Document:

Registration Rights Agreement

 Exhibit 10.42 
 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (this
“Agreement”) is made and entered into as of December 17, 2007 by and among Titan Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and the several purchasers signatory hereto (each a
“Purchaser” and collectively, the “Purchasers”). 
 This Agreement is made pursuant to the Securities
Purchase Agreement, dated as of the date hereof between the Company and each Purchaser (the “Purchase Agreement”). 
 NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and each of the Purchasers agree as follows:

 1. Definitions. Capitalized terms used and not otherwise defined herein that are defined in the Purchase Agreement shall have the
meanings given such terms in the Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings: 
 “Advice” shall have the meaning set forth in Section 6(d). 
 “Affiliate” means, with respect to any person, any other person which directly or indirectly controls, is controlled by, or is under common control with, such person. 
 “Business Day” means a day, other than a Saturday or Sunday, on which banks in New York City are open for the general
transaction of business. 
 “Closing” has the meaning set forth in the Purchase Agreement. 
 “Closing Date” has the meaning set forth in the Purchase Agreement. 
 “Commission” means the Securities and Exchange Commission. 
 “Common Stock” means the common stock of the Company, par value $0.001 per share, and any securities into which such
common stock may hereinafter be reclassified. 
 “Effective Date” means the date that the Registration
Statement filed pursuant to Section 2(a) is first declared effective by the Commission. 
 “Effectiveness Deadline” means, with respect to the Initial Registration Statement or the New Registration Statement, the 90th calendar day following the Closing Date (or, in the event the Commission reviews and has written comments to the Initial Registration Statement or the New Registration Statement, the 120th calendar day following the Closing Date); provided, however, that if the Company is notified by the Commission that the Initial Registration Statement will not be reviewed or
is no longer subject to further review and comments, the Effectiveness Deadline as to such Registration Statement shall be the fifth (5th) Trading Day
following the date on which the Company is so notified if such date precedes the dates otherwise required above; provided, further, that if the Effectiveness Deadline falls on a Saturday, Sunday or other day that the Commission is closed for
business, the Effectiveness Deadline shall be extended to the next Business Day on which the Commission is open for business. 

 “Effectiveness Period” shall have the meaning set forth in
Section 2(b). 
 “Event” shall have the meaning set forth in Section 2(c). 
 “Event Date” shall have the meaning set forth in Section 2(c). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 “Filing Deadline” means, with respect
to the Initial Registration Statement required to be filed pursuant to Section 2(a), the 30th calendar day following the Closing Date hereof,
provided, however, that if the Filing Deadline falls on a Saturday, Sunday or other day that the Commission is closed for business, the Filing Deadline shall be extended to the next business day on which the Commission is open for business.

 “Holder” or “Holders” means the holder or holders, as the case may be, from time
to time of Registrable Securities. 
 “Indemnified Party” shall have the meaning set forth in
Section 5(c). 
 “Indemnifying Party” shall have the meaning set forth in Section 5(c). 

“Initial Registration Statement” means the initial Registration Statement filed pursuant to Section 2(a) of this
Agreement. 
 “Liquidated Damages” shall have the meaning set forth in Section 2(c). 
 “Losses” shall have the meaning set forth in Section 5(a). 
 “New York Courts” means the state and federal courts sitting in the City of New York, Borough of Manhattan. 

“Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint
venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 
 “Principal Market” means the Trading Market on which the Common Stock is primarily listed on and quoted for trading, which, as of the Closing Date, shall be the American Stock Exchange. 
 “Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation
or partial proceeding, such as a deposition), whether commenced or threatened. 
 “Prospectus” means the
prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A
promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and
supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

 “Registrable Securities” means all of (i) the Shares, (ii) the
Warrant Shares and (iii) any securities issued or issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing, provided, that the Holder has completed and delivered to
the Company a Selling Stockholder Questionnaire; and provided, further, that Shares and Warrant Shares shall cease to be Registrable Securities upon the earliest to occur of the following: (A) sale pursuant to a Registration Statement or
Rule 144 under the Securities Act (in which case, only such security sold shall cease to be a Registrable Security); or (B) becoming eligible for sale without volume limitations by the Holder pursuant to Rule 144(k). 
 “Registration Statement” means any one or more registration statements of the Company filed under the Securities Act that
covers the resale of any of the Registrable Securities pursuant to the provisions of this Agreement (including without limitation the Initial Registration Statement, the New Registration Statement and any Remainder Registration Statements),
amendments and supplements to such Registration Statements, including post-effective amendments, all exhibits and all material incorporated by reference or deemed to be incorporated by reference in such Registration Statements. 
 “Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from
time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 
 “Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission having substantially the same effect as such Rule. 
 “Rule 424” means Rule 424 promulgated by the
Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 
 “SEC Guidance” means (i) any publicly-available written or oral guidance, comments, requirements or requests of the
Commission staff and (ii) the Securities Act. 
 “Securities Act” means the Securities Act of 1933, as
amended, and the rules and regulations promulgated thereunder. 
 “Selling Stockholder Questionnaire” means a
questionnaire in the form attached as Annex B hereto, or such other form of questionnaire as may reasonably be adopted by the Company from time to time. 
 “Shares” means the shares of Common Stock issued or issuable to the Purchasers pursuant to the Purchase Agreement.

 “Trading Day” means (i) a day on which the Common Stock is listed or quoted and traded on its
Principal Market (other than the OTC Bulletin Board), or (ii) if the Common Stock is not listed on a Trading Market (other than the OTC Bulletin Board), a day on which the Common Stock is traded in the over-the-counter market, as reported by
the OTC Bulletin Board, or (iii) if the Common Stock is not quoted on any Trading Market, a day on which the Common Stock is quoted in the over-the-counter market as reported in the “pink sheets” by Pink Sheets LLC (or any similar
organization or agency succeeding to its functions of reporting prices); provided, that in the event that the Common Stock is not listed or quoted as set forth in (i), (ii) and (iii) hereof, then Trading Day shall mean a Business
Day. 
  

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 “Trading Market” means whichever of the New York Stock Exchange, the
American Stock Exchange, the NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ Capital Market or OTC Bulletin Board on which the Common Stock is listed or quoted for trading on the date in question. 
 “Warrants” means the Warrants issued pursuant to the Purchase Agreement. 
 “Warrant Shares” means the shares of Common Stock issued or issuable upon exercise of the Warrants. 
 2. Registration. 
 (a)
On or prior to the Filing Deadline, the Company shall prepare and file with the Commission a Registration Statement covering the resale of all of the Registrable Securities not already covered by an existing and effective Registration Statement for
an offering to be made on a continuous basis pursuant to Rule 415, or if Rule 415 is not available for offers and sales of the Registrable Securities, by such other means of distribution of Registrable Securities as the Holders may reasonably
specify (the “Initial Registration Statement”). The Initial Registration Statement shall be on Form S-3 (except if the Company is ineligible to register for resale the Registrable Securities on Form S-3, in which case such
registration shall be on another appropriate form in accordance with Section 2(e)) and shall contain (except if otherwise required pursuant to written comments received from the Commission upon a review of such Registration Statement)
the “Plan of Distribution” section substantially in the form attached hereto as Annex A. Notwithstanding the registration obligations set forth in this Section 2, in the event the Commission informs the Company that all
of the Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration statement, the Company agrees to promptly (i) inform each of the holders thereof,
(ii) use its best efforts to file amendments to the Initial Registration Statement as required by the Commission and/or (iii) withdraw the Initial Registration Statement and file a new registration statement (a “New Registration
Statement”), in either case covering the maximum number of Registrable Securities permitted to be registered by the Commission, on Form S-3 or such other form available to register for resale the Registrable Securities as a secondary
offering; provided, however, that prior to filing such amendment or New Registration Statement, the Company shall be obligated to use its reasonable best efforts to advocate with the Commission for the registration of all of the Registrable
Securities in accordance with the SEC Guidance, including without limitation, the Manual of Publicly Available Telephone Interpretations D.29. In the event the Company amends the Initial Registration Statement or files a New Registration Statement,
as the case may be, under clauses (ii) or (iii) above, the Company will use its reasonable best efforts to file with the Commission, as promptly as allowed by Commission or SEC Guidance provided to the Company or to registrants of
securities in general, one or more registration statements on Form S-3 or such other form available to register for resale those Registrable Securities that were not registered for resale on the Initial Registration Statement, as amended, or the New
Registration Statement (the “Remainder Registration Statements”). 
 (b) The Company shall use its reasonable
best efforts to cause each Registration Statement to be declared effective by the Commission as soon as practicable and, with respect to the Initial Registration Statement or the New Registration Statement, as applicable, no later than the
Effectiveness Deadline (including filing with the Commission a request for acceleration of effectiveness in accordance with Rule 461 promulgated under the Securities Act within five (5) Business Days after the date that the Company is notified
(orally or in writing, whichever is earlier) by the Commission that such Registration Statement will not be “reviewed,” or not be subject to further review and the effectiveness of such Registration Statement may be accelerated), and shall
use its reasonable best efforts to keep such Registration Statement continuously effective under the Securities Act until the earlier of (i) such time as 

  

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all of the Registrable Securities covered by such Registration Statement have been publicly sold by the Holders or (ii) the date that all Registrable
Securities covered by such Registration Statement may be sold by non-affiliates without volume restrictions pursuant to Rule 144(k) (the “Effectiveness Period”). The Company shall request effectiveness of a Registration Statement as
of 5:00 p.m. New York City time on a Trading Day. The Company shall promptly notify the Holders via facsimile or electronic mail of a “.pdf” format data file of the effectiveness of a Registration Statement on or before one Trading Day
after the day the Company telephonically confirms effectiveness with the Commission, which confirmation shall be the date requested for effectiveness of a Registration Statement. The Company shall, by 9:30 a.m. New York City Time on the second
Trading Day after the Effective Date, file a final Prospectus with the Commission, as required by Rule 424(b). Notwithstanding any other provision of this Agreement and subject to the payment of liquidated damages in Section 2(c), if any SEC
Guidance sets forth a limitation of the number of Registrable Securities permitted to be registered on a particular Registration Statement (and notwithstanding that the Company used diligent efforts to advocate with the Commission for the
registration of all or a greater number of Registrable Securities), the inclusion of the Shares in such Registration Statement shall take precedence over and shall not be cut back until the following securities of the Company are cut back and
removed from such Registration Statement (in the following order): (i) any securities of the Company to be included in such Registration Statement pursuant to Section 6(b) (by reference to Schedule 3.1(y) to the Purchase Agreement),
(ii) Warrant Shares (other than those Warrant Shares referred to in clause (ii)) and (iii) Shares. Any required cutbacks of Shares or Warrant Shares shall be applied to the Purchasers pro-rata in accordance with the number of such Shares
or Warrant Shares sought to be included in such Registration Statement by reference to such Purchaser’s (and in the case of a subsequent transfer the initial Purchaser’s) aggregate Subscription Amount (as defined in the Purchase Agreement)
relative to all Subscription Amounts. 
 (c) If: (i) the Initial Registration Statement is not filed with the Commission
on or prior to the Filing Deadline, (ii) the Initial Registration Statement or the New Registration Statement, as applicable, is not declared effective by the Commission (or otherwise does not become effective) for any reason on or prior to the
Effectiveness Deadline or (iii) after its Effective Date, (A) such Registration Statement ceases for any reason (including without limitation by reason of a stop order, or the Company’s failure to update the Registration Statement),
to remain continuously effective as to all Registrable Securities for which it is required to be effective or (B) the Holders are not permitted to utilize the Prospectus therein to resell such Registrable Securities, in the case of (A) and
(B), for more than an aggregate of 30 Trading Days (which need not be consecutive) (other than during an Allowable Grace Period (as defined in Section 2(e) of this Agreement)) or (iv) a Grace Period (as defined in Section 2(e) of this
Agreement) exceeds the length of an Allowable Grace Period (any such failure or breach in clauses (i) through (iv) above being referred to as an “Event,” and, for purposes of clauses (i) or (ii), the date on which such Event
occurs, or for purposes of clause (iii), the date on which such 30 Trading Day period is exceeded, or for purposes of clause (iv) the date on which such Allowable Grace Period is exceeded, being referred to as an “Event Date”),
then in addition to any other rights the Holders may have hereunder or under applicable law, on each such Event Date and on each monthly anniversary of each such Event Date (if the applicable Event shall not have been cured by such date) until the
applicable Event is cured, the Company shall pay to each Holder an amount in cash, as partial liquidated damages and not as a penalty (“Liquidated Damages”), equal to 1.0% of the aggregate purchase price paid by such Holder pursuant
to the Purchase Agreement for any Registrable Securities then held by such Holder. The parties agree that (1) the Company will not be liable for Liquidated Damages under this Agreement with respect to any Warrants or Warrant Shares, (2) in
no event shall the Company be liable in any 30-day period for Liquidated Damages under this Agreement in excess of 1.0% of the aggregate purchase price paid by the Holders pursuant to the Purchase Agreement and (3) the maximum aggregate
Liquidated Damages payable to a Holder under this Agreement shall be ten percent (10%) of the aggregate purchase price paid by such Holder pursuant to the Purchase Agreement. If the Company fails to pay any Liquidated Damages pursuant to this
Section in full within five (5) Business Days after the date payable, the 

  

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Company will pay interest thereon at a rate of 1.5% per month (or such lesser maximum amount that is permitted to be paid by applicable law) to the
Holder, accruing daily from the date such Liquidated Damages are due until such amounts, plus all such interest thereon, are paid in full. The Liquidated Damages pursuant to the terms hereof shall apply on a daily pro-rata basis for any portion of a
month prior to the cure of an Event, except in the case of the first Event Date. Notwithstanding the above, the Company shall not be liable for liquidated damages under this Agreement as to any Registrable Securities which are not permitted by the
Commission to be included in a Registration Statement due solely to SEC Guidance from the time that it is determined that such Registrable Securities are not permitted to be registered solely due to SEC Guidance until such time as the provisions of
this Agreement as to the Remainder Registration Statements required to be filed hereunder are triggered, in which case the provisions of this Section 2(c) shall once again apply, if applicable. In such case, the liquidated damages shall be
calculated to only apply to the percentage of Registrable Securities which are permitted in accordance with SEC Guidance to be included in such Registration Statement. The Effectiveness Deadline for a Registration Statement shall be extended without
default or Liquidated Damages hereunder in the event that the Company’s failure to obtain the effectiveness of the Registration Statement on a timely basis results solely from the failure of a Purchaser to timely provide the Company with
information requested by the Company and necessary to complete the Registration Statement in accordance with the requirements of the Securities Act (in which the Effectiveness Deadline would be extended with respect to Registrable Securities held by
such Purchaser). 
 (d) Each Holder agrees to furnish to the Company a completed Selling Stockholder Questionnaire not more
than five (5) Trading Days following the date of this Agreement. Each Holder further agrees that it shall not be entitled to be named as a selling security holder in the Registration Statement or use the Prospectus for offers and resales of
Registrable Securities at any time, unless such Holder has returned to the Company a completed and signed Selling Stockholder Questionnaire. If a Holder of Registrable Securities returns a Selling Stockholder Questionnaire after the deadline
specified in the previous sentence, the Company shall use its commercially reasonable efforts to take such actions as are required to name such Holder as a selling security holder in the Registration Statement or any pre-effective or post-effective
amendment thereto and to include (to the extent not theretofore included) in the Registration Statement the Registrable Securities identified in such late Selling Stockholder Questionnaire. Each Holder acknowledges and agrees that the information in
the Selling Stockholder Questionnaire will be used by the Company in the preparation of the Registration Statement and hereby consents to the inclusion of such information in the Registration Statement. 
 (e) Notwithstanding anything to the contrary herein, at any time after the Registration Statement has been declared effective by the
Commission, the Company may delay the disclosure of material non-public information concerning the Company if the disclosure of such information at the time is not, in the good faith judgment of the Company, in the best interests of the Company (a
“Grace Period”); provided, however, the Company shall promptly (i) notify the Holders in writing of the existence of material non-public information giving rise to a Grace Period (provided that the Company shall not
disclose the content of such material non-public information to the Holders) or the need to file a post-effective amendment, as applicable, and the date on which such Grace Period will begin, and (ii) notify the Holders in writing of the date
on which the Grace Period ends; provided, further, that no single Grace Period shall exceed thirty (30) consecutive days, and during any three hundred sixty-five (365) day period, the aggregate of all Grace Periods shall not exceed
an aggregate of sixty (60) days (each Grace Period complying with this provision being an “Allowable Grace Period”). For purposes of determining the length of a Grace Period, the Grace Period shall be deemed to begin on and
include the date the Holders receive the notice referred to in clause (i) above and shall end on and include the later of the date the Holders receive the notice referred to in clause (ii) above and the date referred to in such notice;
provided, however, that no Grace Period shall be longer than an Allowable Grace Period. Notwithstanding anything to the contrary, the Company shall cause the Transfer Agent to deliver 

  

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unlegended shares of Common Stock to a transferee of a Holder in accordance with the terms of the Purchase Agreement in connection with any sale of
Registrable Securities with respect to which a Holder has entered into a contract for sale prior to the Holder’s receipt of the notice of a Grace Period and for which the Holder has not yet settled. 
 (f) In the event that Form S-3 is not available for the registration of the resale of Registrable Securities hereunder, the Company shall
(i) register the resale of the Registrable Securities on another appropriate form and (ii) undertake to register the Registrable Securities on Form S-3 promptly after such form is available, provided that the Company shall maintain
the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form S-3 covering the Registrable Securities has been declared effective by the Commission. 
 3. Registration Procedures 
 In connection with the Company’s registration obligations hereunder, the Company shall: 
 (a) Not less than
five Trading Days prior to the filing of a Registration Statement and not less than one Trading Day prior to the filing of any related Prospectus or any amendment or supplement thereto (except for Annual Reports on Form 10-K, and Quarterly Reports
on Form 10-Q and Current Reports on Form 8-K and any similar or successor reports), the Company shall furnish to the Holder copies of such Registration Statement, Prospectus or amendment or supplement thereto, as proposed to be filed, which
documents will be subject to the review of such Holder (it being acknowledged and agreed that if a Holder does not object to or comment on the aforementioned documents within such five Trading Day or one Trading Day period, as the case may be, then
the Holder shall be deemed to have consented to and approved the use of such documents). The Company shall not file any Registration Statement or amendment or supplement thereto in a form to which a Holder reasonably objects in good faith, provided
that, the Company is notified of such objection in writing within the five (5) Trading Day or one (1) Trading Day period described above, as applicable. 
 (b) (i) Prepare and file with the Commission such amendments (including post-effective amendments) and supplements, to each Registration
Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement continuously effective as to the applicable Registrable Securities for its Effectiveness Period (except during an Allowable Grace
Period); (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement (subject to the terms of this Agreement), and, as so supplemented or amended, to be filed pursuant to Rule 424 (except during an
Allowable Grace Period); (iii) respond as promptly as reasonably practicable to any comments received from the Commission with respect to each Registration Statement or any amendment thereto and, as promptly as reasonably possible, provide the
Holders true and complete copies of all correspondence from and to the Commission relating to such Registration Statement that pertains to the Holders as “Selling Stockholders” but not any comments that would result in the disclosure to
the Holders of material and non-public information concerning the Company; and (iv) comply with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by a Registration
Statement until such time as all of such Registrable Securities shall have been disposed of (subject to the terms of this Agreement) in accordance with the intended methods of disposition by the Holders thereof set forth in such Registration
Statement as so amended or in such Prospectus as so supplemented; provided, however, that each Purchaser shall be responsible for the delivery of the Prospectus to the Persons to whom such Purchaser sells any of the Shares or the Warrant
Shares (including in accordance with Rule 172 under the Securities Act), and each Purchaser agrees to dispose of Registrable Securities in compliance with the Plan of Distribution described in the Registration Statement and otherwise in compliance
with applicable federal and state securities laws. In the case of amendments and supplements to a Registration Statement which are required to be filed pursuant to this 

  

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Agreement (including pursuant to this Section 3(b)) by reason of the Company filing a report on Form 10-K, Form 10-Q or Form 8-K or any analogous report
under the Exchange Act, the Company shall have incorporated such report by reference into such Registration Statement, if applicable, or shall file such amendments or supplements with the Commission on the same day on which the Exchange Act report
which created the requirement for the Company to amend or supplement such Registration Statement was filed. 
 (c) Notify the
Holders (which notice shall, pursuant to clauses (iii) through (v) hereof, be accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been made) as promptly as reasonably practicable (and, in the
case of (i)(A) below, not less than two Trading Days prior to such filing, in the case of (iii) and (iv) below, not more than one Trading Day after such issuance or receipt, in the case of (v) below, not less than one Trading Day
after a determination by the Company that the financial statements in any Registration Statement have become ineligible for inclusion therein and, in the case of (v) below, not more than one Trading Day after the occurrence or existence of such
development) and (if requested by any such Person) confirm such notice in writing no later than one Trading Day following the day (i)(A) when a Prospectus or any Prospectus supplement or post-effective amendment to a Registration Statement is
proposed to be filed; (B) when the Commission notifies the Company whether there will be a “review” of such Registration Statement and whenever the Commission comments in writing on any Registration Statement (in which case the
Company shall provide to the Holder true and complete copies of all comments that pertain to the Holders as a “Selling Stockholder” or if it would materially impact the Holder, to the “Plan of Distribution” and all written
responses thereto, but not information that the Company believes would constitute material and non-public information); and (C) with respect to each Registration Statement or any post-effective amendment, when the same has become effective;
(ii) of any request by the Commission or any other Federal or state governmental authority for amendments or supplements to a Registration Statement or Prospectus or for additional information that pertains to the Holders as “Selling
Stockholders” or if it would materially impact the Holder, the “Plan of Distribution”; (iii) of the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of
a Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or
exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; and (v) of the occurrence of any event or passage of time that makes the
financial statements included in a Registration Statement ineligible for inclusion therein or any statement made in such Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in
any material respect or that requires any revisions to such Registration Statement, Prospectus or other documents so that, in the case of such Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of
a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus, form of prospectus or supplement thereto, in light of the circumstances under which they
were made), not misleading. 
 (d) Use commercially reasonable efforts to avoid the issuance of, or, if issued, obtain the
withdrawal of (i) any order suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, at soon
as practicable. 
 (e) If requested by a Holder, furnish to such Holder, without charge, at least one conformed copy of each
Registration Statement and each amendment thereto and all exhibits to the extent requested by such Person (including those previously furnished or incorporated by reference) promptly after the filing of such documents with the Commission;
provided, that the Company shall have no obligation to provide any document pursuant to this clause that is available on the Commission’s EDGAR system. 
  

