                	 
      	
                  1
      /11/2015

                
	
                  096SE1

                	 
      	
                  SE

                	 
      	
                  95909223.0

                	 
      	
                  0739355

                	 
      	 
      	 
      	
                  KALLIKREIN-BINDING
      "KUNITZ DOMAIN" PROTEINS AND ANALOGUES THEREOF

                	 
      	
                  ISSUED

                	 
      	
                  9 /8
      /2004

                	 
      	
                  1
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                  096US1

                	 
      	
                  US

                	 
      	
                  08/676,125

                	 
      	
                  5,795,865

                	 
      	 
      	 
      	
                  KALLIKREIN-INHIBITING
      "KUNITZ DOMAIN" PROTEINS AND ANALOGUES THEREOF

                	 
      	
                  ISSUED

                	 
      	
                  8
      /18/1998

                	 
      	
                  8
      /18/2015

                
	
                  096WO1

                	 
      	
                  WO

                	 
      	
                  PCT/US95/00299

                	 
      	 
      	 
      	
                  WO9521601

                	 
      	
                  KALLIKREIN-BINDING
      "KUNITZ DOMAIN" PROTEINS AND ANALOGUES THEREOF

                	 
      	
                  PUBLISHED

                	 
      	 
      	 
      	 
      
	
                  143001

                	 
      	
                  US

                	 
      	
                  11/716,278

                	 
      	 
      	 
      	
                  20070213275

                	 
      	
                  FORMULATIONS
      FOR ECALLANTIDE

                	 
      	
                  PUBLISHED

                	 
      	 
      	 
      	
                  3
      /10/2026

                
	
                  [*****]

                	 
      	
                  [*****]

                	 
      	
                  [*****]

                	 
      	 
      	 
      	 
      	 
      	
                  [*****]

                	 
      	
                  [*****]

                	 
      	 
      	 
      	
                  [*****]

                
	
                  143CA1

                	 
      	
                  CA

                	 
      	
                  2,643,693

                	 
      	 
      	 
      	
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                  FORMULATIONS
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                  3 /9
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                  143EP1

                	 
      	
                  EP

                	 
      	
                  07758271.6

                	 
      	 
      	 
      	
                  EP2001500

                	 
      	
                  FORMULATIONS
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                  3 /9
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                  143HK1

                	 
      	
                  HK

                	 
      	
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                  FORMULATIONS
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                  3 /9
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                  143IN1

                	 
      	
                  IN

                	 
      	
                  PCT/US07/63703

                	 
      	 
      	 
      	
                  7659/DELNP/2008

                	 
      	
                  FORMULATIONS
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                  PUBLISHED

                	 
      	 
      	 
      	
                  3 /9
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                  [*****]

                	 
      	
                  [*****]

                	 
      	
                  [*****]

                	 
      	 
      	 
      	 
      	 
      	
                  [*****]

                	 
      	
                  [*****]

                	 
      	 
      	 
      	
                  [*****]

                
	
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                  [*****]

                	 
      	
                  [*****]

                	 
      	 
      	 
      	 
      	 
      	
                  [*****]

                	 
      	
                  [*****]

                	 
      	 
      	 
      	
                  [*****]

                
	
                  143WO1

                	
                    

                	
                  WO

                	
                    

                	
                  2008-558556

                	
                    

                	 
      	
                    

                	
                  WO07106746

                	
                    

                	
                  FORMULATIONS
      FOR ECALLANTIDE

                	
                    

                	
                  PUBLISHED

                	
                    

                	 
      	
                    

                	 
      

        

      

       

       

      
        *
Confidential Treatment Requested.  Omitted portions filed with the
Commission.

      

    

     

    Exhibit C

    
      
         

      

      
         

        
          

        

      

      
         

      

    
 

    CONFIDENTIAL
DOCUMENT

     

    EXHIBIT
D

     

    Clinical Development of
DX-88

     

    Completed
Studies:

     

    DX-88/1:
Double blind placebo controlled single ascending intravenous dose study to
assess the tolerability and pharmacokinetic parameters of DX-88 (plasma
kallikrein inhibitor) in healthy volunteers

     

    DX-88/2:  Open
label single ascending intravenous dose study to assess the tolerability and
efficacy of DX-88 (plasma kallikrein inhibitor) administered following onset of
peripheral and/or facial edema or abdominal symptoms in patients with
angioedema

     

