Document:

FIRST AMENDMENT TO

EXHIBIT 10.2(b)

 

FIRST AMENDMENT TO

THE AXONYX INC. 2000 STOCK OPTION PLAN

 

Effective as of December 11, 2001, the Axonyx

Inc. 2000 Stock Option Plan (the “Plan”) is hereby amended as follows:

 

1.          Section 5 of the Plan is deleted in its entirety and the following

is inserted in lieu thereof:

 

“5.       Stock Subject

to the Plan.

 

Options

granted under the Plan shall be for shares of the Company’s authorized but

unissued or re-acquired Stock.  The

maximum number of shares of Stock which may be issued over the term of the Plan

shall not exceed TWO MILLION (2,000,000) shares, subject to adjustment by the

Board pursuant to Paragraph 6(l).  Stock

issued under other stock option plans of the Company shall not be counted

against the maximum number of shares that can be issued under the Plan.

 

In

the event that any outstanding Option expires or is terminated for any reason,

the shares of Stock allocable to the unexercised portion of such Option may

again be subject to an Option under the Plan.

 

If

an Optionee pays all or part of any Option Price with shares of Stock, the

number of shares deemed to be issued to the Optionee (and counted against the

maximum number of shares that can be issued under the Plan) shall be the number

of shares transferred to the Optionee by the Company, less the number of shares

transferred by the Optionee to the Company as payment. Stock issued on the

exercise of an Option which is forfeited in accordance with the conditions

contained in the grant by the Optionee after issuance shall be deemed to have

never been issued under the Plan and, accordingly, shall not be counted against

the maximum number of shares that can be issued under the Plan.”

 

2.          Section 8 of the Plan is hereby deleted in its entirety and

the following is inserted in lieu thereof:

 

“8.       Amendment of Plan.

 

The

Board shall have complete and exclusive power and authority to amend or modify

the Plan in any or all respects. 

However, no such amendment or modification shall adversely affect the

rights and obligations with respect to options at the time outstanding under

the Plan unless the Optionee consents to such amendment or modification.  In addition, certain amendments may require

stockholder approval pursuant to applicable laws and regulations.

 

Options

may be granted in excess of the number of shares of Stock then available for

issuance under the Plan, provided any excess shares actually issued shall be

held in escrow until there is obtained stockholder approval of an amendment

sufficiently increasing the number of shares of Stock available for issuance

under the Plan.  If such stockholder

approval is not obtained within twelve (12) months after the date the first

such excess grants are made, then (i) any unexercised options granted on the

basis of such excess shares shall terminate and cease to be outstanding and

(ii) the Corporation shall promptly refund to the Optionees the exercise price

paid for any excess shares issued under the Plan and held in escrow, together

with interest (at the applicable Short Term Federal Rate) for the period the

shares were held in escrow, and such shares shall thereupon be automatically

cancelled and cease to be outstanding.”Sponsored Research Agreement and Option

EXHIBIT 10.19

 

Sponsored Research Agreement and Option

 

Effective as

of 1 May 2001 (“Effective Date”)

MAYO FOUNDATION FOR MEDICAL EDUCATION AND RESEARCH, a Minnesota charitable

corporation (MFMER), MAYO CLINIC JACKSONVILLE, a Florida charitable corporation

(MAYO) with Kumar Sambamurti, Ph.D., as principal investigator (Investigator),

and Axonyx Inc., a corporation having its principal place of business at 825

Third Avenue, 40thFloor, New York, New York 10022 (COMPANY) agree as follows:

 

Article 1. Project Summary

 

1.1 ––

MAYO will undertake a research project described in the protocol attached

hereto and incorporated herein as Exhibit A (Protocol). Summary data about the

project is set forth as follows:

 

	

  (a)

  	

   

  	

  TITLE:

  	

   

  	

  Effects of

  Cholinergic Drugs on APP Metabolism

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  (b)

  	

   

  	

  START DATE:

  	

   

  	

  1 May 2001

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  (c)

  	

   

  	

  PROJECTED

  COMPLETION DATE:

  	

   

  	

  30 April

  2002

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  (d)

  	

   

  	

  FUNDING

  AMOUNT:

  	

   

  	

  US $115,000

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  (e)

  	

   

  	

  PAYMENT

  PLAN:

  	

   

  	

  US $115,000,

  due within thirty days of the Effective Date

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  (f)

  	

   

  	

  CHECKS

  PAYABLE TO:

  	

   

  	

  Mayo

  Foundation for Medical Education and Research

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  (g)

  	

   

  	

  CHECKS

  MAILED TO:

  	

   

  	

  Mayo Medical

  Ventures

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

  Office of Technology Transfer

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

  200 First Street S.W.

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

  Rochester, Minnesota 55905

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

  Taxpayer ID No. 41-1506440

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  (h)

  	

   

  	

  MAYO

  ADMINISTRATIVE CONTACT:

  	

   

  	

  Susan L.

