Document:

Note Purchase Agreement

 Exhibit 10.1 
 Execution Version 
 NOTE
PURCHASE AGREEMENT 
 by and between 
 GTC Biotherapeutics, Inc. 
 and 
 LFB Biotechnologies S.A.S. 
 February 22, 2010 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	 	  	Page
			
	1.	 	PURCHASE AND SALE	  	1
				
		 	(a)	  	Purchase of Note	  	1
			
	2.	 	THE CLOSING	  	1
				
		 	(a)	  	Closing	  	1
				
		 	(b)	  	Conditions to the Purchaser’s Obligation to Purchase the Note	  	1
				
		 	(c)	  	Conditions to the Company’s Obligation to Issue and Sell the Note	  	3
			
	3.	 	REPRESENTATIONS AND WARRANTIES OF THE COMPANY	  	3
				
		 	(a)	  	Organization and Qualification	  	3
				
		 	(b)	  	Subsidiaries	  	4
				
		 	(c)	  	Authorization; Enforcement; Validity	  	4
				
		 	(d)	  	Capitalization	  	4
				
		 	(e)	  	Issuance of the Note	  	5
				
		 	(f)	  	No Conflicts	  	5
				
		 	(g)	  	No Violation or Default	  	6
				
		 	(h)	  	SEC Documents	  	6
				
		 	(i)	  	Financial Statements	  	6
				
		 	(j)	  	No Material Adverse Change	  	6
				
		 	(k)	  	Independent Accountants	  	7
				
		 	(l)	  	Clinical Trials	  	7
				
		 	(m)	  	Title to Intellectual Property	  	7
				
		 	(n)	  	Licenses and Permits	  	8
				
		 	(o)	  	Environmental Matters	  	8
				
		 	(p)	  	Tax Matters	  	8
				
		 	(q)	  	Internal Control over Financial Reporting	  	8
				
		 	(r)	  	Disclosure Controls and Procedures	  	9
				
		 	(s)	  	Sarbanes-Oxley Compliance	  	9
				
		 	(t)	  	Absence of Litigation	  	9

  

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 TABLE OF CONTENTS 
 (continued) 
  

							
	 	 	 	  	 	  	Page
				
		 	(u)	  	Investment Company Act.	  	9
				
		 	(v)	  	Board Approval	  	9
			
	4.	 	PURCHASER’S REPRESENTATIONS AND WARRANTIES	  	9
				
		 	(a)	  	Transfer or Resale	  	9
				
		 	(b)	  	Investment Purpose	  	10
				
		 	(c)	  	Offshore Transaction	  	10
				
		 	(d)	  	General Solicitation	  	10
				
		 	(e)	  	Information	  	10
				
		 	(f)	  	Reliance on Exemptions	  	10
				
		 	(g)	  	No Governmental Review	  	10
				
		 	(h)	  	No Antitrust Filings or Approvals	  	10
				
		 	(i)	  	Authorization; Enforcement; Validity	  	11
				
		 	(j)	  	No Conflicts	  	11
				
		 	(k)	  	Short Position Prior to the Date Hereof	  	11
				
		 	(l)	  	Short Sales and Confidentiality After the Date Hereof	  	11
				
		 	(m)	  	Ownership	  	12
			
	5.	 	RESTRICTIONS ON TRANSFER; OWNERSHIP OF SHARES	  	12
				
		 	(a)	  	Resales	  	12
				
		 	(b)	  	Rule 144	  	12
				
		 	(c)	  	Legends.	  	12
				
		 	(d)	  	Agreement to be Bound	  	12
				
		 	(e)	  	Security Ownership	  	12
			
	6.	 	PUBLIC STATEMENTS	  	12
			
	7.	 	MISCELLANEOUS	  	13
				
		 	(a)	  	Governing Law	  	13
				
		 	(b)	  	Entire Agreement	  	13
				
		 	(c)	  	Amendments and Waivers	  	13

  

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 TABLE OF CONTENTS 
 (continued) 
  

							
	 	 	 	  	 	  	Page
				
		 	(d)	  	Notices	  	13
				
		 	(e)	  	No Strict Construction	  	14
				
		 	(f)	  	Further Assurances	  	14
				
		 	(g)	  	Severability	  	14
				
		 	(h)	  	Successors and Assigns	  	14
				
		 	(i)	  	Survival	  	15
				
		 	(j)	  	Expenses	  	15
				
		 	(k)	  	Headings	  	15
				
		 	(l)	  	Counterparts	  	15

  

			
	EXHIBITS	  	
	Exhibit A	  	Form of Secured Note
	Exhibit B	  	Third Amendment to the Security Agreement
	Exhibit C	  	Third Amendment to the Mortgage, Security Agreement and Fixture Filing

  

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 NOTE PURCHASE AGREEMENT 
 This Note Purchase Agreement (this “Agreement”) dated as of February 22, 2010 is made by and between GTC
Biotherapeutics, Inc., a Massachusetts corporation, (the “Company”), and LFB Biotechnologies S.A.S., a société par actions simplifiée established under the laws of France (the “Purchaser”).

 RECITALS 
 In accordance with the terms and conditions of this Agreement and pursuant to exemptions from registration under the Securities Act of 1933 (as amended from time to time, the “Securities
Act”), which may include without limitation the exemption afforded by Regulation S promulgated thereunder, the Company has agreed to issue and sell, and the Purchaser has agreed to purchase a secured note with a principal amount of
$7,000,000. 
 NOW THEREFORE, in consideration of the promises and the mutual covenants contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Purchaser hereby agree as follows: 
  

	 	1.	PURCHASE AND SALE 

 (a)
Purchase of Note. At the Closing (as defined in Section 2), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, upon the terms and subject to the conditions set forth herein a secured
note of the Company in the original principal amount of $7,000,000, which note shall be in the form attached hereto as Exhibit A (the “Note”). 
  