    DX-88/3:  A
double-blind, placebo-controlled, exploratory study examining the
pharmacokinetic behavior of DX-88, a kallikrein inhibitor, its effects on
coagulation and safety in patients undergoing cardiopulmonary bypass
procedures

     

    DX-88/4:  EDEMA 1: Evaluation of
DX-88's effects in Mitigating Angioedema.  An ascending four
dose placebo controlled study to assess the efficacy and tolerability of DX-88
(recombinant plasma kallikrein inhibitor) administered following onset of acute
attacks of hereditary angioedema

     

    DX-88/5:  EDEMA 2: Evaluation of
DX-88's effects in Mitigating Angioedema.  An open label study
to assess the efficacy and tolerability of repeated doses of DX-88 (recombinant
plasma kallikrein inhibitor) in patients with hereditary angioedema

     

    DX-88/6:  An
open label study designed to assess the pharmacokinetic profiles and safety of
repeated dosing DX-88 in volunteers given 4 intravenous dose regimens of
DX-88.

     

    DX-88/13:
An open label study designed to assess and compare the pharmacokinetic profiles
and safety of intravenous vs. subcutaneous dosing of DX-88, recombinant
inhibitor of human plasma kallikrein, in volunteers

     

    DX-88/14:
EDEMA 3: Evaluation of
DX-88's effects in Mitigating Angioedema.  A double-blind,
placebo-controlled study followed by a repeat dosing phase to assess the
efficacy and safety of DX-88 (recombinant plasma kallikrein inhibitor) for the
treatment of acute attacks of Hereditary Angioedema

     

    DX-88/15:  A
randomized, double-blind crossover study to assess the bioequivalence and safety
profiles of 30mg DX-88 liquid vs. lyophilized formulations in healthy
volunteers

     

    Exhibit
D 

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    DX-88/16:  Ecallantide
for the reduction of blood loss associated with cardiopulmonary bypass: a phase
II randomized, double-blind, placebo-controlled, multicenter study in patients
undergoing primary coronary artery bypass grafting, single valve repair, or
single valve replacement

     

    DX-88/19:  Open-label
Patient Continuation of DX-88 (Ecallantide) for Acute Hereditary Angioedema
Attacks.

     

    DX-88/20:
EDEMA 4: Evaluation of
DX-88's effects in Mitigating Angioedema.  A randomized,
double-blind, placebo-controlled multi-center study to assess the efficacy and
safety of DX-88 (ecallantide) for the treatment of acute attacks of Hereditary
Angioedema

     

    
      [*****]

    

     

     

    * Confidential Treatment
Requested.  Omitted portions filed with the Commission.

     

    Exhibit
D 

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    CONFIDENTIAL
DOCUMENT

     

    EXHIBIT
E

     

    [*****]

     

     

     

    * Confidential Treatment
Requested.  Omitted portions filed with the Commission.

     

    Exhibit
EEXHIBIT
10.3

    As
amended through March 24, 2010

     

    DYAX
CORP.

    

    AMENDED
AND RESTATED 1995 EQUITY INCENTIVE PLAN

    

    Section
1.  Purpose

     

    The purpose of the Dyax Corp. 1995
Equity Incentive Plan (the “Plan”) is to attract and retain key employees and
directors and consultants of the Company and its Affiliates, to provide an
incentive for them to assist the Company to achieve long-range performance
goals, and to enable them to participate in the long-term growth of the
Company.

     

    Section
2.  Definitions

     

    “Affiliate” means any business entity
in which the Company owns directly or indirectly 50% or more of the total
combined voting power or has a significant financial interest as determined by
the Committee.

     

    “Award” means any Option, Stock
Appreciation Right, Performance Share, Restricted Stock, Stock Unit or Other
Stock-Based Award awarded under the Plan.

     

    “Board” means the Board of Directors of
the Company.

     

    “Code” means the Internal Revenue Code
of 1986, as amended from time to time, and any successor to such
Code.

     

    “Committee” means the Compensation
Committee of the Board or such other committee of the Board appointed by the
Board to administer the Plan or a specified portion thereof; provided, however,
that in any instance the Board of Directors may take away any action delegated
to the Committee hereunder.  If a Committee is authorized to grant
Awards to a Reporting Person or a “covered employee” within the meaning of
Section 162(m) of the Code, each member shall be a “Non-Employee Director” or
the equivalent within the meaning of Rule 16b-3 under the Exchange Act or an
“outside director” or the equivalent within the meaning of Section 162(m) of the
Code, respectively.

