Document:

Ex-4.16

 

Exhibit
4.16

* Portions
of this exhibit have been omitted pursuant to a request for
confidential treatment and have been filed separately
   with the Commission.

EXECUTION COPY

CONFIDENTIAL

LICENSE AGREEMENT

AMONG

PROTHERICS MEDICINES DEVELOPMENT LIMITED

(“PROTHERICS”)

AND

GLENVEIGH PHARMACEUTICALS, LLC,

GLENVEIGH RESEARCH, LLC

C. DAVID ADAIR, M.D.

CDA ROYALTY INVESTORS LLC

and

CDA LICENSING ADMINISTRATORS LLC

(collectively, “GLENVEIGH”)

DATED December 7, 2006

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE 1. DEFINITIONS
	 	 	2	 
	ARTICLE 2. LICENSE
	 	 	8	 
	2.1 License Grant
	 	 	8	 
	2.2 Sublicenses
	 	 	8	 
	2.3 Non-Competition by Glenveigh
	 	 	9	 
	2.4 Right to Acquire Diagnostic Kits
	 	 	9	 
	2.5 Products With Competition
	 	 	9	 
	ARTICLE 3. EXCHANGE OF INFORMATION
	 	 	10	 
	3.1 Information Disclosure by Glenveigh
	 	 	10	 
	3.2 Information Exchange
	 	 	10	 
	ARTICLE 4. DEVELOPMENT; REGULATORY; COMMERCIALIZATION
	 	 	11	 
	4.1 Development Conduct and Costs
	 	 	11	 
	4.2 Glenveigh’s Transfer of Regulatory Filings; Clinical Supply
	 	 	11	 
	4.3 Assignment of the GSK Agreement
	 	 	12	 
	4.4 Regulatory Filings
	 	 	12	 
	4.5 Product Complaints, Pharmacovigilance and Adverse Event Reporting
	 	 	12	 
	4.6 Product Commercialization
	 	 	12	 
	4.7 Compliance with Laws and Regulatory Requirements
	 	 	12	 
	4.8 Applications for Regulatory Exclusivity
	 	 	13	 
	ARTICLE 5. MILESTONES, ROYALTIES AND OTHER PAYMENTS
	 	 	13	 
	5.1 Upfront Payments.
	 	 	13	 
	5.2 Milestone Payments
	 	 	13	 
	5.3 DEEP Study Costs and Contract Obligations
	 	 	14	 
	5.4 Royalties.
	 	 	15	 
	5.5 Payment Method; Currency Conversion
	 	 	16	 
	5.6 Withholding Tax
	 	 	16	 
	5.7 Reports and Records
	 	 	16	 
	5.8 Records; Audit by Glenveigh
	 	 	17	 
	5.9 Equity Holding Period
	 	 	17	 
	5.10 No Registration of PTI Ordinary Shares
	 	 	18	 
	5.11 Entitlement to Payments, Milestones and Royalties
	 	 	18	 
	ARTICLE 6. INTELLECTUAL PROPERTY
	 	 	19	 
	6.1 Ownership of New Intellectual Property
	 	 	19	 
	6.2 Patent Filing, Prosecution and Maintenance
	 	 	19	 
	6.3 Enforcement of Licensed Technology
	 	 	19	 
	6.4 Infringement of Third Party Patents
	 	 	20	 
	6.5 Recoveries; Settlement
	 	 	20	 

Protherics-Glenveigh License Agreement

i

 

	 	 	 	 	 
	 	 	Page
	ARTICLE 7. REPRESENTATIONS AND WARRANTIES; LIMITATION OF LIABILITY
	 	 	21	 
	7.1 Glenveigh Representations and Warranties
	 	 	21	 
	7.2 Protherics Representations and Warranties
	 	 	22	 
	7.3 Limitation of Liability
	 	 	22	 
	ARTICLE 8. INDEMNIFICATION AND INSURANCE
	 	 	22	 
	8.1 By Glenveigh
	 	 	22	 
	8.2 By Protherics
	 	 	23	 
	8.3 Procedure
	 	 	23	 
	ARTICLE 9. CONFIDENTIALITY AND PUBLICITY
	 	 	24	 
	9.1 Treatment of Confidential Information
	 	 	24	 
	9.2 Authorized Disclosure
	 	 	24	 
	9.3 Other Permitted Disclosures
	 	 	25	 
	9.4 Publicity; Terms of this Agreement
	 	 	25	 
	9.5 Scientific Publications
	 	 	25	 
	ARTICLE 10. TERM AND TERMINATION
	 	 	26	 
	10.1 Term of this Agreement
	 	 	26	 
	10.2 Termination for Material Breach
	 	 	26	 
	10.3 Termination for Insolvency
	 	 	26	 
	10.4 Effect of Expiration or Termination.
	 	 	27	 
	10.5 Return of Confidential Information
	 	 	29	 
	ARTICLE 11. DISPUTE RESOLUTION
	 	 	30	 
	11.1 Negotiation; Escalation to Senior Executives
	 	 	30	 
	11.2 Arbitration
	 	 	30	 
	11.3 Court Actions; Injunctive Relief
	 	 	31	 
	ARTICLE 12. MISCELLANEOUS
	 	 	31	 
	12.1 Force Majeure
	 	 	31	 
	12.2 Assignment
	 	 	31	 
	12.3 Severability
	 	 	31	 
	12.4 Notices
	 	 	32	 
	12.5 Governing Law, Venue
	 	 	33	 
	12.6 Entire Agreement; Amendment
	 	 	33	 
	12.7 Independent Contractors
	 	 	34	 
	12.8 Waiver
	 	 	34	 
	12.9 Counterparts
	 	 	34	 

Protherics-Glenveigh License Agreement

ii

 

LICENSE AGREEMENT

     This License Agreement (this “Agreement”), executed as of December 7, 2006 (the “Execution
Date”), is made by and among, on the one hand, Protherics Medicines Development Limited, a company
incorporated in England and Wales under number 1939643, being a wholly owned subsidiary of
Protherics plc, and whose registered office is at The Heath Business and Technical Park, Runcorn,
Cheshire WA7 4QX, England (“Protherics”), and on the other hand, Glenveigh Pharmaceuticals, LLC, a
Delaware limited liability company with its principal place of business at 2530 Meridian Parkway,
Suite 300, Durham, NC 27713, Glenveigh Research, LLC, a Tennessee limited liability company with
its principal place of business at 979 E. Third Street, Suite C-825, Chattanooga, TN 37403, C.
David Adair, M.D., an individual physician with offices at 979 E. Third Street, Suite C-825,
Chattanooga, TN 37403, CDA Royalty Investors, LLC, a Delaware limited liability company with its
principal place of business at 1403 Foulk Road, Suite 102-13, Wilmington, DE 19803, and CDA
Licensing Administrators, LLC, a Delaware limited liability company with its principal place of
business at 1403 Foulk Road, Suite 102-13, Wilmington, DE 19803 (collectively, such entities and
Dr. Adair, an individual, shall be referred to herein as “Glenveigh”). Protherics and Glenveigh
may be referred to herein individually as a “Party” and collectively as the “Parties.”

RECITALS

     WHEREAS, Glenveigh has developed technology that uses digoxin immune Fab to treat preeclampsia
and eclampsia in antepartum and postpartum women, and Glenveigh owns and controls certain
intellectual property rights pertaining thereto;

     WHEREAS, Dr. Adair and Glenveigh Research, LLC have previously entered into a Research Support
and Consulting Agreement with GlaxoSmithKline (“GSK”), as amended by a first amendment dated
January 31, 2006, and a second amendment dated April 14, 2006 (collectively, the “GSK Agreement”)
concerning Dr. Adair’s intellectual property rights and a GSK-supported collaboration on clinical
development of digoxin immune Fab (ovine) for use in the Field (as defined below); and

     WHEREAS, Glenveigh desires to grant, and Protherics desires to obtain, certain exclusive
rights and licenses regarding digoxin immune Fab and Glenveigh’s related intellectual property
rights for use in the Field in the Territory (as defined below), in accordance with the terms and
conditions of this Agreement;

     NOW THEREFORE, for and in consideration of the covenants, conditions, and undertakings
hereinafter set forth, it is agreed by and between the Parties as follows:

Protherics-Glenveigh License Agreement

 

 

ARTICLE 1.

DEFINITIONS

     As used in this Agreement, (i) neutral pronouns and any derivations thereof shall be
deemed to include the feminine and masculine and all terms used in the singular shall be deemed to
include the plural and vice versa, as the context may require; (ii) the words “hereof” and
“hereunder” and other words of similar import refer to this Agreement as a whole, including all
exhibits, as the same may be amended from time to time, and not to any subdivision of this
Agreement; (iii) the word “including” is not intended to be exclusive and means “including without
limitation”; (iv) the word “days” means “calendar days,” unless otherwise stated; (v) “Section”
refers to sections and subsections in this Agreement; and (vi) descriptive headings are inserted
for convenience of reference only and do not constitute a part of and shall not be used in
interpreting this Agreement; and the following capitalized terms shall have the following meanings:

     1.1 “Affiliate” shall mean a corporation, partnership, trust, limited liability
company or other entity that directly, or indirectly through one or more intermediaries, controls,
is controlled by or is under common control with a Party, but only for so long as such relationship
exists. For such purposes, “control” or “controlled by” and “under common control with” shall mean
the possession of the power to direct or cause the direction of the management and policies of an
entity, whether through the ownership of voting stock or partnership interest, by contract or
otherwise. In the case of a corporation, the direct or indirect ownership of more than fifty
percent (50%) of its outstanding voting shares shall in any event be deemed to confer control, it
being understood that the direct or indirect ownership of a lesser percentage shall not necessarily
preclude the existence of control.

     1.2 “BLA” or “Biologics License Application” shall mean a biologics license
application filed with a Regulatory Authority, wherein BLA approval shall permit marketing of the
applicable Product.

     1.3 “CDA” shall mean the Mutual Confidentiality Agreement between the Parties dated as
of April 24, 2006.

     1.4 “Commercially Reasonable Efforts” shall mean continuous and diligent efforts of a
degree and kind, including the level of attention and care and providing of funding and manpower,
as are consistent with industry custom and practice and with the then current stage of product life
cycle, which efforts shall in no event be less than the efforts that a Party applies with respect
to its other programs and products of similar commercial potential consistent with the exercise of
good business judgment for the maximization of profits.

     1.5 “Confidential Information” shall mean any and all inventions, ideas, discoveries,
data, instructions, designs, information, components, methods, tools, developments, innovations,
techniques, materials, technology, protocols, procedures, results, formulae, trade secrets,
know-how and other non-public and proprietary materials, products, processes or information,

 Protherics-Glenveigh License Agreement

2

 

including research, product plans, manufacturing processes, manufacturing or operating costs,
services, software, hardware, customer lists, price lists, business plans, marketing plans or
financial information, that is or was disclosed or supplied by a Party (the “Disclosing Party”) to
the other Party (the “Receiving Party”) in connection with this Agreement or the CDA. Disclosures
by a Party’s Affiliate shall be deemed disclosures by that Party, and disclosures to a Party’s
Affiliate shall be deemed disclosures to that Party.

     Notwithstanding the foregoing, Confidential Information shall not include any part of the
foregoing that the Receiving Party can prove:

     1.5.1 Was already known to the Receiving Party as evidenced by the Receiving Party’s
competent, contemporaneous written records, other than any portion of such information that
was under an obligation of confidentiality at the time of its disclosure;

     1.5.2 Became generally available to the public or otherwise becomes part of the public
domain after disclosure of such information to the Receiving Party, other than by breach of
this Agreement by the Receiving Party or by anyone to whom the Receiving Party disclosed
such information;

     1.5.3 Was subsequently lawfully without any restriction on disclosure disclosed to the
Receiving Party by a Third Party other than in breach of a confidentiality obligation of
such Third Party to the Disclosing Party; or

     1.5.4 Was independently developed or discovered by employees of the Receiving Party who
had no access to the Confidential Information of the Disclosing Party and did not make use
of the Confidential Information of the Disclosing Party, as demonstrated by competent,
contemporaneous written records.

     1.6 “Controlled” or “Controls”, when used in reference to intellectual
property, shall mean the legal authority or right of a Party (or any of its Affiliates) to grant a
license or sublicense of intellectual property rights to the other Party, or to otherwise disclose
proprietary or trade secret information to the other Party, without breaching the terms of any
agreement with a Third Party, infringing upon the intellectual property rights of a Third Party, or
misappropriating the proprietary or trade secret information of a Third Party. This term may be
used herein as a noun.

     1.7 “Data” shall mean any and all data from research and development work pertaining
to the Product in the Field, including all clinical data from the DEEP Study and from other
clinical administration of the Product in the Field in the Territory.

     1.8 “DEEP Study” shall mean the clinical study in human beings entitled “A Parallel,
Double-Blind, Placebo-Controlled Comparison of Digibind and Placebo for the Treatment of Antepartum
Patients with Severe Preeclampsia” that has been initiated by Glenveigh in collaboration with GSK
prior to the Execution Date. The DEEP Study is referred to as the “Initial Study” in the GSK
Agreement.

 Protherics-Glenveigh License Agreement

3

 

     1.9 “Effective Date” shall mean the later to occur of the following: (i) the date of
completion of the firm cash placing of 26,029,550 PTI Ordinary Shares (with such completion
expected to take place on or before January 4, 2007), which forms part of the Equity Fundraising,
and (ii) approval of this Agreement by Protherics plc’s shareholders. If the conditions precedent
to the Effective Date (as set forth in clauses (i-ii) above) do not occur on or before January 31,
2007, this Agreement shall be null and void.

     1.10 “Equity Fundraising” shall mean the equity fundraising of Protherics plc
announced on or immediately after the Execution Date of this Agreement.

     1.11 “Existing Regulatory Document(s)” shall mean all regulatory document(s) submitted
by Glenveigh to the FDA to enable Glenveigh to lawfully initiate the DEEP Study, including an
up-to-date, full copy of the DEEP Study IND, and all other clinical studies with respect to the
Product, as well as all related annual reports and study reports, and all records of correspondence
or contact with the FDA regarding the DEEP Study or the DEEP Study IND prior to the IND Transfer
Date.

     1.12 “FDA” shall mean the United States Food and Drug Administration, or any successor
entity thereto.

     1.13 “Field” shall mean treatment of any and/or all level(s) of preeclampsia and
eclampsia (including mild to severe preeclampsia and eclampsia) in antepartum and postpartum women.

     1.14 “First Commercial Sale” shall mean the first sale of the Product in the Territory
to an unrelated Third Party purchaser by Protherics, its Affiliate, its distributor or Sublicensee
following Marketing Authorization.

     1.15 “Knowledge” shall mean, with respect to a Party, the good faith understanding of
the facts and information in the possession of an officer of such Party, or any in-house legal
counsel of such Party, without any duty to conduct any additional investigation with respect to
such facts and information by reason of the execution of this Agreement.

     1.16 “Licensed Know-How” shall mean all ideas, data, instructions, discoveries,
inventions, processes, formulae, techniques, procedures, designs, sketches, records, components,
methods, tools, developments, innovations, materials, technology, protocols, results, expert
opinions and other information Controlled by Glenveigh (including, for the sake of clarity, any of
the foregoing Controlled by Dr. Adair) as of the Effective Date and during the term of this
Agreement relating to the Product that are not in the public domain and that are necessary or
useful for the research, development, use, manufacture and/or sale of the Product in the Field in
the Territory. Licensed Know-How shall expressly exclude Licensed Patents.

     1.17 “Licensed Patents” shall mean the patents and patent applications Controlled by
Glenveigh as of the Effective Date and during the term of this Agreement relating to the Product
and/or the use of the Product in the Field in the Territory. The Licensed Patents are identified
in

 Protherics-Glenveigh License Agreement

4

 

Exhibit A, attached hereto and incorporated herein, as it may be amended by the Parties
from time to time.

     1.18 “Licensed Technology” shall mean the Licensed Know-How and the Licensed Patents.

