Document:

EX-10.1

 

Exhibit 10.1

March 14, 2007

Trevor Deighton

c/o Associated Materials Incorporated

     Re: Separation Agreement and General Release

Dear Trevor:

     This letter confirms the termination of your employment with Associated Materials Incorporated
(“AMI”), with your last day of employment being today, March 14, 2007. You understand and agree
that, effective today, you have no longer been authorized to incur any expenses or obligations or
liabilities on behalf of AMI and you represent that you have not incurred any such expenses or
obligations or liabilities on behalf of AMI.

     In connection with your termination, AMI is prepared to provide you with severance pay equal
to your current base salary from March 15, 2007 through November 27, 2008 (less applicable
deductions and withholdings). You will receive this severance pay in installments through November
27, 2008 in accordance with AMI’s regular payroll practices.

     In addition, AMI is also prepared to pay you a pro rata portion of any annual incentive bonus
otherwise payable for 2007 in accordance with Section 4(b)(1) of your employment agreement, dated
as of November 28, 2005, and amended and restated as of March 14, 2006 (the employment agreement
and amendment are attached hereto and incorporated herein as Exhibit A). Such pro rata portion
will be based on the number of days that you were employed by AMI
during 2007, which is seventy-three
(73) days, and will be payable no earlier than the date on which such annual incentive bonus would
otherwise have been payable under AMI’s applicable plan or policy if you had not been terminated.

     In order to be eligible to receive the severance payment, pro rata portion of the annual
incentive bonus (if any) and other benefits described above to which you are not otherwise
entitled, you are required to agree to the terms contained in this letter, including the General
Release, indicate your agreement by signing and returning this letter, and not revoke this
agreement as provided below.

     In consideration for AMI’s payment of the severance payment, pro rata portion of the annual
incentive bonus (if any) and other benefits described above to which you are not otherwise
entitled, you hereby agree to release AMI and any and all of AMI’s predecessors, successors,
assigns, subsidiaries, parents, branches, divisions, affiliates, related entities and present and
former owners, stockholders, officers, directors, employees, insurers, representatives, attorneys
and agents (of either AMI or any and all of AMI’s predecessors, successors, assigns, subsidiaries,
parents, branches, divisions, affiliates and related entities) (collectively, “AMI Officials”),
individually and in their official capacities, of and from all causes of action, claims, damages,
judgments or agreements of any kind including, but not limited to, all matters arising

 

out of your employment with AMI and the cessation thereof. This release includes, but is not
limited to, any and all alleged claims based on Title VII of the Civil Rights Act of 1964, the
Civil Rights Act of 1866, the Age Discrimination in Employment Act (including the Older Workers
Benefit Protection Act), the Americans with Disabilities Act, the Ohio State Labor and Industry Law
(including, but not limited to, the Ohio Civil Rights Act), the Employee Retirement Income Security
Act of 1974, the Family and Medical Leave Act of 1993, the Worker Adjustment and Retraining
Notification Act, or any common law, public policy, contract (whether oral or written, express or
implied) or tort law, or any other local, state or federal law, regulation, ordinance or rule
having any bearing whatsoever on the terms and conditions of your employment and the cessation
thereof.

     In addition, you will keep in confidence and will not, except as specifically authorized in
writing by AMI or as otherwise required by law, disclose to any third party or use for the benefit
of himself or any third party any confidential or proprietary information about AMI (or its
parents, subsidiaries, affiliates or related entities) which you acquired, developed or created by
reason of your employment, except for information that is or becomes public other than through your
breach of this paragraph.

     You will also promptly return to AMI all documents, materials and property in your possession,
custody or control that are the property of AMI or any AMI Officials, including but not limited to
all AMI information and related reports, maps, files, memoranda and records, credit cards, cardkey
passes, door and file keys, computer access codes, software and including all copies, duplicates,
reproductions or excerpts thereof.

     You agree not to criticize, denigrate, disparage or impair the commercial reputation, goodwill
or interests of AMI or any AMI Officials in any manner whatsoever.

     You agree that you will cooperate with AMI (or its parents, subsidiaries, affiliates or
related entities) and its legal counsel in connection with any current or future investigation or
litigation relating to any matter with which you were involved or of which you have knowledge or
which occurred during your employment at AMI. Such assistance shall include, but not be limited
to, depositions and testimony and shall continue until such matters are resolved. AMI will
reimburse you for any reasonable and pre-approved travel-related expenses and reasonable telephone
and facsimile expenses that you incur as a result of your cooperation.

     You acknowledge and agree that you continue to be bound by the terms of the covenants set
forth in Section 5 of your employment agreement, dated as of November 28, 2005, and amended and
restated as of March 13, 2006, including but not limited to the covenants regarding Noncompetition
and Nonsolicitation, each of which continues for two (2) years following the date of your
termination, and the covenants regarding Nondisclosure and Nondisparagement.

     This Agreement and Release is not an admission of any liability or wrongdoing by AMI or any
AMI Officials, and AMI and all AMI Officials expressly deny any such wrongdoing or liability.

 

 

     By signing this Agreement and Release, you are providing a complete waiver of all claims that
may have arisen, whether known or unknown, up until the time that this Agreement and Release is
executed. If you breach this Agreement and Release, AMI will seek restitution and/or offset of any
payments or benefits provided to the extent permitted by law.

     This Agreement and Release does not affect your entitlement to previously accrued or vested
benefits to which you may be entitled, which are summarized as follows:

	 	•	 	You will be paid for any accrued but unused vacation days on a pro-rated basis
(less applicable deductions).
	 
