Document:

Employee Services Agreement

Exhibit 10.48
EMPLOYEE SERVICES AGREEMENT
Employee Services Agreement, dated as of March 25, 2014 (the “Agreement”), among Momentive Performance Materials Holdings LLC, a Delaware limited liability company (“Parent”), Momentive Performance MATERIALS HOLDINGS EMPLOYEE CORPORATION, a Delaware corporation (“Employer”), MOMENTIVE PERFORMANCE MATERIALS INC., a Delaware corporation (“MPM”), and MOMENTIVE SPECIALTY CHEMICALS INC.,  a New Jersey corporation (“MSC;” each of MPM and MSC, a “Recipient”).  Capitalized terms used herein have the meanings set forth in Article I.
RECITALS
WHEREAS, Employer is or will be the employer of Jack Boss (“Executive”) as set forth in the Offer Letter;
WHEREAS, each Recipient desires that Employer make available to  such Recipient the services of Executive, in consideration for the reimbursement by such Recipient of an allocable share of Employer’s total costs of employment of Executive, as further set forth herein; and
WHEREAS, as the indirect owner of each of MPM and MSC, Parent will benefit from the provision of services by Executive to either or both Recipients, and, as such, is willing to make available the services of Executive to the Recipients, from time to time and as and to the extent requested by the Recipients, all on the terms and subject to the conditions set forth herein.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
ARTICLE I
DEFINITIONS
1.01 Definitions.  As used in this Agreement, the following terms have the following meanings unless the context otherwise requires:
“Affiliate” means, with respect to any specified Person, any other Person, which directly or indirectly controls, is controlled by or is under common control with such specified Person.  For the purposes of this definition, the term “control,” when used with respect to any specified Person, means the power to direct or cause the direction of the management or policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have correlative meanings.
“Agreement” has the meaning set forth in the preamble.
“Business Days” means all weekdays except those that are official holidays of employees of the United States government. 
“Change of Control Transaction” has the meaning set forth in Section 9.03(b).
“Confidential Information” has the meaning set forth in Section 13.02(a).
“Covered Costs” means Employer’s all-in (i.e., fully-fringed) cost of employing Executive pursuant to the Offer Letter, including base salary, annual or other incentive compensation, sign-on bonus, severance, relocation expenses, participation in retirement, health, welfare and similar benefit programs, reasonable out-of-pocket expenses incurred in connection with the provision of Services and overhead costs associated with such employment, including office space and payroll costs (if any), but excluding the cost of equity or equity based compensation unless the parties mutually agree otherwise, in each case as determined in the good faith, reasonable commercial judgment of Employer.  
“Employer” has the meaning set forth in the preamble.
“Executive” has the meaning set forth in the preamble.
“Event of Default” has the meaning set forth in Section 9.01.
“including” shall mean including without limitation.
“Invoice” has the meaning set forth in Section 4.03.
“MPM” has the meaning set forth in the preamble.
“MSC” has the meaning set forth in the preamble.

“Offer Letter” means the offer letter, dated as of March 14, 2014 between Parent and Executive.
“Parent” has the meaning set forth in the preamble.
“Person” means any individual, partnership, limited partnership, limited liability company, corporation, unincorporated association, joint venture or other entity.
“Recipient” has the meaning set forth in the preamble.
“Representatives” has the meaning set forth in Section 13.02(a).
“Services” has the meaning set forth in Section 3.01.
“Subsidiary” means, with respect to any Person, any corporation or other organization, whether incorporated or unincorporated, (a) of which such Person or any other Subsidiary of such Person is a general partner (excluding partnerships, the general partnership interests of which held by such Person or any Subsidiary of such Person do not have a majority of the voting interests in such partnership), or (b) at least a majority of the securities or other interests of which having by their terms ordinary voting power to elect a majority of the board of directors or others performing similar functions with respect to such corporation or other organization is directly or indirectly owned or controlled by such Person or by any one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries.
“Term” has the meaning set forth in Section 2.01.
ARTICLE II
TERM
2.01 Term. The term of this Agreement shall commence upon the date hereof and shall continue for two (2) years from the date hereof, unless otherwise terminated in accordance with Article X (the “Term”).  
ARTICLE III
SERVICES
3.01 Services. During the Term, as and to the extent requested by a Recipient, Employer may, and Parent may cause Employer to, make Executive available to either or both Recipients and/or its or their respective Subsidiaries to provide senior executive leadership, business advisory and similar services (the “Services”), which Services may be performed at a Recipient’s place of business.    
3.02 Services Provided Under Separate Agreements.  For the avoidance of doubt, any and all services provided, and amounts owing and payable in respect thereof, under separate commercial agreements (including the Amended and Restated Shared Services Agreement dated as of March 17, 2011, as may be further amended) between or among the parties hereto shall remain subject to those separate agreements, and not this Agreement.
ARTICLE IV
COST AND PAYMENT
4.01 Services Cost.  For Services provided by Employer to a Recipient, such Recipient shall pay Employer (or as otherwise directed by Parent) an amount equal to the portion of the Covered Cost allocable to such Recipient based on the aggregate percentage of time spent by Executive on the provision of Services to such Recipient, as reasonably determined by Employer.  For the avoidance of doubt, (i) such portion may range from zero to 100% of the Covered Cost, depending on a Recipient’s usage of the Services and (ii) amounts owing and payable by the Recipients are several, and not joint, obligations of the respective Recipient.
4.02 Participation in Benefits Plans.  As part of its responsibility for payment of allocable Covered Costs (if any), a Recipient may elect to allow Executive to participate directly, and/or may allow Employer to participate as a participating employer, in such Recipient’s health, welfare, retirement and other, similar benefit plans.  In such event, Employer and Parent shall reasonably cooperate with such Recipient to effect the enrollment of Executive in such plan(s), including by providing such information about Executive as is necessary therefor.
4.03 Invoicing.  Employer shall determine the period of time that shall be covered by periodic invoicing to, and subject to reimbursement by, the Recipients (which may be bi-weekly, monthly or otherwise as determined by Employer).  Promptly following the completion of each such period, Employer shall (i) determine the applicable Covered Cost for such period and the relative portions thereof allocable to each Recipient and (ii) furnish each Recipient with a written invoice describing in reasonable detail the amount of Covered Costs being allocated to such Recipient for such period and the basis upon which the allocation of Executive’s time to such Recipient was made (each, an “Invoice”).  For the avoidance of doubt, it shall not be necessary to prepare or deliver an Invoice to a Recipient for any period during which the allocable portion of the Covered Costs to such Recipient was zero.  If a Recipient has previously pre-funded Covered Costs as described in Section 4.05 below, Employer shall reflect on such Invoice the application of such pre-funded amount to the Covered Costs being allocated to such Recipient during such invoiced period, and the amount (x) of the remaining balance of such pre-funded amount or (y) owing and payable by such Recipient due to the depletion of all pre-funded amounts, as applicable.

