Document:

Exhibit 10.14

 

CO-OWNERSHIP AGREEMENT

CONSTITUTING PARTIAL TRANSFER OF SHARE

 

SU ref: X17066 - X17102 - C18/0872 and C18/1262

IB ref:

CNRS ref: DI 12494-01 / DI 12493-01 / L19187

 

Between the undersigned

 

1)                    BIOPHYTIS, a public limited company with a share capital of €2,692,682.60, registered with the Paris Trade and Companies Register under number B 492 002 225, whose registered office is located at 14, avenue de l’Opéra 75001 Paris, represented by its Managing Director, Mr Stanislas VEILLET, duly authorised for this purpose, hereinafter referred to as the “COMPANY”,

 

and

 

2)                    SORBONNE UNIVERSITE, a public scientific, cultural and professional institution, having its registered office at 21, rue de l’Ecole de Médecine, 75006 Paris, SIRET number 130 023 385 00011, represented by its Chairman, Mr Jean CHAMBAZ, hereinafter referred to as “SORBONNE UNIVERSITE”,

 

3)                    The CENTRE NATIONAL DE LA RECHERCHE SCIENTIFIQUE (CNRS, French National Centre for Scientific Research), a public scientific and technological establishment, having its registered office at 3, rue Michel-Ange, 75794 PARIS Cedex 16, whose intra-community VAT number is FR40180089013, SIRET number 180089013 04033, NAF business code 7219Z, represented by its Chairman and Managing Director, Mr Antoine PETIT, hereinafter referred to as “CNRS”.

 

SORBONNE UNIVERSITE and CNRS are hereinafter jointly referred to as the “ESTABLISHMENTS”.

SORBONNE UNIVERSITE, CNRS and the COMPANY are hereinafter jointly or individually referred to as “PARTY/PARTIES”.

SORBONNE UNIVERSITE, CNRS and the COMPANY are hereinafter jointly and individually as “CO-OWNER(S)”.

 

 

WHEREAS:

 

Having regard to the agreement implementing the four-year contract between SORBONNE UNIVERSITE and CNRS in force at the time of said invention;

 

Having regard to Beneficiary Agreement no. ANR-10-SATT-04-01 signed between the National Research Agency, Université Pierre et Marie Curie, Université de technologie de Compiègne, Université Panthéon Assas, the European Institute of Business Administration and the CNRS, in the presence of the Caisse des Dépôts et Consignation (CDC, deposit and consignment office) on 17 January 2012;

 

Having regard to the Articles of Association of SATT LUTECH signed on 31 January 2012;

 

Having regard to the framework agreement between SORBONNE UNIVERSITE and SATT LUTECH and any amendment or additional document relating thereto;

 

Having regard to Decree No. 2017-596 of 21 April 2017, as of 1st January 2018, a public scientific, cultural and professional institution called “Sorbonne Université” is created and brings together the universities Paris-IV (Paris Sorbonne University) and Paris-VI (Université Pierre et Marie Curie, UPMC). Sorbonne Université replaces the two pre-existing universities as of 1st January 2018 (Decree No. 2017-596 of 21 April 2017) and consequently takes over all the rights of both universities.

 

In the framework of research carried out in collaboration between the Institut de Biologie Paris Seine (IBPS) and in particular the associated biogenesis team of peptide signals - (FR 3631 SORBONNE UNIVERSITE-CNRS) hereinafter referred to as “the LABORATORY” and Biophytis (hereinafter the “COMPANY”), the following have been developed:

 

·               an invention relating to a 20-hydroxyecdysone extract of pharmaceutical quality, its use and its preparation, by Stanislas VEILLET, René LAFONT, Waly DIOH, Pierre DILDA, Philippe DUPONT and Susanna DEL SIGNORE;

 

·               an invention relating to the use of 20-hydroxyecdysone and its derivatives in the treatment of myopathy, by Stanislas VEILLET, René LAFONT, Pierre DILDA, Mathilde LATIL, Maria SEROVA and Onnik AGBULUT.

 

Since said inventions are likely to be protected under industrial property, two French priority patent applications have been filed:

 

·  FRI No. 7/53775, entitled “20-hydroxyecdysone extract of pharmaceutical quality, its use and its preparation” was filed on 28 April 2017, as a precautionary measure in the name of the COMPANY, hereinafter referred to as PATENT 1;

 

·  FRI No. 7/58071, entitled “Use of 20-hydroxyecdysone and its derivatives in the treatment of myopathy” was filed on 31 August 2017 under priority of application FR 17/1753775, as a precautionary measure in the name of the COMPANY and the former UPMM name of SORBONNE UNIVERSITE, hereinafter referred to as PATENT 2.

 

By this agreement (hereinafter the “Agreement”), the PARTIES wish to formalise the partial transfer of the COMPANY to SORBONNE UNIVERSITE and CNRS of the co-ownership on

 

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the aforementioned patent applications, the right of priority attached thereto and any applications claiming this priority, and to determine the rights and obligations of each of the Co-Owners.

 

The COMPANY has informed SORBONNE UNIVERSITE and SATT LUTECH of its wish to be able to benefit from the exclusive use of the PATENTS. SORBONNE UNIVERSITE, SATT LUTECH and the COMPANY have already agreed to an operating agreement by a separate agreement dated 1st January 2016 on other patents (hereinafter “OPERATING AGREEMENT”) to which the PATENTS have been added and included in the OPERATING AGREEMENT by amendment no. 1 of 4 April 2019.

 

NOW, THEREFORE, THE PARTIES HAVE AGREED AS FOLLOWS:

 

Preliminary Article - DEFINITIONS

 

OPERATING AGREEMENT means the agreement to use the PATENTS signed on 1st January 2016 between the COMPANY and SORBONNE UNIVERSITE, acting as CNRS’s representative and in the presence of SATT LUTECH as amended by its Amendment no. l and any other amendments.

 

By PATENTS, the following definitions shall apply:

 

PATENT 1 means:

 

·             French patent application No. FRI 7/53775 filed in the name of the COMPANY on 28 April 2017, entitled “20-hydroxyecdysone extract of pharmaceutical quality, its use and preparation”, as well as the right of priority attached thereto;

 

·             patent application PCT No. EP2018/060975 filed on behalf of the COMPANY and SORBONNE UNIVERSITE on 27 April 2018 under priority of patent applications FR 17/53775 of 28 April 2017 and 17/58071 of 31 August 2017 entitled “Use of 20-hydroxyecdysone and its derivatives in the treatment of myopathy”;

 

·             as well as all corresponding patent applications, patents and supplementary protection certificates in foreign countries, all results, re-examinations, extensions related thereto, all divisions, continuations in whole or in part related thereto, as well as the reissues, divisional applications, renewals, claiming in whole or in part the priority of the above French patent applications.

 

PATENT 2 means:

 

·             French patent application No. FRI 7/58071 filed in the name of the COMPANY and UPMC on 31 August 2017 as a priority of application FR 17/53775, entitled “Use of 20-hydroxyecdysone and its derivatives in the treatment of myopathy” and the right of priority attached thereto;

 

·             PCT application No. EP2018/197731 filed on behalf of the COMPANY and SORBONNE UNIVERSITE on 30 April 2018 under priority of patent applications FR 17/53775 of 28 April 2017 and 17/58071 of 31 August 2017, entitled “20-hydroxyecdysone extract of pharmaceutical quality, its use and its preparation”;

 

·             as well as all corresponding patent applications, patents and supplementary

 

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protection certificates in foreign countries, all results, re-examinations, extensions related thereto, all divisions, continuations in whole or in part related thereto, as well as the reissues, divisional applications, renewals, claiming in whole or in part the priority of the above French patent applications.

 

FIRM means the firm of Industrial Property Attorneys which has been responsible for preparing all documents for the preparation, filing, extension, issuance, defence before the Patent Offices and the maintenance in force of the PATENTS, its foreign correspondents, and possibly the service company in charge of payment of the annuities relating to the PATENTS.

 

SIGNATURE DATE means the last date of signature of this Agreement by all the PARTIES.

 

EFFECTIVE DATE means the filing date of the priority application of the first patent application of this Agreement i.e. 28 April 2017.

 

INDUSTRIAL PROPERTY FEES means only direct costs incurred for the preparation, filing, extension, delivery, defence before an office and/or maintaining the PATENTS, as well as the costs of depositing and retaining the equipment attached to the PATENTS, particularly biological materials.

 

INDUSTRIAL PROPERTY FEES do not include costs incurred in infringement proceedings initiated by a PARTY/the PARTIES for the defence of PATENTS/declarations of invalidity and/or actions falling within the scope of Article 8 of this Agreement.

 

PATENT MANAGEMENT means the PARTY chosen and the one that has accepted the mission of managing all operations related to the preparation, filing, extension, delivery, defence before an office and the maintenance in force of the PATENTS for the territory/territories designated by the PARTIES.

 

CONFIDENTIAL INFORMATION means any confidential information belonging to the PARTIES or one of the PARTIES, relating in particular to the invention protected by the PATENTS or to the actions, steps, negotiations in progress with a CO-CONTRACTING THIRD PARTY or with a view to establishing a LICENCE of any nature, form (written, graphic or oral) or the medium used, protected or not by an industrial property title and not accessible to the public.

 

INVENTORS means René Lafont (SORBONNE UNIVERSITE), Stanislas Veillet (COMPANY), Waly DIOH (COMPANY), Pierre DILDA (COMPANY), Philippe DUPONT (COMPANY) and Susanna DEL SIGNORE (COMPANY) for the inventors of PATENT 1;

 

René Lafont (SORBONNE UNIVERSITE), Stanislas Veillet (COMPANY), Mathilde LATIL (COMPANY), Maria SEROVA (COMPANY) and Onnik AGBULUT (SORBONNE UNIVERSITE) for the inventors of PATENT 2.

 

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LICENCE means any agreement such as, without this list being exhaustive, term sheet, letter of intent, protocol, licence agreement, sublicense agreement, option agreement on licence, or any other agreement relating to the operation of all or part of the PATENTS, negotiated by the VALUATION OFFICER with a CO-CONTRACTING THIRD PARTY in the context of the tasks assigned to it under this Agreement, whether this Agreement is signed or at the stage of negotiation. Licences granted by the COMPANY to third parties within the framework of the OPERATING AGREEMENT and, in particular, in the domain defined by the latter, are not LICENCES within the meaning of these co-ownership rules.

 

REPRESENTATIVE means the ESTABLISHMENT of the co-owner or its delegate appointed by the other ESTABLISHMENTS, to (i) represent them for the management of patents and their valuation, according to their agreements, (ii) receive the OPERATING REVENUES on their behalf and (iii) distribute the OPERATING REVENUES between them in accordance with the legal provisions and this Agreement.