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 (f) Prior to any resale of Registrable Securities by a Holder, use its commercially
reasonable efforts to register or qualify or cooperate with the selling Holders in connection with the registration or qualification (or exemption from the registration or qualification) of such Registrable Securities for the resale by the Holder
under the securities or Blue Sky laws of such jurisdictions within the United States as any Holder reasonably requests in writing, to keep each registration or qualification (or exemption therefrom) effective during the Effectiveness Period and to
do any and all other acts or things reasonably necessary to enable the disposition in such jurisdictions of the Registrable Securities covered by each Registration Statement; provided, that the Company shall not be required to qualify
generally to do business in any jurisdiction where it is not then so qualified, subject the Company to any material tax in any such jurisdiction where it is not then so subject or file a general consent to service of process in any such
jurisdiction. 
 (g) If requested by the Holders, cooperate with the Holders to facilitate the timely preparation and delivery
of certificates representing Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free, to the extent permitted by the Purchase Agreement and under law, of all restrictive legends,
and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holders may reasonably request. 
 (h) Following the occurrence of any event contemplated by Section 3(c)(iii)-(v), as promptly as reasonably practicable under the circumstances taking into account the Company’s good faith assessment
of any adverse consequences to the Company and its stockholders of the premature disclosure of such event, prepare a supplement or amendment, including a post-effective amendment, to the affected Registration Statements or a supplement to the
related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, no Registration Statement nor any Prospectus will contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus, form of prospectus or supplement thereto, in light of the circumstances under which they
were made), not misleading. 
 (i) Comply with all applicable rules and regulations of the Commission. 
 (j) The Company may require each selling Holder to furnish to the Company a certified statement as to the number of shares of Common Stock
beneficially owned by such Holder and, if required by the Commission, the natural persons thereof that have voting and dispositive control over the Shares. During any periods that the Company is unable to meet its obligations hereunder with respect
to the registration of the Registrable Securities solely because any Holder fails to furnish such information within three Trading Days of the Company’s request, any liquidated damages that are accruing at such time as to such Holder only shall
be tolled and any Event that may otherwise occur solely because of such delay shall be suspended as to such Holder only, until such information is delivered to the Company. 
 4. Registration Expenses. All fees and expenses incident to the Company’s performance of or compliance with its obligations under this
Agreement (excluding any underwriting discounts and selling commissions and all legal fees and expenses of legal counsel for any Holder) shall be borne by the Company whether or not any Registrable Securities are sold pursuant to a Registration
Statement. The fees and expenses referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses (A) with respect to filings required to be
made with any Trading Market on which the Common Stock is then listed for trading and (B) with respect to compliance with applicable state securities or Blue Sky laws (including, without limitation, fees 

  

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and disbursements of counsel for the Company in connection with Blue Sky qualifications or exemptions of the Registrable Securities and determination of the
eligibility of the Registrable Securities for investment under the laws of such jurisdictions as requested by the Holders), (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities and
of printing prospectuses if the printing of prospectuses is reasonably requested by the Holders of a majority of the Registrable Securities included in the Registration Statement), (iii) messenger, telephone and delivery expenses,
(iv) fees and disbursements of counsel for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance, and (vi) fees and expenses of all other Persons retained by the Company in connection with the
consummation of the transactions contemplated by this Agreement. In addition, the Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement
(including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable
Securities on any securities exchange as required hereunder. In no event shall the Company be responsible for any underwriting, broker or similar fees or commissions of any Holder or, except to the extent provided for in the Transaction Documents,
any legal fees or other costs of the Holders. 
 5. Indemnification. 
 (a) Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify, defend and
hold harmless each Holder, the officers, directors, agents, partners, members, managers, stockholders, Affiliates and employees of each of them, each Person who controls any such Holder (within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act) and the officers, directors, partners, members, managers, stockholders, agents and employees of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and all
losses, claims, damages, liabilities, costs (including, without limitation, reasonable costs of preparation and investigation and reasonable attorneys’ fees) and expenses (collectively, “Losses”), as incurred, that arise out of
or are based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or
arising out of or relating to any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or supplement thereto, in light of
the circumstances under which they were made) not misleading, or (ii) any violation or alleged violation by the Company of the Securities Act, Exchange Act or any state securities law or any rule or regulation thereunder, in connection with the
performance of its obligations under this Agreement, except to the extent, but only to the extent, that (A) such untrue statements, alleged untrue statements, omissions or alleged omissions are based solely upon information regarding such
Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities and was reviewed and
approved by such Holder expressly for use in a Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved Annex A hereto for this purpose),
(B) in the case of an occurrence of an event of the type specified in Section 3(c)(iii)-(v), related to the use by a Holder of an outdated or defective Prospectus after the Company has notified such Holder in writing that the
Prospectus is outdated or defective and prior to the receipt by such Holder of the Advice contemplated and defined in Section 6(e) below, but only if and to the extent that following the receipt of the Advice the misstatement or omission
giving rise to such Loss would have been corrected or (C) any such Losses arise out of the Purchaser’s (or any other indemnified Person’s) failure to send or give a copy of the Prospectus or supplement (as then amended or
supplemented) to the Persons asserting an untrue statement or alleged untrue statement or alleged untrue statement or omission or alleged omission at or prior to the written confirmation of the sale of Registrable Securities to such Person if such
statement or omission was corrected in such Prospectus or supplement. 

  

 10 

 
The Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding arising from or in connection with the transactions
contemplated by this Agreement of which the Company is aware. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an Indemnified Party (as defined in Section 5(c)) and shall
survive the transfer of the Registrable Securities by the Holders. 
 (b) Indemnification by Holders. Each Holder
shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the
Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted by applicable law, from and against all Losses, as incurred, arising out of or are based upon (x) such Holder’s
failure to comply with the prospectus delivery requirements of the Securities Act or (y) any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus, or any form of prospectus, or in any
amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any
Prospectus, or any form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading (i) to the extent, but only to the extent, that such untrue statements or omissions are based solely upon
information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein or (ii) to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of
Registrable Securities and was reviewed and approved by such Holder expressly for use in a Registration Statement (it being understood that the Holder has approved Annex A hereto for this purpose), such Prospectus or such form of Prospectus
or in any amendment or supplement thereto or (iii) in the case of an occurrence of an event of the type specified in Section 3(c)(iii)-(v), to the extent related to the use by such Holder of an outdated or defective Prospectus after
the Company has notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of the Advice contemplated in Section 6(e). In no event shall the liability of any selling Holder
hereunder be greater in amount than the dollar amount of the net proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. 
 (c) Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity
hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall have the right to
assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all reasonable fees and expenses incurred in connection with defense thereof; provided, that the failure of
any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a court of competent jurisdiction
(which determination is not subject to appeal or further review) that such failure shall have materially and adversely prejudiced the Indemnifying Party. 
 An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such
Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to assume the defense of such Proceeding and to employ counsel
reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party, and such Indemnified
Party shall have been advised by counsel that a conflict of interest exists if the same counsel were to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing
that it elects to employ separate counsel at the expense of the Indemnifying 

  

 11 

 
Party, the Indemnifying Party shall not have the right to assume the defense thereof and such counsel shall be at the expense of the Indemnifying Party);
provided, that the Indemnifying Party shall not be liable for the fees and expenses of more than one separate firm of attorneys at any time for all Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any such
Proceeding effected without its written consent, which consent shall not be unreasonably withheld, delayed or conditioned. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending
Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding. 
 Subject to the terms of this Agreement, all fees and expenses of the Indemnified Party (including reasonable fees and expenses to the
extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within twenty Trading Days of written notice thereof to the
Indemnifying Party; provided, that the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses applicable to such actions for which such Indemnified Party is finally judicially determined
to not be entitled to indemnification hereunder). The failure to deliver written notice to the Indemnifying Party within a reasonable time of the commencement of any such action shall not relieve such Indemnifying Party of any liability to the
Indemnified Party under this Section 5, except to the extent that the Indemnifying Party is materially and adversely prejudiced in its ability to defend such action. 
 (d) Contribution. If the indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party or insufficient to
hold an Indemnified Party harmless for any Losses, then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses, in such proportion
as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative
fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of a
material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action,
statement or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in this Agreement, any reasonable attorneys’ or other reasonable fees or expenses incurred
by such party in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party in accordance with its terms. 

The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by
pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 5(d), no Holder shall be
required to contribute, in the aggregate, any amount in excess of the amount by which the net proceeds actually received by such Holder from the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such
Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
  

 12 

 The indemnity and contribution agreements contained in this Section are in addition to
any liability that the Indemnifying Parties may have to the Indemnified Parties and are not in dimunition or limitation of the indemnification provisions under the Purchase Agreement. 
 6. Miscellaneous. 
 (a) Remedies. In the event of a breach by the Company or by a Holder of any of their obligations under this Agreement, each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by
law and under this Agreement, including recovery of damages, will be entitled to specific performance of its rights under this Agreement. The Company and each Holder agree that monetary damages would not provide adequate compensation for any losses
incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be
adequate. 
 (b) No Piggyback on Registrations. Except and to the extent specified in Schedule 3.1(y) to the
Purchase Agreement, neither the Company nor any of its security holders (other than the Holders in such capacity pursuant hereto) may include securities of the Company in a Registration Statement other than the Registrable Securities and the Company
shall not prior to the Effective Date enter into any agreement providing any such right to any of its security holders. The Company shall not, from the date hereof until the date that is 60 days after the Effective Date of the Registration
Statement, prepare and file with the Commission a registration statement relating to an offering for its own account under the Securities Act of any of its equity securities other than a registration statement on Form S-8 or, in connection with an
acquisition, on Form S-4. For the avoidance of doubt, the Company shall not be prohibited from preparing and filing with the Commission a registration statement relating to an offering of Common Stock by existing stockholders of the Company under
the Securities Act pursuant to the terms of registration rights held by such stockholder or from filing amendments to registration statements filed prior to the date of this Agreement. 
 (c) Compliance. Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities
Act as applicable to it in connection with sales of Registrable Securities pursuant to a Registration Statement and shall sell the Registrable Securities only in accordance with a method of distribution described in the Registration Statement

 (d) Discontinued Disposition. By its acquisition of Registrable Securities, each Holder agrees that, upon receipt of
a notice from the Company of the occurrence of any event of the kind described in Section 3(c)(iii)-(v), such Holder will forthwith discontinue disposition of such Registrable Securities under a Registration Statement until it is advised
in writing (the “Advice”) by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company may provide appropriate stop orders to enforce the provisions of this
paragraph. 
 (e) No Inconsistent Agreements. Neither the Company nor any of its Subsidiaries has entered, as of the
date hereof, nor shall the company or any of its Subsidiaries, on or after the date hereof, enter into any agreement with respect to its securities, that would have the effect of impairing the rights granted to the Holders in this Agreement or
otherwise conflicts with the provisions hereof. 
 (f) Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or supplemented, or waived unless the same shall be in writing and signed by the Company and Holders holding a majority of the then outstanding Registrable Securities.
Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders and that does not directly 

  

 13 

 
or indirectly affect the rights of other Holders may be given by Holders of all of the Registrable Securities to which such waiver or consent relates;
provided, however, that the provisions of this sentence may not be amended, modified, or supplemented except in accordance with the provisions of the immediately preceding sentence. 
 (g) Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be
delivered as set forth in the Purchase Agreement. 
 (h) Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors and permitted assigns of each of the parties and shall inure to the benefit of each Holder. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties
hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. The Company may not assign its rights (except by merger or in
connection with another entity acquiring all or substantially all of the Company’s assets) or obligations hereunder without the prior written consent of all the Holders of the then outstanding Registrable Securities. Each Holder may assign its
respective rights hereunder in the manner and to the Persons as permitted under the Purchase Agreement; provided in each case that (i) the Holder agrees in writing with the transferee or assignee to assign such rights and related obligations
under this Agreement, and for the transferee or assignee to assume such obligations, and a copy of such agreement is furnished to the Company within a reasonable time after such assignment, (ii) the Company is, within a reasonable time after
such transfer or assignment, furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being transferred or assigned, (iii) at or before the time
the Company received the written notice contemplated by clause (ii) of this sentence, the transferee or assignee agrees in writing with the Company to be bound by all of the provisions contained herein and (iv) the transferee is an
“accredited investor,” as that term is defined in Rule 501 of Regulation D. 
 (i) Execution and
Counterparts. This Agreement may be executed in two or more counterparts, each of which when so executed shall be deemed to be an original and, all of which taken together shall constitute one and the same Agreement and shall become effective
when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery
of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf”
signature were the original thereof. 
 (j) Governing Law. All questions concerning the construction, validity,
enforcement and interpretation of this Agreement shall be determined in accordance with the provisions of the Purchase Agreement. 
 (k) Cumulative Remedies. The remedies provided herein are cumulative and not exclusive of any other remedies provided by law. 
 (l) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms,
provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their good faith reasonable efforts to find and employ an
alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the
remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
  

 14 

 (m) Headings. The headings in this Agreement are for convenience only and shall
not limit or otherwise affect the meaning hereof. 
 (n) Independent Nature of Purchasers’ Obligations and Rights.
The obligations of each Purchaser under this Agreement are several and not joint with the obligations of any other Purchaser hereunder, and no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser
hereunder. The decision of each Purchaser to purchase the Shares and Warrants pursuant to the Transaction Documents has been made independently of any other Purchaser. Nothing contained herein or in any other agreement or document delivered at any
closing, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in
any way acting in concert with respect to such obligations or the transactions contemplated by this Agreement. Each Purchaser acknowledges that no other Purchaser has acted as agent for such Purchaser in connection with making its investment
hereunder and that no Purchaser will be acting as agent of such Purchaser in connection with monitoring its investment in the Shares and Warrants or enforcing its rights under the Transaction Documents. Each Purchaser shall be entitled to protect
and enforce its rights, including, without limitation, the rights arising out of this Agreement, and it shall not be necessary for any other Purchaser to be joined as an additional party in any Proceeding for such purpose. The Company acknowledges
that each of the Purchasers has been provided with the same Registration Rights Agreement for the purpose of closing a transaction with multiple Purchasers and not because it was required or requested to do so by any Purchaser. 
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 15 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first
written above. 
  

					
	TITAN PHARMACEUTICALS, INC.
		
	By:	 	/s/ Robert E. Farrell
		 	Name:	 	Robert E. Farrell
		 	Title:	 	EVP & CFO

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK, 
 SIGNATURE PAGES OF HOLDERS TO FOLLOW] 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first
written above. 
  

			
	NAME OF INVESTING ENTITY
	
	 
	
	AUTHORIZED SIGNATORY
		
	By:	 	 
		 	Name:
		 	Title:
	
	ADDRESS FOR NOTICE
		
	c/o:	 	 

			
		
	Street:	 	 

			
		
	City/State/Zip:	 	 

			
		
	Attention:	 	 

			
		
	Tel:	 	 

			
		
	Fax:	 	 

			
		
	Email:	 	 

 Annex A 
 PLAN OF DISTRIBUTION 
 We are registering the shares of Common Stock issued to the selling
stockholders and issuable upon exercise of the warrants issued to the selling stockholders to permit the resale of these shares of Common Stock by the holders of the shares of Common Stock and warrants from time to time after the date of this
prospectus. We will not receive any of the proceeds from the sale by the selling stockholders of the shares of Common Stock. We will bear all fees and expenses incident to our obligation to register the shares of Common Stock. 
 The selling stockholders may sell all or a portion of the shares of Common Stock beneficially owned by them and offered hereby from time to time directly
or through one or more underwriters, broker-dealers or agents. If the shares of Common Stock are sold through underwriters or broker-dealers, the selling stockholders will be responsible for underwriting discounts or commissions or agent’s
commissions. The shares of Common Stock may be sold on any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale, in the over-the-counter market or in transactions otherwise than on
these exchanges or systems or in the over-the-counter market and in one or more transactions at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales
may be effected in transactions, which may involve crosses or block transactions. The selling stockholders may use any one or more of the following methods when selling shares: 
  

	 	•	 	 ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; 

  

	 	•	 	 block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the
transaction; 

  

	 	•	 	 purchases by a broker-dealer as principal and resale by the broker-dealer for its account; 

  

	 	•	 	 an exchange distribution in accordance with the rules of the applicable exchange; 

  

	 	•	 	 privately negotiated transactions; 

  

	 	•	 	 settlement of short sales entered into after the effective date of the registration statement of which this prospectus is a part; 

  

	 	•	 	 broker-dealers may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per share; 

  

	 	•	 	 through the writing or settlement of options or other hedging transactions, whether such options are listed on an options exchange or otherwise;

  

	 	•	 	 a combination of any such methods of sale; and 

  

	 	•	 	 any other method permitted pursuant to applicable law. 

 The selling stockholders also may resell all or a portion of the shares in open market transactions in reliance upon Rule 144 under the Securities Act, as permitted by that rule, or Section 4(1) under the
Securities Act, if available, rather than under this prospectus, provided that they meet the criteria and conform to the requirements of those provisions. 

 Broker-dealers engaged by the selling stockholders may arrange for other broker-dealers to participate in
sales. If the selling stockholders effect such transactions by selling shares of Common Stock to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may receive commissions in the form of discounts,
concessions or commissions from the selling stockholders or commissions from purchasers of the shares of Common Stock for whom they may act as agent or to whom they may sell as principal. Such commissions will be in amounts to be negotiated, but,
except as set forth in a supplement to this Prospectus, in the case of an agency transaction will not be in excess of a customary brokerage commission in compliance with FINRA Rule 2440; and in the case of a principal transaction a markup or
markdown in compliance with FINRA IM-2440. 
 In connection with sales of the shares of Common Stock or otherwise, the selling stockholders
may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the shares of Common Stock in the course of hedging in positions they assume. The selling stockholders may also sell
shares of Common Stock short and if such short sale shall take place after the date that this Registration Statement is declared effective by the Commission, the selling stockholders may deliver shares of Common Stock covered by this prospectus to
close out short positions and to return borrowed shares in connection with such short sales. The selling stockholders may also loan or pledge shares of Common Stock to broker-dealers that in turn may sell such shares, to the extent permitted by
applicable law. The selling stockholders may also enter into option or other transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to such broker-dealer or
other financial institution of shares offered by this prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction). Notwithstanding the
foregoing, the selling stockholders have been advised that they may not use shares registered on this registration statement to cover short sales of our common stock made prior to the date the registration statement, of which this prospectus forms a
part, has been declared effective by the SEC. 
 The selling stockholders may, from time to time, pledge or grant a security interest in some
or all of the warrants or shares of Common Stock owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares of Common Stock from time to time pursuant to this
prospectus or any amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act of 1933, as amended, amending, if necessary, the list of selling stockholders to include the pledgee, transferee or other
successors in interest as selling stockholders under this prospectus. The selling stockholders also may transfer and donate the shares of Common Stock in other circumstances in which case the transferees, donees, pledgees or other successors in
interest will be the selling beneficial owners for purposes of this prospectus. 
 The selling stockholders and any broker-dealer or agents
participating in the distribution of the shares of Common Stock may be deemed to be “underwriters” within the meaning of Section 2(11) of the Securities Act in connection with such sales. In such event, any commissions paid, or any
discounts or concessions allowed to, any such broker-dealer or agent and any profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. Selling Stockholders who are
“underwriters” within the meaning of Section 2(11) of the Securities Act will be subject to the prospectus delivery requirements of the Securities Act and may be subject to certain statutory liabilities of, including but not limited
to, Sections 11, 12 and 17 of the Securities Act and Rule 10b-5 under the Securities Exchange Act of 1934, as amended, or the Exchange Act. 