	 	•	 	Your group medical and dental benefits will remain in effect until March 31,
2007. Upon the termination of your group medical and dental benefits, you will be
provided separate information regarding your right thereafter to continue group
coverage as required by the Consolidated Omnibus Budget Reconciliation Act of 1985
(“COBRA”).
	 
	 	•	 	Your group life insurance will remain in effect until March 14, 2007, which is
the last day of your employment. Upon the termination of your group life
insurance, you will be provided separate information regarding your right to
convert your group life insurance to an individual policy.
	 
	 	•	 	You will be provided a separate statement of your benefits, if any, under any
AMI savings and/or pension plan. Your rights to benefits under any AMI savings
and/or pension plan will be determined by law and in accordance with the terms of
the specific plan.

     Since your execution of this Agreement and Release releases AMI and any AMI Officials from all
claims you may have, you should review this carefully before signing it. You can take at least
twenty-one (21) days from your receipt of this Agreement and Release to consider its meaning and
effect and to determine whether you wish to enter into it. During that time, you are advised to
consult with anyone of your choosing, including an attorney, prior to executing this Agreement and
Release.

     Once you have signed this Agreement and Release, you may choose to revoke your execution
within seven (7) days. Any revocation of this Agreement and Release must be in writing and
personally delivered to John Haumesser, Associated Materials Incorporated, 3773 State Road,
Cuyahoga Falls, Ohio 44223, or if mailed, postmarked within seven (7) days of the date upon which
it was signed by you.

     TO RECEIVE THE SEVERANCE PAYMENT, PRO RATA PORTION OF THE ANNUAL INCENTIVE BONUS (IF ANY) AND
OTHER BENEFITS DESCRIBED ABOVE, YOU MUST SIGN AND RETURN THE AGREEMENT AND RELEASE NO LATER THAN
APRIL7, 2007, AND DELIVER THE ATTACHED LETTER INDICATING THAT YOU DO NOT WISH TO REVOKE YOUR
AGREEMENT SEVEN (7) DAYS AFTER THE DATE YOU SIGN THIS AGREEMENT AND RELEASE. This Agreement and
Release should be returned to John Haumesser, Associated Materials Incorporated, 3773 State Road,
Cuyahoga

 

 

Falls, Ohio 44223. AMI will not make any payments or provide any other benefits pursuant to
this Agreement and Release until after the seven (7) day period expires and AMI receives the
attached letter indicating that you have not revoked your agreement.

     This Agreement and Release (including the attached employment agreement and amendment thereto)
contains the entire understanding of the parties relating to the subject matter hereof. You
acknowledge that no representations, oral or written, have been made other than those expressly set
forth herein, and that you have not relied on any other representations in executing this Agreement
and Release. This Agreement and Release may be modified only in a document signed by the parties
and referring specifically hereto.

Sincerely yours,

Associated Materials Incorporated

/s/ John Haumesser

John Haumesser

Vice President, Human Resources

 

 

ACKNOWLEDGMENT

     I AGREE TO THE TERMS AND CONDITIONS SPECIFIED IN THIS AGREEMENT AND RELEASE AND I INTEND TO
WAIVE AND RELEASE ALL CLAIMS THAT I MAY HAVE AGAINST AMI AND ANY AMI OFFICIALS. I UNDERSTAND THAT
THIS WAIVER AND RELEASE CREATES A TOTAL AND UNLIMITED RELEASE OF ALL CLAIMS, WHETHER KNOWN OR
UNKNOWN, EXISTING AS OF THIS DATE THAT I MAY HAVE AGAINST AMI AND ANY AMI OFFICIALS.

     I HAVE HAD AMPLE TIME TO REVIEW THIS AGREEMENT AND TO CONSIDER MY GENERAL RELEASE OF ALL
CLAIMS AS SET FORTH IN THIS AGREEMENT AND RELEASE. I AM SIGNING THIS AGREEMENT AND RELEASE
KNOWINGLY, VOLUNTARILY AND WITH FULL UNDERSTANDING OF ITS TERMS AND EFFECTS. I UNDERSTAND THAT I
CAN TAKE AT LEAST TWENTY-ONE (21) DAYS FROM RECEIPT OF THIS AGREEMENT AND RELEASE TO DETERMINE
WHETHER I WISH TO SIGN IT, THAT I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY PRIOR TO SIGNING
IT, AND THAT I HAVE SEVEN (7) DAYS FROM THE DATE I SIGN THIS AGREEMENT AND RELEASE TO REVOKE IT.

     I ACKNOWLEDGE THAT I HAVE NOT RELIED ON ANY REPRESENTATIONS OR STATEMENTS NOT SET FORTH
HEREIN. I WILL NOT DISCLOSE THIS AGREEMENT AND RELEASE TO ANYONE EXCEPT TO MY IMMEDIATE FAMILY AND
ANY TAX, LEGAL OR OTHER COUNSEL THAT I HAVE CONSULTED REGARDING THE MEANING OR EFFECT OF THIS
AGREEMENT, EXCEPT AS OTHERWISE REQUIRED BY LAW.

     In witness hereof, I have executed this Separation Agreement and General Release this 26th day
of March, 2007.