     1.19 “Marketing Authorization” shall mean all approvals (including labeling, price and
reimbursement approvals, if applicable), licenses, registrations or authorizations of any
Regulatory Authority necessary for the commercial marketing, sale and use of the Product, as the
case may be, in the Territory.

     1.20 “Net Sales” shall mean the total amount invoiced to Third Parties in connection
with sales of the Product by Protherics, its Affiliates, its distributors and its Sublicensees to
Third-Party purchasers, less the following items to the extent actually paid or allowed and
specified on any documents related to such sales:

     1.20.1 An allowance for transportation costs, distribution expenses, special packaging
and related insurance charges equal to * percent (*%) of the invoiced amount obtained
after deduction of the items set forth in the following subsections 1.20.2-1.20.6;

     1.20.2 Credit or refund actually allowed for any returned Product;

     1.20.3 Reasonable and customary rebates, actually granted or given to wholesalers,
distributors or end-users of the Product;

     1.20.4 Sales or value added taxes actually incurred and paid by Protherics, its
Affiliates or Sublicensees in connection with the sale or delivery of the Product;

     1.20.5 Invoiced amounts not actually collected by Protherics, its Affiliates or
Sublicensees, including bad debts; and

     1.20.6 Any other similar and customary deductions made by Protherics, its Affiliates or
Sublicensees that are consistent with generally accepted accounting principles (“GAAP”) or
standards.

     No deductions shall be made for cost of collections or for commissions paid to individuals,
whether they be with independent sales agencies or regularly employed by Protherics, and/or its
Affiliates and on its or their payroll. Product shall be considered “sold” when billed out or
invoiced. Sale or transfer to an Affiliate for resale by such Affiliate shall not be considered a
sale for the purpose of this provision, but the resale by such Affiliate to a Third Party shall be
a sale for such purpose.

     No multiple royalties shall be payable to Glenveigh because the manufacture, use, sale, offer
for sale or importation of any Product is covered by more than one of the Licensed Patents.

 Protherics-Glenveigh License Agreement

* confidential treatment
requested

5

 

     1.21 “Phase II Clinical Trial” shall mean a human clinical trial of the Product, the
principal purpose of which is a determination of safety and efficacy (and, as applicable, dosage
ranges) of the Product in the target patient population, or a similar clinical study prescribed by
the Regulatory Authority in the Territory. The term “Phase II Clinical Trial” shall expressly
include both or either Phase IIa Clinical Trials and Phase IIb Clinical Trials. A Phase II
Clinical Trial shall be deemed to have commenced when the first patient or subject in such study
has received his/her first dose of the Product.

     1.22 “Phase III Clinical Trial” shall mean a human clinical trial of the Product, on a
sufficient number of subjects that is designed to establish that the Product is safe and
efficacious for its intended use, and to determine warnings, precautions, and adverse reactions
that are associated with the Product in the dosage range to be prescribed, which trial is intended
to support Marketing Authorization for the Product. A Phase III Clinical Trial shall be deemed to
have commenced when the first patient or subject in such study has received his/her first dose of
the Product.

     1.23 “Product” shall mean a pharmaceutical product intended for use or sale in the
Field in the Territory, wherein such pharmaceutical product contains, as an active pharmaceutical
ingredient, digoxin immune Fab.

     1.24 “Regulatory Authority” shall mean, with respect to any particular country,
territory or union, the governmental authority, body, commission, agency or other instrumentality
of such country, territory or union with the primary responsibility for the evaluation or approval
of pharmaceutical products before such pharmaceutical product may be tested, marketed, promoted,
distributed or sold in such country, including such governmental bodies that have jurisdiction over
the pricing of such pharmaceutical product. The term “Regulatory Authority” includes the Ministry
of Health, Labour and Welfare, the FDA, and the European Agency for the Evaluation of Medicinal
Products.

     1.25 “Regulatory Filing” shall mean all filings with the applicable Regulatory
Authority for registrations, permits, licenses, authorizations, approvals, or notifications that
are required to develop, make, use, sell, import or export the Product, as the case may be, and
shall include a BLA.

     1.26 “Sublicensee” shall mean a non-Affiliate Third Party to whom Protherics has
granted a sublicense of the license rights set forth in Section 2.1 in accordance with Section 2.3.

     1.27 “Successful Completion” shall mean, with respect to the current DEEP Study, that
(i) the DEEP Study has met either of its co-primary endpoints, i.e., the DIGIBIND Product shows a
statistically significant benefit, which is an *; (ii) Protherics or its Affiliate sublicenses any of the license rights set forth in
Section

 Protherics-Glenveigh License Agreement

* confidential treatment
requested

6

 

2.1 in accordance with Section 2.3; or (iii) a successor Phase III Clinical Trial is commenced
with respect to the Product.

     1.28 “Territory” shall mean the entire world, including any and/or all countries
contained therein.

     1.29 “Third Party(ies)” shall mean any person or entity other than the Parties or
their Affiliates.

     1.30 “Trademarks” shall mean, as of the Effective Date and during the term of this
Agreement, the Product-specific trademarks that are used, or are intended to be used, by
Protherics, or by its Affiliates or Sublicensees, in conjunction with distribution, promotion,
marketing, sales, offers to sell, import, export or other exploitation of Product in the Field in
the Territory.

     1.31 Additional Definitions:

	 	 	 
	Defined Term	 	Section in which Defined
	Agreement

	 	 Preamble
	Bankruptcy Code

	 	 10.4.5
	CTA/DSMB Assignment

	 	 5.3
	Disclosing Party

	 	 1.5
	Dispute

	 	 11.1
	DSMB

	 	 5.3
	Execution Date

	 	 Preamble
	GAAP

	 	 1.20.6
	Glenveigh

	 	 Preamble
	Glenveigh Indemnitees

	 	 8.2
	GSK

	 	 Recitals
	GSK Agreement

	 	 Recitals
	GSK Agreement Assignment

	 	 4.3
	ICC

	 	 11.2
	IND Transfer Date

	 	 4.2
	Indemnified Party

	 	 8.3
	Indemnifying Party

	 	 8.3
	Losses

	 	 8.1
	Parties

	 	 Preamble
	Party

	 	 Preamble

Protherics-Glenveigh License Agreement

7

 

	 	 	 
	Defined Term	 	Section in which Defined
	Product With Competition

	 	 2.5
	Protherics

	 	 Preamble
	Protherics Indemnitees

	 	 8.1
	PTI Ordinary Shares

	 	 5.1.2
	Receiving Party

	 	 1.5
	Securities Act

	 	 5.10
	Senior Executives

	 	 11.1
	Stand Alone Basis

	 	 2.2
	State Securities Laws

	 	 5.10
	Third-Party Product

	 	 2.5

ARTICLE 2.

LICENSE

     2.1 License Grant. Subject to the terms and conditions of this Agreement,
Glenveigh hereby grants to Protherics and its Affiliates during the term of this Agreement a sole
and exclusive license, even as against Glenveigh, under the Licensed Technology to research, have
researched, develop, have developed, make, have made, use, sell, have sold, offer for sale, import,
have imported and otherwise exploit the Product in the Field in the Territory. For the sake of
clarity, Glenveigh acknowledges and agrees that the obligations and responsibilities of Protherics
hereunder may be performed and discharged, and the rights granted to Protherics hereunder may be
enjoyed and exploited, by any Affiliate of Protherics, as well as by Protherics itself.

     2.2 Sublicenses. Protherics and its Affiliates shall have the right to grant
sublicenses (through multiple tiers) under the licenses set forth in Section 2.1 to Sublicensees,
subject to the following conditions: (i) the execution of an agreement between Protherics or its
Affiliate and any Sublicensee shall not in any way diminish, reduce or eliminate any of Protherics’
obligations under this Agreement, and Protherics shall remain primarily liable for such
obligations; (ii) Protherics (or its Affiliate, if applicable) shall require each Sublicensee to
agree in writing in its sublicense agreement to be bound by and comply with the relevant provisions
and limitations of this Agreement applicable to Protherics that are applicable to the rights
sublicensed therein; (iii) any such sublicense must constitute a bona fide, arm’s-length
transaction, and shall be structured in a manner that is consistent with industry practice and
provides fair and reasonable payments to Glenveigh under Article 5 herein; and (iv) any such
sublicense that is entered into or executed as part of a larger transaction or series of
transactions must be valued on a Stand Alone Basis. For
purposes of this Agreement, in the event that a sublicense executed by Protherics or its
Affiliate is part of a larger transaction or series of transactions, the phrase “Stand Alone Basis”
shall mean the

 Protherics-Glenveigh License Agreement

8

 

value of the sublicense as determined on a proportionate basis (i.e., by comparing
the value of the sublicense alone vs. the total value of the entire larger transaction or series of
transactions that included such sublicense). Such determination shall be made in good faith by an
independent, Third Party financial expert selected by Protherics and reasonably acceptable to
Glenveigh, and upon the written request of Glenveigh, such financial expert shall share the method
and elements of such determination with Glenveigh’s financial representative on a confidential
basis. If the Parties dispute such determination, such dispute shall be resolved in accordance
with Article 11.

     2.3 Non-Competition by Glenveigh. During the term of this Agreement, Glenveigh (and,
for the avoidance of doubt, Dr. Adair) shall not develop or commercialize any competitive
therapeutic product for the Field in the Territory.

     2.4 Right to Acquire Diagnostic Kits. Protherics shall have the right to acquire
diagnostic kits developed by Glenveigh for preeclampsia on a “cost plus” basis (e.g., at actual
cost to Glenveigh for manufacture plus * percent (*%)), if Glenveigh develops and
commercializes such diagnostic kits and if and to the extent such diagnostic kits are required by a
Regulatory Authority and/or Third Party payor for commercialization of Product in the Field in the
Territory. In the event Glenveigh abandons or discontinues its development and/or
commercialization of such diagnostic kits, then Protherics shall have the option to acquire all
intellectual property and regulatory filings and approvals owned by Glenveigh related to such
diagnostic kits for their fair market value. If the Parties are unable to agree on the amount to
be paid by Protherics for such assets, the fair market value of such assets shall be determined by
a qualified, independent valuation expert with experience in the industry. If the Parties are
unable to agree on such an expert, then Glenveigh shall select one such expert and Protherics shall
select one such expert, and those two experts shall mutually select a third such expert, who shall
decide the fair market value of the assets, and such expert’s decision shall be final and binding
on the Parties.

     2.5 Products With Competition. With respect to a given country, in the event that at
any time during the term of this Agreement a product is sold by an unrelated (i.e., unrelated to
Protherics, its Affiliates and Sublicensees) Third Party(ies) in such country, which product
includes an immunological molecule (wherein non-limiting examples of such immunological molecule
include the following: a Fab fragment; an F(ab’)2 fragment; an Fab’ fragment; a
tetrameric polyclonal or monoclonal antibody having two (2) heavy chains and two (2) light chains,
or a fragment or region of such antibody; a recombinant antibody or a fragment or region thereof; a
single chain antibody; an engineered antibody, fragment or antigen-binding region; and a fusion
protein comprising an antibody, an antibody fragment or an antigen-binding portion) that (i) binds
above the level of
background binding to a relevant target molecule bound by a Product of Protherics or its
Affiliates or Sublicensees, and is designed or being developed to exert its biological effect
through specific binding to such target (or to a portion thereof); and (ii) is labeled and/or
approved by such country’s applicable Regulatory Authority for use in the Field (“Third-Party
Product”), and such Third-Party Product as described in the foregoing clauses (i) and (ii) has an
aggregate * percent (*%) or greater unit market share in such country (where the market is
defined as the sum of the unit sales of a Product by Protherics and its Affiliates and Sublicensees
and the unit sales of the Third-Party Product(s)), then in such case, the Product sold

 Protherics-Glenveigh License Agreement

* confidential treatment
requested

9

 

by
Protherics and its Affiliates and Sublicensees shall be deemed a “Product With Competition,” and
Protherics shall pay to Glenveigh, with respect to Net Sales by Protherics and its Affiliates and
Sublicensees of such Product With Competition in such country during such time period, the royalty
set forth in Section 5.4.1 that is applicable to a Product With Competition. Protherics’
obligation to pay Section 5.4.1 royalties with respect to Net Sales of Product With Competition in
such country shall terminate ten (10) years after the First Commercial Sale of any Product With
Competition in that country, after which time (provided that the Agreement has not otherwise been
terminated) Protherics and its Affiliates shall have a fully-paid, exclusive (even as against
Glenveigh) license under Licensed Know How to make, have made, use, offer to sell, sell, sublicense
and import Products in such country for the remainder of the term of this Agreement.

ARTICLE 3.

EXCHANGE OF INFORMATION

     3.1 Information Disclosure by Glenveigh. Prior to the Effective Date, Glenveigh
has used Commercially Reasonable Efforts to disclose to Protherics the Existing Regulatory
Document(s) and Licensed Technology. During the term of this Agreement, Glenveigh shall use
Commercially Reasonable Efforts to disclose to Protherics all Licensed Technology that is necessary
or useful to Protherics’ full enjoyment of the licenses and rights granted to Protherics hereunder.

     3.2 Information Exchange. Promptly after the Execution Date, Glenveigh shall provide
to Protherics originals or copies of all data and information in its possession or control that
relate to the Product in the Field in the Territory, to the extent Glenveigh has not previously
provided such data and information to Protherics or its Affiliates (including any and all
Product-related analyses, Data, written Product-related reports, and Regulatory Filings related to
the Product in the Field in the Territory (including those that are made a part of, are related to,
or are quoted in the foregoing, as well as data and information that GSK has provided, or is
obligated to provide, to Glenveigh under the GSK Agreement)). Upon reasonable request of
Protherics in writing in advance, Glenveigh shall provide access at its facility(ies) to the extent
necessary to enable Protherics to review on-site such data and information, and Protherics shall
have the right to obtain copies of any additional relevant data, information and documentation that
pertains to the Product in the Field in the Territory. Protherics may (i) reprint such
Product-related analyses, Data, Product-related reports and
Regulatory Filings of Glenveigh for use and/or incorporation into Product Regulatory Filings
of Protherics; and (ii) quote or describe data and information contained in such Product-related
analyses, Data, Product-related reports and Regulatory Filings of Glenveigh in Product Regulatory
Filings of Protherics; in all cases subject to Third-Party confidentiality restrictions as may
exist. In addition to the foregoing, and to the extent permitted by Third Party confidentiality
obligations and applicable laws and regulations, Glenveigh shall use Commercially Reasonable
Efforts to disclose to Protherics in good faith any findings of which it becomes aware regarding
digoxin immune Fab, and Protherics may use such findings regarding digoxin immune Fab to support
Product Regulatory Filings, and for marketing and other commercialization activities pertaining to
the Product.

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10

 

ARTICLE 4.

DEVELOPMENT; REGULATORY; COMMERCIALIZATION

     4.1 Development Conduct and Costs. During the term of this Agreement, Protherics
shall be responsible for conducting and shall use Commercially Reasonable Efforts to conduct all
development activities in connection with this Agreement necessary to achieve Marketing
Authorization for the Product in the Field in the Territory, including submission of all Regulatory
Filings for the Product in the Field in the Territory and all clinical studies in the Field in the
Territory, if the results of such clinical studies support such Regulatory Filing submission.
Protherics shall bear all costs it incurs in conducting such development, including expenses
Protherics incurs in conducting clinical studies and in preparing for the same, as well as for all
regulatory activities in the Territory, including preparation of regulatory documents or any
supplemental studies necessary to achieve Marketing Authorization for the Product in the Field in
the Territory.