 Each selling stockholder has informed the Company that it is not a registered broker-dealer and does not
have any written or oral agreement or understanding, directly or indirectly, with any person to distribute the Common Stock. Upon the Company being notified in writing by a selling stockholder that any material arrangement has been entered into with
a broker-dealer for the sale of common stock through a block trade, special offering, exchange distribution or secondary distribution or a purchase by a broker or dealer, a supplement to this prospectus will be filed, if required, pursuant to Rule
424(b) under the Securities Act, disclosing (i) the name of each such selling stockholder and of the participating broker-dealer(s), (ii) the number of shares involved, (iii) the price at which such the shares of Common Stock were
sold, (iv) the commissions paid or discounts or concessions allowed to such broker-dealer(s), where applicable, (v) that such broker-dealer(s) did not conduct any investigation to verify the information set out or incorporated by reference
in this prospectus, and (vi) other facts material to the transaction. In no event shall any broker-dealer receive fees, commissions and markups, which, in the aggregate, would exceed eight percent (8%). 
 Under the securities laws of some states, the shares of Common Stock may be sold in such states only through registered or licensed brokers or dealers.
In addition, in some states the shares of Common Stock may not be sold unless such shares have been registered or qualified for sale in such state or an exemption from registration or qualification is available and is complied with. 
 There can be no assurance that any selling stockholder will sell any or all of the shares of Common Stock registered pursuant to the shelf registration
statement, of which this prospectus forms a part. 
 Each selling stockholder and any other person participating in such distribution will be
subject to applicable provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, including, without limitation, Regulation M of the Exchange Act, which may limit the timing of purchases and sales of any
of the shares of Common Stock by the selling stockholder and any other participating person. Regulation M may also restrict the ability of any person engaged in the distribution of the shares of Common Stock to engage in market-making activities
with respect to the shares of Common Stock. All of the foregoing may affect the marketability of the shares of Common Stock and the ability of any person or entity to engage in market-making activities with respect to the shares of Common Stock.

 We will pay all expenses of the registration of the shares of Common Stock pursuant to the registration rights agreement, including,
without limitation, Securities and Exchange Commission filing fees and expenses of compliance with state securities or “blue sky” laws; provided, however, that each selling stockholder will pay all underwriting discounts and
selling commissions, if any and any related legal expenses incurred by it. We will indemnify the selling stockholders against certain liabilities, including some liabilities under the Securities Act, in accordance with the registration rights
agreements, or the selling stockholders will be entitled to contribution. We may be indemnified by the selling stockholders against civil liabilities, including liabilities under the Securities Act, that may arise from any written information
furnished to us by the selling stockholders specifically for use in this prospectus, in accordance with the related registration rights agreements, or we may be entitled to contribution. 

 Annex B 
 TITAN PHARMACEUTICALS, INC. 
 SELLING STOCKHOLDER NOTICE AND QUESTIONNAIRE 
 The undersigned holder of shares of the common stock, par value $0.001 per share of Titan Pharmaceuticals, Inc. (the “Company”) issued
pursuant to a certain Securities Purchase Agreement by and among the Company and the Purchasers named therein, dated as of December 17, 2007 (the “Agreement”, understands that the Company intends to file with the Securities and
Exchange Commission a registration statement on Form S-3 (the “Resale Registration Statement”) for the registration and the resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), of
the Registrable Securities in accordance with the terms of the Agreement. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Agreement. 
 In order to sell or otherwise dispose of any Registrable Securities pursuant to the Resale Registration Statement, a holder of Registrable Securities
generally will be required to be named as a selling stockholder in the related prospectus or a supplement thereto (as so supplemented, the “Prospectus”), deliver the Prospectus to purchasers of Registrable Securities (including
pursuant to Rule 172 under the Securities Act) and be bound by the provisions of the Agreement (including certain indemnification provisions, as described below). Holders must complete and deliver this Notice and Questionnaire in order to be named
as selling stockholders in the Prospectus. Holders of Registrable Securities who do not complete, execute and return this Notice and Questionnaire within five (5)Trading Days following the date of the Agreement (1) will not be named as
selling stockholders in the Resale Registration Statement or the Prospectus and (2) may not use the Prospectus for resales of Registrable Securities.  
 Certain legal consequences arise from being named as a selling stockholder in the Resale Registration Statement and the Prospectus. Holders of Registrable Securities are advised to consult their own securities law
counsel regarding the consequences of being named or not named as a selling stockholder in the Resale Registration Statement and the Prospectus. 
 NOTICE 
 The undersigned holder (the “Selling Stockholder”) of Registrable Securities hereby gives notice
to the Company of its intention to sell or otherwise dispose of Registrable Securities owned by it and listed below in Item (3), unless otherwise specified in Item (3), pursuant to the Resale Registration Statement. The undersigned, by signing and
returning this Notice and Questionnaire, understands and agrees that it will be bound by the terms and conditions of this Notice and Questionnaire and the Agreement. 
 The undersigned hereby provides the following information to the Company and represents and warrants that such information is accurate and complete: 
 QUESTIONNAIRE 
  

	1.	Name. 

  

	 	(a)	Full Legal Name of Selling Stockholder: 

  

	 	    	__________________________________________________________________________________ 

	 	(b)	Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities Listed in Item 3 below are held: 

  

	 	    	__________________________________________________________________________________ 

  

	 	(c)	Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by the
questionnaire): 

  

	 	    	__________________________________________________________________________________ 

  

	2.	Address for Notices to Selling Stockholder: 

  

			
	 	 	 
	 	 	 
	 	 	 

			
	 Telephone:
	 	 

			
	 Fax:
	 	 

			
	 Contact Person:
	 	 

			
	 E-mail address of Contact Person:
	 	 

  

	3.	Beneficial Ownership of Registrable Securities Issuable Pursuant to the Purchase Agreement: 

  

	 	(a)	Type and Number of Registrable Securities beneficially owned and issued pursuant to the Agreement: 

  

	 	    	__________________________________________________________________________________ 

	 	    	__________________________________________________________________________________ 

	 	    	__________________________________________________________________________________ 

  

	 	(b)	Number of shares of Common Stock to be registered pursuant to this Notice for resale: 

  

	 	    	__________________________________________________________________________________ 

	 	    	__________________________________________________________________________________ 

	 	    	__________________________________________________________________________________ 

  

	4.	Broker-Dealer Status: 

  

	 	(a)	Are you a broker-dealer? 

 Yes   ̈             No   ̈ 
  

	 	(b)	If “yes” to Section 4(a), did you receive your Registrable Securities as compensation for investment banking services to the Company? 

 Yes   ̈             No   ̈ 

	Note: 	If no, the Commission’s staff has indicated that you should be identified as an underwriter in the Registration Statement. 

  

	 	(c)	Are you an affiliate of a broker-dealer? 

 Yes  
 ̈             No   ̈ 
  

	 	Note: 	If yes, provide a narrative explanation below: 

	 	    	__________________________________________________________________________________ 

	 	    	__________________________________________________________________________________ 

  

	 	(c)	If you are an affiliate of a broker-dealer, do you certify that you bought the Registrable Securities in the ordinary course of business, and at the time of the purchase of the
Registrable Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable Securities? 

 Yes   ̈            
No   ̈ 
  

	 	Note: 	If no, the Commission’s staff has indicated that you should be identified as an underwriter in the Registration Statement. 

  

	5.	Beneficial Ownership of Other Securities of the Company Owned by the Selling Stockholder. 

 Except as set forth below in this Item 5, the undersigned is not the beneficial or registered owner of any securities of the Company other than
the Registrable Securities listed above in Item 3. 
 Type and amount of other securities beneficially owned: 

	    	__________________________________________________________________________________ 

  

	    	__________________________________________________________________________________ 

  

	6.	Relationships with the Company: 

 Except as set
forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the equity securities of the undersigned) has held any position or office or has had any other material
relationship with the Company (or its predecessors or affiliates) during the past three years. 
 State any exceptions here: 

 

	    	__________________________________________________________________________________ 

	    	__________________________________________________________________________________ 

	7.	Plan of Distribution: 

 The undersigned has
reviewed the form of Plan of Distribution attached as Annex A to the Registration Rights Agreement, and hereby confirms that, except as set forth below, the information contained therein regarding the undersigned and its plan of distribution is
correct and complete. 
 State any exceptions here: 
  

	    	__________________________________________________________________________________ 

	    	__________________________________________________________________________________ 

 *********** 
 The undersigned agrees to promptly notify the Company of any inaccuracies or changes in the information
provided herein that may occur subsequent to the date hereof and prior to the effective date of any applicable Resale Registration Statement. All notices hereunder and pursuant to the Agreement shall be made in writing, by hand delivery, confirmed
or facsimile transmission, first-class mail or air courier guaranteeing overnight delivery at the address set forth below. In the absence of any such notification, the Company shall be entitled to continue to rely on the accuracy of the information
in this Notice and Questionnaire. 
 By signing below, the undersigned consents to the disclosure of the information contained herein in its answers to Items
(1) through (7) above and the inclusion of such information in the Resale Registration Statement and the Prospectus. The undersigned understands that such information will be relied upon by the Company in connection with the preparation or
amendment of any such Registration Statement and the Prospectus. 
 By signing below, the undersigned acknowledges that it understands its obligation to
comply, and agrees that it will comply, with the provisions of the Exchange Act and the rules and regulations thereunder, particularly Regulation M in connection with any offering of Registrable Securities pursuant to the Resale Registration
Statement. The undersigned also acknowledges that it understands that the answers to this Questionnaire are furnished for use in connection with Registration Statements filed pursuant to the Registration Rights Agreement and any amendments or
supplements thereto filed with the Commission pursuant to the Securities Act. 
 The undersigned hereby acknowledges and is advised of the following
Interpretation A.65 of the July 1997 SEC Manual of Publicly Available Telephone Interpretations regarding short selling: 
 “An Issuer filed a Form
S-3 registration statement for a secondary offering of common stock which is not yet effective. One of the selling stockholders wanted to do a short sale of common stock “against the box” and cover the short sale with registered shares
after the effective date. The issuer was advised that the short sale could not be made before the registration statement become effective, because the shares underlying the short sale are deemed to be sold at the time such sale is made. There would,
therefore, be a violation of Section 5 if the shares were effectively sold prior to the effective date.” 
 By returning this Questionnaire,
the undersigned will be deemed to be aware of the foregoing interpretation. 
 I confirm that, to the best of my knowledge and belief, the foregoing
statements (including without limitation the answers to this Questionnaire) are correct. 

 IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Questionnaire to be executed and delivered
either in person or by its duly authorized agent. 
  

									
	Dated:
                                        
    	 		 	Beneficial Owner:
                                        
                            
					
		 		 		 	By:	 	 
		 		 		 		 	Name:
		 		 		 		 	Title:

 PLEASE FAX A COPY OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT
MAIL, TO: 
 Melissa Schmitt 
 Canaccord Adams Inc. 
 535 Madison Avenue 
 New York, New York 10022 
 Tel: (212) 849-3936 
 Fax: (212) 849-3938 
 Email: melissa.schmitt@canaccordadams.comStock Purchase Agreement

 Exhibit 10.1 
 STOCK PURCHASE AGREEMENT 
 This Agreement is made and entered into as of this 20th day of December, 2007 between:

 (1) UTEK EUROPE LTD incorporated and registered in England and Wales under company number 1394542 whose registered address is at Hardy House,
Northbridge Road, Berkhamsted, Hertfordshire HP4 1EF (“the Purchaser”); 
 (2) UTEK CORPORATION, incorporated and registered
Delaware, U.S.A and having its principal offices at 2109 East Palm Ave., Tampa, Florida 33605 (“UTEK”); 
 (3) PARTNERING INTELLIGENCE
LIMITED incorporated in England and Wales under company number 4303282 whose registered office is at c/o Saul Fairholm & Co, 12 Tentercroft Street, Lincoln LN5 7DB (“the Seller”); and 
 (4) BRIDGEHEAD INTERNATIONAL LIMITED incorporated in England and Wales under company number 2947704 whose registered address is at c/o Saul Fairholm &
Co, 12 Tentercroft Street, Lincoln LN5 7DB (“Bridgehead”). 
 BACKGROUND: 
  

	(A)	Pharmalicensing Limited, incorporated in England and Wales under company number 3649884 whose registered address is at 12 Tentercroft Street, Lincoln, Lincolnshire LN5 7DB
(“the Company”) is engaged, in the on line provision of drug discovery and development information relating to transactions between sellers, buyers, licensees and licensors of products and projects in the pharmaceutical
industry (hereinafter the “Business”), and the Seller is the owner of the entire issued shares in the capital of the Company; and 

  

	(B)	The Purchaser desires to acquire the entire issued share capital of the Company and the Seller desires to sell the entire issued share capital of the Company upon the terms and
subject to the conditions set forth herein. 

  

	(C)	Bridgehead has agreed to be a party to this Agreement for the purposes of giving certain warranties, undertakings and covenants, in consideration of the entry by the Purchaser and
UTEK into this Agreement. 

 DEFINITIONS 
 For the purposes of this Agreement the following expressions shall have the following meanings unless the context otherwise requires: 
 “Affiliate” means in relation to any company, any holding company or subsidiary of such company from time to time and any subsidiary from time to time of any such holding company and for the purposes
of this definition “holding company” and “subsidiary” shall have the meanings ascribed thereto by sections 736 and 736A CA 85; 
 “Agreed Documents” means this Agreement and all the agreed form documents referred to in it; 
 “agreed form”
means in a form which has been agreed by the parties and which has been duly executed or initialled for identification by them or on their behalf; 
 “Attached hereto” as a Schedule means either physically attached to this agreement or contained in the Disclosure Emails; 
 “Business Day” means any day other than a Saturday, Sunday or public holiday in England and Wales; 
 “CA 1985”
means the Companies Act 1985; 

 “Claim” a claim for breach of any of the Warranties; 
 “Completion” means completion of the sale and purchase of the Shares by the performance by the parties of their respective obligations under clause 4 of
this agreement; 
 “Consideration Shares” means 153,967 ordinary shares of common stock in UTEK to be issued credited as fully paid and free
of encumbrances and prior claims to the Seller in satisfaction of the Purchase Price; 
 “Covenantors” the Seller and Bridgehead;

 “Disclosed” any matter fairly disclosed in the Disclosure Schedule and/or in the Disclosure Emails; 
 “Disclosure Emails” the documents referred to in the Disclosure Schedules and sent under cover of emails from Gemma Adie of Matthew Arnold &
Baldwin to Tandeep Minhas of SJ Berwin on 19 December 2007 at 19.53, 19.56, 20.01 and 20.07 and on 20 December 2007 at 21.30 and listed at Annex A; 
 “Disclosure Schedule” Schedule 5 to this Agreement; 
 “DMS Contracts” the following agreements made between
Bridgehead (i) and DMS Data Systems; 
 1. Deals Datafeed Agreement dated 10 November 2004 
 2. Datafeed Agreement dated 31 March 2004 
 3. Newsfeed Agreement dated 31 March 2004 
 “FSMA” means the Financial Services & Markets Act 2000, as amended;

 “ICTA” means the Income and Corporation Taxes Act 1988 
 “ITEPA” means the Income Tax (Earnings and Pensions) Act 2003 
 “Lease” the lease dated 1st October 2003 between Mandale Investments Limited as landlord and
Bridgehead as tenant in relation to the Property; 
 “Licence” means the licence to occupy relating to the Property in the form set
out at Schedule 1; 
 “Loss” means any loss, damage, liability, fine, penalty, charge and any other cost and expense including any costs of
recovery on a full indemnity basis; 
 “Property” means the property known as Part First Floor, Marlborough House, Westminster Place, York
Business Park, Nether Poppleton, York; 
 “Purchaser’s Group” means the Purchaser and its Affiliates; 
 “Purchaser’s Solicitors” SJ Berwin LLP of 10 Queen Street Place, London EC4R 1BE 
 “Relevant Breach” any event, matter or circumstance which is inconsistent with, contrary to or otherwise a breach of any of the Warranties; 
 “Reseller Contracts” means the following contracts made with Bridgehead and the following parties: 
 Arrowhead Publishers dated 25 October 2006 
 Bharat Book Bureau dated
20 June 2006 
 BioMarket Group dated 8 May 2006 
 Biopharm Knowledge Publishing dated 28 June 2006 
 Bioportfolio Limited dated 31 January 2005 
 Cambridge Healthcare Institute dated 8 January 2006 
 Chiltern Magazine
Services Limited undated 

 Global Information Inc. dated 28 July 2004 
 Labhoo.com dated 30 June 2006 
 LeadDiscovery Limited dated 27 June 2006 
 OKOKOK Information Consulting Co Ltd dated 10 July 2006 
 Network
Pharma Ltd dated 23 August 2004 
 Piribo Limited dated 16 March 2005 
 Total Information Inc dated 10 July 2006 
 Ubiquick SARL dated 30 May 2006 
 “Seller’s Group” the Seller and its Affiliates (but excluding the Company). 
 “Shares” means 1,000,000 issued ordinary shares of £0.01 each in the capital of the Company, being the entire issued share capital of the Company; 
 “Sub-Lease” means a sub-lease of the Property to be made between Bridgehead as lessor and the Company as lessee, under which the Company shall
(i) lease the Property for a period of one year from Completion at an annual rent of £18,700 plus VAT and (ii) be entitled to rent the Property for a further term of one year (“Further Term”) after the end of the period
stipulated in (i) and at the expiry of the Further Term shall be entitled to rent the Property for a further one year term, at the option of the Company, in both cases at an annual rent of £18,700 VAT; (iii) have an obligation to
keep in good repair as limited to no better state and condition as at the date hereof; (iv) be permitted to use the Property for the purposes of an office under Class B1 of the Town and Country Planning Act (Use Classes Order) 1987 and for the
avoidance of doubt there shall be no rent review and otherwise being on such terms as are agreed between Bridgehead and the Company 
 “Tax”
all forms of taxation and statutory, governmental, state, federal, provincial, local, government or municipal charges, duties, imposts, contributions, levies, withholdings, deductions, liabilities to account whether imposed in the UK or elsewhere in
the world; and any penalty, fine, surcharge, interest, charges or costs relating thereto, and Taxation shall have the same meaning; 
 “Taxation
Authority” means HM Revenue & Customs and any other governmental, state, federal, provincial, local governmental or municipal authority, body or other official whether of the UK or elsewhere in the world; 
 “Tax Covenant” means the indemnity contained in clause 9.1; and 
 “Warranties” means the warranties contained in clause 6. 
 1. SALE OF SHARES. Subject to and upon the terms
and conditions hereinafter contained the Seller shall sell and the Purchaser shall purchase on and with effect from Completion the Shares together with all rights attaching to them at Completion, free from all encumbrances. 
 2. PRICE AND CONSIDERATION. The purchase price to be paid by the Purchaser for the Shares is Two Million One Hundred Fifty Thousand U.S. Dollars
(U.S.$2,150,000.00) (the “Purchase Price”) which shall be satisfied by the allotment and issue by UTEK on Completion to the Seller of the Consideration Shares. 
 2.01.Lock in. The Seller undertakes that during the period of 12 months after Completion, it shall not with regard to any of the Consideration Shares: 
 (a) offer, lend, sell, deposit, contract to sell, mortgage, pledge, create liens over, charge, assign, create any other security interest or equity or
Encumbrance over, issue options, warrants or other derivative instruments in respect of, or grant any option to purchase, or otherwise dispose of, directly or indirectly, any of the Consideration Shares (or any other securities deriving from the
Consideration Shares or any interest therein or in respect thereof); 