 

IMPROVEMENT(S) means any patentable improvement whose implementation cannot be carried out without at least reproducing one claim from the PATENTS or whose operation is legally dependent on one or more PATENTS within the meaning of the applicable intellectual property laws.

 

SHARE means the share of ownership of PATENTS 1 and PATENTS 2 of each of the CO-OWNERS, as defined in Article 1.1 below.

 

OPERATION REVENUES means the sums of any kind received under the LICENCES (including the OPERATING AGREEMENT), including, but not limited to, option income, licensing income, sub-licence revenue, instalments, lump sum payments, royalties, any gains received by the VALUATION OFFICER on the transfer of any securities acquired by said VALUATION OFFICER in respect of the acquisition of an equity interest in young companies and similar income received.

 

Revenues paid to the VALUATION OFFICER or the PARTIES by an infringer of the PATENTS or user of the associated know-how, following a conciliation or legal action, less the costs of proceedings, including any legal fees, incurred by the VALUATION OFFICER or the PARTIES, shall be considered as OPERATING REVENUES.

 

OPERATING REVENUES do not include income from research collaboration agreements relating to the PATENTS which will be paid directly to the PARTY/PARTIES participating in said collaboration.

 

CO-CONTRACTING THIRD PARTY means any third party identified, interested in the operation of the PATENTS under a LICENCE. The COMPANY and its affiliates are excluded from this definition.

 

VALUATION OFFICER means the PARTY chosen and the one that has agreed to identify and contact potential partners with a view to concluding LICENCES for the operation of the PATENTS, as well as to take all necessary measures for such operation for the territory/territories it has designated.

 

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Words in the singular may be understood in the plural and vice versa.

 

Article 1 - PURPOSE AND SCOPE OF THE AGREEMENT

 

1.1                 From the EFFECTIVE DATE:

 

·                  the COMPANY assigns to SORBONNE UNIVERSITE, representing the rights of UPMC, and to CNRS, which accept it, respectively twelve point five percent (12.5%) of the ownership rights in PATENT 1 and the priority right attached to French patent application no. 17/53775;

 

·                  SORBONNE UNIVERSITE, representing the rights of UPMC, assigns to CNRS, which accepts it, twenty percent (20%) of the property rights in PATENT 2 and the priority right attached thereto to French patent application No. 17/58071;

 

The PARTIES are therefore co-owners of PATENT 1 in the following proportions:

 

·      seventy-five percent (75%) for the COMPANY,

·      twelve point five percent (12.5%) for SORBONNE UNIVERSITE,

·      twelve point five percent (12.5%) for CNRS.

 

The PARTIES are therefore co-owners of PATENT 2 in the following proportions:

 

·      Sixty percent (60%) for the COMPANY,

·      Twenty percent (20%) for SORBONNE UNIVERSITE,

·      Twenty percent (20%) for CNRS.

 

1.2                 Therefore, the PARTIES wish to formalise the rules applicable to the co-ownership of the PATENTS, the rights and obligations resulting therefrom, as well as the methods for distributing the OPERATING REVENUES.

 

1.3                 It is specified that each Co-owner personally assumes the remuneration of its own INVENTORS and that, with regard to those of the inventors attached to the ESTABLISHMENTS, they will be responsible for this.

 

Article 2 - TERM

 

This Agreement shall take effect retroactively on the EFFECTIVE DATE and shall remain in force, unless terminated earlier, until the later of the following three instalments:

	
(i)
    	
the expiry or abandonment of the last of the PATENTS,   or
    
	
(ii)
    	
as long as a LICENCE or the PATENT OPERATING   AGREEMENT is in progress, or
    
	
(iii)
    	
until such time as one of the CO-OWNERS becomes the   owner of one hundred percent (100%) of the PATENTS, if it occurs earlier.
    

 

 

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Article 3 - DEPOSIT, EXTENSION, DELIVERY AND MAINTENANCE OF PATENTS

 

3.1                  The PARTIES mutually agree that the COMPANY shall be the VALUATION OFFICER as provided for in Article 4.3.1. As such, the COMPANY shall therefore be the PATENT MANAGER.

 

3.2                  In the event that the PATENT MANAGER wishes to abandon its role as PATENT MANAGER, it shall notify the other PARTIES at least sixty (60) days before the next expiry of the industrial property proceedings so that one of the other PARTIES can assume this responsibility, if it so wishes. If no other PARTY agrees to take over this role, the PARTIES shall appoint a third party as PATENT MANAGER and shall endeavour to find an amicable solution as soon as possible.

 

3.3                  The PATENT MANAGER undertakes to consult in writing with the other PARTIES before taking any action relating to the proceedings or the choice of procedures relating to any of the PATENTS. The other PARTIES shall receive a copy of any document relating to said procedures sufficiently in advance to allow them to submit their comments before the due date.

 

Subject to the proper application of the provisions of the preceding paragraph, failure to respond in writing within thirty (30) days or a shorter period of time if required due to a procedural deadline before an office following receipt of such documents by the other PARTIES shall be deemed acceptance of the PATENT MANAGER’s proposal.

 

In addition, the PATENT MANAGER undertakes not to incur any exceptional industrial property fees before a Patent Office for any of the PATENTS for interference or opposition, re-examination or outcome proceedings, without the prior written consent of the other PARTIES, who shall communicate their respective position within thirty (30) days of their query. If no response is received within the aforementioned period, their agreement shall be deemed to have been obtained. Notwithstanding the foregoing, in the event that one of the PARTIES does not wish to incur exceptional industrial property fees, this shall not call into question the possibility for the other PARTY to be able to act in its sole name and at its sole expense.

 

Unless otherwise agreed by the PARTIES, on the EFFECTIVE DATE hereof in the countries in which the PARTIES jointly pursue the PATENTS procedures, the INDUSTRIAL PROPERTY FEES shall be covered by the PATENT MANAGER, except in the event of a LICENCE providing for the payment of such costs by the CO-CONTRACTING THIRD PARTY.

 

The non-payment of all or part of the INDUSTRIAL PROPERTY FEES by the PATENT MANAGER shall be interpreted as a waiver by the PATENT MANAGER or the CO-OWNER it represents, to its SHARE on the PATENT(s) concerned by said fees, and shall therefore constitute free transfer of the SHARE of said PATENT MANAGER in the other countries concerned in favour of the CO-OWNERS. Therefore, the PATENT MANAGER undertakes to immediately give any power, document and signature for the completion of this assignment and it may no longer receive any remuneration for the direct and/or indirect exploitation of the PATENTS for such given country or countries as from receipt of the notification by the other PARTIES and shall no longer benefit from any industrial or commercial exploitation right over these same PATENTS.

 

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3.4                  If one of the PARTIES:

 

·                   decides to abandon all or part of the PATENTS, or

·                   does not wish to participate in the extension or continuation of the proceedings in a particular country, or

·                   does not wish to incur any exceptional industrial property fees,

it shall notify the other PARTIES in writing within thirty (30) days prior to the next expiry date of the industrial property proceedings, and shall waive to the other CO-OWNERS its share of said PATENT(s) which shall be distributed equally between them.

 

The transferee shall be subrogated to all the rights and obligations of the transferor, with the exception of the right to be the VALUATION OFFICER/PATENT MANAGER if the transferring PARTY were the VALUATION OFFICER/PATENT MANAGER on behalf of the PARTIES. The abandonment of said rights shall take effect as from receipt of the notice of abandonment by the receiving PARTY.

 

The PARTY abandoning its share undertakes to provide the other PARTIES with all the signatures and documents necessary for the continuation of the proceedings of any of the PATENTS it wishes to abandon.

 

In addition, the PARTIES undertake that the members of their staff named as INVENTORS shall provide the necessary signatures and carry out all the steps incumbent upon them as inventors and necessary for the filing, extension, delivery and maintenance of the PATENTS.

 

3.5                  If, pursuant to Article 3.4, one of the PARTIES decides to abandon its rights to the PATENTS in one or more given countries, the exceptional industrial property fees paid for that country or countries by that PARTY prior to its abandonment decision shall in no way be reimbursed to it. Unless otherwise agreed by the PARTIES, said PARTY shall no longer receive, as from receipt of notification by the other PARTIES, any OPERATING REVENUE on said PATENTS for that given country or countries.

 

In the event of an abandonment decision by the PATENT MANAGER, this does not exempt the PATENT MANAGER from covering the INDUSTRIAL PROPERTY FEES, as set out in Article 3.3, committed for this given country or countries until notification of the abandonment.

 

Subject to compliance with the provisions of the above paragraph, in any country where one of the PARTIES decides to continue solely the procedures for the filing, extension, delivery and maintenance of the PATENTS, the corresponding INDUSTRIAL PROPERTY FEES shall be the sole responsibility of said PARTY.

 

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3.6                  The ESTABLISHMENTS hereby agree that all or part of the rights and obligations referred to above relating to the monitoring of the management of the procedures by the PATENT MANAGER may be entrusted, with regard to their co-ownership shares, by SORBONNE UNIVERSITE to the company accelerating the transfer of technologies - SATT- called SATT LUTECH after prior notification from the ESTABLISHMENTS.

 

3.7                  From the EFFECTIVE DATE, in the countries where the CO-OWNERS jointly continue the procedures for filing, issuing or maintaining the PATENTS, the PROCEDURE FEES shall be borne by the PATENT MANAGER.

 

Article 4 - OPERATION AND USE OF PATENTS

The PARTIES designate SORBONNE UNIVERSITE, which accepts it, as the REPRESENTATIVE.

 

The REPRESENTATIVE entrusts the negotiation and administration of the OPERATING AGREEMENT to the technology transfer company - SATT - SATT LUTECH, within the framework and under the conditions provided in particular in the negotiating and administrative mandates of SATT and in accordance with all or part of the agreements entered into between SATT and SORBONNE UNIVERSITE than those referred to in the preamble.

 

4.1                    Operation for research purposes:

 

The ESTABLISHMENTS are free to use the invention that is the subject of the PATENTS for research purposes (excluding any commercial use), alone, or in collaboration with THIRD PARTIES, particularly in the context of maturation projects and/or in collaboration with third parties, subject, in the event of collaboration with third parties, to compliance with the confidentiality obligations set out in Article 7 below, and without infringing the rights and conditions of use granted to the COMPANY in the OPERATING AGREEMENT.

 

4.2.                Direct and indirect operation and use by the COMPANY:

 

The COMPANY has expressed its wish to be able to benefit from an exclusive right to use the PATENTS in an area which is identified in the OPERATING AGREEMENT;

 

To this end, an OPERATING AGREEMENT was entered into on 1st January 2016 between the COMPANY, SATT LUTECH and SORBONNE UNIVERSITE, acting as CNRS’s representative, and amended by Amendment no. l of 4 April 2019 which includes the PATENTS in the OPERATING AGREEMENT.

