Document:

exhibit_10-1.htm

 

Exhibit 10.1

 

**Confidential portions have been omitted pursuant to a request for confidential 

treatment and have been filed separately with the Securities and Exchange 

Commission (the “Commission”)**

 

LICENSE AGREEMENT

 

This License Agreement (this “Agreement”) is entered into on May 31, 2016, by and between Hadasit Medical Research Services & Development, Ltd. of Jerusalem Bio Park, Hadassah Ein-Kerem Medical Center, P.O.B. 12000, Jerusalem 91120 (“Hadasit”), Hong Kong University of Science and Technology R and D Corporation Limited (“RDC”, and collectively with Hadasit, “Licensors”) and Artemis Therapeutics Inc., a Delaware corporation, having a place of business at 1633 Broadway, New York, NY 10019 (“Company”).  (Hadasit shall also be referred to herein as the “Leading Licensor”. Each of Hadasit, RDC and the Company, a “Party”, and collectively the “Parties”).

 

WHEREAS, Hadasit is the wholly-owned subsidiary of Hadassah Medical Organization (“HMO”) and serves as its commercial arm;

 

WHEREAS, RDC is the wholly-owned subsidiary of The Hong Kong University of Science and Technology (“HKUST”) and serves as its commercial arm;

WHEREAS, Hadasit together with HKUST are the joint registered owners of certain patent applications and/or patents, as set forth in Exhibit A1 hereto (the “Joint Patents”), on which the listed inventors are (1) Prof. Dana Wolf of Hadasit (“Prof. Wolf), who assigned all her rights therein to Hadasit; and (2) Prof. Richard Haynes, a former employee of HKUST (“Prof. Haynes”), who assigned all his rights therein to HKUST;

WHEREAS, HKUST is the sole registered owner of certain patent applications and/or patents, as set forth in Exhibit A2 hereto (the “HKUST Patents”), on which the listed inventor is Prof. Haynes who assigned all his rights therein to HKUST;

WHEREAS, HKUST has granted RDC the right to exploit its rights under the Joint Patents and the HKUST Patents and to grant all of the exclusive and the non-exclusive licenses to the Company as set out in Section 4 herein, with the right to sub-license;

WHEREAS, Prof. Wolf’s laboratory at the HMO shall be the Company’s first choice over equivalent alternatives for performing pre-clinical, research and development activities;

WHEREAS, the Company is interested in engaging Prof. Wolf as its Chief Scientific Officer and as a member of its Scientific Advisory Board;

WHEREAS, Company wishes to obtain license rights with respect to the technology described below owned and/or controlled by Licensors and the results of any research and development activities described below in order to develop, obtain regulatory approval for and commercialize products based thereon; and

 

WHEREAS, Company has represented to Licensors, in order to induce Licensors to enter into this Agreement, that Company shall commit itself to diligent efforts to obtain additional equity investments and to develop, obtain regulatory approval for and commercialize one or more Licensed Products (defined below), and that it shall have the financial capacity and the strategic commitment to do so.

 

NOW, THEREFORE, the Parties hereto, intending to be legally bound, hereby agree as follows:

 

	1.	
Definitions. Terms capitalized herein shall have the meanings set forth below.

 

1.1                “Affiliate” means, with respect to any Person, any other Person which directly or indirectly Controls, is Controlled by or is under common Control with such Person.

 

1.2                “Calendar Quarter” means each of the periods of three (3) consecutive calendar months ending on March 31, June 30, September 30 and December 31, for so long as this Agreement is in effect.

 

1.3 “Consulting Services” means the overseeing activities by Prof. Wolf of the Company’s research and development activities in her capacity as the Company’s Chief Scientific Officer and as a member of the Company’s scientific advisory board or any other consultancy position  under the Consulting Services Agreement or any similar kind of agreement between the Company, Hadasit and Prof. Wolf.

 

1.4 “ConsultingServices Agreement” means the Consulting Services Agreement attached hereto as Exhibit D.

 

1.5 “ConsultingServices Results” mean any know how, information, materials, devices, discoveries and inventions and any other results, whether or not patentable, developed  via the supervision or input of Prof. Wolf in the course of Prof. Wolf’s performance of the Consulting Services.

 

1.6  “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities or otherwise.  Without limiting the foregoing, Control will be presumed to exist when a person, organization or entity (a) owns or directly controls fifty percent (50%) or more of the outstanding voting stock or other ownership interest of the other organization or entity or (b) possesses, directly or indirectly, the power to elect or appoint fifty percent (50%) or more of the members of the governing body of the other organization or entity.

 

1.7 “Development Milestones” means the development milestones set forth in Exhibit E hereto.

 

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1.8  “Development Plan” means the plan for the research, development and commercialization of Licensed Products attached hereto as Exhibit F, as such plan may be adjusted from time to time pursuant to Sections 5.2 and 5.3.  The Development Plan sets forth the Company’s projected work plan for achieving each of the Development Milestones.

 

1.9  “Development Results” means any patents, patent applications, information, methods, processes, material, devices, data and other results arising from the Development Plan.

 

1.10               “Effective Date” means the date upon which both of the following have occurred: (a) the Company proves, to the Leading Licensor’s satisfaction, that (i) the Merger has been completed; (ii) and that it has no less than US$500,000 in freely available funds in its bank account;  and (b) the Consulting Services Agreement is signed.

 

1.11              “Exclusivity Right” means any exclusivity right such as data protection period, exclusivity for biologic drugs, pediatric exclusivity period (505A) or similar exclusivity right granted by a Regulatory Authority with respect to a Licensed Product that provides exclusivity in the relevant market.

 

1.12              “Exit Consideration” means the total consideration actually received by, or distributed to, the Company and/or its shareholders in connection with an Exit Event, of any nature, including, without limitation, all cash, securities or other property which is received by Company or its shareholders in consideration of and in connection with such Exit Event. For the avoidance of doubt, in an Exit Event that is a merger or acquisition type transaction, the Exit Consideration will be a function of the total consideration received by, or distributed to, the shareholders and in an Exit Event that is an IPO, the Exit Consideration will be a function of the total consideration received by, or distributed to, the Company.

 

1.13               “Exit Event” means the first  transaction or the first series of transactions producing in a combined fashion one event, which is (a) a merger or acquisition type transaction involving the sale of all or a majority of the shares of the Company to the acquiring company or merged entity; (b) results in the transfer or assignment of this Agreement (with the prior written consent of the Licensors, if and as required hereunder); or (c) an initial public offering of the Company’s shares (“IPO”).

 

1.14               “FDA” means the United States Food and Drug Administration.

 

1.15 “Field” means all indications and uses.

 

1.16 “First Commercial Sale” means, with respect to any Licensed Product, the date of the first sale for end use or consumption of such Licensed Product by Company, an Affiliate of Company or a Sublicensee following receipt of Marketing Authorization in the country in which such Licensed Product is sold, but specifically excluding any sale or other distribution for use in a clinical trial (for clarity, net revenues from sales or distributions for use in clinical trials shall be considered Net Sales notwithstanding the fact that such sale is not considered a First Commercial Sale). In the case of services, First Commercial Sale shall mean the first provision of commercial services with the use of a Licensed Product, to a third party.

 

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1.17              “Initiation of Phase I Clinical Trial”, “Initiation of Phase II Clinical Trial” and “Initiation of Phase III Clinical Trial” means the administration of the respective Licensed Product to the first patient in such Phase.

 

1.18 “Know-How” means non-public information, data, methods, processes, techniques and results.

 

1.19 “Licensed Know-How” shall mean (i) any Know-How relating to the Licensed Patents which is owned and controlled by Licensors on the Effective Date and which is not in the public domain, including, without limitation, the preclinical and clinical study data and reports, manufacturing and analytical procedures and regulatory materials and filings developed and prepared by HKUST and/or Bayer Healthcare, and owned by HKUST, as  identified in Exhibit B attached hereto, and (ii) the Sponsored Research Results.

 

1.20 “Licensed Patents” means (i) the Joint Patents and the HKUST Patents and any patent applications and patents claiming Sponsored Research Results (ii) all provisional applications, continuations, continuations-in-part, divisions, reissues, renewals, and patents granted thereon, all patents-of-addition, reissue patents, re-examinations and extensions or restorations by existing or future extension or restoration mechanisms, including, without limitation, supplementary protection certificates or the equivalent thereof, all solely to the extent related to the foregoing; and (iii) any other U.S., foreign or international patent or patent application obtained by Licensor/s and/or HKUST (as the registered owner/s) in respect of the Licensed Know-How.  Exhibits A1 and A2 shall include and shall be updated from time to time to reflect inclusion of new Licensed Patents described in (i), (ii) and (iii) above.

 

1.21                “Licensed Product” shall mean any product, process, method or service that comprises, contains, is derived from or incorporates the Licensed Technology or ay part thereof.

 

1.22 “Licensed Technology” means (i) the Licensed Patents; and (ii) the Licensed Know-How.

 

1.23 “Marketing Authorization” means all approvals from the relevant Regulatory Authority necessary to market and sell a Licensed Product in a country.

 

1.24 “Merger” means the merger of the Company with a public company by the name of New York Global Innovations, Inc. (OTCMKTS:INKS)

 

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1.25 “Net Sales” means the gross amount actually billed or invoiced by or on behalf of the Company and its Affiliates (in each case, the “Invoicing Entity”) on sales, leases or other transfers of, or other methods of commercializing, Licensed Products, less the following to the extent applicable with respect to such sales, leases or other transfers and not previously deducted from the gross invoice price:  (i) customary trade, quantity or cash discounts to the extent actually allowed and taken; (ii) amounts actually repaid or credited by reason of rejection or return of any previously sold, leased or otherwise transferred Licensed Products; (iii) amounts paid by customers to the Invoicing Entity in respect of  shipping and insurance (where separately stated on purchase orders and where such amounts are transferred in their entirety by the Invoicing Entity to third party carriers); (iv) bad debts (as determined in accordance with relevant GAAP rules) deriving from Net Sales in respect of which royalties were paid by the Company hereunder; and (v) amounts paid by customers to the Invoicing Entity in respect of any sales, value added or similar taxes, custom duties or other similar governmental charges levied directly on the production, sale, transportation, delivery or use of a Licensed Product to the extent separately stated on purchase orders, invoices or other documents of sale and where such amounts are transferred in their entirety to the relevant tax authorities, but not including any tax levied with respect to income; provided that:

 

	 	(a)	
in any transfers of Licensed Products between an Invoicing Entity and an Affiliate of such Invoicing Entity not for resale by such Affiliate, Net Sales will be equal to the fair market value of the Licensed Products so transferred, assuming an arm’s length transaction made in the ordinary course of business; and

 

	 	(b)	
in the event that an Invoicing Entity receives non-cash consideration for any Licensed Products or in the case of transactions not at arm’s length with a non-Affiliate of an Invoicing Entity, Net Sales will be calculated based on the fair market value of such consideration or transaction, assuming an arm’s length transaction made in the ordinary course of business.

 

Sales of Licensed Products by an Invoicing Entity to its Affiliate for resale by such Affiliate will not be deemed Net Sales.  Instead, Net Sales will be determined based on the gross amount billed or invoiced by such Affiliate upon resale of such Licensed Products to a third party purchaser.

 

With respect to Net Sales of Licensed Products by Sublicensees (applicable for computing the Sublicense Receipts pursuant to Section 6.2 below and for computing the Exhibit G Milestone Payments), such Net Sales shall be computed on the basis of deductions taken from the gross amounts actually received by the Sublicensee (and not on the basis of amounts billed or invoiced by the Sublicensee).

 

1.26 “Phase I Clinical Trial” means a human clinical trial in any country conducted by Company or its Affiliate to initially evaluate the safety of a Licensed Product in human subjects or that would otherwise satisfy the requirements of 21 CFR 312.21 (a) or the equivalent laws, rules or regulations in a regulatory jurisdiction outside the United States.

 

1.27 “Phase II Clinical Trial” means a human clinical trial in any country conducted by Company or its Affiliate to initially evaluate the effectiveness of a Licensed Product in human subjects with the disease or indication under study or that would otherwise satisfy the requirements of 21 CFR 312.21(b) or the equivalent laws, rules or regulations in a regulatory jurisdiction outside the United States.

 

1.28 “Phase III Clinical Trial” means a pivotal human clinical trial in any country conducted by Company or its Affiliate the results of which could be used to establish safety and efficacy of the Licensed Product as a basis for approval of an NDA for such Licensed Product or that would otherwise satisfy the requirements of 21 CFR 312.21(c) or the equivalent laws, rules or regulations in a regulatory jurisdiction outside the United States.

 

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1.29 “Person” means any individual, corporation, partnership, joint venture, limited liability company, association, joint-stock company, trust, unincorporated organization or any other entity or organization.

 

1.30 “Regulatory Authority” means any applicable government regulatory authority involved in granting approvals for the manufacturing and marketing of a Licensed Product, including, in the United States, the FDA.

 

1.31 “Royalty Period” means, on a Licensed Product-by-Licensed Product and country-to-country basis, the period commencing on the Effective Date and ending on the later of (a) the expiration of the last-to-expire Valid Claim or Exclusivity Right, or (b) 15 years from the date of the First Commercial Sale.

 

1.32 “SponsoredResearch” has the meaning ascribed to it in Section 2.1 below.

 

1.33 “Sponsored Research Results” means all know how, information, material, devices, discoveries and inventions or other results, generated by and arising in the course of  the performance of Sponsored Research.

 

1.34 “Sublicense” means: (a) any right granted, license given or agreement entered into by Company to or with any other person or entity, under or with respect to or permitting any use of any of the Licensed Technology or otherwise permitting the development, manufacture, marketing, distribution, use and/or sale of Licensed Products; or (b) any option or other right granted by Company to any other person or entity to negotiate for or receive any of the rights described under clause (a);  regardless of whether such grant of rights, license given or agreement entered into is referred to or is described as a sublicense.

 

1.35 “Sublicense Receipts” means any payments or other consideration that Company or any of its Affiliates actually receives from a Sublicensee in consideration for the Sublicense including, without limitation, royalties (including royalties calculated on the basis of sales), milestone payments, license fees, and license maintenance fees. For the avoidance of doubt, Sublicense Receipts shall not include payments received as equity or debt financing in the Company or its Affiliates, or in reimbursement of patent expenses. In the event that Company or an Affiliate of Company receives non-cash consideration from a Sublicensee or in the case of transactions not at arm’s length, Sublicense Receipts shall be calculated based on the fair market value of such consideration or transaction, at the time of the transaction, assuming an arm’s length transaction made in the ordinary course of business.  Moreover, any payment received by the Company from any Person in consideration for any standstill or similar obligation not to grant any of the rights described in clause (a) or (b) of Section 1.34 shall be deemed as Sublicense Receipts.

 

1.36 “Sublicensee” means any Person granted a Sublicense.

 

1.37 “Third Party Royalties” means royalties or payments actually paid by the Company or its Affiliates to an unaffiliated third party for the right to use or exploit technology, products or proprietary rights of such third party to create  or sell Licensed Product/s, which third party’s rights would otherwise be infringed or violated.

 

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1.38 “Valid Claim” means: (a) a claim of an issued and unexpired patent within the Licensed Technology that has not been (i) held revoked, unenforceable, unpatentable or invalid by a decision of a court or governmental body of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, (ii) rendered unenforceable through disclaimer or otherwise, (iii) abandoned or (iv) lost through an interference proceeding; and (b) a pending claim of a pending patent application within the Licensed Technology that has not been abandoned or rejected without the possibility of an appeal or refiling.

 

	2.	
Sponsored Research and Consulting Services

 

2.1           Sponsored Research.

 

2.1.1 Prof. Wolf’s laboratory at HMO shall be the Company’s first choice over equivalent alternatives for performing pre-clinical, research and development activities. Before the Company outsources pre-clinical research and other development activities to a third party, the Company shall offer all work in the area of Prof. Wolf’s expertise as described in Exhibit H and within the capabilities of her laboratory, to Prof. Wolf and Prof. Wolf shall offer a proposal.  If the terms regarding the services by Prof. Wolf are equivalent to, or better than, the terms being offered by a third party provider of such services, then the Company shall accept Prof. Wolf’s proposal, and Prof. Wolf shall provide the applicable services.  Each such provision of such services by Prof. Wolf and her laboratory is referred to herein as “Sponsored Research” and shall be governed by a separate agreement in writing in the form attached hereto as  Exhibit I to this Agreement (the “Sponsored Research Agreement(s)”).

 

2.1.2 It is hereby agreed that the Company shall utilize the Sponsored Research services of Prof. Wolf (for mechanism of action, testing drug combinations and other projects chosen by the Company in consultation with Prof. Wolf by mutual agreement and set forth in an agreed research program that will constitute an inherent part of the first Sponsored Research Agreement) in a total amount of US$200,000 (two hundred thousand U.S. dollars) all as per the first Sponsored Research Agreement to be entered into within 45 (forty-five) days of the Effective Date, whereby the Company shall order research services to be performed by Prof. Wolf during 2 (two) 12 (twelve) month consecutive periods, in the amount of [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] per each 12 (twelve) month period. Payments in respect of the first 12 (twelve) month period shall be due as following: (i) [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] within 60 (sixty) days of the Effective Date; (ii) [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] during the third calendar quarter following the Effective Date; and (iii) [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] during the fourth calendar quarter following the Effective Date. Payments in respect of the second 12 (twelve) month period shall be due as following: (i) [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] during the first calendar quarter of the Sponsored Research; (ii) [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] during the third calendar quarter of the Sponsored Research; and (iii) [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] during the fourth calendar quarter of the Sponsored Research.

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      2.2            Consulting Services. The Company shall engage the Consulting Services of Prof. Wolf pursuant to the Consulting Services Agreement, to be executed on or immediately after the Merger, by the Company, Prof. Wolf and Hadasit. The Company, Hadasit and Prof. Wolf acknowledge and agree that the Consulting Services will involve Prof. Wolf in overseeing research and development activities of the Company outside the laboratories at HMO and not in the conduct of research by Prof. Wolf at HMO laboratories, any such research to constitute Sponsored Research as referred to in the preceding Section 2.1.

 

	 	3	
Title.

 

	 	3.1	
The entire right, title and interest in and to the Sponsored Research Results are and shall be owned solely and exclusively by the Leading Licensor.

 

	 	3.2	
The entire right, title and interest in and to the Licensed Technology, excluding the Sponsored Research Results, the HKUST Patents and the Exhibit B Know-How, is and shall be owned solely and exclusively by Hadasit and HKUST.  The entire right, title and interest in and to the HKUST Patents and in and to the Exhibit B Know-How is and shall be owned by HKUST.

 

	 	3.3	
As between the Parties, the entire right, title and interest in and to the Consulting Services Results and the Development Results are and shall be owned solely and exclusively by the Company.

 

	 	4	
License Grants.

 

4.1        Licensors License.

 

4.1.1     License Grant. Subject to the terms and conditions set forth in this Agreement:

 

(a) Licensors hereby grant to Company (the “License”): (i) an exclusive, worldwide, royalty-bearing license, with rights to sublicense as set forth herein, under the Licensed Technology, to make any and all uses of the same, including, without limitation, to develop, have developed, manufacture, have manufactured, use, market, offer for sale, sell, have sold, export and import Licensed Products in the Field; and (ii) a non-exclusive, worldwide, royalty-bearing license, with rights to sublicense as set forth herein, under any and all HKUST technology owned by HKUST relating to invention ref:TTC.PA.0072  that is necessary or useful for the use and exploitation of the  Licensed Technology in accordance with (i) above.

 

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(b) Notwithstanding anything to the contrary herein, (i) each of the Licensors reserves, for itself and its Affiliates (including, without limitation, HMO and HKUST), the right to practice the Licensed Technology solely for the purpose of teaching and for performing academic research at its respective institutions and subject to maintaining confidentiality. The Licensors shall be entitled to publish the results of such academic research subject to the provisions of Section 14 below; and (ii) [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION].

 

4.1.2 Affiliates and Contractors.  The License granted to Company under Section 4.1.1 includes the right to have some or all of Company’s rights under Section 4.1.1 exercised or performed by one or more of Company’s Affiliates or third party contractors for and on behalf of Company or its Affiliates, and such grant shall not be deemed a Sublicense, provided that:

 

(a)         no such Affiliate (who is not otherwise permitted to do so in the capacity of a Sublicensee under a Sublicensee agreement entered into in conformance with Section 4.1.3) or contractor shall be entitled to grant, directly or indirectly, to any third party any Sublicense;

 

(b)         Company shall procure that such Affiliates or contractors will be bound by all applicable terms of this Agreement, and shall be responsible for actions taken or omissions by such Affiliates or contractors in exercising such rights on behalf of Company;

 

(c)         Such Affiliate or contractor does not pay any consideration (including indirect considerations such as in the form of dividends) to Company for the authorization by Company to exercise such rights; and

 

(d)          Sales performed by such Affiliate or contractor will be considered as if performed by the Company.

 

4.1.3   Sublicenses.  Company shall be entitled to grant Sublicenses under the License granted pursuant to Section 4.1.1, provided that any Sublicense shall be on terms and conditions in compliance with and not inconsistent with the terms of this Agreement (including this Section 4.1.3) and shall be made only for monetary consideration and pursuant to a bona-fide arm’s length transaction.

 

(a)          Sublicense Agreements. Sublicenses shall be granted only pursuant to written agreements, which shall be in compliance with the terms and conditions of this Agreement and shall contain, among other things, provisions to the following effect:

 

(i)        all provisions necessary to ensure Company’s ability to perform its obligations under this Agreement;

 

(ii)       a section substantially similar to Section 10.3 (Limitation of Liability) limiting the liability of the Licensors and a section substantially similar to Section 11 (Indemnification and Insurance), which also shall state that the Licensors are intended third party beneficiaries of such Sublicense agreement for the purpose of enforcing such indemnification;

 

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(iii)      in the event of termination of the License set forth in Section 4.1  (in whole or in part) prior to expiration, any existing Sublicense shall terminate to the extent of such terminated license; provided, however, that, for each Sublicensee, upon termination in whole or in part of a Sublicense agreement, if the Sublicensee is not then in breach of the Sublicense agreement such that Company would have the right to terminate such Sublicense agreement, such Sublicensee shall,  at its option, become a direct licensee with the Licensors in place of such terminated license through a separate written agreement to be entered into between the Licensors and such Sublicensee according to the terms of the particular Sublicense agreement;

 

(iv)       provisions for monetary consideration, including without limitation the payment of royalties by such Sublicensee to the Company, to be calculated on the basis of sales of Licensed Products by such Sublicensee, provided however that, for the purpose of this section, “calculated on basis of sales” shall mean a calculation of royalties based on a definition of “sales” that substantially conforms to the definition of Net Sales set forth in this Agreement and in respect of the Sublicensee’s right for deduction of Third Party Royalties from royalties paid by the Sublicensee, Company shall use commercial reasonable efforts to include a limitation of 50% on royalties reduction after all credits and deductions permitted by the applicable Sublicense have been taken;

 

(v)         provisions implementing Licensors’ rights to reports and audits of Sublicensees’ records pursuant to Section 7 hereof;

 

(vi)       the Sublicensee shall not be entitled to sublicense its rights under such Sublicense agreement except if the Leading Licensor has approved such further sublicense in accordance with 4.1.3(b) below; and

 

(vii)     the Sublicensee shall not be entitled to assign the Sublicense agreement without the prior written consent of the Leading Licensor, except that Sublicensee may assign the Sublicense agreement to a successor in connection with the merger, consolidation or sale of all or substantially all of its assets or that portion of its business to which the Sublicense agreement relates; provided, however, that any permitted assignee agrees in writing to be bound by the terms of such Sublicense agreement, and a copy of such written agreement of the assignee is provided to Leading Licensor.

 

(b)          Delivery of Sublicense Agreement. (i) Company shall provide the Leading Licensor for its review with a copy of each Sublicense agreement, together with any other agreements with such Sublicensee directly related to the Licensed Technology, at least seven (7) business days prior to the execution thereof. Any provision in any such Sublicense agreement which allows sublicensing by a Sublicensee shall be subject to Leading Licensor’s consent in writing in advance, which consent shall not be unreasonably withheld, conditioned or delayed. A failure by the Leading Licensor to respond substantively to Company’s request within ten (10) days of receipt thereof shall be deemed consent. (ii) Company shall provide the Licensors with a signed copy of each Sublicense agreement, together with any other agreements with such Sublicensee directly related to the Licensed Technology and all amendments thereof (which shall again be subject to the provisions of this Section 4.1.3 before being signed and coming into force), within thirty (30) days prior to the execution thereof.

 

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(c)         Breach by Sublicensee. Any act or omission by a Sublicensee that is a breach of the Sublicense Agreement and would have constituted a breach of this Agreement had it been an act or omission by Company, shall constitute a breach of this Agreement by the Company unless the Company enforces its rights under the Sublicense Agreement.

 

4.2 No Other Grant of Rights. Except for the licenses expressly granted herein, nothing in this Agreement shall be construed to confer any ownership interest, license or other rights upon any Party by implication, estoppel or otherwise as to any technology, intellectual property rights, products or biological materials of  any other Party or Parties, or any other entity, regardless of whether such technology, intellectual property rights, products or biological materials are dominant, subordinate or otherwise related to any intellectual property rights licensed hereunder.