4.04 Determination and Payment.
(a)Unless a Recipient objects in writing to any Invoice, or portion thereof, within five (5) Business Days of its receipt of such Invoice, such Invoice shall be final and binding.  In the event that a Party provides timely notice that it disputes all or any portion of any Invoice, the dispute resolution procedures set forth in Article XII shall govern the resolution of such dispute.
(b)Once an invoice has become final and binding, the Recipient thereof shall pay, or shall cause to be paid, the amount set forth therein to Employer (or as otherwise directed in such Invoice) not later than five (5) Business Days thereafter in immediately available funds.  
4.05 Pre-Funding.  A Recipient may, but shall not be required, to pre-fund to Employer amounts expected to be incurred by such Recipient as Covered Costs for any period or periods.  In such event, Employer shall receive and accept such amounts, and shall apply the same as and to the extent Covered Costs become allocable hereunder to such Recipient.  Employer shall be permitted to co-mingle any amounts pre-funded by Recipients with funds of Employer, but shall maintain books and records adequate to account for the receipt, maintenance and application of pre-funded amounts.  Upon the request of a Recipient, Employer shall provide such Recipient with Employer’s estimate of the Covered Costs that will become allocable to such Recipient during a period specified by such Recipient as one for which Recipient desires to pre-fund.  Promptly following any termination of this Agreement pursuant to Article X, Employer shall refund to each Recipient the amount, if any, previously pre-funded by such Recipient that exceeds the total costs allocable to such Recipient that remain owing and payable by such Recipient as of the termination of this Agreement.
4.06 Responsibility for Payment.  Notwithstanding and without prejudice to the rights and obligations herein, Parent shall remain ultimately responsible for any and all payments to Executive pursuant to the Offer Letter.  In the event a Recipient is unable or otherwise fails to provide the required reimbursement of Covered Costs to Employer set forth herein, and Employer is otherwise unable to make such payments, Parent shall pay, or shall cause to be paid, to Executive such amounts as are owing and payable to Executive from time to time pursuant to the Offer Letter.  Executive is an express, intended third-party beneficiary of this Section 4.06.
ARTICLE V
SERVICE MANAGEMENT
5.01 Service Quality. Employer shall instruct and use commercially reasonable efforts to cause Executive to comply in all material respects with all applicable laws, rules, regulations and orders of any federal, state, county, city, local, supranational or foreign governmental, administrative or regulatory authority, agency or body in connection with the provision of Services.
5.02 Limitations.  Except as expressly set forth herein, the parties hereto acknowledge and agree that the Services are provided as-is, that each Recipient assumes all risks and liabilities arising from or relating to its use of and reliance upon the Services, and neither Employer nor Parent make any representation or warranty with respect thereto. Except as expressly set forth herein, Employer and Parent hereby expressly disclaim all representations and warranties regarding the Services, whether express or implied, including any representation or warranty in regard to quality, performance, non-infringement, compliance with laws or regulations (domestic and foreign), commercial utility, merchantability or fitness of the Services for a particular purpose.
5.03 Executive Deemed to be Consultant. In performing the Services, Executive shall be considered to be providing such Services to a Recipient as its consultant, and not as an employee of such Recipient or any of its subsidiaries.
5.04 Independent Contractor.  In its provision of the Services, Employer shall be an independent contractor, and neither Employer, Parent nor any Recipient shall be deemed to be an agent, partner or co-venturer of the other(s) due to the terms and provisions of this Agreement. For the avoidance of doubt, none of Employer, Executive or any of its or their partners, officers or agents shall have any right, power or authority to bind any Recipient in any manner whatsoever, except at the express instruction of such Recipient.
ARTICLE VI
REPRESENTATIONS AND WARRANTIES
6.03 Representations and Warranties of Employer. Employer represents and warrants that:
(a)it is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware, and has full corporate power and authority to enter into this Agreement and perform its obligations hereunder;
(b)the execution, delivery and performance by Employer of this Agreement have been duly authorized by all necessary action on the part of Employer and no further action or approval is required in order to constitute this Agreement as the valid and binding obligations of Employer, enforceable in accordance with its terms; and
(c)the execution and delivery by Employer of this Agreement does not, and the provision of Services by Employer contemplated hereby will not (with or without the giving of notice or the lapse of time or both), contravene, conflict with or result in a breach or violation of, or a default under, (i) Employer’s certificate of incorporation or bylaws or (ii) any material contract, agreement or instrument by which Employer is bound.

6.04 Representations and Warranties of Parent. Parent represents and warrants that:
(a)it is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware, and has full limited liability company power and authority to enter into this Agreement and perform its obligations hereunder;
(b)the execution, delivery and performance by Parent of this Agreement have been duly authorized by all necessary limited liability company action on the part of Parent and no further action or approval is required in order to constitute this Agreement as the valid and binding obligations of Parent, enforceable in accordance with its terms; and 
(c)the execution and delivery by Parent of this Agreement does not, and the backstop obligation of Parent to ensure payment to Executive contemplated hereby will not (with or without the giving of notice or the lapse of time or both), contravene, conflict with or result in a breach or violation of, or a default under, (i) Parent’s certificate of formation or limited liability company agreement or (ii) any material contract, agreement or instrument by which Parent is bound.
6.05 Representations and Warranties of Recipients. Each Recipient, severally and not jointly and severally, represents and warrants that:
(a)it is a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation, and has full corporate power and authority to enter into this Agreement and perform its obligations hereunder;
(b)the execution, delivery and performance by such Recipient of this Agreement have been duly authorized by all necessary action on the part of such Recipient and no further action or approval is required in order to constitute this Agreement as the valid and binding obligations of such Recipient, enforceable in accordance with its terms; and
(c)the execution and delivery by such Recipient of this Agreement does not, and the receipt of Services by such Recipient contemplated hereby will not (with or without the giving of notice or the lapse of time or both), contravene, conflict with or result in a breach or violation of, or a default under, (i) such Recipient’s certificate of incorporation or bylaws or (ii) any material contract, agreement or instrument by which such Recipient is bound.
ARTICLE VII
INDEMNITY
7.01 Indemnity by Recipients.  Any Recipient of a Service shall, severally and not jointly and severally, indemnify, defend and hold harmless Parent, its Affiliates, Subsidiaries (including Employer) and its and their respective officers, directors and employees from and against any and all costs and expenses, losses, damages, claims, causes of action and liabilities (including reasonable attorneys’ fees, disbursements and expenses of litigation) arising from, relating to, or in any way connected with the provision of such Service to such Recipient and/or its Subsidiaries, except to the extent caused by the gross negligence or willful misconduct of Executive or Employer.
7.02 Procedure. An indemnified party shall promptly provide the applicable Recipient(s) with written notice of any claim, action or demand for which indemnity is claimed.  A Recipient shall be entitled to control the defense of any such claim, action or demand; provided, that such indemnified party may participate in any such claim, action or demand with counsel of its choice at its own expense; and provided, further, that no Recipient shall settle any claim, action or demand without the prior written consent of Parent.  If a Recipient so requests, Parent and Employer shall reasonably cooperate in the defense of such claim, action or demand at such Recipient's expense.
7.03 Limitation on Indemnity. Notwithstanding anything contained herein to the contrary, in no event shall any Recipient, its Affiliates and/or its or their respective directors, officers, employees, representatives or agents be liable for any (i) indirect, incidental, special, exemplary, consequential or punitive damages or (ii) damages for, measured by or based on lost profits, diminution in value, multiple of earnings or other similar measure.
ARTICLE VIII
COVENANTS AND OTHER AGREEMENTS
8.01 Certain Intellectual Property Matters. To the extent that a party provides, or provides access to, any intellectual property not owned by such party or its Affiliates to another party and/or its Affiliates in connection with the provision or receipt of Services, such party shall grant the other party and/or its Affiliates, during the term of the Agreement, a non-exclusive, revocable, non-transferable, non-sublicensable, royalty-free, fully paid-up sublicense to such intellectual property, solely to the extent necessary to provide or receive the Services in accordance with this Agreement; provided that any other party’s and its Affiliates’ access to, use of and rights for such third-party intellectual property shall be subject in all regards to any restrictions, limitations or other terms or conditions imposed by the licensor of such intellectual property, which terms and conditions were disclosed or otherwise made available to such party by the other party.  Upon the termination of this Agreement, the license or sublicense, as applicable, to the relevant intellectual property provided in connection with the provision of Services will automatically terminate.  