     4.2 Glenveigh’s Transfer of Regulatory Filings; Clinical Supply. In conjunction with
Protherics’ assumption of sole responsibility for the DEEP Study and Existing Regulatory Filings as
of the Effective Date, the Parties intention as of the Execution Date is as follows: on the
Effective Date or within ten (10) business days thereafter, Glenveigh shall transfer to Protherics
sponsorship of the DEEP Study and ownership of the DEEP Study Regulatory Filings (including the
DEEP Study IND), the Existing Regulatory Documents and all additional filed INDs related to the
Product in the Field. Transfer of the sponsorship of the DEEP Study and ownership of the DEEP
Study IND and all other Existing Regulatory Documents shall be deemed to occur upon the date that
all of the following conditions have been met: (i) Glenveigh has provided proper written notice to
the FDA, in a letter to the FDA, that the DEEP Study sponsorship and ownership of the DEEP Study
IND are being transferred to Protherics as of the Effective Date; (ii) Protherics has provided
proper written notice to the FDA, in a letter to the FDA, that Protherics accepts sponsorship of
and responsibility for the DEEP Study, and ownership of and responsibility for the DEEP Study IND,
as of the Effective Date; and (iii) Glenveigh has completed provision to Protherics of copies (or
originals) of the DEEP Study IND and all other Existing Regulatory Documents (the “IND Transfer
Date”). Prior to the Effective Date,
Protherics and Glenveigh shall cooperate and consult with each other in preparing the letters
described in clauses (i) and (ii) above, so that such letters are finalized and suitable for
delivery to the FDA on the Effective Date or within ten (10) business days thereafter. At the IND
Transfer Date, Glenveigh shall represent, warrant and covenant to Protherics, in a written
certification provided by a duly authorized representative of Glenveigh, that Glenveigh has
delivered to Protherics a full, complete and accurate copy (or originals) of the DEEP Study IND and
all other Existing Regulatory Documents. If the Parties should mutually agree in writing prior to
the IND Transfer Date that such transfer should take place more than ten (10) business days after
the Effective Date, or that such transfer should not occur, such agreement shall not in any way
diminish or alter Protherics’ ultimate responsibility and control with respect to the DEEP Study,
Existing Regulatory Filings, and all performance, actions, decisions, and clinical, regulatory and
supervisory matters (including compliance and communications) related to the DEEP Study from and
after the date of such mutual agreement. Glenveigh shall (xi) promptly transfer or make available
to Protherics all

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clinical supplies of the Product in Glenveigh’s possession or control as of the
IND Transfer Date, and (xii) upon Protherics’ request, assist Protherics’ acquisition of clinical
supplies of the Product from GSK pursuant to the terms of the GSK Agreement, as necessary or useful
to enable Protherics to complete the DEEP Study. If Protherics should wish to obtain additional
clinical supplies of the Product from GSK for clinical studies of the Product other than the DEEP
Study, upon Protherics’ request, Glenveigh shall cooperate with Protherics in requesting such
additional clinical supplies from GSK.

     4.3 Assignment of the GSK Agreement. Glenveigh Research, LLC and Dr .Adair shall
assign the entire GSK Agreement to Protherics as of the Effective Date, pursuant to and in
accordance with that certain Assignment of Research Support and Consulting Agreement being executed
by and among Protherics, Glenveigh Research, LLC, and C. David Adair, M.D. contemporaneously
herewith (“GSK Agreement Assignment”). Dr. David Adair hereby designates Protherics as his
“Permitted Designee” under the GSK Agreement, as described in Section 8(a) of the GSK Agreement.
Upon the effective date of the GSK Agreement Assignment and thereafter, Dr. Adair and other
Glenveigh entities or principals shall not interfere in any way with Protherics’ exercise of its
rights or discharge of its obligations as assignee of the GSK Agreement. For the sake of clarity,
Protherics shall also have the sole right to demand performance of GSK’s obligation (i) to provide
Product for the DEEP Study, and to defray costs of the “Initial Study” (including reimbursement of
costs of clinical investigator services), and (ii) to collaborate on clinical development with
regard to the “Initial Study,” as well as the performance of other GSK obligations under the GSK
Agreement.

     4.4 Regulatory Filings. All Regulatory Filings filed by or on behalf of Protherics in
the Territory shall be in the name of and owned by Protherics or its Affiliate or Sublicensee.
Protherics shall promptly (within sixty (60) days) notify Glenveigh in writing upon receiving
Marketing Authorization in the Territory for the Product.

     4.5 Product Complaints, Pharmacovigilance and Adverse Event Reporting. Protherics
shall be solely responsible for reporting (itself, or through an Affiliate, Sublicensee or
contractually bound Third Party) any adverse events and Product complaints, and for coordinating
the collection, investigation, reporting, and exchange of information concerning any such adverse
events or complaints.

     4.6 Product Commercialization. Protherics shall use Commercially Reasonable Efforts
to commercialize the Product in the Field in the Territory and shall be responsible for all
commercialization activities in connection with the Product in the Field in the Territory,
including all Product labeling, Trademark usage, promotion, sales and marketing activities.

     4.7 Compliance with Laws and Regulatory Requirements. Protherics shall be responsible
for ensuring that it and its Affiliates and Sublicensees which manufacture, purchase, distribute or
otherwise transfer the Product comply with the requirements of this Agreement and any and all
requirements of the Regulatory Authorities regarding the Product, including the development and/or
commercialization of the Product. Each Party shall perform its obligations

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under this Agreement,
and in the case of Protherics, its responsibilities and rights in connection with the development
and commercialization of the Products, in accordance with all applicable laws, rules and
regulations, including those of all Regulatory Authorities in the Territory, applicable reporting
obligations, and applicable import and export laws and regulations.

     4.8 Applications for Regulatory Exclusivity. The Parties recognize the commercial
value of exclusivity rights to the Products granted or provided for under laws and regulations in
the Territory. To the extent permitted by law, Protherics will have the exclusive right, and shall
use Commercially Reasonable Efforts, to file for, request and maintain any regulatory exclusivity
rights for Products in the Field in the Territory (including regulatory exclusivity rights based
upon an orphan drug designation (or substantially equivalent designation in a country in the
Territory) of Product) and to conduct and prosecute any proceedings or actions to enforce the
regulatory exclusivity rights.

ARTICLE 5.

MILESTONES, ROYALTIES AND OTHER PAYMENTS

     5.1 Upfront Payments.

     5.1.1 Within five (5) business days after the Effective Date, Protherics shall pay to
Glenveigh the non-refundable, non-creditable amount of Five Million U.S. Dollars
($5,000,000) in cash; and

     5.1.2 On the Effective Date, Protherics shall procure that Glenveigh is issued such
number of ordinary shares in the capital of Protherics plc (“PTI Ordinary Shares”) that
could be purchased with Five Million U.S. Dollars ($5,000,000) in cash, with the PTI
Ordinary Shares being valued at the average closing offer price of such shares for the
ninety (90) days prior to the Execution Date of this Agreement and on the basis of the $/£
exchange rate as taken from the London Financial Times on the Execution Date of this
Agreement, and wherein the equity so granted to Glenveigh shall be subject to the equity
holding period set forth in Section 5.9; and

     5.1.3 Within five (5) business days after the Effective Date, Protherics shall pay One
Million Five Hundred Thousand U.S. Dollars ($1,500,000) to Glenveigh, which amount is
intended for use by Glenveigh to repay bank debt currently held by certain Glenveigh
entities (wherein a description of such bank debt has been provided to Protherics prior to
the Execution Date).

     5.2 Milestone Payments. Following the first achievement or occurrence of each of the
following milestone events by performance of Protherics or its Sublicensee, Protherics shall pay to
Glenveigh the corresponding one-time, non-creditable, non-refundable milestone payments set forth
herein:

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	Milestone Event	 	Milestone Payment
	(i)    Within thirty (30) days
after *

	 	* U.S. Dollars

                    ($*)
	 
	 	 
	(ii)    If Protherics has not
sublicensed its Product rights
hereunder, within thirty (30)
days *

	 	* U.S. Dollars

                    ($*)
	 
	 	 
	(iii)    If Protherics has
sublicensed its Product rights
hereunder to GSK or an Affiliate
of GSK, within sixty (60) days
of *

	 	Twenty percent (20%) of all
non-royalty cash payments and twenty
percent (20%) of the fair market value
of any non-cash consideration received
from GSK or its Affiliate and
attributable to such sublicense prior
to and for BLA approval
	 
	 	 
	(iv)      If Protherics has
sublicensed its Product rights
hereunder to a Sublicensee other
than GSK or an Affiliate of GSK,
within sixty (60) days *

	 	Ten percent (10%) of all non-royalty
cash payments and ten percent (10%) of
the fair market value of any non-cash
consideration received from such
Sublicensee and attributable to such
sublicense prior to and for BLA
approval

     For the avoidance of doubt, each milestone payment described in subsections (ii-iv) is
mutually exclusive, and will be nonrefundable and noncreditable against royalties payable pursuant
to Section 5.4 and any other fees or other payments due Glenveigh under this Agreement. Also, for
the avoidance of doubt, if Protherics should obtain cash or non-cash consideration from GSK for the
DEEP Study or another clinical trial of the Product in connection with the GSK Agreement, and/or in
connection with another business arrangement between Protherics and GSK (or between Protherics and
a Third Party) wherein such consideration is solely to fund or reimburse Protherics for the DEEP
Study or another clinical trial of the Product (as opposed to cash or non-cash consideration from
GSK or another Third Party for a sublicense of the rights granted to Protherics hereunder), such
arrangement and consideration shall not trigger any milestone payment described in this Section
5.2.

     5.3 DEEP Study Costs and Contract Obligations. From and after the Effective Date,
Protherics shall assume responsibility for acts and omissions by Protherics with respect to the
DEEP Study (but not for the acts and omissions of Glenveigh with respect to the DEEP Study that
occurred prior to the IND Transfer Date), and shall use Commercially Reasonable Efforts to

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requested

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complete
the DEEP Study. Promptly after the IND Transfer Date, Glenveigh and Protherics shall jointly
provide written notice to all DEEP Study investigators of the transfer of ownership of the DEEP
Study IND. Concurrent with the Effective Date, and pursuant to that certain CTA/DSMB Assignment
and Assumption Agreement by and among Protherics, Glenveigh Research, LLC and C. David Adair, M.D.
being executed contemporaneously herewith (“CTA/DSMB Assignment”), Protherics shall assume related
costs and contractual obligations in connection with existing clinical trial agreements with
clinical sites participating in the DEEP Study and existing agreements relating to the operation of
the Data Safety Monitoring Board (“DSMB”) established in connection with the DEEP Study, but only
to the extent that such related costs and contractual obligations are incurred by Protherics on or
after the Effective Date. All such clinical trial agreements and DSMB agreements existing as of
the Execution Date are identified in Exhibit B.

     5.4 Royalties.

     5.4.1 Product Sales by Protherics. Subject to Section 5.4.3, and on a
country-by-country basis with respect to Product sales by Protherics or its Affiliates, (i)
if such Product is not a Product With Competition, Protherics shall pay to Glenveigh a
royalty of five percent (5%) of Net Sales of such Product(s) in the Territory, and (ii) if
such Product is a Product With Competition (as described in Section 2.5), Protherics shall
pay to Glenveigh a royalty of * percent (*%) of Net Sales of such Product(s) With
Competition in the Territory.

     5.4.2 Product Sales by Sublicensees. Subject to Section 5.4.3, and with
respect to Product sales by a Sublicensee, Protherics shall pay to
Glenveigh * percent
(*%) of the cash payments and * percent (*%) of the fair market value of any non-cash
consideration that Protherics receives from such Sublicensee; provided, however, that
Protherics shall not be obligated to pay such percentage payment for cash payments and
non-cash consideration received by Protherics or its Affiliates for Product manufacture or
supply, provided that the cash payments and non-cash consideration charged and received by
Protherics or its Affiliate for such Product manufacture or supply shall not exceed a
maximum of actual cost plus *%, in a bona fide, arm’s-length transaction. For the
avoidance of doubt, Section 5.4.1 and this Section 5.4.2 are mutually exclusive with respect
to any given Product sale.

     5.4.3 Royalty Obligation. Notwithstanding anything to the contrary in this
Section 5.4, Protherics shall have no obligation to pay royalties to Glenveigh on sales of
Products between Protherics and its Sublicensees, where such Products will be resold to an
unrelated Third Party; provided that, in such instances, the obligation to pay royalties
hereunder shall arise upon the sale (or resale) of Products by such Sublicensee to unrelated
Third Parties.

     5.4.4 Reduced Royalty Rate. In the event that Protherics or its Sublicensee(s)
is obligated to pay a royalty under one or more Third-Party license agreements with respect

 Protherics-Glenveigh License Agreement

* confidential treatment
requested

15

 

to a Product, then Protherics may reduce the royalty rate payable to Glenveigh (as set forth
in this Section 5.4) by an amount equal to * the total royalties payable to such
Third-Party licensors; provided, however, that application of this Section 5.4.4 shall not
reduce the royalty rate payable by Protherics under
Section 5.4.1 to less than * Percent (*%), and shall not reduce the percentage of income from a Sublicensee
payable under Section 5.4.2 to less than * percent (*%).

     5.4.5 Timing of Royalty Payments. All royalties payable to Glenveigh under
this Agreement will be paid by Protherics within sixty (60) days of the end of each calendar
quarter for all sales occurring during that quarter.

     5.5 Payment Method; Currency Conversion. All payments under this Agreement shall be
made by wire transfer or other means acceptable to Glenveigh to CDA Licensing Administrators LLC,
at its address set forth in Section

     12.4, or to such other Glenveigh entity as may be designated in writing by Glenveigh in
accordance with Section 12.4. All dollar amounts specified in this Agreement, and all payments
made hereunder, are and shall be made in U.S. dollars. Each payment by Protherics hereunder shall
be made by wire transfer of immediately available funds to an account designated in writing by
Glenveigh. In the event that conversion from any foreign currency shall be required, such
conversion shall be at the average rate of exchange published in The Wall Street Journal
for the calendar quarter to which the payment pertains.

     5.6 Withholding Tax. Each Party shall comply with applicable tax authority guidelines
regarding filing and reporting for income tax purposes. Neither Party shall treat their
relationship under this Agreement as a partnership or as a pass-through entity for tax purposes.
Protherics shall be responsible for and shall collect all governmental and regulatory sales and
other taxes, charges, duties and fees that are due and owing upon sales of Products by Protherics
and its Sublicensees to Third Parties, excluding taxes on Glenveigh’s net income. Any withholding
taxes applicable to payments made by Protherics to Glenveigh hereunder shall be paid by Protherics
at the rate(s) required by applicable law, shall reduce by a corresponding amount and be deducted
from payments otherwise due to Glenveigh hereunder, and shall be paid to the appropriate fiscal or
tax authorities on behalf of Glenveigh. Protherics shall promptly provide to Glenveigh a
certificate evidencing withholding or payment of any withholding tax by Protherics or its
Sublicensees for the benefit of Glenveigh.

     5.7 Reports and Records. During the term of this Agreement, Protherics shall furnish
to Glenveigh a written quarterly report showing: (i) the amount of gross sales of Product by
Protherics and its Sublicensees to Third-Party purchasers, and an itemized calculation of Net Sales
during such calendar quarter by Protherics and its Sublicensees, (ii) the amounts payable in United
States dollars which shall have accrued in respect of such Net Sales and the calculation thereof;
(iii) taxes withheld, if any; and (iv) the exchange rates used in determining the conversion to and
amount of United States dollars. Protherics will keep, and shall obligate each of its Sublicensees
(if any) to keep, such records as are required in sufficient detail to track and determine (in
accordance with Protherics’ standard internal accounting procedures) the accuracy of calculations

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requested

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of sums due under this Agreement and to accurately account for the calculations of all royalties
due under this Agreement. Such records will be retained for a period of the longer of (xi) a three
(3) year period following the year in which any payments were made hereunder and (xii) the
expiration of the applicable tax statute of limitations (or any extensions thereof), or such longer
period as may be required by law.