 

4.3.                Operation and indirect use by a CONTRACTING PARTY:

 

4.3.1.       Designation of the VALUATION OFFICER

 

The PARTIES agree that each of the parties may be designated as a VALUATION OFFICER by mutual agreement between the PARTIES and, where applicable, on a case-by-case basis.

 

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The PARTIES mutually agree that the COMPANY is the VALUATION OFFICER for the term of the OPERATING AGREEMENT.

 

If the VALUATION OFFICER no longer wishes to assume the responsibility of VALUATION OFFICER, for any reason whatsoever, it shall notify the other PARTIES as soon as possible and, in any event, within a minimum period of sixty (60) days before the next expiry of the intellectual property procedure so that one of them can resume this assignment, if it so wishes. In the event that none of the PARTIES wishes to resume this role, the PARTIES may appoint a third party for this purpose and shall endeavour to find an amicable solution as soon as possible.

 

4.3.2.       Missions of the VALUATION OFFICER

 

4.3.2.1       Unless the PARTIES agree otherwise, by written agreement, they hereby give the VALUATION OFFICER a mandate to negotiate and sign, in the best interests of the PARTIES, secret agreements relating to the use and operation of the PATENTS and associated know-how with third parties, in particular with industrials in the context of a valuation action.

 

4.3.2.2       In addition, only the VALUATION OFFICER may negotiate and draft LICENCES.

 

In particular, the REPRESENTATIVE may negotiate and sign LICENCES in the name and on behalf of the ESTABLISHMENTS in accordance with the terms and conditions set out in Article 4.3.2.2.1.

 

4.3.2.2.1                 The draft LICENCE(S) is/are communicated by the VALUATION OFFICER to the REPRESENTATIVE for approval. Such agreement may only be refused by either PARTY if it can reasonably demonstrate in writing, within thirty (30) days of communication to the REPRESENTATIVE, that such LICENCE creates a serious conflict with its articles of association, activities and/or missions.

 

The REPRESENTATIVE may send to the VALUATION OFFICER, within the aforementioned thirty (30) day period, any comment, remark or proposal to amend the draft LICENCE, the VALUATION OFFICER undertaking to communicate them to the CO-CONTRACTOR THIRD PARTY so that said comment, remark or proposal to amend are included in the final version of the LICENCE, insofar as said comments, remarks or proposals to amend reached the VALUATION OFFICER (i) with the justifications, (ii) within the specified deadline, and (iii) concern the substantial elements of the draft LICENCE. It is understood that the insertion of said comments, remarks or modifications in the final version of the LICENCE constitutes, at the expense of the VALUATION OFFICER, which negotiates in the best interests of the PARTIES, an obligation of means.

 

For the purposes of this Article, the PARTIES agree to consider as substantial any element of the LICENCE relating in particular to the extent of the rights granted by the PARTIES to the CO-CONTRACTING THIRD PARTY, the improvements, responsibilities and warranties mentioned in the draft LICENCE, to the exclusion of any element of pure form without affecting the substance thereof.

 

The silence kept by the REPRESENTATIVE to whom the draft LICENCE has been proposed at the end of the aforementioned thirty (30) day period shall constitute tacit acceptance by them of the terms of the draft LICENCE.

 

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4.3.2.2.2                 The VALUATION OFFICER and the REPRESENTATIVE shall sign said LICENCE. Each PARTY having signed the LICENCE shall receive an original copy; the PARTIES represented for the signature of the LICENCE shall receive a copy.

 

4.3.2.3       Subject to prior notification to the VALUATION OFFICER, each PARTY may propose to the VALUATION OFFICER potential CONTRACTING THIRD PARTIES for the operation of the PATENTS. The VALUATION OFFICER may only object to the application of a CO-CONTRACTOR THIRD PARTY if the VALUATION OFFICER can reasonably demonstrate in writing, within thirty (30) days of the notification, that said application creates a serious conflict with its articles of association, activities and/or missions or that negotiations with another CO-CONTRACTOR THIRD PARTY have already been initiated by the VALUATION OFFICER.

 

4.3.2.4   Unless otherwise agreed by the PARTIES, in writing, all LICENCES shall stipulate that the CO-CONTRACTING THIRD PARTIES shall pay directly to the VALUATION OFFICER the OPERATING REVENUES, with the latter being responsible for distributing said OPERATING REVENUES after deduction of the INDUSTRIAL PROPERTY FEES, if applicable, and in accordance with the conditions and limits of Article 3.3 depending on their SHARE.

 

However, for each LICENCE with a CO-CONTRACTING THIRD PARTY, the PARTIES may, by way of an amendment hereto, determine in good faith a distribution of the OPERATING REVENUES, taking into account, in addition to the SHARES of each of the PARTIES, the economy of the LICENCE signed, the valuation efforts, as well as the investments made.

 

With regard to the sums due to the co-owners’ contributions under the LICENCES, the VALUATION OFFICER shall pay them to the REPRESENTATIVE, who shall distribute them as provided for in Article 4.3.3 below.

 

With regard to the sums due to the ESTABLISHMENTS under the OPERATING AGREEMENT, SATT LUTECH shall pay them to SORBONNE UNIVERSITE under the conditions of the negotiating and administration mandate of the OPERATING AGREEMENT appended hereto. SORBONNE UNIVERSITE shall act as the REPRESENTATIVE in this respect and shall pay these sums received from SATT LUTECH in accordance with the rules provided for in Article 4.3.3 below for the OPERATING REVENUES.

 

4.3.3                     Distribution of the OPERATING REVENUES between the ESTABLISHMENTS

 

4.3.3.1 The ESTABLISHMENTS shall appoint one of them as a REPRESENTATIVE. For the purposes of this agreement, they agree to appoint SORBONNE UNIVERSITE as the REPRESENTATIVE.

 

If the REPRESENTATIVE no longer wishes to assume the responsibility of REPRESENTATIVE, it shall immediately notify the other ESTABLISHMENTS so that they can assume this responsibility, if they so wish. If no other ESTABLISHMENT agrees to take over this role, the REPRESENTATIVE will remain the same and the ESTABLISHMENTS will endeavour to find an amicable solution.

 

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4.3.3.2 The REPRESENTATIVE shall distribute these OPERATING REVENUES paid by the VALUATION OFFICER and/or SATT LUTECH if it is separate from the REPRESENTATIVE, after deduction of the INDUSTRIAL PROPERTY FEES, where applicable, between the ESTABLISHMENTS, subject to the provisions of Article 3.5, as follows:

 

·               fifty percent (50%) (twenty-five percent (25%) after D2) for the profit-sharing of the INVENTORS of the ESTABLISHMENTS in accordance with Article R. 611-14-1 of the French Intellectual Property Code,

 

After which, the REPRESENTATIVE shall distribute the OPERATING REVENUES in accordance with the shares of the ESTABLISHMENTS as defined in Article 1.1.

 

4.3.3.3 It is understood between the PARTIES that in the event of a joint transfer of the PATENTS by all the PARTIES, the provisions of Article 4.3.3.2 above shall apply as long as the OPERATING REVENUES are received under a LICENCE.

 

4.3.3.4 In the event of negotiation of a LICENCE with a CO-CONTRACTING THIRD PARTY, the VALUATION OFFICER undertakes to make its best efforts to have the CO-CONTRACTING THIRD PARTY cover all or part of the INDUSTRIAL PROPERTY FEES, it being understood that this obligation incumbent upon the VALUATION OFFICER is only of means.

 

Article 5 - ACCOUNTING

 

5.1                  Each year, the VALUATION OFFICER shall send the REPRESENTATIVE a statement of the OPERATING REVENUES received in accordance with Articles 4.2 and 4.3. In view of this report, each PARTY shall draw up, where appropriate, an invoice indicating the sums due by the VALUATION OFFICER, as the case may be.

 

5.2                  The sums due by the VALUATION OFFICER to the other PARTIES must be paid in euro, to the person and to the bank address indicated on the invoice, by bank transfer, within forty-five (45) days from the date of issue of the invoice.

 

5.3                  The sums due are increased by the legal taxes in force on the due date, in particular VAT if applicable.

 

Article 6 - TRANSFER OF PATENT SHARE

 

6.1                   At any time, and under the conditions defined below, each CO-OWNER may assign its share of co-ownership on the PATENTS, subject to compliance with the legal obligations applicable to public bodies.

 

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In this case, the CO-OWNER who wishes to assign its co-ownership share to a third party, shall first notify its intention by registered letter with acknowledgement of receipt to the other CO-OWNERS, specifying in particular the name of the third-party transferee and the financial conditions of the assignment, this information shall be treated as CONFIDENTIAL INFORMATION.

 

The other CO-OWNERS benefit from a pre-emptive right for a period of sixty (60) days from receipt of said notification by registered letter with acknowledgement of receipt under financial conditions at least equal to those granted to the third party.

 

If the other CO-OWNERS do not wish to acquire the share transferred, they shall inform the transferring PARTY as soon as possible.

 

At the end of the aforementioned pre-emptive period, if the other CO-OWNERS have not informed it of their intention to enforce their pre-emptive right, the transferring CO-OWNER shall automatically benefit from the transfer authorisation.

 

It is also understood that the other CO-OWNERS may only refuse the transferee if they can reasonably demonstrate in writing, within the same period of sixty (60) days from the notification of intent, that an assignment with such transferee would create a serious conflict with their articles of association, activities and/or missions.

 

The terms and conditions for the assignment of any of the PATENTS to a third party may under no circumstances be more favourable than those proposed to the other CO-OWNERS.

 

In the Deed of Assignment, the transferor shall then inform the transferee, who accepts them without modification, of the rights and obligations which are in this Agreement as well as all the agreements relating to the PATENTS under the conditions and reservations of said agreements. The transferee shall be subrogated to all the rights and obligations of the transferor, with the exception of the right to be the VALUATION OFFICER/PATENT MANAGER if the transferring PARTY was the VALUATION OFFICER/PATENT MANAGER of the PARTIES. A copy of the Deed of Assignment shall be communicated to the other PARTIES.

 

The transferring CO-OWNER undertakes to provide the other PARTIES and/or the third-party transferee with all the signatures and documents necessary for the continuation of the intellectual property proceedings relating to the PATENTS.

 

In addition, the transferring CO-OWNER undertakes to ensure that the members of its personnel cited as inventors provide the necessary signatures and all information necessary for any proceedings relating to the PATENTS before a Patent Office, particularly for the filing and maintenance in force of the PATENTS.