ARTICLE IV
DEFAULT
9.01 Definition.  The occurrence of any one or more of the following events which is not cured within the time permitted shall constitute a default under this Agreement (an “Event of Default”) as to Employer or a Recipient, as the case may be, failing in the performance or effecting the breaching act.
9.02 Employer Default.  An “Event of Default” shall exist with respect to Employer if Employer shall fail to perform or comply with, in any material respect, any of the covenants, agreements, terms or conditions contained in this Agreement applicable to Employer or Executive and such failure shall continue for a period of thirty (30) days after written notice thereof from a Recipient to Employer specifying in reasonable detail the nature of such failure, or, if such failure is of a nature that it cannot, with due diligence and good faith, be cured within thirty (30) days, if Employer fails to proceed promptly and with all due diligence and in good faith to cure the same and thereafter to prosecute the curing of such failure to completion with all due diligence within ninety (90) days after the initial delivery of written notice from a Recipient with respect to such failure.
9.03 Recipient Default.  
(a)An “Event of Default” shall exist with respect to a Recipient alone (and not, for the avoidance of doubt, with respect to the other Recipient unless such other Recipient is independently in default hereunder) if such Recipient shall (i), unless subject to a good faith dispute, fail to make any monetary payment required under this Agreement on or before the due date recited herein and such failure continues for thirty (30) days after written notice from Parent specifying such failure, (ii) fail to perform or comply with, in any material respect, any of the other covenants, agreements, terms or conditions contained in this Agreement applicable to such Recipient and such failure shall continue for a period of thirty (30) days after written notice thereof from Employer or Parent to such Recipient specifying in reasonable detail the nature of such failure, or, if such failure is of a nature that it cannot, with due diligence and good faith, be cured within thirty (30) days, if such Recipient fails to proceed promptly and with all due diligence and in good faith to cure the same and thereafter to prosecute the curing of such failure to completion with all due diligence within ninety (90) days thereafter or (iii) consummate a Change of Control Transaction.
(b)A “Change of Control Transaction” shall mean with respect to any Recipient any transaction or series of transactions (as a result of a reorganization, merger, consolidation or otherwise) that results in, or that is in connection with, (i) any person or group, except any investment fund or funds Affiliated with Apollo Global Management, LLC or any of its respective Affiliates (collectively, “Apollo”), acquiring beneficial ownership, directly or indirectly, of a majority of the then issued and outstanding equity of such Recipient or (ii) the sale, lease, exchange, conveyance, transfer or other disposition (for cash, shares of stock, securities or other consideration) of all or substantially all of the property or assets of such Recipient and its Subsidiaries to any person or group (including any liquidation, dissolution or winding up of the affairs of such Recipient, or any other distribution made, in connection therewith), except Apollo or any of its respective Affiliates.
9.04 Delays and Omissions. No delay or omission as to the exercise of any right or power accruing upon any Event of Default shall impair the non-defaulting party’s exercise of any right or power or shall be construed to be a waiver of any Event of Default or acquiescence therein.
ARTICLE X
TERMINATION
10.01 Terminating Events. This Agreement may be terminated (i) by either Employer or Parent, on the one hand, or either Recipient (solely with respect to such Recipient), on the other hand, for convenience on thirty (30) days prior written notice to the other parties, (ii) by Parent or Employer, upon the consummation of a Change of Control Transaction or (iii) at the written election of the non-defaulting party upon the occurrence of an Event of Default under this Agreement when the time to cure has lapsed.  
10.02 Effect of Termination. Notwithstanding anything herein to the contrary, Article IV, this Section 10.02 and Article XIII shall survive any termination of this Agreement.  Unless subject to a good faith dispute hereunder, within fifteen (15) Business Days after the termination of this Agreement, each Recipient shall pay Employer all accrued and unpaid amounts due under this Agreement.

ARTICLE XI
NOTICES
11.01 Notices. All notices hereunder shall be in writing and shall be considered delivered upon receipt.  Any and all notices or other papers or instruments related to this Agreement shall be sent:
(a)by United States registered or certified mail (return receipt requested), postage prepaid, in an envelope properly sealed;
(b)by electronic mail or facsimile transmission, in either case where electronic or written acknowledgment of receipt of such transmission is received and a copy of the electronic mail or transmission is mailed with postage prepaid; or
(c)a nationally recognized overnight delivery service;
provided for receipted delivery, addressed as follows:
Parent or Employer:
Momentive Performance Materials Holdings LLC
180 East Broad Street
Columbus, OH 43215
Attn: General Counsel
MPM:
Momentive Performance Materials Inc.
260 Hudson River Road 
Waterford, NY 12188-2631
Attn: General Counsel
MSC:
Momentive Specialty Chemicals Inc.
180 East Broad Street
Columbus, OH 43215
Attn: General Counsel
 Any party may change the address or name of addressee applicable to subsequent notices (including copies of said notices as hereinafter provided) or instruments or other papers to be served upon or delivered to the other party, by giving notice to the other party as aforesaid; provided, that notice of such change shall not be effective until the fifth (5th) Business Day after mailing or facsimile transmission.
ARTICLE XII
DISPUTE RESOLUTION
12.01 Resolution Procedure.  Each party agrees to use its reasonable best efforts to resolve disputes under this Agreement by a negotiated resolution between the parties or as provided for in this Article XII.
12.02 Exchange of Written Statements. In the event of a dispute under this Agreement, any party may give a notice to the other(s) requesting that such parties in good faith attempt to resolve (but without any obligation to resolve) such dispute.  Not later than fifteen (15) days after such notice, each applicable party shall submit to the other a written statement setting forth such party's description of the dispute and of the respective positions of the parties on such dispute and such party’s recommended resolution.  Such statements represent part of a good-faith effort to resolve a dispute and as such, no statements prepared by a party pursuant thereto may be introduced as evidence or used as an admission against interest in any arbitral or judicial resolution of such dispute. 
12.03 Good Faith Negotiations. If the dispute continues unresolved for a period of seven (7) days after the simultaneous exchange of such written statements, then the Parties shall promptly commence good-faith negotiations to resolve such dispute but without any obligation to resolve it.  Any such meeting may be conducted by teleconference.
12.04 Submission to Arbitration. Any dispute which cannot be otherwise resolved by the procedures set forth in this Article XII shall be submitted to arbitration before an arbitrator that is mutually agreeable to the involved parties, or, if the parties cannot so agree, by an arbitrator selected by one arbitrator selected by Parent or Employer, on the one hand, and one arbitrator selected by each involved Recipient, on the other hand.
ARTICLE XIII
MISCELLANEOUS
13.01 Assignment. This Agreement shall not be assigned or transferred by any party without the prior written consent of the other parties. 
13.02 Confidentiality. 