 

	5	
Development and Commercialization.

 

5.1 Investment Milestones. The Company hereby confirms that it shall have no less than US$500,000 in freely available funds following completion of the Merger.   The Company shall secure and consummate additional funding in the form of equity investments in the Company’s share capital in compliance with the investment milestones set forth in Exhibit C, attached hereto (the “Investment Milestones”). The Company shall provide the Leading Licensor with confirmation in writing of its Chief Executive Officer or its Chief Financial Officer when each Investment Milestone is met. Moreover, the Company shall provide the Leading Licensor with documentation evidencing that each Investment Milestone has been met, immediately at its request.

 

5.2 Development and Commercialization Diligence.  In addition and without derogating from Section 5.1 above, Company shall use commercially reasonable efforts and shall contractually obligate its Sublicensees to use commercially reasonable efforts to: (a) develop Licensed Products based on the Licensed Technology in accordance with the Development Plan; (b) secure independent financing sufficient to perform the Development Plan, including, without limitation, meeting the Investment Milestones; (c) obtain appropriate regulatory approvals in major markets, (d) introduce Licensed Products into the commercial market; and (e) market Licensed Products following such introduction into the market.  In addition, Company, by itself or through its Affiliates or Sublicensees, shall use commercially reasonable efforts to achieve each of the Development Milestones within the time periods specified in Exhibit E (or within the postponement periods pursuant to this Section 5.2 or within the remedy periods pursuant to Section 5.5). The Leading Licensor shall not withhold its consent to the postponement of Development Milestones should the Company be able to demonstrate that it is making ongoing commercially reasonable efforts to reach them and to the extent that they are caused by: (i) the requirements or decisions of a regulatory authority; (ii) force majeure; or (iii) inability or delays (from the scientific side) in being able to achieve the desired research or testing results.

 

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5.3 Adjustments of Development Plan.  Subject to the foregoing set out in Section 5.2 above, Company will be entitled, from time to time, to make such adjustments to the then applicable Development Plan as Company believes, in its good faith judgment, are needed in order to improve Company’s ability to meet the Development Milestones.

 

5.4 Reporting.  Within sixty (60) days after the end of each calendar year, Company shall furnish the Leading Licensor with a written report summarizing its, its Affiliates’ and its Sublicensees’ efforts during the previous calendar year to develop and commercialize Licensed Products, including without limitation: (a) research and development activities; (b) commercialization efforts; and (c) marketing efforts. Each report must contain a sufficient level of detail for the Leading Licensor to assess whether Company is in compliance with its obligations under this Section 5 and a discussion of intended efforts for the then current year. Together with each report, Company shall provide the Leading Licensor with a copy of the then current Development Plan and information regarding the progress toward achieving the Investment Milestones. For the avoidance of doubt it is stated that reports and other information furnished by the Company regarding research, development, testing and regulatory matters shall not be shared with RDC and/or HKUST.

 

5.5 Failure to Meet Development Milestone and/or Investment Milestones.  In the event Company fails to meet any Investment Milestones within the timetable set forth on Exhibit C for its achievement and/or any of the  Development Milestones within the timetable set forth on Exhibit E for its achievement (as may be postponed pursuant to Section 5.2 above) , and does not remedy the failure within ninety (90) days, the Leading Licensor shall be entitled to terminate  this Agreement by written notice to the Company within ninety (90) days of the end of such remedy period. Such termination shall be Licensors’ sole remedy for any such failure.

 

5.6 Regulatory Filings.  Company shall make commercially reasonable efforts to prepare and present all regulatory filings necessary or appropriate in any country and to obtain and maintain any regulatory approval required to market Licensed Products in any such country.  Subject to the provisions of Section 12.3.2 below, Company shall solely own all right, title and interest in and to all such regulatory approvals and filings.

 

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	6.	
Consideration for Grant of License

 

As consideration for the License granted hereunder, Company shall pay the Licensors, through the Leading Licensor, the following:

 

	6.1	
Royalties. Company shall, during the relevant Royalty Periods (on a country by country and Licensed Product by Licensed Product basis), pay the Licensors, through the Leading Licensor, royalties equal to [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]of all Net Sales by the Company and its Affiliates. During the Royalty Period, following the later of there being no Valid Claim, or the end of the Exclusivity Rights (if any), applicable to the Licensed Product in the country of sale, the said royalty rate in the country of sale shall be reduced to [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION].  Company shall be entitled to deduct [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] of Third Party Royalties from the consideration due the Licensors as a result of Net Sales by the Company or its Affiliates after all credits and deductions permitted by this Agreement have been taken, provided, however, that the royalty which the Company shall pay Licensors, through the Leading Licensor, for Net Sales by the Company or its Affiliates shall not be reduced by more than [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] during any particular payment period (namely that such Net Sales shall not be reduced to less than [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] during the period in which there is a Valid Claim or Exclusivity Right, and to less than [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] during any remaining period of the Royalty Term) (“[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]”).

 

	6.2	
Sublicense Receipts for sales of Licensed Product by Sublicensees. With respect to sales of Licensed Products made by any Sublicensee, the Company shall pay the Licensors, through the Leading Licensor, royalties equal to the higher of: (i) [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] of any consideration received by the Company from the Sublicensee as a result of the sale of any Licensed Products; and (ii) [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] of the “net sales” of such Sublicensee. Notwithstanding the foregoing, during the Royalty Period, following the later of there being no Valid Claim, or the end of the Exclusivity Rights (if any), applicable to the Licensed Product in the country of sale, the said percentage shall be reduced to [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION].

 

	6.3	
For the avoidance of any doubt, the actual deductions made by a Sublicensee for Third Party Royalties will be a deduction from the “net sales” of such Sublicensee for the purposes of calculation under Section 6.2 above.

 

13

For illustration purposes, [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]

 

	 	A.	
[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]; AND

 

	 	B.	
[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION].

 

[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]

 

	6.4	
Sublicense Receipts other than for sales of Licensed Products by Sublicensees. Subject to the provisions of Section 6.5 below in relation to payments that are made upon the achievement of a Milestone Event, Company shall pay the Licensors, through the Leading Licensor, an amount equal to: (a) [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] of all Sublicense Receipts with respect to Sublicenses granted prior to the Initiation of Phase I Clinical Trial, (b) [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] of all Sublicense Receipts, with respect to Sublicenses granted after the Initiation of a Phase I Clinical Trial and prior to the Initiation of a Phase II Clinical Trial; and (c) [THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION] of all Sublicense Receipts, with respect to Sublicenses granted after the Initiation of a Phase II Clinical Trial.

 

	6.5	
Milestone Payments. Company will pay the Licensors, through the Leading Licensor, the amounts set forth in Exhibit G attached hereto upon the occurrence of each of the regulatory and Net Sales milestone events set forth in Exhibit G (each a “Milestone Event”). Each such payment to be made within thirty (30) days after achievement of a regulatory Milestone Event or within ninety (90) days of the beginning of each calendar year if a Net Sales Milestone Event was achieved during the previous calendar year. Upon a payment to the Company by a Sublicensee being triggered in respect of a Milestone Event set forth in Exhibit G (the “Milestone Sublicense Receipt”), Company shall pay the Licensors through the Leading Licensor the higher of (a) the amount set forth in Exhibit G in respect of the same Milestone Event or; (b) if a corresponding payment is made by a Sublicensee to the Company, an amount equal to the amount of the Sublicensing Receipts that would otherwise be due pursuant to Section 6.4.

 

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	6.6	
Exit Event that is not an IPO. Upon the occurrence of the first Exit Event, if such Exit Event is not an IPO, Company shall pay the Licensors, through the Leading Licensor, an amount equal to the Exit Percentage set forth in the table below multiplied by the Exit Consideration.

 

	
Consummation of the Exit Event

	
Exit Percentage

	
Before Initiation of Phase I Clinical Trial

	
[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]

	
After the Initiation of Phase I Clinical Trial

	
[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]

	
After the Initiation of Phase II Clinical Trial

	
[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]

	
After the Initiation of Phase III Clinical Trial

	
[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]

 

15

	6.7	
Exit Event that is an IPO. Upon the occurrence of the first Exit Event, if such Exit Event is an IPO, Licensors collectively shall receive equity in the Company valued at the following percentage of any amount raised by the Company within the framework of the IPO, on the basis of the price per share of the IPO

 

	
Consummation of the IPO

	
Exit Percentage

	
Before Initiation of Phase I Clinical Trial

	
[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]

	
After the Initiation of Phase I Clinical Trial

	
[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]

	
After the Initiation of Phase II Clinical Trial

	
[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]

	
After the Initiation of Phase III Clinical Trial

	
[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]

 

	6.8	
Patent Challenge.  If Company, or its Affiliate commences an action in which it challenges the validity, enforceability or scope of any of the Licensed Patents (a “Challenge Proceeding”), the Leading Licensor shall have the right to terminate this Agreementin the case ofa Company (or its Affiliate) initiated proceeding or to have the Company terminate the Sublicense in the case of a Sublicensee initiated proceeding; the royalty rates specified in Sections 6.1 will be doubled with respect to Net Sales of Licensed Products that are sold, leased or otherwise transferred during the pendency of such Challenge Proceeding, and the percentage due to the Licensors in respect of Sublicense Receipts shall be doubled with respect to Sublicense Receipts during such period.  If the outcome of such Challenge Proceeding is a determination in favor of Licensors, (a) the royalty rate specified in Section 6.1 with respect to Net Sales of Licensed Products and Sublicense Receipts specified in 6.2 and in 6.4 that are covered by the Licensed Patents that are the subject of such Challenge Proceeding shall remain at such doubled rate and the percentage due to Licensors in respect of Sublicense Receipts shall remain at such doubled rate and (b) Company shall reimburse Licensors for all expenses incurred by Licensors (including reasonable attorneys’ fees) in connection with such Challenge Proceeding.  If the outcome of such Challenge Proceeding is a determination in favor of Company, Company will have no right to recoup any royalties or percentages of Sublicense Receipts paid before or during the pendency of such Challenge Proceeding, nor any expense incurred by Company (including reasonable attorneys’ fees) in connection with such Challenge Proceedings.

 

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	7.	
Reports; Payments; Records.

 

	 	7.1	
Reports and Payments.

 

7.1.1      Reports.  Within  ninety (90) days after the conclusion of each Calendar Quarter commencing with the first Calendar Quarter in which Net Sales are generated or Sublicense Receipts are received, Company shall deliver to the Leading Licensor a report containing the following information (in each instance, with a Licensed Product-by-Licensed Product and country-by-country breakdown):

 

(a)                   the number of units of Licensed Products sold, leased or otherwise transferred by Company and its Affiliates that produced Net Sales for the applicable Calendar Quarter;

 

(b)                   the gross amount billed or invoiced for Licensed Products sold, leased or otherwise transferred by Company and its Affiliates during the applicable Calendar Quarter;

 

(c)                   a calculation of Net Sales for the applicable Calendar Quarter, including an itemized listing of applicable deductions;

 

(d)                   a detailed accounting of all Sublicense Receipts received during the applicable Calendar Quarter, including, if applicable, the number of units of Licensed Products reported by the Sublicensee to have been sold, leased or otherwise transferred by the particular Sublicensee in connection with the reported Sublicense Receipts and the gross amount reported received for Licensed Products sold, leased or otherwise transferred by the Sublicensee in connection with the Sublicense Receipts; and

 

(e)                   the total amount payable to the Licensors through the Leading Licensor in U.S. Dollars in Net Sales and Sublicense Receipts for the applicable Calendar Quarter, together with the exchange rates used for conversion.

 

Within one-hundred twenty (120) days after the end of a calendar year, the Company shall provide a summary of the prior calendar year which will be certified on behalf of Company as true, correct and complete in all material respects.  If no amounts are due to the Licensors for a particular Calendar Quarter of such year, the report shall so state.

 

In addition to the above, during the term of this Agreement, the Company shall give the Leading Licensor written notice (with a copy to RDC) of the occurrence of any Investment Milestone, and of any Milestone Event that is unrelated to Net Sales, within thirty (30) days after achievement of each such milestone by the Company or its Affiliate or after Company’s receipt of notice of such achievement by its Sublicensee.

 

7.1.2   Payment.  Within ninety (90) days after the end of each Calendar Quarter, Company shall pay the Licensors through the Leading Licensor all amounts due with respect to Net Sales and Sublicense Receipts for the applicable Calendar Quarter. All payments by the Company hereunder will be only to Leading Licensor, and Leading Licensor shall have sole liability for apportioning such payments between itself and RDC.  RDC confirms, that once a payment by Company to the Leading Licensor has been made, RDC and its Affiliates will have no claims or recourse against the Company related to such payment.

 

17

7.2 Payment Currency. All payments due under this Agreement shall be payable in U.S. Dollars unless agreed otherwise in writing.  Conversion of foreign currency to U.S. Dollars shall be made at the conversion rate existing in the United States (as reported in the Wall Street Journal) on the last working day of the applicable Calendar Quarter or payment due date. Such payments shall be without deduction of exchange, collection or other charges.

 

7.3 Records. Company shall maintain, and shall contractually require its Affiliates and Sublicensees to maintain, complete and accurate records of Licensed Products that are made, used, sold, leased or transferred under this Agreement, any amounts payable to the Licensors through the Leading Licensor in relation to such Licensed Products, and all Sublicense Receipts received by Company and its Affiliates, which records shall include a country-by-country and Licensed Product-by-Licensed Product breakdown for each category listed above and shall contain reasonably sufficient information to permit the Leading Licensor to confirm the accuracy of any reports or notifications delivered to the Leading Licensor under Section 7.1.  Company, its Affiliates and/or its Sublicensees, as applicable, shall retain such records relating to a given Calendar Quarter for at least three (3) years after the conclusion of that Calendar Quarter, during which time the Leading Licensor shall have the right, at its expense, to cause an independent, certified public accountant to inspect such records during normal business hours for the purposes of verifying the accuracy of any reports and payments delivered under this Agreement and Company’s (or via an audit by Company, its Affiliate’s and Sublicensee’s) compliance with the terms hereof.  Such accountant shall be bound by confidentiality obligations substantially similar to those set out in Section 13 of this Agreement and shall not disclose to the Leading Licensor any information other than information relating to the accuracy of reports and payments delivered under this Agreement. The Company shall receive a copy of the interim reports and final reports of such auditors. The Parties shall reconcile any underpayment or overpayment within thirty (30) days after the auditor delivers the results of the audit.  In the event that any audit performed under this Section 7.3 reveals an underpayment in excess of five percent (5%) in any calendar year, the audited entity shall bear the full cost of such audit.  The Leading Licensor may exercise its rights under this Section 7.3 only once every year per audited entity and only with reasonable prior notice to the audited entity.

 

7.4 Late Payments.  Any payments by Company that are not paid on or before the date such payments are due under this Agreement shall bear interest at the lower of (a) LIBOR plus five percent (5%) accumulated on a monthly basis and (b) the maximum rate allowed by law.  Interest shall accrue beginning on the first day following the due date for payment and shall be compounded quarterly. Payment of such interest by Company shall not limit, in any way, Licensors’ right to exercise any other remedies Licensors may have as a consequence of the lateness of any payment.

 

7.5 Payment Method.  Each payment due to the Licensors through the Leading Licensor under this Agreement shall be paid by check or wire transfer of funds to the Leading Licensor’saccount in accordance with written instructions provided by it.  If made by wire transfer, such payments shall be marked so as to refer to this Agreement. Once duly paid to the Leading Licensor, the Company shall have no liability to the other Licensor in connection with such rendered payment.

 

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7.6 Taxes; Withholding. All amounts payable hereunder are exclusive of applicable VAT, which shall be added to amounts due hereunder as applicable. If Company is required to withhold any amounts from payments made by Company to the applicable Licensor or to the Leading Licensor (on behalf of both Licensors) due to the applicable laws of any country, such amount will be deducted from the payment to be made by Company and remitted to the appropriate taxing authority for the benefit of the applicable Licensor(s). Company will withhold only such amounts as are required to be withheld by applicable law in the country from which payment is being made. Company shall submit to the applicable Licensor(s) originals of the remittance voucher and the official receipt evidencing the payment of the corresponding taxes with the applicable royalty report.  Company will cooperate with the Licensors to provide such information and records as Licensors may require in connection with any application by the Licensors to the tax authorities in any country, including an attempt to obtain an exemption or a credit for any withholding tax paid in any country.

 

	8	
Patent Filing, Prosecution and Maintenance.

 

8.1 Patent Expense Reimbursement. (i) Company shall reimburse Hadasit in the amount of  twelve thousand two hundred New Israeli Shekels  (NIS 12,200),  on account of all previous documented patent expenses and costs incurred by Hadasit in connection with the Licensed Patents and not reimbursed by a third party prior to the Effective Date, within fourteen (14) days of the Effective Date. The balance, which shall be advised to the Company on or around the Effective Date, shall be due and payable by the Company to Hadasit six (6) months of the Effective Date;  and (ii) Company shall reimburse RDC for previous documented patent expenses and costs incurred by HKUST or RDC in connection with the Licensed Patents and not reimbursed by a third party prior to the Effective Date, in the  amount of  one hundred and thirteen thousand US Dollars (US Dollars 113,000) as follows:  Twelve Thousand US Dollars  (US$12,000) within fourteen (14) days of the Effective Date, and the balance which shall be advised to the Company on or around the Effective Date, in two (2) equal instalments, the first to be made one (1) year of the Effective Date, and the second to be made two (2) years of the Effective Date. Notwithstanding any provisions of this Agreement, the Company shall reimburse the patent expenses incurred by HKUST or RDC directly to RDC by wire transfer.

 

8.2 Patent Filing, Prosecution, Protection and Maintenance.  The Leading Licensor shall, in consultation with the Company, be responsible for the preparation, filing, prosecution, protection and maintenance of all patents and patent applications within the Licensed Technology, excluding the HKUST Patents. HKUST shall, in consultation with the Company, be responsible for the preparation, filing, prosecution, protection and maintenance of all patents and patent applications within the HKUST Patents. Unless otherwise agreed between the Leading Licensor and the Company, patent applications relating to the Licensed Technology, excluding the HKUST Patents shall be filed in no less than the following territories: The European Union (England, Germany and France) and the USA (the “Mandatory Jurisdictions”). The Leading Licensor and HKUST will instruct their patent counsels to invoice the Company directly for all patent-related expenses incurred in respect to the Licensed Technology (including the HKUST Patents). Company shall pay these invoices within thirty (30) days of each invoice date. The Leading Licensor and HKUST shall further (a) instruct their patent counsel to furnish Company with copies of all correspondence relating to the patent rights in the Licensed Technology from the United States Patent and Trademark Office (USPTO) and any other patent office, as well as copies of all proposed responses to such correspondence in time for Company to review and comment on each such response and with all other information reasonably required by the Company with respect to the Licensed Patents; (b) give Company an opportunity to review the text of each patent application before filing; (c) consult with Company with respect thereto; and (d) supply Company with a copy of the application as filed.

 

19

8.3 Abandonment.  Should Company decide that it does not wish to pay for the preparation, filing, prosecution, protection or maintenance of any patent application or patent within the Licensed Technology in any country (each, an “Abandoned Licensed Patent”), Company shall provide the Leading Licensor or HKUST (as the case may be) with prompt written notice of such election.  Ninety (90) days following receipt of such notice by the Leading Licensor or HKUST (as the case may be), Company shall be released from its obligations pursuant to Section 8.2 hereof with respect to such Abandoned Licensed Patent, provided, however, that the Company shall remain responsible for expenses incurred prior to the expiration of such ninety (90) day period.

 

     8.3.1             Effect of Abandonment of Licensed Patents. In the event of Company’s abandonment of any patent application or patent within the Licensed Technology (“Abandoned Licensed Patents”), upon writen notice by the Leading Licensor, in its sole discretion, any license granted by Licensors to Company hereunder with respect to such Abandoned Licensed Patents (and any subsequently-filed patent application or patent that claims priority thereto) shall terminate.  Licensors shall then be free, without further notice or License obligation to Company, to grant rights in and to such Abandoned Licensed Patents to third parties.  For the avoidance of doubt, the confidentiality rights and all other non-License rights of the Company set out herein shall continue in force and effect. Notwithstanding the above, if the Abandoned Licensed Patent is in a Mandatory Jurisdiction, such abandonment shall constitute a material breach of this Agreement, entitling the Leading Licensor to terminate this Agreement pursuant to Section 12.2.3.

 

8.4 Other Patents. The Company shall advise the Licensors as soon as practicable following the filing of any patent applications covering Consulting Services Results and Development Results in whole or in part, and shall provide the Licensors any information that they may reasonably request in such regard. The same shall be deemed Confidential Information (defined below) of the Company.

 

8.5 Marking. Company and its Affiliates and Sublicensees shall mark all Licensed Products sold or otherwise disposed of by it in the United States with the word “Patent” and the number of all patent applications or patents included within the Licensed Technology that cover such Licensed Products.  All Licensed Products shipped or sold in other countries shall be marked in such a manner as to conform with the patent laws and practice of the country to which such products are shipped or in which such products are sold for purposes of ensuring maximum enforceability of the patents within the Licensed Technology in such country.

 

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	9	
Enforcement of Patent Rights.

 

9.1 Notice.  In the event any Party becomes aware of any possible or actual infringement of any patent rights within Licensed Technology (an “Infringement”), that Party shall promptly notify the other Parties and provide it with details regarding such Infringement.

 

9.2 Suit by Company.  Company shall have the first right but not the obligation, to take action in the prosecution, prevention, or termination of any Infringement. Before Company commences an action with respect to any Infringement, it shall consider in good faith the views of Licensors and potential effects on the public interest in making its decision whether to sue. Should Company elect to bring suit against an infringer, it shall keep Licensors reasonably informed of the progress of the action and shall give Licensors a reasonable opportunity in advance to consult with Company and offer its views about major decisions affecting the litigation. Company shall give careful consideration to those views, but shall have the right to control the action; provided, however, that if Company fails to defend in good faith the validity and/or enforceability of the patent within the Licensed Technology in the action, or if Company’s license to a Valid Claim in the suit terminates, any or both Licensors may elect to take control of the action pursuant to Section 9.3.  Should Company elect to bring suit against an infringer and one or both Licensors are joined as party plaintiff in any such suit, such Licensor(s) shall have the right to approve the counsel selected by Company to represent such Licensor(s) and Company, such approval not to be unreasonably withheld or delayed.  The expenses of such suit or suits that Company elects to bring, including any reasonable, documented, out-of-pocket expenses of Licensor(s) incurred in conjunction with the prosecution of such suits or the settlement thereof, shall be paid for entirely by Company and Company shall hold Licensor(s) free, clear and harmless from and against any and all such costs of such litigation, including attorney’s fees which shall be paid by the Company under the legal representation of the Company and the Licensor(s) jointly as described above. Company shall not compromise or settle such litigation without the prior written consent of Licensors, which consent shall not be unreasonably withheld or delayed.  In the event Company exercises its right to sue pursuant to this Section 9.2, it shall first reimburse itself out of any sums recovered in such suit or in settlement thereof for all costs and expenses of every kind and character, including reasonable attorney’s fees, necessarily incurred in the prosecution of any such suit. If, after such reimbursement, any funds shall remain from said recovery, then Licensors shall receive an amount equal to twenty five percent (25%) of such funds and the remaining seventy five (75%) of such funds shall be retained by Company.

 

9.3 Suit by Licensors.  If Company does not take action in the prosecution, prevention, or termination of any Infringement pursuant to Section 9.2 above, and has not commenced negotiations with the infringer for the discontinuance of said Infringement, within ninety (90) days after receipt of notice to Company by a Licensor of the existence of an Infringement, either or both of the Licensors may elect to do so. The expenses of such suit or suits that such Licensor(s) elect to bring, including any expenses of Company incurred in conjunction with the prosecution of such suits or the settlement thereof, shall be paid for entirely by such Licensor(s) and such Licensor(s) shall hold Company free, clear and harmless from and against any and all costs of such litigation, including attorney’s fees.  Licensors shall not compromise or settle litigation in a manner that adversely impacts the rights of the Company hereunder without the prior written consent of Company, which consent shall not be unreasonably withheld or delayed.  In the event one or both Licensors exercise their right to sue pursuant to this Section 9.3, they shall retain all sums recovered in such suit or in settlement thereof following coverage of all costs arising in connection with such suit.

 

21

9.4 Counsel. In the event Company takes action in the prosecution, prevention, or termination of any Infringement pursuant to Section 9.2, and the involved legal counsel is of the opinion there is a conflict of interest between the Company’s interests and Licensors’ own interests in connection with such action, Licensor(s) shall have the right to be represented by counsel of their own selection in such action at Company’s expense. Each Party shall always have the right to be represented by counsel of its own selection and at its own expense in any suit instituted under this Section 9 by another Party.