/s/ Trevor Deighton        

Trevor Deighton<PAGE>

                                                                   Exhibit 10.49

PEVION BIOTECH

LICENSE AGREEMENT

This LICENSE AGREEMENT ("Agreement"), is made and entered into as of March 1st,
2007 (the "Effective Date") by and between

MYMETICS Corporation ("MYMETICS"), a company organized under the laws of the
State of Delaware with a registered address at 230 Park Avenue, New York, NY
10169, and a principal place of business located at 14, rue de la Colombiere, CH
1260 Nyon, Switzerland and

PEVION Biotech Ltd., a company organized under the laws of Switzerland with a
principle place of business at Rehhagstrasse 79, CH-3018 Berne Switzerland,
("PEVION").

MYMETICS and PEVION may be referred to hereinafter as "Party" or "Parties" as
appropriate.

Preamble

WHEREAS, PEVION is a company active in the development, manufacturing and
commercialization of Virosomes

WHEREAS, MYMETICS is a company active in the development of vaccines and
treatments for AIDS and other retroviruses

WHEREAS MYMETICS is desirous of obtaining the rights from PEVION for the
commercial development, use, and sale of Virosome formulated HIV peptide and
protein antigens vaccines, and PEVION is willing to grant such rights;

WHEREAS the Parties entered on March 10, 2005 into a Collaboration and Option
Agreement, of which this License Agreement is an amended and restated version;
and

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

1 DEFINITIONS

The terms, as defined herein, shall have the same meanings in both their
singular and plural forms.

1.1 "Affiliate" means, with respect to either Party, any entity controlling,
controlled by or under common control with, such Party. For purposes of this
definition, "control" of another corporation or entity shall mean when a person
or entity (i) owns or directly controls fifty percent (50%) or more of the
outstanding voting stock or other ownership interest of the other corporation or
entity, (ii) possesses, directly or indirectly the power to manage, direct or
cause the direction of the management and policies of the corporation or other
entity or the power to select or appoint fifty percent (50%) or more of the
members of the governing body of the corporation or other entity, or (iii) has
actual control over the management, business and affairs of the corporation or
other entity.

1.2 "Combined Material" means HIV antigens such as GP41 peptides and proteins,
or any other HIV protein or peptide antigens, formulated with Virosomes.

<PAGE>

1.3 "Field" means the use of Combined Materials for prevention of AIDS through
the HIV peptide or protein vaccine covered by this Agreement.

1.4 "Territory" means world-wide.

1.5 "Effective Date" shall mean the date first written above.

1.6 "Term" means the period of time beginning on the Effective Date and ending
on the expiration date of the longest-lived Patent Rights.

1.7 "Licensed Product" means any composition of Combined Material in the Field
that is covered by the claims of Patent Rights, or that is produced by the
Licensed Method, or the use, sale, offer for sale, or importation of which would
constitute, but for the license granted to MYMETICS by PEVION herein, an
infringement of any pending or issued and unexpired claim within the Patent
Rights.

1.8 "Licensed Method" means any method for the production of the Licensed
Product that is covered by Patent Rights.

1.9 "Patent Rights" means all present, as described in Attachment A, and future
intellectual property rights which PEVION has, or obtains control of, during the
term of the License Agreement used to develop/commercialise the Licensed
Products, including all PEVION Intellectual Property Rights and all patent
rights PEVION is entitled to license under its part of PEVION Jointly-Owned
Intellectual Property Rights

1.10 "Exclusivity" means PEVION shall not market, promote, advertise, sell,
service, distribute or merchandise the Licensed Product anywhere in the
Territory, or grant to others the rights and license to perform any activities
in the field using the Licensed Product or Licensed Method anywhere in the
Territory.

1.11 "Third Party" means any Party, except MYMETICS or its affiliates, who has
acquired rights on the Combined Material.

1.12 "Sublicensee" means a third party to whom MYMETICS grants a sublicense of
certain rights granted to MYMETICS under this Agreement.

1.13 "Net Sales" means the total of the gross invoice prices of Licensed
Products sold by MYMETICS, its Sublicensee, an Affiliate, or any combination
thereof, less the sum of the following actual and customary deductions where
applicable and separately listed: cash, trade, or quantity discounts; sales,
use, tariff, import/export duties or other excise taxes imposed on particular
sales (except for value-added and income taxes imposed on the sales of Product
in foreign countries); transportation charges; or credits to customers because
of rejections or returns. For purposes of calculating Net Sales, transfers to a
Sublicensee or an Affiliate of Licensed Product under this Agreement for (i) end
use (but not resale) by the Sublicensee or Affiliate shall be treated as sales
by MYMETICS at list price of MYMETICS, or (ii) resale by a Sublicensee or an
Affiliate shall be treated as sales at the list price of the Sublicensee or
Affiliate

1.14 "PEVION Materials" means Virosomes as well as any further improvement of
such Virosomes, developed or manufactured by PEVION or where PEVIONS has rights
on.

1.15 "MYMETICS Materials" means HIV antigens developed by MYMETICS, namely the
GP41 peptides and proteins developed by MYMETICS and protected by Patent as well
as any further improvement of such HIV antigens.

1.16 "Disclosing Party" means the Party, who possesses certain confidential
and/or proprietary technical-, business data or other confidential information
(hereinafter "Confidential Information"), willing to disclose this Confidential

<PAGE>

Information to the other Party.

1.17 "Recipient" means the Party who receives from the Disclosing Party certain
technical or business data or other confidential information, confidential
and/or proprietary (hereinafter "Confidential Information").