     5.8 Records; Audit by Glenveigh. Once per calendar year, and within three (3) years
from Glenveigh’s receipt of each royalty payment, Glenveigh shall have the right to engage (at its
own expense) an independent
certified public accountant, appointed by Glenveigh and reasonably acceptable to Protherics,
to examine in confidence the books and records of Protherics as may be necessary to determine, with
respect to any calendar year, the correctness or completeness of any report or payment required to
be made under this Agreement; provided however, that the books and records for any particular
calendar year will be subject to only one audit. The report of such accountant will be limited to
a certificate verifying any report made or payment submitted by Protherics during such period, and
identifying any over-payment or under-payment made by Protherics, accompanied by an explanation of
the basis for its determination of such over-payment or under-payment. In addition, if the
accountant is unable to verify the correctness of any such payment, the accountant’s report may
include information relating to why such payment is unverifiable. If the audit reveals any
underpayment by Protherics to Glenveigh, then Protherics will pay any underpayment to Glenveigh
within thirty (30) days after Protherics’ receipt of the audit report. If any audit performed
under this Section 5.8 discloses an underpayment by Protherics of more than ten percent (10%) as
compared to the amount set forth in Protherics’ original report showing the calculation of a
royalty, Protherics will bear the full cost of the performance of such audit. If the audit reveals
any overpayment by Protherics to Glenveigh, then Glenveigh will pay any such overpayment to
Protherics within thirty (30) days after Protherics’ receipt of the audit report. If Protherics
disagrees with any determination by such accountant, the dispute shall be resolved in accordance
with Article 11. The result of the audit and the audit report shall be subject to Article 9.

     5.9 Equity Holding Period. A holding period shall be imposed on Glenveigh with
respect to any PTI Ordinary Shares granted to Glenveigh pursuant to Section 5.1.2. Such holding
period shall expire upon the earliest to occur of the following: (i) the date of patent issuance of
the last to issue of the following pending Adair US patent applications: US Patent Application No.
* (US Serial No. *, filed *); and US Patent Application
No. *
(US Serial No. *, filed *); (ii) the date of change of control of (a)
Protherics (but only if such change of control involves a Third Party), or (b) Protherics plc; and
(iii) the effective date of a sublicense agreement between Protherics or its Affiliate and a
Sublicensee; provided, however, if none of the conditions described in the foregoing clauses (i),
(ii) and (iii) occurs prior to December 31, 2011, then such PTI Ordinary Shares shall revert to
Protherics plc (or shall be otherwise transferred, as Protherics plc may direct in writing) without
payment of consideration to Glenveigh, upon written request of Protherics or Protherics plc.
During this holding period, Glenveigh shall not dispose of or agree to dispose of, directly or
indirectly, any such PTI Ordinary Shares or do anything with the same or substantially the same
economic effect (including a derivatives transaction), without the prior written consent of

* Confidential treatment
requested.

17

Protherics-Glenveigh License Agreement

 

Protherics plc. Following the Effective Date, the PTI Ordinary Shares issued to Glenveigh pursuant
to Section 5.1.2 will be freely transferable under the rules of the London Stock Exchange, the
Listing Rules of the UK Financial Services Authority and English law, subject only to the
restrictions contained in this Agreement and as referred to in Article 202 of the Articles of
Association of Protherics plc.

     5.10 No Registration of PTI Ordinary Shares. Glenveigh acknowledges that the PTI Ordinary Shares issued pursuant to Section 5.1.2 have
not been registered under the United States Securities Act of 1933, as amended (the “Securities
Act”) or the securities laws of any state of the United States (“State Securities Laws”), and will
be issued to Glenveigh in a transaction not requiring registration under the Securities Act or any
State Securities Laws, and may not be offered, sold or otherwise transferred except in compliance
with the registration requirements of the Securities Act or any applicable State Securities Law,
pursuant to an exemption therefrom or in a transaction not subject thereto. Each certificate
representing PTI Ordinary Shares will contain a legend substantially to the following effect:

     THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE
REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
UNITED STATES OR TO OR FOR THE ACCOUNT OF A U.S. PERSON IN THE ABSENCE OF SUCH REGISTRATION
OR UNLESS THE TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT.

     Neither Protherics nor Protherics plc is under an obligation to register the sale, transfer or
other disposition of the PTI Ordinary Shares by Glenveigh or on behalf of Glenveigh under the
Securities Act, or to take any other action necessary in order to make compliance with an exemption
from such registration available.

     5.11 Entitlement to Payments, Milestones and Royalties. Payments, PTI Ordinary
Shares, and royalties due from Protherics pursuant to Sections 5.1, 5.2 and 5.4 are solely for the
account of Dr. Adair and CDA Royalty Investors, LLC and shall be paid or delivered, as applicable,
on their behalf, as owners of the Licensed Technology to CDA Licensing Administrators, LLC pursuant
to Section 5.5, as payment agent. Glenveigh Pharmaceuticals, LLC and Glenveigh Research, LLC claim
no interest in or ownership of the Licensed Patents , nor any right to receive the payments, PTI
Ordinary Shares and royalties due from Protherics pursuant to Sections 5.1, 5.2 and 5.4 of this
Agreement. Glenveigh Pharmaceuticals, LLC and Glenveigh Research, LLC have joined in this
Agreement to confirm the ownership of the Licensed Patents and to participate in matters related to
completion of the DEEP Study and the fulfillment of other Glenveigh covenants contained herein, for
the benefits each will directly or indirectly receive therefrom. The recitations contained in this
Section 5.11 shall have no effect on the rights and

 Protherics-Glenveigh License Agreement

18

 

licenses granted to Protherics hereunder, and
shall not defeat any other purposes of this Agreement.

ARTICLE 6.

INTELLECTUAL PROPERTY

     6.1 Ownership of New Intellectual Property. Protherics shall own any and all new
intellectual property (including ideas, data, instructions, discoveries, inventions, processes,
formulae, techniques, procedures, designs, sketches, records, components, methods, tools,
developments, innovations, materials, technology, protocols, results, expert opinions, other
information, patents and patent applications) discovered, identified, developed, generated,
modified, obtained or derived on or after the Effective Date in connection with this Agreement.
Protherics shall prepare, file, prosecute and maintain any and all patents and patent applications
described in this Section 6.1.

     6.2 Patent Filing, Prosecution and Maintenance. Glenveigh shall own or Control (as
applicable) patents or patent applications within the Licensed Patents in the Territory. During
the term of this Agreement, Protherics shall be responsible for, and shall diligently carry out and
shall bear all costs (including attorneys’ fees) for the preparation, filing, prosecution,
maintenance and extensions(if any) of all patents or patent applications within the Licensed
Patents in the Territory. The filing, prosecution and maintenance of patents and patent
applications pursuant to this Section 6.2 shall be done through patent counsel selected by
Protherics and reasonably acceptable to Glenveigh. Protherics will keep Glenveigh informed of all
significant patent matters relating to the Licensed Patents, and will give Glenveigh a reasonable
opportunity to review and provide input on the prosecution of applications within the Licensed
Patents. Protherics shall use Commercially Reasonable Efforts to prosecute the applications within
the Licensed Patents in good faith, and with at least the same degree of diligence as Protherics
devotes to its own patent applications directed to similar products at a similar stage of
development with similar market potential, and in a manner reasonably calculated to achieve the
patent issuance-related triggering event set forth in Section 5.9(i) (unless such achievement is
inconsistent with Protherics’ patent strategy for the Product, as reasonably formulated by
Protherics using its sound business judgment in view of all relevant circumstances). Protherics
shall have the right, after consultation with Glenveigh, and upon no less than thirty (30) days’
notice, to abandon any of the patents or patent applications within the Licensed Patents in the
Territory In the event that Protherics decides to abandon any patent and/or patent application
within the Licensed Patents in the Territory, Glenveigh shall have the right to continue the
filing, prosecution or maintenance of any such patent or patent application that Protherics wishes
to abandon, at Glenveigh’s sole cost and expense.

     6.3 Enforcement of Licensed Technology. If either Glenveigh or Protherics has
knowledge of any infringement or likely infringement of the Licensed Patents or unauthorized use of
the Licensed Know-How in the Territory, then the Party having such knowledge shall promptly inform
the other Party in writing, and the Parties shall promptly consult with one another regarding the
action to be taken. Unless
the Parties otherwise mutually agree, Protherics shall have the initial

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19

 

right, using counsel
of its choice, to enforce such Licensed Technology or defend any declaratory action with respect
thereto, at its sole expense, and Glenveigh shall give all reasonable assistance to Protherics in
such action. If Protherics exercises such right, then Protherics shall control the strategy of
such action and, provided that Protherics either receives Glenveigh’s consent or is required by
law, Protherics may use Glenveigh’s name in connection with such action. If the infringement or
likely infringement of the Licensed Patents would be the basis of a potential action solely within
the Field in the Territory, and if Protherics declines to commence such action, then Glenveigh
shall have the right, but not the obligation, to commence such declined action with respect to such
infringement within the Field in the Territory. In the event that Glenveigh elects, in its sole
discretion and at Glenveigh’s sole expense, to commence such declined action, (i) Glenveigh shall
reasonably consider Protherics’ input with respect to such declined action; (ii) Protherics shall
give all reasonable assistance to Glenveigh in such action; and (iii) Glenveigh may use Protherics’
name in connection with such action. Glenveigh shall keep Protherics reasonably apprised of the
progress of any such action commenced by Glenveigh. All out-of-pocket costs reasonably incurred by
Protherics and by Glenveigh in connection with this Section 6.3 shall be shared on a pro rata basis
as follows: * percent (*%) by Protherics, and * percent (*%) by Glenveigh.

     6.4 Infringement of Third Party Patents. If Protherics, or any of its Affiliates or
Sublicensees, is sued by a Third Party for infringement of a Third Party’s patent rights in the
Territory because of the manufacture, use, sale or other permitted exploitation of the Product or
Licensed Patents in the Territory, Protherics shall promptly notify Glenveigh in writing of such
suit, and the Parties shall consult each other to agree upon the course of action to be taken.
Unless otherwise agreed in writing by the Parties, Protherics shall have the first right, but not
the obligation, to control the defense of such suit in the Territory with counsel of its choice, at
its own expense, in which event Glenveigh shall have the right to be represented by advisory
counsel of its own selection at its own expense, and Glenveigh shall reasonably cooperate in the
defense of such suit and furnish to Protherics all pertinent evidence and reasonable assistance in
Glenveigh’s control. The Party that is not controlling the defense of such suit shall cooperate
with the Party that is controlling the defense of such suit in connection with any such claim, suit
or proceeding, and each Party shall keep the other Party reasonably informed of all material
developments in connection with any such claim, suit or proceeding. All out-of-pocket costs
reasonably incurred by Protherics and by Glenveigh in connection with this Section 6.4 shall be
shared by the Parties, on a pro rata basis as follows: * percent (*%) by Protherics, and
* percent (*%) by Glenveigh.

     6.5 Recoveries; Settlement. In the event that either Party recovers any amounts from
any litigation or settlement under Section 6.3 or 6.4, such amounts shall first be applied to
reimburse Glenveigh and Protherics for their respective actual out-of-pocket expenses. Any
remaining amount shall be retained on a pro rata basis as follows: *
percent (*%) by
Protherics, and * percent (*%) by
Glenveigh. The Parties shall keep one another informed of their respective activities
concerning, and the status of, any litigation or settlement thereof concerning the Licensed
Technology or the Product; provided, however, that no settlement or consent judgment or other
voluntary final disposition of any suit defended or action brought by a

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requested

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Party pursuant to this
Article 6 may be entered into without the written consent of the other Party if such settlement
would require the other Party to be subject to an injunction or to make a monetary payment or would
otherwise adversely affect the other Party’s rights under this Agreement.

ARTICLE 7.

REPRESENTATIONS AND WARRANTIES; LIMITATION OF LIABILITY

     7.1 Glenveigh Representations and Warranties. Glenveigh hereby represents and
warrants as of the Effective Date that: (i) it has the right, power and corporate authority to
enter into this Agreement and to make the promises set forth in this Agreement; (ii) it Controls
the Licensed Patents and has the right to grant the rights and licenses set forth herein to
Protherics in the Territory; (iii) the execution, delivery and performance of this Agreement do not
conflict with any agreement, instrument or understanding, oral or written, to which it is a party
or by which it is bound, nor to its Knowledge, violate any law or regulation of any court,
governmental body or administrative or other agency having jurisdiction over it; (iv) Glenveigh has
disclosed to Protherics, in writing or in electronic form, all material (individually or in the
aggregate) facts and information regarding the manufacture, use and exploitation of the Product in
the Field, including material facts and information relating to the DEEP Study and other relevant
clinical and non-clinical studies pertaining to the Product (including communications to or from
any pertinent Regulatory Authority with respect to the Products, and/or any adverse events or
product recalls or withdrawals with respect to the Products); (v) Exhibit A sets forth a
true and complete list of all patents and patent applications filed on or before the Effective Date
in the Territory that are Licensed Patents, and all such patents and patent applications are
Controlled by Glenveigh; (vi) there are no actual or, to its Knowledge, threatened suits or claims
by any Third Party alleging that the use by Glenveigh or Protherics of the Product or the Licensed
Technology will constitute an infringement or other violation of a patent or other intellectual
property right of such Third Party; (vii) no patent or patent application within the Licensed
Patents is or has been involved in any reissue, reexamination, interference, opposition or
equivalent or similar proceeding to which Glenveigh is a party; (viii) the Licensed Patents are not
subject to any judgments or settlements against or owed by Glenveigh; (ix) all Glenveigh-related or
Adair-related individuals or corporate entities with any right, title or interest in the Licensed
Technology have been named as a Party to this Agreement; and (x)(A) Glenveigh has carried out all
requirements under the GSK Agreement, and that there are no other requirements necessary to enable
Glenveigh to validly grant the rights and licenses granted to Protherics hereunder; (B) Glenveigh
has received no notice of default under the GSK Agreement, and Glenveigh is not in default and, to
the best of Glenveigh’s Knowledge after due inquiry, there are no circumstances existing on the
Execution Date which, with notice or the passage of time or both, could result in a default under
the GSK Agreement; (C) to the best of Glenveigh’s Knowledge, the GSK Agreement is a legal, valid
and binding agreement, enforceable in accordance with its terms except as
enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency,
reorganization, moratorium and other laws relating to or affecting creditors’ rights generally and
by general equitable principles; (D) to the best of Glenveigh’s Knowledge, GSK is not in default of
any of the terms of the GSK Agreement; (E) Glenveigh will not take any action, or fail to take any
required action, either of which results in the termination of the GSK Agreement prior to the
Effective Date; (F) prior to the Effective Date,

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within five (5) days of receipt, Glenveigh will
provide Protherics with copies of all notices received from GSK under the GSK Agreement, and
Protherics may, at its discretion, take any actions necessary and useful to cure or prevent a
breach of the GSK Agreement that would likely lead to termination of the GSK Agreement; and (G)
from and after the Effective Date, subject to Section 4.2, Protherics (as licensee hereunder and as
assignee of the GSK Agreement) shall have sole and full responsibility and control over the DEEP
Study, the DEEP Study IND, the Existing Regulatory Documents, and all performance, actions,
decisions, and clinical, regulatory and supervisory matters (including compliance and
communications) related to the DEEP Study and the DEEP Study IND.

     7.2 Protherics Representations and Warranties. Protherics hereby represents and
warrants as of the Effective Date that: (i) it has the right, power and corporate authority to
enter into this Agreement and to make the promises set forth in this Agreement; (ii) the execution,
delivery and performance of this Agreement do not conflict with any agreement, instrument or
understanding, oral or written, to which it is a party or by which it is bound, nor to its
Knowledge, violate any law or regulation of any court, governmental body or administrative or other
agency having jurisdiction over it; (iii) it will fully comply with the terms of the GSK Agreement
and faithfully perform its obligations as assignee thereof and Permitted Designee thereunder; and
(iv) it will fully comply with the terms of the clinical trial agreements and DSMB agreements
identified in Exhibit B and faithfully perform its obligations as assignee thereof;
provided that, the representations and warranties set forth in clauses (iii) and (iv) shall not
prevent Protherics, as assignee of such agreements, from amending or terminating such agreements.