	 	2.	THE CLOSING 

 (a) Closing
. The closing of the purchase and sale of the Note (the “Closing”) shall occur on February 24, 2010 at 10:00 a.m. Boston time at the offices of Edwards Angell Palmer & Dodge LLP, 111 Huntington Avenue, Boston,
Massachusetts (subject to the satisfaction or waiver of the conditions set forth in Subsections (b) and (c) of this Section 2), or at such other location, date and time as may be agreed upon between the Company and the Purchaser (the
“Closing Date”). Subject to the satisfaction of the closing conditions contained herein, at the Closing, the Purchaser shall pay the Company $7,000,000 (the “Purchase Price”), by wire transfer of immediately
available funds in accordance with the Company’s written wire instructions, and the Company shall deliver to the Purchaser the Note duly executed and completed and dated the Closing Date. 
 (b) Conditions to the Purchaser’s Obligation to Purchase the Note. The Purchaser’s obligation to purchase the Note shall be
subject to the satisfaction, at or before the Closing Date, of each of the following conditions, provided that these conditions are for the Purchaser’s sole benefit and may be waived by the Purchaser at any time in its sole discretion:

  

	 	(i)	receipt of a copy of this Agreement, executed by the Company; 

	 	(ii)	receipt of the Note in the principal amount of the Purchase Price, executed by the Company; 

  

	 	(iii)	receipt of the Third Amendment to the Amended and Restated Security Agreement dated as of June 18, 2009, as amended by that certain Omnibus Amendment Regarding
Loan Agreement and that certain Omnibus Amendment Regarding Note and Warrant Purchase Agreement, each dated December 21, 2009 in the form of Exhibit B executed by the Company (the “Security Agreement Amendment”);

  

	 	(iv)	receipt of the Third Amendment to the Mortgage, Security Agreement and Fixture Filing by and between the Company and the Purchaser (the “Mortgage
Amendment”) in the Form of Exhibit C executed by the Company; 

  

	 	(v)	receipt of a date-down title endorsement in form and substance reasonably satisfactory to the Purchaser to the Loan Policy of Title Insurance issued by Old Republic
National Title Insurance Company in favor of the Purchaser; 

  

	 	(vi)	the representations and warranties of the Company in this Agreement shall be true, correct and complete as of the Closing Date (except for representations and
warranties that speak as of a specific date, which shall be true, correct and complete as of such date) and the Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by
this Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing and receipt of a certificate, dated the Closing Date, executed by the principal executive officer and principal accounting officer of the Company
certifying as to such; 

  

	 	(vii)	receipt by the Purchaser of a legal opinion, dated the Closing Date, from counsel to the Company, in form and substance reasonably acceptable to the Purchaser’s
counsel; 

  

	 	(viii)	no temporary restraining order, preliminary or permanent injunction or other order or decree, and no other legal restraint or prohibition, shall exist which questions
the validity of this Agreement, the Note, the Security Agreement Amendment or the Mortgage Amendment (collectively, the “Transaction Documents”) or the right of the Company or the Purchaser, as the case may be, to enter into any
Transaction Document or prevents or could reasonably be expected to prevent the consummation of the transactions contemplated by this Agreement, nor shall any proceeding have been commenced or threatened with respect to the foregoing and receipt of
a certificate, dated the Closing Date, executed by the principal executive officer and the principal accounting officer of the Company certifying to their knowledge as to such; and 

  

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	 	(ix)	receipt of such other information, certificates and documents as the Purchaser may reasonably request. 

 (c) Conditions to the Company’s Obligation to Issue and Sell the Note. The Company’s obligation to issue and sell the Note
shall be subject to the satisfaction, at or before the Closing Date, of each of the following conditions, provided that these conditions are for the Company’s sole benefit and may be waived by the Company at any time in its sole discretion:

  

	 	(i)	receipt of a copy of this Agreement executed by the Purchaser; 

  

	 	(ii)	the representations and warranties of the Purchaser in this Agreement shall be true, correct and complete as of the date of this Agreement and the Closing Date (except
for representations and warranties that speak as of a specific date, which shall be true, correct and complete as of such date) and the Purchaser shall have performed, satisfied and complied with in all material respects the covenants, agreements
and conditions of the Purchaser to be performed, satisfied or complied with by it under this Agreement at or prior to the Closing; 

  

	 	(iii)	receipt of a certificate by the President of the Purchaser stating that the conditions in paragraphs (ii) and (v) of this Subsection 2(c) have been fulfilled
on or prior to the Closing Date in all material respects; 

  

	 	(iv)	receipt of the Purchase Price; 

  

	 	(v)	no temporary restraining order, preliminary or permanent injunction or other order or decree, and no other legal restraint or prohibition shall exist which questions
the validity of any Transaction Document or the right of the Company or the Purchaser, as the case may be, to enter into any Transaction Document or prevents or could reasonably be expected to prevent the consummation of the transactions
contemplated by this Agreement, nor shall any proceeding have been commenced or threatened with respect to the foregoing; and 

  

	 	(vi)	receipt of such other information, certificates and documents as the Company may reasonably request. 

  

	 	3.	REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

 The Company represents and warrants to the Purchaser, subject to such exceptions as are set forth in the SEC Documents (as defined below) or as otherwise disclosed in the Company’s disclosure letter
previously delivered to the Purchaser, as follows: 
 (a) Organization and Qualification. The Company is a corporation,
duly organized, validly existing and in good standing under the laws of the Commonwealth of Massachusetts, and has the requisite corporate power and authority to own its properties and to carry on its business as now being conducted and as described
in the SEC Documents. Copies of the

  