2 GRANTS

2.1 Subject to the limitations set forth in this Agreement, PEVION hereby grants
to MYMETICS, and MYMETICS hereby accepts, an exclusive license under Patent
Rights to use -including for basic research-, sell, offer for sale, and import
or export Licensed Products within the Territory and during the Term. The grant
of this exclusive license will be notified to all the intellectual property
authorities responsible for the Licensed Products, insofar as allowed by
applicable law.

2.1.1 The license granted herein is exclusive for Patent Rights and PEVION shall
not grant to third parties a further license under Patent Rights in the Field,
within the Territory and during the Term.

2.1.2 Each party is responsible for maintaining in a reasonable manner the
protection for its intellectual property involved in this Agreement. If any
Party fails to maintain the protection for its intellectual property (the
"Failing Party"), namely by failing to pay the corresponding maintenance fees,
the other Party is entitled to take any reasonable action to maintain this
protection (the "Intervening Party"), namely by paying the corresponding
maintenance fees, and the reasonable costs incurred by this intervention shall
be borne by the Failing Party. The amounts due in this regard by the Failing
Party to the Intervening Party may be set off against any amount due by the
Intervening Party to the Failing Party, namely under Section 4 of this Agreement
(Considerations).

2.2 Insofar as required for the use of the Licensed Products as provided for
under section 2.1, PEVION will, against adequate remuneration, provide MYMETICS
or third parties with all the required information and documents (namely all the
technical data required to obtain approvals from governmental bodies such as the
American Food and Drug Administration). PEVION reserves the right to send these
information and documents directly to third parties when it is not necessary for
MYMETICS to have knowledge thereof, so as to preserve its trade secrets.

2.3 The license granted in Paragraph 2.1 includes the right of MYMETICS to grant
sublicense to third parties during the Term. With respect to sublicense granted
pursuant to this Paragraph 2.2 MYMETICS shall:

2.3.1 Not receive, or agree to receive, anything of value in lieu of cash as
considerations from a third party under a sublicense granted pursuant to
Paragraph 2.2 without the express written consent of PEVION;

2.3.2 Promptly provide PEVION with a copy of each sublicense issued; and

2.3.3 Collect payment of all payments due, directly or indirectly, to MYMETICS
from Sublicensees and summarize and deliver all reports due, directly or
indirectly, to MYMETICS from Sublicensees.

3 GRANTS of SUPPLY

3.1 The license granted under Paragraph 2 does not include the right to
manufacture of the Licensed Product.

3.2 PEVION grants MYMETICS the exclusive supply rights on Licensed Product for
clinical batches. The clinical batches of the Licensed Product shall be
delivered by Pevion to Mymetics in the containers chosen by Mymetics (e.g. vials
or pre-filled syringes). The remuneration of the clinical batches will be

<PAGE>

COGS and a margin of 30%. The delivery costs will be charged separately. .

3.3 PEVION grants MYMETICS the exclusive supply rights on Licensed Product for
market batches. The Licensed Product shall be delivered by Pevion to Mymetics in
the containers chosen by Mymetics (e.g. vials or pre-filled syringes)The terms
and conditions of the manufacture and supply of Combined Materials are set forth
in a Supply Agreement, to be negotiated in good faith by MYMETICS and PEVION
during the nine (9) months following the Effective Date.

3.4 In case PEVION can not guarantee the further supply of Licensed Product,
based on the Supply Agreement, PEVION will grant MYMETICS an exclusive license
with the right to sublicense to make Licensed Product the terms of which
manufacture agreement shall be negotiated in good faith. In such a situation,
PEVION will provide MYMETICS with the technical assistance required to set up
this alternate production source, the remuneration of the assistance shall be
negotiated between PEVION and MYMETICS in good faith.

4 CONSIDERATIONS

4.1 License Issuance Fee; In return for the license granted hereunder MYMETICS
will pay to PEVION a license issuance fee of a total of E*** (*** thousand EURO)
in cash; E*** (*** thousand EURO) of this payment was made by December 31st 2006
as an exercising fee in the context of the revision and restatement of the
Collaboration and Option Agreement mentioned in the Preamble;. A second
installment of E*** (*** thousand EURO) shall be due on March 31st 2007 and
third installment of E*** (*** thousand EURO) shall be due by September 30th
2007. Additionally MYMETICS will transfer to PEVION *** (*** thousand) of
MYMETICS free common shares ("Rule 144" restricted).

4.2 Milestone Payments; In return for the license granted MYMETICS will pay to
PEVION *% on all upfront fees, milestone payments, lump sum payments and any
other monetary considerations (excluding royalties) received by MYMETICS or an
Affiliate from a Third Party; provided that such monetary consideration is
attributed to Licensed Product.

4.3 As long as, MYMETICS develops the Licensed Product by itself, the payments
describe under 4.2 are void and are replaced by fixed Milestone payments.
MYMETICS shall pay to PEVION E*** (*** thousand EURO) at the start of a
clinical Phase I. Further milestone payments are subject to re-negotiations, in
the event that MYMETICS will develop HIV vaccines using PEVION Material combined
with MYMETICS Material by itself beyond clinical Phase I.

4.4 Royalties; In return for the license granted MYMETICS will pay to PEVION 10%
on all royalties payments received by MYMETICS, or an Affiliate, or any
Sublicensee from a Third Party; provided that such monetary consideration is
attributed to the Licensed Product.

4.5 All milestone payments and royalty payments specified in Paragraphs 4.1
through 4.3 above shall be paid by MYMETICS pursuant to Paragraph 5 and shall be
delivered by MYMETICS to PEVION as noted in Paragraph 5.