  Stoddard, Ph.D.

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

  Mayo Medical Ventures

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

  Office of Technology Transfer

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

  200 First Street S.W.

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

  Rochester, Minnesota 55905

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

  507-284-8878

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  (i)

  	

   

  	

  COMPANY

  ADMINISTRATIVE CONTACT:

  	

   

  	

  Michael Strage

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

  Axonyx

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

  825 Third Avenue

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

  40thFloor

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

  New York, New York 10022

  	

   

  

 

 

1.2 ––

Anything contained in the Protocol which is in conflict with anything in this

Agreement is superseded by this Agreement.

 

 

Article 2. Definitions

 

2.1           “ MFMER DISCOVERIES” shall be all

inventions, innovations, discoveries and other developments, whether or not

patentable, of MFMER, arising out of research carried out by MAYO under the

provisions of this Agreement.

 

2.2           “PROTOCOL” shall be the research

project undertaken by Investigator and MAYO and described in the protocol

attached hereto and incorporated herein as Exhibit A.

 

Article 3. Inventions, Discoveries and

Patents

 

3.1 ––

MFMER shall own all MFMER DISCOVERIES arising out of research carried out under

the provisions of this Agreement.

 

3.2 ––

MFMER agrees that any MFMER DISCOVERIES arising out of MAYO’s performance of

this Protocol, shall be promptly disclosed in writing by MFMER to COMPANY, with

sufficient data and supporting information to allow COMPANY a reasonable

opportunity to assess its interest. MFMER hereby grants the COMPANY an

exclusive, worldwide option to become an exclusive licensee for any such MFMER

DISCOVERY.

 

3.3 ––

COMPANY’s option must be exercised and communicated to MFMER in writing within

one hundred and fifty (150) days after MFMER notifies COMPANY in writing of the

MFMER DISCOVERY under the Study.

 

3.4 ––

The Investigator shall provide COMPANY with the information COMPANY reasonably

needs to exercise its option.

 

3.5 ––

If COMPANY exercises its option, then MFMER and COMPANY shall negotiate in good

faith towards achieving a mutually agreeable license agreement, which shall

include standard financial terms such as royalties. Said negotiations must be

concluded within one hundred eighty (180) days from the date COMPANY exercises

its option, unless the time period for negotiations is extended in writing by

mutual agreement.

 

3.6 ––

Upon the expiration of the unexercised option or the license agreement

negotiation period, whichever event occurs later, MFMER shall have no further

obligation to COMPANY with regard to the specific MFMER DISCOVERY under

consideration.

 

Article 4. Payment and Repo

 

4.1 During the

period of this Agreement, COMPANY shall pay MFMER a total of ONE HUNDRED

FIFTEEN THOUSAND DOLLARS (US $115,000) in Sponsored Research as specified in

-Section 1. 1 (e) hereto.

 

4.2           COMPANY shall pay MFMER TEN THOUSAND

DOLLARS (US $10,000) within thirty (30) days of the Effective Date of this

Agreement as a consideration royalty for the exclusive, worldwide option

granted by MAYO, pursuant to Section 3.2 hereto

 

2

 

4.3           MAYO and the COMPANY agree to discuss

the ongoing research at times and in venues convenient for both parties.

 

Article 5. Publication

 

5.1 ––

MAYO and Investigator reserve the right to present at scientific meetings and

publish the results of work completed under this Agreement. COMPANY will be

provided with copies of abstracts for presentation and manuscripts at the time

such information is submitted for presentation or publication. MFMER may be

required to delay presentation or publication for a reasonable period of time

to allow for the filing of any appropriate patent application. COMPANY

understands that MFMER may choose to file patents prior to the presentation or

publication of research results.

 

Article 6. Use of Name

 

6.1 ––

COMPANY, MFMER, and MAYO shall not use, expressly or by implication,

 

(a)           Any trademark, trade name, or any

contraction, abbreviation, simulation, or adaptation thereof of the other

party; or

 

(b)           The name of any of other party’s

staff;

 

in any news

release, publicity, policy recommendation, advertising, product promotion or

any commercial communication without the express written approval of the other

party.

 

Article 7. Indemnification and Negation of

Warranties

 

7.1 ––

COMPANY agrees to indemnify, defend and hold harmless MFMER, MAYO, their

trustees, officers, employees and agents (the “ INDEMNITIES”) from (1) any

claims, loss, damage, arising from COMPANY’s use of the research performed

under this agreement and (2) any liability and expenses (including attorney’s

fees) arising out of an injury or condition allegedly caused by the

administration of the drug or device being tested. Notwithstanding the above,

COMPANY shall not be responsible for indemnifying the INDEMNITIES for any

liability proven to be due to the INDEMNITIES’ negligence, willful misconduct

or research contrary to the Protocol. In the event that COMPANY defends the

INDEMNITIES and proof of the foregoing is established, the INDEMNITIES shall

reimburse COMPANY for all costs and expenses incurred by COMPANY in such

defense. COMPANY agrees not to compromise or settle any claim against the

INDEMNITIES without the prior written approval of the INDEMNITIES.