(a)A Recipient’s materials and/or information that may be provided to Executive and/or Employer or Parent in connection with this Agreement are proprietary trade secrets and confidential information (“Confidential Information”) of such Recipient, respectively.  Each of Employer and Parent agrees not to, and to direct and use its reasonable best efforts to cause Executive not to, (i) disclose Confidential Information to any third party other than its Affiliates and such Affiliates’ officers, directors, employees, partners, members, agents and advisors (including without limitations attorneys, accountants, consultants, bankers and financial advisors (collectively “Representatives”)) who need to know such information in connection with this Agreement and who are bound to keep it confidential or (ii) use Confidential Information except as necessary to perform its obligations under this Agreement, in either case without the express written consent of the disclosing Recipient.  Each party shall be responsible for any breaches of the confidentiality provisions of this Agreement by its Representatives.  Promptly upon the written request of a disclosing Recipient (except as may be required to be maintained by law, regulation or professional standard), all Confidential Information of such Recipient shall be returned or destroyed by Employer or Parent.
(b)“Confidential Information” shall not include, and no party shall have any confidentiality obligations with respect to, any information which (i) was known by the non-disclosing party or its Representatives on a non-confidential basis at the time disclosed by the disclosing party; (ii) was known or becomes known by the public without any violation by the non-disclosing party or its Representatives; (iii) is disclosed lawfully to the non-disclosing party by another Person; (iv) is developed independently by the non-disclosing party without reference to the other party’s Confidential Information; or (v) is required by law or court order to be disclosed by the non-disclosing party; provided that to the extent permitted by law the non-disclosing party notifies the disclosing party of such requirement and cooperates with the disclosing party at the disclosing party’s sole expense as the disclosing party may reasonably request to resist such disclosure.
13.03 Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without reference to its choice of law provisions.
13.04 Severability. Should any portion of this Agreement be declared invalid or unenforceable, such portion shall be deemed to be severed from this Agreement and shall not affect the remainder thereof.
13.05 Entire Agreement. This Agreement covers in full each and every agreement of every kind or nature whatsoever between the parties hereto concerning this Agreement, and all preliminary negotiations and agreements, whether verbal or written, of whatsoever kind or nature are merged herein.  
13.06 Counterparts. This Agreement may be executed in two or more counterparts, and all such counterparts shall be deemed to constitute but one and the same instrument.
13.07 Headings. Headings or captions have been inserted for convenience of reference only and are not to be construed or considered to be a part hereof and shall not in any way modify, restrict or amend any of the terms or provisions hereof.
13.08 Waiver. The waiver by any Party of any default or breach of any of the provisions, covenants or conditions herein on the part of any of the other Parties to be kept and performed shall not be a waiver of any preceding or subsequent breach or any other provisions, covenants or conditions contained herein.
13.09 Consent to Jurisdiction. Each Party irrevocably submits to the jurisdiction of any federal court in the State of Delaware (or, solely if such courts decline jurisdiction, in any state court located in the State of Delaware) any action arising out of or relating to this Agreement, and shall irrevocably agree that all claims in respect of such action may be heard and determined in such court.  Each Party shall irrevocably waive, to the fullest extent that it may effectively do so, the defense of an inconvenient forum to the maintenance of such action.  The Parties shall further agree, (A) to the extent permitted by law, that final and unappealable judgment against either of them in any action contemplated above shall be conclusive and may be enforced in any other jurisdiction within or outside the United States by suit on the judgment, a certified copy of which shall be conclusive evidence of the fact and amount of such judgment and (B) that service of process upon such party in any action or proceeding shall be effective if notice is given in accordance with the terms of this Agreement.
13.10 Waiver of Jury Trial. THE PARTIES HERETO HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT AND THE RELATIONSHIP BETWEEN THE PARTIES HERETO THAT IS BEING ESTABLISHED. THE PARTIES HERETO ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THE WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS.  
13.11 Third Party Beneficiaries. Except as expressly set forth in Section 4.06, none of the obligations hereunder of any party shall run to or be enforceable by any Person other than the parties hereto and their respective successors and assigns in accordance with the provisions of this Agreement.
13.12 Amendments. This Agreement may be changed or modified only by an agreement in writing signed by all of the parties, and no oral understandings shall be binding as between or among the parties.
13.13 No Right of Set-Off. No party shall have any right to set-off or offset any obligation or payment due to any other party pursuant to the terms of this Agreement against any obligation or payment due or owing to such party pursuant to the terms of this Agreement.

IN WITNESS WHEREOF, the parties hereto have executed or caused this Agreement to be executed and delivered as of the day and year first above written.
	
		
	Parent

	 
	 

	MOMENTIVE PERFORMANCE MATERIALS HOLDINGS LLC

	 
	 

	/s/ William H. Carter

	Name:
	William H. Carter

	Title:
	Executive Vice President & CFO

	
		
	Employer

	 
	 

	MOMENTIVE PERFORMANCE MATERIALS HOLDINGS EMPLOYEE CORPORATION

	 
	 

	/s/ George F. Knight

	Name:
	George F. Knight

	Title:
	Sr. Vice President & Treasurer

	
		
	Recipients

	 
	 

	MOMENTIVE PERFORMANCE MATERIALS INC.

	 
	 

	/s/ Douglas A. Johns

	Name:
	Douglas A. Johns

	Title:
	Executive Vice President, General Counsel and Secretary

	
		
	MOMENTIVE SPECIALTY CHEMICALS INC.

	 
	 

	/s/ Ellen German Berndt

	Name:
	Ellen German Berndt

	Title:
	Vice President & Secretaryex10-16.htm

Exhibit 10.16

 

 

CONFIDENTIAL TREATMENT REQUESTED.

INFORMATION FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN

REQUESTED IS OMITTED AND MARKED WITH “****” OR OTHERWISE

CLEARLY INDICATED. AN UNREDACTED VERSION OF THIS DOCUMENT HAS

ALSO BEEN PROVIDED TO THE SECURITIES AND EXCHANGE COMMISSION.