4.6 If MYMETICS fails to perform any of its obligations specified in Paragraph
4.1 to 4.5, then PEVION shall have the right to terminate this Agreement
according section 9.2 of this agreement.

5 REPORTS, RECORDS AND PAYMENTS

5.1 Beginning January 1, 2008 and ending on the date of first commercial sale of
a Licensed Product, MYMETICS shall submit to PEVION annual progress reports
covering MYMETICS' (and Affiliate's and Sublicensee's) activities to develop and
test all Licensed Products and obtain governmental approvals necessary for
marketing the same. Such reports shall include an overview of work completed;
overview of work in progress; current schedule of anticipated events or
milestones; market plans for introduction of Licensed Products in the reporting
period. MYMETICS shall also report to PEVION, in its immediately subsequent

<PAGE>

progress report, the date of first commercial sale of a Licensed Product in each
country of the Territory.

5.2 MYMETICS shall inform PEVION in writing no later than thirty (30) days after
signing any collaboration-, partnering- or sublicensing agreement comprising the
Licensed Product.

5.3 MYMETICS shall inform PEVION in writing no later than thirty (30) days after
receiving any up-front payments, milestone payments and/or other monetary
considerations provided that such monetary consideration is attributed to the
Licensed Products. MYMETICS shall pay PEVION the fees according Paragraph 4.2 no
later than sixty (60) days after receiving the up-front payments, milestone
payments and/or other monetary considerations.

5.4 After the first commercial sale of a Licensed Product anywhere in the world,
MYMETICS shall submit to PEVION quarterly royalty reports on or before each
February 28, May 31, August 31 and November 30 of each year. Each royalty report
shall cover MYMETICS' (and each Affiliate's and Sublicensee's) most recently
completed calendar quarter and shall show:

*    The number of each type of Licensed Product sold and the Net Sales during
     the most recently completed calendar quarter;

*    The sublicense fees and royalties received during the most recently
     completed calendar quarter in Swiss Francs pursuant to Subsection 5.6 of
     this Agreement;

*    The royalties and sublicense fees payable in Swiss Francs, including the
     method used to calculate the royalties and the exchange rates used pursuant
     to Subsection 5.6 of this Agreement.

If no sale of Licensed Products has been made and no sublicense revenues has
been received by MYMETICS during any reporting period, MYMETICS shall so report.

5.5 MYMETICS shall keep, and shall require its Affiliates and Sublicensees to
keep, accurate and correct records of all Licensed Products used, and sold, and
sublicense fees received under this Agreement. Such records shall be retained by
MYMETICS for at least ten (10) years following a given reporting period. All
records shall be available during normal business hours for inspection at the
expense of PEVION by a public accountant selected by PEVION and reasonably
acceptable to MYMETICS for the sole purpose of verifying reports and payments
and in compliance with the other terms of this Agreement. Such accountant shall
not disclose to PEVION any information other than information relating to the
accuracy of reports and payments made under this Agreement or other compliance
issues. In the event that any such inspection shows an under reporting and
underpayment in excess of five percent (5%) for any twelve (12) month period,
then MYMETICS shall pay the cost of the audit as well as any additional sum that
would have been payable to PEVION had the MYMETICS reported correctly, plus an
interest charge at a rate of ten percent (10%) per year. Such interest shall be
calculated from the date the correct payment was due to PEVION up to the date
when such payment is actually made by MYMETICS. For underpayment not in excess
of five percent (5%) for any twelve (12) month period, MYMETICS shall pay the
difference within thirty (30) days without interest charge or inspection cost.

5.6 All fees and royalties due to PEVION shall be paid in Swiss Francs, plus
Swiss VAT when applicable. When Licensed Products are sold in currencies other
than Swiss Francs, MYMETICS shall first determine the earned royalty in the
currency of the country in which Licensed Products were sold and then convert
the amount into equivalent Swiss funds, using the exchange rate quoted in the
Neue Zurcher Zeitung on the last business day of the applicable reporting
period.

5.7 Royalties shall accrue when Licensed Products are paid by a third party or

<PAGE>

Affiliate. MYMETICS shall make all reasonable efforts to secure prompt payments
from said third parties and Affiliates. MYMETICS shall pay earned royalties
quarterly on or before February 28, May 31, August 31 and November 30 of each
calendar year. Each such payment shall be for earned royalties accrued within
MYMETICS's most recently completed calendar quarter

5.8 Royalties earned on sales occurring under sublicense granted pursuant to
this Agreement shall not be reduced by MYMETICS for any taxes, fees, or other
charges imposed by the government of such country on the payment of royalty
income, except that all payments made by MYMETICS in fulfilment of PEVION' tax
liability in any particular country may be credited against earned royalties or
fees due PEVION for that country. MYMETICS shall pay all bank charges resulting
from the transfer of such royalty payments

5.9 In the event that any patent or patent claim within Patent Rights is held
invalid in a final decision by a patent office from which no appeal or
additional patent prosecution has been or can be taken, or by a court of
competent jurisdiction and last resort and from which no appeal has or can be
taken, all obligation to pay royalties based solely on that patent or claim or
any claim patentably indistinct therefrom shall cease as of the date of such
final decision. MYMETICS shall not, however, be relieved from paying any
royalties that accrued before the date of such final decision.