     7.3 Limitation of Liability. NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY FOR ANY
SPECIAL, CONSEQUENTIAL, INDIRECT, OR INCIDENTAL DAMAGES OF ANY KIND (INCLUDING DAMAGES FOR
INTERRUPTION OF BUSINESS, PROCUREMENT OF SUBSTITUTE GOODS, LOSS OF PROFITS, OR THE LIKE) ARISING
OUT OF OR RELATING TO THIS AGREEMENT, REGARDLESS OF WHETHER SUCH DAMAGES ARE BASED ON TORT,
WARRANTY, CONTRACT OR ANY OTHER LEGAL THEORY, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
THIS SECTION SHALL BE GIVEN FULL EFFECT EVEN IF ANY REMEDY SPECIFIED IN THIS AGREEMENT IS DEEMED TO
HAVE FAILED OF ITS ESSENTIAL PURPOSE.

ARTICLE 8.

INDEMNIFICATION AND INSURANCE

     8.1 By Glenveigh. Glenveigh shall indemnify, defend and hold Protherics , its
Affiliates and Sublicensees, and each of their directors, employees, agents and representatives
(collectively, “Protherics Indemnitees”) harmless from and against all claims, causes of action,
costs (including reasonable attorneys’ fees and expenses), losses or liabilities (collectively,
“Losses”) of any kind that are asserted by a Third Party to the extent the Losses arise from: (i)
breach of a representation or warranty by Glenveigh under this Agreement; (ii) claims for death of
or injury to any person(s) resulting directly from Glenveigh’s performance of the DEEP Study or
other clinical studies of the Product prior to Protherics’ assumption of responsibility therefor,
or

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Glenveigh’s negligence or willful misconduct in the course of such performance; or (iii) the
negligent act or omission or willful misconduct of Glenveigh in the performance of its obligations
under this Agreement. The foregoing indemnity under subsections (i) – (iii) of this Section 8.1
shall not apply to the extent that any of the Protherics Indemnitees caused or contributed to such
Losses, or to the extent that Protherics has an indemnification obligation under Section 8.2 with
respect to the Losses.

     8.2 By Protherics. Protherics shall indemnify, defend and hold Glenveigh, and each of
its directors, employees, agents and representatives (collectively, “Glenveigh Indemnitees”)
harmless from and against all Losses of any kind that are asserted by a Third Party to the extent
the Losses arise from: (i) breach of a representation or warranty by Protherics under this
Agreement; (ii) the negligent act or omission or willful misconduct of Protherics or any of its
Affiliates or Sublicensees, agents or representatives in the performance of their obligations under
this Agreement; or (iii) the development or commercialization by or on behalf of Protherics or its
Affiliates of the Product in the Territory (but expressly excluding any Losses arising from the use
or manufacture of the Digibind Product used in the DEEP Study prior to or after the Effective Date;
provided that such exclusion shall in no way limit Glenveigh’s right to indemnification by GSK,
directly or indirectly through Protherics, under the GSK Agreement with respect to Glenveigh’s
participation in the DEEP Study). The foregoing indemnity under subsections (i) – (iii) of this
Section 8.2 shall not apply to the extent that any of the Glenveigh Indemnitees caused or
contributed to such Losses, or to the extent that Glenveigh has an indemnification obligation under
Section 8.1 with respect to the Losses.

     8.3 Procedure. Each Party will promptly notify the other Party in writing in the
event it becomes aware of a Third Party claim, action or suit for which indemnification may be
sought hereunder (provided that the failure to give such notice promptly will not prejudice the
rights of an Indemnified Party, except to the extent that the failure to give such prompt notice
materially adversely affects the ability of the Indemnifying Party to defend the claim, action or
suit). In the event that any Third
Party claim, action or suit is instituted against a Party in respect of which indemnity may be
sought pursuant to this Article 8, promptly after such Party (the “Indemnified Party”) notifies the
other Party (the “Indemnifying Party”) in writing, the Indemnifying Party and the Indemnified Party
shall meet to discuss how to respond to such claim, action or suit. The Indemnifying Party shall
control the defense of such claim, action or suit. The Indemnified Party shall cooperate with the
Indemnifying Party in the defense of such claim, action or suit, at the expense of the Indemnifying
Party. In any such proceeding, the Indemnified Party shall also have the right to retain its own
counsel at its own expense. The Indemnifying Party shall not be liable for Losses or Third Party
liabilities with respect to a claim, action or suit settled or compromised by the Indemnified Party
without the Indemnifying Party’s prior written consent. No offer of settlement, settlement or
compromise by the Indemnifying Party shall be binding on an Indemnified Party without the
Indemnified Party’s prior written consent (which consent shall not be unreasonably withheld or
delayed), unless such settlement fully releases the Indemnified Party without any liability, loss,
cost or obligation to such Indemnified Party.

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ARTICLE 9.

CONFIDENTIALITY AND PUBLICITY

     9.1 Treatment of Confidential Information. The Parties agree that during the
term of this Agreement, and for a period of five (5) years after this Agreement expires or
terminates, with respect to Confidential Information of the Disclosing Party, the Receiving Party
will (i) maintain such Confidential Information in confidence to the same extent the Receiving
Party maintains its own confidential or proprietary information or trade secrets of similar kind
and value; (ii) subject to the provisions of this Article 9, not disclose such Confidential
Information to any Third Party without the prior written consent of the Disclosing Party, except
for disclosures to its Affiliates and Sublicensees who agree to be bound by obligations of
non-disclosure and non-use at least as stringent as those contained in this Article 9; and (iii)
not use Confidential Information for any purpose except those purposes permitted by this Agreement.
Neither Party will knowingly disclose to the other Party any Third Party information or know-how
that such Party does not have the legal right to disclose to the other Party and/or which it has a
contractual obligation not to disclose to the other Party.

     9.2 Authorized Disclosure. Notwithstanding the foregoing Section 9.1, a Receiving
Party may disclose Confidential Information of the Disclosing Party:

	 	(i)	 	to the extent and to the persons and entities as required by an applicable law,
rule, regulation, legal process, court order or the rules of the any securities
exchange on which any security issued by either Party is traded or of a Regulatory
Authority; or
	 
	 	(ii)	 	as necessary to file, prosecute or defend those patent applications or patents
for which either Party has the right to assume filing, prosecution, defense or
maintenance, pursuant to Article 6 of this Agreement; or
	 
	 	(iii)	 	to prosecute or defend litigation or otherwise establish rights or enforce
obligations under this Agreement, but only to the extent that any disclosure is
necessary;

     provided that, if Glenveigh is required or intends to disclose Protherics’ Confidential
Information under Sections 9.2(i) or (iii), Glenveigh shall give advance written notice to
Protherics of such required disclosure, so that Protherics may seek a protective order or other
appropriate remedy. If, in the absence of a protective order or other remedy, Glenveigh is
nonetheless, in the reasonable opinion of Glenveigh’s counsel, required to disclose Confidential
Information of Protherics under Sections 9.2(i) or (iii), Glenveigh may disclose only that portion
of the Confidential Information of Protherics which such counsel advises in writing is legally
required to be disclosed; and further provided that Glenveigh shall preserve the confidentiality of
such Confidential Information to the fullest extent possible, including, without limitation, by
cooperating with Protherics in its efforts to secure confidential or protective treatment of such
Confidential Information or to obtain a protective order or other remedy.

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     9.3 Other Permitted Disclosures. Protherics may disclose Confidential Information of
Glenveigh received under this Agreement to (i) Regulatory Authorities and clinical study
investigators, (ii) existing or potential investors, acquirers, merger partners, collaborators,
consultants, contractors, distributors or licensees, or to professional advisors (e.g., attorneys,
accountants and investment bankers) involved in such activities, for the limited purpose of
evaluating such investment, transaction, or license and under appropriate conditions of
confidentiality, only to the extent necessary and with the agreement by these permitted individuals
to maintain such Confidential Information in strict confidence.

     9.4 Publicity; Terms of this Agreement. Protherics must provide its prior written
approval (which may be granted or withheld by Protherics, in its sole discretion) before Glenveigh
may issue a press release announcing the execution of this Agreement. Except for such press
release, Glenveigh shall not (i) originate any publicity, news release or other public
announcement, written or oral, whether to the public press, public stockholders or otherwise,
relating to this Agreement, any amendment hereto, the Product or any Party’s performance hereunder,
or (ii) use the name of Protherics in any publicity, news release or other public announcement,
except (a) with the prior written consent of Protherics, which consent may be granted or withheld
in Protherics’ sole discretion, or (b) as required by applicable law, in which case Glenveigh shall
submit to Protherics (for review and any proposed modifications, as well as the Parties’
coordination, prior to such disclosure or use) each such required disclosure, and shall comply with
the terms of Section 9.2. If Protherics intends to make any public announcement that includes a
statement(s) about Glenveigh (concerning Glenveigh as a
company, or about any of its principals), and such public announcement relates to subject
matter that is outside the Field and/or that pertains to a product other than the Product licensed
to Protherics hereunder, then Protherics will provide a copy of such proposed public announcement
to Glenveigh for its review and comment, which Protherics will consider in good faith; provided,
however, that (a) mere mention of the word “Glenveigh” or of the names of any of its principals,
without additional substantive content, shall not give rise to such Glenveigh right of review and
comment, and (b) if the scope of Protherics’ proposed statement about Glenveigh as a company and/or
any of its principals has been previously approved by Glenveigh, Protherics shall have no
obligation to resubmit such proposed statement to Glenveigh for further review and comment. The
terms of this Agreement shall be deemed to be the Confidential Information of each Party.

     9.5 Scientific Publications. Protherics acknowledges that Glenveigh Research LLC, C.
David Adair, M.D., and the institutions set forth in Exhibit B have certain contractual
rights and obligations, including rights and obligations regarding scientific publications. After
the Effective Date and upon the effective date of the CTA/DSMB Assignment, Protherics may
seek amendment of any or all of such agreements in a manner that results in modification of the
institutions’ publication rights and obligations. In the event that such clinical trial agreements
assigned to Protherics are not amended, Glenveigh shall cooperate with Protherics to ensure that a
joint publication regarding the DEEP Study data and results will be prepared and submitted in a
manner reasonably acceptable to Protherics, so as to avoid independent publication by the
institutions set forth in Exhibit B. Subject to the foregoing, Glenveigh will
only publish or publicly present research or development results, or any other scientific data and
information, pertaining to the

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25

 

Product in the Field under the reasonable direction of Protherics,
in Protherics’ sole discretion; provided, however, that nothing herein shall be construed to
require Glenveigh to publish or publicly present research or development results, or any other
scientific data and information, pertaining to the Product in the Field in a manner to which
Glenveigh objects, in Glenveigh’s sole discretion.

ARTICLE 10.

TERM AND TERMINATION

     10.1 Term of this Agreement. This Agreement will commence on the Effective Date
and, unless earlier terminated pursuant to this Article 10, will remain in full force and effect,
on a country-by-country basis, until the later of: (i) expiration of the last-to-expire patent
within the Licensed Patents in such country, or (ii) the tenth (10th) anniversary of the
First Commercial Sale of a Product in such country; provided that, with respect to a given country
in the Territory, if no patent within the Licensed Patents is issued in such country prior to the
date set forth in clause (ii), the term of this Agreement shall be determined solely pursuant to
clause (ii). Following such expiration, Protherics shall have a fully paid-up license that
corresponds to the license granted to Protherics in Section 2.1.

     10.2 Termination for Material Breach . In the event that Protherics or Glenveigh breaches a representation, warranty or any
material undertaking or obligation hereunder, the other Party shall have the right, without
limitation of any other right it has under this Agreement on account of such breach, to terminate
this Agreement on sixty (60) days (or, in the case of breach of an obligation to pay money, thirty
(30) days) prior written notice specifying such breach and demanding its cure; provided, however,
that if the alleged breaching Party shall cure such breach during such sixty (60)-day (or thirty
(30)-day, if applicable) period, then such notice of termination shall be null and void; and
further provided that if such breach is not reasonably susceptible of cure within such sixty
(60)-day (or thirty (30)-day, if applicable) period, and the alleged breaching Party proposes and
has initiated a reasonable course of action to cure such breach and has acted diligently and in
good faith to begin to cure the breach within such sixty (60)-day (or thirty (30)-day, if
applicable) period, such cure period shall be extended as reasonably necessary to permit the breach
to be cured; otherwise, this Agreement shall be terminated on and after the expiration of such
sixty (60)-day (or thirty (30)-day, if applicable) period. Notwithstanding the foregoing, in the
event the alleged breaching Party disputes in good faith the existence of a breach under this
Agreement, the non-breaching Party shall not have the right to terminate this Agreement unless and
until the dispute is resolved in the non-breaching Party’s favor (i.e., upon a final determination
that the alleged breaching Party has materially breached this Agreement and has failed to cure such
breach) through the dispute resolution provisions of Article 11. All amounts due hereunder that
are not in dispute shall continue to be timely paid.

     10.3 Termination for Insolvency. This Agreement may be terminated at any time by
Glenveigh upon the filing or institution of bankruptcy, reorganization, liquidation or receivership
proceedings by or against Protherics, or upon an assignment of a substantial portion of its assets
for the benefit of creditors by Protherics; provided, however, that in the event of any involuntary

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bankruptcy or receivership proceeding, such right to terminate this Agreement shall only become
effective if the proceeding is not dismissed within sixty (60) days after the filing thereof.
Subject to Section 10.4.4, (i) if a given Glenveigh entity Controls any intellectual property
rights licensed to Protherics hereunder, and (ii) if Protherics has not forced such Glenveigh
entity into bankruptcy, reorganization, liquidation or receivership proceedings, then Protherics
may elect to continue this Agreement in full force and effect upon the filing or institution of
bankruptcy, reorganization, liquidation or receivership proceedings by or against such Glenveigh
entity, or upon an assignment of a substantial portion of its assets for the benefit of creditors
by such Glenveigh entity; provided, however, that in the event of any involuntary bankruptcy or
receivership proceeding, such right to continue this Agreement shall only become effective if the
proceeding is not dismissed within sixty (60) days after the filing thereof.

     10.4 Effect of Expiration or Termination.

     10.4.1 Accrued Obligations. Termination of this Agreement for any reason shall
not release any Party hereto from any liability which, at the time of such termination, has
already accrued to the other Party or which is attributable to a period prior to such
termination, nor preclude either Party from pursuing all rights and remedies it may
have hereunder or at law or in equity with respect to any breach of this Agreement.

     10.4.2 Survival. The expiration or termination of this Agreement shall not
affect (i) the rights or obligations of either Party hereto which shall have accrued
hereunder prior to such expiration or termination, and (ii) the rights and obligations of
the Parties at law or in equity, which from the context thereof, are intended to survive
termination or expiration of this Agreement. Without limiting the foregoing sentence, in
the event of expiration or termination of this Agreement, the provisions of Article 1 shall
survive, to the extent definitions are embodied in the following listed Articles and
Sections of this Agreement;

     (a) in the event of expiration, the provisions of Sections 3.2, 4.5, 4.6, 4.7, 4.8,
6.1, 6.3 (with respect to Licensed Know-How), 7.3, 10.4.2, 10.4.5, 12.3, 12.4, 12.5, 12.6,
12.7, 12.8 and 12.9 and of Articles 8 (to the extent that the Loss arose prior to the
expiration date), 9 and 11 (to the extent that the Dispute arose prior to the expiration
date), as each of the foregoing provisions is necessary or useful for Protherics to
transfer, use, practice and/or exploit its fully paid-up license; and

     (b) in the event of termination, the provisions of Sections 6.1 (with respect to
intellectual property arising prior to the effective termination date), 7.3, 10.4.2, 12.3,
12.4, 12.5, 12.6, 12.7, 12.8 and 12.9 and of Articles 8 (to the extent that the Loss arose
prior to the effective termination date), 9 and 11 (to the extent that the Dispute arose
prior to the effective termination date),

shall survive the expiration or termination of this Agreement for any reason. In addition,
any other provision required to interpret and enforce the Parties’ rights and obligations

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under this Agreement shall survive, but only to the extent required for the observation and
performance of the aforementioned surviving portions of this Agreement.