     

    “Common Stock” or “Stock” means the
Common Stock, $0.01 par value, of the Company.

     

    “Company” means Dyax Corp., a Delaware corporation.

     

    “Designated Beneficiary” means the
beneficiary designated by a Participant, in a manner determined by the
Committee, to receive amounts due or exercise rights of the Participant in the
event of the Participant’s death.  In the absence of an effective
designation by a Participant, “Designated Beneficiary” shall mean the
Participant’s estate.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    “Effective Date” means July 13,
1995.

     

    “Fair Market Value” means, with respect
to Common Stock or any other property, the fair market value of such property as
determined by the Committee in good faith or in the manner established by the
Committee from time to time.  Unless
otherwise determined by the Committee in good faith, the per share Fair Market
Value of the Common Stock as of any date shall mean (i) if the Common Stock is
then listed or admitted to trading on a national securities exchange, the last
reported sale price on such date on the principal national securities exchange
on which the Common Stock is then listed or admitted to trading or, if no such
reported sale takes place on such date, the average of the closing bid and asked
prices on such exchange on such date or (ii) if the Common Stock is then traded
in the over-the-counter market, the average of the closing bid and asked prices
on such date, as reported by The Wall Street Journal or other appropriate
publication selected by the Committee, for the over-the-counter
market.

     

    “Incentive Stock Option” means an
option to purchase shares of Common Stock awarded to a Participant under Section
6 that is intended to meet the requirements of Section 422 of the Code or any
successor provision, and any regulation
thereunder.

     

    “Nonstatutory Stock Option” means an
option to purchase shares of Common Stock awarded to a Participant under Section
6 that is not intended to be an Incentive Stock Option.

     

    “Option” means an Incentive Stock
Option or a Nonstatutory Stock Option.

     

    “Other Stock-Based Award” means an
Award, other than an Option, Stock Appreciation Right, Performance Share,
Restricted Stock or Stock Unit, having a Common Stock element and awarded to a
Participant under Section 11.

     

    “Participant” means a person selected
by the Committee to receive an Award under the Plan.

     

    “Performance Cycle” or “Cycle” means
the period of time selected by the Committee during which performance is
measured for the purpose of determining the extent to which an award of
Performance Shares has been earned.

     

    “Performance Goals” means with respect to any
Performance Cycle, one or more objective performance goals based on one or more
of the following objective criteria established by the Committee prior to the
beginning of such Performance Cycle or within such period after the beginning of
the Performance Cycle as shall meet the requirements to be considered
“pre-established performance goals” for purposes of Code Section
162(m):  (i) increases in the price of the Common Stock, (ii) product
or service sales or market share, (iii) revenues, (iv) return on equity, assets,
or capital, (v) economic profit (economic value added), (vi) total shareholder
return, (vii) costs, (viii) expenses, (ix) margins, (x) earnings or earnings per
share, (xi) cash flow, (xii) cash balances (xiii) customer satisfaction, (xiv)
operating profit, (xv) research and development progress, (xvi) clinical trial
progress, (xvii) licensing, (xviii) product development, (xix) manufacturing, or
(xx) any combination of the foregoing, including without limitation, goals based
on any of such measures relative to appropriate peer groups or market
indices.  Such Performance Goals may be particular to a Participant or
may be based, in whole or in part, on the performance of the division, department, line of
business, subsidiary, or other business unit, whether or not legally
constituted, in which the Participant works or on the performance of the Company
generally.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    “Performance Shares” mean shares of
Common Stock, which may be earned by the achievement of performance goals,
awarded to a Participant under Section 8.

     

    “Reporting Person” means a person
subject to Section 16 of the Securities Exchange Act of 1934 or any successor
provision.

     

    “Restricted Period” means the period of
time selected by the Committee during which an Award may be forfeited to the
Company pursuant to the terms and conditions of such Award.

     

    “Restricted Stock” means shares of
Common Stock subject to forfeiture awarded to a Participant under Section
9.

     

    “Stock Appreciation Right” or “SAR”
means a right to receive any excess in value of shares of Common Stock over the
exercise price awarded to a Participant under Section 7.

     

    “Stock Unit” means an award of Common
Stock or units, including without limitation units
of Restricted Stock, that are valued in whole or in part by reference to,
or otherwise based on, the value of Common Stock, awarded to a Participant under
Section 10.