 (b) enter into any contract for differences, swap or other arrangement which transfers to another, in
whole or in part, the economic consequences of ownership of any Consideration Share; or 
 (c) announce any intention to do, or agree to do,
any of the foregoing, whether any such transaction in (a) or (b) above is settled by delivery of Consideration Shares, other securities, cash or otherwise. 
 2.02. Securities Act Compliance; Registration; Securities Act Exemption. Seller understands that the Consideration Shares have not been and shall not be registered under the Securities Act of 1933, as amended
(the “1933 Act”) on the grounds that the issuance of the Consideration Shares is exempt from registration pursuant to Section 4(2) of the 1933 Act and that the reliance of UTEK on such exemptions is predicated in part on Seller’s
representations, warranties, covenants and acknowledgments set forth in this Section. Seller acknowledges that: (A) UTEK has made no assurances that a public market in the Consideration Shares will continue to exist, (B) the Consideration
Shares are a highly speculative investment involving a high degree of risk, ( C) they are able, without impairing their financial condition, to hold the Consideration Shares for an indefinite period of time and suffer the complete loss thereof, and
(D) the Consideration Shares shall be held at least one year plus one day after the shares have been issued and (E) sales of Consideration Shares made one year plus one day after the shares have been issued may be subject to restrictions
pursuant to Rule 144 under the 1933 Act, including that sales may be made only in limited amounts and in accordance with the terms and conditions of that rule and other applicable provisions of the 1933 Act. All of the Consideration Shares shall
bear a restrictive legend in substantially the following form, (and the legend shall also make reference to the restriction described in clause 2.01 of this Agreement): 
 “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “1933 ACT”) AND MAY ONLY BE SOLD OR OTHERWISE TRANSFERRED IF THE HOLDER HEREOF COMPLIES WITH THE 1933
ACT AND APPLICABLE SECURITIES LAWS” 
 2A INDEMNITIES AND POST-COMPLETION OBLIGATIONS 
 2A.01 Dismissal 
 (a) Subject to compliance
by the Purchaser and the Company with clause 2A.1(b), the Covenantors undertake to indemnify, and to keep indemnified, the Purchaser and the Company against any and all losses or liabilities (including all Tax and national insurance contributions),
damages, claims, demands, proceedings, costs, expenses, penalties, legal and other professional fees and costs) which may be suffered or incurred by any of them and which relate to or arise out of or in connection with (or is alleged to do so) the
dismissal of Sarah Hunter and Tim Everson following Completion up to an aggregate maximum of £8,500 (“Dismissal”). 
 (b) The Purchaser and the Company shall (i) consult with the Covenantors in relation to negotiating and implementing the Dismissal prior to any decision or conclusion being reached by the Company or the Purchaser (ii) keep the
Covenantors promptly appraised in relation thereto (iii) fairly consider any reasonable representations and requests the Covenantors may make in relation thereto (iv) take such action as the Covenantors may reasonably request to avoid or
minimise any payment on the part of the Purchaser and/or the Company and in respect of which the Covenantors has provided the indemnity referred to in clause 2A.1(a) and (iv) on the written request of the Covenantors, allow the Covenantors the
sole conduct of any legal proceedings of whatsoever nature arising out of the Dismissal save in 

 
circumstances where the Purchaser or the Company reasonably considers that such proceedings may have an adverse impact on its or their reputation, in which
case the parties will co-operate in good faith in the conduct of such proceedings. For this purpose, the Purchaser and/or the Company (as required) shall give or procure to be given to the Covenantors such assistance as the Covenantors may
reasonably request. For the avoidance of doubt, any breach by the Purchaser or the Company of this clause 2A.1(b) shall not prevent the Purchaser and/or the Company from claiming under clause 2A.1(a) but shall go to the quantum of any such claim.

 2A.02 LICENCE 
 In relation
to the Property, the provisions of Schedule 1 shall apply. 
 3. POSITION PENDING COMPLETION. The Covenantors hereby covenant with and
undertake to the Purchaser to comply or procure compliance with the provisions of Schedule 3 (Position pending Completion) during the period between the date hereof and Completion. 
 4 COMPLETION 
 4.01 Subject to clause 4.4, completion shall take place on 3rd January 2008 at the offices of the Purchaser’s
Solicitors (or any other location agreed upon by the Covenantors and the Purchaser). 
 4.02 At Completion, the Covenantors shall
deliver or cause to be delivered to the Purchaser the items listed in Schedule. 
 4.03 Immediately following satisfaction of the
Covenantors’ obligations pursuant to clause 4.2 or the Purchaser electing in the terms of clause 4.04(c), UTEK shall procure the issue to the Seller of the Consideration Shares. 
 4.04 If for any reason the provisions of clause 4.2 are not fully complied with, the Purchaser shall not be obliged to complete the sale and purchase of
the Shares and shall be entitled (in addition to and without prejudice to any other right or remedy available to it, including the right to claim damages) to elect: 
 (a) to rescind this Agreement, without liability on the part of the Purchaser; or 
 (b) to defer the date
for Completion (in which case the provisions of this clause 4.4 shall apply to Completion as so deferred); or 
 (c) to proceed to
Completion so far as practicable without prejudice to its rights under this Agreement, the Covenantors then being obliged to use its best endeavours to perform or procure the performance of any of the outstanding provisions of clause 4.2.

 5 RIGHT TO TERMINATE 
 5.01
If at any time prior to Completion the Purchaser becomes aware of: 
 (a) any fact, matter or event, which constitutes a material breach of a
Warranty; and/or 
 (b) any fact, matter or event, which constitutes a material breach of any of the Covenantors’ undertakings
contained in this Agreement; and/or 
 (c) any change in national or international financial, economic or market conditions (including any
major negative change in stock market conditions) which, in the reasonable opinion of the Purchaser, is likely to materially and adversely affect the financial position, the business or the prospects of the Company taken as a whole, 

 
the Purchaser shall be entitled (in addition to and without prejudice to all other rights or remedies available to it including the right to claim damages)
to proceed to Completion so far as practicable or, by notice in writing to the Seller, to elect to terminate this Agreement without any liability whatsoever to the Purchaser. 
 5.02 Any right of termination exercised pursuant to clause 5.1 shall automatically terminate this Agreement (other than clauses 5, 6, 6A, 12 and 14 to
24 which shall continue in full force and effect) and no party shall have any claim of any nature whatsoever against the other parties under this Agreement save in respect of any rights and liabilities of any party which have accrued prior to the
Agreement terminating or in relation to the clauses of this Agreement which remain in force. 
 5.03 Subject to clause 5.04, any right of
termination conferred upon the Purchaser by this Agreement shall be in addition to and without prejudice to all other rights and remedies available to the Purchaser and no exercise of or failure to exercise such a right of termination shall
constitute a waiver by the Purchaser of any such other right or remedy. 
 5.04 In the event that the Purchaser becomes aware of a material
breach of a Warranty or a fact, matter of event which constitutes a material breach of any of the Covenantors’ undertakings contained in this Agreement and nevertheless decides to proceed to Completion as it is entitled to pursuant to clause
5.1, then the Purchaser shall be deemed irrevocably to have waived all and any claim of whatever nature that it may have against the Covenantors in relation to any such breach or breaches. 
 6. WARRANTIES. In consideration of the Purchaser entering into this agreement the Seller and Bridgehead jointly and severally warrant to the
Purchaser: 
 6.01. Organization and Good Standing of the Company. The Company is duly incorporated under the laws of England.

 6.02. Authority. 
 (a)
Subject to any consents required under clause 6.07 below, the Seller has the full legal right, power and authority to dispose of the Shares; and this Agreement has been duly and validly executed and delivered on behalf of Seller and Bridgehead and
constitutes a valid and binding obligations of the Seller and Bridgehead. 
 (b) Organization. The Seller and Bridgehead are
corporations duly organized, validly existing and in good standing under the laws of the United Kingdom. The Seller and Bridgehead each have the corporate power to carry on its business as now being conducted, and to enter into and perform the terms
and provisions of this Agreement; 
 (c) Authorization. The execution and delivery of this Agreement and the consummation of the
transactions contemplated herein have been duly and validly approved and acknowledged by all necessary corporate action on the part of the Seller and Bridgehead. 
 (d) No Conflict or Violation. The execution and delivery of this Agreement and the compliance with the provisions and terms of this Agreement, are not prohibited by the Articles of Association of either the Seller or
Bridgehead and will not violate, conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, any court order, indenture, mortgage, loan agreement, or other agreement or instrument to which the either the
Seller or Bridgehead is a party or by which it is bound. 
 (e) The Shares shall be sold free from any option, trust, power of sale, title
retention, pre-emption right, right of first refusal, security interest or other right, claim or interest, whether legal or equitable, of any third party (or an agreement to commit any of them) (“Encumbrance”). 

 6.03 . Shares. 
 (a) The Shares constitute the whole of the allotted and issued share capital of the Company and are fully paid. 
 (b) The Seller is the legal and beneficial owner of all the Shares free and clear of any liens, pledges, encumbrances, charges, claims or restrictions of any kind, and has the absolute, unilateral right, power, authority and capacity to
enter into and perform this Agreement without any other or further authorization, action or proceeding, except as specified herein. 
 (c)
There are no authorized or outstanding subscriptions, options, warrants, calls, contracts, demands, commitments, convertible securities or other agreements or arrangements of any character or nature whatever under which any Seller or the Company are
or may become obligated to issue, assign or transfer any shares in the capital of the Company. 
 6.04. The information contained or
referred to in the Background and the Schedules to this Agreement is true and accurate. 
 6.05. Minute Books. The minute books of
the Company each contain true, correct and complete minutes and records of all meetings and proceedings of the Company. 
 6.06.
Subsidiaries and Affiliates. The Company has no subsidiaries and there are no businesses, entities, enterprises and organizations in which the Company has any ownership, voting or profit and loss sharing percentage interest and: 

(i) the Company has made no advances to, or investments in, nor owns beneficially or legally, any securities in, any business, entity, enterprise or organization; and

 (ii) there are no rights, privileges or advantages now enjoyed by the Company as a direct result of the ownership of the Company by the Seller which,
to the knowledge of the Seller, might be lost as a result of a disposal by the Seller of the Shares. 
 6.07. All written replies to
pre-contractual enquires raised by or on behalf of the Purchaser and contained in the Disclosure Emails are true, complete and accurate in all material respects. 
 6.08. Financial Statements. Disclosed are true and complete copies of the Company’s audited accounts (“Accounts”) (as defined in section 262 of the Companies Act 1985 (“CA
1985”) for the year ended 31 December 2006 (“Accounts Date”). The Accounts have been prepared in accordance with the relevant accountancy standards and generally accepted accounting principles consistently applied by
the Company for the preceding three financial years. The Accounts are complete and correct in all material respects and show a true and fair view of the financial condition and the results of operations of the Company over the period covered by the
Accounts. The Disclosed management accounts of the Company dated 30 November 2007 (“Management Accounts”) including the notes thereto, are true and complete copies and have been prepared on consistent basis with the management
accounts of the Company prepared for the last 12 months. The Management Accounts fairly present the financial the results of operations of the Company over the period for which they were prepared. 
 6.09. Records and Books of Account. The records and books of account of the Company reflect all material items of income and expense and all
material assets, liabilities and accruals, and have been regularly kept and maintained. 
 6.10. Absence of Undisclosed Liabilities.
Except as and to the reflected or reserved in the Accounts or the Management Accounts or as Disclosed there are no liabilities or obligations of the Company of any kind whatsoever, whether accrued, fixed, absolute, contingent, determined or
determinable, and including without limitation: 
 (i) liabilities to former, retired or active employees of the Company under any pension, health and
welfare benefit plan, vacation plan or other plan of the Company; 

 (ii) tax liabilities incurred in respect of or measured by income for any period prior to the close of business on
the Balance Sheet Date, or arising out of transactions entered into, or any state of facts existing, on or prior to said date; and 
 (iii) contingent
liabilities in the nature of an endorsement, guarantee, indemnity or warranty, and there is no condition, situation or circumstance existing or which has existed that could reasonably be expected to result in any liability of the Company, other than
liabilities and contingent liabilities incurred in the ordinary course of business since the Balance Sheet Date consistent with the Company’s recent customary business practice, none of which is materially adverse to the Company. 
 6.11. Tax Matters. Except as Disclosed, full provision or reserve has been made in the Accounts for all Taxation liable to be assessed on the Company or for which
it is or may become accountable in respect of the period ended on the Accounts Date and the Accounts are sufficient and make proper provision for deferred Taxation, in each case, for all the preceding six accounting periods ended on or before the
Accounts Date. 
 The Company’s tax computation returns for three years preceding Completion are Disclosed. Except as Disclosed : (i) the Company
has filed punctually with the relevant Taxation Authority when due all returns, declarations and reports and information returns and statements in respect of any Taxation required to be filed by or with respect to it on or before the date hereof for
the preceding seven years (collectively, “Returns”) and all such Returns are accurate and complete in all material respects and have been made on a proper and consistent basis; (ii) all deficiencies in the Returns identified and
notified to the Company by the Taxation Authority have been paid and/or settled; (iii) the Returns which have not been examined by the Taxation Authority and for which the statute of limitations remains open were either prepared consistently
with the Returns which have been examined or for which the statute of limitations has expired, or adequate provision has been made therefor in the Accounts; (iii) the Company has duly and punctually paid all Taxation which it ought to have paid
and the Company has not in the last six years been liable to any penalty, interest, supplement, fine, default, surcharge or other similar payment in connection with any Taxation; (iv) the Company is not delinquent in the payment of any Taxation
and has not requested any extension of time within which to file or send any Return, which Return has not since been filed or sent; and (v) no deficiency for any Taxation has been proposed, asserted or assessed against the Company for which the
Company could be liable and so far as the Seller and Bridgehead are aware there is no fact or circumstance which might give rise to such deficiency. 
 6.12 NOT USED 
 6.13 The Disclosure Schedules contains details of any dispensation or other special
arrangement relating to Taxation which have been granted to the Company by any Taxation Authority or have been made between the Company and any Taxation Authority and which are currently in force or otherwise relied upon. 
 6.14 So far as the Seller and Bridgehead are aware, there is no liability to Taxation for which the Company is or may be liable to be assessed or asked
to account or have collected from it where such Taxation is primarily chargeable against some other person or where such Taxation is the joint or joint and several liability of the Company and some other person or where the Taxation in question
relates to any income, profits or gains earned, accrued or received by any other person and the Company has no liability to indemnify any person in respect of Taxation whether statutory or otherwise. 
 6.15 The sale of the Shares to the Purchaser pursuant to this Agreement and/or the receipt of, or entitlement to, any consideration for the Shares will
not give rise to or result in any person being treated as having to any extent income so as to result in any obligation of the Purchaser or the Company to operate PAYE pursuant to ICTA or ITEPA and/or to account for national insurance contributions.

 6.16 The Company: 
 (a) is and always has been resident in the United Kingdom, and is not and never has been resident for any purpose in any other country; 
 (b) has
no permanent establishment or place of business outside the United Kingdom; and 
 (c) is not within the charge to Taxation of any nation, country, state or
other political division outside the United Kingdom. 
 6.17 The Company is not and has never been a close company or a close investment
holding company and the Company has made no loan, advance, release or given consideration or effected a transaction falling within sections 418 to 422 (inclusive) ICTA. 
 6.18 The Company is registered for VAT and has not been and, so far as the Seller is aware, will not be denied credit for any input tax incurred prior to Completion. 
 6.19 The Company has not at any time been treated as a member or a representative member of a group of companies for the purposes of VAT and no
application has at any time been made for it to be so treated. 
 6.20 All documents to which the Company are a party or which form part of
the Company’s title to any asset owned or possessed by it or which the Company may need to enforce or produce in evidence in the courts of the United Kingdom have been duly stamped and (where appropriate) adjudicated and the Company has no
liability, and will not incur any liability prior to Completion, to pay any stamp duty reserve tax or stamp duty land tax. 
 6.21 No
transaction has been entered into or event occurred in consequence whereof the Company could be liable to Taxation or increased Taxation or to denial or reduction of a Relief pursuant to any statutory anti-avoidance provision. 
 6.22 The Company is not and has not been a party to any transaction or arrangement to which the provisions of section 770A and Schedule 28AA ICTA apply.

 6.23. Accounts Receivable. The accounts receivable of the Company shown on the Accounts as of the Accounts Date are actual bona
fide receivables from transactions in the ordinary course of business representing valid and binding obligations of others for the total amount shown thereon, and as of the Accounts Date were not subject to any set-offs or counterclaims. All such
accounts receivable were at the Accounts Date collectible in amounts not less than the amounts (net of reserves) carried on the books of the Company. 
 6.24. Inventory. The inventories of the Company shown on the Accounts as of the Accounts Date are so shown on the basis of a complete physical count and are carried at values which reflect the normal inventory
valuation policy of the Company of stating the items of inventory at cost or market value, whichever is lower, on a first in, first out basis in accordance with generally accepted accounting principles consistently applied during the preceding three
accounting reference periods. All slow-moving and obsolete of the Company has been valued at its recoverable value as at the Accounts Date. Inventory acquired since the Accounts Date has been acquired in the ordinary course of business and valued as
set forth above. 
 6.25. Machinery and Equipment. Except for items disposed of in the ordinary course of business, all machinery,
tools, equipment and all other tangible personal property (hereinafter “Fixed Assets”) of the Company currently being used in the conduct of its business, or included in determining the net worth of the Company on the Balance Sheet as of
the Balance Sheet Date, together with any machinery or equipment that is leased or operated by the Company, are in good and fully serviceable working condition and repair. The Fixed Assets are Disclosed with reference to this paragraph in the
Disclosure Emails. Since the Balance Sheet Date the Company has not written up the value of any such Fixed Assets. 

 6.26. Title to Properties; Certain Real Property Matters. The Company does not own any interest
in real property. 
 6.27. Leases. All leases of real and personal property of the Company are Disclosed, are valid and subsisting,
except as limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting generally the enforcement of creditor’s rights, and have not been assigned or encumbered. The Company has performed in all material
respects the obligations required to be performed by it under all such leases to the date hereof and so far as the Seller is aware the Company is not in default in any material respect under any of said leases, except as Disclosed , nor has it made
any leasehold improvements required to be removed at the termination of any lease, except signs. Except as Disclosed, none of the leases listed thereon require the consent of a third party in connection with the transfer of the Shares. 

6.28. Patents, Trademarks, Etc. The Company owns, or possesses adequate licenses or other rights to use, all patents, trademarks, service
marks, trade names and copyrights and trade secrets, if any, necessary to conduct its business as operated immediately prior to completion of this Agreement. The patents, trademarks, service marks, copyrights, trade names and trade secrets, if any,
registered in the name of or owned or used by or licensed to the Company and applications for any thereof (hereinafter the “Intangibles”) are Disclosed. Seller hereby specifically acknowledge that all right, title and interest in and to
all patents Disclosed as patents owned by the Company are owned by the Company and that the ownership of such patents will be transferred as part of the Company to Purchaser as part of the transaction contemplated hereby. No officer, director,
shareholder or employee of the Company owns any patents or patent applications or any inventions, secret formulae or processes, trade secrets or other similar rights, nor is any of them a party to any license agreement, used by the Company except as
Disclosed . All of said Intangibles are valid and in good standing, are free and clear of all liens, security interests, charges, restrictions and encumbrances of any kind whatsoever, and have not been licensed to any third party except as
Disclosed. The Company has not been charged with, nor so far as the Seller is aware has it infringed, nor so far as the Seller is aware is the Company threatened to be charged with infringement of, any patent, proprietary rights or trade secrets of
others in the conduct of its Business, and, to the date hereof, the Company has not received any actual notice of conflict with or violation of the asserted rights in intangibles or trade secrets of any third party outside the Group. The Company is
not now manufacturing any goods under a present permit, franchise or license, except as Disclosed. The consummation of the transactions contemplated hereby will not alter or impair any rights of the Company in any such Intangibles or in any such
permit, franchise or license, except as Disclosed. The Company has the sole and exclusive right to use its corporate and trade names in the United Kingdom. 
 6.29. Insurance Policies. There is Disclosed a list and brief description of all insurance policies on the date hereof held by the Company or on which it pays premiums, including, without limitation, life
insurance and title insurance policies, which description includes the premiums payable by it thereunder (“Insurance Policies”). Also Disclosed are , in the case of any life insurance policy held by the Company, the name of the
insured under such policy, the cash surrender value thereof and any loans thereunder. All insurance premiums in respect of the Insurance Policies have been paid when due. All material claims notified to the Company, if any, which are covered by such
policies have been, or are being, settled or defended by the insurance companies that have issued the relevant Insurance Policies and no excess liability exists. No such policy has been cancelled by the issuer thereof. 
 6.30. Banking and Personnel Lists. Disclosed are the following accurate (in all material respects) lists and summary descriptions relating to the
Company: 
 (i) The name of each bank in which the Company has an account or safe deposit box and the names of all persons
authorized to draw thereon or have access thereto. 