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Company’s Restated Articles of Organization, as amended (the “Articles of Organization”) and Bylaws of the Company (the “Bylaws”), and all amendments
thereto, have been filed as exhibits to the Company’s SEC Documents and have not been further modified, and except as required by the transactions contemplated hereby, the Company has no present intention to modify the Articles of Organization
and Bylaws. The Company is duly qualified as a foreign corporation to do business, and is in good standing, in every jurisdiction in which its ownership of property or the nature of the business conducted and proposed to be conducted by it makes
such qualification necessary, except where the failure to be so qualified or in good standing would not, individually or in the aggregate, have or reasonably be expected to result in a material adverse effect on the condition (financial or
otherwise), prospects, earnings, business or properties of the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business (“Material Adverse Effect”). 
 (b) Subsidiaries. Each of the Company’s Subsidiaries has been duly organized and is validly existing and in good standing under
the laws of its jurisdiction of organization, is duly qualified to do business and is in good standing as a foreign corporation in each jurisdiction in which its ownership or lease of property or the conduct of its business requires such
qualification, and has all power and authority necessary to own or hold its properties and to conduct the business in which it is engaged, except where the failure to so qualify or have such power or authority would not have, singularly or in the
aggregate, a Material Adverse Effect. All the outstanding shares of capital stock of each Subsidiary have been duly authorized and validly issued, are fully paid and nonassessable and are owned by the Company directly or indirectly through one or
more wholly-owned subsidiaries, free and clear of any claim, lien, encumbrance, security interest, restriction upon voting or transfer or any other claim of any third party. No Subsidiary is currently prohibited, directly or indirectly, under any
agreement to which it is a party, from paying any dividends to the Company, from making any other distribution on such Subsidiary’s capital stock, from repaying to the Company any loans or advances to such Subsidiary from the Company or from
transferring any of such Subsidiary’s properties or assets to the Company or any other subsidiary of the Company. For purposes of this Agreement, “Subsidiaries” means those entities that are “significant subsidiaries”
of the Company as determined in accordance with Regulation S-X. 
 (c) Authorization; Enforcement; Validity. The Company
has the requisite corporate power and authority to enter into and perform its obligations under the Transaction Documents and to issue the Note in accordance with the terms hereof. The execution and delivery of the Transaction Documents by the
Company and the consummation and performance by the Company of the transactions contemplated thereby, including, without limitation, the issuance of the Note, have been duly authorized by all requisite corporate action. The Transaction Documents
have been duly executed and delivered by the Company. The Transaction Documents constitute the valid and binding obligations of the Company enforceable against the Company in accordance with their terms, except as such enforceability may be limited
by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of creditors’ rights and remedies. 
 (d) Capitalization. The capitalization of the Company is as described in the Company’s most recent periodic report filed with
the Securities and Exchange Commission (the

  

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“SEC”) as updated by any current report filed with the SEC thereafter, and all of the issued shares of capital stock of the Company have been duly and validly authorized and
issued, are fully paid and non-assessable, and have been issued in compliance with federal and state securities laws. The Company has not issued any capital stock since such filings other than pursuant to the exercise of stock options under the
Company’s stock option plans, the issuance of shares of the Company’s common stock, $0.01 par value per share (the “Common Stock”) to employees pursuant to the Company’s employee stock purchase plan (such issuances
and any such stock options, whenever issued or granted, being collectively “Employee Equity Transactions”), pursuant to the conversion or exercise of outstanding securities that are convertible into or exercisable for Common Stock,
or pursuant to publicly disclosed equity financings. The Company’s Common Stock is registered pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the
“Exchange Act”), and is listed for trading on the Nasdaq Capital Market (“Nasdaq”). The Company is in compliance with the continued listing criteria of Nasdaq and all Nasdaq corporate governance requirements that
are applicable to the Company. Except for Employee Equity Transactions and as set forth in the SEC Documents, (i) no shares of the Company’s capital stock are subject to preemptive rights or any other similar rights or any liens or
encumbrances; (ii) there are no outstanding options, warrants, rights to subscribe to, calls or commitments relating to, or securities or rights convertible into, any shares of capital stock of the Company or any of its Subsidiaries, or
contracts, commitments, understandings or arrangements by which the Company is or may become bound to issue additional shares of capital stock of the Company or any of its Subsidiaries or options, warrants, rights to subscribe to, calls or
commitments relating to, or securities or rights convertible into, any shares of capital stock of the Company or any of its Subsidiaries. 
 (e) Issuance of the Note. The Note has been duly authorized and, upon issuance in accordance with the terms hereof, will be a legal, valid and binding obligation of the Company in accordance with
its terms. Except for the filing of any notice prior or subsequent to the Closing that may be required under applicable state and/or Federal securities laws (or comparable laws of any other jurisdiction) or the rules of Nasdaq, no authorization,
consent, approval, license, exemption of or filing or registration with any court or governmental department, commission, board, bureau, agency or instrumentality, is or will be necessary for, or in connection with, the execution and delivery by the
Company of the Transaction Documents or for the performance by the Company of its obligations under the Transaction Documents. 
 (f) No Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the consummation by the Company of the transactions contemplated thereby do not and will not (i) result in a violation of
the Company’s Articles of Organization or Bylaws; (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under any agreement, indenture or instrument to which the Company
or any of its Subsidiaries is a party; (iii) result in a violation of any law, rule, regulation, order, judgment or decree applicable to the Company or any of its Subsidiaries; or (iv) result in the imposition of a mortgage, pledge,
security interest, encumbrance, charge or other lien on any asset of the Company or its Subsidiaries, except for such conflicts, defaults, terminations, amendments, accelerations, cancellations, violations and impositions as described in clauses
(ii), (iii) or (iv) of this sentence as would not, individually or in the aggregate, have or result in a Material Adverse Effect. 
  

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 (g) No Violation or Default. Neither the Company nor any of its Subsidiaries is
(i) in violation of its Articles of Organization or Bylaws or other organizational documents; (ii) in default (or subject to an event which with notice or lapse of time or both would become a default) under any agreement, indenture or
instrument to which the Company or any of its Subsidiaries is a party; or (iii) in violation of any law, rule, regulation, order, judgment or decree applicable to the Company or any of its Subsidiaries; except for such violations or defaults,
as described in clauses (ii) or (iii) of this sentence as are set forth in the SEC Documents or as would not, individually or in the aggregate, have or result in a Material Adverse Effect. 
 (h) SEC Documents. The Company has filed all reports, schedules, forms, statements, exhibits (including certifications of the
Company’s principal executive and financial officers pursuant to Section 302 and 906 of Sarbanes-Oxley (as defined in Section 3(s))) and other documents required to be filed by it with the SEC pursuant to the reporting requirements of
the Exchange Act for the twelve (12) months preceding the date hereof (all of the foregoing filed prior to or on the date hereof, or prior to the Closing Date, and all exhibits included therein and financial statements and schedules thereto and
documents incorporated by reference therein being referred to in this Agreement as the “SEC Documents”). As of the date of filing of each such SEC Document, such SEC Document, as it may have been subsequently amended by filings made
by the Company with the SEC prior to the date hereof, complied in all material respects with the requirements of the Exchange Act and the rules and regulations of the SEC promulgated thereunder applicable to such SEC Document. None of the SEC
Documents, as of the date filed and as they may have been subsequently amended by filings made by the Company with the SEC prior to the date hereof, contained any untrue statement of a material fact or omitted to state a material fact required to be
stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
 (i) Financial Statements. The financial statements and the related notes thereto of the Company and its consolidated subsidiaries included or incorporated by reference in the SEC Documents comply
in all material respects with the applicable requirements of the Exchange Act, as applicable, and present fairly the financial position of the Company and its subsidiaries as of the dates indicated and the results of their operations and the changes
in their cash flows for the periods specified. Such financial statements have been prepared in conformity with United States generally accepted accounting principles (“GAAP”) applied on a consistent basis throughout the periods
covered thereby, except as specifically stated therein, and the supporting schedules included or incorporated by reference in the SEC Documents present fairly the information required to be stated therein. 
 (j) No Material Adverse Change. Since the date of the most recent financial statements of the Company included or incorporated by
reference in the SEC Documents, (i) there has not been any change in the capital stock (other than pursuant to Employee Equity Transactions, pursuant to the conversion or exercise of outstanding securities that are convertible into or
exercisable for Common Stock, or pursuant to publicly disclosed equity financings) or long-term debt of the Company or any of its subsidiaries, or any dividend or distribution of any kind declared, set aside for payment, paid or made by the Company
on any class of capital stock,