MASSACHUSETTS INSTITUTE OF TECHNOLOGY

EXCLUSIVE PATENT LICENSE AGREEMENT

 

  

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TABLE OF CONTENTS

 

	RECITALS	3
	1. Definitions	3
	2. Grant of Rights	7
	3. COMPANY Diligence Obligations	9
	4. Royalties and Payment Terms	10
	5. Reports and Records	14
	6. Patent Prosecution	15
	7. Infringement	15
	8. Indemnification and Insurance	16
	9. No Representations or Warranties	17
	10. Assignment	18
	11. General Compliance with Laws	18
	12. Termination	18
	13. Dispute Resolution	19
	14. Miscellaneous	20
	APPENDIX A	23
	APPENDIX B	24

  

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MASSACHUSETTS INSTITUTE OF TECHNOLOGY

EXCLUSIVE PATENT LICENSE AGREEMENT

This Agreement, effective as of the date set forth above the signatures of the parties below (the "EFFECTIVE DATE"), is between the Massachusetts Institute of Technology ("M.I.T."), a corporation organized and existing under the laws of the State of Massachusetts, with a principal office at 77 Massachusetts Avenue, Cambridge, MA  02139-4307, Albert Einstein College of Medicine of Yeshiva University, a Division of Yeshiva University, a corporation organized and existing under the laws of the State of New  York, having a place of business at 1300 Morris Park Avenue, Bronx, New York 10461 (“EINSTEIN”), Montefiore Medical Center, a corporation organized and existing under the laws of the State of New York, having an office and place of business at 111 East 210th Street, Bronx, New York 10467 (“MONTEFIORE”)  (M.I.T., EINSTEIN, and MONTEFIORE shall be referred to individually and collectively as “THE PARTIES”), and MetaStat BioMedical, Inc., a corporation organized and existing under the laws of the state of Delaware, having an office and place of business at 8 Hillside Avenue, Suite 207, Montclair, NJ  07042 ("COMPANY").

R E C I T A L S

WHEREAS, THE PARTIES are the owners of certain PATENT RIGHTS (as later defined herein) relating to M.I.T. Case No. 14171J, "Alternatively Spliced mRNA Isoforms as Prognostic and Therapeutic Tools for Metastatic Breast Cancer and Other Invasive/Metastatic Cancers", by Christopher B. Burge, Wu Albert Cheng, John Condeelis, Frank B. Gertler, Maja Oktay and Irina M. Shapiro and have the right to grant licenses under said PATENT RIGHTS;

WHEREAS, THE PARTIES desire to have the PATENT RIGHTS developed and commercialized to benefit the public and is willing to grant a license thereunder;

WHEREAS, COMPANY has represented to THE PARTIES, to induce THE PARTIES to enter into this Agreement, that COMPANY shall commit itself to a thorough, vigorous and diligent program of exploiting the PATENT RIGHTS so that public utilization shall result therefrom; and

WHEREAS, COMPANY desires to obtain a license under the PATENT RIGHTS upon the terms and conditions hereinafter set forth.

NOW, THEREFORE, THE PARTIES and COMPANY hereby agree as follows:

1.  DEFINITIONS.

1.1 "AFFILIATE" shall mean any legal entity (such as a corporation, partnership, or limited liability company) that is controlled by COMPANY.  For the purposes of this definition, the term "control" means (i) beneficial ownership of at least fifty percent (50%) of the voting securities of a corporation or other business organization with voting securities or (ii) a fifty percent (50%) or greater interest in the net assets or profits of a partnership or other business organization without voting securities.

 

1.2  "CORPORATE PARTNER" shall mean any entity which agrees to compensate COMPANY or an AFFILIATE or SUBLICENSEE for COMPANY’s or AFFILIATE’s or SUBLICENSEE’s (i) practice of the PATENT RIGHTS, LICENSED PRODUCTS, and/or LICENSED PROCESSES on behalf of or in collaboration with such entity, including without limitation for discovery and development activities for LICENSED PRODUCTS, and/or LICENSED PROCESSES and/or IDENTIFIED PRODUCT, and/or (ii) provision of services using LICENSED PRODUCTS and/or LICENSED PROCESSES or practice of the PATENT RIGHTS, including without limitation research, discovery, development and/or testing activities in the FIELD using LICENSED PRODUCTS and/or LICENSED PROCESSES and/or IDENTIFIED PRODUCTS.

Any entity which meets the foregoing criteria, that also receives a sublicense of the PATENT RIGHTS shall be considered a SUBLICENSEE, and not a CORPORATE PARTNER, for the purposes of this Agreement.

  

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        1.3            “CORPORATE PARTNER INCOME” shall mean any payments that COMPANY or an AFFILIATE or SUBLICENSEE receives from a CORPORATE PARTNER in consideration of any of the rights described in Section 2 (Grant of Rights), including without limitation fees, milestone payments (only to the extent that payments received exceed milestones payment obligations of COMPANY  under Section 4.1(d) ), agreement maintenance fees, and other payments for LICENSED PRODUCTS, LICENSED PROCESSES, or IDENTIFIED PRODUCTS.

Consideration for any and all corporate partnerships shall be on commercially reasonable terms and conditions.  In the event that non-monetary consideration is received for any sublicense of the PATENT RIGHTS, LICENSED PRODUCTS, LICENSED PROCESSES, or IDENTIFIED PRODUCTS, CORPORATE PARTNER INCOME shall be calculated based on the fair market value of such non-monetary consideration, including all elements of such consideration.

CORPORATE PARTNER INCOME specifically excludes payments to COMPANY or AFFILIATE from a CORPORATE PARTNER for the purposes of funding (or reimbursing for work to be conducted in the future) the costs of bona fide research and development of LICENSED PRODUCTS, LICENSED PROCESSES, DISCOVERY PRODUCTS and/or THERAPEUTIC PRODUCTS and that are expressly intended only to fund or pay (i) the purchase or use of equipment, supplies, products or services, or (ii) the use of employees and/or consultants to achieve a research or development goal, or (iii) for funding clinical trials, as indicated by their inclusion as specific line items in a written agreement between COMPANY (or AFFILIATE) and the CORPORATE PARTNER.  Said payments must be actually used to pay for research and/or development by COMPANY relating directly to LICENSED PRODUCTS, LICENSED PROCESSES, DISCOVERY PRODUCTS and/or THERAPEUTIC PRODUCTS, which work is to be performed by or for COMPANY after the date of the CORPORATE PARTNERSHIP agreement.  Results of said research and/or development must to be reported to THE PARTIES and must be performed at a total cost that does not exceed COMPANY’s direct costs.  Notwithstanding the foregoing, payments for research and/or development received from a CORPORATE PARTNER which are in excess of **** of the total consideration received by COMPANY from that CORPORATE PARTNER in any calendar year shall be included in the definition of CORPORATE PARTNER INCOME, unless otherwise approved at the time of execution of the relevant CORPORATE PARTNER agreement by THE PARTIES, such approval not to be unreasonably withheld.

CORPORATE PARTNER INCOME specifically excludes payments made by CORPORATE PARTNER as consideration for the issuance of equity or debt securities of the COMPANY at Fair-Market Value, as defined herein, (“Equity”); provided that, if a CORPORATE PARTNER pays more than Fair-Market Value for equity or debt securities, then the portion in excess of Fair-Market Value will be considered CORPORATE PARTNER INCOME.

