Document:

emma-ex1035_1160.htm

 

                                              Exhibit 10.35

매도청구권(Call Option-콜옵션) 계약서

Right to Sell (Call Option) Agreement

 

다음 당사자들은 2020년 9월 28일 다음과 같이 매도청구권(Call Option-콜옵션) 계약(이하 “본 계약”)을 체결한다.

This “right to sell(Call Option) agreement” (hereinafter “this agreement”) is executed on September 28, 2020 between the following parties.

 

1. 발행회사 Issuer

주식회사 텔콘알에프제약 Telcon RF Pharmaceutical, Inc.

대표이사: 김 지 훈 Ji Hoon Kim

주    소: 경기도 용인시 기흥구 공세로 54 (고매동)

54, Gongse-ro, Giheung-gu, Yongin-si, Gyeonggi-do, Republic of Korea

 

2. 인수인 또는 채권자 Purchaser or Creditor

Emmaus Life Sciences, Inc.

CEO: Dr. Yutaka Niihara

미합중국 21250 Hawthorne Blvd. Suite 800 Torrance, CA 90503, USA

 

발행회사와 인수인은 주식회사 텔콘알에프제약 제15회 무기명식 이권부 무보증 사모 전환사채(이하 “본건 전환사채”)에 대해 본건 전환사채 인수계약서(이하 “인수계약서”)를 2020년 10월16일 체결하였다.

The Convertible Bond Purchase Agreement (hereinafter “purchase agreement”) is executed on October 16, 2020 between the issuer and the purchaser as for 15th Bearer-type Interest Purchase Agreement for Unsecured Private Equity Convertible Bond (hereinafter “convertible bond”) issued by Telcon RF Pharmaceutical, Inc.

 

이와 관련하여 다음과 같이 매도청구권(Call Option-콜옵션) 계약(이하 “본 계약”)을 체결하고 이를 성실히 이행하기로 한다. 본계약에 별도로 언급되지 않은 사항에 대하여는 인수계약의 계약의 내용이 우선하며, 본계약은 적법하게 인수계약의 일부로서 구성된다.

In this regard, the parties agree to execute this agreement faithfully as follows. For matters not otherwise stated in this agreement, the purchase agreement shall prevail, and this agreement is legally treated as a part of the purchase agreement.

 

제1조 매도청구권(Call Option)에 관한 사항 Article 1 Right to Sell (Call Option)

본 사채의 발행회사는 사채권자로 하여금 발행회사 또는 발행회사가 지정하는 자(이하 “콜옵션 

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행사권자”)에게 본 사채의 최초 권면총액 금 삼백억원(30,000,000,000원)의 50% 한도 내에서 발행일로부터 1년이 되는 날부터 만기일 1개월 전(2021년 10월 16일부터 2030년 09월 16일)까지 권면금액으로 매도할 것을 청구할 수 있다.

또한, 본 사채를 제3자에게 양도할 경우 발행회사 및 발행회사가 지정하는 자의 콜옵션 행사를 보장하는 방법으로 양도해야 하며, 콜옵션 청구기간 중 콜옵션과 본 인수계약 제6조 제11항의 조기상환청구권이 동시에 행사 청구되는 경우 콜옵션이 우선한다.

The issuer of this bond may ask the issuer or a person designated by the issuer (hereinafter “call option exerciser”) to purchase up to a total of 30 billion won (30,000,000,000 won) of the convertible bond from the purchaser. The right to sell is limited up to 50% of the principal amount at the face value from one year after the issue date to one month before the maturity date (from October 16, 2021 to September 16, 2030).

In addition, if the convertible bond is transferred to a third party, it must be transferred in a way that guarantees the exercise of the call option by the issuer and the person designated by the issuer. During the call option claim period, if the right to claim early redemption is simultaneously exercised under Paragraph 11 of Article 6 on the purchase agreement, the call option takes precedence.

 

상기와 같이 본계약이 성립함을 증명하기 위하여 본계약서2부를 작성하여 각자 서명 또는 기명 날인한 후 각1부씩 보관한다.

This agreement is distributed in two copies, one each to each party. The corporate seals or official signatures shall authenticate the agreement.

 

 2020년 9 월 28일

 

 

발행회사   주식회사 텔콘알에프제약

경기도 용인시 기흥구 공세로 54 (고매동)

김 지 훈

 

 

인수인     Emmaus Life Sciences Inc.

21250 Hawthorne Blvd. Suite 800 Torrance, CA 90503, USA

Yutaka Niihara

 

2emma-ex1037_1629.htm

 

                                                                                                                                  Exhibit 10.37

CREDIT ACCESS AND LOAN AGREEMENT
________________

THIS CREDIT ACCESS AND LOAN AGREEMENT (this “Agreement”) is made and entered into on January 10, 2020 by and between Yutaka Niihara, M.D., M.P.H. (“Lender”) and Emmaus Life Sciences, Inc., a Delaware corporation (“Emmaus”), with reference to the following facts:

RECITALS:

Lender is the Chairman of the Board, Chief Executive Officer and the principal stockholder of Lender.

A.Lender is the Chairman of the Board, Chief Executive Officer and the principal stockholder of Lender.

	
B.
	
Lender is party to that certain Advantage Line Loan Agreement entered into as of November 22, 2019 between Lender and California Bank & Trust, as lender (“Bank”), as it may be amended from time to time (as so amended, the “Bank Credit Agreement”).

	
B.
	
Lender has afforded, and Emmaus and Lender desire that Lender continue to afford, Emmaus access to the credit available to Lender under the Bank Credit Agreement in the form of advances by Lender to Emmaus of proceeds of borrowings by Lender under the Bank Credit Agreement, on the terms set forth in this Agreement.