     10.4.3 Termination of Licenses. Upon earlier termination of this Agreement by
Glenveigh for Protherics’ uncured material breach under Section 10.2 or Protherics’
insolvency under Section 10.3, (a) Glenveigh may elect that all licenses and rights granted
to Protherics hereunder shall terminate and Protherics will cease to develop and
commercialize Product (taking into account any appropriate “wind down” periods necessary to
effect such cessation in a commercially reasonable manner, including adequate time periods
to close any pending clinical studies of the Product), and Glenveigh may pursue all remedies
permitted at law or in equity (including contract damage remedies), or (b) Glenveigh may
elect not to terminate this Agreement, and in such event Glenveigh shall retain its right to
continue this Agreement while simultaneously pursuing remedies permitted at law or in equity
(including contract damage remedies).

     10.4.4 Effects of Termination by Protherics.

     (i) In the event of Glenveigh’s uncured material breach under Section 10.2, (a)
Protherics may elect to terminate this Agreement, and Protherics may pursue all remedies
permitted at law or in equity (including contract damage remedies), or (b) Protherics may
elect not to terminate this Agreement, and in such event Protherics shall retain its right
to continue this Agreement while simultaneously pursuing remedies permitted at law or in
equity (including contract damage remedies).

     (ii) In the event of insolvency of a given Glenveigh entity as described in Section
10.3, this Agreement shall continue in full force and effect, and upon the date of such
event of insolvency (or the date of expiration of the 60-day period recited in Section 10.3,
if applicable), Protherics shall have an immediate assignment of all intellectual property
rights Controlled by such Glenveigh entity that are licensed to Protherics hereunder. For
the avoidance of doubt, Protherics’ obligations to pay royalties and fees hereunder shall
continue after such assignment, and such Glenveigh entity will promptly cooperate with
Protherics to execute documents evidencing such assignment. In the event that Glenveigh
terminates this Agreement for Protherics’ uncured material breach under Section 10.2 or
Protherics’ insolvency under Section 10.3 after the date of such assignment of intellectual
property rights to Protherics in accordance with this Section 10.4.4, such intellectual
property rights previously assigned to Protherics shall be immediately reassigned to
Glenveigh upon the effective date of termination, and Protherics will promptly cooperate
with Glenveigh to execute documents evidencing such reassignment.

     10.4.5 Bankruptcy Code. In the event of insolvency of a Glenveigh entity as
described in Section 10.3, the Parties agree that all rights and licenses granted to
Protherics hereunder are rights to “intellectual property” (as defined in Section 101(35A)
of Title 11 of the United States Code, as amended (such Title 11, the “Bankruptcy Code”)).
In the event this Agreement is rejected under Section 365 of the Bankruptcy Code, such

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Glenveigh entity hereby grants to Protherics, subject to Protherics’ obligations under
Sections 365(n)(2), a right of access and to obtain possession of and to benefit from each
of the following embodiments: (i) copies of data and results pertaining to pre-clinical and
clinical research and/or clinical trials of Products, (ii) aliquots of laboratory samples,
Product samples and inventory, (iii) copies of laboratory notes and notebooks pertaining to
Products, (iv) regulatory filings and approvals of Products, and (v) rights of reference in
respect of regulatory filings and approvals of Products, all of which constitute
“embodiments” of intellectual property pursuant to Section 365(n) of the Bankruptcy Code,
and (vi) all other embodiments of such intellectual property in such Glenveigh entity’s
possession or control. Such Glenveigh entity agrees not to interfere with Protherics’
exercise under the Bankruptcy Code of rights and licenses to intellectual property licensed
hereunder and embodiments thereof in accordance with this Agreement, and agrees to use
Commercially Reasonable Efforts to assist Protherics to obtain such intellectual property
and embodiments thereof in the possession or control of Third Parties as reasonably
necessary or useful for Protherics to exercise such rights and licenses in accordance with
this Agreement.

     10.4.6 Disposition of Inventory. Upon earlier termination of this Agreement by
Glenveigh for Protherics’ uncured material breach under Section 10.2 or Protherics’
insolvency under Section 10.3, Protherics and its Sublicensees shall be entitled, for a
period of twelve (12) months thereafter, to sell Products existing or being manufactured on
the date of termination; provided that Net Sales from sales of such Products shall be
subject to royalty payments under Section 5.4.

     10.5 Return of Confidential Information. Confidential Information shall remain the
property of the Disclosing Party for the period provided in Section 9.1. Upon expiration of this
Agreement, Protherics may request in writing the return or destruction (in Protherics’ sole
discretion) by Glenveigh of all Confidential Information of Protherics. Upon earlier termination
of this Agreement by either Party under Section 10.2 because of uncured material breach or under
Section 10.3 because of insolvency of the other Party, the Receiving Party shall immediately cease
to use the Disclosing Party’s Confidential Information and promptly thereafter the Receiving Party
shall, at the Receiving Party’s option, either return to the Disclosing Party or destroy all data,
drawings, memoranda, notes and other written materials (including summaries, records, descriptions,
modifications, drawings and adaptations that have been made from any such materials), together with
any magnetic media and computer stored information, and all copies thereof, embodying or containing
any of the Disclosing Party’s Confidential Information that are in the possession or control of the
Receiving Party or its contractors or agents; provided, however, that one (1) copy of such
Confidential Information may be retained by the Receiving Party on a confidential basis for
archival purposes only. Any destruction of Confidential Information pursuant to the preceding
sentence shall be promptly confirmed by a written certificate executed by an authorized officer of
Receiving Party.

 Protherics-Glenveigh License Agreement

29

 

ARTICLE 11.

DISPUTE RESOLUTION

     11.1 Negotiation; Escalation to Senior Executives. The Parties shall attempt in
good faith to resolve any and all disputes that arise between them promptly, voluntarily and
amicably. Any dispute arising between the Parties relating to, arising out of, or in any way
connected with this Agreement, or any term or condition hereof, or the performance by either Party
of its obligations hereunder (a “Dispute”), whether before or after expiration or termination of
this Agreement, which is not settled by the Parties within thirty (30) days after written notice of
such Dispute is first given by one Party to the other Party in writing, will be referred to a
senior executive designated by Glenveigh and a senior executive designated by Protherics who are
authorized to settle such Dispute on behalf of their respective companies (“Senior Executives”).
The Senior Executives will meet (or confer by telephone or video conference) within thirty (30)
days after the end of the initial 30-day period referred to above, at a time and place mutually
acceptable to both Senior Executives. If the Dispute has not been resolved by the Senior
Executives within thirty (30) days after the end of the initial 30-day period

     referred to above (or such longer time period as may be mutually agreed upon by the Senior
Executives), the Dispute will be resolved in accordance with the remainder of this Article 11.

     11.2 Arbitration. If a Dispute is not resolved in accordance with Section 11.1, the
Parties hereby agree to resolve such Dispute by final and binding arbitration administered under
the then-current Rules of Arbitration of the International Chamber of Commerce (“ICC”).

     11.2.1 Commencement of Arbitration Proceeding; Arbitrator. Following failure
of the Senior Executives to resolve a Dispute under Section 11.1, either Party may commence
such arbitration proceeding in accordance with this Section 11.2 and the ICC rules, and
shall simultaneously notify the other Party in writing of such commencement. The
arbitration shall be conducted by a panel of three (3) neutral arbitrators, to be mutually
selected by the Parties within thirty (30) days of the commencement of the proceeding;
provided that if the Parties are unable to mutually select such arbitrators within such
30-day period, then the Parties shall either mutually agree to extend such period or one
neutral arbitrator will be selected by Glenveigh within such thirty (30) day period, one
neutral arbitrator will be selected by Protherics within such thirty (30) day period, and
such two selected arbitrators shall, within thirty (30) days after the first two arbitrators
have been selected, appoint one additional neutral arbitrator to complete the panel of three
neutral arbitrators which shall preside over the arbitration proceeding.

     11.2.2 Arbitration Proceeding and Venue. The arbitration and all related
hearings, proceedings and written submissions will be in the English language. The
arbitration proceeding shall be held in Nashville, Tennessee (unless the Parties mutually
agree in writing on a different venue). Each Party shall bear its own expenses (including
the fees and expenses of its attorneys, consultants and witnesses) in connection with the
arbitration proceeding, and each Party shall, on an ongoing basis, pay one-half (1/2) the fees
and expenses of the ICC and the arbitrator(s).

 Protherics-Glenveigh License Agreement

30

 

     11.2.3 Decision; Enforcement. The decision of the arbitrator shall be the sole
and exclusive remedy of the Parties, shall be final and shall be fully and irrevocably
accepted by the Parties. The arbitrator shall announce his/her decision and award, and the
reasons therefor, in writing. The prevailing Party may enforce such decision against the
other Party in any court having jurisdiction. In any arbitration proceeding hereunder, the
arbitrator will not have the right to modify the terms and conditions of this Agreement.
The Parties will exert reasonable efforts to have the decision and award rendered within six
(6) months after a Party commences the arbitration proceeding.

     11.3 Court Actions; Injunctive Relief. Notwithstanding the above, to the full extent
allowed by law, either Party may bring an action in any court of competent jurisdiction for
injunctive relief (or any other provisional remedy)
to protect the Parties’ rights or enforce the Parties’ obligations under Sections 6, 9 or 12
of this Agreement. In addition, either Party may bring an action in any court of competent
jurisdiction to resolve disputes pertaining to the validity, construction, scope, enforceability,
infringement or other violations of patents or other proprietary or intellectual property rights.

ARTICLE 12.

MISCELLANEOUS

     12.1 Force Majeure. Neither Party shall be held liable or responsible to the
other Party, nor be deemed to have defaulted under or breached this Agreement, for failure or delay
in fulfilling or performing any term of this Agreement when such failure or delay is caused by or
results from causes beyond the reasonable control of the affected Party, including but not limited
to fire, floods, earthquake, embargoes, war, acts of war (whether war is declared or not),
insurrections, riots, civil commotions, strikes, lockouts or other labor disturbances, acts of God
or acts, omissions or delays in acting by any governmental authority or the other Party; provided,
however, that the Party so affected shall use Commercially Reasonable Efforts to avoid or remove
such causes of nonperformance, and shall continue to perform hereunder with reasonable dispatch
whenever such causes are removed. Either Party shall provide the other Party with prompt written
notice of any delay or failure to perform that occurs by reason of force majeure. The Parties
shall mutually seek a resolution of the delay or the failure to perform as noted above.

     12.2 Assignment. This Agreement may not be assigned or otherwise transferred by
either Party without the prior written consent of the other Party; provided that, without the prior
written consent of the other Party, Glenveigh and Protherics may assign this Agreement and all or a
portion of its rights and obligations hereunder in connection with the transfer or sale of all or
substantially all of the business of it, or in the event of its merger or consolidation or change
in control or similar transaction, or to an Affiliate, upon prior written notice to the other
Party. Any permitted assignee shall assume all obligations of its assignor under this Agreement in
writing, and the relevant assignor shall remain liable thereunder.

     12.3 Severability. If any provision hereof should be held invalid, illegal or
unenforceable in any jurisdiction, the Parties shall negotiate in good faith a valid, legal and

 Protherics-Glenveigh License Agreement

31

 

enforceable substitute provision that most nearly reflects the original intent of the Parties and
all other provisions of this Agreement shall remain in full force and effect in such jurisdiction
and shall be liberally construed in order to carry out the intentions of the Parties hereto as
nearly as may be possible. Such invalidity, illegality or unenforceability shall not affect the
validity, legality or enforceability of this Agreement in any other jurisdiction.

     12.4 Notices. All notices, requests, consents and other communications given or made
by a Party under this Agreement shall be in writing and shall be deemed given (i) five (5) days
after mailing when mailed (by registered or certified mail, postage paid, only), (ii) on the date
sent when made by facsimile transmission with confirmation of receipt (with hard copy to follow by
registered or certified mail, postage paid, only), or (iii) on the date received when delivered in
person or by reputable overnight courier; provided that notices and communications with respect to
administrative matters under this Agreement (but not legal matters or matters pertaining to rights
or obligations under this Agreement), may be provided by e-mail and will be deemed given when sent.
All notices shall be provided to the address set forth below or such other place as such Party may
from time to time designate in writing:

	 	 	 	 	 
	 

	 	If to Glenveigh:
	 	Glenveigh Pharmaceuticals, LLC
	 

	 	 	 	2530 Meridian Parkway
	 

	 	 	 	Suite 300
	 

	 	 	 	Durham, NC 27713
	 

	 	 	 	Attention: Chief Executive Officer
	 

	 	 	 	Facsimile: 919-806-4301
	 

	 	 	 	E-Mail: rick.proctor@glenveigh.com
	 
	 	 	 	 
	 

	 	with a copy to:
	 	Glenveigh Research, LLC
	 

	 	 	 	979 E. Third Street, Suite C-825
	 

	 	 	 	Chattanooga, Tennessee 37403
	 

	 	 	 	Attention: C. David Adair, M.D.
	 

	 	 	 	Facsimile: 423-664-4466
	 

	 	 	 	E-mail: adair@rocob.com
	 
	 	 	 	 
	 

	 	 	 	C. David Adair, M.D.
	 

	 	 	 	979 E. Third Street, Suite C-825
	 

	 	 	 	Chattanooga, Tennessee 37403
	 

	 	 	 	Facsimile: 423-664-4466
	 

	 	 	 	Email: adair@rocob.com

 Protherics-Glenveigh License Agreement

32

 

	 	 	 	 	 
	 

	 	 	 	CDA Royalty Investors, LLC
	 

	 	 	 	1403 Foulk Road, Suite 102-13
	 

	 	 	 	Wilmington, Delaware 19803
	 
	 	 	 	 
	 

	 	 	 	CDA Licensing Administrators, LLC
	 

	 	 	 	1403 Foulk Road, Suite 102-13
	 

	 	 	 	Wilmington, Delaware 19803
	 
	 	 	 	 
	 

	 	 	 	Mark D. Hackett, Esq.
	 

	 	 	 	Husch & Eppenberger, LLC
	 

	 	 	 	736 Georgia Avenue, Suite 300
	 

	 	 	 	Chattanooga, Tennessee 37402
	 

	 	 	 	Facsimile: 423-266-5499
	 

	 	 	 	Email: mark.hackett@husch.com
	 
	 	 	 	 
	 

	 	If to Protherics:
	 	Protherics Medicines Development Limited
	 

	 	 	 	c/o Protherics plc
	 

	 	 	 	The Heath Business and Technical Park
	 

	 	 	 	Runcorn, Cheshire WA7 4QX, England
	 

	 	 	 	Attention: Finance Director
	 

	 	 	 	Facsimile: +44 1928 518004
	 

	 	 	 	E-Mail: barry.riley@protherics.com
	 
	 	 	 	 
	 

	 	with a copy to:
	 	Protherics Inc.
	 

	 	 	 	5214 Maryland Way
	 

	 	 	 	Suite 405
	 

	 	 	 	Brentwood, TN 37027
	 

	 	 	 	Attention: President
	 

	 	 	 	Facsimile: (615) 963-4604
	 

	 	 	 	E-Mail: saul.komisar@protherics.us

     12.5 Governing Law, Venue. This Agreement and any dispute arising from the
performance or breach hereof shall be governed by and construed and enforced in accordance with the
laws of State of Tennessee, without reference to conflicts of laws principles.

     12.6 Entire Agreement; Amendment. This Agreement, together with the Exhibits hereto,
contains the entire understanding of the Parties with respect to the subject matter hereof. In the
event of any conflict or inconsistency between any provision of any Exhibit hereto and any
provision of this Agreement, the provisions
of this Agreement shall prevail. All express or implied agreements and understandings, either
oral or written, heretofore made, including the CDA, are expressly superseded by this Agreement.
This Agreement may be amended, or any term hereof modified, only by a written instrument duly
executed by both Parties hereto.

 Protherics-Glenveigh License Agreement

33

 

     12.7 Independent Contractors. It is expressly agreed that Glenveigh and Protherics
shall be independent contractors and that the relationship between the Parties shall not constitute
a partnership, joint venture or agency. Neither Glenveigh nor Protherics shall have the authority
to make any statements, representations or commitments of any kind, or to take any action, which
shall be binding on the other, without the prior written consent of the other Party to do so.