     

    “Transferable for value” means a transfer on terms that
would prevent the Company from relying on Securities and Exchange Commission
Form S-8 (or any successor form) with respect to the issuance of the Common
Stock underlying the respective Award.

     

    Section
3.  Administration

     

    The Plan shall be administered by the
Committee; provided, however, that in any instance the Board of Directors may
take any action delegated hereunder to the Committee.  The Committee
shall have authority to adopt, alter and repeal such administrative rules,
guidelines and practices governing the operation of the Plan as it shall from
time to time consider advisable, and to interpret the provisions of the
Plan.  The Committee’s decisions shall be final and
binding.  To the extent permitted by applicable law, the Committee may
delegate to one or more executive officers of the Company the power to make
Awards to Participants who are not Reporting Persons or covered employees and
all determinations under the Plan with respect thereto, provided that the
Committee shall fix the maximum amount of such Awards for all such Participants
and a maximum for any one Participant.

     

    Section
4.  Eligibility

     

    All employees and, in the case of
Awards other than Incentive Stock Options, directors and consultants of the
Company or any Affiliate, capable of contributing significantly to the
successful performance of the Company, other than a person who has irrevocably
elected not to be eligible, are eligible to be Participants in the
Plan.  Incentive Stock Options may be awarded only to persons eligible
to receive such Options under the Code.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    Section
5.  Stock
Available for Awards

     

    (a)           Subject
to adjustment under subsection (b), and
after giving effect to the 0.652-for-one reverse stock split of the Company’s
Common Stock affected in March 1998, Awards may be made under the Plan for up to
Eighteen Million Three Hundred Fifty Thousand (18,350,000) shares of Common Stock, which number
includes shares previously issued upon exercise of options granted under the
Plan.  The maximum number of shares of Common Stock subject to Awards
that may be granted to any Participant shall not exceed 750,000 shares in the
aggregate in any calendar year, except that for grants to a new employee during
the calendar year in which his or her service as an employee first commences
such number shall not exceed 1,500,000 shares, and that both limits are subject
to adjustment under subsection (b).  If any Award in respect of shares
of Common Stock expires or is terminated unexercised or is forfeited, the shares
subject to such Award, to the extent of such expiration, termination or
forfeiture, shall again be available for award under the Plan.  Common
Stock issued through the assumption or substitution of outstanding grants from
an acquired company shall not reduce the shares available for Awards under the
Plan.  Shares issued under the Plan may consist in whole or in part of
authorized but unissued shares or treasury shares.

     

    (b)           In
the event that any stock dividend, extraordinary cash dividend, creation of a
class of equity securities, recapitalization, reorganization, merger,
consolidation, split-up, spin-off, combination, exchange of shares, warrants or
rights offering to purchase Common Stock at a price substantially below fair
market value, or other similar transaction affects the Common Stock then an equitable
adjustment shall be made (subject,
in the case of Incentive Stock Options, to any limitation required under the
Code) to any or all of (i) the number and
kind of shares in respect of which Awards may be made under the Plan, (ii) the
number and kind of shares subject to outstanding Awards, and (iii) the award,
exercise or conversion price with respect to any of the foregoing as determined by the Committee to be appropriate,
and if considered appropriate, the Committee may make provision for a cash
payment with respect to an outstanding Award, provided that the number of shares
subject to any Award shall always be a whole number.

     

    Section
6.  Stock
Options

     

    (a)           Subject
to the provisions of the Plan, the Committee may award Incentive Stock Options
and Nonstatutory Stock Options and determine the number of shares to be covered
by each Option, the option price therefor and the conditions and limitations
applicable to the exercise of the Option.  The terms and conditions of
Incentive Stock Options shall be subject to and comply with Section 422 of the
Code or any successor provision and any regulations thereunder.  No
Incentive Stock Option may be granted hereunder more than ten years after the
last date on which the Plan was approved for purposes of Section 422 of the
Code.

     

    (b)           The
Committee shall establish the option price at the time each Option is awarded,
which price shall not be less than 100% of the Fair Market Value of the Common
Stock on the date of award.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    (c)           Each
Option shall be exercisable at such times and subject to such terms and
conditions as the Committee may specify in the applicable Award or
thereafter.  The Committee may impose such conditions with respect to
the exercise of Options, including conditions relating to applicable federal or
state securities laws, as it considers necessary or advisable.