1.4 “EXCLUSIVE PERIOD" shall mean the period of time set forth in Section 2.2.

1.5 “FAIR MARKET VALUE” shall mean the highest price per share of Common Stock that the COMPANY could obtain from a willing buyer (not a current employee or director) for shares of Common Stock sold by the COMPANY, from authorized but unissued shares, as determined in good faith by the Board of Directors of the COMPANY, unless COMPANY will become subject to a merger, acquisition or other consolidation pursuant to which the COMPANY is not the surviving party, in which case the current fair market value of share of Common Stock will be deemed to be the value received by the holders of the COMPANY’s Common Stock for each share of Common Stock pursuant to the COMPANY’s acquisition.

1.6 "FIELD" shall mean use or intended for use (i) in the diagnosis and/or prognosis of cancer, and/or (ii) for the medical management of cancer, including without limitation the determination (whether by selection or exclusion) of a particular intervention for the prevention and/or treatment of cancer, in humans, including without limitation the use of specific reagents, kits or diagnostic devices.

1.7 “IDENTIFIED PRODUCT” shall mean any product that, in whole or in part, is discovered, identified, selected or determined to have utility in whole or in part by the use of LICENSED PRODUCTS and/or LICENSED PROCESSES.  For example, IDENTIFIED PRODUCTS shall include, without limitation, a new or previously known product for which LICENSED PRODUCTS and/or LICENSED PROCESSES are used to identify criteria for either selecting or deselecting groups and/or individuals for a particular use of such product, thereby clinically increasing the efficacy and/or safety of the use of such product.  By way of further example, IDENTIFIED PRODUCT shall include a drug compound that, through the use of the LICENSED PRODUCT or LICENSED PROCESS, is specifically selected to treat a particular subset of individuals with the drug compound and/or to specifically exclude another subset of individuals from receiving the drug compound.

  

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1.8  "LICENSED PRODUCT" shall mean any product that, in whole or in part:

(i)           absent the license granted hereunder, would infringe one or more claims of the PATENT RIGHTS; or

(ii)           is manufactured by using a LICENSED PROCESS or that, when used, practices a LICENSED PROCESS.

1.9  "LICENSED PROCESS" shall mean any process that, absent the license granted hereunder, would infringe one or more claims of the PATENT RIGHTS or which uses a LICENSED PRODUCT.

1.10  "NET SALES" shall mean the gross amount billed by COMPANY and its AFFILIATES and SUBLICENSEES and CORPORATE PARTNERS for LICENSED PRODUCTS and LICENSED PROCESSES and IDENTIFIED PRODUCTS, less the following:

(i) customary trade, quantity, cash discounts and rebates to the extent actually allowed and taken;

(ii) amounts repaid or credited by reason of rejection, recall or return;

(iii) to the extent separately stated on purchase orders, invoices, or other documents of sale, any taxes or other governmental charges levied on the production, sale, transportation, delivery, or use of a LICENSED PRODUCT or LICENSED PROCESS or IDENTIFIED PRODUCT which is paid by or on behalf of COMPANY ;

(iv) discounts or rebates or other payments required by law to be made under Medicaid, Medicare or other governmental special medical assistance programs, to the extent actually allowed and taken; and

(v) outbound transportation costs prepaid or allowed and costs of insurance in transit.

 

No deductions shall be made for commissions paid to individuals whether they be with independent sales agencies or regularly employed by COMPANY or its AFFILIATES or SUBLICENSEES or CORPORATE PARTNERS and on its payroll, or for cost of collections.  NET SALES shall occur on the date of billing for a LICENSED PRODUCT or LICENSED PROCESS or IDENTIFIED PRODUCT.  If a LICENSED PRODUCT or a LICENSED PROCESS or IDENTIFIED PRODUCT is distributed at a discounted price that is substantially  lower than the customary price charged by COMPANY or its AFFILIATES or SUBLICENSEES or CORPORATE PARTNERS, or distributed for non-cash consideration (whether or not at a discount), NET SALES shall be calculated based on the non-discounted amount of the LICENSED PRODUCT or LICENSED PROCESS or IDENTIFIED PRODUCT charged to an independent third party during the same REPORTING PERIOD or, in the absence of such sales, on the fair market value of the LICENSED PRODUCT  or LICENSED PROCESS or IDENTIFIED PRODUCT, except that NET SALES on such discounted consideration for LICENSED PRODUCT, LICENSED PROCESS or IDENTIFIED PRODUCT shall be calculated on the discounted value  for a **** period from the date of first commercial sale. Notwithstanding the foregoing, and so long as no consideration is received for such transfers or dispositions, NET SALES for transfers or dispositions of LICENSED PRODUCT or LICENSED PROCESS or IDENTIFIED PRODUCT: (i) in connection with patient assistance programs; (ii) for charitable or promotional purposes; (iii) for preclinical, clinical regulatory or governmental purposes or under so-called “named patient” or other limited access programs; or (iv) for use in any tests or studies reasonably necessary to comply with any law, regulation or request by a regulatory authority, shall not, in each case of (i) through (iv), be deemed included in the calculation of NET SALES

     Non-monetary consideration shall not be accepted by COMPANY, any AFFILIATE, any SUBLICENSEE, or any CORPORATE PARTNER for any LICENSED PRODUCTS or LICENSED PROCESSES or IDENTIFIED PRODUCTS without the prior written consent of THE PARTIES.  In the event that non-monetary consideration is received for LICENSED PRODUCTS or LICENSED PROCESSES or IDENTIFIED PRODUCT, NET SALES shall be calculated based on the fair market value of such non-monetary consideration (including all elements of such consideration), as determined by the parties in good faith .

1.11 “PATENT CHALLENGE” shall mean a challenge to the validity, patentability, enforceability and/or non-infringement of any of the PATENT RIGHTS (as defined below) or otherwise opposing any of the PATENT RIGHTS.

  

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        1.12  "PATENT RIGHTS" shall mean:

(a)           the United States and international patents listed on Appendix A;

(b)           the United States and international patent applications and/or provisional applications listed on Appendix A and the resulting patents;

(c)           any patent applications resulting from the provisional applications listed on Appendix A, and any divisionals, continuations, continuation-in-part applications, and continued prosecution applications (and their relevant international equivalents) of the patent applications listed on Appendix A and of such patent applications that result from the provisional applications listed on Appendix A, to the extent the claims are directed to subject matter specifically described in the patent applications listed on Appendix A, and the resulting patents;

(d)           any patents resulting from reissues, reexaminations, or extensions (and their relevant international equivalents) of the patents described in (a), (b), and (c) above; and

(e)           international (non-United States) patent applications and provisional applications filed after the EFFECTIVE DATE and the relevant international equivalents to divisionals, continuations, continuation-in-part applications and continued prosecution applications of the patent applications to the extent the claims are directed to subject matter specifically described in the patents or patent applications referred to in (a), (b), (c), and (d) above, and the resulting patents.