 

Article 7 - CONFIDENTIALITY

 

7.1                    The PARTIES undertake to respect and maintain strictly confidential all CONFIDENTIAL INFORMATION received from the other PARTIES.

 

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7.2                    The PARTIES undertake to have their personnel and any person involved in their service take the same confidentiality undertaking with regard to the CONFIDENTIAL INFORMATION.

 

7.3                    The PARTIES undertake not to file a patent application or to claim any other intellectual property title including all or part of the CONFIDENTIAL INFORMATION received from the other PARTIES, without the latter PARTY’s written consent.

 

7.4                    The confidentiality undertakings binding the PARTIES as a result of this Agreement do not apply to the use or disclosure of CONFIDENTIAL INFORMATION for which the receiving PARTY can demonstrate:

 

a)                       that it has been disclosed after prior written authorisation from the proprietary PARTY, or the disclosure has been made by the proprietary PARTY,

 

b)                       that they belonged to the public domain at the time of disclosure or were published or made available to the public, in any way whatsoever, without action or fault of the receiving PARTY,

 

c)                        that they have been lawfully received by the recipient PARTY of a third party without breach of this Agreement,

 

d)                       on the date of their communication by the proprietary PARTY, the receiving PARTY was already in possession thereof,

 

e)                        that its disclosure has been imposed by the application of a mandatory legal or regulatory provision or by the application of a final court decision or an arbitral award.

 

The above exceptions are not cumulative.

 

7.5                    The PARTIES agree by this Agreement that any disclosure to a third party of any CONFIDENTIAL INFORMATION, including disclosure to a CO-CONTRACTING THIRD PARTY, knowing that SATT LUTECH shall not be considered a third party, shall be preceded by the signing of a confidentiality agreement whose terms and conditions shall be at least similar to those of this Article.

 

7.6                    This Article shall remain in force for five (5) years after the expiration or earlier termination of this Agreement, without prejudice to any more restrictive provisions set out in particular in the OPERATING AGREEMENT or LICENCE.

 

Article 8 - INFRINGEMENT - VALIDITY OF PATENTS

 

8.1                     In the event of actions brought by a third party against the PATENTS, declarations of invalidity or non-infringement, or infringement of the PATENTS by a third party, the PARTIES shall consult each other in order to determine by mutual agreement the strategy to be taken and shall provide each other with all the elements in their possession to assess the nature and extent of the objections made or the acts of infringement.

 

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8.2                     In the event that consensus cannot be reached within a reasonable period of time, each of the PARTIES may exercise alone and at its own expense the actions it deems appropriate, it being understood that, in such case, the indemnities resulting from such actions awarded by the deliberating jurisdiction shall be fully and irrevocably owned by the acting PARTY.

 

8.3                     The PARTY which has not initiated any action undertakes to provide all documents, powers or information necessary for the PARTY initiating proceedings for the aforementioned actions.

 

8.4                     In the event of proceedings by a third party, each PARTY shall bear the costs to be incurred for its own defence. Each of the PARTIES shall be personally liable for any sanctions imposed on it by the courts, notwithstanding any joint and several liability that may be pronounced against them.

 

8.5                     Each PARTY waives the right to take action against the other PARTY concerning the consequences on the validity of the PATENTS as a result of a claim or defence brought by the latter.

 

8.6                     In the event of operation of the PATENT, the provisions of the OPERATING AGREEMENT or the LICENCE relating to the infringement shall apply automatically and shall prevail over any other provision.

 

8.7                     Items 8.3, 8.4, 8.5 and 8.6 of this Agreement shall survive the expiration or termination of this Agreement.

 

Article 9 - TERMINATION

 

9.1.                    This Agreement is automatically terminated if one of the PARTIES becomes the sole owner of all PATENTS.

 

9.2.                    If one of the PARTIES no longer has any ownership and exploitation rights over at least one of the PATENTS, this AGREEMENT may be terminated by the other PARTIES.

 

9.3.                    The PARTY which has failed to fulfil one or more of the obligations referred to in the AGREEMENT shall have a period of three (3) months from receipt of a letter sent by the PARTY requesting the performance of the obligation(s) in question, to fulfil such obligations and/or to provide evidence of an impediment resulting from a case of force majeure. In the absence of such evidence and in the absence of performance within the time limit set, the PARTIES shall meet in order to resolve this dispute amicably.

 

If no solution can be found within sixty (60) days of the meeting of the PARTIES, the AGREEMENT may be terminated after the first Party has sent a registered letter with acknowledgement of receipt to the defaulting PARTY. The exercise of this right of termination does not exempt the defaulting PARTY from fulfilling the obligations entered into until the effective date of the termination.

 

9.4.                    Sections 1.1, 7 and 17 shall survive the termination of the AGREEMENT as long as it is in force.

 

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Article 10 - TRANSFER OF THE AGREEMENT

 

This Agreement is personal, non-transferable and non-assignable subject to the provisions of Article 6 of this Agreement.

 

Article 11 - WAIVER

 

The fact that one of the PARTIES does not invoke a breach by the other PARTY of any of the obligations referred to in this Agreement shall not be interpreted for the future as a waiver by the original PARTY of the obligation in question.

 

Article 12 - INTERPRETATION AND PREPONDERANCE OF THEOPERATING AGREEMENT SIGNED BY THE COMPANY

 

In the event of any difficulty concerning the interpretation or contradiction of the clauses of this Agreement with regard to the clauses of the OPERATING AGREEMENT signed with BIOPHYTIS, the provisions of the OPERATING AGREEMENT and its amendments shall prevail and shall be automatically applicable.

 

Article 13 - APPLICABLE LAW - DISPUTES

 

13.1           This Agreement is governed by French laws and regulations.

 

13.2           In the event of any difficulty in the interpretation or performance of this Agreement, the PARTIES shall endeavour to resolve their dispute amicably.

 

13.3           In the event of a persistent disagreement, of more than three (3) months, from the first notification concerning the dispute by one of the PARTIES to the other, the dispute shall be brought before the competent French courts.

 

13.4           This Article shall remain in force notwithstanding the expiration or termination of this Agreement.

 

Article 14 - INTEGRITY OF THE AGREEMENT

 

This Agreement expresses the entire obligations of the PARTIES relating to the co-ownership of the PATENTS and may only be amended by a written agreement between the PARTIES signed by the representatives of the PARTIES duly authorised for this purpose. No general or specific condition contained in the documents sent or delivered by the PARTIES may be incorporated into this Agreement.

 

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Article 15 - INVALIDITY OF A CLAUSE

 

If one or more provisions of this Agreement are held to be invalid or declared as such in application of a law, regulation - and in particular European Union law - or following a final decision of a competent court, the other provisions shall remain in full force and effect and the PARTIES shall promptly make the necessary modifications, respecting, as far as possible, the agreement of intent existing at the time of signature of this Agreement.

 

Article 16- TITLES

 

In the event of difficulties of interpretation between any of the titles appearing in the headings of the clauses and any of the clauses, the titles shall be declared non-existent.

 

Article 17 - REGISTRATION TO THE NATIONAL PATENT REGISTER

 

17.1           The PATENT MANAGER registers the transfer of the co-ownership share of the PATENT by the COMPANY to SORBONNE UNIVERSITE and to CNRS subject to Article 1.1 of this Agreement before INPI, EPO and WIPO.

 

17.2           The costs of the registrations provided for in Article 17.1 are considered to be INDUSTRIAL PROPERTY FEES.

 

Article 18 - NOTICES

 

Any notice required under this Agreement shall be made by hand-delivered letter or by registered mail with acknowledgement of receipt, or by email, confirmed by acknowledgement of receipt or delivered by hand, to the PARTY concerned at the following address:

 

On behalf of the COMPANY:

Biophytis

14 Avenue de l’Opéra

75001 Paris

 

On behalf of SORBONNE UNIVERSITE:

Research and Innovation Management - RIM

Intellectual Property Office - IPO

4 place Jussieu

75252 Paris Cedex 05, France.

Re. Ref no. XI7066 and no. XI7102

 

On behalf of CNRS:

CNRS

Corporate Relations Division (CRD)

Re, DI 12494-01 / DI 12493-01 / L19187

3 rue Michel-Ange

 

17

 

75,794 Paris Cedex 16, France

 

cc. to CNRS Innovation:

CNRS Innovation

83 Boulevard Exelmans

75016 PARIS

Re. DI 12494-01 / DI 12493-01 / L19187

 

Article 19- MISCELLANEOUS

 

In addition, the PARTIES undertake, in the event of a definitive abandonment by the ESTABLISHMENTS of the PATENTS, to comply with their legal and regulatory obligations in respect of their INVENTORS (in particular to propose, in advance, to the INVENTORS to take over the PATENT(s) concerned in their name and at their expense) under conditions to be defined.

 

The provisions of this Article shall remain in force notwithstanding the early termination of this Agreement in accordance with Article 9.

 

Done in four (4) original copies drawn up in French, including one (1) for each of the PARTIES and one (1) for registration with the offices.

 

Signed in Paris, on

 

	
21 August 2019
    	
 
    
	
Sorbonne   Université
    On behalf of the Minister and by delegation
   Head of the Intellectual Property Office
    	
17 JULY 2019
    CNRS
    Corporate Relations Division
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ Jean Chambaz
    	
 
    	
/s/ Antoine Petit
    
	
Mr Jean CHAMBAZ
  On behalf of SORBONNE UNIVERSITE
    	
Mr Antoine PETIT
  On behalf of CNRS
    
			

 

	
09/10/2019
    	
 
    
	
/s/ Stanislas Veillet
    	
 
    
	
Mr Stanislas Veillet
    	
 
    
	
On behalf of the company CEO
    	
 
    

 

18Exhibit 10.15

 

PORTIONS OF THIS EXHIBIT IDENTIFIED BY [*****] HAVE BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE THE EXCLUDED INFORMATION IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

 

Translation for information purposes only

 

CO-OWNERSHIP AGREEMENT
  CONSIDERED AS TRANSFER OF SHARE

 

BETWEEN THE UNDERSIGNED

 

1°)                       THE INSTITUT BIOPHYTIS, simplified joint stock company with a capital of €753,927, SIRET no. 492002225000018, having its head office at 14 avenue de l’Opéra 75001 Paris, represented by its Chairman, Mr Stanislas VEILLET, hereinafter referred to as the ‘COMPANY”,

 

ON THE ONE HAND,

 

And

 

2°)                       UNIVERSITE PIERRE ET MARIE CURIE (Paris 6),  scientific, cultural and professional public institution, SIRET No.: 19751722000012 — APE code: 8542Z, located at 4 Jussieu - 75252 PARIS Cedex 05, represented by its Chairman, Mr Jean CHAMBAZ, hereinafter referred to as “UPMC”,

 

FURTHERMORE

 

UPMC, and the COMPANY are hereinafter jointly referred to as “PARTIES” and individually as “PARTY”.