 

9.5 Cooperation.  Each Party agrees to cooperate fully in any action under this Section 9 that is controlled by any other Party, provided that the controlling Party reimburses the cooperating Party promptly for any reasonable, out-of-pocket, documented costs and expenses incurred by the cooperating Party in connection with providing such assistance.  For the avoidance of doubt, if such action requires the assistance of Prof. Haynes, the controlling Party shall contact Prof. Haynes directly and bear all related expenses.

 

9.6 Declaratory Judgment.  If a declaratory judgment action is brought naming Company and/or any of its Affiliates or Sublicensees as a defendant and alleging invalidity or unenforceability of any Valid Claims within Licensed Patents, Company shall promptly upon becoming aware of such notify Licensors in writing and Licensors may elect, upon written notice to Company within thirty (30) days after Licensors receive notice of the commencement of such action, to take over the sole defense of the invalidity and/or unenforceability aspect of the action at their own expense in close consultation with the Company.

 

	10	
Warranties; Limitation of Liability.

 

10.1 Compliance with Law.  Company represents and warrants that it will comply, and will contractually require its Affiliates and Sublicensees to comply, with all applicable, mandatory local, state, and international laws and regulations relating to the development, manufacture, use, sale and importation of Licensed Products.  Without limiting the foregoing, Company represents and warrants that it will comply, and will contractually require its Affiliates and Sublicensees to comply, with all applicable, mandatory export control laws and regulations (including, without limitation, United States export control laws and regulations).

 

22

10.2 Warranties; Disclaimer.

 

	 	10.2.1	
Licensors each warrant to the Company, each as to itself, that with regard to the period prior to the date of signing this Agreement:

 

	 	
10.2.1.1

	
neither they, nor their respective Affiliates, or other representatives , or to the best of their knowledge, after reasonable enquiry, their employees or inventors have granted any third party any rights which conflict with the rights granted to the Company herein, including the License rights and the right to enforce the Licensed Patent;

 

	 	
10.2.1.2

	
the Licensed Patents are free and clear of all encumbrances;

 

	 	
10.2.1.3

	
they have not received any communication from any third party claiming any ownership of or other right to the Licensed Technology, and they have not received any notice of invalidity or infringement of any of the Licensed Patents; and

 

	 	
10.2.1.4

	
to the best of their knowledge, on the date of signing this Agreement, there is no pending or threatened litigation, arbitration, administrative or other proceedings, or governmental investigation relating to the Licensed Patents other than pre-grant patent application prosecution proceedings.

 

10.2.2 THE LICENSED TECHNOLOGY IS PROVIDED TO THE COMPANY ON AN “AS-IS” BASIS. LICENSORS MAKE NO WARRANTIES WHATSOEVER AS TO THE SUCCESS, OR COMMERCIAL OR SCIENTIFIC VALUE, OF THE LICENSED TECHNOLOGY. LICENSORS MAKE NO REPRESENTATION THAT THE LICENSED TECHNOLOGY WILL ENABLE THE DEVELOPMENT OF ANY PRODUCTS. LICENSORS MAKE NO REPRESENTATION THAT THE PRACTICE OF THE LICENSED TECHNOLOGY OR THE DEVELOPMENT, MANUFACTURE, USE, SALE OR IMPORTATION OF ANY PRODUCT, OR ANY ELEMENT THEREOF, WILL NOT INFRINGE THE PATENT OR PROPRIETARY RIGHTS OF ANY THIRD PARTY.

 

10.2.3 NOTHING CONTAINED HEREIN SHALL BE DEEMED TO BE A WARRANTY BY LICENSORS THAT THEY CAN OR WILL BE ABLE TO OBTAIN PATENTS ON PATENT APPLICATIONS, IF ANY, INCLUDED IN THE LICENSED TECHNOLOGY, OR THAT ANY LICENSED PATENT WILL AFFORD ADEQUATE OR COMMERCIALLY WORTHWHILE PROTECTION.

 

10.2.4 EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT, LICENSORS MAKE NO WARRANTY WITH RESPECT TO ANY TECHNOLOGY (INCLUDING WITHOUT LIMITATION THE LICENSED TECHNOLOGY), SPONSORED RESEARCH, SPONSORED RESEARCH RESULTS, CONSULTING SERVICES, CONSULTING SERVICES RESULTS,  PATENTS (INCLUDING WITHOUT LIMITATION THE LICENSED PATENTS), GOODS, SERVICES, RIGHTS OR OTHER SUBJECT MATTER OF THIS AGREEMENT AND HEREBY DISCLAIM WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT WITH RESPECT TO ANY AND ALL OF THE FOREGOING.

 

10.2.5 The Company acknowledges and agrees that it is fully aware of the fact that one of the inventors of the HKUST Patents has not signed on the assignment document of the HKUST Patents.

 

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10.3 Limitation of Liability.

 

10.3.1 NEITHER THE LICENSORS NOR THE COMPANY WILL BE LIABLE TO EACH OTHER AND/OR TO ANY THIRD PARTY WITH RESPECT TO ANY SUBJECT MATTER OF THIS AGREEMENT UNDER ANY CONTRACT, NEGLIGENCE, STRICT LIABILITY OR OTHER LEGAL OR EQUITABLE THEORY FOR (A) ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES OR LOST PROFITS OR (B) COST OF PROCUREMENT OF SUBSTITUTE GOODS, TECHNOLOGY, LICENSING OPPORTUNITIES OR SERVICES. NOTWITHSTANDING THE FOREGOING, NO PARTY SHALL BE ENTITLED TO CLAIM THE LIABILITY LIMITATION OF THIS SECTION 10.3.1 FOR ANY BREACH BY IT OF SECTION 10.2.1 ABOVE, AND EACH OF THE COMPANY AND HADASIT SHALL NOT BE ENTITLED TO CLAIM SUCH LIABILITY LIMITATION FOR A BREACH BY IT OR ITS REPRESENTATIVES OF SECTION 13 BELOW.

 

10.3.2 EXCEPT FOR DAMAGES ARISING FROM GROSS NEGLIGENCE, WILFUL BREACH OR MISCONDUCT  OR FRAUD OF  THE LEADING LICENSOR, THE LEADING LICENSOR’S AGGREGATE LIABILITY FOR ALL DAMAGES OF ANY KIND ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ITS SUBJECT MATTER SHALL NOT EXCEED THE AMOUNTS RECEIVED BY IT FOR ITS OWN BENEFIT UNDER THIS AGREEMENT, PROVIDED, HOWEVER, THAT THE LEADING LICENSOR SHALL NOT BE ENTITLED TO CLAIM THIS LIABILITY LIMITATION SHOULD IT OR ITS REPRESENTATIVES BREACH ANY OF THEIR CONFIDENTIALITY OBLIGATIONS UNDER THIS AGREEMENT.  NOTWITHSTANDING ANYTHING IN THIS AGREEMENT, RDC’S AGGREGATE LIABILITY (IF ANY) FOR ALL DAMAGES OF ANY KIND ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ITS SUBJECT MATTER SHALL NOT IN ANY EVENT EXCEED THE AMOUNT RECEIVED BY IT UNDER THIS AGREEMENT VIA THE LEADING LICENSOR PURSUANT TO SECTION 7.1.2.

 

10.3.3. FOR THE AVOIDANCE OF DOUBT, THE USE OF THE LICENSED KNOW-HOW IS AT THE DISCRETION OF THE COMPANY, ITS AFFILIATES AND SUB-LICENSEES. IN NO EVENT SHALL RDC, ITS TRUSTEES, DIRECTORS, OFFICERS, EMPLOYEES AND AFFILIATES BE LIABLE FOR ANY LOSS (HOWEVER ARISING AND WHETHER DIRECT, CONSEQUENTIAL, INCIDENTAL OR SPECIAL) WHICH THE COMPANY OR ITS AFFILIATES OR SUBLICENSEES OR ANY OTHER THIRD PARTY MAY SUFFER FROM THE USE OF THE LICENSED KNOW-HOW.

 

	11	
Indemnification and Insurance.

 

11.1 Indemnity. Company shall indemnify, defend and hold harmless Licensors, HMO, HKUST and their respective current and former directors, governing board members, trustees, officers, faculty, medical and professional staff, employees, students, and agents and their respective successors, heirs and assigns (collectively, the “Indemnitees”) from and against any claim, liability, cost, expense, damage, deficiency, loss or obligation or any kind or nature (including, without limitation, reasonable attorney’s fees and other costs and expenses of litigation) (collectively, “Claims”), arising out of any theory of liability (including without limitation actions in the form of tort, warranty, or strict liability and regardless of whether such action has any factual basis) concerning the practice or use of any of the Licensed Technology or the Consulting Services Results by the Company, or any of its Affiliates or Sublicensees, or concerning any product, process, or service that is made, used, or sold pursuant to any right or license granted to the Company under this Agreement, unless the particular damage, loss or expense was caused by a particular Indemnitee’s gross negligence or willful breach or misconduct.

 

24

	 	11.2	
Procedures.  If any Indemnitee receives notice of any Claim, such Indemnitee shall, as promptly as is reasonably possible, give the Company notice of such Claim; provided, however, that failure to give such notice promptly shall only relieve the Company of any indemnification obligation it may have hereunder if such failure materially diminishes the ability of the Company to respond to or to defend the Indemnitee against such Claim.  Licensors and the Company shall consult and cooperate with each other regarding the response to and the defense of any such Claim and the Company shall, upon its acknowledgment in writing of its obligation to indemnify the Indemnitee, be entitled to and shall assume the defense or represent the interests of the Indemnitee in respect of such Claim, that shall include the right to select and direct legal counsel and other consultants to appear in proceedings on behalf of the Indemnitee and to propose, accept or reject offers of settlement, all at its sole cost provided, however, that no such settlement shall be made without the written consent of the Indemnitee if the settlement involves an admission of failure or wrongdoing by an Indemnitee, or could lead to the invalidity of a Licensed Patent, such consent not to be unreasonably withheld. Nothing herein shall prevent the Indemnitee from retaining its own counsel and participating in its own defense at its own cost and expense.

 

	 	11.3	
Insurance. The Company shall maintain insurance that is reasonably adequate to fulfill any potential obligation to the Indemnitees under this Section 11, taking into consideration, among other things, the nature of the products or services commercialized.  Without limiting the foregoing, beginning at the time any Licensed Product is being commercially distributed or sold, such insurance shall include commercial liability insurance in amounts standard in the industry but in any event not less than US$10,000,000 per incident and US$10,000,000 in the aggregate. During clinical trials of any such Licensed Product, Company shall, at its sole cost, procure and maintain commercial general liability insurance in such equal or lesser amount as required by the applicable regulatory authority.  Such insurance shall be obtained from a reputable insurance company. Licensors, HMO and HKUST shall be added as co-insured parties under such insurance policy. The Company hereby undertakes to comply punctually with all obligations imposed upon it under such policies, including without limitation the obligation to pay in full and punctually all premiums and other payments due under such policies.  The Company shall provide the Leading Licensor upon request with written evidence of such insurance.  The Company shall continue to maintain such insurance after the expiration or termination of this Agreement during any period in which the Company or any Affiliate or Sublicensee continues to make, use, or sell Licensed Products, and thereafter for a period of seven (7) years.

 

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	12	
Term and Termination.

 

12.1 Term.  The term of this Agreement shall commence on the Effective Date and, unless earlier terminated as provided in this Article 12, shall continue in full force and effect until the end of the Royalty Period for all Licensed Products.  Should the Effective Date not occur by July 15, 2016, for any reason whatsoever, this Agreement shall be null and void and of no further effect.

 

12.2 Termination.

 

      12.2.1 Termination Without Cause. Company shall be entitled to terminate this Agreement without cause upon one hundred and twenty (120) days prior written notice to the Leading Licensor. Termination by the Leading Licensor pursuant to Section 5.5 shall also be deemed as termination without cause.

 

      12.2.2 Termination for Patent Challenge.  Without limiting the provisions of Section 6.8 above, the Leading Licensor may terminate this Agreement immediately upon written notice to Company if Company or any of its Affiliates (or Sublicensee/s if Company does not terminate the applicable Sublicense/s upon becoming aware of the action) commences an action in which it challenges the validity, enforceability or scope of any of the Licensed Technology.

 

        12.2.3                         Termination for Default. In the event that either the Company or either Licensor  commits a material breach of its obligations under this Agreement and fails to cure that breach within thirty (30) days after receiving written notice thereof, the non-defaulting  Party  may terminate this Agreement immediately upon written notice to the Party in breach with a copy to the additional Party; provided however that in the case of a breach of Company’s payment obligations to Licensors through the Leading Licensor hereunder, the cure period will be reduced to fifteen (15) days after receiving written notice thereof.  Failure to enter into the first Sponsored Research Agreement as envisaged in Section 2.1.2 above within forty five (45) days of the Effective Date or any breach of Company’ payment obligations under the first Sponsored Research Agreement will be deemed an irremediable breach of this Agreement.

 

    12.2.4                       Bankruptcy.  The Leading Licensor may terminate this Agreement upon notice to the Company if the Company becomes insolvent, is adjudged bankrupt, applies for judicial or extra‐judicial settlement with its creditors, makes an assignment for the benefit of its creditors, voluntarily files for bankruptcy or has a receiver or trustee (or the like) in bankruptcy appointed by reason of its insolvency, or in the event an involuntary bankruptcy action is filed against  the Company and not dismissed within ninety (90) days, or if the Company becomes the subject of liquidation or dissolution proceedings or otherwise discontinues business.

 

12.3  Effect of Termination.

 

       12.3.1 The License.  The License (and the resulting rights and obligations) will expire at the end of the  Royalty Period on a  Licensed Product by Licensed Product and country by country basis following which the Licensors shall be entitled to freely exploit the Licensed Technology  relating to a particular Licensed Product in the particular country on a royalty-free (no consideration payable), non-exclusive basis.

 

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       12.3.2 Upon termination of this Agreement by either the Company or the Leading Licensor pursuant to any of the provisions of Section 12.2, (a) the rights and licenses granted to Company by Licensors under this Agreement shall terminate and Company shall have no further right under this Agreement to exploit the Licensed Technology, and   shall refrain from exploiting Licensed Technology; (b) Licensors shall have the right to exploit Licensed Technology  without obligation to Company.

 

       12.3.3 Accruing Obligations.  Termination or expiration of this Agreement shall not relieve the Parties of obligations accruing prior to such termination or expiration, including obligations to pay amounts accruing hereunder up to the date of termination or expiration, subject to the foregoing not derogating from any right or remedy otherwise available to the Company to refrain from paying, or receive reimbursement of amounts paid, in the case of termination due to a breach of one or both Licensors.

 

       12.3.4 License to Licensors. Upon the termination of this Agreement by the Company pursuant to Section 12.2.1 or by the Leading Licensor for the Company’s failure to meet milestones pursuant to Section 5.5, or due to an uncured breach of the Company pursuant to Section 12.2.3 or the bankruptcy of the Company pursuant to Section 12.2.4, Licensors shall have  an irrevocable, perpetual, exclusive, worldwide license, with rights to sublicense, to make any and all uses of the Development Results and of any Know How, inventions, discoveries, patent applications, patents and any other intellectual property owned by the Company or its Affiliates that relate to or that are necessary in order to exploit the Licensed Technology (“Company IP”), which uses shall include, without limitation, the right to develop, have developed, manufacture, have manufactured, use, market, offer for sale, sell, have sold, export and import Licensed Products. Moreover, Company shall immediately provide Licensors will copies of all regulatory filings prepared by it pursuant to Section 5.6 and the right to reference, cross-reference, review, have access to, incorporate and use all documents and other materials filed by or on behalf of Company and its Affiliates with any Regulatory Authority in further of applications for regulatory approvals with respect to Licensed Products. Should the Company IP be licensed by the Licensors to a third party, and subject to the Company having complied and continuing to comply with its material obligations under this Agreement which remain in existence following termination of this Agreement the Company shall be entitled to twenty percent (20%) of the “Net Revenues” to Licensors. “Net Revenues” shall mean all amounts in cash and other consideration actually received by Licensors solely in respect of the Licensed Technology when licensed together with the  Company IP, or otherwise in respect to the Company IP, except in respect to provision of services, less documented (as certified by external independent auditors agreed upon by the Parties), out-of-pocket, unreimbursed expenses and professional fees, including legal fees, patent agent fees and fees paid to other experts, incurred by Licensors in connection with (i) the filing, prosecution, maintenance or enforcement of the relevant patent rights; (ii) the preparation, negotiation, execution and/or enforcement of any such license agreement; and (iii) license fees and royalties actually paid to third parties by the Licensors for the right to use the Licensed Technology. Notwithstanding the foregoing, the Company’s right to payment pursuant to this Section 12.3.4 shall be capped by the twice the total sum of the Company’s Costs. “Company’s Costs” shall mean the Company’s out of pocket costs and expenses, including patent expenses incurred by the Company, related directly to the implementation of this Agreement and/or the creation of the Company IP and linked to the Israeli Cost of Living Index, not including any repayment by the  Company of third party funds, money or compensation received by the Company in respect to the Development Plan, such as OCS funds, other grants and any other third party funding, and all as certified by external independent auditors agreed upon by the Parties. Licensors shall pay to the Company amounts, payable under this section 12.3.4, if any, within sixty (60) days of receipt of Net Revenues.

 

27

 

12.3.5  Return of Materials.  The Company shall return or transfer to Licensors, within fourteen (14) days of termination hereof, all material, in soft or hard copy, that is Confidential Information of the Licensors relating to the Licensed Technology or Licensed Products connected with the License, and it shall not make any further use thereof.  The Leading Licensor shall be entitled to conduct a reasonable audit subject to the confidentiality obligations of Section 13 in order to ascertain compliance with this provision and the Company agrees to allow access to the Leading Licensor or its representatives for this purpose.

 

         12.3.6   No Reimbursement. In case of termination under any circumstances the Company will not be entitled to any reimbursement of any amount paid to Licensors under this Agreement.

 

     12.3.7  Survival.  The Parties’ respective rights, obligations and duties under Sections 3, 4.1.3(a)(iii), 7, 10, 11, 12.3, 13 and 14  as well as any rights, obligations and duties which by their nature extend beyond the expiration or termination of this Agreement, shall survive any expiration or termination of this Agreement for any reason.

 

13 Confidentiality. Each Party agrees that, for a period of seven (7) years from date of disclosure, it will keep confidential, and not disclose or use Confidential Information (as defined below) received from any other Party or its representatives other than for the purposes of this Agreement. Each Party shall treat such Confidential Information with the same degree of confidentiality as it keeps its own confidential information, but in any event no less than a reasonable degree of confidentiality. Each Party may disclose the other Parties’ Confidential Information only to: (a) those of its employees and consultants who have a “need to know” such information in order to enable it to exercise its rights or fulfill its obligations under this Agreement and are legally bound by agreements which impose confidentiality and non-use obligations comparable to those set forth in this Agreement; and (b) to potential or actual investors in the Company provided they are legally bound by agreements which impose confidentiality and non-use obligations similar to those set forth in this Agreement; and (c) to regulatory authorities as needed for gaining regulatory approvals by the Company. For purposes of this Agreement, “Confidential Information” means any scientific, technical, trade or business information relating to the subject matter of this Agreement designated as confidential or which otherwise should reasonably be construed under the circumstances as being confidential disclosed by or on behalf of a Party or any of its employees, business associates (including Sublicensees), researchers or students, whether in oral, written, graphic or machine-readable form, except to the extent such information (as evidenced by the receiving Party): (i) was known to the receiving Party at the time it was disclosed, as evidenced by such Party’s written records at the time of disclosure; (ii) is at the time of disclosure or later becomes publicly known under circumstances involving no breach of this Agreement; (iii) is lawfully and in good faith made available to the receiving Party by a third party who to the knowledge of the Receiving Party after reasonable investigation  is not subject to obligations of confidentiality to any Party with respect to such information; or (iv) is independently developed without the use of or reference to Confidential Information, as demonstrated by documentary evidence, by a Person who had no access to the applicable Confidential Information.

 

28

 

14 Publications. Each Licensor shall furnish a copy of a contemplated publication which contains reference to the Licensed Technology or Sponsored Research Results at least 45 (forty-five) days before the making of any such publication and shall be free to publish if the Company shall have failed to notify it in writing, within 30 (thirty) days from receipt of the said draft publication, of its opposition to the making of the contemplated publication.  Should the Company notify the Licensor in writing within 30 (thirty) days from the receipt of the draft contemplated publication that it opposes the making of such publication because it includes material (which has been specified in said notice) in respect of which there are reasonable grounds (which have also been specified in said notice) that the disclosures thereunder contain Confidential Information of the Company or Sponsored Research Results,  then the relevant Licensor shall not permit such publication until such specified information of the Company or Sponsored Research Results (as the case may be) is removed. The Company acknowledges that it is aware of the importance to researchers of publishing their work and, accordingly, the Company will act in a commercially reasonable manner if it opposes such publications.

 

	15	
Miscellaneous.

 

15.1                  No Security Interest.  Company shall not enter into any agreement under which Company grants to or otherwise creates in any third party a security interest in this Agreement or any of the rights granted to Company herein.  Any grant or creation of a security interest purported or attempted to be made in violation of the terms of this Section 15.1 shall be null and void and of no legal effect.

 

15.2                  Use of Name. Company shall not, and shall ensure that its Affiliates and Sublicensees shall not, use the name or insignia of the Licensors, HMO or HKUST, or the name of any of their officers, employees, faculty, other researchers or students, or any adaptation of such names, without the prior written approval of the Leading Licensor (in the case of Hadasit or HMO) or RDC (in the case of RDC or HKUST). Licensors shall not use the name or insignia of Company, or the name of any Company’s employees, licensors or sublicensees, or any adaptation of such names, without the prior written approval of Company. Notwithstanding the above and subject to Section 13, (i) Company shall be entitled to describe truthfully in its discussions with potential Sublicensees and investors, and in its business plan and related private placement materials and IPO materials the nature of the Agreement, the identity of the Licensors and the background of Prof. Wolf engaged in a Sponsored Research; and (ii) the Parties may from time to time issue press releases and other public announcements describing the Agreement and other matters relating to the Sponsored Research, Consulting Services and the Licensed Products.  Each such description, press release or announcement described in (i) or (ii) shall be subject to the prior written approval of Company and the Licensors, such approval not to be unreasonably withheld or delayed. The restrictions set forth in this Section 15.2 shall not apply to any information required by law to be disclosed to any governmental entity.

 

29

15.3    Entire Agreement.  This Agreement is the sole agreement with respect to the subject matter hereof and except as expressly set forth herein, supersedes all other agreements and understandings between the Company and the Licensors with respect to the same.

 

15.4                  Notices. Unless otherwise specifically provided, all notices required or permitted by this Agreement shall be in writing and may be delivered personally, or may be sent by facsimile, overnight delivery or certified mail, return receipt requested, to the following addresses, unless the Parties are subsequently notified of any change of address in accordance with this Section 15.4:

 

	
If to Company:

	
Artemis Therapeutics Inc.

 

	
If to the Leading Licensor:

 

 

 

 

	
Hadasit Medical Research Services & Development Ltd

POB 12000

Jerusalem 91120 Israel

Facsimile: +972 3 6437712

Attention: Ms. Carole Grumbach

	 	 
	
With a copy to (which will not constitute a notice):

	Pearl Cohen Zedek Latzer Baratz

Azrieli Center, Round Tower, 18th Floor,

Tel Aviv, Israel

Facsimile: +972 9 9728001

Attention: Ms. Yael Baratz

	 	 
	
If to RDC:

 

	
The Hong Kong University of Science and Technology

Clear Water Bay,

Kowloon, Hong Kong

Facsimile: +852-23582751

Attention: Chief Executive Officer

 

Any notice shall be deemed to have been received as follows:  (a) by personal delivery, upon receipt; (b) by facsimile or overnight delivery, one business day after transmission or dispatch; (c) by certified mail, as evidenced by the return receipt.  If notice is sent by facsimile, a confirming copy of the same shall be sent by mail to the same address.

 

30

15.5                Governing Law and Jurisdiction.  This Agreement shall be governed by and construed in accordance with the laws of England and Wales, without regard to the application of principles of conflicts of law, except for matters of patent law, which, other than for matters of inventorship on patents which shall be determined according to the laws of the United States of America. If disputes do arise, the Parties agree to discuss in good faith and make every effort to come to a fair, practical and speedy adjustment to their differences. In the event the dispute cannot be amicably settled by negotiation, the Parties hereby consent to and agree that the competent court in London, England shall have sole jurisdiction over any and all matters arising from this Agreement.

 

15.6 Binding Effect.  This Agreement shall be binding upon and inure to the benefit of the Parties and their respective legal representatives, successors and permitted assigns.

 

15.7 Headings.  Section and subsection headings are inserted for convenience of reference only and shall not affect the construction or interpretation of the content.

 

15.8 Counterparts.  The Parties may execute this Agreement in three or more counterparts, each of which shall be deemed an original.