  

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or any material adverse change in or affecting the business, properties, management, financial condition or operations of the Company and its subsidiaries taken as a whole; (ii) neither the
Company nor any of its subsidiaries has entered into any transaction or agreement that is material to the Company and its subsidiaries taken as a whole or incurred any liability or obligation, direct or contingent, that is material to the Company
and its subsidiaries taken as a whole and (iii) neither the Company nor any of its subsidiaries has sustained any material loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by
insurance, or from any labor disturbance or dispute or any action, order or decree of any court or arbitrator or governmental or regulatory authority. 
 (k) Independent Accountants. PricewaterhouseCoopers LLP, who have certified certain financial statements of the Company and its subsidiaries, and have audited the Company’s internal control
over financial reporting and managements’ assessment thereof, are to the Company’s knowledge, independent registered public accountants with respect to the Company and its subsidiaries as required by the Securities Act. 
 (l) Clinical Trials. The clinical, pre-clinical and other studies and tests conducted by or on behalf of or sponsored by the Company
were and, if still pending, are being conducted in accordance with all statutes, laws, rules and regulations, as applicable (including, without limitation, those administered by the United States Food and Drug Administration (the
“FDA”) or by any foreign, federal, state or local government or regulatory authority performing functions similar to those performed by the FDA) except where the failure to comply with such statutes, laws, rules or regulations would
not result, individually or in the aggregate, in a Material Adverse Effect. 
 (m) Title to Intellectual Property. The
Company and its subsidiaries own or possess adequate rights to use all material patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses and know-how (including
trade secrets and other unpatented or unpatentable proprietary or confidential compounds, genes, information, systems or procedures) (collectively, the “Intellectual Property”) generally described in the SEC Documents (except as
otherwise noted therein), which to the Company’s knowledge is all the Intellectual Property necessary for the conduct of the Company’s business. Except as set forth in the SEC Documents, (i) to the Company’s knowledge, there are
no rights of third parties to any such Intellectual Property except through licensing or cross-licensing agreements or where the exercise of such rights would not result, individually or in the aggregate, in a Material Adverse Effect; (ii) to
the Company’s knowledge, there is no infringement by third parties of any such Intellectual Property that is necessary and material to the Company’s business as it is presently being conducted except where such infringement would not
result, individually or in the aggregate, in a Material Adverse Effect; (iii) there is no pending or, to the Company’s knowledge, threatened action, suit, proceeding or claim by others challenging the Company’s ownership or licensing
rights in or to any such Intellectual Property; (iv) there is no pending or, to the Company’s knowledge, threatened action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual Property, other than
ordinary patent, trademark, service mark and copyright prosecution; (v) there is no pending or, to the Company’s knowledge, threatened action, suit, proceeding or claim by others that the Company infringes or otherwise violates any patent,
trademark, copyright, trade secret or other proprietary rights of others, and the Company is unaware of any

  

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reasonable basis for any such claim; and (vi) the Company has taken all steps reasonably determined by the Company to be necessary to perfect its ownership of and interest in such
Intellectual Property. 
 (n) Licenses and Permits. The Company and its subsidiaries possess all licenses, certificates,
permits and other authorizations issued by, and have made all declarations and filings with, the appropriate Federal, state, local or foreign governmental or regulatory authorities that are necessary for the ownership or lease of their respective
properties or the conduct of their respective businesses as described in the SEC Documents, except where the failure to possess or make the same would not, individually or in the aggregate, have a Material Adverse Effect. Neither the Company nor any
of its subsidiaries has received notice of any revocation or modification of any such license, certificate, permit or authorization or has any reason to believe that any such license, certificate, permit or authorization will not be renewed in the
ordinary course. 
 (o) Environmental Matters. The Company and each of its subsidiaries is in compliance with all
foreign, federal, state and local rules, laws and regulations relating to the use, treatment, storage and disposal of hazardous or toxic substances or waste and protection of health and safety or the environment which are applicable to their
businesses, except where the failure to comply would not, singularly or in the aggregate, have a Material Adverse Effect. To the Company’s knowledge, there has been no storage, generation, transportation, handling, treatment, disposal,
discharge, emission, or other release of any kind of toxic or other wastes or other hazardous substances by, due to, or caused by the Company or any of its subsidiaries (or, to the Company’s knowledge, any other entity for whose acts or
omissions the Company is or may be liable) upon any of the property now or previously owned or leased by the Company or any of its subsidiaries, or upon any other property, in violation of any statute or any ordinance, rule, regulation, order,
judgment, decree or permit or which would, under any statute or any ordinance, rule (including rule of common law), regulation, order, judgment, decree or permit, give rise to any liability, except for any violation or liability which would not
have, singularly or in the aggregate with all such violations and liabilities, a Material Adverse Effect. There has been no disposal, discharge, emission or other release of any kind onto such property or into the environment surrounding such
property of any toxic or other wastes or other hazardous substances with respect to which the Company has knowledge, except for any such disposal, discharge, emission, or other release of any kind which would not have, singularly or in the aggregate
with all such discharges and other releases, a Material Adverse Effect. 
 (p) Tax Matters. The Company and each of its
subsidiaries (i) has filed all necessary federal, state and foreign income and franchise tax returns, (ii) has paid all federal state, local and foreign taxes due and payable for which it is liable, and (iii) does not have any tax
deficiency or claims outstanding or assessed or, to the best of the Company’s knowledge, proposed against it, except where the failure to file, failure to pay or the deficiency or claim would not have a Material Adverse Effect. 
 (q) Internal Control over Financial Reporting. The Company maintains a system of internal control over financial reporting (as such
is defined in Rule 13a-15(f) of the Exchange Act) that complies with the requirements of the Exchange Act and has been designed by the Company’s principal executive officer and principal financial officer, or under their supervision,