1.13  "REPORTING PERIOD" shall begin on the first day of each calendar quarter and end on the last day of such calendar quarter.

1.14 “SUBLICENSEE” shall mean any non-AFFILIATE sublicensee of the license rights granted to COMPANY under Section 2.1.  For clarity, a sublicense shall mean (i) any right granted, license given or agreement entered into by COMPANY to or with another person or entity, under or with respect to or permitting any use of the PATENT RIGHTS, (ii) 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 (i) above, or (iii)  any standstill or similar obligation undertaken by COMPANY toward another person or entity not to grant any of the rights described in clause (i) or (ii) to any third party, in each case regardless of whether such grant of rights, license given or agreement entered into is referred to or is described as a sublicense.

1.15  "SUBLICENSE INCOME" shall mean any payments that COMPANY or an AFFILIATE receives from a SUBLICENSEE in consideration of the sublicense of the rights granted COMPANY and AFFILIATES under Section 2.1, including without limitation license fees, milestone payments (other than payment received for achievement of the milestones described below for which COMPANY has a milestone payment obligation to THE PARTIES), license maintenance fees, and other payments, but specifically excluding royalties on NET SALES and amounts received for achievement of the milestones described below for which COMPANY has a milestone payment obligation to THE PARTIES

Consideration for any and all sublicenses of the PATENT RIGHTS, LICENSED PRODUCTS, LICENSED PROCESSES, OR IDENTIFIED PRODUCTS shall be on commercially reasonable terms and conditions.  In the event that non-monetary consideration is received for any sublicense of the PATENT RIGHTS, LICENSED PRODUCTS, LICENSED PROCESSES, OR IDENTIFIED PRODUCTS, SUBLICENSE INCOME shall be calculated based on the fair market value of such non-monetary consideration, including all elements of such consideration.

SUBLICENSE INCOME specifically excludes payments to COMPANY or AFFILIATE from a SUBLICENSEE for the purposes of funding (or reimbursing for work to be conducted in the future) the costs of bona fide research and development of LICENSED PRODUCTS, LICENSED PROCESSES, DISCOVERY PRODUCTS and/or THERAPEUTIC PRODUCTS and that are expressly intended only to fund or pay (i) the purchase or use of equipment, supplies, products or services, or (ii) the use of employees and/or consultants to achieve a research or development goal, or (iii) for funding clinical trials, as indicated by their inclusion as specific line items in a written agreement between COMPANY (or AFFILIATE) and the SUBLICENSEE.  Said payments must be actually used to pay for research and/or development by COMPANY relating directly to LICENSED PRODUCTS, LICENSED PROCESSES, DISCOVERY PRODUCTS and/or THERAPEUTIC PRODUCTS, which work is to be performed by or for COMPANY after the date of the sublicense agreement.  Results of said research and/or development must to be reported to THE PARTIES and must be performed at a total cost that does not exceed COMPANY’s direct costs.  Notwithstanding  the foregoing, payments for research and/or development received from a SUBLICENSEE which are in excess of **** of the total consideration received by COMPANY from that SUBLICENSEE in any calendar year shall be included in the definition of SUBLICENSE INCOME, unless otherwise approved at the time of execution of the relevant sublicense agreement by THE PARTIES, such approval not to be unreasonably withheld.

  

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SUBLICENSE INCOME specifically excludes payments made by SUBLICENSEE as consideration for the issuance of equity or debt securities of the COMPANY at Fair-Market Value, as defined herein, (“Equity”); provided that, if a SUBLICENSEE pays more than Fair-Market Value for equity or debt securities, then the portion in excess of Fair-Market Value will be considered SUBLICENSE INCOME.

1.16  "TERM" shall mean the term of this Agreement, which shall commence on the EFFECTIVE DATE and shall remain in effect until the expiration or abandonment of all issued patents and filed patent applications within the PATENT RIGHTS, unless earlier terminated in accordance with the provisions of this Agreement.

1.17  "TERRITORY" shall mean worldwide.

2.  GRANT OF RIGHTS.

2.1  License Grants.  Subject to the terms of this Agreement, THE PARTIES hereby grant to COMPANY and its AFFILIATES for the TERM a royalty-bearing, exclusive license to their rights in the PATENT RIGHTS to develop, make, have made, use, sell, offer to sell, lease, and import LICENSED PRODUCTS in the FIELD in the TERRITORY and to develop and perform LICENSED PROCESSES solely to the extent necessary to develop LICENSED PRODUCTS and IDENTIFIED PRODUCTS in the FIELD in the TERRITORY, subject to any Retained Rights and Mandatory Sublicensing.

2.2   Exclusivity.  In order to establish an exclusive period for COMPANY, THE PARTIES agree that it shall not grant any other license under the PATENT RIGHTS to make, have made, use, sell, lease and import LICENSED PRODUCTS in the FIELD in the TERRITORY or to perform LICENSED PROCESSES in the FIELD in the TERRITORY during the period of time commencing on the EFFECTIVE DATE and shall extend to the end of the TERM, unless sooner terminated as provided in this Agreement, subject to Retained Rights and Mandatory Sublicensing, as described in Sections 2.6 and 2.4, respectively.

2.3  Sublicenses.  COMPANY shall have the right to grant sublicenses under its license grant as described in Section 2.1.  COMPANY shall incorporate terms and conditions into its sublicense agreements sufficient to enable COMPANY to comply with this Agreement.  The terms of any sublicense agreement shall not contradict the terms of this AGREEMENT and shall include (at least) the following provisions: prohibiting any use of THE PARTIES’s names, requiring indemnification of THE PARTIES, requiring appropriate insurance, and disclaiming any warranties or representations by THE PARTIES.  COMPANY shall also include provisions in all sublicenses to provide that in the event that SUBLICENSEE brings a PATENT CHALLENGE against any or all of THE PARTIES or assists another party in bringing a PATENT CHALLENGE against any or all of THE PARTIES (except as required under a court order or subpoena) then COMPANY may terminate the sublicense. COMPANY will not grant or amend any sublicense under PATENT RIGHTS unless it first submits a full and complete draft of any such proposed sublicense or amendment (as the case may be) to THE PARTIES and then receives their prior written consent, which consent will not be unreasonably withheld or delayed.   COMPANY shall promptly furnish THE PARTIES with fully signed photocopies of any sublicense agreement or amendment within thirty (30) days of execution thereof by COMPANY.

Upon termination of this Agreement for any reason, existing sublicenses of the PATENT RIGHTS, if not then in breach, shall remain in full force and effect, with the effect that THE PARTIES shall be substituted in place of the COMPANY in each SUBLICENSE. In no event shall THE PARTIES be liable to SUBLICENSEE for any actual or alleged breach of such sublicense by COMPANY, nor shall THE PARTIES be obligated to accept any provisions in the sublicense that conflicts with the rights granted by THE PARTIES to the COMPANY, nor shall THE PARTIES  be obligated to accept provisions that are inconsistent with any or all of THE PARTIES’s legal obligations under any other sublicense granted by COMPANY, or by applicable federal, state or local statute or regulations or that violate THE PARTIES policies.