 

15.9 Amendment; Waiver.  This Agreement may be amended, modified, superseded or canceled, and any of the terms may be waived, only by a written instrument executed by each of the Parties or, in the case of waiver, by the Party waiving compliance.  In the case of a contradiction between the terms of this Agreement and any Exhibit (inclusive of schedules) the terms of this Agreement will be controlling, unless it is explicitly stated in such Exhibit that it is intended to amend the terms of this Agreement. The delay or failure of any Party at any time or times to require performance of any provisions hereof shall in no manner affect the rights at a later time to enforce the same.  No waiver by a Party of any condition or of the breach of any term contained in this Agreement, whether by conduct, or otherwise, in any one or more instances, shall be deemed to be, or considered as, a further or continuing waiver of any such condition or of the breach of such term or any other term of this Agreement.

 

15.10              No Agency or Partnership.  Nothing contained in this Agreement shall give any Party the right to bind the other Parties, or be deemed to constitute any Party as agent for or partner of the other Parties or any third party.

 

15.11             Assignment and Successors.  Except for the case of a merger or acquisition involving the Company, the Company shall not transfer, assign, encumber or endorse its rights or obligations, in whole or in part, under this Agreement, to any third party that is not an Affiliate of the Company, without the Leading Licensor’s consent which shall not be unreasonably denied, delayed or conditioned, and in any assignment the Company shall provide the Leading Licensor with written notice of the assignment and the assignee shall agree in writing to be bound by the terms of this Agreement. Subject to the foregoing, this Agreement shall inure to the benefit of the Party’s respective successors and assigns.

 

15.12              Force Majeure.  Neither Party will be responsible for delays resulting from causes beyond the reasonable control of such Party, including, without limitation, fire, explosion, flood, war, strike, or riot, provided that the nonperforming Party uses commercially reasonable efforts to avoid or remove such causes of nonperformance and continues performance under this Agreement with reasonable dispatch whenever such causes are removed.

 

31

15.13              Interpretation.  Each Party hereto acknowledges and agrees that:  (a) it and/or its counsel reviewed and negotiated the terms and provisions of this Agreement and has contributed to its revision; (b) the rule of construction to the effect that any ambiguities are resolved against the drafting Party shall not be employed in the interpretation of this Agreement; and (c) the terms and provisions of this Agreement shall be construed fairly as to all Parties and not in favor of or against any of the Parties, regardless of which Party was generally responsible for the preparation of this Agreement.

 

15.14              Severability. If any provision of this Agreement is ruled invalid or unenforceable by any court of competent jurisdiction, the remainder of this Agreement shall not be affected and the invalid or unenforceable provision shall be reformed or construed to reflect the commercial understandings between the Parties so that it would be valid, legal and enforceable to the maximum extent possible.

 

[remainder of page intentionally left blank]

 

32

 

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

 

	
Hadasit Medical Research Services & Development, Ltd.

 

By: /s/ Dr. Tamar Raz

Name: Dr. Tamar Raz

 Title: Chief Excutive Officer

 

Hong Kong University of Science and Technology R and D Corporation Limited

 

By: /s/ Edward C. Wong

Name: Mr. Edward C Wong

 Title: Chief Excutive Officer

	
Artemis Therapeutics Inc.

By: /s/ Nadav Kidron

 Name: Nadav Kidron

Title: Director

 

Exhibits

Exhibit A – Licensed Patents

Exhibit B -  Licensed Know How

Exhibit C – Investment Milestones

Exhibit D – Consulting Services Agreement

Exhibit E – Development Milestones

Exhibit F – Development Plan

Exhibit G – Milestones Payments

Exhibit H - Expertise of Prof. Wolf

Exhibit I – Form of Sponsored Research Agreement

33

EXHIBIT A

LICENSED PATENTS

Exhibit A1:

 

	
Family:

	
357

	
Title:

	
Methods and compositions for treating viral infections

	 	 	 
	
HKUST

ref: 

TTC.PA 

0600

	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
Inventor

	
University

	
Faculty

	
Department

	 	 	 
	
Haynes Richard

	
 

	
 

	
 

	 	 	 
	
Wolf Dana

	
Hadassah Ein Kerem

	
Clinical Microbiology and Infectious Diseases

	
Virology

	 	 	 
	 	 	 	 	 	 	 
	
 

	
Application

	
Publication

	
Patent ID

	
Status

	
Country

	
Date

	
Number

	
Date

	
Number

	
357-00

	
Expired

	
US

	
7/8/2008

	
61/086,823

	
 

	
 

	
357-01

	
Expired

	
US

	
18/04/2012

	
61/625,701

	
 

	
 

	
357-02

	
Pending

	
PCT

	
17/04/2013

	
IL2013/050335

	
24/10/2013

	
WO13/157005

 

	
Application

	
Publication

	
Patent ID

	
Country

	
Date

	
Number

	
Date

	
Number

	
357-00

	
US

	
7/8/2008

	
61/086,823

	
 

	
 

	
357-01

	
US

	
18/04/2012

	
61/625,701

	
 

	
 

	
357-02

	
PCT

	
17/04/2013

	
IL2013/050335

	
24/10/2013

	
WO13/157005

	
357-03

	
US

	
16/10/2014

	
14/394,973

	
12/3/2015

	
2015/0072979

	
357-04

	
Australia

	
5/11/2014

	
2013250714.00

	
 

	
 

	
357-05

	
Europe

	
2/10/2014

	
13777543.30

	
 

	
 

	
357-06

	
China

	
17/12/2014

	
2013800320658.00

	
 

	
 

	
357-07

	
Brazil

	
20/10/2014

	
BR1120140261580

	
 

	
 

	
357-08

	
Japan

	
4/11/2014

	
2015-506353

	
 

	
 

34

 

Exhibit A2: Antiparasitic artemisinn derivatives

Inventors: Prof. Richard Haynes (HKUST)

HKUST ref.: TTC.PA.0072

 

	
Application

	
Publication

	
Patent

	
Patent ID

	
Status

	
Country

	
Date

	
Number

	
Date

	
Number

	
Date

	
Number

	 	
issued

	
CN

	
14/07/1999

	
99810650.X

	 	 	
24/09/2003

	
99810650.X

	 	
issued

	
US

	
14/07/1999

	
09/743,827

	
31/07/2001

	
US20010743827

	
10/01/2006

	
6,984,640

 

35

EXHIBIT B

LICENSED KNOW-HOW

 

[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A 

REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED 

SEPARATELY WITH THE COMMISSION]

36

EXHIBIT C

INVESTMENT MILESTONES

	
Investment Milestone

	
Investment Amount (cumulative total to date)

	
Within 7 months from the Effective Date

	
US$700,000

	
Within 12 months from the Effective Date

	
US$1,000,000

	
Within 24 months from the Effective Date

	
US$2,000,000

37

EXHIBIT D

CONSULTING SERVICES AGREEMENT

 

CONSULTING AGREEMENT

 

This CONSULTING AGREEMENT (this “Agreement”) is entered into as of the Effective Date (as defined below), by and between:  Hadasit Medical Research Services and Development Ltd. (“Hadasit”), whose address, for the purposes hereof, is P.O. Box 12000, Jerusalem 9112001;

Professor Dana Wolf ( “Prof. Wolf”), whose address, for the purposes hereof, is care of Hadasit; and Artemis Therapeutics Inc. (the “Company”), whose address, for the purposes hereof, is 1633 Broadway, New York, NY 10019  (each a “Party” and collectively, the “Parties”) ( Prof. Wolf is also referred to herein as a “Consultant”).

 

WHEREAS,      Hadasit is a wholly owned subsidiary of Hadassah Medical Organization (“HMO”), and is authorized to enter this Agreement and to utilize HMO’s facilities, employees and agents for purpose of this Agreement, and the Consultant is an employee of HMO;

 

WHEREAS,      Hadasit and the Company are parties to a License Agreement dated May 31, 2016 (the “License Agreement”) and shall be parties to a Sponsored Research Agreement as provided thereunder   as well as additional Sponsored Research Agreement as provided thereunder as may be entered into from time to time (collectively, the “Research Agreements”), pursuant to which Company licenses certain technology and intellectual property invented by the Consultant and shall fund research at the Consultant’s laboratory  under her direction and supervision;

 

WHEREAS,      the Company is interested in receiving and Hadasit desires to make Prof. Wolf available to serve as the Company’s Chief Scientific Officer and as a member of its Scientific Advisory Board (“SAB”).

 

NOW, THEREFORE, the Parties agree as follows:

 

1 EFFECTIVE DATE; SCOPE OF SERVICES

 

1.1 The “Effective Date” of this Agreement is the “Effective Date” in terms of the License Agreement.

 

1.2 In her capacity as Consultant, Prof. Wolf will participate in SAB meetings and oversee research and development activities of the Company with respect, inter alia, to the intellectual property licensed from Hadasit under the License Agreement outside the laboratories of HMO (the “Services”).  The Consultant undertakes that in no event shall the Consultant: (a) perform research for or on behalf of the Company, whether at the Company, at HMO or any other location, except as may be agreed by Hadasit and the Company pursuant to the Sponsored Research Agreement executed between Hadasit and the Company contemporaneously with this Agreement; and (b) use any of the resources, personnel or facilities of HMO in the provision of the Services.

 

1.3 During the Term (as defined below), Hadasit shall make Prof. Wolf available to perform the Services in the scope as set forth herein. The Company acknowledges that the Services rendered to the Company under this Agreement are supplementary to the Consultant’s duties as an active physician at HMO.

 

1.4 The average total workload of the Services rendered by Prof. Wolf herein shall not exceed 15 hours per month unless otherwise agreed between the Parties in writing.

 

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1.5 The Consultant shall professionally and diligently perform the Services. Without derogating from the Company’s responsibilities hereunder, any amendment to the scope of the Services shall require the written consent of all of the Parties.

 

1.6 The Consultant undertakes not to knowingly utilize or exploit any proprietary or confidential information of third parties in providing the Services.

 

1.7 Nothing in this Agreement shall be construed as preventing HMO or the Consultant from providing other consulting, advisory and other services to other persons or entities, provided that the Consultant undertakes that during the term of this Agreement she shall not advise, or assist, or perform any services or work for, any third party who is a competitor of the Company unless she first receives the Company’s written consent for such on a case by case basis. For the avoidance of doubt, nothing in this Section 1.7 shall restrict the Consultant from performing any research activities at HMO.

 

1.8 In case of inconsistency between the terms of this Agreement and the License Agreement, the terms of the License Agreement, and any right, including proprietary rights derived therefrom, shall prevail.

 

1.9 The Company will reimburse the Consultant for duly documented reasonable out-of pocket expenses incurred by her in the performance of the Services, including travel time (for on-site or any meetings/visits) and travel expenses, as provided in Schedule A hereto.

 

2 TERM AND TERMINATION

 

2.1 This Agreement shall become effective from the Effective Date and shall remain in force and effect for a period of three (3) years from the Effective Date (the “Initial Term”), and shall be automatically extended for additional twelve (12) month periods thereafter, unless earlier terminated by the Parties as set forth herein (the Initial Term, together with all such additional periods. shall be referred to herein as the “Term”).

 

2.2 Hadasit may terminate this Agreement:

 

(a) immediately, upon the filing by any person of a petition for the winding-up or liquidation of the Company or the appointment of a receiver over a majority of the assets of the Company, and such petition is not dismissed within twenty-one (21) days;

 

(b) immediately, in the event of any breach by the Company of any material term of this Agreement, the  License Agreement or any Research Agreement and such breach is not cured (if curable) within twenty-one (21) days of delivery to the Company of written notice of such material breach; or

 

(c)          immediately, upon the termination of the License Agreement.

 

2.3 The Company may terminate this Agreement:

 

	(a)	
immediately, upon the filing by any person of a petition for the winding-up or liquidation of Hadasit or the appointment of a receiver over a majority of the assets of Hadasit, and such petition is not dismissed within twenty-one (21) days; or

 

	(b)	
immediately, in the event of any breach by either Hadasit or the Consultant of any material term of this Agreement, and such breach is not cured (if curable) within twenty-one (21) days of delivery to Hadasit of written notice of such material breach.; or

 

	(c)	
with prior written notice of sixty (60) days, for any reason; provided, however that if Consultant is terminated pursuant to this Section 2.3(c), Consultant shall be nominated to the Company’s scientific advisory board.

 

39

2.4 Prof. Wolf may terminate the Agreement with the prior written notice of sixty (60) days, for any reason.

 

2.5 Termination of this Agreement by any Party shall not affect the rights and obligations of the Parties accrued prior to the effective date of the termination.  The rights and obligations under Sections 2, 5, 6, 7, 8, 10 and 12 will survive any termination or expiration of this Agreement.

 

3 CONSIDERATION FOR THE SERVICES

 

In consideration for the performance of the Services contemplated hereunder, and in consideration for the assignment to the Company of all right, title and interest in and to the Consulting Services Results (as set out in Section 6 below), the Company will provide Hadasit with such compensation as is set forth on Schedule A hereto (“Compensation”).

 

4 REPORTING

 

The Consultant will provide the Company with such periodical reports as are customary or mutually agreed upon between the Consultant and the Company.

 

5 CONFIDENTIAL INFORMATION

 

The provision of Section 13 (“Confidentiality”) of the License Agreement are hereby incorporated into this Agreement by reference and will apply to all Parties, mutatis mutandis, provided that everything generated by the Consultant during provision of  the Services shall be deemed Confidential Information of the Company.

 

6 INTELLECTUAL PROPERTY

 

6.1 Each Party hereto retains all right, title and interest in any patent, patent application, trade secret, know-how and other intellectual property that was owned by such Party prior to the Effective Date, and no license grant or assignment, express or implied, by estoppel or otherwise, is intended by, or shall be inferred from this Agreement, except as specifically set forth herein.

 

6.2 Without derogating from the provisions of Section 3 of the License Agreement in any way, any and all deliverables, data, results and materials, and all related inventions, improvements, discoveries and technology, as well as all intellectual property rights in any of the foregoing, which were generated at the Company or at premises of Company contractors or collaborators (other than at HMO) in the course of the Services (the “Consulting Services Results”) shall be owned by the Company.

 

6.3 The Consultant and Hadasit hereby each assign all right, title and interest in and to the Consulting Services Results to the Company, and undertake to cooperate with the Company and to execute all documents, at Company’s first request, if and to the extent needed to give full effect to the Company’s ownership, on a world-wide basis, of the Consulting Services Results. Hadasit and the Consultant each acknowledges and warrants that: (a) the Compensation rendered to the Consultant and Hadasit under this Agreement includes full compensation for all right, title and interest in and to the Consulting Services being assigned to, and held by, the Company; and (b) should the Consultant claim any right to any compensation in addition to the Compensation set out in Schedule A of this Agreement, Hadasit shall be solely liable to the Consultant in such regard.

 

7 INDEMNIFICATION, LIMITED LIABILITIES

 

7.1 The provisions of Sections 11.1 and 11.2 of the License Agreement are hereby incorporated by reference on a mutatis mutandis basis applying to all Parties to this Agreement, subject to the Consultant being liable to the Company for any breach by the Consultant of Section 1.6, Section 5 and/or Section 6 above.

 

40

 

7.2 Nothing contained in this Agreement shall be construed as a warranty by Hadasit and/or by the Consultant that the results of the Services will be useful or commercially exploitable or of any value whatsoever. In addition, and without derogating from the aforementioned, Hadasit and the Consultant disclaim all warranties, either express or implied, with respect to the Services, including without limitation implied warranties of merchantability, efficacy and fitness for a particular purpose. The entire risk arising out of the use of the results of the Services remains solely with the Company.

 

7.3 Without derogating from the above, except for damages arising from gross negligence or a willful breach or misconduct of Hadasit and/or the Consultant or a breach of any of their confidentiality obligations, if Hadasit or a Consultant are found liable (whether under contract, tort (including negligence) or otherwise), the cumulative liability thereof for all claims whatsoever related to the Services or otherwise arising out of this Agreement, shall not exceed the total consideration actually paid to Hadasit and/or the Consultant by the Company pursuant to this Agreement.

 

7.4 Neither party shall be liable (whether under contract, tort (including negligence) or otherwise) to any other Party, or any third party for any indirect, incidental or consequential damages, including, without limitation, any loss or damage to business earnings, lost profits or goodwill and lost or damaged data or documentation, suffered by any person, arising from and/or related with and/or connected to this agreement even if such Party is advised of the possibility of such damages.

 

8 INDEPENDENT CONTRACTORS

 

Each Party is an independent contractor. Hadasit shall be solely responsible for the payment of the salaries, social rights and any other rights that the Consultant may be entitled to under any applicable law, including any deductions and allocations. Nothing contained herein shall be construed as forming employee-employer relations between the Company and Hadasit’s and HMO’s employees, agents or contractors (including the Consultant).

 

9 ASSIGNMENTS

 

This Agreement, and the rights and obligations hereunder, may not be assigned by any Party without the express written consent of the other Parties, which shall not be unreasonably withheld.

 

10       APPLICABLE LAW

 

Without derogating from the provision of Section 9 above, this Agreement shall be governed by and construed in accordance with the laws of the State of Israel. The competent courts in Jerusalem, Israel shall have exclusive jurisdiction over any dispute that may arise with respect to this Agreement.

 

11       ENTIRE AGREEMENT

 

This Agreement represents the entire understanding of the Parties with respect to the subject matter hereof. In the event of any inconsistency between this Agreement and any schedule hereto, the terms of this Agreement shall govern.  The invalidity or unenforceability of any term or provision of this Agreement shall not affect the validity or enforceability of any other term or provision hereof. This Agreement may be amended only by a written document signed by the Parties.

 

41

12 NOTICES

 

All notices or other communications required or permitted to be made or given hereunder shall be deemed so made or given when hand-delivered or sent by confirmed facsimile, or the day after delivery to a recognized overnight courier service guaranteeing next-day delivery, charges prepaid, and properly addressed to such other party in accordance with the addresses as set forth in the preamble above or at such other address as may be specified by each Party by written notice similarly sent or delivered.

 

13 COUNTERPARTS

 

This Agreement may be executed in one or more counterparts, each of which shall be an original and all of which shall constitute together the same document.

 

[signatures appear on the following page]

 

42

IN WITNESS WHEREOF, the Parties hereto have duly executed this Agreement as of the Effective Date.

 

	
Hadasit Medical Research Services

 and Development Ltd.

	 	

 Artemis Therapeutics Inc.

	
 

Name:

	 	 	
 

Name:

	 
	
 

Title:

	 	 	
 

Title:

	 
	
 

Signature:

	 	 	
 

Signature:

	 
	

 Professor Dana Wolf

	 	 	 
	
 

Signature:

	 	 	 	 

 

43

Schedule A

 

Consideration

 

A. Service Fee: In consideration for the Services, the Company shall pay Hadasit the following Service Fees:

 

In respect to Prof. Wolf’s Services: a monthly Service Fee of the NIS equivalent of two thousand U.S. dollars (U.S. $2,000) plus value added tax (“Monthly Service Fee”).It is understood and agreed that even if Prof. Wolf provides less than 15 hours of services in any given month, she shall still be paid the Monthly Service Fee.

 

Each additional hour of Prof. Wolf’s services in excess of 15 hours per month shall be charged at the rate of three hundred US Dollars (US Dollars 300) + VAT.

 

Days abroad at the Company’s request will be charged at the rate of one thousand five hundred U.S. dollars (U.S. $ 1,500) + VAT.

 

The Service Fees set forth above shall be paid monthly in arrears, upon submission of a tax invoice to the Company, within thirty (30) days of the date of invoice.

 

In the event that Company defaults on any payment of the Service Fees when due, then following a grace period of 7 days, such payment shall bear interest equal to the interest charged by Bank Leumi Le Israel B.M. for a loan of the said amount in US$ plus an annual compounded interest of three percent (3%) quarterly from the date such payment was due until the date of its actual payment.

 

Method of Payment: Either via check, made out to “Hadasit Medical Research Services and Development Ltd.”, or via a bank transfer to the following account:

 

Account name: Hadasit Medical Research Services & Development Ltd.

Account No.: 561600/82

Bank:  Leumi   Le’Israel

Main Branch Jerusalem No. 968

Branch Address: 1 Kiryat Mada, Har Hotzvim, Jerusalem 9777601

Interbank Swift Code (TID): LUMIILITXXX

IBAN: IL670109680000056160082

B. Options: Subject to the provisions of the Stock Option Agreement (“ESOP”) of the  Company that the Board of Directors of the Company shall approve (including, without limitation, the standard requirement to execute and deliver a proxy), and in addition to the above Service Fee, the Company shall grant Consultant and Hadasit (each in the amount as stated below) options, entitling Hadasit and the Consultant to buy 300 shares of Common Stock of the Company (“Shares”), constituting in the aggregate three percent (3%) of the Company’s issued and outstanding share capital on a Fully Diluted Basis (as defined below), immediately following the Effective Date, at an exercise price of US$0.01 per Share   (the “Options”).  Any and all taxes applying to the grant and exercise of such Options shall be borne solely by Hadasit and Consultant (as applicable).

 

44

The Options shall be divided among Hadasit and Consultant as follows: to Consultant: 250 Options (such number constituting 83.3% of the Options), and to Hadasit: the remaining 50 Options (such number constituting 16.7% of the Options).

The Options shall vest as follows:

 

1.1.1 On the Effective Date: 1/3 of the Options granted to each of the Consultant and Hadasit will be fully vested and exercisable;

 

On the first anniversary of the Effective Date: an additional 1/3 of the Options granted to each of the Consultant and Hadasit; and

On the second anniversary of the Effective Date: the remaining 1/3 of the Options granted to each of the Consultant and Hadasit will be fully vested and exercisable.

Notwithstanding the foregoing and anything else herein to the contrary, upon termination of this Agreement by the Company pursuant to Section 2.3(c) or upon termination of this Agreement by Hadasit pursuant to Section 2.2(b) or 2.2(c) any and all unvested Option(s) shall accelerate and become fully vested and exercisable.

 

The Options, once vested, may be exercised at any time, by written notice to the Company.

 

The term “Fully Diluted Basis” as used herein means the number of Ordinary Shares issued and outstanding at the date of formation of the Company, after giving effect to the conversion and exercise of all outstanding vested and granted convertible securities, options and warrants.

 

C. Expenses: The Consultant will be reimbursed for out of pocket expenditures related to the performance of the Services, subject to prior written approval of the Company. The Company will cover all reasonable costs of travel, local transportation, stay (including meals) and hotel accommodation for each visit overseas of the Consultant as part of the provision of the Services provided such expenses were agreed in advance. The travel related arrangements (such as decent hotel - at least 4 stars hotel, bookings and flights) shall be arranged and paid by the Company and be subject to the overhead procedures of HMO management (10%).

 

45

 

EXHIBIT E

DEVELOPMENT MILESTONES

 

	
Completion of CMC development and manufacturing for Phase I

	
Q4 2017

	
Completion of Phase I

	
Q4 2019

	
Completion of Phase IIa

	
Q4 2022

	
First Regulatory Submission

	
Q4 2027

	 	 
	 	 

46

 

EXHIBIT F

DEVELOPMENT PLAN

To be provided by the Company within 6

 months of the Effective Date

47

EXHIBIT G

MILESTONES PAYMENTS

	
Milestone

	
Payment (in US$)

	
First regulatory approval of a Licensed Product for marketing in the US

	
[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]

	
First regulatory approval of a Licensed Product for marketing in the EU

	
[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]

	
Additional regulatory approvals:

 

- For each territory other than EU and US;

- For each additional Licensed Product;

- For each additional indication / use

	
[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]

	
Net Sales of Licensed Products Milestone Payments (for the avoidance of doubt, for purposes of Milestone Payments, “Net Sales” shall be construed as including amounts actually billed or invoiced by or on behalf of Company and its Affiliates and amounts actually received by or on behalf of its Sublicensees on sales of Licensed Products to third party purchasers):

 

	
Upon first reaching annual Net Sales of Licensed Products equal to $500,000,000.00

	
[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]

	
Upon first reaching annual Net Sales of Licensed Products equal to $1,000,000,000.00

	
[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]

	
Upon first reaching annual Net Sales of Licensed Products equal to $1,500,000,000.00

	
[THE CONFIDENTIAL PORTION HAS BEEN SO OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND HAS BEEN FILED SEPARATELY WITH THE COMMISSION]

48

EXHIBIT H

EXPERTISE OF PROF. WOLF

 

	 	·	
Basic, Molecular and Clinical Virology

 

	 	·	
Molecular biology

 

	 	·	
Cellular and tissue response to viral infections

 

	 	·	
New antiviral drugs, antiviral drug susceptibility assays and drug targets

 

	 	·	
Mechanism of action of antiviral drugs

 

	 	·	
Antiviral drug resistance-detection assays and molecular mechanism

 

	 	·	
Cell-and organ cultures

 

	 	·	
Cytomegalovirus infections in immunocompromised patients

 

	 	·	
Congenital cytomegalovirustransmission, infection and disease

 

	 	·	
Epidemiology and impact of viral infections

 

	 	·	
Advanced viral diagnosis and monitoring

 

	 	·	
HCMV maternal-fetal transmission model

 

	 	·	
Viral immune evasion mechanisms

 

	 	·	
Accessible viral/host genome and proteome analysis

49

EXHIBIT I

FORM OF SPONSORED RESEARCH AGREEMENT

 

SPONSORED RESEARCH AGREEMENT

 

This Sponsored Research Agreement (this “Agreement”) is entered into on [_________], 201_ (the “Effective Date”), by and between Hadasit Medical Research Services & Development, Ltd. of Jerusalem Bio Park, Hadassah Ein-Kerem Medical Center, P.O.B. 12000, Jerusalem 91120 (“Hadasit”), and Artemis Therapeutics Inc., a Delaware corporation, having a place of business at 1633 Broadway, New York, NY 10019, an Israel corporation (each of Hadasit and the Company, a “Party”, and collectively the “Parties”).