 (ii) The names, current annual salary rates and total compensation for the preceding
fiscal year of all of the present directors and officers of the Company, and all other employees of the Company together with a summary of their salaries and the bonuses, percentage compensation and other like benefits, if any, paid or payable to
such persons for the last full fiscal year completed, together with a schedule of changes since that date to the date hereof, if any. 
 (iii) A schedule of workers’ compensation payments of the Company over the past five full fiscal years and the fiscal year to date, a schedule of claims by employees of the Company against the workers’
compensation fund for any reason over such period, identification of all compensation and medical benefits paid to date on each such claim and the estimated amount of compensation and medical benefits to be paid in the future on each such claim.

 (iv) The name of all pensioned employees of the Company whose pensions are unfunded and are not paid or payable pursuant to
any formalised pension arrangements, their agent and annual unfunded pension rates. 
 6.30A. There is not in operation as at the date of
this Agreement, and there has not been in operation at any time prior to the date of this Agreement, and no proposal has been announced to enter into or establish, any agreement, arrangement, custom or practice (whether or not legally enforceable)
for the payment by the Company of, or payment by the Company of a contribution towards, a pension, allowance, lump sum or other similar benefit on retirement, death, termination of employment (whether voluntary or not) or during periods of sickness
or disablement (whether during service or after retirement), for the benefit of any past or present employee of the Company or the dependants of any such person. 
 6.31. Lists of Contracts, Etc. There is Disclosed a list of the following items (whether written or oral) relating to the Company, which list identifies and fairly summarizes each item: 
 (i) All collective bargaining and other labor union agreements (if any); all employment agreements with any officer, director, employee or
consultant; and all employee pension, health and welfare benefit plans, group insurance, bonus, profit sharing, severance, vacation, hospitalization, and retirement plans, post-retirement medical benefit plans, and any other plans, arrangements or
custom requiring payments or benefits to current or retiring employees. 
 (ii) All joint venture contracts of the Company or
affiliates relating to the Business; 
 (iii) All contracts of the Company relating to (a) obligations for borrowed
money, (b) obligations evidenced by bonds, debentures, loan notes or other similar instruments, (c) obligations to pay the deferred purchase price of property or services, except any such obligations payable arising in the ordinary course
of business, (d) obligations under capital leases, (e) debt of others secured by a lien on any asset of the Company, and (f) debts of others guaranteed by the Company. 
 (iv) All agreements each accounting for more than 5% of the supplies made by the Company relating to the supply of raw materials for and
the distribution of the products of the Business, including without limitation all sales agreements, manufacturer’s representative agreements and distribution agreements; 

 (v) All contracts that individually provide for aggregate future payments to or from the
Company of £10,000 or more, to the extent not included in (i) through (iv) above; 
 (vi) All contracts of the
Company that have a term exceeding one year and that may not be cancelled on three months notice any liability, penalty or premium, to the extent not included in (i) through (v) above; and 
 (vii) A complete list of all outstanding powers of attorney granted by the Company. 
 Except as Disclosed, all contracts, agreements and commitments of the Company Disclosed are valid and binding and the Company has not materially breached
any provision thereof or is in default thereunder. Except as set forth in SCHEDULE 6.20, the sale of the Shares by the Seller in accordance with this Agreement will not result in the termination of any contract, agreement or commitment of the
Company Disclosed, and immediately after the date hereof, each such contract, agreement or commitment will continue without the imposition or acceleration of any burdensome condition or adverse obligation on the Company as a direct result of the
sale of the Shares by the Seller. 
 There are no pending disputes with customers of the Company regarding quality or return of goods
involving amounts in dispute with any one customer, whether for related or unrelated claims, in excess of £10,000 except as Disclosed. The Seller has not received any notification that any customers will terminate or materially alter their
business relationship with the Company as a direct result of the sale by the Seller of the Shares. 
 6.32. Compliance With the Law.
The Company has complied in all material respects and conducted its business in accordance with all applicable laws and regulations of the United Kingdom. 
 6.33. Except as specifically identified in the Accounts as of the Accounts Date or Disclosed: 
 (i) The Company is not engaged in any litigation, arbitration or other proceedings nor, so far as the Seller is aware is there any litigation threatened the Company relating to the Business or the Company, nor is there any basis known to
the Seller for any such action. 
 (ii) No work stoppage has occurred and is continuing or, so far as the Seller is aware
having made no enquiries, is threatened by the employees of the Business, and no representation question involving recognition of a collective bargaining agent exists in respect of any employees of the Company. 
 (iii) So far as the Seller is aware, there are no pending labour negotiations or union organization efforts relating to employees of the
Company. 
 (iv) There are no charges of discrimination (relating to sex, age, race, national origin, handicap or veteran
status) or unfair labour practices pending against the Company or, so far as the Seller is aware having made no enquiries, threatened before any governmental or regulatory agency or authority or any court relating to employees of the Company.

 (v) Specifically there has not been any litigation involving any employees terminated by the Company in the past two years.

 6.34. Absence of Certain Changes or Events. The Company has not, since the Accounts Date, except as Disclosed: 
 (i) Incurred any material obligation or liability (absolute, accrued, contingent or otherwise) except in the ordinary course of its
Business and any such obligation or liability incurred in the ordinary course is not materially adverse to the Business, except for claims, if any, that are adequately covered by insurance; 

 (ii) Discharged or satisfied any lien or encumbrance, or paid or satisfied any material
obligations or liability other than (a) liabilities shown or reflected in the Accounts as of the Accounts Date, and (b) liabilities incurred since such Balance Sheet Date in the ordinary course of business not in excess of £10,000;

 (iii) Increased or established any reserve or accrual for taxes or other liability on its books or otherwise provided
therefor, except (a) as disclosed I the Accounts as of the Accounts Date or any subsequent interim financial statement, or (b) as may have been required under generally accepted accounting principles due to income earned or expense accrued
since the Balance Sheet Date and as Disclosed; 
 (iv) Mortgaged, pledged or subjected to any lien, charge or other
encumbrance any of its assets, tangible or intangible; 
 (v) Sold or transferred any of its material assets or cancelled any
debts or claims or waived any rights, except in the ordinary course of business and which has not been materially adverse; 
 (vi) Disposed of or permitted to lapse any patents or trademarks or any patent or trademark applications material to the operation of its Business; 
 (vii) Incurred any granted any general or uniform increase in salary or wages payable or to become payable by it to any director, officer,
employee or agent, or by means of any bonus or pension plan, contract or other commitment increased the compensation of any director, officer, employee or agent; 
 (viii) Authorized any capital expenditure for real estate or leasehold improvements, machinery, equipment or molds in excess of
£10,000 in the aggregate; 
 (ix) Except for this Agreement, entered into any material transaction other than in the
ordinary course of business; 
 (x) Issued any stocks, bonds, or other corporate securities, or made any declaration or
payment of any dividend or any distribution in respect of its share capital; or 
 (xi) Experienced damage, destruction or
loss in excess of £10,000 (whether or not covered by insurance) of its properties, assets or business, or experienced any other material adverse change including, without limitation of the foregoing, the loss or (so far the Seller is aware)
impending loss of any materially important contract or customer. 
 (x) So far as the Seller is aware, no officer or other key
employee of the Company is considering the termination of employment. 
 6.35. Absence of Certain Commercial Practices. The Company
has not made any payment (directly or by secret commissions, discounts, compensation or other payments) or given any gifts to another business concern, to an agent or employee of another business concern or of any governmental entity (domestic or
foreign) or to a political party or candidate for political office (domestic or foreign), to obtain or retain business for the Company or to receive favorable or preferential treatment, except for gifts and entertainment given to representatives of
customers or potential customers (i) of sufficiently limited value and in a form (other than cash) that would not be construed as a bribe or payoff or (ii) which are consistent with accepted ethical customs and practices. 

 6.36. Licenses, Permits, Consents and Approvals. The Company has all material licenses, permits
or other authorisations of governmental, regulatory or administrative agencies or authorities (collectively, “Licenses”) required to conduct the Business. 
 6.37. Broker. Neither the Company nor any Seller has retained any broker in connection with any transaction contemplated by this Agreement for which Purchaser would be obligated to pay any fee or commission.

 6.38. Related Party Transactions. All transactions of the Company during the past five years have been conducted on an arms-length
basis. All transactions during the past five years between the Company and any current or former shareholder or any entity in which the Company or any current or former shareholder had or has a direct or indirect interest have been fair to the
Company and on terms comparable to those that would have prevailed in an arms-length transaction. Except for the ownership of not more than 1% of the outstanding securities of any class of any publicly-held corporation, Seller does not and so far as
the Seller is aware none of the Company’s officers, directors (whether directly or indirectly) or employees in a managerial position owns any interest in or has any investment or profit participation in any corporation or other entity that is a
competitor of the Company. 
 6A. WARRANTIES 
 6A.01 In consideration of the Purchaser entering into this Agreement the Seller and Bridgehead jointly and severally warrant to the Purchaser as at the date of this Agreement and on each day thereafter during the
period up to and including Completion by reference to the facts and circumstances existing on each such day: 
 6A.01.1
subject to those matters Disclosed in the terms set out in clause 6 save that no disclosure or qualification or limitation shall be possible or effective in relation to the Warranties contained in paragraphs 6.02 and 6.03 of clause 6; 
 6A.01.2 that any statement in clause 6 which is qualified as being made “so far as the Seller is aware” or “to the best of
the knowledge, information and belief of the Seller” or any similar expression has been so qualified after all reasonable and careful enquiry by the Seller. 
 6A.02 The Seller and Bridgehead shall indemnify the Purchaser against any liability, loss, claim, cost, expense or demand arising from breach of the Warranties in clause 6.02 (Authority) and clause 6.03 (Shares).

 6A.03 The Tax Covenant shall not be subject to the provisions of schedule 2 (Sellers Protections) and shall not be qualified by anything
contained in or referred to in the Disclosure Schedules or the Disclosure Emails. 
 6A.04 Except as provided in clause1.3, the Warranties
are qualified to the extent, but only to the extent, of those matters Disclosed. 
 6A.05 Each of the paragraphs in clause 6: 
 6A.05.1 shall be construed as a separate and independent warranty; and 

 6A.05.2 except as expressly provided otherwise in this Agreement, shall not be limited by
reference to any other paragraph in clause 3; 
 and the Purchaser shall have a separate claim and right of action in respect of every event, matter or
circumstance which is inconsistent with, contrary to or otherwise a breach of any of the Warranties (“Relevant Breach”). 
 6A.06 The rights and remedies conferred on the Purchaser under this Agreement are cumulative and are additional to, and not exclusive of, any rights or remedies provided by law or otherwise available at any time to the Purchaser in respect
of any Relevant Breach (including the right to damages for any loss or additional loss suffered by the Purchaser). 
 6A.07 Schedule 2
(Covenantor’s Protections) shall apply to any claims by the Purchaser for damages or compensation in respect of any Relevant Breach . 
 6A.08 The Warranties shall not in any respect be extinguished or affected by completion of this Agreement. 
 6A.09 The rights and
remedies of the Purchaser in respect of any breach of the Warranties shall not be affected by Completion or by any investigation made by or on behalf of the Purchaser into the affairs of the Company. 
 6A.10 Any information supplied by the Company, its officers, employees or agents to the Seller, its agents, representatives or advisers in connection
with, or to form the basis of, the Warranties or the Tax Indemnity or any matter covered in the Disclosure Schedules, or for any other reason, shall be deemed not to include or have included a representation, warranty or guarantee of its accuracy to
the Seller or Bridgehead and shall not constitute a defence to the Seller or Bridgehead to any claim made by the Purchaser. The Seller and Bridgehead hereby waive any and all claims against the Company, its officers or employees in respect of any
information so supplied (and undertakes that no other person claiming under or through them will make any such claim). 
 7. WARRANTIES OF
PURCHASER AND UTEK CORPORATION. The Purchaser and UTEK Corporation make the following representations and warranties to the Covenantors. 
 7.01. Organization. The Purchaser is a corporation duly organized, validly existing and in good standing under the laws of the United Kingdom. The Purchaser has the corporate power to own its properties, to carry on its business as
now being conducted, and to enter into and perform the terms and provisions of this Agreement. 
 7.02. Authorization. The execution
and delivery of this Agreement and the consummation of the transactions contemplated herein have been duly and validly approved and acknowledged by all necessary corporate action on the part of the Purchaser and UTEK. 
 7.03. No Conflict or Violation. The execution and delivery of this Agreement, the acquisition of the Shares by the Purchaser and the consummation
of the transactions herein contemplated, and the compliance with the provisions and terms of this Agreement, are not prohibited by the Articles of Association of the Purchaser and will not violate, conflict with or result in a breach of any of the
terms or provisions of, or constitute a default under, any court order, indenture, mortgage, loan agreement, or other agreement or instrument to which the Purchaser is a party or by which it is bound. 
 7.04 Consideration Shares. The Consideration Shares shall be issued free from any Encumbrance. 

 8. PROTECTION OF GOODWILL 
 8.01 The Covenantors undertake to the Purchaser (contracting for themselves and as trustees for the Company and for any successor in title to the Shares
or to all or part of the Business) that, except with the prior written consent of the Purchaser, they shall not and shall procure that no member of the Seller’s Group shall: 
 (a) in the period of eighteen months from Completion be concerned (as defined in clause 8.2 below) in any business which competes with the
Business in the United Kingdom; 
 (b) in the period of two years from Completion interfere, seek to interfere or take such
steps as may interfere with or adversely affect or influence supplies to the Company from any suppliers who have supplied goods or services to any of the Company for use in connection with the Business at any time during the 12 months prior to
Completion; 
 (c) in the period of eighteen months from Completion offer employment to or employ or offer to conclude any
contract of services with any key employee or procure or facilitate the making of such an offer by any person, firm or company or entice or endeavour to entice any key employee to terminate their employment or contract for services with the Company;
or 
 (d) hold itself out as being interested in or in any way connected (other than as a matter of historic fact) with the
Company or permit any person to hold out the Covenantors or any other member of the Seller’s Group as being so interested. 
 8.02 For
the purposes of this clause 8, the Covenantors and any member of the Seller’s Group will be concerned in a business if carries it on as principal or agent or if at the relevant time: 
 (a) it is a partner, director or agent in, of or to any person who carries on the business; 
 (b) it has any direct or indirect financial interest (as shareholder or otherwise) in any person who carries on the business; or

 (c) it is a partner, director or agent in, of or to any person who has a direct or indirect financial interest (as
shareholder or otherwise) in any person who carries on the business, 
 disregarding any financial interest of the Covenantors in securities which are held
for investment purposes only if the Covenantors and any member of the Seller’s Group are together interested in units of an authorised unit trust and/or not more than three per cent (3 per cent) of any class of the issued share or loan capital
of any company quoted on a recognised investment exchange (as defined in FSMA) or any other investment exchange on which shares can be traded and provided that none of the Investors are involved in the management of the business of the issuer of the
securities or of any person connected with it other than by the exercise of voting rights attaching to the securities. 
 8.03. Each party
acknowledges that each of the restrictions in this clause 8 is no more extensive than is reasonable and necessary to protect the interests of the Purchaser as the buyer of the Shares. Each of the restrictions in this clause 8 shall be enforceable
independently of each of the others and its validity shall not be affected if any of the others is invalid. If any of those restrictions is void or unenforceable but would be valid if some part of the restrictions were deleted the restriction in
question shall apply with such modification as may be necessary to make it valid. 

 8.04. The Purchaser shall be entitled from Completion to the exclusive use of the name Pharmalicensing
as part of the Company’s name and in the Company’s business dealings. 
 9. TAX COVENANT. 
 In this clause 9, the following words and expressions shall have the following meanings: 
 Degrouping Charge: any Liability for Taxation of the Company as a result of the Company ceasing to be, or ceasing to be treated as, a member of a group of companies for Tax purposes as a result of Completion or
of entering into this Agreement, or of the satisfaction of any condition in this Agreement. 
 Event: includes (without limitation), the expiry of a
period of time, the Company becoming or ceasing to be associated with any other person for any Tax purpose or ceasing to be or becoming resident in any country for any Tax purpose, the death or the winding up or dissolution of any person, and any
transaction (including the execution and completion of all provisions of this Agreement and Completion), event, act, circumstance, arrangement or omission whatsoever, and any reference to an Event occurring on or before a particular date shall
include Events which for Tax purposes are deemed to have, or are treated or regarded as having, occurred on or before that date. 
 Group Relief: any
or all of the following: 
 (a) relief surrendered or claimed pursuant to Chapter IV Part X ICTA 1988; 
 (b) advance corporation tax surrendered or claimed pursuant to section 240 of ICTA 1988 (set off of company’s surplus advance corporation tax against
subsidiary’s liability to corporation tax); 
 (c) a Tax refund relating to an accounting period as defined in section 102(3) of the Finance Act 1989
(surrender of company Tax refund etc within group) in respect of which a notice has been given pursuant to section 102(2) of that statute; and 
 (d)
eligible unrelieved foreign Tax surrendered or claimed pursuant to The Double Taxation Relief (Surrender of Relievable Tax Within a Group) Regulations 2001. 
 Liability for Taxation: any liability of the Company to make a payment (or increased payment) of or in respect of Tax whether or not the same is primarily payable by the Company or the Purchaser and whether or not the Company or the
Purchaser has or may have any right of reimbursement against any other person or persons and shall also include: 
 (a) the Loss of any Relief (Accounts
Relief) where such Relief has been taken into account in computing and so reducing or eliminating any provision for Tax which appears in the Accounts (or which but for such Relief would have appeared in the Accounts) or where such Relief was
treated as an asset of the Company in the Accounts or was taken into account in computing any deferred Tax asset which appears in the Accounts (Loss of an Accounts Relief), in which case the amount of the Liability for Taxation will be the
amount of Tax which would (on the basis of Tax rates current at the date of such Loss) have been saved but for such Loss; 
 (b) the Loss of any right to
repayment of Tax (including any repayment supplement) (Repayment Relief) which was treated as an asset in the Accounts (Loss of a Repayment Relief), in which case the amount of the Liability for Taxation will be the amount of the loss
of the right to repayment and any related repayment supplement; 
 (c) the set off or use against income, profits or gains earned, accrued or received or
against any Tax chargeable in respect of an Event occurring on or before Completion of any Relief or any Relief which is not in existence at Completion and arises in respect of an Event occurring after Completion or in respect of a period ending
after Completion or which arises in respect of an Event occurring at the Accounts Date in the course of business of the Company (post-Completion Relief) or right to repayment of Tax (including any repayment supplement) which is not available
before Completion but arises after Completion in circumstances where, but for such set off or use, the Company would have had a liability to make a payment of or in respect of Tax for which the Purchaser would have been able to make a claim against
the Covenantors under this clause 9 (Loss of a Post-Completion Relief), in which case, the amount of the Liability for Taxation shall be the amount of Tax saved by the Company as a result of such set off or use; 
 (d) any liability to repay in whole or in part any payment received or receivable by the Company or a liability of the Company to make any payment for the surrender of
Group Relief pursuant to any arrangement or 

 
agreement entered into on or before Completion (save to the extent that such repayment or payment is reflected in the Accounts), in which case the amount of
the Liability for Taxation shall be the amount of such liability (disregarding any set off); 
 (e) the loss in whole or in part of the right of the Company
to receive any payment for Group Relief pursuant to any arrangement or agreement entered into on or before Completion where such payment was taken into account in the Accounts, in which case the amount of the Liability for Taxation shall be the
amount taken into account in the Accounts; and 
 (f) any liability of the Company to make a payment pursuant to an indemnity, guarantee or covenant entered
into before Completion under which the Company has agreed to meet or pay a sum equivalent to or by reference to another person’s Tax liability, in which case the Liability for Taxation shall be equal to the amount of the liability. 