 

 

IT IS RECALLED THAT:

 

In the context of the research, particularly between UPMC and the COMPANY several inventions have been developed.

 

The said inventions are liable for protection under industrial property, they have led to the filing of different patent applications.

 

By this agreement, UPMC and the COMPANY wish to formalise the co-ownership between the PARTIES on patent applications (listed in appendix 1) as well as their extensions and determine the rights and obligations of each PARTY, particularly as regards the use of inventions.

 

The COMPANY has informed UPMC of its willingness to take advantage of the exclusive use of PATENTS as defined below, in the AREA. Thus, the PARTIES have agreed to define the terms of such exclusive use in a separate agreement (hereinafter referred to as the “CONTRACT FOR USE “).

 

THEREFORE, THE PARTIES HAVE AGREED AS FOLLOWS:

 

Preliminary Article - DEFINITIONS

 

APPRAISER refers to the PARTY chosen by the other PARTIES and which accepts to identify and contact potential partners for the use of PATENTS, as well as to take all the necessary measures for such use for the territory(-ies) assigned to it .

 

AREA, means the area of food (including food supplements and nutritional products) and medicines, for use by humans and animals.

 

CO-OWNERS means the Parties having a right to a share in the  patents.

 

CONFIDENTIAL INFORMATION, means any confidential information of any kind particularly scientific, strategic, financial or any information whether protected or not, by an instrument not yet published, belonging to the Parties or one of the Parties, relating to the invention protected by the PATENTS, or in particular relating to the know-how which allows implementing the PATENTS, whether it is  in writing, graphic, oral or in any other form; and irrespective of its transmission method to the receiving Party.

 

CONTRACT FOR USE, means any contract, agreement or instrument such as notably, without this list being exhaustive, license agreement, option contract on licence, memorandum of understanding in connection with the development, use, manufacture and/or marketing of products implementing all or part of the PATENTS and/or having as objective all or part of the PATENTS and related know-how  negotiated between the Parties or by the APPRAISER as part of the tasks assigned hereunder, whether this agreement is in the negotiation stage or signed.

 

COSTS OF INDUSTRIAL PROPERTY, means exclusive direct costs incurred for the preparation filing, extension, issuance and continuance in force and defence operations before a patents office (opposition, interference..) of PATENTS. The COSTS OF INDUSTRIAL PROPERTY also include direct costs relating to the registration of this co-ownership.

 

The COSTS OF INDUSTRIAL PROPERTY do not include any costs incurred for the infringement proceedings initiated by one or more of the PARTIES for the protection of the

 

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PATENTS.

 

DATE OF SIGNATURE means the last date of signature of this Agreement by all the PARTIES.

 

EFFECTIVE DATE, refers to the date of filing the priority  application of the initial patents of this agreement or on 25 June 2009.

 

FIRM, refers to the firm of Industrial Property advice, which has received responsibility for establishing all documents for the preparation, filing, extension, issuance, defence before the Patents Offices and the continuance in force of PATENTS, its foreign correspondents, and eventually the service company in  charge of annuity payment for the PATENTS.

 

INVENTORS, means people who have participated in the invention and those cited in the invention declaration.

 

MANAGER OF PATENTS, refers to the PARTY chosen and which has accepted the mandate to manage all operations relating to the preparation, filing, extension, issue, maintenance and defence before a patent office (opposition, interference, etc.) of PATENTS for the listed territory(-ies).

 

OPERATING INCOME means amounts of any kind collected in respect of the  CONTRACT FOR USE of PATENTS, or direct use by one of the Parties after approval of the other Party particularly in the area of exploitation;  including, not exhaustively, the optional incomes, income from licence, —sub-licencing incomes, instalment payments, lump sum amounts, dues and any similar income.

 

PATENTS, refers to the French patent application no.09 54354 called “Food composition meant for solar protection” filed on 25 June  2009 on behalf of Biophytis, citing as inventors Mr René Lafbnt (UPMC/Biophytis), Mr Stanislas Veillet (Biophytis), Mr Waly Dioh (Biophytis), the right of priority attached therein, as well as any patent application filed abroad or in France on priority application basis, any continuation, partial continuation, addition, division resulting therefrom and patents granted as a result of it or any equivalent title as well as any patent refilled, reissued or reviewed, as well as any eventual Additional Protection Certificates (Annex 1).

 

SHARE,  refers to the sharing of ownership of the PATENTS of each PARTY, as defined in article 1.1 below.

 

THIRD PARTY CO-CONTRACTOR, means any identified third party, concerned by the use of PATENTS within the framework of a CONTRACT FOR USE.

 

Terms used in the singular shall also be included in their plural form and vice versa.

 

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AS A RESULT OF WHICH IT HAS BEEN DECIDED AND AGREED AS FOLLOWS:

 

Article 1 - PURPOSE AND SCOPE OF THE AGREEMENT

 

1.1                   The COMPANY transfers free of charge to UPMC, which accepts, fifty percent (50%) of ownership rights to the PATENT filed in its name alone (Annex 1), without any exception, or reservation to the ownership and use, including the related priority rights.

 

Therefore, the PARTIES are co-owners of PATENTS in the following proportion:

 

·                    fifty percent (50%) for the COMPANY,

·                  fifty percent (50%) for UPMC,

 

1.2                   Therefore, the PARTIES wish to formalise the rules applicable to the co-ownership of PATENTS as well as the rights and obligations resulting therefrom. The terms and conditions for the distribution of the OPERATING INCOME shall be formalised in a CONTRACT FOR USE negotiated separately between the PARTIES.

 

Article 2-TERM

 

These rules come into force on the EFFECTIVE DATE and remain in force until the later of the following deadlines: (i) the expiry or abandonment of  the last PATENT, (ii) until a contract for use of PATENTS and/or the related know-how is in force or if required until the date when one of the PARTIES will become the hundred  percent (100 %) owner of PATENTS, if it occurs before.

 

Article 3 - MANAGEMENT OF PATENTS

 

3.1   Appointment of the MANAGER OF PATENTS

 

The PARTIES agree by mutual agreement that the COMPANY will be responsible for managing the PATENTS both in France and abroad and that it shall bear all the COSTS OF INDUSTRIAL PROPERTY. The MANAGER of PATENTS will ensure its duties in the best interests of the PARTIES.

 

Should the MANAGER OF PATENTS wish to abandon the role of MANAGER OF PATENTS, it will need to notify the other PARTIES at least thirty (30) days before the next due date for the proceedings of Industrial Property so that one of the other PARTIES can take over this responsibility, if it so wishes. If the other PARTIES do not accept to resume this role, the MANAGER OF PATENTS will remain the same and the PARTIES will endeavour to find an amicable solution as soon as possible.

 

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3.2          Filing, issue and maintenance of the PATENTS

 

The instruments relating to the filing, issue and maintenance of the PATENTS are decided by the MANAGER OF PATENTS after  consultation of the other PARTY by written notification.

 

The MANAGER OF PATENTS undertakes to consult in writing the other PARTY before undertaking any legal action in relation to the procedures or on the choice of procedures relating to any one of the PATENTS. The other PARTY must receive such a request at least thirty (30) days before the deadline as well as a copy of any document relating to the said procedures sufficiently in advance to allow them to submit their comments before the deadline.

 

Subject to the proper application of the provisions of the preceding paragraph, the failure to respond in writing within a period of thirty (30) days or a shorter period if it were imposed due to a procedural deadline before an Office following the receipt of these documents by the other PARTIES, will be deemed to be an acceptance of the proposal of the PATENT MANAGER.

 

In addition, the MANAGER OF PATENTS undertakes not to incur any exceptional COSTS OF INDUSTRIAL PROPERTY before a Patents office for any one of the PATENTS for interference or opposition procedures, reviews or reissues, without the prior written consent of UPMC.

 

Unless the PARTIES together agree otherwise , on the EFFECTIVE DATE hereof in the countries where the PARTIES are jointly carrying out PATENT procedures, , the COSTS OF INDUSTRIAL PROPERTY are exclusively borne by the COMPANY.

 

Defaulting on the payment of the COSTS OF INDUSTRIAL PROPERTY by the COMPANY shall be construed as a waiver by the COMPANY of its SHARE in the PATENT(S) and consequently, shall be considered as free transfer of the COMPANY’s SHARE of PATENTS in the concerned countries to the other PARTY. Therefore, the COMPANY shall undertake to immediately grant all powers, document and signature for the completion of this sale and it can no longer receive any remuneration for the direct and/or indirect use of PATENTS for this country (these countries) and will no longer have any right to industrial or commercial use on these same PATENTS, from the time of receipt of the notification by the other PARTY.

 

3.4       On submission of accounting proof, particularly invoices from the FIRM, of a nature as to prove its material incapacity to settle the COSTS OF INDUSTRIAL PROPERTY, the COMPANY may exceptionally make a written request for UPMC to exceptionally participate in the payment of  the COSTS OF INDUSTRIAL PROPERTY on the PATENTS. UPMC must decide on its intention to grant the COMPANY’s loan request within thirty (30) days.

 

It is understood between the PARTIES that any exceptional payment of the COSTS OF INDUSTRIAL PROPERTY by UPMC, must be reimbursed no later than twelve months from the effective payment by UPMC. Payment towards the loan can be made only after the Parties have signed a specific agreement, which could be in the form of an amendment, stating the loan amount and its terms and conditions(Annex 2: Model of the amendment, terms and conditions of reimbursement).

 

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This exceptional situation cannot be understood as changing the status of the COMPANY’S MANAGER OF PATENTS.

 

3.5        Discontinuation by one of the PARTIES

 

If one of the PARTIES:

 

·       decides to abandon all or part of the PATENTS, or

·                   does not wish to participate in the extension or continuation of the procedure in a particular country, or

·                  does not wish to incur exceptional COSTS OF INDUSTRIAL PROPERTY,

 

it shall notify the other PARTIES in writing thirty days (30) days before the next due date for the Industrial Property proceedings, and will hand over to the other PARTY its share in the said PATENT(S). The abandonment of such rights shall take effect from the time of receipt of the abandonment notice by the receiving PARTIES. It is understood that any notification of abandonment must take place before instructions to the FIRM.

 

The PARTY that abandons its share agrees to provide the other PARTIES with all the signatures and documents necessary for the continuation of the procedure of the PATENTS that it wishes to abandon.