WHEREAS: Hadasit is the wholly-owned subsidiary and the technology transfer office of Hadassah Medical Organization (“HMO”); and

 

	WHEREAS:	
the Company, Hadasit and Hong Kong University of Science and Technology R and D Corporation Limited (“RDC”), are parties to a license agreement dated May 31, 2016 (the “License Agreement”), pursuant to which Hadasit and RDC granted the Company an exclusive worldwide royalty-bearing license under the Licensed Technology (as defined in the License Agreement), all as more fully described in the License Agreement; and

 

	WHEREAS:	
the Company wishes to fund research to be performed at HMO in the laboratory of Prof. Dana Wolf (the “Principal Investigator”), as described in the research program attached hereto as Appendix A (the “Research Program” and the “Sponsored Research”, respectively), for the period and subject to and in accordance with the terms and conditions set out in this Agreement below; and

 

	WHEREAS:	
Hadasit is willing, subject to and in accordance with the terms and conditions of this Agreement, to procure the performance of the Sponsored Research at HMO as aforesaid.

 

NOW, THEREFORE, the Parties hereto, intending to be legally bound, hereby agree as follows:

 

	1.	
THE SPONSORED RESEARCH

 

	 	1.1.	
In consideration of the sums to be paid by the Company to Hadasit and subject to the other terms and conditions set out in this Agreement, Hadasit shall procure the performance of the Sponsored Research at HMO, by or under the supervision of the Principal Investigator in accordance with the Research Program, during the period stipulated in Appendix A (the “Research Period”)

 

	 	1.2.	
The Sponsored Research shall be performed with due care and skill and in a professional manner consistent with generally accepted research and academic practice. Hadasit shall be entitled to subcontract any part of the Sponsored Research and/or related obligations, subject to the written approval of the Company which shall not be unreasonably withheld, conditioned or delayed.

 

50

	 	1.3.	
The Parties may review and modify the Research Program and extend the Research Period by such period and upon such terms and conditions as mutually agreed by the Parties in writing.

 

	 	1.4.	
It is agreed that (i) in view of the fact that the Sponsored Research may involve conducting experiments on and/or using animals, the performance of the Sponsored Research and the Research Program shall be subject to the Israeli Anti-Cruelty Law, 1994 and any other applicable Israeli laws and regulations, and to the approval of, and any modifications requested by the relevant animal care and use committee of HMO, in order to ensure compliance with the above laws and regulations; and (ii) in view of the fact that the performance of the Sponsored Research may involve conducting experiments using human material (such as cells, blood, tissue, DNA, RNA, lysates, or body fluids), the performance of the Sponsored Research and the Research Program shall be subject to the approval of, and any modifications requested by the relevant external Institutional Review Board.

 

	 	1.5.	
If the Principal Investigator shall cease to be available for the supervision of the performance of the Sponsored Research for any reason, such cessation shall not constitute a breach by Hadasit of this Agreement. In the event that the Principal Investigator shall cease to be available as aforesaid, Hadasit shall use its reasonable efforts to find from amongst the scientists of HMO, a replacement scientist acceptable to the Company (such acceptance to be in writing, and not to be unreasonably withheld), but no undertaking to find such replacement is given by Hadasit.

 

	 	1.6.	
Hadasit shall be solely liable for compliance with all applicable laws and regulations regarding the performance of the research and the transfer of the Sponsored Research Results to the Company for exploitation pursuant to the License Agreement.

 

	2.	
FUNDING THE SPONSORED RESEARCH

 

	 	2.1.	
In consideration for the performance of the Sponsored Research, the Company undertakes to pay to Hadasit fees of [___________________] US Dollars (US $[___________]) (including overhead of [__%]) plus value added tax,  all in accordance with the budget attached hereto as Appendix B.

 

	 	2.2.	
The fees shall be paid in accordance with the payment schedule set forth in Appendix B. Such payments shall not be refundable. All payments shall be made by banker’s check or by direct wire transfer to Hadasit’s bank account, the details of which are as follows: Account name: Hadasit Medical Research Services & Development Ltd., Account no. 605 100/21, BANK LEUMI LEISRAEL, Main Branch no. 901, Agudat Sport Hapohel Technology Park, Malcha-Jerusalem, Interbank Swift Code (TID): LUMIILITTLV IBAN: IL650109010000060510021.

 

51

	 	2.3.	
The commencement of the Sponsored Research under this Agreement shall be conditional upon the timely receipt by Hadasit of the Research fees as provided in Section 2.2 above.

 

	 	2.4.	
All payments made to Hadasit hereunder shall be made free and clear of any withholding taxes, levies and/or any other taxes or duties as may be required by applicable law and any set-off or counterclaim.

 

	3.	
REPORTING

 

HADASIT WILL PROCURE THE PREPARATION BY THE PRINCIPAL INVESTIGATOR OF (I) WRITTEN REPORTS, ON A [QUARTERLY] BASIS REGARDING THE SPONSORED RESEARCH ACTIVITIES; AND (II) A FINAL WRITTEN REPORT SUMMARIZING THE RESULTS OF THE SPONSORED RESEARCH, WITHIN SIXTY (60) DAYS OF THE END OF THE RESEARCH PERIOD (THE “FINAL SCIENTIFIC REPORT”).

 

	4.	
TITLE

 

The entire right, title and interest in and to all Sponsored Research Results (as defined below) shall be owned solely by Hadasit and shall be deemed to be, and included within, the Licensed Technology in accordance with the License Agreement and shall be dealt with in accordance with the relevant terms of the License Agreement dealing with Licensed Technology. The term “Sponsored Research Results” means all know how, information, material, devices, discoveries and inventions or other results, generated by and arising in the course of the performance of the Sponsored Research.

 

	5.	
CONFIDENTIALITY

 

	 	5.1.	
For the avoidance of doubt, the provisions of Section 13 (Confidentiality) of the License Agreement shall apply, mutatis mutandis, in respect of any non-public scientific, technical, or business information of Hadasit and/or HMO disclosed by Hadasit and/or the Principal Investigator to the Company or to which the Company may have access under this Agreement, whether in written, oral, electronic or any other form, which information as aforesaid shall be deemed to be Confidential Information of Hadasit under the License Agreement.

 

	 	5.2.	
Similarly, the provisions of Section 13 (Confidentiality) of the License Agreement shall apply, mutatis mutandis, in respect of any non-public information concerning the business, financial activities, technologies or operations of the Company, disclosed by the Company to Hadasit and/or the Principal Investigator or to which Hadasit or the Principal Investigator may have access under this Agreement, whether in written, oral, electronic or any other form, which information as aforesaid shall be deemed to be Confidential Information of the Company under the License Agreement.

 

52

	6.	
PUBLICATION. PUBLICATION OF SPONSORED RESEARCH RESULTS BY HADASIT SHALL BE SUBJECT TO THE PROVISIONS OF SECTION 14 OF THE LICENSE AGREEMENT.

 

	7.	
NO WARRANTIES

 

IT IS AGREED THAT NOTHING IN THIS AGREEMENT SHALL CONSTITUTE A REPRESENTATION OR WARRANTY BY HADASIT OR HMO, EXPRESS OR IMPLIED, THAT ANY RESULTS WILL BE ACHIEVED BY THE SPONSORED RESEARCH, OR THAT THE SPONSORED RESEARCH RESULTS OR ANY PART THEREOF ARE OR WILL BE COMMERCIALLY EXPLOITABLE OR OF ANY OTHER VALUE AND, FURTHERMORE, NEITHER HADASIT NOR HMO MAKES ANY WARRANTIES AND REPRESENTATIONS, EXPRESS OR IMPLIED, WHATSOEVER AS TO THE SPONSORED RESEARCH AND ANY SPONSORED RESEARCH RESULTS, INCLUDING IMPLIED WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

 

	8.	
INDEMNITY; LIMITATION OF LIABILITY

 

	 	8.1.	
The provisions of Sections 11.1 (Indemnity) and  11.2 (Procedures) of the License Agreement shall apply in respect of any loss, damage, liability and expense (including reasonable attorneys’ fees and other costs and expenses of litigation) of whatever kind or nature caused to or incurred by Hadasit, HMO and/or any directors, governing board members, trustees, officers, faculty, medical and professional staff (including the Principal Investigator), employees, students and agents of Hadasit and HMO (and their respective successors, heirs and assigns) that arise out of, or result from, the performance of the Sponsored Research and/or the exploitation or use by the Company of the Sponsored Research Results, mutatis mutandis.

 

	 	8.2.	
EXCEPT FOR ANY LIABILITY UNDER SECTION 8.1 AND ANY BREACH OF SECTION 1.6 or SECTION 5 ABOVE, NEITHER HADASIT NOR THE COMPANY WILL BE LIABLE TO EACH OTHER AND/OR TO ANY THIRD PARTY WITH RESPECT TO ANY SUBJECT MATTER OF THIS AGREEMENT UNDER ANY CONTRACT, NEGLIGENCE, STRICT LIABILITY OR OTHER LEGAL OR EQUITABLE THEORY FOR (A) ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES OR LOST PROFITS OR (B) COST OF PROCUREMENT OF SUBSTITUTE GOODS, TECHNOLOGY, LICENSING OPPORTUNITIES OR SERVICES.

 

	9.	
TERM; TERMINATION

 

	 	9.1.	
The term of this Agreement shall commence on the Effective Date and, unless earlier terminated as provided in this Section 9, shall continue in full force and effect until the completion of the Sponsored Research and the provision to the Company of the Final Scientific Report.

 

53

	 	9.2.	
This Agreement shall terminate automatically upon the termination of the License Agreement.

 

	 	9.3.	
Without derogating from the Parties’ rights hereunder or by law to any other or additional remedy or relief, it is agreed that each Party may terminate this Agreement by serving a written notice to that effect (effective immediately) on the other Party upon or after:

 

	 	(i)	
the other Party commits a material breach of its obligations under this Agreement, which material breach cannot be cured or, if curable, which has not been cured by the Party in breach within 30 (thirty) days after receipt of a written notice from the non-defaulting Party in respect of such breach; or

 

	 	(ii)	
the other Party becomes insolvent, is adjudged bankrupt, applies for judicial or extra judicial settlement with its creditors, makes an assignment for the benefit of its creditors, voluntarily files for bankruptcy or has a receiver or trustee (or the like) in bankruptcy appointed by reason of its insolvency, or in the event that an involuntary bankruptcy action is filed against the other Party and is not dismissed within ninety (90) days, or if the another Party becomes the subject of liquidation or dissolution proceedings or otherwise discontinues business.

 

	 	9.4.	
Upon the termination of this Agreement for any reason other than due to the expiry of the term of this Agreement, the Company shall deliver to Hadasit all material, in soft or hard copies, relating to the Sponsored Research and/or the Sponsored Research Results.

 

	 	9.5.	
The termination of this Agreement by any Party shall not affect the rights and obligations of the Parties accrued prior to the effective date of termination.

 

	 	9.6.	
Sections 4, 5 (subject to the time period set out in the License Agreement), 6, 7, 8, 9 and 10 shall survive the termination or expiration of this Agreement for any reason.

 

	10.	
MISCELLANEOUS

 

	 	10.1.	
Preamble; Appendices. The Preamble and the Appendices hereto form an integral part of this Agreement.

 

	 	10.2.	
Headings; Interpretation. The headings in this Agreement are intended solely for reference or convenience only and shall be given no effect in the interpretation of this Agreement.

 

In this Agreement “including”, “includes” means including, without limiting the generality of any description preceding such terms.

 

54

	 	10.3.	
Notices. Unless otherwise specifically provided, all notices required or permitted by this Agreement shall be in writing and may be delivered personally, or may be sent by facsimile, overnight delivery or certified mail, return receipt requested, to the following addresses, unless the Parties are subsequently notified of any change of address in accordance with this Section 10.3:

 

If to Company:

 

Artemis Therapeutics Inc.

1633 Broadway, New York, NY 10019

USA

Facsimile: [____________________]

Attention: [____________________]

 

If to Hadasit:

 

Hadasit Medical Research Services & Development Ltd.

POB 12000

Jerusalem 91120 Israel

Facsimile: +972 3 6437712

Attention: Ms. Carole Grumbach

 

With a copy to (which will not constitute a notice):

 

Pearl Cohen Zedek Latzer Baratz

Azrieli Center, Round Tower, 18th Floor,

Tel Aviv, Israel

Facsimile: +972 9 9728001

Attention: Ms. Yael Baratz

 

55

Any notice shall be deemed to have been received as follows:  (a) by personal delivery, upon receipt; (b) by facsimile or overnight delivery, one business day after transmission or dispatch; (c) by certified mail, as evidenced by the return receipt.  If notice is sent by facsimile, a confirming copy of such notice shall be sent by mail to the same address.

 

	 	10.4.	
Applicable Law. This Agreement shall be governed by and construed in accordance with the laws of Israel, without giving effect to its principles of conflicts of law that direct that the laws of another jurisdiction apply and the Parties hereby submit to the exclusive jurisdiction of the competent courts in Tel-Aviv- Jaffa, Israel.

 

	 	10.5.	
Entire Agreement. This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior agreements, understandings and arrangements, oral or written, between the Parties with respect thereto.

 

Notwithstanding the foregoing, the Parties agree that (i) the terms hereof supplement and do not derogate from, or replace the terms of the License Agreement, which shall continue in full force and effect as set forth therein; and (ii) in the event of any express contradiction between the provisions of the License Agreement and this Agreement, the provisions of the License Agreement shall prevail unless otherwise expressly provided herein.

 

	 	10.6.	
Amendment; Waiver. This Agreement may be amended, modified, superseded or canceled, and any of the terms may be waived, only by a written instrument executed by each of the Parties or, in the case of waiver, by the Party waiving compliance.  The delay or failure of any Party at any time or times to require performance of any provisions hereof shall in no manner affect the rights at a later time to enforce such performance.  No waiver by a Party of any condition or of the breach of any term contained in this Agreement, whether by conduct, or otherwise, in any one or more instances, shall be deemed to be, or considered as, a further or continuing waiver of any such condition or of the breach of such term or any other term of this Agreement.

 

	 	10.7.	
No Agency or Partnership.  Nothing contained in this Agreement shall give either Party the right to bind the other Party, or be deemed to constitute either Party as agent for or partner of the other or any third party.

 

	 	10.8.	
Assignment and Successors.  Except for the case of a merger or acquisition involving the Company, the Company shall not transfer, assign, encumber or endorse its rights or obligations, in whole or in part, under this Agreement, to any third party that is not an Affiliate (as defined in the License Agreement) of the Company, without Hadasit’s consent which shall not be unreasonably denied, delayed or conditioned, and in any assignment the Company shall provide Hadasit with written notice of the assignment and the assignee shall agree in writing to be bound by the terms of this Agreement. Subject to the foregoing, this Agreement shall inure to the benefit of each of the Party’s respective successors and assigns.

 

56

	 	10.9.	
Severability. If any provision of this Agreement is ruled invalid or unenforceable by any court of competent jurisdiction, the remainder of this Agreement shall not be affected and the invalid or unenforceable provision shall be reformed or construed to reflect the commercial understandings between the Parties so that it would be valid, legal and enforceable to the maximum extent possible.

 

	 	10.10.	
Force Majeure. Neither Party will be responsible for delays resulting from causes beyond the reasonable control of such Party, including, without limitation, fire, explosion, flood, war, strike, or riot, provided that the nonperforming Party uses commercially reasonable efforts to avoid or remove such causes of nonperformance and continues performance under this Agreement with reasonable dispatch whenever such causes are removed.

 

	 	10.11.	
Counterparts. This Agreement may be executed in any number of counterparts (including counterparts transmitted by mail, facsimile or by electronic mail in PDF format) and each such counterpart shall be deemed to be an original instrument, but all such counterparts together shall constitute but one agreement.

 

[Signature page follows]

 

57

 [Signature page of Sponsored Research Agreement between Hadasit and Artemis Therapeutics Inc.]

 

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

 

	
HADASIT MEDICAL RESEARCH

SERVICES & DEVELOPMENT LTD.

	
ARTEMIS THERAPEUTICS INC.

 

	
 

	 	 	 
	Signature: __________________

 

Name: _____________________

 

Title: ______________________

 

Date: __________, 20__

	Signature: __________________

 

Name: _____________________

 

Title: ______________________

 

Date: __________, 20__

	 

 

DECLARATION BY PROF. DANA WOLF

 

I, the undersigned, Prof. Dana Wolf, hereby confirm that I have read the above Agreement (“the Agreement”) and that I shall act in conformity with the Agreement so as to enable performance thereof, to the extent dependent on me, and shall refrain from any act or omission that may constitute a breach of the Agreement.

 

________________________

 

PROF. DANA WOLF

 

Date: _____________________

 

 

58

Appendices:

 

Appendix A –Research Program

 

Appendix B – Budget

 

 

59EX-10.1

 Exhibit 10.1 

FOURTH AMENDMENT TO CREDIT AGREEMENT 

This FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Fourth Amendment”), dated as of December 15, 2016, by and among AXALTA
COATING SYSTEMS DUTCH HOLDING B B.V. (f/k/a Flash Dutch 2 B.V.), a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) organized and established under the laws of the Netherlands, having its corporate seat
in Amsterdam, the Netherlands, registered with the Trade Register of the Netherlands under number 55948308 (the “Dutch Borrower”), and AXALTA COATING SYSTEMS U.S. HOLDINGS, INC. (f/k/a U.S. Coatings Acquisition Inc.), a corporation
organized under the laws of Delaware (the “U.S. Borrower” and together with the Dutch Borrower, collectively, the “Borrowers”), AXALTA COATING SYSTEMS U.S., INC. (f/k/a Coatings Co. U.S. Inc.), a corporation
organized under the laws of Delaware (“U.S. Holdings”), AXALTA COATING SYSTEMS DUTCH HOLDING A B.V. (f/k/a Flash Dutch 1 B.V.), a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid)
organized and established under the laws of the Netherlands, having its corporate seat in Amsterdam, the Netherlands, registered with the Trade Register of the Netherlands under number 55947107 (“Holdings”), and BARCLAYS BANK PLC,
as administrative agent (in such capacity, the “Administrative Agent”) and as collateral agent (in such capacity, the “Collateral Agent”). Unless otherwise indicated, all capitalized terms used herein but not
otherwise defined shall have the respective meanings provided to such terms in the Credit Agreement referred to below (as amended by this Fourth Amendment). 

W I T N E S S E T H: 

WHEREAS, the Borrowers, U.S. Holdings, Holdings, the Lenders from time to time party thereto (the “Lenders”), the
Administrative Agent and the Collateral Agent are parties to a Credit Agreement, dated as of February 1, 2013, as amended by that certain Amendment No. 1 to the Credit Agreement dated as of May 24, 2013, that certain Second Amendment
to Credit Agreement, dated as of February 3, 2014, and that certain Third Amendment to the Credit Agreement, dated as of August 1, 2016 (the “Credit Agreement”); 

WHEREAS, pursuant to Section 2.14 of the Credit Agreement, the Borrowers may obtain New Term Loans by, among other things, entering into
an amendment in accordance with the terms and conditions of the Credit Agreement; 
 WHEREAS, on the Fourth Amendment Effective Date (as
defined below), (A) the Borrowers shall borrow, on a joint and several basis, New Term Loans denominated in Euros in the aggregate principal amount of €400,000,000 from parties to this Fourth Amendment designated as a “Term B-1 Euro Lender” on such party’s signature page hereto (each, a “Term B-1 Euro Lender” and collectively, the “Term B-1 Euro Lenders”) incurred as a new tranche of term loans (the “Term B-1 Euro Loans”) under and in accordance with Section 2.14 of the Credit
Agreement, and each Term B-1 Euro Lender severally agrees to fund an amount equal to its “Term B-1 Euro Commitment” set forth on its signature page
hereto, and (B) the Borrowers shall borrow, on a joint and several basis, New Term Loans denominated in Dollars in the aggregate principal amount of $1,545,000,000.02 from parties to this Fourth Amendment designated as a “Term B-1 Dollar Lender” on such party’s signature page hereto (each, a “Term B-1 Dollar Lender” and collectively, the “Term B-1 Dollar Lenders”, and together with the Term B-1 Euro Lenders, the “Term B-1 Lenders”) incurred as a new
tranche of term loans (the “Term B-1 Dollar Loans” and, together with the Term B-1 Euro Loans, the “Term
B-1 Loans”) under and in accordance with Section 2.14 of the Credit Agreement, and each Term B-1 Dollar Lender severally agrees to fund an amount equal to
its “Term B-1 Dollar Commitment” (the Term B-1 Dollar Commitments, together with the Term B-1 Euro Commitments,
the “Term B-1 Commitments”) set forth on its signature page hereto; 

 WHEREAS, the Loan Parties and the Lenders party hereto wish to agree that no security documents
governed by the laws of Brazil, France, Mexico, Sweden and Switzerland (“Released Jurisdictions”) will be required from and after the Fourth Amendment Effective Date and wish to release the security interests granted under
Collateral Documents governed by the laws of the Released Jurisdictions prior to the Fourth Amendment Effective Date (the “Released Liens”), which are identified on Schedule I hereto (the “Released Jurisdiction Security
Documents”) and cause such Released Jurisdiction Security Documents to be terminated; 
 WHEREAS, the Loan Parties and the Lenders
party hereto wish to make certain amendments to the Credit Agreement set forth in Sections 2 and 3 below pursuant to amendments authorized by Section 10.01 of the Credit Agreement on the Fourth Amendment Effective Date; and 

WHEREAS each of Barclays Bank PLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman
Sachs Bank USA, JPMorgan Chase Bank, N.A, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley Senior Funding, Inc. is acting as a lead arranger (collectively, the “Fourth Amendment Lead Arrangers”) for
this Fourth Amendment. 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, it is agreed as follows: 
 SECTION 1 Funding. Pursuant to and in accordance with
Section 2.14 of the Credit Agreement and subject to the satisfaction (or waiver by the Administrative Agent in its sole discretion) of the conditions set forth in Section 4 hereof, on the Fourth Amendment Effective
Date, (i) each Term B-1 Dollar Lender severally agrees to make Term B-1 Dollar Loans to the Borrowers in Dollars in an amount equal to its “Term B-1 Dollar Commitment” set forth on its signature page hereto and (ii) each Term B-1 Euro Lender severally agrees to make Term
B-1 Euro Loans to the Borrowers in Euros in an amount equal to its “Term B-1 Euro Commitment” set forth on its signature page hereto. Each such Term B-1 Dollar Lender or Term B-1 Euro Lender, as applicable shall either (i) exchange (on a cashless basis) the outstanding principal amount of its 2014 Specified
Refinancing Euro Term Loans and/or 2014 Specified Refinancing Term B Loans (or such lesser amount, if any, allocated to such Lender by the Administrative Agent in its sole discretion) for Term B-1 Euro Loans
or Term B-1 Dollar Loans in an equal aggregate principal amount by executing a Lender New Commitment (as attached to this Fourth Amendment as Exhibit A) or (ii) make a new Term B-1 Dollar Loan or Term B-1 Euro Loan in an amount equal to the aggregate principal amount of any 2014 Specified Refinancing Term Loans that have not been exchanged into a
Term B-1 Loan pursuant to clause (i) (the “Non-Converted Term B Loans”), the proceeds of which will be used by the Borrowers to repay in full the
outstanding principal amount of Non-Converted Term B Loans. Except as set forth in this Fourth Amendment, (i) the Term B-1 Dollar Loans shall have identical terms
as the 2014 Specified Refinancing Term B Loans and shall otherwise be subject to the provisions of the Credit Agreement and (ii) the Term B-1 Euro Loans shall have identical terms as the 2014 Specified
Refinancing Euro Term Loans and shall otherwise be subject to the provisions of the Credit Agreement. 
 SECTION 2 Amendments to Credit Agreement.
Subject to the satisfaction (or waiver) of the conditions set forth in Section 4 hereof, the Credit Agreement is hereby amended as follows: 

(i) Section 1.01 of the Credit Agreement is hereby amended by deleting the definition of “No Undisclosed Information Representation”
in its entirety. 

  
 -2- 

 (ii) Section 1.01 of the Credit Agreement is hereby amended by adding the following definitions
in appropriate alphabetical order: 
 “Fourth Amendment” shall mean the Fourth Amendment, dated as of the Fourth Amendment
Effective Date, to this Agreement by and among the Borrowers, U.S. Holdings, Holdings, the Administrative Agent, the Collateral Agent and the lenders party thereto. 

“Fourth Amendment Effective Date” means December 15, 2016. 