     

    (d)           No
shares shall be delivered pursuant to any exercise of an Option until payment in
full of the option price therefor is received by the Company.  Such
payment may be made in whole or in part in cash or, to the extent permitted by
the Committee at or after the award of the Option, by delivery of a note or
shares of Common Stock owned by the optionee, including Restricted Stock, or by
retaining shares otherwise issuable pursuant to the Option, in each case valued
at their Fair Market Value on the date of delivery or retention, or such other
lawful consideration as the Committee may determine.

     

    (e)           The
Committee may provide that, subject to such conditions as it considers
appropriate, upon the delivery or retention of shares to the Company in payment
of an Option, the Participant automatically be awarded an Option for up to the
number of shares so delivered.

     

    Section
7.  Stock
Appreciation Rights

     

    (a)           Subject
to the provisions of the Plan, the Committee may award SARs in tandem with an
Option (at or after the award of the Option), or alone and unrelated to an
Option.  SARs in tandem with an Option shall terminate to the extent
that the related Option is exercised, and the related Option shall terminate to
the extent that the tandem SARs are exercised.  SARs granted in tandem
with Options shall have an exercise price not less than the exercise price of
the related Option.  SARs granted alone and unrelated to an
Option shall have an exercise price not less than 100% of the
Fair Market Value of the Common Stock on the date of award may be granted at such
exercise prices as the Committee may determine.  The Committee shall determine the manner of calculating
the excess in value of the shares of Common Stock over the exercise price of a
Stock Appreciation Right.

     

    (b)           An
SAR related to an Option, which SAR can only be exercised upon or during limited
periods following a change in control of the Company, may entitle the
Participant to receive an amount based upon the highest price paid or offered
for Common Stock in any transaction relating to the change in control or paid
during the thirty-day period immediately preceding the occurrence of the change
in control in any transaction reported in any stock market in which the Common
Stock is usually traded.

     

    Section
8.  Performance
Shares

     

    (a)           Subject
to the provisions of the Plan, the Committee may award Performance Shares and
determine the number of such shares for each Performance Cycle and the duration
of each Performance Cycle.  There may be more than one Performance
Cycle in existence at any one time, and the duration of Performance Cycles may
differ from each other.  The payment value of Performance Shares shall
be equal to the Fair Market Value of the Common Stock on the date the
Performance Shares are earned or, in the discretion of the Committee, on the
date the Committee determines that the Performance Shares have been
earned.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    (b)           The
Committee shall establish Performance Goals
for each Cycle, for the purpose of determining the extent to which Performance
Shares awarded for such Cycle are earned, on the basis of such criteria and to
accomplish such objectives as the Committee may from time to time
select.  During any Cycle, the Committee may adjust the performance
goals for such Cycle as it deems equitable in recognition of unusual or
non-recurring events affecting the Company, changes in applicable tax laws or
accounting principles, or such other factors as the Committee may
determine.

     

    (c)           As
soon as practicable after the end of a Performance Cycle, the Committee shall
determine the number of Performance Shares that have been earned on the basis of
performance in relation to the established performance goals.  The
payment values of earned Performance Shares shall be distributed to the
Participant or, if the Participant has died, to the Participant’s Designated
Beneficiary, as soon as practicable thereafter.  The Committee shall
determine, at or after the time of award, whether payment values will be settled
in whole or in part in cash or other property, including Common Stock or
Awards.

     

    Section
9.  Restricted
Stock

     

    (a)           Subject
to the provisions of the Plan, the Committee may award shares of Restricted
Stock and determine the duration of the Restricted Period during which, and the
conditions under which, the shares may be forfeited to the Company and the other
terms and conditions of such Awards.  Shares of Restricted Stock may
be issued for no cash consideration or such minimum consideration as may be
required by applicable law.

     

    (b)           Shares
of Restricted Stock may not be sold, assigned, transferred, pledged or otherwise
encumbered, except as permitted by the Committee, during the Restricted
Period.  Shares of Restricted Stock shall be evidenced in such manner
as the Committee may determine.  Any certificates issued in respect of
shares of Restricted Stock shall be registered in the name of the Participant
and unless otherwise determined by the Committee, deposited by the Participant,
together with a stock power endorsed in blank, with the Company.  At
the expiration of the Restricted Period, the Company shall deliver such
certificates to the Participant or if the Participant has died, to the
Participant’s Designated Beneficiary.