 

In addition, the PARTIES undertake to ensure that their staff members, and/or persons placed under their authority, cited as INVENTORS provide the necessary signatures and perform all tasks for which they are responsible as inventor and necessary, for the extension, issue, defence and maintenance of the PATENTS.

 

If, pursuant to article 3.4, one of the PARTIES decides to abandon its rights to the PATENTS in one or more countries given, the COSTS OF INDUSTRIAL PROPERTY paid for these countries by that PARTY prior to its decision to abandon cannot under any circumstances be reimbursed. Unless the PARTIES together agree otherwise, the said PARTY will no longer receive, any OPERATING INCOME from the use  subsequent to the abandonment of the said PATENTS for this country (these countries), from the time of receipt of the notification by the other PARTIES; subject to compliance with the rules on sharing of COSTS OF INDUSTRIAL PROPERTY listed below,.

 

In the event of a decision to abandon by the COMPANY, it does not exempt the COMPANY from paying the COSTS OF INDUSTRIAL PROPERTY, as set out in Article 3.2, incurred for this country (these countries) given until its notification of abandonment.

 

In the event that the PARTIES agree to abandon one of the PATENTS in one or more of the given countries, the MANAGER OF PATENTS will inform the INVENTORS in writing of it, in sufficient time to allow them to take over this PATENT, in the concerned country (-ies), in their name.

 

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Subject to  compliance with the provisions of the sub-paragraph given above, in any country where one of the PARTIES decides to handle alone all procedures relating to the filing, extension, issue and maintenance of the PATENTS,  , the corresponding COSTS OF INDUSTRIAL PROPERTY will be solely borne by the concerned PARTY or PARTIES.

 

If one of the PARTIES decides not to participate in one or more extensions, it is agreed between the PARTIES that the operating income from this(these) country(-ies) will be received only by the PARTIES having borne the corresponding COSTS OF  INTELLECTUAL PROPERTY.

 

If one of the PARTIES decides to abandon its rights in a country, the COSTS OF INTELLECTUAL PROPERTY paid for that country by this PARTY prior to its decision to abandon may not be refunded under any  circumstances.

 

Article 4 - USE OF PATENTS

 

4.1   Use

 

The PARTIES are free to use the PATENTS for, internal research purposes only, alone or in conjunction with third parties, even in case of transfer or abandoning of their share of ownership over all or part of the PATENTS ; subject to, in the event of collaboration with third parties, informing the other PARTIES beforehand and complying with the confidentiality obligations set out in Article 7 below. It is agreed between the PARTIES that the COMPANY may oppose collaboration with any private third party, as soon as it can provide written evidence, of the existence of non-compliance with its articles of association, tasks and/or activities.

 

4.2.  Use in the AREA

 

The COMPANY has expressed its desire to take advantage of exclusive use of the PATENTS in the AREA, which has been accepted by UPMC provided that the PARTIES agree on the conditions of granting such exclusivity in the context of a CONTRACT FOR USE.

 

As a result, it is henceforth agreed between the PARTIES that any direct or indirect use of all or part of the PATENTS will result:

 

·                  Prior to any use for the conclusion of a specific contract, defining the operating conditions;

 

·                  and remuneration for the PARTIES.

 

The COMPANY acknowledges that UPMC may propose to a third party concerned by the use of all or part of the PATENTS in the AREA. The COMPANY will then have one (I) month from the notification sent by UPMC to refuse to grant a usage license to this third party if the COMPANY can demonstrate in writing that such exploitation is likely to violate its industrial and commercial strategy, its tasks, its articles of association and/or its activity. After this period and without written response from the COMPANY, COMPANY’s

 

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approval for the said use by the third party will be taken for granted.

 

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Furthermore, the COMPANY acknowledges that if it does not exercise due diligence to seriously use the PATENTS on which it has operating rights, it cannot oppose the granting of a license for the use of PATENTS to a third party proposed by UPMC.

 

In the event where the exclusive usage rights granted to the COMPANY are terminated, in accordance with the provisions given above, it is already agreed that except in case of disagreement between the PARTIES, the COMPANY will be appointed as the APPRAISER and that the provisions of Article 5 will be applicable.

 

4.3    Usage out of AREA :

 

Out of AREA, the PARTIES will cooperate at the written request of one of them to define in a separate agreement, in good faith and in the best interest of the PARTIES the industrial and commercial usage conditions of the PATENTS.

 

The COMPANY cannot oppose a use proposed by UPMC without good reason, and which should be communicated to them immediately by registered letter with acknowledgement of receipt.

 

ARTICLE 5 - APPRAISER

 

5.1   Designation of the APPRAISER

 

The PARTIES agree to appoint the COMPANY as the APPRAISER if it no longer wishes to exploit the PATENTS itself in accordance with Article 4.2 above.

 

If the APPRAISER no longer wishes to take up the role of the APPRAISER, it shall promptly inform UPMC so that it can take over this task, if it so wishes. In the event where none of the PARTIES wishes to take up this role, the APPRAISER will remain the same and the PARTIES will endeavour to find an amicable solution.

 

5.2    Tasks of the APPRAISER

 

5.2.1            Unless the PARTIES together agree otherwise, by written agreement, (APPRAISER can alone negotiate and sign, in the best interests of the PARTIES secrecy agreements and/or material transfer agreements having as their object the PATENTS and related know-how, with third parties, particularly industrial within the framework of the appraisal operation; it being understood that the PARTIES are free to use the invention subject of the PATENTS for internal research purposes only, alone or in collaboration with third parties in accordance with Article 4.1 above.

 

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5.2.2           In addition, only (the APPRAISER can negotiate and draft the CONTRACTS FOR USE, unless otherwise agreed between the PARTIES, the draft of the CONTRACT FOR USE is communicated by the APPRAISER to the other PARTIES for approval and prior to signing thirty (30) days before the date scheduled for the signing. This agreement may be refused only if one or the other of the Parties can reasonably demonstrate in writing, within thirty (30) days of the communication, that such  CONTRACT FOR USE creates a serious violation of its articles of association, activities and/or tasks of the Public Establishments.

 

On the other hand, other PARTIES may approach the APPRAISER, within the aforesaid period of thirty (30) days, with any comments, remarks or proposals of revision of the  draft of the CONTRACT FOR USE. The APPRAISER undertakes to communicate this draft to the THIRD PARTY CO-CONTRACTOR so that the said comments are incorporated into the final version of the CONTRACT FOR USE to the extent however that  such comments, remarks, or proposals of revision  are sent to the APPRAISER (i) with valid reasons, (ii) within the deadline granted, and (iii) based on substantial elements of the draft of the  CONTRACT FOR USE. It is understood that the insertion of the said comments in the final version of the CONTRACT FOR USE is for the APPRAISER, negotiating in the best interests of the Parties, only an obligation of means.

 

HERE

 

5.2.3                For the purposes of this Article, the PARTIES agree to consider as substantial, any element of the CONTRACT FOR USE particularly relating to the extent of rights granted by the PARTIES on the THIRD PARTY CO-CONTRACTOR,  enhancements, responsibilities and guarantees mentioned in the draft of the CONTRACT FOR USE, but excluding any information in its pure form  and without any impact on the merits thereof. On expiry of the thirty day (30) period mentioned above, the silence of the other PARTIES will be deemed as its tacit acceptance of the terms of the draft of the CONTRACT FOR USE and the APPRAISER can then sign the said CONTRACT FOR USE on its behalf and in the name and on behalf of the other PARTIES.

 

Each one of the other PARTIES will receive a copy within thirty (30) days.

 

5.2.4                          Subject to prior notification sent to the APPRAISER, the other PARTIES may propose to the APPRAISER potential THIRD PARTY CO-CONTRACTORS  for the use of the PATENTS. THE APPRAISER can oppose the application of a THIRD PARTY CO-CONTRACTOR  only if it  can reasonably demonstrate in writing, within thirty (30) days of the notification, that the  said application is not compliant with its articles of association, activities and/or tasks of Public Establishments or that negotiations with another THIRD PARTY CO-CONTRACTOR have already been initiated by the APPRAISER.

 

10

 

5.2.5                    Unless the PARTIES jointly agree otherwise, in writing, all the CONTRACTS FOR USE shall establish that all THIRD PARTY CO-CONTRACTORS shall pay directly to the APPRAISER the OPERATING INCOME, it is up to the latter to distribute such OPERATING INCOME in accordance with Article 1.1.

 

5.2.6                    THE APPRAISER will distribute the OPERATING INCOME, after repaying to the PARTIES the COSTS OF INDUSTRIAL PROPERTY that they have incurred, and reimbursements of aids granted by OSEO to either of the PARTIES or by other similar organisations and this, regardless of the object appraised (patent or know-how) as follows:

 

1)                                             fifty percent (50%) (twenty five per cent (25%) after D2) for public inventors in accordance with Article R6I 1-14-1 of the intellectual property code,

2)                                             ten percent (10%) in favour of the APPRAISER as appraisal costs,

3)                                             whereupon, THE APPRAISER will distribute the OPERATING INCOME in accordance with the shares defined in Article 1.1

 

5.2.7                    In the event of negotiation of a CONTRACT FOR USE exclusively with a THIRD PARTY CO-CONTRACTOR, the APPRAISER undertakes to put in its best efforts to get the THIRD PARTY CO-CONTRACTOR to bear all or part of the COSTS OF INDUSTRIAL PROPERTY, it being understood that this obligation in charge of the APPRAISER is of means only.

 

Article 6 — Guarantees

 

Nothing in this agreement shall be interpreted as constituting any guarantee, both express as well as implicit by one of the PARTIES, other than the material existence of PATENTS.

 

Consequently, the hazards, risks and perils possible for the execution of this agreement and the licenses and eventual legal defects detected by one or more of the PATENTS are to be borne solely by the operating PARTY, its subsidiaries or licensees. In particular, the operating PARTY  will be responsible for identifying and examining, if it deems necessary, the rights of third parties whose PATENTS and/or KNOW-HOW could be dependent and to assess the scope of these third party rights.

 

The operating PARTY cannot call the other PARTIES in guarantee in case of loss or damage of any nature whatsoever caused by the use of PATENTS, KNOW-HOW and/or products implementing the PATENTS and/or KNOW-HOW. The operating PARTY is responsible towards its clients and/or any third party, for the implementation of PATENTS, KNOW-HOW and the quality and performance of products implementing them.

 

11

 

The operating PARTY guarantees the other PARTIES and their employees, against any appeal that might be brought against them as a result of damages to persons or property, suffered in connection with the use of the PATENTS and/or the KNOW-HOW and marketing products used by the operating PARTY. The operating PARTY waives the right to take any action against the other PARTIES in the case where these claims, requests, proceedings, actions are filed against the operating PARTY and the licensees by a third party.