Loss: any reduction, non-existence modification, loss, denial, counteraction, nullification, cancellation, utilisation, disallowance or claw-back for whatever
reason. 
 Purchaser’s Relief: means: 
 (a) any
Accounts Relief (as defined in paragraph (a) of the definition of Liability for Taxation) or Repayment Relief (as defined in paragraph (b) of the definition of Liability for Taxation); 
 (b) any Post-Completion Relief of the Company (as defined in paragraph (c) of the definition of Liability for Taxation); and 
 (c) any Relief, whenever arising, of the Purchaser or any member of the Purchaser’s Tax Group other than the Company. 
 Purchaser’s Tax Group: the Purchaser and any other company or companies which either are or become after Completion, or have within the seven years ending at
Completion been, treated as members of the same group as, or otherwise connected or associated in any way with, the Purchaser for any Tax purpose. 
 Relief: includes any loss, relief, allowance, credit, exemption or set off in respect of Tax or any deduction in computing income, profits or gains for the purposes of Tax and any right to a repayment of Tax. 
 Retained Group: the Seller and any other company or companies (other than the Company) which either are or become after Completion, or have within the seven years
ending at Completion been, treated as members of the same group, or otherwise connected or associated in any way with the Seller for Tax purposes. 
 Tax
Claim: any assessment, notice, demand, letter or other document issued or action taken by or on behalf of any Taxation Authority from which it appears that the Company or the Purchaser is or may be subject to a Liability for Taxation or other
liability in respect of which the Covenantors are or may be liable under this clause 9. 
 Taxation Statute: any directive, statute, enactment, law or
regulation wheresoever enacted or issued, coming into force or entered into providing for or imposing any Tax and shall include orders, regulations, instruments, bye-laws or other subordinate legislation made under the relevant statute or statutory
provision and any directive, statute, enactment, law, order, regulation or provision which amends, extends, consolidates or replaces the same or which has been amended, extended, consolidated or replaced by the same. 
 1.2 References to gross receipts, income, profits or gains earned, accrued or received shall include any gross receipts, income, profits or
gains deemed pursuant to the relevant Taxation Statute to have been or treated or regarded as earned, accrued or received. 
 1.3 References to a
repayment of Tax shall include any repayment supplement or interest in respect of it. 
 1.4 A reference to an Event occurring on or before
Completion includes a series or combination of Events, the first of which occurred on or before Completion and was not in the ordinary course of business of the Company and any of which occurring after Completion were in the ordinary course of
business of the Company. 
 1.5 Any reference to something occurring in the ordinary course of business shall, without prejudice to the generality thereof,
be deemed not to include: 
 (a) anything which involves, or leads directly or indirectly to, any liability of the Company to Tax that is the primary
liability of, or properly attributable to, or due from another person (other than a member of the 

 
Purchaser’s Tax Group) or is the liability of the Company only because some other person, other than a member of the Purchaser’s Tax Group, has
failed to pay it or is the liability of the Company because it has elected to be regarded as taxable or liable or to be regarded as having made a disposal; or 
 (b) anything which relates to or involves the acquisition or disposal of an asset or the supply of services (including the lending of money, or the hiring or licensing of tangible or intangible property) involving any Event which is not
entered into on arm’s length terms; or 
 (c) anything which relates to or involves the making of a distribution for Tax purposes, the creation,
cancellation or re-organisation of share or loan capital, the creation, cancellation or repayment of any intra-group debt or any company becoming or ceasing to be or being treated as ceasing to be a member of a group of companies or becoming or
ceasing to be associated or connected with any other company for any Tax purposes; or 
 (d) anything which relates to a transaction or arrangement which
includes, or a series of transactions or arrangements which includes, any step or steps having no commercial or business purpose apart from the reduction, avoidance or deferral of a Liability for Taxation; or 
 (e) anything which gives rise to a Liability for Taxation on deemed (as opposed to actual) profits or to the extent that it gives rise to a Liability for Taxation on an
amount of profits greater than the difference between the sale proceeds of an asset and the amount attributable to that asset in the Accounts or, in the case of an asset acquired since the Accounts Date, the cost of that asset; or 
 (f) anything which involves, or leads directly or indirectly to, a change of residence of the Company for Tax purposes; or 
 (g) any failure to deduct and/or account for Taxation; or 
 (h) any fine,
penalty, surcharge, interest or other imposition arising as a result of a failure by the Company duly to pay, deduct, charge, recover and/or account for Taxation. 
 1.6 In this clause 9 any reference to any form of Taxation or Relief in the United Kingdom shall include a reference to the equivalent or substantially equivalent form of Taxation or Relief in any other taxing jurisdiction. 
 1.7 Unless the contrary intention appears, words and expressions defined in this Agreement have the same meaning in this clause 9 and any provisions in this Agreement
concerning matters of construction or interpretation shall also apply in this clause 9 . 
 1.8 For the avoidance of doubt, references to any Liability for
Taxation of the Company which results from any gains earned or received on or before Completion or any Event on or before Completion include a reference to any Liability for Taxation of the Company resulting from the sale of the Shares pursuant to
this Agreement (including, without limitation, any liability arising under section 179 of TCGA 1992). 
 9.1 Subject to clause 9.2.1, the
Covenantors hereby undertake to pay promptly upon demand to the Purchaser an amount equal to, to the extent possible, by way of reduction to the Purchase Price for the Sale of the Shares, any of the following: 
 (a) any Liability for Taxation of the Company arising as a consequence of or in respect of or by reference to: 
 (i) any Event or Events which occurred on or before the date of Completion (the “Tax Indemnity Period”) or was deemed to occur at any time during the Tax
Indemnity Period; or 
 (ii) any income, profits or gains arising, earned, accrued or received on or before Completion; 
 (b) any Liability for Taxation which the Company is or becomes required to discharge by virtue of its relationship with any person at any time before Completion;

 (c) any Liability for Taxation which is a Degrouping Charge; 
 (d) any Liability for Taxation falling within paragraph (a) to (g) of the definition of Liability for Taxation; 
 (e) all reasonable
costs and expenses incurred and payable by the Purchaser or the Company in connection with or in consequence of any matter from which it appears that a Liability for Taxation is or may be imposed which may give rise to a claim under this clause 9 or
in enforcing any claim under this clause 9, provided that the indemnity in this clause 9.1 shall absolutely terminate upon the date falling on the seventh anniversary of Completion (without prejudice to any prior breach or claim made in respect
thereof prior to such termination). 

 9.2 EXCLUSIONS 
 9.2.1 The Covenantors shall not be liable under clause 9.1 in respect of any Liability for Taxation to the extent that: 
 (a)
a specific provision or reserve in respect thereof (not including deferred Tax) is made in the Accounts or in the Management Accounts; or 
 (b) it arises as
a result of an Event in the ordinary course of business of the Company after the Accounts Date but before Completion and for which the Company is primarily liable, but is not an interest or penalty (which expression includes interest or penalties
under the Corporation Tax (Instalment Payments) Regulations 1998), surcharge or fine in connection with Tax; or 
 (c) it arises or is increased as a result
only of any change in the law of Tax announced and coming into force after Completion (whether relating to rates of Tax or otherwise) or the withdrawal of any extra-statutory concession previously made by a Taxation Authority announced after
Completion, and in each case having retrospective effect ; or 
 (d) it would not have arisen but for a change after Completion in the accounting bases upon
which the Company values its assets except where such change is required in order to comply with any FRS, legal requirement or generally accepted accountancy practice in the United Kingdom in force in Completion; or 
 (e) the same subject matter giving rise to the Liability for Taxation has given rise to a claim for breach of Warranties and that claim has been fully satisfied;

 (f) it would not have arisen but for a voluntary act or transaction carried out by the Purchaser or the Company after Completion being an act which:

 (i) is not in the ordinary course of business of the Purchaser or the Company as carried on at Completion; or 
 (ii) is not required by law; 
 (iii) was not carried out pursuant to an
obligation of the Company entered into prior to Completion; 
 (iv) was not carried out pursuant to the request or with the approval of the Covenantors;

 (v) the Purchaser or the Company knew or ought reasonably to have known would give rise to the Liability for Taxation in question. 
 9.2.2. Nothing in this clause 9.2 shall limit the liability of the Covenantors in respect of their own fraud or wilful negligence. 
 9.5. RECOVERY FROM THIRD PARTIES 
 9.5.1 Where the
Covenantors have paid an amount in full discharge of a liability under clause 9.1 in respect of any Liability for Taxation and the Purchaser or the Company is or becomes entitled to recover from some other person (not being the Purchaser or the
Company or any other company within the Purchaser’s Tax Group or any employee (in their capacity as an employee of the Company or the Purchaser) of them), any amount in respect of such Liability for Taxation (and otherwise than by the
utilisation of the whole or any part of any Purchaser’s Relief), the Purchaser shall or shall procure that the Company shall: 
 (a) notify the
Covenantors of its entitlement as soon as reasonably practicable; and 
 (b) if reasonably required by the Covenantors and, subject to the Purchaser or the
Company being fully indemnified by the Covenantors against any Tax that may be suffered on receipt of that amount and any costs and expenses incurred in recovering that amount, take or procure that the Company takes all reasonable steps to enforce
that recovery against the person in question (keeping the Covenantors fully informed of the progress of any action taken) provided that the Purchaser shall not be required to take any action pursuant to this paragraph 9.5.1 which in its reasonable
opinion would be materially detrimental to the business of the Company. 
 9.5.2 If the Purchaser or the Company recovers any amount referred to in clause
9.5.1 the Purchaser shall account to the Covenantors for the lesser of: 
 (a) any amount recovered less any Tax suffered in respect of that amount and any
costs and expenses incurred in recovering that amount (save to the extent that amount has already been made good by the Covenantors under clause 9.5.1(b)) and less the amount of such recovery which has been taken into account in computing any
liability under the Warranties or this clause 9; and 

 (b) the amount paid by the Covenantors under clause 9.5.1 in respect of the Liability for Taxation in question.

 9.6 DUE DATE FOR PAYMENT 
 9.6.1 The
due date for payment under this clause 9 is as follows: 
 (a) in respect of any Liability for Taxation that involves a liability to pay Tax, the date falling
five Business Days before the latest date on which that Tax may be paid to the relevant Taxation Authority in order to avoid incurring any interest of penalties; and 
 (b) in any other case, 10 Business Days after the date on which a notice of the Liability to Taxation is received by the Covenantors from the Purchaser. 
 9.7 GROSS-UP 
 9.7.1 All amounts payable by the
Covenantors to any person under this clause 9 shall be paid free of any rights of counterclaim or set off and without any deductions or withholdings whatsoever, save only as may be required by any applicable law. 
 9.7.2 If any deductions or withholdings are required by law to be made from any of the amounts payable by the Covenantors under this clause 9, the Covenantors shall be
obliged to pay to the recipient of the payment such amount as will, after the deduction or withholding has been made, leave that person with the same amount as it would have been entitled to receive in the absence of any such requirement to make a
deduction or withholding. 
 9.7.3 If Taxation is payable on any amount paid by the Covenantors to the Purchaser or the Company under this clause 9, the
amount payable shall be increased by such amount as will ensure that, after payment of any Taxation charged on or in respect of such payment, there shall be left an amount equal to that which would otherwise be payable under this clause 9.

 9.8 GENERAL 
 9.8.1 The Liability of
the Covenantors under this clause 9 shall be joint and several. 
 9.8.2 The rights under this clause 9 of the Purchaser and the company shall be without
prejudice to their respective rights and remedies under or resulting from the Agreement and shall continue in full force notwithstanding Completion. 
 9.9. CONDUCT OF TAX CLAIMS 
 9.9.1 If the Purchaser or the Company becomes aware of a Tax Claim, the Purchaser shall
give or procure that notice in writing is given to the Covenantors as soon as is reasonably practicable, provided that if the Covenantors receives any Tax Claim for whatever reason, it shall notify the Purchaser in writing as soon as is reasonably
practicable and the Purchaser shall be deemed on receipt of such notification to have given the Covenantors notice of such Tax Claim in accordance with the provisions of this clause 9.9 provided always that the giving of such notice shall not be a
condition precedent to the Covenantors’ liability under clause 9.1. 
 9.9.2 Provided that the Covenantors indemnifies the Purchaser and the Company to
the Purchaser’s reasonable satisfaction against all liabilities, costs, damages or expenses which may be incurred thereby including any Taxation and additional Liability for Taxation, the Purchaser shall take and shall procure that the Company
shall take such action, at the cost of the Seller, as the Covenantors may reasonably request by notice in writing given to the Purchaser or the Company to avoid, dispute, defend, resist, appeal or compromise any Tax Claim (such a Tax Claim where
action is so requested being hereinafter referred to as a Dispute), provided that neither the Purchaser nor the Company shall be obliged to take any such action if, the Covenantors having been given written notice of the receipt of such
assessment, the Purchaser or the Company have not within 14 days of the date of the notice, received instructions in writing from the Covenantors to do so. 

 9.9.3 If: 
 (a) the
Covenantors does not request the Purchaser or the Company to take any action under clause 9.9.2 by the earlier of (i) the date occurring 10 Business Days after the date on which notice of that Tax claim was given in accordance with clause 9.9.1
and (ii) the date occurring two clear Business Days prior to the last date on which an appeal may be made against the Liability for Taxation to which the Tax Claim relates, or fails to indemnify the Purchaser or the Company to the
Purchaser’s reasonable satisfaction within a period of time (commencing with the date of the notice given to the Covenantors) that is reasonable having regard to the nature of the Tax Claim and the existence of any time limit in relation to
avoiding, disputing, defending, resisting, appealing or compromising such Tax Claim, and which period will not in any event exceed a period of 14 days; or 
 (b) the Covenantors (or the Company before Completion) has been involved in a case involving fraudulent conduct or wilful default in respect of the Liability for Taxation which is the subject matter of the Dispute; or 
 (c) the Dispute involves an appeal against a determination by the General or Special Commissioners of the VAT and Duties Tribunal, unless the Covenantors has obtained
the opinion of Tax counsel of at least 5 years’ standing that there is a reasonable prospect that the appeal will succeed, the Purchaser or the Company shall have the conduct of the Dispute absolutely (without prejudice to its rights under this
clause 9) and shall be free to pay or settle the Tax Claim on such terms as the Purchaser or the Company may in its absolute discretion consider fit. 
 9.9.4 Subject to clause 9.9.3, by agreement in writing between the Purchaser and the Covenantors, the conduct of a Dispute may be delegated to the Covenantors upon such terms as may be agreed from time to time between the Purchaser and the
Covenantors, provided that, unless the Purchaser and the Covenantors specifically agree otherwise in writing, the following terms shall be deemed to be incorporated into any such agreement: 
 (a) the Purchaser and the Company shall promptly be kept fully informed of all matters pertaining to a Dispute and shall be entitled to see and keep copies of all
correspondence and notes or other written records of telephone conversations or meetings and, in the event that there is no written record, shall be given an immediate report of all telephone conversations with any Taxation Authority to the extent
that it relates to a Dispute and the Seller shall ensure that no correspondence, notes or otherwise are submitted or sent in connection with the negotiations by the Seller or their professional advisers without incorporating the Purchaser’s
(and their professional advisers) reasonable comments; 
 (b) the appointment of solicitors or other professional advisers shall be subject to the approval
of the Purchaser, such approval not to be unreasonably withheld or delayed; 
 (c) all material written communications pertaining to the Dispute which are to
be transmitted to the relevant Taxation Authority shall first be submitted to the Purchaser or the Company for approval and shall only be finally transmitted if such approval is given (such approval not to be unreasonably withheld or delayed) and
the Purchaser’s reasonable comments are incorporated; and 
 (d) the Covenantors shall make no settlement or compromise of the Dispute or agree any
matter in the conduct of the Dispute which is likely to affect the amount thereof or the future liability to Tax of the Purchaser or the Company without the prior approval of the Purchaser or the Company (as may be appropriate), such approval not to
be unreasonably withheld or delayed. 
 9.9.5 The Purchaser shall provide and shall procure that the Company provides to the Covenantors and the
Covenantors’ professional advisors reasonable access to premises and personnel and to any relevant assets, documents and records within their possession or control for the purpose of investigating the matter and enabling the Covenantors to take
such action as is referred to in this clause 9.9.4. 
 9.9.6 Neither the Purchaser nor the Company shall be subject to any claim by or liability to the
Covenantors for non-compliance with any of the provisions of this clause 9.9. if the Purchaser or the Company has bona fide acted in accordance with the instructions of the Covenantors or if, in the Purchaser’s reasonable opinion, compliance
with this clause 9.9 would materially adversely affect the future liability of the Company to Tax without the approval of the Purchaser or the Company. 

 10. RELEASE OF GUARANTEES. To the extent that they are not released on Completion, the Covenantors shall
immediately following Completion use their best endeavours to procure the release of the Company from all guarantees, claims, securities, indemnities or other similar obligations given in respect of the liabilities or obligations of any member of
the Seller’s Group and agree with the Purchaser for themselves and as trustees for the Company that pending such release they shall indemnify and keep indemnified the Purchaser and Company from and against any and all losses arising out of or
in connection with such guarantees, claims, securities or indemnities. 
 11. FURTHER ASSURANCES. Subsequent to the date hereof, the
Covenantors shall execute and deliver (at the expense of the Purchaser) from time to time at the reasonable request of the Purchaser all such further instruments as may reasonably be required in order to vest in the Purchaser full, unencumbered and
complete title to the Shares to be conveyed by the Covenantors to the Purchaser hereunder. Subsequent to the date hereof, UTEK shall execute and deliver (at the expense of the Covenantors) from time to time at the reasonable request of the
Covenantors all such further instruments as may reasonably be required in order to vest in the Seller full, unencumbered and complete title to the Consideration Shares (subject to the restrictions described in clause 2 of this Agreement).

 12. SURVIVAL OF AGREEMENTS AND WARRANTIES. All of the covenants and agreements contained in or made in connection with or pursuant
to this Agreement shall survive the date hereof and any investigation at any time made by or on behalf of Purchaser and shall be perpetual; provided, however, that any covenants or agreements that are expressly limited in duration pursuant to the
terms thereof shall survive the date hereof only for such specified duration. 
 13. COVENANTORS’ PROTECTIONS. Schedule 2 shall
apply to all Claims. 
 13A. RESELLER CONTRACTS AND DMS CONTRACTS 
 13A.1 The Covenantors shall, with effect from Completion, and otherwise on the terms of this clause (i) assign to the order of
the Purchaser, or procure the assignment to the order of the Purchaser, all the Reseller Contracts which are capable of assignment without a Third Party Consent and (ii) procure the novation of the DMS Contracts in favour of the
Purchaser. 
 13A.2 If any of the Re-Seller Contracts cannot be assigned or any of the DMS Contracts novated without obtaining the
consent of a third party (“Third Party Consent”), then the Covenantors shall use reasonable endeavours to obtain such consents. 
 13A.3 Insofar as any of the Reseller Contracts or DMS Contracts cannot be assigned or novated (as the case may be) to the Purchaser without Third Party Consent and such consent is refused or otherwise not obtained
or where any of the Re-Seller Contracts or DMS Contracts are incapable of transfer to the Buyer by assignment or novation (as appropriate): 
 13A.3.1 the Covenantors, at the Purchaser’s cost (such costs to be approved in advance by the Purchaser), shall use their best endeavours with the co-operation of the Purchaser to procure such
assignment or novation; 
 13A.3.2 unless and until any such Reseller Contract or DMS Contract shall be
assigned or novated (as the case may be), the Seller shall hold such Contract and any monies, goods or other benefits received thereunder as trustee for the Purchaser and its successors in title absolutely; 
 13A.3.3 the Purchaser shall (if sub-contracting is permissible and lawful under the Reseller Contract or DMS Contract
in question), as the Seller’s sub-contractor, perform all the obligations of the Seller under such Reseller Contract or DMS Contract and where sub-contracting is not permissible, the Purchaser shall perform such obligations as
agent for the Seller; and 
 13A.3.4 unless and until any such Reseller Contract or DMS Contract is assigned or
novated (as the case may be), the Covenantors’ shall (so far as it lawfully 

 
may) at the Purchaser’s cost (such costs to be approved in advance by the Purchaser) give all such assistance as the Purchaser may reasonably
require to enable the Purchaser to enforce its rights under such Reseller Contract or DMS Contract and (without limitation) shall provide access to all relevant books, documents and other information in relation to such Reseller
Contract or DMS Contract as the Purchaser may reasonably require from time to time. 
 13A.4 Nothing in this agreement
shall be construed as an assignment or attempted assignment if such assignment or attempted assignment would constitute a breach of such Re-Seller Contract or DMS Contract (as the case may be). 
 14 FEES AND EXPENSES. Each party shall be responsible for that party’s own legal and other costs incurred in relation to the negotiation,
preparation and completion of each of the Agreed Documents and all other relevant documents. 
 15. NOTICES. All notices, requests,
demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered personally or to a national courier service, or mailed by registered or certified mail, return receipt requested, to the
addresses herein designated or at such other address as may be designated in writing by notice given personally or by national courier service or by registered or certified mail return receipt requested: 
 If to the Seller or Bridgehead: 
 F. David Alcraft 
 Director 
 Bridgehead International Limited 
 and a copy to: 
 If to the Purchaser or UTEK: 
 UTEK Corporation 
 2109 East Palm Ave. 
 Tampa, Florida 33605 
 Attention: Chief Executive Officer 
 and a copy to: 
 Sam I. Reiber, Esq. 
 2109 East Palm Ave. 
 Tampa, Florida 33605 
 16. GOVERNING LAW; . This Agreement and any dispute or claim arising out of or in connection with it
shall be governed by and construed in accordance with English law. All disputes or claims arising out of or relating to this Agreement shall be subject to the non-exclusive jurisdiction of the English Courts, to which the parties irrevocably submit.