  

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to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. The Company does not
have any material weaknesses in its internal control over financial reporting. Since the date of the latest audited financial statements included in the SEC Documents, there has been no change in the Company’s internal control over financial
reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. 
 (r) Disclosure Controls and Procedures. The Company and its subsidiaries maintain disclosure controls and procedures (as such term is defined in Rule 13a-15(e) of the Exchange Act) that comply with
the requirements of the Exchange Act. Such disclosure controls and procedures have been designed to ensure that material information relating to the Company and its subsidiaries is accumulated and communicated to the Company’s management,
including the Company’s principal executive officer and principal financial officer, by others within those entities. 
 (s) Sarbanes-Oxley Compliance. The Company and the Company’s directors or officers, in their capacities as such, are in compliance with any provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in
connection therewith (“Sarbanes-Oxley”), including Section 402 related to loans and Sections 302 and 906 related to certifications. 
 (t) Absence of Litigation. Except as disclosed in the section titled “Legal Proceedings” in the Company’s Annual Report on Form 10-K for the year ended December 28, 2008, there
is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the Company, threatened in writing against the Company or any of
its subsidiaries which (i) adversely affects or challenges the legality, validity or enforceability of any Transaction Document or (ii) would reasonably be expected to result in a Material Adverse Effect. 
 (u) Investment Company Act. The Company is not, nor, after giving effect to the sale of the Note and the application of the proceeds
therefrom, will it become, an “investment company” within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations of the SEC thereunder. 
 (v) Board Approval. An independent committee of the Board of Directors of the Company (the “Board”) has determined
that the transactions contemplated by this Agreement, are fair to, and in the best interests of, all holders of Common Stock of the Company; and the Board, or an independent committee thereof, has approved the transactions contemplated by this
Agreement for purposes of Chapter 110F of the Massachusetts General Laws 
  

	 	4.	PURCHASER’S REPRESENTATIONS AND WARRANTIES 

 The Purchaser represents and warrants to the Company that: 
 (a) Transfer or
Resale. The Purchaser understands that the Note has not been registered under the Securities Act or any state securities laws, and may not be offered for sale,

  

 -9- 

 
sold, assigned or transferred without registration under the Securities Act or an exemption therefrom and that, in the absence of an effective registration statement under the Securities Act,
such Note may only be sold under certain circumstances as set forth in the Securities Act. 
 (b) Investment Purpose. The
Purchaser is acquiring the Note for its own account for investment only and not with a view towards, or for resale in connection with, the public sale or distribution thereof. The Purchaser does not have any agreement or understanding, directly or
indirectly, with any person to distribute any of the Note. 
 (c) Offshore Transaction. The Purchaser is not organized
under the laws of any jurisdiction within the United States of America, its territories or possessions, was not formed for the purpose of investing in Regulation S securities and is not a “U.S. person” as that term is defined in Rule
902(k) of Regulation S under the Securities Act. At the time of execution of this Agreement, the Purchaser is physically outside the United States of America. The Purchaser is not purchasing the Note on behalf of or for the benefit of any U.S.
person and the sale of the Note has not been prearranged with any buyer in the United States of America. 
 (d) General
Solicitation. The Purchaser is not purchasing the Note as a result of any advertisement, article, notice or other communication regarding the Note published in any newspaper, magazine or similar media or broadcast over television or radio or
presented at any seminar or any other general solicitation or general advertisement. 
 (e) Information. The Purchaser
(directly or through its advisors, if any) (i) has been furnished with or has had full access to all of the publicly available information that it considers necessary or appropriate for deciding whether to purchase the Note, (ii) has had
an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Note, (iii) can bear the economic risk of a total loss of its investment in the Note and (iv) has such knowledge
and experience in business and financial matters so as to enable it to understand the risks of and form an investment decision with respect to its investment in the Note. 
 (f) Reliance on Exemptions. The Purchaser understands that the Note is being offered and sold to it in reliance on specific exemptions from the registration requirements of the Securities Act and
that the Company is relying upon the truth and accuracy of, and the Purchaser’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of the Purchaser set forth in this Agreement in order to determine
the availability of such exemptions and the eligibility of the Purchaser to acquire the Note. 
 (g) No Governmental
Review. The Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Note or the fairness or suitability of the investment
in the Note nor have such authorities passed upon or endorsed the merits of the offering of the Note. 
 (h) No Antitrust
Filings or Approvals. Neither the Purchaser nor Laboratoire Francais du Fractionnement et des Biotechnologies S.A., the Purchaser’s parent company, is required to make any filing or obtain any authorization, consent, approval, license,
exemption or

  