 

The operating PARTY  ensures that the same commitments are made by its subsidiaries and the licensees.

 

The operating PARTY operator will ensure that it, its subsidiaries and the licensees have the necessary insurance to sufficiently cover their liability under this agreement.

 

In the event of rejection, cancellation of one or more PATENTS, dependency of such PATENTS, on a previous dominant patent, in the  event where the products  due to the use of PATENTS were declared infringing by a final court decision, the other PARTIES will not be liable to refund the sums already acquired from the operating PARTY, nor the reduction of sums due until the day of revision of the final court decision, nor the payment of eventual damages to the operating PARTY, its subsidiaries and/or licensees as compensation for the damage caused by the said rejection, cancellation, dependency or violation.

 

The provisions of this article 4.4 shall remain in force notwithstanding the maturation or termination of the contract.

 

ARTICLE 7 - ACCOUNTING

 

The sums due by the APPRAISER to the other PARTIES  must be paid in euros, to the individual and at the banking address listed below:

 

For UPMC:

The Accounts Agent of Université Pierre et Marie Curie (Paris 6)

Address: RGFIN Paris Head Office

Bank Code: 10071 - counter code: 75000 - account no.: 00001005793 - RIB key: 64

 

For the COMPANY

 

	
Holder:
    	
 
    	
INSTITUT BIOPHYTIS
    
	
Address:
    	
 
    	
CIC PARIS ST-HONORE ENTREPRISES
    
	
BIC:
    	
 
    	
CMCIFRPP
    
	
IBAN:
    	
 
    	
FR76 3006 6109 3400 0104 3000 148
    

 

12

 

Article 8 -TRANSFER OF SHARE IN PATENTS

 

At any time, and in the conditions defined below, each PARTY may assign its co-ownership share in the PATENTS, subject to complying with the applicable legal obligations.

 

In this case, the PARTY wishing to sell its co-ownership share to a third party, firstly notifies its intention by registered letter with acknowledgement of receipt to the other Party, particularly specifying the name of the third party transferee and the financial conditions of the transfer.

 

Within [****] of this notification, the other PARTY, has a pre-emptive right for a period of [****] from  receipt of the said notification by registered letter with acknowledgement of receipt, to the financial terms and conditions at least equal to those granted to the third parties. In this period, the other PARTY shall communicate  its decision to the transferring PARTY by registered letter with acknowledgement of receipt and it will get the acquired share by mutual consent.

 

If the other PARTY does not wish to acquire the share transferred, it shall so inform the transferring PARTY as soon as possible.

 

On expiry of the period mentioned above, the PARTY wishing to sell its share will automatically get the authorisation to transfer if the other PARTY has not communicated to it, its willingness to exercise its pre-emptive right.

 

On the other hand, it is understood that the other PARTY can refuse the transferee only if it can reasonably demonstrate in writing, in this same [****] period from the notification of intent, that a transfer with such a transferee would not be compliant with their articles of association, activities and/or tasks.

 

The terms and conditions of transfer of any one of the PATENTS to a third party cannot under any circumstance be more favourable than those proposed to the other CO-OWNER PARTY.

 

In the transfer deed, the transferor then informs the transferee, who accepts without modification, of the rights and obligations in this Agreement with the possible exception of Article 4.2.6 1) that may not be opposed to it in the event where its articles of association are excluded from the application of R.611-14-1. The transferee will be subrogated in all the rights and  obligations of the transferee, except for the right to be the APPRAISER if the transferring PARTY was the APPRAISER for the PARTIES. A copy of this transfer deed is sent to the other PARTY.

 

The transferring PARTY undertakes to provide to the other PARTY and/or the third party transferee all signatures and documents necessary for the continuation of the intellectual property proceedings relating to the PATENTS.

 

In addition, the transferring PARTY undertakes to ensure that its staff members cited as inventors provide the necessary signatures and any information necessary for any proceedings related to PATENTS before of the Patents Office, particularly for the filing and maintenance of the PATENTS.

 

13

 

Article 9 - CONFIDENTIALITY

 

9.1                    Each PARTY agrees to respect and keep strictly confidential all CONFIDENTIAL INFORMATION received from the other PARTY; and to limit its disclosure to persons requiring it

 

9.2                    The PARTIES will ensure that their staff and any person under their authority for any reason whatsoever are bound by the same non-disclosure clause concerning CONFIDENTIAL INFORMATION.

 

9.3                    Each PARTY undertakes not to file a patent application or to claim any other intellectual property title including all or part of the CONFIDENTIAL INFORMATION received from the other PARTY, unless specifically agreed in writing with the relevant PARTY.

 

9.4                    The confidentiality commitments between the PARTIES through this agreement do not apply to the use or the disclosure of CONFIDENTIAL INFORMATION for which the receiving PARTY can demonstrate:

 

a)             that this information was disclosed after obtaining the prior written authorisation of the owning PARTY, or that the disclosure was made by the owning PARTY.

 

b)             that it was in the public domain at the time of its disclosure or was published or made available to the public, in any manner whatsoever, without action or fault on the part of the recipient PARTY,

 

c)              that this information was legally received by the receiving PARTY from a third party in  recipient by a third party without wrongful disclosure without any breach of this agreement.

 

d)             that at the date of its communication by the owner PARTY that provided it, the recipient PARTY was already in possession of this information,

 

c) that its disclosure was imposed by the application of an essential legal or regulatory provision or by application of a final court decision or an arbitration ruling.

 

The aforementioned exceptions are not cumulative.

 

9.5                    Notwithstanding the stipulations of Article 6.1 above, the PARTIES agree that any disclosure to a third party of any CONFIDENTIAL INFORMATION, particularly disclosure to a third party contractor, will be preceded by the signing of a non-disclosure agreement whose terms and conditions will be at least similar to those in this article.

 

9.6                    This article shall remain in force notwithstanding the expiry or termination of this agreement.

 

14

 

Article 10 - INFRINGEMENT — VALIDITY OF PATENTS

 

10.1            In the event of declaration of invalidity, or infringement of PATENTS by a third party, the PARTIES will together provide all the elements in their possession which allow evaluating its nature and extent and shall consult each other to determine by mutual agreement the strategy to adopt.

 

In the case where a consensus could not be obtained within a reasonable time-frame, each one of the PARTIES may exercise alone and at its own expense the actions that it deems appropriate, it being understood that, in this case, the compensation resulting from the said shares allocated by the deliberating court are fully and irrevocably owned by the PARTY taking action.

 

The PARTIES agree to provide all documents, powers or information that would be necessary for the PARTY initiating proceedings for the above-mentioned shares.

 

10.2            Pursuant to the provisions of Article 6 given above, each PARTY acknowledges that it is its sole responsibility to identify and examine, if it deems this necessary, the rights of third parties when the use  by the said PARTY of PATENTS could be dependent on the rights of the said  third party.

 

Consequently, the PARTIES agree that in the event of proceedings initiated by a third party, the challenged operating PARTY will alone bear the costs to be incurred for its own defence. The said PARTY will be personally responsible for sanctions declared possibly against it by the courts, notwithstanding any joint and several liability that may be declared against the PARTIES.

 

In particular, the COMPANY acknowledges that, for any direct or indirect use of the PATENTS, if infringement action is filed against the COMPANY, the COMPANY will exonerate UPMC and its staff members. Pursuant to Article 6, the COMPANY refrains from calling on UPMC and/or its inventors in guarantee for any reason whatsoever.

 

Where legal proceedings for infringement are exercised against the COMPANY or against its licensees and/or subsidiaries, it shall immediately notify UPMC of it in writing. No compensation, reimbursement of amounts paid, or any reduction of outstanding receivables at the time of the court’s decision can be claimed from UPMC.

 

The COMPANY undertakes to have its subsidiaries and licensees undertake the same commitments.

 

10.3            Each PARTY gives up its right to sue the other PARTY for the consequences on the validity of PATENTS due to a claim or defence action filed by the latter

 

10.4          Articles 7.2, and 7.3 of this agreement shall remain in full force and effect notwithstanding expiry or termination of this agreement.

 

15

 

Article 11 - TERMINATION

 

This contract is automatically terminated in the event where one of the PARTIES is liquidated, dissolved or becomes the sole owner of all PATENTS.

 

The provisions given in Articles 1; 9; 10; 11 and 14 to 22 shall remain in force notwithstanding the expiry or termination of this agreement.

 

In the event of termination, the PARTY that is no longer the co-owner undertakes, in accordance with Article 3.3, to no longer use  and to not allow the direct or indirect use of PATENTS until their expiry.

 

Article 12- TRANSFER OF AGREEMENT

 

This agreement is personal, non-transferable and non-assignable, subject to the provisions of Article 6 above.

 

Article 13 - NAME OF THE PARTIES

 

13.1                      The COMPANY undertakes not to use either in writing or verbally the name, trade name, brand or other designation or distinctive sign belonging to UPMC or any one of its agents, including in the form contracted or shortened or by imitation, within the scope of use and/or any promotional activity and this, regardless of the medium used (flyers, posters, video, etc.), without having obtained prior, written approval of PMC.

 

Pursuant to what is stated above, any use by the COMPANY will be conducted under its own brand or under the trade marks for which it has regularly obtained license.

 

However, solely for the purpose of information  on the origin of the PATENTS, the words ‘Technologie Biophytis/UPMC” may appear on any publicity document, technical or  explanatory notice relating to the used products of the COMPANY, its subsidiaries or licensees. The COMPANY will ensure that this statement, by its form or the context in which it is placed, is not interpreted as any guarantee issued by UPMC on the used products.

 

Whenever required by the law of a country, the COMPANY may, affix or get affixed on the products, the words “Technologie Biophytis/UPMC”, or any other equivalent note approved beforehand and in writing by UPMC.

 

13.2                      Any public declaration or communication relating to the signing of this agreement and the mention, exclusively in this context, of the name of the PARTIES or one of its agents or employees may be made freely. On the other hand, any declaration or public communication relating to its contents will be made only upon the written agreement of all the PARTIES.

 

13.3                      The provisions set out in the paragraph 13.1. do not forbid one of the PARTIES to refer to the other PARTY in any document drawn up for the needs of any administrative,, regulatory or judicial proceedings, or for information through UPMC of third parties involved in the PATENTS, e.g. aid organisations for technological transfer such as BPI France.

 

16

 

13.4                 The COMPANY may affix or have affixed on the products it sells the number of PATENTS whenever required by the laws of a country.

 

13.5                 The COMPANY will ensure that its subsidiaries and its licensees are bound by the same obligations vis-à-vis UPMC as those set forth in this Article 13. The provisions of this Article 13 shall remain in force notwithstanding the expiry or termination of this agreement.