In the event royalty, reimbursement and/or fee payments are not received by
PEVION when due, MYMETICS shall pay to PEVION interest charges at a rate of ten
percent (10%) per year pursuant to Subsection 5.5 of this Agreement. Such
interest shall be calculated from the date payment was due until actually
received by PEVION.

6 Confidentiality

6.1 Nondisclosure; Except as specifically authorized in this Agreement or as has
been specifically authorized by Disclosing Party in writing, Recipient shall not
reproduce, exploit, use, distribute, disclose or otherwise disseminate the
disclosed proprietary information of the other Party ("Confidential
Information") and shall not take any action causing, or fail to take any
reasonable action necessary to prevent any, Confidential Information disclosed
to Recipient to lose its character of Confidential Information. Upon expiration
or termination of this Agreement, or upon request by Discloser, Recipient shall
promptly deliver to Discloser all Confidential Information of Discloser and all
embodiments and/or copies thereof then in its custody, control or possession and
shall deliver within four weeks after such expiration or termination or destroy
such Discloser's Confidential Information, and deliver to Discloser within six
weeks of such notice a written statement signed by an officer of Recipient
certifying that all unused or remaining Discloser's Confidential Information
have been returned or destroyed with the exception of one copy kept in its legal
file for reference purposes..

6.2 Ownership; All Confidential Information disclosed by Disclosing Party shall
remain the property of Discloser and no license or other right to such
information is granted or implied hereby, other than such rights as are
expressly set out in this Agreement.

6.3 Term; Recipient's duty to protect Discloser's Confidential Information
pursuant to this Agreement expires ten (10) years from the date of disclosure of
the Confidential Information.

7 Control of materials

7.1 Control of PEVION Materials. MYMETICS shall not transfer the PEVION
Materials or Combined Material to, or permit access to the PEVION Materials or
Combined Materials to any third party without prior written approval of PEVION,
except for purposes contemplated in this Agreement (commercial development, use,
and sale of Virosomes formulated HIV peptide and protein antigens vaccines).
MYMETICS shall not use and/or exploit the PEVION Materials or

<PAGE>

Combined Material for any purpose other than as set forth in this Agreement. For
the purposes hereof, "third parties" shall not include those Affiliates,
corporate partners, employees and consultants of MYMETICS who will be involved
in the handling, testing and/or evaluation of PEVION Materials or Combined
Material under this Agreement. The PEVION Materials shall remain the property of
PEVION. Upon termination of this Agreement, MYMETICS shall discontinue its use
of all PEVION Materials, and shall, upon the written request of PEVION, either
return any such unused or remaining PEVION Materials to PEVION or destroy such
PEVION Materials, and deliver to PEVION within 14 days of such notice a written
statement signed by an officer of MYMETICS certifying that all unused or
remaining PEVION Materials have been returned to PEVION or destroyed.

7.2 Control of MYMETICS' Materials. PEVION shall not transfer the MYMETICS
Materials to, or permit access to the MYMETICS Materials by, any third party
without prior written approval of MYMETICS. PEVION shall not use and/or exploit
the MYMETICS Materials for any purpose other than as set forth in this
Agreement. For the purposes hereof, "third parties" shall not include those
Affiliates, corporate partners, employees and consultants of PEVION who will be
involved in the handling, testing and/or evaluation of MYMETICS Materials under
this Agreement. The MYMETICS Materials shall remain the property of MYMETICS.
Upon termination of this Agreement, PEVION shall discontinue its use of all
MYMETICS Materials, and shall, upon the written request of MYMETICS, either
return any such unused or remaining MYMETICS Materials to MYMETICS or destroy
such MYMETICS Materials, and deliver to MYMETICS within 14 days of such notice a
written statement signed by an officer of PEVION certifying that all unused or
remaining MYMETICS Materials have been returned to MYMETICS or destroyed.

8 Warranty, Representations and Liability

8.1 No Warranty. BOTH PARTIES ACKNOWLEDGE AND AGREE THAT THE PEVION MATERIALS
AND COMBINED MATERIALS ARE BEING SUPPLIED WITH NO WARRANTIES, EXPRESS OR
IMPLIED, AND PEVION EXPRESSLY DISCLAIMS ANY WARRANTY OF MERCHANTABILITY, FITNESS
FOR A PARTICULAR PURPOSE OR NON INFRINGEMENT. PEVION MAKES NO REPRESENTATION
THAT THE USE OF THE PEVION MATERIALS WILL NOT INFRINGE THE PATENT OR PROPRIETARY
RIGHTS OF ANY THIRD PARTY. However to PEVION's knowledge, the use of the
PEVION's Technology in connection with the business of MYMETICS as contemplated
herein does not conflict with, misappropriate, or infringe the intellectual
property rights of any third party.

Any Party which has knowledge of an infringement on the intellectual property
rights involved in the present Agreement shall notify the other Party thereof.
PEVION shall take all the required legal actions in order to put an end to any
infringement on its intellectual property rights regarding the License
Products.. The costs of such legal actions shall be advanced by MYMETICS.

If a third party initiates legal actions against MYMETICS on the basis of
alleged preferential rights regarding the Licensed Products, and where the legal
actions are on the basis of Pevion Material, then PEVION shall assist MYMETICS
in its legal defense against such action and reimburse to MYMETICS all the costs
related to this legal defense, to the exclusion of any other compensation. For
the duration of such legal proceedings, MYMETICS may pay all amounts due to
PEVION, in particular all payments due under section 5, to a blocked account.
After the termination of the legal proceedings, the funds on the blocked account
will be transferred to PEVION after deduction of all costs due to MYMETICS for
its legal defense as provided for in this paragraph.