 

8.2 ––

MFMER and MAYO make no representations or warranties, expressed or implied,

regarding their performance under this Agreement, including but not limited to,

the marketability, use or fitness for any particular purpose of the research

results developed under this work, or that such results do not infringe upon

any third party property rights. Further, MFMER and MAYO shall not be liable

for special, consequential, or incidental damages, and MFMER’s and MAYO’s sole

liability for damages hereunder shall be a sum equal to the amount paid by

COMPANY to MFMER and MAYO under this Agreement.

 

3

 

Article 8. Fiscal Management

 

8.1 ––

MFMER and MAYO shall maintain complete and accurate accounting records in

accordance with accepted accounting practices. These records shall be available

for inspection, review and audit at reasonable times by COMPANY, or its duly

authorized representative, at COMPANY’s expense, for one (1) year following the

end of the calendar year in which such costs are incurred.

 

8.2 ––

MAYO shall retain title to equipment and all other items purchased with funds

provided by COMPANY.

 

Aritcle 9. Termination

 

9.1 ––

If for any reason Investigator becomes unavailable to direct the performance of

the work under this Agreement, MAYO shall notify COMPANY. If the parties are

unable to identify a mutually acceptable successor, this Agreement may be

terminated by either party upon ten (10) days written notice, in which case

MAYO shall return the sponsored research funds provided pursuant to Section 1.

1 (e) hereto on a prorated basis.

 

9.2 ––

This Agreement may be terminated by either party, by providing written notice

of such termination at least ninety (90) prior to such termination. If this

Agreement is terminated by COMPANY, MAYO shall retain all funds provided under

Sections 1. 1 (e) and 4.2 hereto, and shall have no further obligations to

COMPANY, unless COMPANY terminates because the Principal Investigator ceases

work on the project, in which case MAYO shall return the sponsored research

funds provided pursuant to Section 1. 1 (e) hereto on a prorated basis. If this

Agreement is terminated by MAYO, MAYO shall return the sponsored research ftmds

provided pursuant to Section 1. 1 (e) hereto on a prorated basis.

 

9.3 ––

The rights and obligations of each party specified in Sections 3, 5 and 6

survive the Termination of this contract:

 

Article 10. General

 

10. 1 ––

This Agreement may be amended only by the written agreement of the parties.

 

10.2 ––

This Agreement may not be assigned by MFMER, MAYO or COMPANY without the prior

written consent of the other parties.

 

10.3 ––

The captions and headings used in -this Agreement are for convenience and

reference only and are not a part of this Agreement.

 

10.4 ––

All notices shall be in writing and shall be effective when mailed. Notices

should be sent to the respective administrative contacts set forth in paragraph

1.1 (h) and (i) of this Agreement.

 

10.5 ––

This Agreement and its effects are subject to and shall be construed and

enforced in accordance with the laws of the State of Minnesota, exclusive of

choice of law provisions.

 

4

 

10.6 ––

Both parties agree that execution of this Agreement may be effected by the

receipt of facsimile signatures.

 

	

  MAYO FOUNDATION FOR MEDICAL

  EDUCATION AND RESEARCH

  	

  AXONYX, INC.

  
	

   

  	

   

  
	

  By

  	

  /s/ Rick S.

  Colin

  	

   

  	

  By

  	

  /s/ Michael

  M. Strage

  	

   

  
	

   

  	

   

  
	

  Title

  	

  Assistant

  Treasurer

  	

   

  	

  Title

  	

  Chief

  Administrative Officer

  	

   

  
	

   

  	

   

  
	

  Date

  	

  4/10/01

  	

   

  	

  Date

  	

  4/18/01

  	

   

  
	

   

  	

   

  
	

   

  	

  Read and

  Understood:

  
	

  MAYO CLINIC JACKSONVILLE

  	

  PRINCIPAL INVESTIGATOR KUMAR SAMBAMURTI,

  PH.D

  
	

   

  	

   

  
	

  By

  	

  /s/ Jeff

  Schults

  	

   

  	

  By

  	

  /s/ Kumar

  Sambamurti

  	

   

  
	

   

  	

   

  
	

  Title

  	

  Chair,

  Division of Research Services

  	

   

  	

  Title

  	

  Assistant

  Professor

  	

   

  
	

   

  	

   

  
	

  Date

  	

  4/16/01

  	

   

  	

  Date

  	

  4/13/01

  	

   

  
													

 

5

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