     

    Section
10.  Stock
Units

     

    (a)           Subject
to the provisions of the Plan, the Committee may award Stock Units subject to
such terms, restrictions, conditions, performance criteria, vesting requirements
and payment rules as the Committee shall determine.

     

    (b)           Shares
of Common Stock awarded in connection with a Stock Unit Award shall be issued
for no cash consideration or such minimum consideration as may be required by
applicable law.

     

    Section
11.            Other Stock-Based
Awards

     

    (a)           Subject
to the provisions of the Plan, the Committee may make other awards of Common
Stock and other awards that are valued in whole or in part by reference to, or
are otherwise based on, Common Stock, including without limitation convertible
preferred stock, convertible debentures, exchangeable securities and Common
Stock awards or options.  Other Stock-Based Awards may be granted
either alone or in tandem with other Awards granted under the Plan and/or cash
awards made outside of the Plan.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    (b)           The
Committee may establish performance goals, which may be based on performance
goals related to book value, subsidiary performance or such other criteria as
the Committee may determine, Restricted Periods, Performance Cycles, conversion
prices, maturities and security, if any, for any Other Stock-Based
Award.  Other Stock-Based Awards may be sold to Participants at the
face value thereof or any discount therefrom or awarded for no consideration or
such minimum consideration as may be required by applicable law.

     

    Section
12.  General
Provisions Applicable to Awards

     

    (a)           Documentation.  Each
Award under the Plan shall be evidenced by a writing delivered to the
Participant specifying the terms and conditions thereof and containing such
other terms and conditions not inconsistent with the provisions of the Plan as
the Committee considers necessary or advisable to achieve the purposes of the
Plan or to comply with applicable tax and regulatory laws and accounting
principles.

     

    (b)           Committee
Discretion.  Each type of Award may be made alone, in addition
to or in relation to any other type of Award, in
the discretion of the Committee.  The terms of each type of
Award need not be identical, and the Committee need not treat Participants
uniformly.   Except as otherwise provided by the Plan or a
particular Award, any determination with respect to an Award may be made by the
Committee at the time of award or at any time thereafter, including without limitation any determination
regarding the achievement or satisfaction of any Performance Goals, restrictions
or other conditions to vesting, exercise, or settlement of an Award.

     

    (c)           Settlement.  The
Committee shall determine whether Awards are settled in whole or in part in
cash, Common Stock, other securities of the Company, Awards or other
property, and the manner of determining the amount
or value thereof.   Without limiting the foregoing, the Committee
may, subject to applicable law, permit such payment to be made in whole or in
part in cash or by surrender of shares of Common Stock (which may be shares
retained from the respective Award) valued at their Fair Market Value on the
date of surrender, or such other lawful consideration, including a payment
commitment of a financial or brokerage institution, as the Committee may
determine.  The Company may accept, in lieu of actual delivery of
stock certificates, an attestation by the Participant in form acceptable to the
Committee that he or she owns of record the shares to be tendered free and clear
of claims and other encumbrances.  The Committee may permit
a Participant to defer all or any portion of a payment under the Plan, including
the crediting of interest on deferred amounts denominated in cash and dividend
equivalents on amounts denominated in Common Stock.

     

    (d)           Dividends and Cash
Awards.  In the discretion of the Committee, any Award under
the Plan may provide the Participant with (i) dividends or dividend equivalents
payable currently or deferred with or without interest, and (ii) cash payments
in lieu of or in addition to an Award.

     

     (e)           Termination of Service.  The Committee
shall determine the effect on an Award of the disability, death, retirement or
other termination of employment or other service
of a Participant and the extent to which, and the period during which,
the Participant’s legal representative, guardian or Designated Beneficiary may
receive payment of an Award or exercise rights thereunder.  Unless the Committee otherwise provides in
any case, a Participant’s employment or other service shall have terminated for
purposes of this Plan at the time the entity by which the Participant is
employed or to which he or she renders such service ceases to be an Affiliate of
the Company.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    (f)           Change in
Control.  In order to preserve a Participant’s rights under an
Award in the event of a change in control of the Company (as defined by the
Committee), the Committee in its discretion may, at the time an Award is made or
at any time thereafter, take one or more of the following actions: (i) provide
for the acceleration of any time period relating to the exercise or realization
of the Award, (ii) provide for the purchase of the Award upon the Participant’s
request for an amount of cash or other property that could have been received
upon the exercise or realization of the Award had the Award been currently
exercisable or payable, (iii) adjust the terms of the Award in a manner
determined by the Committee to reflect the change in control, (iv) cause the
Award to be assumed, or new rights substituted therefor, by another entity, or
(v) make such other provision as the Committee may consider equitable and in the
best interests of the Company.