“Fourth Amendment Lead Arrangers” means each of Barclays Bank PLC, Citigroup Global Markets Inc., Credit Suisse Securities
(USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, JPMorgan Chase Bank, N.A, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley Senior Funding, Inc. in their respective capacities as Fourth Amendment Lead
Arrangers. 
 “Term B-1 Dollar Commitment” has the meaning specified in the Fourth
Amendment. 
 “Term B-1 Dollar Facility” means the facility in respect of the Term B-1 Dollar Tranche. 
 “Term B-1 Dollar Lender”
has the meaning specified in the Fourth Amendment. 
 “Term B-1 Dollar Loan” has
the meaning specified in the Fourth Amendment. 
 “Term B-1 Dollar Tranche” means
the Term B-1 Dollar Facility and any Specified Refinancing Debt thereof. 
 “Term B-1 Euro Commitment” has the meaning specified in the Fourth Amendment. 
 “Term B-1 Euro Facility” means the facility in respect of the Term B-1 Euro Tranche. 

“Term B-1 Euro Lender” has the meaning specified in the Fourth Amendment. 

“Term B-1 Euro Loan” has the meaning specified in the Fourth Amendment. 

“Term B-1 Euro Tranche” means the Term B-1
Euro Facility and any Specified Refinancing Debt thereof. 
 “Term B-1 Loans” has
the meaning specified in the Fourth Amendment. 
 “Term B-1 Loan Maturity Date”
means the earliest of (i) February 1, 2023, and (ii) the date that the Term B-1 Loans are declared due and payable pursuant to Section 8.02. 

“Transaction Agreement Date” has the meaning specified in Section 1.02(i). 

  
 -3- 

 “Transformative Event” means any merger, acquisition, investment, dissolution,
liquidation, consolidation or disposition that is either (a) not permitted by the terms of the Loan Documents immediately prior to the consummation of such transaction or (b) if permitted by the terms of the Loan Documents immediately
prior to the consummation of such transaction, would not provide the Dutch Borrower and its Restricted Subsidiaries with adequate flexibility under the Loan Documents for the continuation and/or expansion of their combined operations following such
consummation, as reasonably determined by the Borrowers acting in good faith. 
 (iii) The definition of “Adjusted Eurocurrency
Rate” appearing in Section 1.01 of the Credit Agreement is hereby amended by amending and restating clauses (a) and (b) thereof as follows: 

(a) with respect to any Eurocurrency Rate Borrowing denominated in Dollars, the greater of (i) the Eurocurrency Rate based on clause
(a) of the definition of “Eurocurrency Rate” with respect to Dollars for such Interest Period, multiplied by the Statutory Reserve Rate, (ii) solely with respect to Term B-1 Dollar Loans,
0.75% per annum, and (iii) solely with respect to Revolving Credit Loans, 0.00% per annum, 
 (b) with respect to any Eurocurrency Rate
Borrowing denominated in Euros, the greater of (i) the Eurocurrency Rate based on clause (b) of the definition of “Eurocurrency Rate” with respect to Euros for such Interest Period, (ii) solely with respect to Term B-1 Euro Loans, 0.75% per annum, and (iii) solely with respect to any Revolving Credit Loans, 0.00%, and”. 

(iv) Clause (a) of the definition of “Applicable Rate” appearing in Section 1.01 of the Credit Agreement is hereby amended
by amending and restating it in its entirety as follows: 
 “(a) with respect to the Term B-1
Dollar Loans, 2.50% per annum for Eurocurrency Rate Loans and 1.50% per annum for Base Rate Loans;”. 
 (v) Clause (b) of the
definition of “Applicable Rate” appearing in Section 1.01 of the Credit Agreement is hereby amended by amending and restating it in its entirety as follows: 

“(b) with respect to the Term B-1 Euro Loans, 2.25% per annum for Eurocurrency Rate Loans;”.

 (vi) Section 1.01 of the Credit Agreement is hereby amended by amending and restating the definition of “Appropriate Lender” in
its entirety as follows: 
 ““Appropriate Lender” means, at any time, (a) with respect to any of the Euro Term
Facility, the Term B Facility, the Term B-1 Dollar Facility, the Term B-1 Euro Facility, or the Revolving Credit Facility, a Lender that has a Commitment with
respect to such Facility or holds a Euro Term Loan, a Term B Loan, a Term B-1 Dollar Loan, a Term B-1 Euro Loan, or a Revolving Credit Loan, respectively, at such
time, (b) with respect to the Letter of Credit Sublimit, (i) each L/C Issuer and (ii) if any Letters of Credit have been issued pursuant to Section 2.03(a), the Revolving Credit Lenders, (c) with respect to the Swing Line
Facility, (i) the Swing Line Lender and (ii) if any Swing Line Loans are outstanding pursuant to Section 2.04(a), the Revolving Credit Lenders, (d) with 

  
 -4- 

 
respect to any New Term Facility, a Lender that holds a New Term Loan at such time, and (e) with respect to any Specified Refinancing Debt, a Lender that holds Specified Refinancing Term
Loans or Specified Refinancing Revolving Loans.” 
 (vii) Section 1.01 of the Credit Agreement is hereby amended by amending and
restating the definition of “Base Rate” in its entirety as follows: 
 ““Base Rate” means, for any day, a
fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate on such day plus 1/2 of 1%, (b) the Prime Lending Rate on such day, (c) the Adjusted Eurocurrency Rate for Loans denominated in Dollars published on such day (or
if such day is not a Business Day the next previous Business Day) for an Interest Period of one month plus 1%, and (d) solely with respect to Term B-1 Dollar Loans, 1.75% per annum.”. 

(viii) Clause (d) of the definition of “Excluded Taxes” appearing in Section 1.01 of the Credit Agreement is hereby amended
by amending and restating it in its entirety as follows: 
 “(d) any Taxes imposed pursuant to FATCA.”. 

(ix) Section 1.01 of the Credit Agreement is hereby amended by amending and restating the definition of “FATCA” in its entirety as
follows: 
 ““FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or
successor version that is substantively comparable and note materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b) of the Code, as of
the date of this Agreement (or any amended or successor version described above), any intergovernmental agreement between a non-U.S. jurisdiction and the U.S. (and any related law, regulation, or other
official administrative practices, requirements or guidance) implementing the foregoing.”. 
 (x) Section 1.01 of the Credit Agreement
is hereby amended by amending and restating the definition of “Maturity Date” in its entirety as follows: 

““Maturity Date” means: 

(a) with respect to the Revolving Credit Facility, the earlier of (i) the date that is five years from the Third
Amendment Effective Date, (ii) the date of termination in whole of the Revolving Credit Commitments, the Letter of Credit Commitments and the Swing Line Loans pursuant to Section 2.06(a) or 8.02, and (iii) the date that is 91 days prior to
the 2014 Specified Refinancing Term Loan Maturity Date (as such date may be extended under the terms of the Credit Agreement from time to time and including any similar term with respect to any refinancing thereof), 

(b) with respect to the 2014 Specified Refinancing Term Loans, the 2014 Specified Refinancing Term Loan Maturity Date, and

 (c) with respect to the Term B-1 Loans, the Term
B-1 Maturity Date; 

  
 -5- 

 provided that the reference to Maturity Date with respect to
(i) Term Loans and Revolving Credit Commitments that are the subject of a loan modification offer pursuant to Section 10.01 and (ii) Term Loans and Revolving Credit Commitments that are incurred pursuant to Sections 2.14 or 2.20
shall, in each case, be the final maturity date as specified in the loan modification documentation, incremental documentation, or specified refinancing documentation, as applicable thereto.”. 

(xi) Section 1.01 of the Credit Agreement is hereby amended by amending and restating the definition of “Repricing Event” in its
entirety as follows: 
 ““Repricing Event” means (i) any prepayment or repayment of the Term B-1 Loans, in whole or in part, with the proceeds of, or conversion of any portion of the Term B-1 Loans into, any new or replacement tranche of term loans (in the same
currency as such Term B-1 Loans) bearing interest with an “effective yield” (taking into account, for example, upfront fees, interest rate spreads, interest rate benchmark floors and original issue
discount, but excluding the effect of any arrangement, structuring, syndication or other fees payable in connection therewith that are not shared with all lenders or holders of such new or replacement loans) less than the “effective yield”
applicable to such portion of the Term B-1 Loans (as such comparative yields are determined in the reasonable judgment of the Administrative Agent consistent with generally accepted financial practices) and
(ii) any amendment to the Facility with respect to the Term B-1 Loans which reduces the “effective yield” applicable to the Term B-1 Loans,
provided that a Repricing Event shall not include any event described above that is not consummated for the primary purpose of lowering the effective interest cost or weighted average yield applicable to the Term Facility, including, without
limitation, in the context of a transaction involving a Change of Control or a Transformative Event.”. 
 (xii) Section 1.01 of the
Credit Agreement is hereby amended by amending and restating the definition of “Term Commitment” in its entirety as follows: 

““Term Commitment” means, as to each Term Lender, (i) the Initial Term Commitments, (ii) the Term B-1 Euro Commitment, (iii) the Term B-1 Dollar Commitment, (iv) a Term Commitment Increase, (v) a New Term Commitment or (vi) a Specified Refinancing Term
Commitment. The amount of each Lender’s Initial Term Commitment is as set forth in the definition thereof and the amount of each Lender’s other Term Commitments shall be as set forth in the Assignment and Assumption, or in the amendment or
agreement (including any consent agreement) relating to the respective Term Commitment which such Lender shall have assumed or made its Term Commitment, as the case may be, as such amounts may be adjusted from time to time in accordance with this
Agreement.”. 
 (xiii) Section 1.01 of the Credit Agreement is hereby amended by amending and restating the definition of “Term
Facility” in its entirety as follows: 
 ““Term Facility” means (a) the Term B Facility, (b) the
Euro Term Facility, (c) Term B-1 Dollar Facility, (d) the Term B-1 Euro Facility and (e) any other facility in respect of any Term Loan Tranche, as the
context may require.”. 

  
 -6- 

 (xiv) Section 1.01 of the Credit Agreement is hereby amended by amending and restating the
definition of “Term Lender” in its entirety as follows: 
 ““Term Lender” means (a) at any time on or
prior to the Fourth Amendment Effective Date, any Lender that has a Term B-1 Dollar Commitment or a Term B-1 Euro Commitment at such time and (b) at any time
after the Fourth Amendment Effective Date, any Lender that holds Term B-1 Dollar Loans and/or Term B-1 Euro Loans at such time.”. 

(xv) Section 1.01 of the Credit Agreement is hereby amended by amending and restating the definition of “Term Loan Tranche” in its
entirety as follows: 
 ““Term Loan Tranche” means the respective facility and commitments utilized in making Term
Loans hereunder, including (i) the Term B Facility, (ii) the Euro Term Facility, (iii) the Term B-1 Dollar Facility, (iv) the Term B-1 Euro
Facility and (v) Additional Tranches that may be added after the Closing Date, i.e., New Term Loans, Specified Refinancing Term Loans, New Term Commitments and Specified Refinancing Term Commitments.”. 

(xvi) Section 1.14 of the Credit Agreement shall be amended by inserting the following proviso at the end thereof but before the period: 

“provided, that no Subsidiary shall be required to deliver any security documents governed by the laws of France, Brazil, Mexico,
Sweden, or Switzerland.” 
 (xvii) Section 2.01 of the Credit Agreement is hereby amended by inserting the following clauses
(h) and (i) at the end of said Section: 
 “(h) On the Fourth Amendment Effective Date, each Term
B-1 Dollar Lender with a Term B-1 Dollar Commitment severally agrees to make to the Borrowers a Term B-1 Dollar Loan in a
principal amount equal to such Term B-1 Dollar Lender’s Term B-1 Dollar Commitment in accordance with the terms and conditions of the Fourth Amendment. Amounts
borrowed under this Section 2.01(g) and subsequently repaid or prepaid may not be reborrowed. Term B-1 Dollar Loans may be Base Rate Loans or Eurocurrency Rate Loans as further provided herein.” 

(i) On the Fourth Amendment Effective Date, each Term B-1 Euro Lender with a Term B-1 Euro Commitment severally agrees to make to the Borrowers a Term B-1 Euro Loan in a principal amount equal to such Term B-1 Euro
Lender’s Term B-1 Euro Commitment in accordance with the terms and conditions of the Fourth Amendment. Amounts borrowed under this Section 2.01(h) and subsequently repaid or prepaid may not be
reborrowed. Term B-1 Euro Loans shall be Eurocurrency Rate Loans as further provided herein.”. 

(xviii) Section 2.05(a)(iv) of the Credit Agreement is hereby amended by amending and restating it in its entirety as follows: 

“(iv) If any applicable Borrower, in connection with, or resulting in, any Repricing Event (A) makes a voluntary prepayment of Term B-1 Loans pursuant to Section 2.05(a), (B) makes a repayment of any Term B-1 Loans pursuant to 

  
 -7- 

 
Section 2.05(b)(iii) or (C) effects any amendment with respect to the Term B-1 Loans, in each case, on or prior to the six month anniversary of the
Fourth Amendment Effective Date, the applicable Borrower(s) shall pay to the Administrative Agent, for the ratable account of the applicable Term Lenders (x) with respect to clauses (A) and (B), a prepayment premium in an amount equal to
1.00% of the principal amount of Term B-1 Loans prepaid or repaid and (y) with respect to clause (C), a prepayment premium in an amount equal to 1.00% of the principal amount of the affected Term B-1 Loans held by the Term Lenders consenting to such amendment.”. 
 (xix) Section 2.05(c) of the
Credit Agreement is hereby amended by replacing the text “2014 Specified Refinancing Term Loans” appearing therein with the text “Term B-1 Loans”. 

(xx) Section 2.07(a) of the Credit Agreement is hereby amended by amending and restating it in its entirety as follows: 

“(a) Term B-1 Loans. The Borrowers shall repay to the Administrative Agent (i) for
the ratable account of the Term B-1 Dollar Lenders holding Term B-1 Dollar Loans the aggregate principal amount of all Term B-1
Dollar Loans outstanding and (ii) for the ratable account of the Term B-1 Euro Lenders holding Term B-1 Euro Loans the aggregate principal amount of all Term B-1 Euro Loans outstanding, in each case, in consecutive quarterly installments as follows (which installments shall, to the extent applicable, be reduced as a result of the application of prepayments in accordance
with the order of priority set forth in Sections 2.05 and 2.06, or be increased as a result of any increase in the amount of Term B-1 Dollar Loans or Term B-1 Euro
Loans, as applicable, pursuant to Section 2.14 (such increased amortization payments to be calculated in the same manner (and on the same basis) as the schedule set forth below for the Term B-1 Dollar
Loans or Term B-1 Euro Loans, as applicable, made as of the Fourth Amendment Effective Date)): 
  

			
	Date	  	Amount
	Each March 31, June 30, September 30 and December 31 ending prior to the Maturity Date, starting with March 31, 2017	  	an amount equal to 0.25% of the aggregate principal amount of the Term B-1 Dollar Loans and Term B-1 Euro Loans as of the Fourth Amendment Effective
Date.
		
	Maturity Date for the Term Facilities	  	all unpaid aggregate principal amounts of any outstanding Term B-1 Dollar Loans or Term B-1 Euro Loans, as applicable.

 provided, however, that the final principal repayment installment of the Term B-1 Loans or Term B-1 Euro Loans, as applicable, shall be repaid on the Maturity Date for the Term B-1 Loans and in any event shall be
in an amount equal to the aggregate principal amount of all Term B-1 Loans or Term B-1 Euro Loans, as applicable, outstanding on such date. 

(xxi) Section 2.14(f)(iii) of the Credit Agreement is hereby amended by amending and restating it in its entirety as follows: 

  
 -8- 

 “(iii) the all-in yield (whether in the form of
interest rate margins, original issue discount, upfront fees, or Eurocurrency Rate or Base Rate floors (but not arrangement or underwriting fees paid to arrangers for their own account) and equating original issue discount and upfront fees to
interest rate for purposes of this calculation, assuming a four-year life to maturity) applicable to such New Term Facility shall be determined by the Borrowers and the Lenders providing such New Term Facility and shall not be more than 50 basis
points higher than the corresponding all-in yield (giving effect to interest rate margins, original issue discount, upfront fees and Eurocurrency Rate and Base Rate floors, in the case of original issue
discount and upfront fees calculated as provided in the preceding parenthetical) for any corresponding Term Loan Tranche, incurred on the Fourth Amendment Effective Date, unless the all-in yield with respect
to each applicable Term Loan Tranche is increased to the amount necessary so that the difference between the all-in yield with respect to such New Term Facility and the corresponding all-in yield on such applicable Term Loan Tranche is equal to 50 basis points.”. 
 (xxii) Section
3.01(a) of the Credit Agreement is hereby amended by replacing the text “the applicable Recipient” with the text “the applicable Lender (or, in the case of any amount received by the Administrative Agent for its own account, the
Administrative Agent)”. 
 (xxiii) Section 3.01(g)(ii)(D) of the Credit Agreement is hereby amended by amending and restating it in its
entirety as follows: 
 “(D) If a payment made to a Lender or an Agent under any Loan Document would be subject to Tax imposed pursuant
to FATCA if such Lender or Agent, as applicable, were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Sections 1471(b) or 1472(b) of the Code, as applicable), such Lender or Agent, as applicable,
shall deliver to the Borrower Representative (on behalf of the Borrowers) and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by Borrower or the Administrative Agent such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower Representative (on behalf of the Borrowers) or the Administrative Agent as may be
necessary for the Borrowers and the Administrative Agent to comply with their obligations under FATCA and to determine whether such Lender or Agent, as applicable, has or has not complied with such Lender’s or Agent’s, as applicable,
obligations under FATCA and, if necessary, to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this
Agreement.”. 
 (xxiv) Section 3.01(g) of the Credit Agreement is hereby amended by inserting the following clause (iii) at the end
of Section: 
 “(iii) Each Lender hereby authorizes the Administrative Agent to deliver to the Loan Parties and to any successor
Administrative Agent any documentation provided by such Lender to the Administrative Agent pursuant to this Section 3.01(g).”. 
 (xxv)
Section 3.01 of the Credit Agreement is hereby amended by inserting the following clause (i) at the end of said Section: 

  
 -9- 

 “(i) On or before the Fourth Amendment Effective Date, Barclays Bank PLC as Administrative
Agent shall, and on or before the date any successor or replacement Administrative Agent becomes the Administrative Agent hereunder it shall, deliver to the Borrower Representative (on behalf of the Borrowers) two duly executed originals of either
(A) IRS Form W-9 or (B) a U.S. branch withholding certificate on IRS Form W-8IMY evidencing its agreement with the Borrowers to be treated as a United States
person within the meaning of Section 7701(a)(30) of the Code (with respect to amounts received on account of any Lender) and IRS Form W-8ECI (with respect to amounts received on its own account), with the
effect that, in either case, the Borrowers will be entitled to make payments hereunder to the Administrative Agent without withholding or deduction of any Taxes imposed by the United States; provided that the Administrative Agent shall
not be required to provide any documentation pursuant to this clause (i) that such Administrative Agent is unable to deliver as a result of a change in any Laws after the Fourth Amendment Effective Date.”. 

(xxvi) The first sentence of Section 5.07 of the Credit Agreement is hereby amended by amending and restating it in its entirety as
follows: 
 “Use of Proceeds. The Borrowers (a) will only use the proceeds of the Initial Term Loans to finance a portion
of the Transaction (including paying any fees, commissions and expenses associated therewith); (b) will only use the proceeds of the Revolving Credit Loans incurred on the Closing Date to finance any upfront fees or original issue discount required
to be funded on the Closing Date with respect to the Facilities; (c) will use the proceeds of all other Borrowings (except as set forth below in clauses (d) and (e)) to finance the working capital needs of the Borrowers and the Restricted
Subsidiaries and for general corporate purposes of the Borrowers and the Restricted Subsidiaries (including Permitted Acquisitions and other Investments permitted hereunder); (d) will use the proceeds of the 2014 Specified Refinancing Term Loans
incurred on the Second Amendment Effective Date to repay and/or replace all Initial Term B Loans and Initial Euro Term Loans, as applicable, outstanding prior to the Second Amendment Effective Date and pay any accrued interest, fees, expenses and
prepayment premiums related thereto, and (e) will use the proceeds of the Term B-1 Loans incurred on the Fourth Amendment Effective Date to repay and/or replace all 2014 Specified Refinancing Term Loans
outstanding prior to the Fourth Amendment Effective Date and pay any accrued interest, fees, expenses and prepayment premiums related thereto.”. 

(xxvii) Section 10.07(d) of the Credit Agreement is hereby amended by inserted at the end of the penultimate sentence the following text: 

“; provided that any forms required to be provided by any Participant pursuant to Section 3.01(g) shall be provided solely
to the participating Lender”. 
 SECTION 3 Other Amendments. Effective as of the Fourth Amendment Effective Date, the Required Lenders after
giving effect to the refinancing of the 2014 Specified Refinancing Term Loans with the proceeds of the Term B-1 Loans, hereby agree as follows: 

(i) Section 1.02 of the Credit Agreement is hereby amended by adding the following clause (i) at the end thereof: 

  
 -10- 

 “(i) In measuring compliance with this Agreement with respect to any (x) Investment or
acquisition, in each case, for which any Borrower or any Subsidiary thereof may not terminate its obligations under the documentation therefor due to a lack of financing for such Investment or acquisition (whether by merger, consolidation or other
business combination or the acquisition of capital stock or otherwise) as applicable and (y) repayment, repurchase or refinancing of Indebtedness with respect to which an irrevocable notice of repayment (or similar irrevocable notice) has been
delivered, in each case for purposes of determining: 
  

	 	(i)	whether any Indebtedness (including assumed Indebtedness) that is being incurred in connection with such Investment, acquisition or repayment, repurchase or refinancing of Indebtedness is permitted to be incurred in
compliance with Section 7.03; 

  

	 	(ii)	whether any Lien being incurred in connection with such Investment, acquisition or repayment, repurchase or refinancing of Indebtedness or to secure any such Indebtedness is permitted to be incurred in accordance with
Section 7.01; 

  

	 	(iii)	whether any other transaction undertaken or proposed to be undertaken in connection with such Investment, acquisition or repayment, repurchase or refinancing of Indebtedness complies with the covenants or agreements
contained in this Agreement; and 

  

	 	(iv)	any calculation of the ratios or baskets, including First Lien Net Leverage Ratio, Total Net Leverage Ratio, Senior Secured Net Leverage Ratio, Consolidated Net Income, Consolidated EBITDA and/or Pro Forma Basis, Pro
Forma Compliance, and Pro Forma Effect, and baskets determined by reference to Consolidated EBITDA or Consolidated Total Assets and, whether a Default or Event of Default exists in connection with the foregoing, 

at the option of the Borrower Representative, the date that the definitive agreement for such Investment, acquisition or repayment, repurchase
or refinancing of Indebtedness is entered into (the “Transaction Agreement Date”) may be used as the applicable date of determination, as the case may be, in each case with such pro forma adjustments as are appropriate and
consistent with the pro forma adjustment provisions set forth in the definition of “Pro Forma Basis”, “Pro Forma Compliance”, “Pro Forma Effect” or “Consolidated EBITDA.” For the avoidance of doubt, if the
Borrower Representative elects to use the Transaction Agreement Date as the applicable date of determination in accordance with the foregoing, (a) any fluctuation or change in the First Lien Net Leverage Ratio, Total Net Leverage Ratio, Senior
Secured Net Leverage Ratio, Consolidated Net Income, Consolidated EBITDA, Consolidated Total Assets and/or Pro Forma Basis, Pro Forma Compliance, or Pro Forma Effect of the Dutch Borrower from the Transaction Agreement Date to the consummation of
such Investment, acquisition or repayment, repurchase or refinancing of Indebtedness, will not be taken into account for purposes of determining whether any Indebtedness or Lien that is being incurred in connection with such 

  
 -11- 

 
Investment, acquisition or repayment, repurchase or refinancing of Indebtedness, or in connection with compliance by the Dutch Borrower or any of the Restricted Subsidiaries with any other
provision of the Loan Documents or any other transaction undertaken in connection with such Investment, acquisition or repayment, repurchase or refinancing of Indebtedness, is permitted to be incurred and (b) until such Investment, acquisition
or repayment, repurchase or refinancing of Indebtedness is consummated or such definitive agreements are terminated, such Investment, acquisition or repayment, repurchase or refinancing of Indebtedness and all transactions proposed to be undertaken
in connection therewith (including the incurrence of Indebtedness and Liens) will be given pro forma effect when determining compliance of other transactions (including the incurrence of Indebtedness and Liens unrelated to such Investment,
acquisition or repayment, repurchase or refinancing of Indebtedness) that are consummated after the Transaction Agreement Date and on or prior to the consummation of such Investment, acquisition or repayment, repurchase or refinancing of
Indebtedness and any such transactions (including any incurrence of Indebtedness and the use of proceeds thereof) will be deemed to have occurred on the date the definitive agreements are entered and outstanding thereafter for purposes of
calculating any baskets or ratios under the Loan Documents after the date of such agreement and before the consummation of such Investment, acquisition or repayment, repurchase or refinancing of Indebtedness; provided that the calculation of
Consolidated Net Income (and any defined term a component of which is Consolidated Net Income) shall not include the Consolidated Net Income of the Person or assets to be acquired in the relevant Investment or acquisition for usages other than in
connection with the applicable transaction pertaining to such Investment or acquisition until such time as such Investment or acquisition is actually consummated.”. 