 -10- 

 
registration under the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976, or under the antitrust or similar laws or regulations of any other jurisdiction, in connection with the
execution, delivery or performance of the Transaction Documents. 
 (i) Authorization; Enforcement; Validity. The
Purchaser is an entity duly organized and validly existing under the laws of the jurisdiction of its organization with full right, corporate or partnership power and authority to enter into and to consummate the transactions contemplated by the
Transaction Documents and otherwise to carry out its obligations thereunder. The execution, delivery and performance by the Purchaser of the Transaction Documents has been duly authorized by all necessary corporate action on the part of the
Purchaser and any other governmental action with respect to the Purchaser. The Transaction Documents have been duly executed by the Purchaser, and when delivered by the Purchaser in accordance with terms thereof, will constitute the valid and
legally binding obligations of the Purchaser, enforceable against it in accordance with their terms. 
 (j) No Conflicts.
The execution and performance of the Transaction Documents do not conflict with any agreement to which the Purchaser is a party or is otherwise bound, any law, rule regulation, governmental practice or other requirement, court order or judgment
applicable to the Purchaser or, if applicable, the constituent documents of the Purchaser, except for such conflicts as would not, individually or in the aggregate, have or result in a material adverse effect on the condition (financial or
otherwise), prospects, earnings, business or properties of the Purchaser and its subsidiaries, taken as a whole. 
 (k) Short
Position Prior to the Date Hereof. From the date one hundred eighty (180) days prior to the date hereof, neither the Purchaser nor any affiliate has directly or indirectly established or agreed to establish any hedge, “put equivalent
position” (as defined in Rule 16a-1 under the Exchange Act) or other position in the Common Stock that is outstanding on the Closing Date and that is designed to or could reasonably be expected to lead to or result in a disposition by the
Purchaser or any other person or entity. For purposes hereof, a “hedge or other position” includes, without limitation, effecting any short sale or having in effect any short position (whether or not such sale or position is against
the box and regardless of when such position was entered into) or any purchase, sale or grant of any right (including, without limitation, any put or call option) with respect to the Common Stock or with respect to any security (other than a
broad-based market basket or index) that includes, relates to or derives any significant part of its value from the Common Stock. The Purchaser acknowledges that this representation is made for the benefit of the Company. 
 (l) Short Sales and Confidentiality After the Date Hereof. The Purchaser understands and acknowledges that the transactions
contemplated by this Agreement constitute “material non-public information” within the meaning of the rules and regulation promulgated by the SEC under Regulation FD and that until such time as such the transactions have been publicly
disclosed in accordance with Section 8 or otherwise, the Purchaser represents, warrants and covenants that neither it nor any of its affiliates acting on its behalf or pursuant to any understanding with it have executed or will execute any
short sales of the Company’s Common Stock and that it will maintain the confidentiality of all disclosures made to it in connection with the offering of the Note (including the existence and terms of this Agreement and the transactions
contemplated hereby). 
  

 -11- 

 (m) Ownership. The Purchaser’s current beneficial ownership of the
Company’s Common Stock is accurately reported in the Purchaser’s most recent Schedule 13D filed with the SEC. 
  

	 	5.	RESTRICTIONS ON TRANSFER; OWNERSHIP OF SHARES 

 (a) Resales. The Purchaser agrees that the Note may only be sold or transferred (i) pursuant to an effective Registration Statement under the Securities Act, or (ii) pursuant to an
exemption from registration under the Securities Act. 
 (b) Rule 144. The Purchaser is aware of Rule 144 under the
Securities Act and the restrictions imposed thereby and further understands and agrees that so long as the Purchaser beneficially owns 10% or more of the Company’s then outstanding securities or has a designee selected by the Purchaser serving
on the Board, the Company may deem the Purchaser to be an “affiliate” as defined in Rule 144(a)(1) and any transfer of the Note by the Purchaser shall be subject to the limitations applicable to affiliates set forth in the Securities Act
and the rules promulgated thereunder, including without limitation Rule 144. 
 (c) Legends. The Note shall bear legends
in the form set forth on Exhibit A. 
 (d) Agreement to be Bound. Subject to the other restrictions on transfer
set forth or referenced in this Agreement, the Purchaser may assign all of its rights and obligations hereunder with respect to the Note, provided that the transferee has agreed in writing to be bound by the applicable provisions of this Agreement.

 (e) Security Ownership. The Purchaser is aware that the Company is a party to a Shareholder Rights Agreement, dated as
of May 31, 2001, between the Company and American Stock Transfer and Trust Company (the “Rights Agreement”), which provides that in the event the Purchaser at any time beneficially owns 15% or more of the Company’s then
outstanding capital stock, the Purchaser may be deemed an “Acquiring Person” as defined in the Rights Agreement. The Purchaser understands that, in connection with the Purchaser’s prior acquisitions of securities of the Company
and with respect to the Purchaser’s equity position in the Company, the Company has exempted the Purchaser from being deemed an Acquiring Person as a result of such acquisition or any subsequent transaction only so long as the Purchaser
acquires its beneficial ownership of shares of capital stock of the Company in a transaction whereby the Purchaser is acquiring such beneficial ownership directly from the Company. Notwithstanding the foregoing, the Purchaser will also not be deemed
an Acquiring Person if the percentage of outstanding capital stock owned by the Purchaser increases solely due to the repurchase by the Company of shares of its outstanding capital stock. 
  

	 	6.	PUBLIC STATEMENTS 

 The Company
agrees to disclose on a Current Report on Form 8-K the existence of this Agreement and the transactions contemplated by this Agreement and the material terms, thereof, including pricing, within four (4) business days after the date hereof. The
Purchaser shall not issue any press release, or otherwise make any such public statement regarding this Agreement or the transactions contemplated by this Agreement (except for required SEC filings) without the prior written consent of the Company.

  

 -12- 

	 	7.	MISCELLANEOUS 

 (a) Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the Commonwealth of Massachusetts, United States of America, without giving effect to any choice
of law or conflict of law provision or rule (whether of the Commonwealth of Massachusetts or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the Commonwealth of Massachusetts. If any provision of
this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of
any provision of this Agreement in any other jurisdiction. 
 (b) Entire Agreement. This Agreement and the documents
referenced herein and therein constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to
herein and therein. This Agreement and the documents referenced herein and therein supersede all prior agreements and understandings among the parties hereto with respect to the subject matter hereof and thereof. 
 (c) Amendments and Waivers. No provision of this Agreement may be amended or waived other than by an instrument in writing signed by
the Company and by the Purchaser. 
 (d) Notices. Any notices, consents, waivers or other communications required or
permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of
transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) upon receipt, when sent via a nationally recognized overnight delivery service, in each case properly addressed to the party to receive
the same. The addresses and facsimile numbers for such communications shall be: 
 If to the Company: 
  

					
	GTC Biotherapeutics, Inc.	 	
	 175 Crossing Boulevard
 Suite 410
 Framingham, MA 01702
	 	
	 Telephone:
 Facsimile:
 Attention:
	 	 (508) 270-2061
 (508) 271-3491
 Geoffrey F. Cox, Ph.D.
 Chairman, President and Chief Executive Officer

  

 -13- 

 with a copy to: 
  

					
	Edwards Angell Palmer & Dodge LLP	 	
	 111 Huntington Avenue
 Boston, MA 02199
	 	
	 Tel:
 Fax:
 Attn:
	 	 (617) 239-0100
 (617) 227-4420
 Nathaniel S. Gardiner, Esq.