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

     12.9 Counterparts. This Agreement may be executed in counterparts by original or
facsimile signature, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

[SIGNATURES ON FOLLOWING PAGE]

     IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their duly
authorized representative as of the date first above written.

	 	 	 	 	 	 	 	 	 	 	 
	GLENVEIGH PHARMACEUTICALS, LLC	 	 	 	PROTHERICS MEDICINES DEVELOPMENT LIMITED	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Richard C. Proctor, Jr.	 	 	 	By:	 	/s/ B.M. Riley	 	 
	 

	 	 

	 	 	 	 	 	 

	 	 
	Name:

	 	Richard C. Proctor, Jr.	 	 	 	Name:	 	Barrington Marshall Riley	 	 
	 

	 	 

	 	 	 	 	 	 

	 	 
	Title:

	 	CEO	 	 	 	Title:	 	Director	 	 
	 

	 	 

	 	 	 	 	 	 

	 	 

 Protherics-Glenveigh License Agreement

34

 

	 	 	 	 	 
	GLENVEIGH RESEARCH, LLC	 	 
	 
	 	 	 	 
	By:
	 	/s/ C. David Adair, M.D.	 	 
	 

	 	 

	 	 
	Name:
	 	C. David Adair, M.D.	 	 
	 

	 	 

	 	 
	Title:
	 	Chief Manager	 	 
	 

	 	 

	 	 

	 	 	 	 	 
	C. DAVID ADAIR, M.D.	 	 
	 
	 	 	 	 
	By:
	 	/s/ C. David Adair, M.D.	 	 
	 

	 	 

	 	 
	Name:
	 	C. David Adair, M.D.	 	 
	 

	 	 

	 	 
	Title:
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 
	CDA ROYALTY INVESTORS, LLC	 	 
	 
	 	 	 	 
	By:
	 	/s/ William R. Russell	 	 
	 

	 	 

	 	 
	Name:
	 	William R. Russell	 	 
	 

	 	 

	 	 
	Title:
	 	 	 	 
	 

	 	 

	 	 

	 	 	 	 	 
	CDA LICENSING ADMINISTRATORS, LLC	 	 
	 
	 	 	 	 
	By:
	 	/s/ C. David Adair, M.D.	 	 
	 

	 	 

	 	 
	Name:
	 	C. David Adair, M.D.	 	 
	 

	 	 

	 	 
	Title:
	 	Manager/President	 	 
	 

	 	 

	 	 

 Protherics-Glenveigh License Agreement

35Ex-4.31

 

Exhibit 4.31

AMENDED
AND RESTATED

 EMPLOYMENT AGREEMENT

     This AMENDED AND RESTATED EMPLOYMENT AGREEMENT
(“Agreement”) is entered into as of this 8th day of June, 2007, by
and between Protherics Inc, (the “Company”), and Saul Komisar (“Employee”).

W I
T N E S S E T H:

     WHEREAS, Employee is employed as the President of the Company; and

     WHEREAS, the Company and Employee memorialized their understanding of the terms of the
Employee’s employment with the Company, the financial obligations of the Company to the Employee,
and specified certain rights, responsibilities and duties of Employee in an Employment Agreement
dated as of November 1, 2000 as amended and restated on
July 1, 2002 (the “Employment
Agreement”); and

     WHEREAS, the Company and Employee desire to amend and restate certain terms of the
Employment Agreement;

     NOW, THEREFORE, based upon the premises set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as
follows:

ARTICLE I

RESPONSIBILITIES

          Section
1.1 Scope of Employment.

          (a)
General. Employee is employed by Company to serve as President of the Company with
the powers and responsibilities set forth for such position in the Bylaws of the Company and such
other duties as may be delegated or assigned by the Board of Directors of the Company, Employee
accepts employment upon the terms set forth in this Agreement and will perform diligently to the
best of his abilities those duties set forth in the Bylaws and in this Agreement in a manner that
promotes the interests and goodwill of the Company and Protherics PLC (a company registered in
England under number 02459087 and whose registered office is at The Heath Business Park, Runcorn
(the “Parent”). Employee will faithfully devote his best efforts and all his working time
to and for the benefit of the Company and any Group Companies to which he is required to provide
services including (without limitation) the Parent. For the purposes of this Agreement, “Group
Company” means the Company, the Parent and any current or future U.S., U.K. or Australian
direct or indirect subsidiary of the Company and/or the Parent, and the “Group” shall be
construed accordingly.

 

 

          (b) Group Companies. Employee will perform services for and (if the Company so requests)
hold such offices and/or directorships in such Group Companies as the Company’s Board of Directors
(the “Board”) and/or Parent’s Board of Directors may from time to time require without
additional compensation (except as otherwise agreed) provided always that Employee shall (in the
event that he holds any such office and/or directorship):

     (i) hold any such office and/or directorship subject to the articles of association of
the relevant Group Company as amended from time to time;

     (ii) do such things as are necessary to ensure that he and the relevant Group Company
comply with the rules and regulations of the Securities and Exchange Commission, the listing rules
of the Nasdaq Stock Market, the Combined Code on Corporate Governance of the UK Listing Authority
(as amended from time to time) (the “Code”) to the extent that such rule and regulations
apply to such Group Company including, without limitation and if relevant, retiring by rotation
from his office and/or directorship and seeking re-election when requested to do so by the
relevant Group Company or in accordance with the articles of association of the relevant Group
Company. For the purposes of this Agreement, “UK Listing Authority” means the Financial
Services Authority in its capacity as the competent authority for the
purposes of part VI of the
Financial Services and Markets Act 2000;

     (iii) comply (to the extent applicable) with all requirements, recommendations or
regulations, as amended from time to time, of the UK Listing Authority (including the Model Code
for transactions in securities by directors and certain senior executives of listed companies, a
copy of which is available from the Company Secretary of the Parent), the Financial Services
Authority, the Securities and Exchange Commission, and all regulatory authorities relevant to any
Group Company and any code of practice issued by any Group Company (as amended from time to time)
relating to dealing and/or transactions in securities;

     (iv) comply with the requirements under both legislation and regulation as to the disclosure
of inside information;

     (v) abide by his fiduciary duties to any Group Company of which he is a director;

     (vi) (if
the Parent’s Board of Directors so requests) immediately resign (without any claim
for compensation) from any office and/or directorship held in any Group Company, save for his
position as President of the Company or as a director of Parent, and Employee hereby irrevocably
appoints the Company to be his attorney to execute and do any such instrument or thing and
generally to use his name for the purpose of giving the Company or its nominee the full benefit of
this clause;

     (vii) shall not do anything that would cause him to be disqualified from holding any such
office ad/or directorship;

2

 

     (viii) shall not (without the prior written approval of the Board of Directors of the
Parent) resign from any office and/or directorship which he holds in the Company or any Group
Company; and

     (ix) acknowledges that the termination of any such office and/or directorship which he holds
in any Group Company save for his position as President of the Company (including failure to be
re-elected to the office and/or directorship following retirement by rotation) shall not terminate
this Agreement which shall continue on the basis that Employee is an employee only and, for the
avoidance of doubt, Employee shall have no claims in respect of such cessation of office and/or
directorship,

ARTICLE II

COMPENSATION

     Section 2.1 General Terms.

     (a) Base compensation. For the period commencing April 1, 2007 and ending March 31,
2008, the Company shall provide base compensation to the Employee at the rate of $350,000, payable
in accordance with the Company’s ordinary payroll policies. This amount will be reviewed annually
by the Board or the compensation committee of the Board, Any reference to the Board of Directors or
the Board in this Agreement (whether of the Company or the Parent or any other Group Company)
shall include any committee of the Board of Directors duly appointed by it. Any increases that are
memorialized in the minutes of the Board shall be incorporated herein by reference without further
action by the Employee or Company.

     (b) Bonus.
In addition to the base salary provided in Section 2.1(a), Employee will be
entitled to receive, as additional compensation, an annual bonus in an amount to be determined by
the Parent’s Board of Directors.

     (c) Options. During the term of this Agreement, Employee shall be eligible to participate
in such incentive share option plans and deferred bonus plans and to receive such options or
awards, if any, under the plans as the Board of Directors or the Remuneration Committee of the
Parent may determine from time to time in its sole discretion.

     (d) All references in this Agreement to “$” or “dollars” shall mean United States Dollars.

     Section 2.2 Reimbursement. It is acknowledged by the parties that Employee, in connection
with the services to be performed by him pursuant to the terms of this Agreement, will be required
to make payments for travel, communications, entertainment of business associates and similar
expenses. The Company or relevant Group Company (as applicable) will reimburse Employee for all
reasonable, documented expenses of types authorized by the Company or relevant Group Company (as
applicable) and incurred by Employee in the performance of his duties hereunder. Employee will
comply with such budget limitations and approval

3

 

and reporting requirements with respect to expenses as the Company or relevant Group Company (as
applicable) may establish from time to time.

          Section 23 Employee Benefits.

          (a) General During the term of this Agreement, Company shall provide Employee with employee
and fringe benefits under any and all employee benefit plans and programs that are, from time to
time, generally made available to the executive employees of the Company, including, without
limitation, life, health and disability benefits and participation in retirement savings plans;
provided, however, that nothing in this Agreement shall require the Company to maintain such plans
or programs nor prohibit the Company from terminating, amending or modifying such plans and
programs, as the Company, in its sole discretion, may deem advisable.
In all events, including but
not limited to, the funding, operation, management, participation, vesting, termination, amendment
or modification of such plans and programs, the rights and benefits of Employee shall be governed
solely by the terms of the plans and programs, as provided in such plans, programs or any contract
or agreement related thereto. Nothing in this Agreement shall be deemed to amend or modify any
such plan or program.

     To the extent required by any plan, Employee’s participation in the plan or its benefits may
be contingent upon an employee contribution or salary reduction agreement. Failure of Employee to
make such required contribution or execute a salary reduction agreement will result in Employee not
participating or benefiting under said plan for the applicable plan year. Any employee
contribution, through a salary reduction agreement or otherwise, which Employee is required or
permitted to make shall be paid out of Employee’s salary or if the plan so permits, his bonus, if
any.

     (b) Vacation Leave. The Company and Employee acknowledge and agree that Employee shall be
entitled to receive twenty-three (23) business days paid vacation time/sick leave during the first
year of the term of this Agreement. The Company and Employee further acknowledge and agree that
subsequent vacation levels shall be determined by the mutual agreement of the parties to this
Agreement.

ARTICLE III

NONDISCLOSURE OF CONFIDENTIAL INFORMATION

          Section 3.1 Definitions. For purposes of this Agreement, “Confidential Information’’
is any data or information that is unique to the Company and/or any Group Company, proprietary,
competitively sensitive, and not generally known by the public, including, but not limited to, the
Company’s and/or any Group Company’s business plans, customers, prospective customers
(“prospective customers” is understood to mean those potential customers with whom or with
which the Company is engaged in active discussion about a business relationship), training
manuals, product development plans, bidding and pricing procedures, market plans and strategies,
business plans and projections, internal performance statistics, financial

4

 

data, confidential information concerning employees of the Company and/or any Group Company,
operational or administrative plans, policy manuals, terms and conditions of contracts and
agreements, and all similar information related to the business of the Company’s and/or any Group
Company’s customers or potential customers or suppliers, other than information that is publicly
available. The term “Confidential Information” shall not apply to information which is (i) in
Employee’s possession prior to the Effective Date (as defined below); (ii) received by Employee
from a third party with no accompanying restriction on disclosure or
(iii) required to be disclosed
by any applicable law or by an order of a court of competent jurisdiction.

          Section 3.2 Use and Disclosure. Employee recognizes and acknowledges that Confidential
Information constitutes valuable, special and unique assets of the Company and the Group. Except as
required to perform Employee’s duties as an employee of the Company or his duties to any Group
Company or until such sooner time that any item described in Section 3.1 ceases to be Confidential
Information through no act of Employee in violation of this Agreement, Employee will not use or
disclose any Confidential Information. This obligation of Employee shall continue beyond the term
of his employment with the Company, and through the time period set forth in Section 4.1, below.
Any breach of this obligation by Employee, whether during the term of his employment or thereafter,
shall constitute a material breach of this agreement, which the parties agree would cause
irreparable harm to the Company and the Group. Employee agrees that the remedy at law for any such
breach is inadequate and that the Company and/or relevant Group Company shall be entitled to
temporary and permanent injunctive relief or other equitable relief without the necessity of
proving actual damages. Employee represents that enforcement of a remedy by way of injunction will
not prevent him from earning a livelihood. Employee further represents and admits that time periods
contained in Section 4.1 are reasonably necessary to protect the interests of the Company and the
Group and would not unfairly or unreasonably restrict Employee. Such relief set forth above shall
be in addition to any other remedies available to Company and any Group Company, including
specifically without intending any limitation, the recovery of damages.

ARTICLE IV

NONCOMPETITION

     Section 4.1 Restriction. In consideration for the benefits Employee is receiving
hereunder, Employee hereby acknowledges, and for other good and valuable consideration, agrees
that during the period beginning on the date hereof and ending twelve (12) months after the
termination of Employee’s employment with the Company, under any of the circumstances described in
Section 6.1, Employee directly or indirectly, shall not (i) accept employment as an executive
officer with any competitor of the Company and/or any Group Company to which he has provided
services (the “Relevant Group Company”), wherever located, or with any entity identified
as a potential competitor of the Company (and/or any Relevant Group Company) as of the termination
of Employee’s employment; (ii) solicit or hire any employee of the Company (and/or any Relevant
Group Company) who was an

5

 

employee of the Company (and/or any Relevant Group Company) as of the date of the termination
of Employee’s employment; or (iii), interfere with, disrupt or attempt to disrupt any past, present
or prospective business relationship, contractual or otherwise, related to or arising from any
merchant account or any agreement, relationship or contractual arrangement between the Company
(and/or any Relevant Group Company) and any merchant provided, however, nothing herein shall
prevent Employee from contracting with any such merchant in a manner that does not interfere with,
disrupt or attempt to disrupt any contractual relationship between such person and the Company.
For purposes of Section 4.l(i) only, Employee agrees that he understands the term “employment as
an executive officer” to mean both full-time employment, as that term is used herein, as well as
any agreement to provide executive officer services as an independent contractor on behalf of any
competitor of the Company (and/or any Relevant Group Company).

          Section 4.2 Remedies. Employee agrees and acknowledges that the violation of the covenants in
this Section 4.1 would cause irreparable injury to the Company and that the remedy at law for any
violation or threatened violation would be inadequate and that the Company shall be entitled to
temporary and permanent injunctive relief or other equitable relief without the necessity of
proving actual damages. Employee represents that enforcement of a remedy by way of injunction will
not prevent him from earning a livelihood. Employee further represents and admits that time periods
contained in Section 4.1 are reasonably necessary to protect the
interests of the Company and would
not unfairly or unreasonably restrict Employee. Such relief shall be in addition to any other
remedies available to Company, including specifically without intending any limitation, the
recovery of damages.

          Section 4.3 Reformation and Severance. If a judicial determination is made mat any of the
provisions of the above restriction constitutes an unreasonable or otherwise unenforceable
restriction against Employee, it shall be rendered void only to the extent that such judicial
determination finds such provisions to be unreasonable or otherwise unenforceable. In this regard,
the parties hereby agree that any judicial authority construing this Agreement shall be empowered
to sever any portion of the prohibited business activity from the coverage of this restriction and
to apply the restriction to the remaining portion of the business activities not so severed by
such judicial authority.

ARTICLE V

TERM OF AGREEMENT

     This
Agreement shall continue in full force and effect for a period of 36 months from an
effective date commencing on April 26, 2007 (the “Effective Date”) and thereafter renewing
for successive twelve (12)-month terms, each such renewal term to commence on the successive
anniversaries of the Effective Date, unless either party shall give six (6) months written notice
of its intention not to renew, in which case the Company’s obligations (and the obligations of any
Group Company) to

6

 

Employee shall cease as of the expiration of the then-current term, unless earlier
terminated as provided in Article VI hereof.