(ii) Section 1.12 of the Credit Agreement is hereby amended by inserting the following immediately after “Notwithstanding anything to the
contrary” at the beginning of such section: 
 “(subject to Section 1.02(i))”. 

(iii) Section 2.05(b)(ii) of the Credit Agreement is amended by amending and restating it in its entirety as follows: 

“(A) If (x) the Dutch Borrower or any Restricted Subsidiary Disposes of any property or assets (other than any Disposition
(1) to a Loan Party or (2) by a Restricted Subsidiary that is not a Loan Party to another Restricted Subsidiary that is not a Loan Party) pursuant to Section 7.05(e), (m), (n), (p), (s), or (t), or (y) any Casualty Event occurs, and
any transaction or series of related transactions described in the foregoing clauses (x) and (y) results in the receipt by the Dutch Borrower or such Restricted Subsidiary of aggregate Net Cash Proceeds in excess of $75,000,000 in any fiscal
year (any such transaction or series of related transactions resulting in Net Cash Proceeds being a “Relevant Transaction”), the Borrowers shall, except to the extent the Borrowers elect to reinvest all or a portion of such Net Cash
Proceeds in accordance with Section 2.05(b)(ii)(B), prepay, subject to Section 2.05(b)(viii), an aggregate principal amount of Term Loans in an amount equal to 100% of the Net Cash Proceeds received from such Relevant Transaction within 30 Business
Days of receipt thereof by the Dutch Borrower or such Restricted Subsidiary; provided that the 

  
 -12- 

 
Borrowers may use a portion of the Net Cash Proceeds received from such Relevant Transaction to prepay or repurchase any other Indebtedness that is secured by the Collateral on a first lien
“equal and ratable” basis with Liens securing the Obligations to the extent such other Indebtedness and the Liens securing the same are permitted hereunder and the documentation governing such other Indebtedness requires such a prepayment
or repurchase thereof with the proceeds of such Relevant Transaction, to the extent not deducted in the calculation of Net Cash Proceeds, in each case in an amount not to exceed the product of (1) the amount of such Net Cash Proceeds and
(2) a fraction, the numerator of which is the outstanding principal amount of such other Indebtedness (or to the extent such amount is not in Dollars, such equivalent amount of such Indebtedness converted into Dollars as determined in
accordance with Section 1.10) and the denominator of which is the aggregate outstanding principal amount of Term Loans and such other Indebtedness (or to the extent such amount is not in Dollars, such equivalent amount of such Indebtedness
converted into Dollars as determined in accordance with Article I)”. 
 (iv) Section 2.14(a) of the Credit Agreement is amended by
amending and restating it in its entirety as follows: 
 “(a) The Borrowers may (on a joint and several basis), from time to time after
the Closing Date, upon notice by the Borrower Representative to the Administrative Agent (who shall promptly notify the applicable Lenders) specifying the proposed amount thereof, request (i) an increase in the Commitments under any Revolving
Tranche (which shall be on the same terms as, and become part of, the Revolving Tranche proposed to be increased) (a “Revolving Credit Commitment Increase”), (ii) an increase in any Term Loan Tranche then outstanding (which shall be
on the same terms as, and become part of, the Term Loan Tranche proposed to be increased hereunder (except as otherwise provided in clause (d) below with respect to amortization)) (each, a “Term Commitment Increase”) and
(iii) the addition of one or more new term loan facilities to the Facilities (each, a “New Term Facility”; and any advance made by a Lender thereunder, a “New Term Loan”; and the commitments thereof, the
“New Term Commitment” and together with the Revolving Credit Commitment Increase and the Term Commitment Increase, the “New Loan Commitments”) by an amount not to exceed (x) a Dollar Amount of $700,000,000 (the
“Cash-Capped Incremental Facility”) plus (y) an unlimited amount (the “Ratio-Based Incremental Facility”) so long as the Maximum First Lien Leverage Requirement is satisfied plus (z) an amount equal to all
voluntary prepayments of Term Loans made pursuant to Section 2.05(a) and voluntary prepayments of Revolving Credit Loans made pursuant to Section 2.05(a) to the extent accompanied by a corresponding, permanent reduction in the Revolving Credit
Commitments pursuant to Section 2.06(a), in each case, to the extent not funded with the proceeds of long term Indebtedness (the “Prepayment-Based Incremental Facility”) (such amounts described in clauses (x) through (z), at
any such time, the “Incremental Amount”); provided that (i) no Event of Default (subject to Section 1.02(i)) would exist after giving effect to any such request and (ii) any such request for an increase shall be in
a minimum amount of the lesser of (x) a Dollar Amount of $20,000,000 and (y) the entire amount of any increase that may be requested under this Section 2.14; provided, further, that for any New Loan Commitments
established pursuant to this Section 2.14 and New 

  
 -13- 

 
Incremental Notes issued pursuant to Section 2.17, (A) the Borrowers shall be deemed to have used amounts under the Prepayment-Based Incremental Facility, if any, prior to utilization of the
Cash-Capped Incremental Facility and the Ratio-Based Incremental Facility, and the Borrowers shall be deemed to have used the Ratio-Based Incremental Facility (to the extent permitted by the pro forma calculation of the First Lien Net Leverage
Ratio) prior to utilization of the Cash-Capped Incremental Facility and (B) New Loan Commitments pursuant to this Section 2.14 and New Incremental Notes pursuant to Section 2.17 may be incurred under clauses (x), (y) and
(z) above, and proceeds from any such incurrence under clauses (x), (y) and (z) above may be utilized in a single transaction by first calculating the incurrence under clause (y) (without inclusion of any amounts utilized pursuant to
clause (x)) and then calculating the incurrence under clause (x)). At the time of sending such notice to the applicable Lenders, the Borrower Representative (in consultation with the
Administrative Agent) shall specify the time period within which each applicable Lender is requested to respond (which, unless the Administrative Agent otherwise agrees, shall in no event be less than ten Business Days from the date of delivery of
such notice).”. 
 (v) Clause (i) of Section 2.14(d)) of the Credit Agreement is amended by amending and restating it in its
entirety as follows: 
 “(i) no Event of Default (subject to Section 1.02(i)) would exist after giving effect to such increase,”.

 (vi) Clause (i) of the proviso in Section 2.17(a) of the Credit Agreement is amended by amending and restating it in its entirety as
follows: 
 “(a) The Borrowers, on a joint and several basis, may from time to time after the Closing Date, upon notice by the Borrower
Representative to the Administrative Agent, specifying in reasonable detail the proposed terms thereof, request to issue one or more series of senior secured, senior unsecured, senior subordinated or subordinated notes (which notes, if secured by
the Collateral, are secured on a first lien “equal and ratable” basis with the Liens securing the Obligations or secured on a “junior” basis with the Liens securing the Obligations) and guaranteed only by the guarantors (such
notes, collectively, “New Incremental Notes”) in an amount to exceed the Incremental Amount (at the time of issuance); provided that (i) no Event of Default (subject to Section 1.02(i)) would exist after giving Pro Forma Effect to any
such request subject to the Permitted Acquisition Provisions, and (ii) any such issuance of New Incremental Notes shall be in a minimum amount of the lesser of (x) a Dollar Amount of $20,000,000 and (y) the entire amount that may be
requested under this Section 2.17; provided, further, that for any Incremental Commitments established pursuant to Section 2.14 and New Incremental Notes issued pursuant to this Section 2.17, (A) the Borrowers shall be
deemed to have used amounts under the Prepayment-Based Incremental Facility, if any, prior to utilization of the Cash-Capped Incremental Facility and the Ratio-Based Incremental Facility, and the Borrowers shall be deemed to have used the
Ratio-Based Incremental Facility (to the extent permitted by the pro forma calculation of the First Lien Net Leverage Ratio) prior to utilization of the Cash-Capped Incremental Facility and (B) New Loan Commitments pursuant to this
Section 2.14 and New Incremental Notes 

  
 -14- 

 
pursuant to Section 2.17 may be incurred under clauses (x), (y) and (z) above, and proceeds from any such incurrence under clauses (x), (y) and (z) above may be utilized in a
single transaction by first calculating the incurrence under clause (y) (without inclusion of any amounts utilized pursuant to clause (x)) and then calculating the incurrence under clause (x)).”. 

(vii) Section 4.02(b) of the Credit Agreement is amended by amending and restating it in its entirety as follows: 

“(b) Subject to Section 1.02(i), no Default or Event of Default shall exist, or would result from such proposed Credit Extension or from
the application of the proceeds therefrom”. 
 (viii) Section 6.01(a) of the Credit Agreement is amended by amending and restating the
second parenthetical thereof as follows: 
 “(other than any such exception or explanatory paragraph that is expressly solely with
respect to, or expressly resulting solely from, (i) an upcoming maturity date under the Facilities that is scheduled to occur within one year from the time such report and opinion are delivered or (ii) any potential inability to satisfy
the springing financial covenant set forth in Section 7.11 of this Agreement on a future date or in a future period)”. 
 (ix)
Section 6.01 of the Credit Agreement is amended by amending and restating the last paragraph thereof it in its entirety as follows: 

“Notwithstanding the foregoing, (A) the obligations in paragraphs (a), (b) and (c) of this Section 6.01 may be satisfied
by furnishing, at the option of the Borrowers, the applicable financial statements or forecasts of Holdings (or any Parent Holding Company) or the Dutch Borrower and its Subsidiaries, provided that to the extent such information relates to
Holdings (or a Parent Holding Company), such information is accompanied by consolidating information that explains in reasonable detail the differences between the information relating to Holdings (or any Parent Holding Company), on the one hand,
and the information relating to the Dutch Borrower and the Restricted Subsidiaries on a standalone basis, on the other hand, and (B) (i) in the event that the Borrowers deliver to the Administrative Agent an Annual Report on Form 10-K for any fiscal year, as filed with the SEC or in such form as would have been suitable for filing with the SEC, within 90 days after the end of such fiscal year, such Form
10-K shall satisfy all requirements of paragraph (a) of this Section 6.01 (including, without limitation, the requirement to deliver a report and opinion of PricewaterhouseCoopers LLP) with respect
to such fiscal year and (ii) in the event that the Borrowers deliver to the Administrative Agent a Quarterly Report on Form 10-Q for any fiscal quarter, as filed with the SEC or in such form as would have
been suitable for filing with the SEC, within 45 days after the end of such fiscal quarter, such Form 10-Q shall satisfy all requirements of paragraph (b) of this Section with respect to such fiscal
quarter.”. 
 (x) Clause (i) of Section 6.12(a) of the Credit Agreement is amended by deleting the words “within 90 days after
such formation or acquisition” and replacing it with “within the later of (x) 45 days of the last day of the fiscal quarter in which such formation or acquisition occurred and (y) 90 days after such formation or acquisition by the Loan
Party”. 

  
 -15- 

 (xi) Clause (ii) of Section 6.12(a) of the Credit Agreement is amended by deleting the words
“within 90 days after such formation or acquisition of any such property or any request therefor by the Collateral Agent” and replacing it with “within the later of (x) 45 days of the last day of the fiscal quarter in which such
formation or acquisition occurred and (y) 90 days after such formation or acquisition of any such property or any request therefor by the Collateral Agent”. 

(xii) Clause (iii) of Section 6.12(a) of the Credit Agreement is amended by deleting the words “within 90 days after such request,
formation or acquisition” and replacing it with “within the later of (x) 45 days of the last day of the fiscal quarter in which such request, formation or acquisition occurred and (y) 90 days after such request, formation or acquisition
occurred”. 
 (xiii) Clause (iv) of Section 6.12(a) of the Credit Agreement is amended by deleting the words “within 90 days
after the request of the Collateral Agent” and replacing it with “within the later of (x) 45 days of the last day of the fiscal quarter in which the Collateral Agent requests and (y) 90 days after which the Collateral Agent requests”.

 (xiv) Section 6.12 of the Credit Agreement is hereby amended by adding the following new paragraph at the end thereof: 

“Notwithstanding anything to the contrary herein or in any other Loan Document, no Loan Party shall be required to execute or deliver any
security agreement or pledge agreement governed by the laws of Brazil, France, Mexico, Sweden and Switzerland.” 
 (xv) Clause
(iii) of Section 7.02(c) of the Credit Agreement is amended by amending and restating it in its entirety as follows: 
 “(iii) by
Loan Parties in any Restricted Subsidiary that is not a Loan Party so long as such Investment is part of a series of Investments by Restricted Subsidiaries in other Restricted Subsidiaries that result in the proceeds of the initial Investment being
invested in one or more Loan Parties including, without limitation, through the extinguishment of, or payment of, indebtedness owed by any such non-Loan Party to a Loan Party,”. 

(xvi) Section 7.02(j) of the Credit Agreement is amended by amending and restating it in its entirety as follows: 

“(j) (i) Investments by any Restricted Subsidiary that is not a Loan Party in any Joint Venture or Unrestricted Subsidiary and
(ii) Investments by Loan Parties in any Restricted Subsidiary that is not a Loan Party or in any Joint Venture or Unrestricted Subsidiary, to the extent that the aggregate amount of all Investments made pursuant to this Section 7.02(j) is not
in excess of the greater of (x) $250,000,000 and (y) 4.25% of Consolidated Total Assets (provided that, in each case, intercompany current liabilities incurred in the ordinary course of business and consistent with past practice in connection with
the cash management operations of the Dutch Borrower and its Restricted Subsidiaries shall not be included in calculating such limitation) plus any amounts of Investments then permitted to be made under Section 7.02(s) (provided that any 

  
 -16- 

 
usage of such amounts hereunder shall reduce the Cumulative Credit by a corresponding amount); provided, however, that if any Investment pursuant to this Section 7.02(j) is made in
any Person that is not a Loan Party at the date of the making of such Investment and such Person becomes a Loan Party after such date, such Investment shall thereafter be deemed to have been made pursuant to Section 7.02(c)(i) above and shall cease
to have been made pursuant to this Section 7.02(j) for so long as such Person continues to be a Loan Party;”. 
 (xvii) Section 7.02(p)
of the Credit Agreement is amended by amending and restating it in its entirety as follows: 
 “(p) loans or advances made to
distributors or customers in the ordinary course of business and consistent with past practice;”. 
 (xviii) Section 7.02(bb) of the
Credit Agreement is amended by amending and restating it in its entirety as follows: 
 “(bb) Guarantees of Indebtedness Incurred by
customers in connection with the purchase or other acquisition of equipment, supplies or other property in the ordinary course of business;”. 

(xix) Section 7.02 of the Credit Agreement is amended by replacing the period at the end of clause (cc) with “; and” and
inserting the following clause (dd) at the end thereof: 
 “(dd) additional Investments so long as after giving Pro Forma Effect to
such Investment, the Total Net Leverage Ratio does not exceed 3.00:1.00.” 
 (xx) Section 7.06 of the Credit Agreement is amended by
replacing the period at the end of clause (k) with “; and” and inserting the following clause (j) at the end thereof: 

“(j) additional Restricted Payments so long as after giving Pro Forma Effect to such Restricted Payments, the Total Net Leverage Ratio
does not exceed 2.75:1.00.” 
 (xxi) Section 7.03(a) of the Credit Agreement is amended by deleting clause (ii) thereof and
replacing it with “(ii) [Reserved]”. 
 (xxii) Section 9.11 of the Credit Agreement is hereby amended by adding the following new
paragraph at the end thereof: 
 “Effective upon the occurrence of the Fourth Amendment Effective Date, the security interests granted
under the Collateral Documents governed by the laws of Brazil, France, Mexico, Sweden and Switzerland, which are identified on Schedule I to the Fourth Amendment (the “Released Jurisdiction Security Documents”) are hereby released
and the Released Jurisdiction Security Documents are hereby terminated. Each Agent is hereby authorized to execute and deliver to the Borrower such documents as the Borrower may reasonably request to evidence the release of the security interests
granted under the Released Jurisdiction Security Documents, and to take such other actions and make such filings as may be necessary or desirable under applicable local law to release the security interests created under the Released Jurisdiction
Security 

  
 -17- 

 
Documents and terminate the Released Jurisdiction Security Documents. All documents to be delivered and all actions to be taken by any Agent in connection with such release and termination of the
Released Jurisdiction Security Documents shall be at the Borrower’s expense. 
 (xxiii) Section 10.07(b)(iii) of the Credit Agreement is
hereby amended by amending and restating it in its entirety as follows: 
 “(iii) no consent shall be required for any assignment
except to the extent required by clause (b)(i)(B) of this Section and, in addition (A) the consent of the Borrowers (such consent not to be unreasonably withheld, conditioned or delayed) shall be required for any assignment unless (1) an
Event of Default under Section 8.01(a), (f) or (g) has occurred and is continuing at the time of such assignment, (2) such assignment is in respect of a Term Facility and is to a Lender, an Affiliate of a Lender or an Approved Fund (other
than any Disqualified Institution) or (3) such assignment is in respect of the Revolving Credit Facility and is to a Revolving Credit Lender, an Affiliate of a Revolving Credit Lender or an Approved Fund related thereto (other than any
Disqualified Institution); provided that (1) the Borrowers shall be deemed to have consented to any assignment unless they object thereto by written notice to the Administrative Agent within ten Business Days after having received notice
thereof, (2) during the forty-five (45) day period following the Closing Date, the Borrowers shall be deemed to have consented to an assignment to any Lender if such Lender was previously identified and approved in the initial allocations
of the Loans provided by the Arrangers to the Borrowers and (3) during the ninety (90) day period following the Fourth Amendment Effective Date, the Borrowers shall be deemed to have consented to an assignment to any Lender if such Lender
was previously identified and approved in the initial allocations of the Term B-1 Loans provided by the Fourth Amendment Lead Arrangers to the Borrowers (B) the consent of the Administrative Agent (such
consent not to be unreasonably withheld or delayed) shall be required for any assignment unless (1) such assignment is in respect of a Term Facility and to a Lender, an Affiliate of a Lender or an Approved Fund or (2) such assignment is in
respect of the Revolving Credit Facility and is to a Revolving Credit Lender, an Affiliate of a Revolving Credit Lender or an Approved Fund related thereto (provided that the Administrative Agent shall acknowledge any such assignment) and
(C) the consent of each L/C Issuer and the Swing Line Lender (each such consent not to be unreasonably withheld, conditioned or delayed) shall be required for any assignment in respect of the Revolving Credit Facility; provided, however, that
the consent of each L/C Issuer and the Swing Line Lender shall not be required for any assignment of a Term Loan;”. 
 (xxiv) Section
10.07(b)(ix) of the Credit Agreement is hereby amended by amending and restating it in its entirety as follows: 
 “(ix) until the
interpretation of the term “public” (as referred to in Article 4.1(1) of the Council Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and
investment firms and amending Regulation (EU) No 648/2012 (the “CRR”)) has been published by the competent authority, if an assignment or transfer (including any assignment of a Commitment) does not include a 

  
 -18- 

 
principal amount outstanding from the Borrower of at least EUR 100,000 (or its equivalent in other currencies) (or such other amount as may be required from time to time under the Dutch Financial
Supervision Act (Wet op het financieel toezicht)), the assignee shall confirm in the relevant Assignment and Assumption to the Borrower that it is a professional market party (professionele marktpartij) within the meaning of the Dutch Financial
Supervision Act , or, after the interpretation of the term “public” has been published by the competent authority, the assignee shall confirm in the relevant Assignment and Assumption to the Borrower that it is not part of the
“public” (as referred to in Article 4.1(1) of the CRR).” 
 (xxv) Clause (iv) of Section 10.07(i) of the Credit Agreement
is hereby amended by amending and restating it in its entirety as follows: 
 “(iv) such Other Affiliate (other than Debt Fund
Affiliates) shall at all times be subject to the voting restrictions specified in Section 10.01.”. 
 (xxvi) Section 10.07(j) of
the Credit Agreement is amended by deleting clause (iii) thereof and replacing it with “(iii) [Reserved]”. 
 (xxvii) Schedule
II attached hereto will amend the applicable provisions in the Credit Agreement as indicated. 
 (xxviii) Each of schedules 1, 5.08(b), 5.12,
5.16, 7.01, 7.02, 7.03, 7.08, and 10.02 to the Credit Agreement are hereby amended and restated in their entirety and replaced with the schedules attached hereto as Schedule III. 

SECTION 4 Conditions of Effectiveness of this Fourth Amendment. This Fourth Amendment shall become effective on the date when the following conditions
shall have been satisfied (or waived in the sole discretion of the Administrative Agent) (such date, the “Fourth Amendment Effective Date”): 

(i) the Borrowers, U.S. Holdings, Holdings, the Administrative Agent, the Collateral Agent and each of the Required Lenders party hereto shall
have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile or other electronic transmission) the same to Cahill Gordon & Reindel LLP, counsel to the Administrative
Agent; 
 (ii) the Borrowers shall have paid, by wire transfer of immediately available funds, (i) to the Administrative Agent, all fees
payable pursuant to any fee or engagement letter related to this Fourth Amendment between the Borrowers and Administrative Agent and (ii) all expenses due to the Administrative Agent, the Arrangers and the Lenders required to be paid on the
Fourth Amendment Effective Date (including expenses required to be paid pursuant to Section 5 below), in each case to the extent invoiced prior to the Fourth Amendment Effective Date; 

(iii) on the Fourth Amendment Effective Date and after giving effect to this Fourth Amendment, (i) no Default or Event of Default shall
have occurred and be continuing and (ii) all representations and warranties of the Borrowers and each other Loan Party contained in Article V of the Credit Agreement or any other Loan Document shall be true and correct in all material respects
(and in all respects if any such representation or warranty is already qualified by materiality), except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in
all material respects (and in all respects if any such representation or warranty is already qualified by materiality) as of such earlier date, and except that the representations and warranties contained in Sections 5.05(a) and 5.05(b) of the
Credit Agreement shall be deemed to refer to the most recent financial statements furnished pursuant to Sections 6.01(a) and (b) of the Credit Agreement, respectively; 

  
 -19- 

 (iv) the Administrative Agent shall have received from the U.S. Borrower, acting in its capacity
as Borrower Representative, a certificate executed by a Responsible Officer of the U.S. Borrower, acting in its capacity as Borrower Representative, certifying compliance with the requirements of preceding clause (iii); 

(v) the Administrative Agent shall have received from the treasurer or manager of each of the Dutch Borrower and the U.S. Borrower (in each
case on a consolidated basis) a solvency certificate (after giving effect to the Fourth Amendment on the Fourth Amendment Effective Date and the application of the proceeds thereof) substantially in the form of the solvency certificate delivered on
the Closing Date pursuant to Section 4.01(a)(vii) of the Credit Agreement; 
 (vi) the Administrative Agent shall have received the
Acknowledgment and Confirmation, substantially in the form of Exhibit B hereto, executed and delivered by an authorized officer of each of the Borrowers and each other Loan Party; 

(vii) there shall have been delivered to the Administrative Agent (A) copies of resolutions of the board of directors of the Borrowers,
U.S. Holdings and Holdings approving and authorizing the execution, delivery and performance of amendments to the Credit Agreement, certified as of the Fourth Amendment Effective Date by a Responsible Officer as being in full force and effect
without modification or amendment and (B) good standing certificates, or the equivalent thereof, for the Borrowers, U.S. Holdings and Holdings from the jurisdiction in which they are organized; 

(viii) the Administrative Agent shall have received opinions from Latham & Watkins LLP, special legal counsel to the Borrowers and
Holdings, addressed to the Administrative Agent, the Collateral Agent and the Lenders party hereto, in form and substance reasonably satisfactory to the Administrative Agent; 

(ix) the Administrative Agent shall have received opinions from Clifford Chance LLP, Dutch counsel to the Administrative Agent, addressed to
the Administrative Agent, the Collateral Agent and the Lenders party hereto, in form and substance reasonably satisfactory to the Administrative Agent; 

(x) the Administrative Agent shall have received the following documents in relation to the Dutch Borrower and Holdings: 

(a) A copy of the articles of association (statuten) and deed of incorporation (oprichtingsakte) of each of the Dutch Borrower
and Holdings, as well as an extract (uittreksel) from the Dutch Commercial Register (Handelsregister) of such company; 
 (b)
A copy of a resolution of the board of managing directors of each of the Dutch Borrower and Holdings, approving the terms of, and the transactions contemplated by, the Loan Documents to which it is a party and resolving that it execute the Loan
Documents to which it is a party; and 
 (c) A copy of the resolution of the shareholder(s) of each of the Dutch Borrower and
Holdings. 

  
 -20- 

 (xi) to the extent requested by a Lender party hereto in writing not less than five
(5) Business Days prior to the Fourth Amendment Effective Date, the Administrative Agent shall have received, prior to the effectiveness of this Fourth Amendment, all documentation and other information with respect to the Borrowers required by
regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including without limitation the PATRIOT Act; and 

(xii) with respect to each improved Mortgaged Property, a
“Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination and, if the area in which any improvements located on any Mortgaged
Property is designated a “special flood hazard area” by the Federal Emergency Management Agency (or any successor agency), evidence of flood insurance satisfying the requirements of Section 6.07(b) of the Credit Agreement. 