     

    (g)           Loans.  The
Committee may authorize the making of loans or cash payments to Participants in
connection with any Award under the Plan, which loans may be secured by any
security, including Common Stock, underlying or related to such Award (provided
that such Loan shall not exceed the Fair Market Value of the security subject to
such Award), and which may be forgiven upon such terms and conditions as the
Committee may establish at the time of such loan or at any time
thereafter.

     

    (h)           Withholding
Taxes.  The Participant shall pay to the Company, or make
provision satisfactory to the Committee for payment of, any taxes required by
law to be withheld in respect of Awards under the Plan no later than the date of
the event creating the tax liability.  In the Committee’s discretion,
such tax obligations may be paid in whole or in part in shares of Common Stock,
including shares retained from the Award creating the tax obligation, valued at
their Fair Market Value on the date of delivery.  The Company and its
Affiliates may, to the extent permitted by law, deduct any such tax obligations
from any payment of any kind otherwise due to the Participant.

     

    (i)           Foreign
Nationals.  Awards may be made to Participants who are foreign
nationals or employed outside the United States on such terms and conditions
different from those specified in the Plan as the Committee considers necessary
or advisable to achieve the purposes of the Plan or to comply with applicable
laws.

     

    (j)           Amendment of
Award.  The Committee may amend, modify or terminate any
outstanding Award, including changing the date of vesting, exercise or settlement, causing the Award to be assumed by another
entity, and
converting an Incentive Stock Option to a Nonstatutory Stock Option, provided
that the Participant’s consent to such action shall be required unless the
Committee determines that the action, taking into account any related action,
would not materially and adversely affect the Participant.  The foregoing notwithstanding, without
further approval of the stockholders of the Company, the Committee shall not
authorize the amendment of any outstanding Option or Stock Appreciation Right to
reduce the exercise price and no Option or Stock Appreciation Right shall be
canceled and replaced with an Award exercisable for Common Stock at a lower
exercise price.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    (k)           Limitations on Transferability of
Awards.  No Award shall be
transferable except upon such terms and conditions and to such extent as the
Committee determines, provided that no Award shall be transferable for value and
Incentive Stock Options may be transferable only to the extent permitted by the
Code.

     

    (l)           Section
409A.    No Award to any
Participant subject to United States income taxation shall provide for the
deferral of compensation that does not comply with Section 409A of the Code and
any regulations thereunder.

     

    Section
13.  Miscellaneous

     

    (a)           No Right To
Employment.  No person shall have any claim or right to be
granted an Award, and the grant of an Award shall not be construed as giving a
Participant the right to continued employment  Neither the adoption, maintenance, or operation of the
Plan nor any Award hereunder shall confer upon any person any right with respect
to the continuance of his or her employment by or other service with the Company
or any Affiliate nor shall they interfere with the rights of the Company or any
Affiliate to terminate or otherwise change the terms of such service at any
time, including, without limitation, the right to promote, demote or otherwise
re-assign any person from one position to another within the Company or any
Affiliate.  Unless the Committee otherwise provides in any case, the
service of a Participant with an Affiliate shall be deemed to terminate for
purposes of the Plan when such Affiliate ceases to be an Affiliate of the
Company.

     

    (b)           No Rights As
Stockholder.  Subject to the provisions of the applicable
Award, no Participant or Designated Beneficiary shall have any rights as a
stockholder with respect to any shares of Common Stock to be distributed under
the Plan until he or she becomes the holder thereof.  A Participant to
whom Common Stock is awarded shall be considered the holder of the Stock at the
time of the Award except as otherwise provided in the applicable
Award.

     

    (c)           Effective
Date.  Subject to the approval of the stockholders of the
Company, the Plan shall be effective on the Effective Date.  Before
such approval, Awards may be made under the Plan expressly subject to such
approval.

     

    (d)           Amendment of
Plan.  The Committee may amend, suspend or terminate the Plan
or any portion thereof at any time, subject to any stockholder approval that the
Committee determines to be necessary or advisable.

     

    (e)           Governing Law.  The
provisions of the Plan shall be governed by and interpreted in accordance with
the laws of the State of Delaware.

    
      
         

      

      
        9

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