ARTICLE VI

TERMINATION

          Section 6.1 Termination. Employee’s employment hereunder may terminate prior to the time set
forth in Article V hereof upon the occurrence of the following events:

          (a)
By Company Without Cause. The Company may terminate this
Agreement at any time without
cause upon written notice to Employee (“Termination Without Cause”), which notice shall
specify the effective date of such termination (the
“Termination Date”). In the event of a
Termination Without Cause, Employee shall be entitled to:

     (i) receive an amount equal to twelve (12) months base salary, as that amount is
determined and adjusted from time to time under Section 2.1 (a), paid, at the Company’s
option, in one payment at the Termination Date or in monthly instalments over the twelve
(12) month period commencing on the Termination Date (the “Severance Period”);

     (ii) receive any bonuses that, in the sole discretion of the Board, have been earned
under Section 2.l(b) with respect to prior years but have not been paid;

     (iii) any unpaid expense reimbursements under Section 2.2 hereof for expenses
incurred in the performance of his duties prior to the Termination Date;

     (iv) at the Company’s option, (a) continue to participate in the Company’s health,
dental, life and disability insurance plans (the “Company Plans”), to the extent
permitted by the Company Plans and without any additional incremental cost to the Company,
and the Company shall continue to pay the applicable premiums for such coverage or (b)
receive monthly payments from the Company equivalent to the cost to the Company of
providing the Employee with participation in the Company Plans, in either case, until the
earlier of (A) Employee’s eligibility for any such coverage under another employer’s plans
or (B) the expiration of the Severance Period. Employee agrees that the period of coverage
under the Company’s health plans shall count against such plans’ obligations to provide
continuation coverage under Part 6 of Subtitle B of Title 1 of the Employee Retirement
Income Security Act of 1974, as amended (“COBRA”). Following completion of such
period of coverage, Employee shall be emitted to elect any-remaining coverage under the
Company’s health plans pursuant to the provisions of such plans and COBRA. Alternatively,
at the Company’s option and in lieu of continued participation in the Company Plans or the
monthly payments described above, the Company may make a payment to Employee at

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the Termination Date equivalent to the cost to the Company of providing the Employee
with participation in the Company Plans over the Severance Period. In such event, Employee
shall be entitled to elect continued coverage under the Company’s health plans pursuant to
the provisions of such plans and COBRA; and

     (v) receive a payment (at the Company’s option) either to the Employee or on behalf
of such Employee to the Company’s 401(k) plan administrator or trustee, equivalent to the
contributions the Company would have made to the 401 (k) plan in respect of Employee for
the Severance Period.

          The obligations of the Company under this Section 6,1 (a) shall apply to any Successor Entity
(as defined below) that assumes, or by operation of law becomes subject to, the Company’s
obligations under this Agreement. The refusal by a Successor Entity to assume the Company’s
material obligations under this Agreement shall be deemed to be a Termination Without Cause for
purposes of this Section 6.1 (a). A “Successor Entity” shall mean any person or entity
that acquires, directly or indirectly, (i) all or substantially all of the assets or business of
the Company or (ii) beneficial ownership, other than in the capacity of an underwriter, (as such
term is used in Sections 13(d) and 14(d)(2) of the Exchange Act), of securities of the Company
representing 50% or more of the combined voting power of the Company’s then outstanding
securities. Unless termination of this Agreement is due to the circumstances described in any
other paragraph of this Section 6.1, a Termination Without Cause will be deemed to occur if the
Company or the Parent (i) provides written notice of such to the Employee or provides notice of
non-renewal as provided in Article V and does not offer Employee a new employment agreement
providing for substantially equivalent duties and compensation, or (ii) substantially reduces
Employee’s duties as President of the Company or as a director of Parent or his compensation
hereunder.

          (b) By Employee Without Cause. Employee may terminate this Agreement at any time
without cause upon ninety (90) days written notice to the Board. At the time of such termination,
Company will pay to Employee the amount of compensation determined under Section 2.1, such amounts
to be adjusted pro rata for the portion of the term of the Agreement completed on the date of
termination, and offset by periodic compensation previously made to Employee with respect to such
term of the Agreement. Employee shall also be entitled to reimbursement pursuant to Section 2.2 for
expenses incurred in the performance of his duties hereunder prior to
termination.

          (c) By
Company With Cause. This Agreement may be terminated by Company at any time upon
written notice for any of the following reasons:

     (i) conviction of the Employee for a felony;

     (ii) commission by Employee of an act of fraud, embezzlement, or material dishonesty
against the Company or its affiliates; or

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     (iii) intentional neglect of, or material inattention to, Employee’s duties.

     At the time of such termination, Company will pay to Employee the amount of compensation
determined under Section 2,1 (a), such amounts to be adjusted pro rata for the portion of the term
of the Agreement completed on the date of termination, and offset by periodic compensation
previously made to Employee with respect to such term of the Agreement. Employee shall also be
entitled to reimbursement pursuant to Section 2.2 for expenses incurred in the performance of his
duties hereunder prior to termination.

          (d) Termination on Death. In the event of Employee’s death, this Agreement will be deemed
to have terminated on the date of his death. At the time of such termination, Company will pay to
the testamentary trusts created by Employee’s will, or if there are no such trusts, to his estate,
the amount of compensation determined under Section 2.1 that is in effect at the time of
termination, such amount to be adjusted pro rata for the portion of the term of the Agreement
completed on the date of termination, and offset by periodic compensation previously made to
Employee with respect to such term of the Agreement. Company shall also pay to such testamentary
trusts or Employee’s estate reimbursement pursuant to Section 2.2 for expenses incurred in the
performance of his duties hereunder prior to termination.

          (e) Termination on Disability. This Agreement will terminate immediately in the
event Employee becomes physically or mentally disabled such that he is unable to perform the
essential functions of President, with or without reasonable accommodations. At the time of such
termination, Company will pay to Employee the amount of compensation determined under Section 2.1
that is in effect at the time of termination, such amount to be adjusted pro rata for the portion
of the term of the Agreement completed on the date of termination, and offset by periodic
compensation previously made to Employee with respect to such term of the Agreement. Employee shall
also be entitled to reimbursement pursuant to Section 2.2 for expenses incurred in the performance
of his duties hereunder prior to termination.

          (f) Obligations
on Termination. Upon termination of this Agreement (howsoever caused)
Employee shall (if the Board so requests):

     (i) immediately resign without claim for compensation (except as provided in this Article VI)
from any offices and/or directorships held in the Company or any other Group Company and
membership of any organisation and any office in any other company acquired by reason of or in
connection with Employee’s employment hereunder and from any position which he holds as a trustee
in relation to the business of any Group Company and Employee hereby irrevocably appoints the
Company to be his attorney in his name and on his behalf to execute any documents and to do any
things necessary or requisite to give effect to this Section 6,1(f)(i);

     (ii) deliver to the Board all documents (including, but not limited to, correspondence, lists
of clients and/or customers, plans, drawings, accounts and other documents of whatsoever nature
and all copies thereof, whether on paper, computer

9

 

memory or otherwise) made, compiled or acquired by him during his employment and relating to the
business, finances or affairs of the Company or any other Group
Company or its or their clients
and/or customers and any other property of any Group Company which is in his possession, custody,
care or control and, if so requested by the Company, he shall send to the Board a signed statement
confirming that he has complied with his obligations under this
Section 6,1(f)(ii);

     (iii) irretrievably delete any information relating to the business of the Company or any
other Group Company stored on any magnetic or optical disc or memory and all matter derived
therefrom which is in his possession, custody, care or control outside the premises of the Company
or any other Group Company and shall produce such evidence of compliance with this Section
6.1(f)(iii) as the Board may require; and

     (iv) transfer (without payment) to the Company (or as it may direct) any qualifying or
nominee shareholdings which he holds in connection with his employment and/or any office and/or
directorship held by him in any Group Company and Employee hereby irrevocably appoints the Company
to be his attorney to execute such transfers on his behalf provided that, for the avoidance of
doubt, “qualifying shareholdings” and/or “nominee shareholdings” for these purposes shall not
include any shares or stock or share or stock options held or beneficially owned by Employee
pursuant to any share or stock option or other share or stock-based incentive scheme of any Group
Company.

ARTICLE VII

ARBITRATION

          Section 7.1 Scope. The Company and Employee acknowledge and agree that any claim or
controversy arising out of or relating to this Agreement shall be settled by non-binding
arbitration in Nashville, Tennessee, in accordance with the National Rules of the American
Arbitration Association for the Resolution of Employment Disputes in effect on the date of the
event giving rise to the claim or controversy. The Company and Employee farther acknowledge and
agree that either party must request arbitration of any claim or controversy within 60 days of the
date of the event giving rise to the claim or controversy by giving written notice of the party’s
request for arbitration. Failure to give notice of any claim or controversy within 60 days of the
event giving rise to the claim or controversy shall constitute waiver of the claim or controversy.

          Section 7.2 Procedures. All claims or controversies subject to arbitration shall be submitted
to arbitration within six months from the date that a written notice of request for arbitration is
effective. All claims or controversies shall be resolved by a panel of three arbitrators who are
licensed to practice law in the State of Tennessee and who are experienced in the arbitration of
labor and employment disputes. These arbitrators shall be selected in accordance with the National
Rules of the American Arbitration Association for the Resolution of Employment Disputes in effect
at the time the claim or controversy arises. Either party may request that the arbitration

10

 

proceeding be recorded stenographically. The arbitrators shall issue a written decision with
respect to all claims or controversies within 30 days from the date the claims or controversies
are submitted to arbitration. The parties shall be entitled to be represented by legal counsel at
any arbitration proceedings. Employee and the Company acknowledge and agree that the Company will
bear the cost of the arbitration proceeding, including any stenographic recording, and each party
shall be responsible for paying its own attorneys’ fees, if any, unless the arbitrators determine
otherwise.

          Section 7.3 Enforcement. The Company and Employee acknowledge and agree that the arbitration
provisions in this Agreement may be specifically enforced by either party, and that submission to
arbitration proceedings may be compelled by any court of competent jurisdiction. The Company and
Employee further acknowledge and agree that the decision of the arbitrators may be specifically
enforced by either party in any court of competent jurisdiction.

ARTICLE VIII

ASSIGNMENT

          Section 8.1 Employee acknowledges and agrees that all discoveries, concepts, ideas,
inventions, innovations, improvements, developments, methods, designs, analyses, drawings,
reports, works of authorship, mask works and intellectual property (whether or not including any
confidential information), all other proprietary information and all similar or related materials,
documents, work product or information (whether or not patentable) which are conceived, developed
or made by Employes (whether alone or jointly with others) while employed or contracted by the
Company or any Group Company, whether before or after the date of this Agreement (collectively the
“Work Product’’), shall be the sole, exclusive and absolute property of the Company or
relevant Group Company, and Employee hereby does irrevocably assign, transfer and convey (to the
extent permitted by applicable law) all rights, including intellectual property rights, therein on
a worldwide basis to the Company or such other entity as the Company shall designate, to the
extent ownership of any such rights does not vest originally in the Company or relevant Group
Company and waives any moral rights therein to the fullest extent permitted under applicable law.

          Section 8.2 Employee will promptly disclose any such Work Product to the Company (except
where it is lawfully protected from disclosure as the trade secret of a third party or by any
other lawful bar to such disclosure) and will at the Company’s request and without additional
compensation, perform all actions reasonably requested by the Company to establish and confirm
such ownership, including execute any patent, trademark or copyright papers covering such Work
Product as well as any papers which may be considered necessary or helpful by the Company in the
prosecution of applications for patents thereon or which may relate to any litigation or
controversy in connection therewith, with the Company bearing all expenses of performing such
actions (including expenses incident to the filing of such application, the prosecution thereof
and the conduct of any such litigation).

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ARTICLE IX

GENERAL TERMS

          Section 9.1 Notices. All notices and other communications
hereunder will be in writing or by written telecommunication,
and will be deemed to have been duly given if delivered
personally or if sent by overnight courier or by written
telecommunication, to the relevant address set forth below, or
to such other address as the recipient of such notice or
communication will have specified to the other party hereto in
accordance with this Section:

If to the Company to:

Protherics PLC

3 Creed Court

5 Ludgate Hill

London EC4M 7AA

Attn: Andrew J. Heath, M.D., Ph.D.

With copy to:

Waller
Lansden Dortch & Davis, LLP

511 Union Street, Suite 2700

Nashville, Tennessee 37219

Attn: L. Hunter Rost, Esq.

If to Employee, to:

Saul Komisar

Protherics Inc.

Suite 405

5214 Maryland Way

Brentwood, TN 37027

          Section 9.2
Withholding; No Offset. All payments required
to be made by the Company under this Agreement to Employee,
including any payments required to be made pursuant to Articles
VI or VII hereunder, will be subject to the withholding of such
amounts, if any, relating to federal, state and local taxes as
may be required by law. No payment under this Agreement will be
subject to offset or reduction attributable to any amount
Employee may owe to the Company or any other person, except as
required by law.

          Section 9.3 Entire Agreement; Modification. This Agreement
and its Attachments constitute the complete and entire agreement
between the parties with respect to the subject matter hereof
and supersedes all prior agreements between the parties. The
parties have executed this Agreement based upon the express
terms and provisions set forth herein and have not relied on any
communications or representations, oral or written, mat are not
set forth in this Agreement.

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          Section 9.4
Amendment. The covenants
or provisions of this Agreement may not be
modified by an subsequent agreement unless the
modifying agreement: (i) is in writing; (ii)
contains an express provision referencing this
Agreement; (iii) is signed and executed on
behalf of the Company by an officer of the
Company other than Employee; (iv) is approved
by resolution of the Board; and (v) is signed
by Employee.

          Section 9.5 Legal Consultation. Both
parties have been accorded a reasonable
opportunity to review this Agreement with legal
counsel prior to executing this Agreement.

          Section 9.6 Choice of Law and Venue. This
Agreement and the performance hereof will be
construed and governed in accordance with the
laws of the State of Tennessee, without regard
to its choice of law principles. Subject to the
provisions of Article VII hereunder, the
parties agree to submit their persons to the
personal jurisdiction of the state and federal
courts of Tennessee for judicial resolution of
any disputes arising out of this Agreement.

          Section 9.7 Successors and Assigns. The
obligations, duties and responsibilities of
Employee under this Agreement are personal and
shall not be assignable. In the event of
Employee’s death or disability, this Agreement
shall be enforceable by Employee’s estate,
executors or legal representatives where
specifically set forth herein.

          Section 9.8 Waiver of Provisions. Any
waiver of any terms and conditions hereof must
be in writing and signed by the parties hereto.
The waiver of any of the terms and conditions
of this Agreement shall not be construed as a
waiver of any subsequent breach of the same or
any other terms and conditions hereof.

          Section 9.9
Severability. The provisions
of this Agreement shall be deemed severable,
and if any portion shall be held invalid,
illegal or enforceable for any reason, the
remainder of this Agreement shall be effective
and binding upon the parties provided that the
substance of the economic relationship created
by this Agreement remains materially unchanged.

          Section 9.10 Counterparts. This Agreement
may be executed in multiple counterparts, each
of which will be deemed an original, and all of
which
together will constitute one and the same
instrument.

     IN WITNESS WHEREOF, Company and Employee
have caused this Agreement to be executed on
the day and year indicated below to be effective
on the day and year first written above.

EMPLOYEE:

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	/s/ Saul Komisar	 	 	 	08th June, 2007	 	 
	 	 	 	 	 	 	 
	Saul Komisar	 	 	 	Date	 	 
	 
	 	 	 	 	 	 	 	 
	COMPANY	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Protherics Inc.	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 		 	 	 	7th
June, 2007 	 	 
	 

	 	 

Andrew J. Heath, M.D., Ph.D.,
	 	 	 	Date	 	 
	 

	 	Chief Executive Officer	 	 	 	 	 	 

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