SECTION 5 Costs and Expenses. Each of the Loan Parties hereby reconfirms its obligations pursuant to Section 10.04 of the Credit Agreement to pay
and reimburse the Administrative Agent for all reasonable costs and expenses (including, without limitation, reasonable fees of counsel) incurred in connection with the negotiation, preparation, execution and delivery of this Fourth Amendment and
all other documents and instruments delivered in connection herewith. 
 SECTION 6 Remedies. This Fourth Amendment shall constitute a Loan Document
for all purposes of the Credit Agreement and the other Loan Documents. 
 SECTION 7 Representations and Warranties. To induce the Administrative
Agent and the Lenders party hereto to enter into this Fourth Amendment, each of the Loan Parties party hereto represents and warrants to the Administrative Agent and the Lenders party hereto on and as of the Fourth Amendment Effective Date that, in
each case: 
 (i) this Fourth Amendment has been duly authorized, executed and delivered by it and each of this Fourth Amendment and the
Credit Agreement constitute its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as may be limited by (i) applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or
similar laws of general applicability relating to or limiting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law and (ii) the need for filings and
registrations necessary to create or perfect the Liens on Collateral granted by the Loan Parties in favor of the Collateral Agent; and 

(ii) no Default or Event of Default exists as of the Fourth Amendment Effective Date, both immediately before and after giving effect to this
Fourth Amendment. 
 SECTION 8 Post-Effectiveness Undertakings. On or prior to the 90th day following the Fourth Amendment Effective Date (as such
date may be extended by the Administrative Agent in its reasonable discretion), Holdings shall ensure that the Collateral Documents listed on Schedule IV hereto are entered into and, in connection therewith, cause the delivery of such agreements and
instruments that may be required by such Collateral Documents and such certifications and legal opinions as set forth therein. 
 SECTION 9 Reference to
and Effect on the Credit Agreement and the Loan Documents. 
 (i) On and after the Fourth Amendment Effective Date, each reference in the
Credit Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement, as amended by this Fourth Amendment. 

  
 -21- 

 (ii) The Credit Agreement, as specifically amended by this Fourth Amendment, is and shall
continue to be in full force and effect and is hereby in all respects ratified and confirmed. Each of the Collateral Documents (other than the Released Jurisdiction Security Documents) and all other Loan Documents shall continue in full force and
effect and are hereby in all respects ratified and confirmed. Without limiting the generality of the foregoing, the Collateral Documents (other than the Released Jurisdiction Security Documents) and all of the Collateral described therein do and
shall continue to secure the payment of the Obligations (including obligations in respect of Term B-1 Euro Loans and Term B-1 Dollar Loans), and such other obligations
and liabilities expressed or purported to be secured pursuant to such Collateral Documents (other than the Released Jurisdiction Security Documents), with all Liens (other than Released Liens) continuing in full force and effect after giving effect
to this Fourth Amendment. 
 (iii) The execution, delivery and effectiveness of this Fourth Amendment shall not, except as expressly provided
herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. This Fourth Amendment shall not constitute a
novation of the Credit Agreement or the other Loan Documents. 
 SECTION 10 Governing Law; Jurisdiction; Etc. THIS FOURTH AMENDMENT SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF, BUT INCLUDING SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.
IN ADDITION, THE PROVISIONS OF SECTIONS 10.15(b) and (c) AND SECTIONS 10.16 AND 10.17 OF THE CREDIT AGREEMENT SHALL BE DEEMED TO BE INCORPORATED HEREIN BY REFERENCE, MUTATIS MUTANDIS. 

SECTION 11 Counterparts. This Fourth Amendment may be executed in any number of counterparts and by the different parties hereto on separate
counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A complete set of counterparts shall be lodged with the U.S. Borrower and the
Administrative Agent. 
 SECTION 12 Electronic Execution. The words “execution,” “signed,” “signature,” and words of
like import in this Fourth Amendment or in any amendment or other modification hereof (including waivers and consents) shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same
legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in
Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

SECTION 13 U.S. Federal Income Tax Treatment. 

(i) All of the Term B-1 Euro Loans (whether issued for cash or issued in exchange for 2014 Specified
Refinancing Euro Term Loans) will be treated as one fungible tranche for U.S. federal income tax purposes. 
 (ii) All of the Term B-1 Dollar Loans (whether issued for cash or issued in exchange for 2014 Specified Refinancing Term B Loans) will be treated as one fungible tranche for U.S. federal income tax purposes. 

  
 -22- 

 (iii) For purposes of FATCA, from and after the Fourth Amendment Effective Date, the Borrowers
and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Term B-1 Loans as not qualifying as “grandfathered obligations” within the meaning of
Treasury Regulations section 1.1471-2(b)(2)(i). 
 (iv) For the avoidance of doubt, for purposes of
FATCA, the Borrowers and the Administrative Agent have since the Third Amendment Effective Date treated, and shall continue to treat, all Revolving Credit Commitments and all Revolving Credit Loans (including any outstanding Revolving Credit Loans)
as not qualifying as “grandfathered obligations” within the meaning of Treasury Regulations section 1.1471-2(b)(2)(i). 

SECTION 14 Acknowledgment and Consent to Bail-In. 

(i) Each party hereto acknowledges that any liability of any Lender that is an EEA Financial Institution arising under this Fourth Amendment,
to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising
hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 
 (b) the effects of any Bail-In Action on any such liability, including, if applicable: 
 (I) a reduction in full
or in part or cancellation of any such liability; 
 (II) a conversion of all, or a portion of, such liability into shares
or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it
in lieu of any rights with respect to any such liability under this Fourth Amendment; or 
 (III) the variation of the terms
of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 
 (ii) For the
purposes of this Section 14: 
 “Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution; 

“Bail-In Legislation” means, with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU
Bail-In Legislation Schedule; 
 “EEA Financial Institution” means
(a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution
described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to
consolidated supervision with its parent; 

  
 -23- 

 “EEA Member Country” means any of the member states of the
European Union, Iceland, Liechtenstein, and Norway; 
 “EEA Resolution Authority” means any public
administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution; 

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time; and 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and
conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 
 [The remainder of this page is intentionally left blank.] 

  
 -24- 

 IN WITNESS WHEREOF, the parties hereto have caused this Fourth Amendment to be duly executed as
of the date first above written. 
  

			
	AXALTA COATING SYSTEMS DUTCH
	HOLDING A B.V., as Holdings
		
	By:	 	 /s/ M. Apeldoorn

		 	Name: M. Apeldoorn
		 	Title: Managing Director
		
	By:	 	 /s/ A. van Leuven

		 	Name: A. van Leuven
		 	Title: Managing Director
	
	AXALTA COATING SYSTEMS DUTCH HOLDING B B.V., as Dutch Borrower
		
	By:	 	 /s/ M. Apeldoorn

		 	Name: M. Apeldoorn
		 	Title: Managing Director
		
	By:	 	 /s/ A. van Leuven

		 	Name: A. van Leuven
		 	Title: Managing Director

 Signature Page to Fourth Amendment to Axalta Credit Agreement 

 
			
	AXALTA COATING SYSTEMS U.S., INC., as
	U.S. Holdings
		
	By:	 	 /s/ Karyn Rodriguez

		 	Name: Karyn Rodriguez
		 	Title: Vice President and Treasurer
	
	AXALTA COATING SYSTEMS U.S. HOLDINGS, INC., as U.S. Borrower
		
	By:	 	 /s/ Karyn Rodriguez

		 	Name: Karyn Rodriguez
		 	Title: Vice President and Treasurer

 Signature Page to Fourth Amendment to Axalta Credit Agreement     

 
			
	BARCLAYS BANK PLC, as Administrative Agent, Collateral Agent, L/C Issuer, Swing Line Lender, and a Lender
		
	By:	 	 /s/ Vanessa A. Kurbatskiy

		 	Name: Vanessa A. Kurbatskiy
		 	Title:   Vice President

 Signature Page to Fourth Amendment to Axalta Credit Agreement 

 
			
	BARCLAYS BANK PLC, as a Term B-1 Dollar Lender
		
	By:	 	 /s/ Vanessa A. Kurbatskiy

		 	Name: Vanessa A. Kurbatskiy
		 	Title:   Vice President

 Term B-1 Dollar Commitment: $465,438,106.76 

 
			
	BARCLAYS BANK PLC, as a Term B-1 Euro Lender
		
	By:	 	 /s/ Vanessa A. Kurbatskiy

		 	Name: Vanessa A. Kurbatskiy
		 	Title:   Vice President

 Term B-1 Euro Commitment: €257,998,874.79 

 Schedule II 

Amended Baskets 
  

					
	 Section Reference
	  	 Existing Basket
	  	 Amended Baskets

	 Section 7.01(ii)

(General Liens Basket)
	  	Greater of $200,000,000 and 3.00% of Consolidated Total Assets	  	Greater of $375,000,000 and 6.50% of Consolidated Total Assets
			
	 Section 7.02(j)

(Investments in Joint Ventures and Restricted Subsidiaries that are not Loan Parties)
	  	Greater of $200,000,000 and 3.00% of Consolidated Total Assets	  	Greater of $250,000,000 and 4.25% of Consolidated Total Assets
			
	 Section 7.02(o)

(General Investments Basket)
	  	Greater of $200,000,000 and 3.00% of Consolidated Total Assets	  	Greater of $300,000,000 and 5.25% of Consolidated Total Assets
			
	Section 7.03(a)(i)	  	$750,000,000	  	$1,400,000,000
			
	 Section 7.03(b)(vi)

(Indebtedness of Restricted Subsidiaries that are not Subsidiary Guarantors)
	  	Greater of $200,000,000 and 3.00% of Consolidated Total Assets	  	Greater of $375,000,000 and 6.50% of Consolidated Total Assets
			
	 Section 7.03(b)(xv)

(General Indebtedness Basket)
	  	Greater of (i) $225,000,000 and (iii) 3.50% of Consolidated Total Assets	  	Greater of $375,000,000 and 6.50% of Consolidated Total Assets
			
	 Section 7.05(e)

(Sale-leasebacks)
	  	$125,000,000	  	Greater of $150,000,000 and 2.50% of Consolidated Total Assets
			
	 Section 7.05(s)

(Dispositions Subject to 75% Cash Consideration) 
	  	$30,000,000	  	$60,000,000

 Schedule IV 

Post-Effective Undertakings 

Germany: 
  

	 	1.	Junior ranking share pledge agreements relating to the shares in (i) Axalta Coating Systems Verwaltungs GmbH; (ii) Spies Hecker GmbH and Standox GmbH; and (iii) Axalta Coating Systems Germany Beteiligungs
GmbH, in each case, in form and substance reasonably satisfactory to the Collateral Agent. 

  

	 	2.	Junior ranking partnership interest pledge agreements relating to the partnership interests in (i) Axalta Coating Systems Deutschland Holding GmbH & Co. KG; Axalta Coating Systems Logistik Germany
GmbH & Co. KG; Axalta Coating Systems Germany GmbH & Co. KG, in each case, in form and substance reasonably satisfactory to the Collateral Agent; 

 

	 	3.	Junior ranking account pledge agreement to be entered into by Axalta Coating Systems Verwaltungs GmbH, Axalta Coating Systems Deutschland Holding GmbH & Co. KG, Spies Hecker GmbH, Standox GmbH, Axalta Coating
Systems Logistik Germany GmbH & Co. KG, Axalta Coating Systems Germany Beteiligungs GmbH and Axalta Coating Systems Germany GmbH & Co. KG in form and substance reasonably satisfactory to the Collateral Agent.; and

  

	 	4.	Confirmation and amendment agreements relating to the global assignment agreements, security transfer agreements, and special purpose agreements, in each case, in form and substance reasonably satisfactory to the
Collateral Agent. 

 Luxembourg 

Luxembourg law governed confirmation agreement with respect to certain Luxembourg Law Collateral Documents. 

Netherlands 
  

	 	1.	a second ranking deed of pledge of shares in the capital of Axalta Coating Systems Dutch Holding B B.V. (formerly known as Flash Dutch 2 B.V.) with Axalta Coating Systems Dutch Holding A B.V. (formerly known as Flash
Dutch 1 B.V.) as pledgor and Barclays Bank PLC as pledgee; 

  

	 	2.	a second ranking deed of pledge of shares in the capital of Axalta Coating Systems EMEA Holding B.V. (formerly known as Axalta Coating Systems EMEA Holding B.V. and previously merged with Teodur B.V. and Dutch Coatings
Co. 1 B.V. with each of Teodur B.V. and Dutch Coatings Co. 1 B.V. as disappearing company) with Axalta Coating Systems Luxembourg Holding S.à r.l. as pledgor and Barclays Bank PLC as pledgee. 

 

	 	3.	a second ranking deed of pledge of shares in the capital of Axalta Coating Systems LA Holding II B.V. (formerly known as DuPont Performance Coatings LA Holding II B.V.) with Axalta Coating Systems Luxembourg Holding
S.à r.l. as pledgor and Barclays Bank PLC as pledgee; 

	 	4.	a second ranking deed of pledge of shares in the capital of Axalta Coating Systems Dutch Holding 1 B.V. (formerly known as Dutch Coatings Co. 2 B.V.) with Axalta Coating Systems Luxembourg Holding S.à r.l. as
pledgor and Barclays Bank PLC as pledgee; 

  

	 	5.	a second ranking deed of pledge of shares in the capital of Axalta Coating Systems Dutch Holding 2 B.V. (formerly known as Dutch Coatings 3 Co. B.V.) with Axalta Coating Systems Finance 2 S.à r.l. as pledgor and
Barclays Bank PLC as pledgee; 

  

	 	6.	a second ranking deed of pledge of shares in the capital of Axalta Coating Systems Asia Holding B.V. (formerly known as DuPont Performance Coatings Asia Holding B.V.) with Axalta Coating Systems Finance 2 S.à
r.l.as pledgor and Barclays Bank PLC as pledge; 

  

	 	7.	a second ranking deed of pledge of shares in the capital of Axalta Coating Systems Benelux B.V. with Axalta Coating Systems EMEA Holding B.V. as pledgor and Barclays Bank PLC as pledgee; 

 

	 	8.	a second ranking deed of pledge of shares in the capital of Metalak B.V. with Axalta Coating Systems Benelux B.V. as pledgor and Barclays Bank PLC as pledgee; 

 

	 	9.	a second ranking omnibus deed of pledge between each of Axalta Coating Systems Dutch Holding A B.V. (formerly known as Flash Dutch 1 B.V.), Axalta Coating Systems Dutch Holding B B.V. (formerly known as Flash Dutch 2
B.V.), Axalta Coating Systems EMEA Holding B.V. (formerly known as Axalta Coating Systems EMEA Holding B.V., Axalta Coating Systems LA Holding II B.V. (formerly known as DuPont Performance Coatings LA Holding II B.V.), Axalta Coating Systems Dutch
Holding 1 B.V. (formerly known as Dutch Coatings Co. 2 B.V.), Axalta Coating Systems Dutch Holding 2 B.V. (formerly known as Dutch Coatings 3 Co. B.V.), Axalta Coating Systems Asia Holding B.V. (formerly known as DuPont Performance Coatings Asia
Holding B.V.), Axalta Coating Systems Benelux B.V. and Metalak B.V. as pledgors and Barclays Bank PLC as pledgee; 

 United States:

 With respect each existing Mortgaged Property: 

(i) either: 
 (a) written
confirmation (which confirmation may be provided in the form of an electronic mail acknowledgment in form and substance reasonably satisfactory to the Administrative Agent) from local counsel in the jurisdiction in which the Mortgaged Property is
located substantially to the effect that: (x) the recording of the existing Mortgage is the only filing or recording necessary to give constructive notice to third parties of the lien created by such Mortgage as security for the Obligations,
including the Obligations evidenced by the Credit Agreement, as amended pursuant to this Amendment, for the benefit of the Secured Parties; and (y) no other documents, instruments, filings, recordings,
re-recordings, re-filings or other actions, including, without limitation, the payment of any mortgage recording taxes or similar taxes, are necessary or appropriate
under applicable law in order to maintain the continued enforceability, validity or priority of the lien created by such Mortgage as security for the Obligations, including the Obligations evidenced by the Credit Agreement, as amended pursuant to
this Amendment, for the benefit of the Secured Parties; or 

 (b) the following documentation with respect to the Mortgaged Property: 

(i) an amendment to the existing Mortgage (the “Mortgage Amendment”) to reflect the matters set forth in this Amendment, duly
executed and acknowledged by the applicable Loan Party, and in form for recording in the recording office where such Mortgage was recorded, together with such certificates, affidavits, questionnaires or returns as shall be required in connection
with the recording or filing thereof under applicable law, in each case in form and substance reasonably satisfactory to the Borrower and Administrative Agent; 

(ii) a date down, modification, so called “non-impairment” or other endorsement to the
existing Mortgage Policy, which shall be in form and substance reasonably satisfactory to the Administrative Agent; 
 (iii) a customary
legal opinion or opinions, addressed to the Administrative Agent for itself and the benefit of each of the Secured Parties covering the due authorization, execution, delivery and enforceability of the applicable Mortgage as amended by the Mortgage
Amendment in form and substance reasonably satisfactory to the Administrative Agent; and 
 (iv) such affidavits, certificates, information
and instruments of indemnification as shall be required to induce the title insurance company to issue the endorsements to the Mortgage Policy contemplated in this Schedule IV and evidence of payment by the Borrower of all applicable title insurance
premiums, search and examination charges, escrow charges and related charges, mortgage recording taxes, fees, charges, costs and expenses required for the recording of the Mortgage Amendment and issuance of the endorsement to the Mortgage Policy
referred to above to the extent invoiced. 

 EXHIBIT B 

FORM OF ACKNOWLEDGMENT AND CONFIRMATION 

1. Reference is made to the Fourth Amendment, dated as of December 15, 2016 (the “Fourth Amendment”), to the Credit
Agreement (as defined in the Fourth Amendment), by and among AXALTA COATING SYSTEMS DUTCH HOLDING B B.V. (f/k/a Flash Dutch 2 B.V.), a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) organized and
established under the laws of the Netherlands, having its corporate seat in Amsterdam, the Netherlands, registered with the Trade Register of the Netherlands under number 55948308 (the “Dutch Borrower”), and AXALTA COATING SYSTEMS
U.S. HOLDINGS, INC. (f/k/a U.S. Coatings Acquisition Inc.), a corporation organized under the laws of Delaware (the “U.S. Borrower” and together with the Dutch Borrower, collectively, the “Borrowers”), AXALTA
COATING SYSTEMS U.S., INC. (f/k/a Coatings Co. U.S. Inc.), a corporation organized under the laws of Delaware (“U.S. Holdings”), AXALTA COATING SYSTEMS DUTCH HOLDING A B.V. (f/k/a Flash Dutch 1 B.V.), a private limited liability
company (besloten vennootschap met beperkte aansprakelijkheid) organized and established under the laws of the Netherlands, having its corporate seat in Amsterdam, the Netherlands, registered with the Trade Register of the Netherlands under
number 55947107 (“Holdings”) and BARCLAYS BANK PLC, as administrative agent (in such capacity, the “Administrative Agent”), as collateral agent (in such capacity, the “Collateral Agent”), and as
lender. Capitalized terms used herein but not otherwise defined shall have the meanings set forth in the Credit Agreement or Fourth Amendment, as applicable. For purposes hereof, the Released Jurisdiction Security Documents shall not constitute Loan
Documents. 
 2. Certain provisions of the Credit Agreement are being amended and/or modified pursuant to the Fourth Amendment. Each of the
parties hereto acknowledges the terms of the Fourth Amendment and hereby agrees and/or confirm for the benefit of the Secured Parties, with respect to each Loan Document to which it is a party, after giving effect to the Fourth Amendment: 

(a) all of its obligations, liabilities and indebtedness under each such Loan Document, including guarantee and indemnity
obligations and any new obligations, liabilities and indebtedness arising as a result of the Fourth Amendment, shall remain in full force and effect on a continuous basis; 

(b) all of its guarantee obligations, subject to any limitations set forth in the Subsidiary Guaranty applicable to such
Subsidiary Guarantor, and all of its indemnity obligations contained in each Loan Document extend to any new obligations assumed by it under the Loan Documents as a result of the Fourth Amendment (including, but not limited to, under the amended
Credit Agreement); and 
 (c) all of the Liens and security interests created and arising under each such Loan Document are
hereby expressly confirmed and remain in full force and effect on a continuous basis, and the perfected status and priority to the extent provided for in Section 5.18 of the Credit Agreement of each such Lien and security interest continues in
full force and effect on a continuous basis, unimpaired, uninterrupted and undischarged, as collateral security for its obligations, liabilities and indebtedness under the Credit Agreement and under its guarantees in the Loan Documents and such
other liabilities and obligations expressed or purported to be secured pursuant to such Loan Document to the extent provided in such Loan Documents. 

3. This Acknowledgment and Confirmation has been duly authorized, executed and delivered by it and this Acknowledgment and Confirmation
constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as may be limited by applicable 

 
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws of general applicability relating to or limiting creditors’ rights generally and subject to general
principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 4. This Acknowledgment and Confirmation shall
not constitute a novation of any Loan Document. 
 5. THIS ACKNOWLEDGMENT AND CONFIRMATION SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF, BUT INCLUDING SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. IN ADDITION, THE PROVISIONS OF
SECTIONS 10.15(b), 10.15(c) AND 10.16 OF THE CREDIT AGREEMENT SHALL BE DEEMED TO BE INCORPORATED HEREIN BY REFERENCE, MUTATIS MUTANDIS. 
 6.
This Acknowledgment and Confirmation may be executed by one or more of the parties hereto on any number of separate counterparts (including by telecopy or other electronic transmission), and all of said counterparts taken together shall be deemed to
constitute one and the same instrument. 
 [rest of page intentionally left blank] 

 IN WITNESS WHEREOF, the parties hereto have caused this Acknowledgment and Confirmation to be
duly executed as of the date first above written. 
 BORROWERS: 

 

			
	AXALTA COATING SYSTEMS DUTCH HOLDING B B.V., as Dutch Borrower
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:
	
	AXALTA COATING SYSTEMS U.S. HOLDINGS, INC., as U.S. Borrower
		
	By:	 	  

		 	Name:
		 	Title:

 HOLDINGS: 
  

			
	AXALTA COATING SYSTEMS DUTCH HOLDING A B.V., as Holdings
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:
	
	AXALTA COATING SYSTEMS U.S., INC., as U.S. Holdings
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 SUBSIDIARY GUARANTORS:     

 

			
	AXALTA COATING SYSTEMS ASIA HOLDING B.V.
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS AUSTRALIA PTY LTD
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS BENELUX B.V.
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS BETEILIGUNGS GMBH
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS BRASIL LTDA.
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS CANADA COMPANY
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	 AXALTA COATING SYSTEMS DEUTSCHLAND HOLDING GMBH & CO. KG

 
 represented by its general partner

	
	AXALTA COATING SYSTEMS VERWALTUNGS GMBH, which in turn is represented by
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS DUTCH HOLDING 1 B.V.
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS DUTCH HOLDING 2 B.V.
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS EMEA HOLDING B.V.
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS FINANCE 1 S.À R.L.
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS FINANCE 2 S.À R.L.
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS FINANCE 3 S.À R.L.
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS FRANCE HOLDING SAS
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS GERMANY GMBH
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS GLOBAL IP CO. LLC
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS GMBH
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS INTERNATIONAL HOLDING GMBH
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS INTERNATIONAL SÀRL
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS IP CO. LLC
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS IRELAND LIMITED
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS LA HOLDING II B.V.
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS LUXEMBOURG HOLDING 2 S.À R.L.
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS LUXEMBOURG HOLDING S.À R.L.
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS MÉXICO, S. DE R.L. DE C.V.
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS RUS LLC
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS SCANDINAVIA HOLDING AB
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS SERVICIOS MÉXICO, S. DE R.L. DE C.V.
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS SINGAPORE HOLDING PTE. LTD.
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS SWEDEN AB
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS SWITZERLAND SÀRL
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS U.S., INC.
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS UK HOLDING LIMITED
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS UK LIMITED
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS UK (2) LIMITED
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS VERWALTUNGS GMBH
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS, LLC
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA POLYMER POWDERS SWITZERLAND SÀRL
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA POWDER COATING SYSTEMS NORDIC AB
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA POWDER COATING SYSTEMS UK LIMITED
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA POWDER COATING SYSTEMS USA, LLC
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	CHEMSPEC USA, LLC
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	COATINGS FOREIGN IP CO. LLC
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	METALAK B.V.
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	SPIES HECKER GMBH
		
	By:	 	  

		 	Name:
		 	Title:
	
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	STANDOX GMBH
		
	By:	 	  

		 	Name:
		 	Title:
	
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS USA HOLDINGS, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

 
			
	AXALTA COATING SYSTEMS BERMUDA FINANCE LTD.
		
	By:	 	  

		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fourth Amendment to Axalta Credit Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00265-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00265-of-00352.parquet"}]]