 If to the Purchaser: 
  

					
	LFB Biotechnologies S.A.S.	 	
	 3, avenue des Tropiques
 LES ULIS
 91940 Courtaboeuf - France
	 	
	 Tel:
 Fax:
 Attn:
	 	 +33 (0) 1 69 82 70 10
 +33 (0) 1 6982 72 67
 Christian Bechon, President

 with a copy to: 
  

					
	Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.	 	
	 One Financial Center
 Boston, MA 02111
	 	
	 Tel:
 Fax:
 Attn:
	 	 (617) 542-6000
 (617) 542-2241
 Brian P. Keane, Esq.

 (e) No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be
applied against any party. 
 (f) Further Assurances. Each party shall do and perform, or cause to be done and performed,
all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this
Agreement and the consummation of the transactions contemplated hereby. 
 (g) Severability. If any provision of this
Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any
provision of this Agreement in any other jurisdiction. 
 (h) Successors and Assigns. This Agreement shall be binding
upon and inure to the benefit of the parties and their respective successors and assigns. Notwithstanding anything to the contrary set forth herein, the rights and benefits provided under Section 5(e) are the exclusive rights and benefits of
the Purchaser and are not transferable or assignable, except to affiliates of the Purchaser or with the express written consent of the Company. 
  

 -14- 

 (i) Survival. The representations and warranties of the Company and the Purchaser
contained in Sections 3 and 4, respectively, shall survive only for a period of two years from the Closing Date and shall in no way be affected by any investigation of the subject matter thereof made by or on behalf of the Purchaser or the Company.

 (j) Expenses. The Company shall reimburse the Purchaser for any reasonable fees and expenses, including, without
limitation, fees of the Purchaser’s legal counsel, that it incurs in connection with the consummation of the transactions contemplated by this Agreement and in satisfying its obligations under this Agreement in an amount not to exceed $25,000.

 (k) Headings. The headings of this Agreement are for convenience of reference only and shall not limit or otherwise
affect the meaning hereof. 
 (l) Counterparts. This Agreement may be executed in identical counterparts, each of which
shall be deemed an original but all of which shall constitute one and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile transmission of a copy of this Agreement bearing the
signature of the party so delivering this Agreement. 
 [Remainder of page intentionally left blank. 
 Signature page to follow.] 
  

 -15- 

 IN WITNESS WHEREOF, the parties have caused this Note Purchase Agreement to be duly executed
as of the date first written above. 
  

			
	COMPANY:
	
	GTC BIOTHERAPEUTICS, INC.
		
	By:	 	 /s/ John B. Green

		 	 John B. Green
 Senior Vice
President, Chief Financial Officer and Treasurer

  

			
	PURCHASER:
	
	LFB BIOTECHNOLOGIES S.A.S.
		
	By:	 	 /s/ Christian Béchon

		 	 Christian Béchon
 PresidentThird Amendment to the Amended and Restated Security Agreement

 Exhibit 10.2 
 THIRD AMENDMENT TO 
 AMENDED AND RESTATED
SECURITY AGREEMENT 
 THIS THIRD AMENDMENT (the “Amendment”) is made as of February 24, 2010 by
and between GTC Biotherapeutics, Inc., a Massachusetts corporation (the “Debtor”), and LFB Biotechnologies, S.A.S., a société par actions simplifiée established under the laws of France (the “Secured
Party”). 
 RECITALS 
 A. The Debtor and the Secured Party are parties to an Amended and Restated Security Agreement dated as of June 18, 2009, as amended by that certain Omnibus Amendment Regarding Loan Agreement and that
certain Omnibus Amendment Regarding Note and Warrant Purchase Agreement, each dated December 21, 2009 (as so amended and as the same may hereafter be amended, the “Security Agreement”). Capitalized terms used herein without
definition shall have the meanings assigned to them in the Security Agreement. 
 B. The Debtor requested that the Security
Agreement be amended as set forth herein. 
 C. Subject to certain terms and conditions contained herein, the Secured Party is
willing to agree to the same as hereinafter set forth. 
 NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Amendments to Security
Agreement. 
 (a) The fourth, fifth and sixth WHEREAS clauses contained in the Security Agreement are hereby amended and
restated in their entireties as follows: 
 “WHEREAS, pursuant to that certain Loan Agreement dated
as of June 18, 2009 between the Debtor and Secured Party, as amended by that certain Omnibus Agreement Regarding Loan Agreement dated December 21, 2009 (as so amended, and as the same may hereafter be amended, the “Loan
Agreement”), the Secured Party has made a term loan to the Debtor in the aggregate principal amount of $3,500,000 and in connection therewith the Debtor has issued to the Secured Party an Amended and Restated Promissory Note dated
June 18, 2009 and amended and restated as of December 21, 2009 in the original principal amount of $3,483,682.88 (the “Secured Note”). 
 WHEREAS, pursuant to that certain Note Purchase Agreement dated as of February 22, 2010 (the “2010
Purchase Agreement”) and subject to the satisfaction of the conditions contained therein, the Secured Party has committed to make a term loan to the Debtor in the aggregate principal amount of