 17. ASSIGNABILITY. This Agreement shall not be assignable by any party without the prior written consent of the other parties
hereto. 

 18. ENTIRE AGREEMENT. The Agreed Documents constitute the entire agreement between the parties
hereto with respect to the sale and purchase of the Shares and supersedes all previous written or oral negotiations, commitments and representations. It is agreed that: 
 (i) no party has entered into any Agreed Document in reliance on, and each party unconditionally waives any claims in relation to, any
statement, representation, warranty or undertaking which is not expressly set out or referred to in the Agreed Documents; 
 (ii) in the absence of fraud, no party shall have any remedy in respect of any untrue statement, made to it or its representatives or agents, prior to this Agreement being entered into and on which it or they relied other than
representations, warranties or undertakings set out or referred to in the Agreed Documents and such party’s only remedy in respect of representations, warranties and undertakings set out in the Agreed Documents shall be for breach of contract;
and 
 (iii) this clause 18 shall not exclude any remedy or liability for fraudulent concealment or fraudulent
misrepresentation. 
 19. AMENDMENTS. No purported alteration of this Agreement shall be effective unless it is in writing, refers
specifically to this Agreement and is duly executed by each party to this Agreement whose rights and obligations under this Agreement are affected by that alteration. 
 20. PARTIES IN INTEREST. The Contracts (Rights of Third parties) Act 1999 (“Contracts Act”) shall not apply to this Agreement and no person (including any employee, officer, agent, representative or
sub-contractor of a party) other than a party to this Agreement shall have the right (whether under the Contracts Act or otherwise) to enforce any term of this Agreement which expressly or by implication confers a benefit on that person without the
express prior agreement in writing of the parties, which agreement must refer to this clause 14. 
 21. SECTION AND OTHER HEADINGS.
The clause and other headings contained in this Agreement are for reference purposes only and do not affect the interpretation or meaning of this Agreement. 
 22. COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement and therefore a
faxed copy of the signatures of the parties will constitute execution by both parties. 
 23. WAIVER. The waiver by any party hereto
of any breach, default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, shall not be deemed to extend to any prior or subsequent breach, default, misrepresentation, or breach of warranty or covenant
hereunder and shall not affect in any way any rights arising by virtue of any such prior or subsequent occurrence. 
 24.
SEVERABILITY. Each provision of this Agreement is severable and distinct from the others. The parties intend that each of those provisions shall be and remain valid and enforceable to the fullest extent permitted by law. If any such provision
is or at any time becomes to any extent invalid, illegal or unenforceable under any enactment or rule of law, it shall to that extent be deemed not to form part of this Agreement but (except to that extent in the case of that provision) it and all
other provisions of this Agreement shall continue to be effective and their validity, legality and enforceability shall not be affected or impaired as a result, subject to the operation of this clause not negating the commercial intent and purpose
of the parties under this Agreement. If any provision of this Agreement is illegal or unenforceable because any period or area specified in it exceeds that permitted by a relevant authority, that provision shall take effect with the minimum
modification necessary to make it valid, effective and acceptable to that Relevant Authority subject to that modification not negating the commercial intent of the parties under this Agreement. 

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

 SCHEDULE 1 - PROPERTY 
 The definitions in this paragraph apply in this Schedule 1. 
 Landlord: in respect of the Property, the person or persons from time to time entitled to the reversion (whether immediate or not) expectant upon the termination of the Lease. 
 Licence: the consent of the Landlord authorising a sub-lease of the lease of the Property to the Purchaser in accordance with and pursuant to the
terms of the Lease, such consent being evidenced in a written, formal licence to underlet, dated and being obtained on reasonable terms, signed or executed by or on behalf of all of the parties to it. 
 Longstop Date: the day on which the Landlord first indicates in writing that it is not prepared to grant the Sublease and requests that the Company
vacates the Property. 
 Part 1 Conditions: the conditions in Part 1 of the Standard Commercial Property Conditions (Second Edition)
and Standard Condition means any one of them. 
 Part 2 Conditions: the conditions in Part 2 of the Standard Commercial Property
Conditions (Second Edition). 
  

	1.	The Part 1 Conditions are incorporated in this Schedule 1 so far as they: 

 (a) 1.1 apply to a sale by private treaty; 
 (b) 1.2 are applicable to leasehold land;

 (c) 1.3 are not inconsistent with the other clauses in this Agreement; and 
 (d) 1.4 have not been modified by the other clauses in this Agreement. 
  

	2.	The Part 2 Conditions are not incorporated into this Schedule 1. 

  

	3.	The following Standard Conditions shall not apply: 

 (e) 3.1 Standard Condition 1.1.4(a); 
 (f) 3.2 Standard Condition 2; 
 (g) 3.3 Standard Conditions 3.1, 3.2.1 and 3.3; 
 (h) 3.4 Standard Conditions 6.1 to 6.3; 
 (i) 3.5 Standard Conditions 6.6.2 to 6.6.4; 
 (j) 3.6 Standard Conditions 7.1.2 and 7.1.3;

 (k) 3.7 Standard Condition 10.3; and 
 (l) 3.8 Standard Condition 11. 
  

	4.	The Standard Conditions shall be amended as follows: 

  

	 	4.1	the definition of “conveyancer” in Standard Condition 1.1.1(f) shall be construed as referring to the Purchaser’s Solicitors and/or the Seller’s solicitors, as
the context requires. 

	5.	Subject to the terms set out in the definition of “Sub-Lease” the Sub-Lease shall otherwise be in such form as the Purchaser and the Seller agree, using all reasonable
commercial efforts to agree the same. 

  

	6.	The provisions of this paragraph 6 of Schedule apply in respect to the Property:- 

  

	 	8.1	Completion of the Sub-Lease shall be conditional on the Licence required under the Lease. 

  

	 	8.2	Immediately following Completion, Bridgehead shall apply for and use reasonable endeavours to obtain every Licence as required by the Lease. Bridgehead shall pay all costs
associated with obtaining, or seeking to obtain, each Licence. 

  

	 	8.3	The Purchaser shall, as soon as reasonably practicable: 

  

	 	(a)	supply all information, accounts and references as the Landlord may reasonably require in connection with an application for or consideration of any Licence;

  

	 	(b)	ensure that any amendments that the Purchaser proposes to make to any form of Licence that has been submitted to the Purchaser or to the Purchaser’s Solicitors, are
communicated to the Seller and its solicitors; and 

  

	 	(c)	execute the documents containing a Licence, each in the form reasonably required by the Landlord. 

  

	 	8.4	The Purchaser shall not in any circumstances be required to enter into or procure any rent deposit or procure any guarantee or any other security in connection with the grant of the
Licence 

  

	9.	Until such time as the Sub-Lease is completed, the Company shall be entitled to occupy the Property as bare licensee on the following terms:- 

 9.1 the Purchaser shall be entitled to occupy the Property on a non-exclusive basis from Completion until the earlier of: 
  

	 	(a)	the Longstop Date; or 

  

	 	(b)	the effective date of the Sub-Lease. 

 9.2 Whilst occupying
the Property as bare licensees, the Purchaser shall be responsible for,, all proper sums properly payable by the Seller under the Lease, other than the payment of rents as referred to in paragraph 9.3 below. Where appropriate the outgoings and
expenses shall be apportioned on a pro rata day-to-day basis. 

 9.3 whilst occupying the Property as bare licensee, the Purchaser shall pay to the Company a licence fee
equal to the all rents payable by the tenant under the Lease in the same manner as set out in the Lease. 
 9.4 This licence to occupy does
not create, and is not intended to create, a demise and is personal to the Purchaser. This licence cannot be assigned and the Purchaser shall not be entitled to share occupation of the Property with any other person, nor hold the Property on trust
for a third party. 
 9.5 The Covenantors undertake to indemnify, and to keep indemnified, the Purchaser and the Company against all direct
losses or direct liabilities, damages, claims, demands, proceedings, costs, expenses, penalties, legal and other professional fees and costs) which may be suffered or incurred by any of them (other than as may be payable to the Seller pursuant to
the bare licence created in this Schedule 1) and which arise directly in connection with any steps taken by the Landlord to prevent the occupation by the Company of the Property after becoming aware of the occupation by the Company of the Property
pursuant to the bare licence created by this Schedule 1 including without limitation costs and expenses incurred in relocating to alternative premises. 

 SCHEDULE 2 - PROVISIONS FOR THE PROTECTION OF THE COVENANTORS 
  

	1.	Limitations 

 Time Limits 
  

	 	1.1	Subject to paragraph 1.8, the Purchaser shall not be able to bring a claim for any breach of Warranty unless the Purchaser gives written notice to the Covenantors regarding the
Claim in accordance with paragraph 1.2. 

  

	 	1.2	Any notice under paragraph 1.1 must: 

  

	 	1.2.1	be given: 

  

	 	1.2.1.1	in the case of a Claim under Warranty 3.11 (Tax Matters), on or before the expiry of a period of seven years after Completion; or in any other case; 

  

	 	1.2.1.2	on or before the expiry of a period of 2 years after Completion; 

  

	 	1.2.2	give all reasonable particulars of the Claim as the Purchaser then has and include the Purchaser’s best estimate of the amount of the Claim. 

  

	 	1.3	The liability of the Covenantors for any Claim notified under this paragraph 1 shall (if it has not been previously satisfied, settled or withdrawn), cease 12 months after the date
on which the Claim was notified unless court proceedings have been started in respect of it or it has been submitted to arbitration and the proceedings or submission to arbitration has not been withdrawn or terminated. 

 Claims Threshold 
  

	 	1.4	The Purchaser shall not be entitled to make any Claim under the Warranties where the sum claimed is less than £3,500. 

 Maximum Claims 
  

	 	1.5	Without prejudice to clause 1.9, the maximum total liability of the Covenantors in respect of all and any Claims shall be limited to $2,150,000 excluding all proper legal,
professional and other costs and expenses incurred by the Purchaser and any Affiliate of the Purchaser in connection with such Claims. 

 Double Claims 
  

	 	1.6	The Purchaser shall not be entitled to recover from the Covenantors under the Warranties more than once in respect of the same damage. 

 General 
  

	 	1.7	Nothing in this clause shall limit the liability of the Covenantors in respect of fraud or wilful non-disclosure. 

	 	1.8	If the Covenantors so elect they shall be entitled to satisfy any Claims made under the Warranties by way of the sale of all or any of the Consideration Shares.

  

	2.	Recoveries from third parties 

  

	 	2.1	The liability of the Covenantors for a Claim for breach of any Warranty shall be reduced to the extent that the Purchaser and/or the Company receives any cash sum from any third
party (including a Taxation Authority or insurer but excluding the Company or any member of the Purchaser’s Group or any employee of them (in their capacity as an employee of the Company or the Purchaser)) in respect of the matter or
circumstance giving rise to the Claim save that in the case of payment from an insurer, the amount of any such reduction shall be reduced by any increase in insurance premium as a direct consequence of such Claim. 

  

	 	2.2	If the Purchaser and/or the Company receives any cash sum from a third party (including a taxation authority or insurer but excluding the Company or any member of the
Purchaser’s Group or any employee of them (in their capacity as an employee of the Company or the Purchaser)) in respect of the matter or circumstance giving rise to a Claim for breach of Warranty and such recovery is made following payment by
either of the Covenantors of the Claim, then the recipient of such recovery shall repay to the relevant Covenantor an amount of such recovery not exceeding the amount paid by the relevant Covenantor in respect of the Claim save that in the case of
payment from an insurer, the amount of any such reduction shall be reduced by any increase in insurance premium as a direct consequence of such Claim. 

  

	3.	Changes in legislation 

  

	 	3.1	The Covenantors’ liability for any breach of Warranty shall be reduced to the extent that: 

  

	 	3.1.1	it arises or is increased as a result of: 

  

	 	3.1.1.1	the introduction any new legislation; 

  

	 	3.1.1.2	the changing of any existing legislation; 

  

	 	3.1.1.3	the changing or withdrawal of any extra-statutory concession by the Inland Revenue or any other fiscal authority 

 after Completion whether or not such introduction, change or withdrawal are effective retrospectively; 
  

	 	3.1.2	it arises or is increased as a result of any change in the basis or method of calculation of, or of any increase in the rates of Taxation made or imposed by legislation after
Completion with effect to any period ending before Completion. 

  

	4.	Provisions in the Accounts and accounting bases 

  

	 	4.1	No Claim against the Covenantors shall be made if the subject matter of the Claim is provided for in the Accounts and the Management Accounts (the “Relevant
Accounts”) unless (and then only to the extent that) such provision or allowance is insufficient. 

	 	4.2	The Covenantors shall not be liable in respect of any Claim to the extent that the Claim arises or is increased as a result of any changes after Completion in the accounting bases,
policies, practice or methods applied in preparing any accounts or valuing any assets or liabilities of the Company from those used in preparing the Relevant Accounts except where such change is required in order to comply with any FRS, legal
requirement or generally accepted accountancy practice in the United Kingdom in force at Completion. 

  

	5.	Mitigation, insurance and Purchaser’s knowledge 

  

	 	5.1	The Purchaser shall take or procure the taking of all steps and action as may be reasonable in order to mitigate any Claim under any Agreed Document (other than the Tax Covenant).

  

	 	5.2	If either of the Covenantors wishes to take out insurance against its liability under the Warranties the Purchaser shall (subject to the overriding requirements of its own insurers)
provide such information as the prospective insurer may reasonably require in order to effect such insurance. 

  

	 	5.3	The Covenantors shall have no liability for breach of Warranty in respect of any matter to the extent that the matter or circumstance giving rise to the liability was Disclosed.

  

	 	5.4	The Covenantors shall have no liability for a Claim in respect of any such Claim of which the Purchaser or its professional advisers has actual knowledge. The Purchaser confirms to
the Covenantors that as at the date of this Agreement it has no actual knowledge of any Warranty Claim against the Covenantors. 

  

	 	5.5	Before making a Claim in respect of any Loss which is insured, the Purchaser shall claim under the insurance, but if the insurers deny liability, or do not accept liability within
60 days, the Purchaser may make the Claim, and the provisions of paragraph 2 shall apply to any subsequent payment by the insurers and each of the time limits specified in paragraph 1 shall be extended by 60 days. 

  

	6.	Disclosures 

  

	 	6.1	The disclosures in the Disclosure Schedules shall not imply any further representation or warranty, nor shall any disclosure be taken as extending the scope of any of the
Warranties. 

  

	 	6.2	Matters disclosed in the Disclosure Schedules may relate to more than one of the Warranties. Each disclosure is to be treated as relating to every one of the Warranties to which it
is or may be relevant. Accordingly, the disclosures made shall not be limited to the Warranties by reference to which a specific disclosure is made in Disclosure Schedules. 

  

	 	6.3	The following matters are Disclosed: 

  

	 	6.3.1	the contents of the documents in the Disclosure Emails; 

  

	 	6.3.2	all matters contained in and all matters referred to in the Accounts of the Company for the three periods up to (and including) the Accounts Date; 

  

	 	6.3.3	all matters contained and referred to in the Management Accounts for the period from 1 January 2007 to 30 November 2007; 

	 	6.3.4	all information and all documents available from an online search of the public files maintained by the Company’s Registry in respect of the Company on the Business Day
preceding the date of this letter; 

  

	 	6.3.5	all matters which would be revealed by a search made on the Business Day preceding the date of this letter of the Central Registry of Winding Up and Administration Petitions in
respect of the Company and/or the Covenantors; 

  

	 	6.3.6	all matters contained in the Agreement (including any recitals and schedules) and any documents in the Agreement. 

  

	7.	Acts of Purchaser 

 The Covenantors’s liability
for any breach of a Warranty shall be reduced to the extent that such liability is attributable in whole or in part to any act, omission, transaction or arrangement of the Purchaser or the Company voluntarily effected after Completion otherwise
than: (i) in the ordinary course of business; or (ii)anything expressly provided to be done or omitted to be done pursuant to the Agreement; or (iii) as required by law; or (iv) carried out pursuant to an obligation of the Company
entered into prior to Completion; (v) carried out pursuant to the request of the Covenantors. 
  

	8.	Remediable breaches 

 A breach of any Warranty which
is remediable shall not entitle the Purchaser to make a Claim under that Warranty unless the Covenantors are given written notice of it and it is not remedied by the Covenantors without cost to or obligation upon the Purchaser within 60 days after
the date of receipt of the notice and each of the time limits specified in paragraph 1 shall be extended by that number of days. 
  

	9.	Conduct of Claims 

  

	 	9.1	The Purchaser shall inform the Covenantors in writing of any claim by any third party (“Third Party Claim”) which comes to the notice of the Purchaser, or any other member
of the Purchaser Group, whereby it appears that the Covenantors are or are likely to become liable under any Claim within seven days from the day on which such Third Party Claim comes to the notice of the Purchaser or other member of the Purchaser
Group. 

  

	 	9.2	Subject to the Purchaser being indemnified and secured to its reasonable satisfaction in accordance with paragraph 10.4 of this Schedule 4: 

  

	 	9.2.1	The Purchaser shall take such action and give such information and assistance as the Covenantors may reasonably request in writing to avoid, dispute, resist, mitigate, compromise or
defend any Third Party Claim and to appeal against any judgment given in respect thereof including (without limitation) applying to postpone so far as legally possible the payment of any Taxation; and 

  

	 	9.2.2	 On the written request of the Covenantors, the sole conduct of any legal proceedings of whatsoever nature arising out of any Third Party Claim
(“Proceedings”) shall be delegated to the Covenantors. For this purpose, the Purchaser shall give or procure to be given to the Covenantors all such assistance 

	 	 
as the Covenantors may reasonably require and shall appoint such solicitors and other professional advisers as the Covenantors may nominate to act of behalf
of the Purchaser in accordance with the Covenantors’ instructions. 

  

	 	9.3	Where Proceedings are delegated to the Covenantors in accordance with paragraph 10.2.2 of this Schedule 4: 

  

	 	9.3.1	the Covenantors shall keep the Purchaser fully and promptly informed of the Proceedings, shall consult the Purchaser on any matter which is or is likely to be material in relation
to any Proceedings and shall take account of all reasonable requirements of the Purchaser in relation to such Proceedings; and 

  

	 	9.3.2	the Covenantors shall not make any settlement or compromise of the Third Party Claim which is the subject of Proceedings, nor agree to any matter in the conduct of such Proceedings
which may affect the amount of the liability in connection with such Third Party Claim without the prior approval of the Purchaser, such approval not to be unreasonably withheld or delayed, and provided always that, in the event of the Purchaser
refusing approval of such settlement or compromise, the Covenantors shall have no liability in respect of any Claim arising therefrom in excess of the figure at which they could have settled or compromised the relevant Third Party Claim and the
Purchaser shall be liable for any costs incurred since the proposed date of settlement or compromise. 

 SCHEDULE 3 - POSITION PENDING COMPLETION 
 1 The Covenantors shall procure that between the date of this Agreement and Completion the Company shall carry on the Business in the ordinary and usual course. Without
prejudice to the generality of this paragraph 1 the Covenantors shall procure that the Company: 
 (a) continues to pay its creditors in the ordinary course
of business or within the usual terms of payment of such creditors; 
 (b) maintain in force all insurance policies usually kept in force relating in whole
or in part to the Business; 
 (c) maintain the trade and trade connection of the Business and do not by any action, omission, neglect or default knowingly
damage or risk damage to the same; 
 (d) maintain all licences, consents and authorisations which are needed to carry on the Business and which the Company
currently enjoys and comply with all applicable laws and regulations; and 
 (e) maintain all accounting and other records in the ordinary and usual course.