8.2 Representations. Each Party hereby represents and warrants to the other
Party as follows:

8.2.1 It is a corporation duly organized and validly existing under the laws of
its state or other jurisdiction of incorporation or formation;

8.2.2 It has the legal power and authority to execute and deliver this
Agreement, and to perform its obligations hereunder; its activities under this

<PAGE>

Agreement are subject to insurance coverage;

8.2.3 No authorization, consent or approval of any governmental authority or
third party is required for the execution, delivery or performance by it of this
Agreement, and the execution, delivery or performance of this Agreement will not
violate any law, rule or regulation applicable to such Party; and

8.2.4 It shall comply with all applicable local, state, national, regional and
governmental laws and regulations relating to its activities under this
Agreement.

8.3 Care in Use of PEVION Materials. MYMETICS acknowledges that the PEVION
Materials and Combined Materials are experimental in nature and may have unknown
characteristics and therefore agrees to use prudence and reasonable care in the
use, handling, storage, transportation and disposition and containment of such
PEVION Materials and Combined Materials.

8.4 Hold Harmless. In no event shall PEVION be liable for any use by MYMETICS of
the PEVION Materials or Combined Materials. MYMETICS shall defend, indemnify and
hold PEVION harmless from and against any third-party claims, demands or actions
and liabilities, cost and expenses arising therefrom which result from MYMETICS'
use, handling, storage, transportation, disposition and containment of the
PEVION Materials and Combined Materials (a "Claim") except to the extent such
Claim result from the negligence or willful misconduct of PEVION. If PEVION
receives notice of any Claim, PEVION shall, as promptly as is reasonably
possible, give MYMETICS notice of such Claim; provided, however, that failure to
give such notice promptly shall only relieve MYMETICS of any indemnification
obligation it may have hereunder to the extent such failure diminishes the
ability of MYMETICS to respond to or to defend PEVION against such Claim. PEVION
and MYMETICS shall consult and cooperate with each other regarding the response
to and the defense of any such Claim and MYMETICS shall, upon its acknowledgment
in writing of its obligation to indemnify PEVION, be entitled to and shall
assume the defense or represent the interests of PEVION 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 PEVION 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 PEVION, such
consent not to be unreasonably withheld. Nothing herein shall prevent PEVION
from retaining its own counsel and participating in its own defense at its own
cost and expense.

8.5 Limitation of Liability. IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR ANY
INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR IN
CONNECTION WITH THIS AGREEMENT WHETHER OR NOT THAT PARTY HAS BEEN ADVISED OF THE
POSSIBILITY OF OR IS OTHERWISE ON NOTICE OF SUCH POSSIBILITY UNLESS THE PARTY IN
DEFAULT HAS ACTED IN WILLFUL MISCONDUCT OR GROSS NEGLIGENCE.

9 Term of Agreement

9.1 Pursuant to section 1.6, the Term of the Agreement is the period of time
beginning on the Effective Date and ending on the expiration date of the
longest-lived Patent Rights. MYMETICS shall however have the right at any time
and for any reason to terminate this Agreement upon a ninety (90) day written
notice to PEVION. Said notice shall state MYMETICS's reason for terminating this
Agreement. Any termination under this Paragraph shall not relieve MYMETICS of
any obligation or liability accrued under this Agreement prior to termination or
rescind any payment made to PEVION or action by MYMETICS prior to the time
termination becomes effective. Termination shall not affect in any manner any
rights of PEVION arising under this Agreement prior to termination.

9.2 If one Party fails to perform or violates any term of this Agreement, the
other Party may give written notice of default ("Notice of Default") to the
Party. If the Party fails to cure the default within sixty (60) days of the
Notice of Default, the other Party may terminate this Agreement by second

<PAGE>

written notice ("Notice of Termination"). If a Notice of Termination is sent to
one of the Parties, this Agreement shall automatically terminate on the
effective date of that notice. Termination shall not relieve either Party of its
obligation to pay any fees owed at the time of termination

9.3 In the event any Party becomes the subject of a voluntary or involuntary
petition in bankruptcy, such Party shall immediately notify the other Party in
writing. If such petition is not dismissed with prejudice within one hundred
twenty (120) days after filing, the other Party shall have the right to
terminate this Agreement by giving the bankrupting Party written notice.
Termination of this Agreement pursuant to this Section 9 shall be effective upon
the bankrupting Party' receipt of such written notice.

9.4 Effects of Termination. Upon the termination of this Agreement for any
reason whatsoever or the expiration of the term of this Agreement:

*    all rights of the Parties hereunder shall cease immediately;

*    amounts owing by MYMETICS to PEVION shall immediately become due and
     payable;

*    MYMETICS or its Sublicensees shall have the right to distribute and sell
     its remaining inventory of Licensed Products and raw materials, in the
     ordinary course of business and pursuant to instructions received from
     PEVION.

9.5 The following Paragraphs and Articles shall survive the termination of this
Agreement: 1, 4, 5, 6 7, 8, 10, 16.

Upon termination of this Agreement, MYMETICS may dispose of all previously made
or partially made Licensed Product within a period of one hundred and twenty
(120) days of the effective date of such termination provided that the sale of
such Licensed Product by MYMETICS, its Sublicensees, or Affiliates shall be
subject to the terms of this Agreement, including but not limited to the
rendering of reports and payment of royalties required under this Agreement..