 
$7,000,000 and in connection therewith the Debtor is issuing to the Secured Party a secured promissory note dated as of February 24, 2010 in the original principal amount of $7,000,000 (the
“2010 Note, and together with the 2006 Convertible Note, the 2008 Convertible Note and the Secured Note, collectively, the “Notes”). 
 WHEREAS, in connection with the issuance of the Secured Note and that certain secured convertible note dated as of
June 18, 2009 in the original principal amount of $4,512,268 (which the parties hereto acknowledge has been indefeasibly paid in full, is no longer outstanding, and has been converted in its entirety to shares of the Debtor’s Series E-1
10% convertible preferred stock in accordance with the terms thereof), the Debtor has amended and restated the Original Security Agreement in its entirety and delivered this Agreement in favor of Secured Party, pursuant to which all debts,
obligations and liabilities of the Debtor to the Secured Party are secured, including without limitation, the obligations under the 2008 Purchase Agreement, the Loan Agreement, the 2006 Convertible Note, the 2008 Convertible Note, the 2010 Note, the
2010 Purchase Agreement and the Secured Note.” 
 (b) Section 1 of the Security Agreement is hereby amended and
restated in its entirety as follows: 
 “1. CREATION OF SECURITY INTEREST. 
 Debtor grants to Secured Party, its successors and assigns, a continuing security interest in, to and against all property
listed on any collateral schedule now or in the future annexed to or made a part of this Agreement (“Collateral Schedule”), including without limitation the property listed on Collateral Schedule No. 1, whether now owned or
existing or hereafter acquired or arising and wheresoever located, and in and against all additions, attachments, accessories and accessions to such property, all substitutions, replacements or exchanges therefor, and all proceeds or products
thereof, in whatever form, including without limitation cash, deposit accounts (whether or not comprised solely of proceeds), certificates of deposit, insurance proceeds (including hazard, flood and credit insurance), negotiable instruments for the
payment of money, chattel paper, security agreements, documents, eminent domain proceeds, condemnation proceeds and/or tort claim proceeds (all such property is individually and collectively called the “Collateral”). This security
interest is given to secure the payment and performance of all debts, obligations and liabilities of any kind whatsoever (including all interest (whether or not allowed or disallowed), charges, expenses, fees and other sums accruing after
commencement of any case, proceeding or other action relating to the bankruptcy, insolvency or reorganization of Debtor) of Debtor to Secured Party, now existing or arising in the future, including without limitation, the debts, obligations and
liabilities of Debtor to Secured Party in connection with the payment and performance of the 2006 Convertible Note, the 2008 Convertible Note, the 2010

  

 - 2 - 

 
Note, the Secured Note, the 2008 Purchase Agreement (excluding the Warrant), the Loan Agreement, the 2010 Purchase Agreement, that certain Trademark and License Security Agreement by and between
the Debtor and the Secured Party dated as of December 22, 2008 (as amended, the “Trademark Security Agreement”), that certain Patent and License Security Agreement by and between the Debtor and the Secured Party dated as of
December 22, 2008 (as amended, the “Patent Security Agreement”), and that certain Second Mortgage, Security Agreement and Fixture Filing dated December 22, 2008 granted by Debtor to Secured Party, as amended by that
certain Amendment to Mortgage, Security Agreement and Fixture Filing dated June 18, 2009, by that certain Second Amendment to Mortgage, Security Agreement and Fixture Filing dated as of December 21, 2009, and by that certain Third
Amendment to Mortgage, Security Agreement and Fixture Filing dated as of February 24, 2010 (as so amended, the “Mortgage”), together with all Schedules and attachments thereto and any renewals, extensions, modifications,
amendments and/or restatements of any such debts, obligations and liabilities (such Notes, the 2008 Purchase Agreement, the Loan Agreement, Trademark Security Agreement, Patent Security Agreement, Mortgage, Schedules, debts, obligations and
liabilities are called the “Indebtedness”).” 
 (c) Section 7(d) of the Security Agreement is hereby
amended and restated in its entirety as follows: 
 “(d) Proceeds from any sale or lease or other
disposition shall be applied: first, to all costs of repossession, storage, and disposition including without limitation attorneys’, appraisers’, and auctioneers’ fees; second, to discharge the obligations then in default; third, to
discharge any Indebtedness of Debtor to Secured Party in connection with the Secured Note; fourth, to discharge any Indebtedness of Debtor to Secured Party in connection with the 2008 Convertible Note; fifth, to discharge any Indebtedness of Debtor
to Secured Party in connection with the 2010 Note, sixth, to discharge any Indebtedness of Debtor to Secured Party in connection with the 2006 Convertible Note; seventh, to discharge any other Indebtedness of Debtor to Secured Party, whether as
obligor, endorser, guarantor, surety or indemnitor; eighth, to reasonable, out-of-pocket expenses incurred in paying or settling liens and claims against the Collateral; and lastly, to Debtor, if there exists any surplus. Debtor shall remain fully
liable for any deficiency.” 
 2. Ratification; No Further Amendments. Except as specifically amended hereby,
the Security Agreement shall remain unmodified and in full force and effect. All of the terms and conditions of the Security Agreement, including without limitation the grant of the security interest contained therein, are hereby ratified and
affirmed in all respects. On and after the date hereof, each reference in the Security Agreement to “this Security Agreement”, “hereunder”, “hereof”, or words of like import referring to the Security Agreement, shall
mean and be a reference to the Security Agreement as amended by this Amendment, and each reference in any

  

 - 3 - 

 
other documents to the Security Agreement, “thereunder”, “thereof”, or words of like import referring to the Security Agreement shall mean a reference to the Security
Agreement as amended by this Amendment. 
 3. Miscellaneous. 
 (a) This Amendment shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts without reference to
its conflicts of laws. 
 (b) This Amendment may be executed by the parties hereto in several counterparts hereof and by the
different parties hereto on separate counterparts hereof, all of which counterparts shall together constitute one and the same agreement. Delivery of an executed signature page of this Amendment by facsimile transmission shall be effective as
delivery of a manually executed counterpart hereof. 
 [Signatures follow on next page] 
  

 - 4 - 

 IN WITNESS WHEREOF, the Secured Party and the Debtor have caused this Amendment to be duly
executed as a sealed instrument by their duly authorized representatives, all as of the day and year first above written. 
  

			
	DEBTOR:
	
	GTC BIOTHERAPEUTICS, INC.
		
	By:	 	 /s/ John B. Green

		 	 John B. Green
 Senior Vice
President, Chief Financial Officer and Treasurer

	
	SECURED PARTY:
	
	LFB BIOTECHNOLOGIES S.A.S.
		
	By:	 	 /s/ Christian Béchon

	Name:	 	Christian Béchon
	Title:	 	President

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