NOW, THEREFORE, the parties hereto agree as follows:

SECTION 1.ADVANCES AND RE-ADVANCES

1.1On December 27, 2019, Lender advanced to Emmaus a total of $600,000 of proceeds from borrowings by Lender under the Bank Credit Agreement.  At Emmaus’s request at any time and from time to time during the term of this Agreement, Lender may, but shall not be obligated to, advance or re-advance to Emmaus proceeds of borrowings by Lender under the Bank Credit Agreement to be used by Emmaus in its discretion; provided that the aggregate outstanding principal amount of all advances and re-advances by Lender to Emmaus hereunder at any time shall not exceed $1,000,000.

1.2Advances and re-advances by Lender to Emmaus hereunder shall bear interest from the date made until paid in full at the variable interest rate payable by Lender under the Bank Credit Agreement, as it may vary from time to time.  Except as otherwise provided in this Agreement, the principal amount of and accrued and unpaid interest thereon shall be due and payable when such amounts become due and payable, whether upon maturity, in the event of acceleration, or otherwise, under the Bank Credit Agreement, subject to Lender’s right in his discretion to demand payment of any such amounts at any time and to Emmaus’ right to prepay any such amounts, in whole or in part, at any time without premium or penalty.  If it shall be found that any interest or other amount deemed interest due hereunder violates applicable laws governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum permitted rate of interest.  Emmaus’ liability and obligation to pay the principal amount of and accrued and unpaid interest on advances and re-advances by Lender to 

 

 

Emmaus hereunder shall be evidenced by a Revolving Promissory Note of Emmaus in substantially the form attached hereto as Exhibit A (the “Revolving Note”).  In addition to Emmaus’ payment of the principal amount of and accrued and unpaid interest on advances and re-advances hereunder as aforesaid, within 90 days after the end of each calendar year during the term hereof in which accrued interest hereunder is paid to Lender, Emmaus shall pay to Lender an additional amount in cash (the “Gross-Up Payment”) to the extent necessary to make Lender approximately whole for the income and employment taxes payable by Lender on the interest income realized by Lender in respect of amounts paid to Lender hereunder for such year, including the Gross-Up Payment. The Gross-Up Payment shall be calculated by Emmaus in good faith, after consultation with Lender’s personal tax preparer or other tax advisor, based on the estimated marginal tax rates applicable to Lender for the year in which the amounts were paid to Lender, taking into account federal, state and local income and employment taxes, including all such taxes payable on the Gross-Up Payment, itself. 

SECTION 2.TERM AND TERMINATION

2.1The term of this Agreement shall coincide with the term of the Bank Credit Agreement.  Notwithstanding the foregoing, the term of this Agreement shall terminate automatically in any of the following events:

(a)the filing of a voluntary bankruptcy or insolvency by Emmaus or an involuntary bankruptcy or insolvency petition against Emmaus which is not vacated within 60 days from the date of filing, or the entry of an order for relief in any bankruptcy proceeding in which Emmaus is a defendant, or the appointment of a receiver or trustee for Emmaus, or the execution of an assignment for the benefit of creditors of Emmaus, or the execution of a composition with creditors or any agreement of like import by Emmaus; 

(b)written notice by Lender to Emmaus in the event Emmaus is in material default in the performance of any of the terms of this Agreement, provided that such default or breach is not cured within 10 days after such notice; and

(c)any determination by the Board of Directors or the stockholders of Emmaus to dissolve Emmaus.

Upon the expiration or termination of this Agreement, all outstanding advances and re-advances hereunder and any accrued and unpaid interest thereon shall immediately be and become due and payable, in full, without presentment or demand.

 

SECTION 3.ADDITIONAL TERMS

3.1This Agreement and the Revolving Note contain the entire understanding of the parties hereto with respect to the subject matter herein and therein and supersede any and all prior written or oral agreements or understandings between the parties with respect to such subject matter hereof or thereof.

3.2This Agreement may be amended only in a writing executed by all parties.

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3.3This Agreement shall be binding upon and inure to the benefit of the parties and their respective permitted successors and assigns; provided, however, that neither this Agreement nor any rights or obligations of Emmaus hereunder may be assigned or delegated by Emmaus.

3.4Nothing in this Agreement shall be deemed or construed by the parties or by any third parties as creating the relationship of principal and agent, partnership or joint venture between the parties, it being understood and agreed that no provision contained herein, and no actions of the parties, shall be deemed to create any relationship between the parties other than the relationship of lender and borrower.

3.5This Agreement shall be construed and enforced in accordance with the internal laws of the State of California, without regard to conflict-of-law principles.

3.6In the event that any dispute between Lender and Emmaus should result in litigation or arbitration, the prevailing party in such dispute shall be entitled to recover from the other party all reasonable fees, costs, and expenses of enforcing any right of the prevailing party, including without limitation, reasonable attorneys’ fees and expenses as may be awarded in such litigation or arbitration.

3.7This Agreement may be executed in counterparts, each of which shall be deemed an original and both of which shall constitute one and the same agreement with the same effect as if both parties had signed the same signature page.  Any signature page of this Agreement may be detached from any counterpart of this Agreement and reattached to any other counterpart of this Agreement identical in form hereto but having attached to it one or more additional signature pages.  A facsimile or other electronic signature shall have the same force and effect as an original signature.

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first set forth above.

		
	
 
	
______________________________

	
 
	
Yutaka Niihara, M.D., M.P.H.

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
Emmaus Life Sciences, Inc.

	
 
	
 

	
 
	
By:___________________________

Willis C. Lee, Chief Operating Officer

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

 

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