10 Publicity

Except as may otherwise be required by law or regulation, neither Party shall
make any public announcement, directly or indirectly, concerning the existence
or terms of this Agreement or the subject matter hereof without first submitting
a copy of the proposed announcement to the other Party for review and obtaining
the approval of the other Party. The other Party shall have seven (7) business
days or such other time as mutually agreed upon to consent to the publication of
such announcement, such consent not to be unreasonably withheld. If either Party
is required by law or regulation to make a public announcement concerning the
existence or terms of this Agreement, such Party shall give reasonable prior
advance notice of the proposed text of such announcement to the other Party for
its prior review and comment.

11 Assignment

The Parties agree not to assign any of their rights or obligations under this
Agreement to any other third party without first obtaining the written approval
of the other Party. Such approval shall not be unreasonably withheld and Pevion
in particular recognizes Mymetics' right to sell the result of its HIV vaccine
project, including its rights and obligations under this Agreement, provided
such a sale does not have material adverse effects on Pevion. The terms and
conditions of this Agreement shall inure to the benefit of and be binding upon
the respective permitted successors and assigns of the Parties. Nothing in this
Agreement, express or implied, is intended to confer upon any Party other than
the Parties hereto or their respective successors and assigns any rights,
remedies, obligations, or liabilities under or by reason of this Agreement,
except as expressly provided in this Agreement.

<PAGE>

12 Severability

If one or more provisions of this Agreement are held to be unenforceable under
applicable law, the Parties agree to renegotiate such provision in good faith,
in order to maintain the economic position enjoyed by each Party as close as
possible to that under the provision rendered unenforceable. In the event that
the Parties cannot reach a mutually agreeable and enforceable replacement for
such provision, then (i) such provision shall be excluded from this Agreement,
(ii) the balance of the Agreement shall be interpreted as if such provision were
so excluded and (iii) the balance of the Agreement shall be enforceable in
accordance with its terms

13 Amendments and Waivers

Any agreement to change the terms of this Agreement in any way shall be valid
only if the change is made in writing and approved by mutual agreement of
authorized representatives of the Parties hereto. This contract is the entire
agreement between the Parties with respect to the subject matter thereof and
supersedes all prior agreements whether written or oral.

No waiver of any right, power or remedy following a breach of this contract is
valid unless it is made in writing.

14 Entire Agreement

MYMETICS acknowledges having read and executed this Agreement and agreed to be
bound by its terms. This Agreement is the product of both of the Parties hereto,
and constitutes the entire agreement between such Parties pertaining to the
subject matter hereof, and merges all prior negotiations and drafts of the
Parties with regard to the transactions contemplated herein. Any and all other
written or oral agreements existing between the Parties hereto regarding such
transactions are expressly canceled.

The preamble hereof shall form an integral part of this AGREEMENT.

15 Notices

Notices, invoices, communications, and payments hereunder shall be deemed made
if given by traceable mail and addressed to the Party to receive such notice,
invoice, or communication at the address given below, or such other address as
may hereafter be designated by notice in writing:

If to MYMETICS:                         If to PEVION:
MYMETICS Corporation,                   PEVION Ltd.
14, rue de la Colombiere                Rehhagstrasse 79
CH 1260 Nyon                            CH 3018 Bern
Switzerland                             Switzerland
Att: Christian Rochet (CEO)             Att: Thomas Stauffer (COO)

16 Applicable Law and Conflict Resolution.

This Agreement will be governed by the laws of Switzerland without regard to its
conflict of laws rules. All disputes arising out of or in connection with this
Agreement shall finally be resolved by the competent court of Zurich,
Switzerland.

17 Signatures

IN WITNESS WHEREOF, the proper Parties, duly authorized, have executed this
Agreement in duplicate as of the day and year first written above.

<PAGE>

For MYMETICS:                           For PEVION:

President & CEO:                        CEO

Place: Nyon                             Place: Berne
       -----------------------------           ---------------------------------

Date: March 28, 2007                    Date: March 28, 2007
      -------------------------------         ----------------------------------

Name: Christian Rochet                  Name: Peter Klein

Signature: /s/ Christian Rochet         Signature: /s/ Peter Klein
           --------------------------              -----------------------------

CFO:                                    COO:

Place: Nyon                             Place: Berne
       ------------------------------          ---------------------------------

Date: March 28, 2007                    Date: March 28, 2007
      -------------------------------         ----------------------------------

Name: Ernst Lubke                       Name: Thomas Stauffer

Signature: /s/ Ernst Lubke              Signature: /s/ Thomas Stauffer
           --------------------------              -----------------------------

<PAGE>

Attachment A

Pevion Patent Rights:
<TABLE>
<CAPTION>
Title                          Assignee           Publication/ Application No   Priority Date   National Coverage
----------------------------   ----------------   ---------------------------   -------------   ------------------
<S>                            <C>                <C>                           <C>             <C>
Lyophilization of virosomes    Pevion Biotech     WO 06/069719                  30.12.2004      EP/PCT

Novel Trans-Adjuvant system    Pevion Biotech     EP05027624                    16.12.2005      EP/PCT

Novel strategies for protein   Pevion Biotech     S11/144,172                   05.06.2005      US
vaccine

Immunostimulating              Berna Biotech      WO 92/ 19267                  08.05.1992      AU, CA, EP, JP, US
and immunopotentiating         Excl. license by
reconstituted influenza        Pevion Biotech
virosomes and vaccines
containing them
</TABLE>

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