 2 Neither the Covenantors nor the Company shall at any time prior to Completion without the prior written consent of the Purchaser do, allow or procure
any act or omission which would (or would be likely to) cause, constitute or result in a breach of any of the Warranties as expressly repeated at Completion or which would make any of Warranties untrue, incorrect, inaccurate or misleading as
expressly repeated at Completion. 
 3 Without prejudice to the generality of paragraph 2, the Covenantors shall procure that the Company shall not at any
time prior to Completion without the prior written consent of the Purchaser: 
 (a) alter its share capital or the rights attaching to any of its shares or
otherwise re-organise its share capital or capitalise or repay any amount standing to any reserve; 
 (b) create, allot, issue, redeem, purchase,
consolidate, convert or subdivide any share or loan capital or any securities convertible into shares or grant any options for the issue of any such securities; 
 (c) subscribe or otherwise acquire, or dispose of any shares in the capital of any company; 
 (d) acquire or dispose of the whole or part of the
undertaking of it or of any other person, firm or company; 
 (e) send any notice to its shareholders or pass any shareholder resolution; 
 (f) cease to carry on its business or be wound up or enter into receivership, administrative receivership or any form of management or administration of its assets;

 (g) permit or suffer any of its insurances to lapse or do anything which would make any such policy of insurance null or voidable, fail to notify any
insurance claim in accordance with the terms of the relevant policy or settle any insurance claim below the amount claimed; 
 (h) apply or permit its
directors to apply to the Court for an administration order or similar order to be made in respect of it; 
 (i) make any change to its auditors, its bankers
or the terms of the mandate given to such bankers in relation to its account(s), or change its accounting reference date; 
 (j) enter into or vary any
transaction or arrangement with, or for the benefit of any of its directors or shareholders or any other person who is a connected person (within the meaning of section 839 ICTA) with any of its directors or shareholders; 

 (k) borrow monies (other than by way of its agreed overdraft facility), accept credit (other than normal trade credit),
make payments out of or drawings on its bank accounts other than in the ordinary and usual course or repay any loan or financial facility; 
 (l) make any
payment otherwise than on an arm’s length basis; 
 (m) enter into or give or permit or suffer to subsist any guarantee of or indemnity or contract of
suretyship for or otherwise commit itself in respect of the due payment of money or the performance of any contract, engagement or obligation of any other person or body; 
 (n) grant any lease or third party right in respect of any of or any part of any of the Properties or assign or dispose or deal with any of the Properties or any part of any of them; 
 (o) declare or pay any dividend or make any other distribution; 
 (p) enter
into any partnership, consortium, association or joint venture; 
 (q) incur any capital commitment exceeding in aggregate £2,000 or as regards any
single item £2,000; 
 (r) dispose of any asset of a capital nature with a book or market value in excess of £2,000; 
 (s) engage any employee; 
 (t) vary the terms of appointment or employment
of any officer or any employee, increase or vary the remuneration, pension rights or other benefits of any officer or employee, or appoint or dismiss any officer or such Employee; 
 (u) create or issue or suffer to subsist any mortgage, charge or other security interest upon or over the whole or any part of its assets or uncalled capital or redeem any of the foregoing other than a debenture
created on 23 March 2004 in favour of HSBC Bank Plc which shall be redeemed prior to Completion; 
 (v) make any loan or give any credit (other than
normal trade credit) or acquire any loan capital of any corporate body (wherever incorporated); 
 (w) amend or terminate any contract or commitment other
than in the ordinary course of business; 
 (x) enter into any leasing, hire, hire purchase or other agreement for payment on deferred terms or any unusual
or onerous contract or any other material or major or long-term contract; 
 (y) make any change in its business or do any act or thing outside the ordinary
course of the business carried on by it; 
 (z) commence or conduct any litigation (save for the collection of debts arising in the ordinary course of
business) or settle or compromise any claim or dispute; or 
 (aa) enter into any contract or commitment to do any of the acts or matters referred to in this
paragraph 3. 
 4 The Seller shall not at any time prior to Completion: 
 (a) dispose or attempt to dispose of any interest in the Shares or grant any option over, or mortgage, charge or otherwise encumber any of the Shares; or 
 (b) enter into or continue any discussions or negotiations with any persons as regards the Shares or any part thereof or the possible sale of all or part of the Business. 
 5 Pending Completion the Covenantors shall procure that the Purchaser and its agents and representatives are given full access to the premises of the Business and all employees, directors, officers and advisers of the
Company and to all documents, books and records of the Company and the Covenantors shall upon request furnish to the Purchaser and/or its agents, advisers and representatives such information regarding the Business as the Purchaser may require
between the hours of 9.00am and 5.00pm on a Business Day and upon giving reasonable prior notice. 

 SCHEDULE 4 - COMPLETION 
  

	1.	At Completion, the Seller shall deliver or cause to be delivered to the Purchaser the following documents and evidence: 

  

	 	(a)	transfer of the Shares executed by the Seller in favour of the Purchaser (or as it may direct); 

  

	 	(b)	the share certificates for the Shares in the name of the Seller or an indemnity in the agreed form for any lost certificates; 

  

	 	(c)	irrevocable powers of attorney in the agreed form executed by the Seller to enable the Purchaser (during the period to the registration of the transfer of the Shares) to exercise
all voting and other rights attaching to the Shares; 

  

	 	(d)	in relation to the Company, the statutory registers and minute books (written up to the time of Completion), the common seal, certificate of incorporation and any certificates of
incorporation on change of name; 

  

	 	(e)	the written resignation, executed as a deed, of the directors and secretaries of the Company from their offices with the Company . 

  

	 	(f)	acknowledgements in the agreed form from the Seller and the Company confirming that at and immediately after Completion nothing is owed by, on the one hand, the Company or its
Affiliates to, on the other hand, the Seller, any member of the Seller’s Group and any director or former director of the Company and that there are no outstanding claims by any such person against the Company or its Affiliates and that, to the
extent that there are any such sums due or possible claims, that these are waived; 

  

	 	(g)	all cheque books relating to any accounts held by the Company and a statement of account dated no earlier than 2 Business Days prior to Completion; 

  

	 	(h)	certified copies of the board resolutions of the Company in the agreed form. 

  

	2.	The Seller shall cause a board meeting of the Company to be held at Completion at which the following matters shall take place:- 

  

	 	(a)	a resolution to register the transfer of the Shares shall be passed at such board meeting of the Company, subject to the transfers being stamped at the cost of the Purchaser;

  

	 	(b)	all directors, secretaries and auditors of the Company shall resign from their offices with the Company with effect from the end of the relevant board meeting;

  

	 	(c)	such persons as the Purchaser shall request shall be appointed as directors and as secretary of the Company (but not exceeding any maximum number of directors contained in the
Company’s articles of association). The appointments shall take effect at the end of the relevant board meeting; 

  

	 	(d)	all the existing instructions and authorities to bankers shall be revoked and replaced with new instructions and authorities to those banks in the form the Purchaser requires;

  

	 	(e)	the address of the registered office of the Company shall be changed to the address required by the Purchaser; and 

  

	 	(f)	the accounting reference date of the Company shall be changed to the date required by the Purchaser, subject to such change being permitted by law. 

 SCHEDULE 5 - DISCLOSURE 
  

	1.	The disclosures in this Schedule 5 shall not imply any further representation or warranty, nor shall any disclosure be taken as extending the scope of any of the Warranties or the
Tax Covenant, and for the avoidance of doubt, no disclosure shall be made against the Tax Covenant. 

  

	2.	Matters disclosed in this Schedule 5 may relate to more than one of the Warranties. Each disclosure is to be treated as relating to every one of the Warranties to which it is or may
be relevant. Accordingly, the disclosures made shall not be limited to the Warranties by reference to which a specific disclosure is made in this Schedule 5. 

 Warranty 6.01 - Organization and Good Standing of the Company 
 N/A 
 Warranty 6.02 - Authority 
 Consent to the transaction is required
from Innovata plc. A copy of a letter confirming its consent is Disclosed at tab 6.02. 
 Companies House records show a Form 395 in relation to a fixed and
floating debenture in favour of HSBC dated 27 March 2004. This debenture will be released and the corresponding Form 403(a) will be filed prior to Completion. This charge is historic and does not secure any current indebtedness. 
 Warranty 6.03 - Shares 
 See disclosure 6.02 
 Warranty 6.04 
 N/A 
 Warranty 6.05 - Minute Books 
 N/A 
 Warranty 6.06 - Subsidiaries and Affiliates 
 The following re-seller
agreements have been entered into by Bridgehead but relate to the services provided by the Company: 
 Copies are Disclosed at 6.06 of the Disclosure Emails.
It is intended that these contracts will be assigned or novated to the Company. 
 Three contracts between Data Management Systems and Bridgehead which will
be novated to the Company. Copies are Disclosed at 6.06 of the Disclosure Emails. 
 Warranty 6.07 
 N/A 

 Warranty 6.08 - Financial Statements 
 A copy of the Accounts are Disclosed at tab 6.08 of the Disclosure Emails 
 A copy of the Management Accounts are Disclosed
at tab 6.08 of the Disclosure Emails 
 Also, see matters Disclosed against Warranty 6.10. 
 Warranty 6.09 - Records and Books of Account 
 N/A 
 Warranty 6.10 - Absence of Undisclosed Liabilities 
 The sum credited to commissions in the profit and loss account
and the sum of £3,949 in relation to minor cost/expenses accounts have been included in the management accounts dated 11 November 2007 as adjustments resulting from the 2006 audit; 
 The following items are Disclosed at tab 6.10 of the Disclosure Emails: 
  

	1.	Spreadsheet of deferred income as at 30 November 2007; 

  

	2.	Details of doubtful debts up to 30 November 2007 are highlighted in the spreadsheet; and 

  

	3.	A copy of the company handbook setting out details of insurance, holiday pay and stakeholder pension. Although the Company does not make any contributions to the pension scheme, the
saving it makes on National Insurance as result of employees own contributions is paid into the pension scheme. The pension scheme is administered by Chapman Associates, Equity House, 47 Burton Street, Melton Mowbray LE13 1AF.

 Warranty 6.11 - Tax Matters 
 Copies of
the Company’s tax returns for the last 3 financial years are Disclosed at tab 6.11 of the Disclosure Emails. 
 Warranty 6.23 - Accounts Receivable

 N/A 
 Warranty 6.24 - Inventory 
 N/A 
 Warranty 6.25 - Machinery and Equipment 
 A schedule of fixed assets as at 31 December 2007 (projected position) is Disclosed at tab 6.14 of the Disclosure Emails. A number of the PCs are now redundant and
used for spare parts. 
 Warranty 6.26 - Title to Properties; Certain Real Property Matters 
 N/A 

 Warranty 6.27 - Lease 
 In accordance with a lease between Bridgehead International Limited and Mandale Investments Limited in relation to Marlborough House 1st Floor, Westminster Place, York Business Park, York, YO26 6RW (“the Premises”), the Company is
permitted to occupy the Premises as a Group Company of Bridgehead. Consent will be required for the Company to occupy the premises when it ceases to be a group company on Completion. 
 A copy of the lease is Disclosed at tab 6.16 of the Disclosure Emails. 
 Warranty 6.28 - Patents, Trademarks, Etc 

 A schedule of domain names owned by the Company is Disclosed at tab 6.17 of the Disclosure Emails. 
 Pharmalicensing has an unregistered trademark in the form of its logo. 
 A
third party consultant, Mark Spanton designed Pharmalicensing website www.pharmalicensing.com, but all design rights and copyrights belong to Pharmalicensing. 
 Warranty 6.29 - Insurance Policies 
 : 
 The
Norwich Union Office Insurance Policy No. 47OSP193444 is Disclosed at tab 6.18 of the Disclosure Emails 
 2. Life insurance and income protection
policy with UNUM. This is a group policy and the Purchaser will need to implement its own policy on Completion. The employees insured are: T Everson, D Walker, P Tan, R Bhambra, J Ohlsson, M Lloyd Jones, P Filak, A Child, G Jones. 

The following employees have personal pension plans arranged by the Company and the Company contributes the value of the employers national insurance savings to each
plan:- 
 D Walker 
 P Tan 
 J Ohlsson 
 Warranty 6.30 - Banking and Personnel Lists 

 

	1.	Pharmalicensing’s bank details are Disclosed in the invoice template at tab 3.19 of the Disclosure Emails. 

  

	2.	The directors of the Company are David Alcraft and Fiona Paton. Neither directors are remunerated directly by the Company. 

  

	3.	A schedule of employees including salaries is Disclosed at tab 3.19 of the Disclosure Emails. 

 The sales staff are entitled to 10% commission on their monthly sales. 
 A bonus scheme operates for Peter Tan and Johan
Ohlsson. This expires on 31 December 2007 and it is for the Purchaser to negotiate any new bonus terms. 
 In 2007 Piotr Filak, IT manager received a
bonus in the sum of £1,000 

 Details of other employment benefits are set out in the memorandum at tab 6.19 of the Disclosure Emails. The personal
health insurance and death in service policies are held in the name of Bridgehead International Limited. Therefore, the Company will need to make its own arrangements to continue such benefit commitments after Completion. 
 Samuel Arango Barona was dismissed on grounds of poor performance in 2003. There were discussions between the Company and his solicitors in relation to a compromise
agreement and the settlement of his debt to the Company. To date the Company has not heard anything on this matter. 
 The following disputes arose as a
result of redundancies in 2006: 
  

	 	a.	Simon Cox - a copy of the compromise agreement is attached at 6.19 of the Disclosure Emails resulting from his redundancy in may 2006; 

  

	 	b.	Claire Gibson - Claimed £8,576 on the grounds that the Company had failed to establish that the reason for her dismissal was due to redundancy. Her solicitors threatened to
make an application to the Employment Tribunal but the Company did not receive any further correspondence in this regard. The Seller understand that Ms Gibson took up new employment. Compensation was paid in line with statutory redundancy.
Correspondence is Disclosed at 6.19 of the Disclosure Emails. 

  

	 	c.	Dan Brown - Claimed £25,000 on the grounds that the Company had failed to establish that the reason for his dismissal was due to redundancy. His solicitors threatened to make
an application to the Employment Tribunal but the Company did not receive any further correspondence in this regard. The Seller understand that Mr Brown took up new employment. Compensation was paid in line with statutory redundancy. Correspondence
is Disclosed at 6.19 of the Disclosure Emails. 

  

	 	d.	Details of a conciliation agreement between Pharmalicensing and T Martin is Disclosed at tab 6.19 of the Disclosure Emails; 

  

	 	e.	Other non-contested redundancies were made in August 2006 in relation to Pete Mitchel, Head of Operations; Suzanne Elvidge, Head of Publishing; and editorial assistant Laura Sheehan
and Lea Shiang Lee. Compensation was paid in line with statutory redundancy. 

 See disclosure against Warranty 6.23 above in relation to
Dreamhost. This contract is likely to constitute a material contract. Payment details are as follows: 
 Last payment: $1428.00 on 2007-01-18 for 12 month
subscription 
 including: 
 — Dedicated Server $1188.00

 — 2x extra memory (256MB) $120.00 (each) 
 Next
payment is due on 2008-01-14. 
 Warranty 6.30A 
 See
disclosures 6.19 and 6.20 
 Warranty 6.31 - List of Contracts Etc 
  

	2.	Copies of employment contracts are Disclosed at tab 6.20. Also see replies to 6.10 and 6.19 

  

	3.	Copies of the following re-seller agreements are disclosed at tab 6.20: 

  

	 	a.	Agency distribution agreement with MarketResearch.com 

  

	 	b.	First amendment to Agency distribution agreement with MarketResearch.com 

  

	 	c.	WebEx Communications 

  

	 	d.	Distributor agreement with TriMark Publications 

  

	 	e.	Reseller and distribution agreement with Urch Publishing 

  

	 	f.	Visiongain 

  

	 	g.	Access China Management Consulting 

	 	h.	Reseller and distribution agreement with Burrill Life Sciences Media Group 

  

	 	i.	Reseller and distribution agreement with Cutting Edge Information 

  

	 	j.	Datamonitor plc 

  

	 	k.	Reseller and distribution agreement with Seed Planing Inc 

  

	 	l.	Distribution agreement with MindBranch Inc 

  

	4.	A contract exists with World Pay in respect of credit card transaction facilities 

  

	5.	Dreamhost - see disclosure against Warranty 6.23 

  

	6.	For details of a debenture granted in favour of HSBC see disclosure against Warranty 6.02 

 Warranty 6.32 - Compliance with the Law 
 N/A 
 Warranty 6.33 
  

	1.	A dispute with T Martin following redundancies was settled and a copy of the conciliation agreement is Disclosed at 6.19 above. 

 Warranty 6.34 - Absence of Certain Changes or Events 
  

	1.	Pharmalicensing entered into a contract with Dreamhost in respect of its webhosting 

  

	2.	Pharmalicensing has agreed to increase Johan Ohlsson’s salary from £26,000 to £32,000 to take effect on 1 January 2008 

  

	3.	See disclosure against 6.19 above in relation to bonus scheme for Peter Tan and Johan Ohlsson 

  

	4.	It is a commitment of Pharmalicensing to implement salary increases averaging inflation plus 1% for all employees each year 

 Warranty 6.35 - Absence of Certain Commercial Practices 
 N/A

 Warranty 6.36 - Licenses, Permits, Consents and Approvals 
 N/A 
 Warranty 6.37 - Broker 
 N/A 

Warranty 6.38 - Related Party Transactions 
 Stephen Poile left the
Pharmalicensing on 30 August 2007. He has since set up and a company called Wild Wood Ventures Limited and has approached Pharmalicensing with a proposal to sell each other’s reports 

 ANNEX A 
 INDEX OF DISCLOSURE DOCUMENTS 
  

			
	6.02	  	Consent letter from Innovata plc dated 17 December 2007
		
	6.08	  	Audited accounts of the Company for the year ended 31 December 2007
		
	6.08	  	Management accounts dated 30 November 2007
		
	6.10	  	Aged Debtor Analysis dated 30 November 2007
		
	6.10	  	Schedule of deferred income
		
	6.10	  	Extract from the Company’s website setting out the terms and conditions
		
	6.11	  	Tax computations 2004
		
	6.11	  	Tax computations 2005
		
	6.11	  	Tax computations 2006
		
	6.14	  	Fixed asset register
		
	6.15	  	Lease of Marlborough House
		
	6.17	  	List of domain names
		
	6.18	  	Norwich Union office insurance policy
		
	6.19	  	Invoice template
		
	6.19	  	Memorandum relating to employment benefits dated 19 May 2004
		
	6.19	  	Staff list

			
	6.20	  	 Reseller agreements as follows:
  
 a. Agency distribution agreement with MarketResearch.com
  
 b. First amendment to Agency distribution agreement with MarketResearch.com
  
 c. WebEx Communications
  
 d. Distributor agreement with TriMark Publications
  
 e. Reseller and distribution agreement with Urch Publishing
  
 f. Visiongain
  
 g. Access China Management Consulting
  
 h. Reseller and distribution agreement with Burrill Life Sciences Media Group

  
 i. Reseller and distribution agreement with Cutting Edge
Information
  
 j. Datamonitor plc
  
 k. Reseller and distribution agreement with Seed Planing Inc
  
 l. Distribution agreement with MindBranch Inc

		
	6.20	  	 Reseller agreements entered into by Bridgehead:
  
 a. Arrowhead Publishers dated 25 October 2006
  
 b. Bharat Book Bureau dated 20 June 2006
  
 c. BioMarket Group dated 8 May 2006
  
 d. Biopharm Knowledge Publishing dated 28 June 2006
  
 e. Bioprotfolio Limited dated 31 January 2005
  
 f. Cambridge Healthcare Institute dated 8 January 2006
  
 g. Chiltern Magazine Services Limited undated
  
 h. Global Information Inc. dated 28 July 2004
  
 i. Labhoo.com dated 30 June 2006
  
 j. LeadDiscovery Limited dated 27 June 2006
  
 k. OKOKOK Information Consulting Co Ltd dated 10 July 2006
  
 l. Network Pharma Ltd dated 23 August 2004
  
 m. Piribo Limited dated 16 March 2005
  
 n. Total Information Inc dated 10 July 2006
  
 o. Ubiquick SARL dated 30 May 2006

					
	Signed for and on behalf of	  	)	  	
	UTEK EUROPE LTD	  	)	  	 /s/ Clifford M. Gross

			
	Signed for and on behalf of	  	)	  	
	UTEK CORPORATION	  	)	  	 /s/ Clifford M. Gross

			
	Signed for and on behalf of	  	)	  	
	PARTNERING INTELLIGENCE LIMITED	  	)	  	 /s/ Frances David Alcraft

			
	Signed for and on behalf of	  	)	  	
	BRIDGEHEAD INTERNATIONAL LIMITED	  	)	  	 /s/ Frances David Alcraft

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