 

Article 14 - WAIVER

 

The fact for one of the PARTIES not to claim a breach by the other PARTY of any one of the obligations set forth in this agreement shall be construed in the future as constituting a waiver by the initial PARTY of the concerned obligation.

 

Article 15 - APPLICABLE LAW - DISPUTES

 

15.1     This Agreement is governed by French laws and regulations.

 

15.2             In case of difficulty in the interpretation or performance of this Agreement, the PARTIES may resolve their differences amicably.

 

15.3             In case of a disagreement persisting for more than three (3) months as of the first notification concerning the dispute by one of the PARTIES to the other, the dispute will be brought before the competent French courts.

 

15.4             Notwithstanding the termination or expiry of this Agreement, this Article shall remain in effect.

 

Article 16 - ENTIRE AGREEMENT

 

This agreement and its annexes express all the obligations of the PARTIES relating to the co-ownership of PATENTS and can be modified only by a written agreement between the PARTIES signed by the representatives of PARTIES duly authorised for this purpose. None of the general or specific conditions contained in the documents sent or delivered by the PARTIES may be integrated into this agreement.

 

Article 17- INVALIDITY OF A CLAUSE

 

If one or more stipulations of this Agreement are held to be invalid or declared as such by application of a law,  rule - and in particular, of a European Union law — or following a final decision of a competent court, the other stipulations shall retain their full force and scope and the PARTIES will immediately proceed with the  required modifications in accordance with, to the fullest extent possible, the agreement existing at the time of signing this Agreement.

 

17

 

Article 18 - TITLES

 

In case of difficulties in interpretation between any of the titles appearing at the head of the clauses and any of the clauses, the titles will be declared non-existent.

 

Article 19 - REGISTRATION IN THE NATIONAL PATENTS REGISTER

 

19.1            The MANAGER OF PATENTS registers, within a period of 6 (six) months from the DATE OF SIGNING, this Agreement in the National Patents Register, held by the National Institute of Industrial Property, and in the national patents registers held by the  national offices of Industrial Property concerned by the PATENTS.

 

19.2            The costs of registrations provided for in this Article 16.1 are considered as COSTS OF INDUSTRIAL PROPERTY.

 

Article 20 — ENHANCEMENTS

 

Except if agreed otherwise in writing by the PARTIES, the existence of this agreement shall in no case be construed as conferring, implicitly or expressly, any right, particularly to ownership and/or to use the enhancements made by each of the PARTIES to the PATENTS, each PARTY retaining ownership of its own enhancements.

 

Article 21 - NOTIFICATIONS

 

21.1            Any notice required under this agreement shall be issued by registered letter with acknowledgement of receipt, to the PARTY concerned at the following address:

 

For the COMPANY:

Institut Biophytis

14 avenue de l’Opéra

75001 Paris

 

For UPMC:

Université Pierre et Marie Curie

Tour Zamansky

DGRTT-A1PI

4 Place Jussieu

75252 Paris cedex 05

 

Any notice shall be deemed to have been issued on the day it was actually received by the addressee, unless the date of receipt is a holiday or a period of closure of the concerned services in which case, it shall be deemed to have been received on the next working day..

 

18

 

21.2             Any change of address must be provided in writing to the other PARTY, by registered letter with acknowledgement of receipt or any other equivalent notification procedure.

 

21.3             Each PARTY is committed to sign, ratify and authenticate all documents required for the complete execution of this agreement.

 

Article 22 - MISCELLANEOUS

 

In addition, the PARTIES undertake, in the event of final abandonment by all PARTIES of all PATENTS, to respect their legal and regulatory obligations vis-à-vis their INVENTORS (in particular to offer beforehand to the INVENTORS to take over the concerned PATENT(S) in their name and at their expense under the conditions to be defined.

 

The provisions of this Article shall remain in force notwithstanding the early termination of this Agreement, in accordance with Article 9.

 

Drawn up in three (3) originals in French, , one (1) of which is for each of the PARTIES and one (1) for registration in the INPL

 

Signed in Paris, on 10/11/2014

 

	
/s/ Stanislas Veillet
    	
 
    
	
Mr Stanislas VEILLET Chairman of Institut Biophytis
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Signed in Paris, on
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ Jean Chambaz
    	
 
    
	
Mr Jean CHAMBAZ Chairman of UPMC
    	
 
    

 

19

 

ANNEX 1

 

II - File 22990

 

	
Title
    	
 
    	
Food composition for sun protection
    
	
Holders
    	
 
    	
·      Institut Biophytis SAS

·      Université   Pierre et Marie Curie
    
	
Inventors
    	
 
    	
·      Stanislas   Veillet

·      René Lafont

·      Waly Dioh
    
	
Abbreviated
    	
 
    	
The   invention concerns usage in food of norbixin and bixin and/or norbixin   enriched urucum extract. The invention also applies to food composition comprising   norbixin, bixin or an extract comprising at least bixin or norbixin, the said   composition is intended to be administered orally, for the protection of skin   of mammals from UV radiation.
    

 

	
Country
    	
 
    	
Filing Date
    	
 
    	
Filing No.
    	
 
    	
Publication
   date
    	
 
    	
Publication No.
    	
 
    	
Status
    
	
Australia
    	
 
    	
25.06.2010
    	
 
    	
2010264314
    	
 
    	
29.12.2010
    	
 
    	
AU2010264314
    	
 
    	
Review to   request
   (DL:June 2015)
    
	
Brazil
    	
 
    	
25.06.2010
    	
 
    	
P11010113-6
    	
 
    	
29.12.2010
    	
 
    	
(WO   2010/149942)
    	
 
    	
Review   required
    
	
Europe
    	
 
    	
25.06.2010
    	
 
    	
10 745340.90
    	
 
    	
29.12.2010
    	
 
    	
EP2445476
    	
 
    	
Review   required
    
	
USA
    	
 
    	
25.06.2010
    	
 
    	
13/380,768
    	
 
    	
29.12.2010
    	
 
    	
US2012149776
    	
 
    	
Review   Phase (Response
   to an official letter required
   before 23/08/2014)
    
	
FR
    	
 
    	
25.06.2009
    	
 
    	
0954354
    	
 
    	
31.12.2010
    	
 
    	
2 947 173
    	
 
    	
Issued on   27/01/2012
    

 

Priority application: French patent application No. 09 54354, filed on 25/06/2009 on behalf of Biophytis, patent granted on 27/01/2012 (FR2947173)

 

20

 

 

ANNEX 2-MODEL

 

AMENDMENT TERMS AND CONDITIONS OF REIMBURSEMENT

 

BETWEEN THE UNDERSIGNED

 

1°)                        INSTITUT BIOPHYTIS, simplified joint stock company with capital of €753,927, SIRET no. 492002225000018, having its head office at 14 avenue de l’Opéra 75001 Paris, represented by its Chairman, Mr Stanislas VEILLET, hereinafter referred to as the “COMPANY”,

 

ON THE ONE HAND,

 

And

 

2°)                        UNIVERSITE PIERRE ET MARIE CURIE (Paris 6),  scientific, cultural and professional public institution, SIRET No.: 19751722000012 — APE code: 8542Z, located at 4 Jussieu - 75252 PARIS cedex 05, represented by its Chairman, Mr Jean CHAMBAZ, hereinafter referred to as “UPMC “,

 

FURTHERMORE

 

UPMC, and the COMPANY are hereinafter jointly referred to as “PARTIES” and individually as “PARTY”.

 

IT IS RECALLED THAT:

 

In the context of the research undertaken by UMPC and Biophytis, several inventions have been developed.

 

The said inventions are liable for protection under industrial property, they gave rise to different filing applications. On this date, the COMPANY took the responsibility of paying the entire industrial property costs i.e. an approximate amount of ...... euros. And the conclusion between the PARTIES of a co-ownership rule on.........

 

21

 

Article 1- DEFINITION

 

PATENTS, refers to the French patent application no.09 54354 entitled “ ...” filed on 25 June 2009 in the name of Biophytis s, quoting as inventors the right of priority attached therein, as well as any patent application made abroad or in France on a priority basis, any continuation, partial continuation, addition, division resulting therefrom and patents issued as a result thereof or any equivalent title as well as any patent refiled, reissued or reviewed, and eventual Additional Protection Certificates.

 

COSTS OF INDUSTRIAL PROPERTY, means exclusive direct costs incurred for the preparation filing, extension, issuance and continuance in force and defence operations before a patents office (opposition, interference..) of PATENTS. The COSTS OF INDUSTRIAL PROPERTY also include direct costs related to the registration of this co-ownership.

The COSTS OF INDUSTRIAL PROPERTY do not include any costs incurred for the proceedings of infringement initiated by one of the PARTIES for the protection of PATENTS.

 

Article 1 - OBJECT

 

This amendment is aimed at:

 

·                  Formalising the acceptance by UPMC to recover all the invoices and quotes relative to the intellectual property costs on an exceptional basis, instead and in place of the COMPANY;

 

·                  Fixing the terms and conditions of reimbursement by the COMPANY

 

Article 2: Terms and conditions

 

2.1    Loan

 

2.1.1     In view of the particularly delicate situation of the COMPANY , on the day of signing this agreement, UPMC accepts to exceptionally recover the intellectual property costs in accordance with Article 3.3 of the co-ownership rules signed between the PARTIES on .....

 

2.1.2     On signing of this agreement, the COMPANY which has provided all supporting information and  documents required (Annex 1: .....)       will receive the sum of..

 

22

 

2.2    Reimbursement

 

The Parties agree that the sum of ... euros (..) loaned by UPMC in view of the payment by the COMPANY of the COSTS OF INTELLECTUAL PROPERTY will be reimbursed by the COMPANY on N+l, according to the following terms and conditions:

 

2.3    Failure to reimburse

 

COMPANY’s failure to repay its debt will be interpreted as waiver by the COMPANY of its SHARE in the PATENT(S) of  the COMPANY in the concerned countries concerned for the other PARTY. Henceforth, the COMPANY undertakes to immediately grant all powers, documents and signature for the completion of this sale and it can no longer earn any remuneration for the direct and/or indirect use of PATENTS for this or these countries and will no longer have any industrial or commercial use right on these same PATENTS, from the time of receipt of the notification by the other PARTY.

 

Issued in three (3) originals copies drafted in French, one (I) for each of the PARTIES and one (1) for registration FIN PI .

 

 

	
Signed in Paris, on
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Mr Stanislas VEILLET Chairman of Institut Biophytis
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Signed in Paris, on
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Mr Jean CHAMBAZ Chairman of UPMC
    	
 
    

 

23

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