 

  

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2.4 Mandatory Sublicensing.

(a) The foregoing notwithstanding, beginning **** years from the EFFECTIVE DATE, if THE PARTIES  or COMPANY receives a bona fide request from a third party for a sublicense to the PATENT RIGHTS to develop, make, have made, use, sell, offer to sell, lease, and import a LICENSED PRODUCT or LICENSED PROCESS, which proposed product or process (“Proposed Product”) is not for the same diagnostic, prognostic or theranostic purpose (i.e. if COMPANY is developing or selling a product for detection of metastasis, such can’t be another product for detection of metastasis) and does not encompass a  LICENSED PRODUCT or LICENSED PROCESS then being sold or in bona fide development as evidenced by at least **** FTE working on it over the previous **** months, by COMPANY (or any AFFILIATE or SUBLICENSEE), then COMPANY shall enter into good faith negotiations toward granting at least a non-exclusive sublicense, limited to the proposed diagnostic or therapeutic purpose only, to such third party for such third party’s Proposed Product.  As an alternative to negotiating a sublicense to a third party, COMPANY (or one of its AFFILIATES or SUBLICENSEES) may submit to THE PARTIES within **** months after such third party’s request for a sublicense, a plan for prompt and diligent development of the Proposed Product, including a commitment to commercially reasonable development milestones.  If THE PARTIES approve this plan, such approval not to be unreasonably withheld, conditioned or delayed, no third-party sublicense shall be required for each such Proposed Product pursuant to this Section 2.4(a), and Section 2.4(b) below shall not apply.

(b) If COMPANY has not granted a sublicense to the third party under Section 2.4 (a) above, within **** months after receiving the request in writing, and if THE PARTIES, have not granted COMPANY a waiver of this requirement as provided for in 2.4 (a) above, THE PARTIES shall have the right to grant a license to the third party.  The **** month period during which COMPANY may grant a sublicense, prior to THE PARTIES assuming such right, shall be extended an additional **** months if, at the end of the initial **** month period, COMPANY assert to THE PARTIES that they are engaged in good faith negotiations toward the completion of a sublicense agreement and can provide written evidence to such good faith negotiations.  Additional extensions to the negotiation period shall be by mutual agreement of COMPANY and THE PARTIES.  Should THE PARTIES grant a license under this Section 2.4(b), the field of use licensed in such license agreement shall be excluded from the FIELD, and all of COMPANY’s rights in the excluded field of use shall terminate.

 

2.5  U.S. Manufacturing.  COMPANY agrees that any LICENSED PRODUCTS used or sold in the United States will be manufactured substantially in the United States as required under U.S. laws, provided that in the event that COMPANY believes in good faith that substantial manufacture of such product is not commercially feasible in the United States and makes a request to THE PARTIES in writing to assist in obtaining a waiver of such requirement from the United States Government,  then THE PARTIES shall, at the reasonable cost of COMPANY, assist in applying for such waiver.

2.6  Retained Rights.

(a)           Research and Educational Use.  THE PARTIES retain the right on behalf of themselves and all other non-profit research institutes to make, use and practice the PATENT RIGHTS for research, teaching, and educational purposes.  THE PARTIES shall also have the right to make available to not-for-profit scientific institutions and non-commercial researchers materials covered under the PATENT RIGHTS, solely for non-commercial scientific and research purposes.

(b)           Federal Government.  COMPANY acknowledges that the U.S. federal government retains a royalty-free, non-exclusive, non-transferable license to practice any government-funded invention claimed in any PATENT RIGHTS as set forth in 35 U.S.C. §§ 201-211, and the regulations promulgated thereunder, as amended, or any successor statutes or regulations.

2.7  No Additional Rights.  Nothing in this Agreement shall be construed to confer any rights upon COMPANY by implication, estoppel, or otherwise as to any technology or patent rights of THE PARTIES or any other entity other than the PATENT RIGHTS, regardless of whether such technology or patent rights shall be dominant or subordinate to any PATENT RIGHTS.

  

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3.  COMPANY DILIGENCE OBLIGATIONS.

3.1  Diligence Requirements.  COMPANY shall use diligent efforts, or shall cause its AFFILIATES to use diligent efforts, to develop LICENSED PRODUCTS or LICENSED PROCESSES and to introduce LICENSED PRODUCTS or LICENSED PROCESSES into the commercial market; thereafter, COMPANY or its AFFILIATES shall make LICENSED PRODUCTS or LICENSED PROCESSES reasonably available to the public.  Specifically, COMPANY or AFFILIATE shall fulfill the following obligations:

(a)           Within **** months after the EFFECTIVE DATE, COMPANY shall furnish THE PARTIES with a written research and development plan describing the major tasks to be achieved in order to bring to market a LICENSED PRODUCT or a LICENSED PROCESS in the FIELD, specifying the number of staff and other resources to be devoted to such commercialization effort.

(b)           Within **** after the end of each calendar year, COMPANY shall furnish THE PARTIES with a written report (consistent with Section 5.1(a)) on the progress of its efforts during the immediately preceding calendar year to develop and commercialize LICENSED PRODUCTS or LICENSED PROCESSES in the FIELD.  The report shall also contain a discussion of intended efforts and sales projections for the year in which the report is submitted.

(c)           For each year following the EFFECTIVE DATE until a first commercial sale of a LICENSED PRODUCT in the FIELD, COMPANY or AFFILIATES or SUBLICENSEES shall expend at least the amounts set forth below on research toward the development of LICENSED PRODUCTS in each calendar year and ending with the first commercial sale of a LICENSED PRODUCT in the FIELD. Such amounts may be expended by COMPANY or AFFILIATES or SUBLICENSEES, or by research partners.

2013                                                                $50,000

2014                                                                $150,000

2015                                                                $400,000

2016                                                                $1,000,000

and every year thereafter until

the initiation of a clinical trial -                                                                $2,000,000

(d)           Within **** after the EFFECTIVE DATE, COMPANY (or an AFFILIATE or SUBLICENSEE) shall initiate studies using human patient-derived samples for the purposes of discovering a LICENSED PRODUCT or LICENSED PROCESS in the FIELD.

(e)           Within **** after the EFFECTIVE DATE, COMPANY (or an AFFILIATE) shall identify an IDENTIFIED PRODUCT to develop for use in conjunction with a LICENSED PRODUCT or LICENSED PROCESS.

(f)           Within **** of the EFFECTIVE DATE, COMPANY (or an AFFILIATE or SUBLICENSEE) shall initiate clinical studies in support of obtaining regulatory approval of a LICENSED PRODUCT or LICENSED PROCESS in the FIELD.

(g)           Within **** of the EFFECTIVE DATE, COMPANY (or an AFFILIATE or SUBLICENSEE) shall make a first commercial sale of a LICENSED PRODUCT or LICENSED PROCESS in the FIELD.

In the event that COMPANY (or an AFFILIATE or SUBLICENSEE) fails to fulfill any of its obligations under this Section 1, then THE PARTIES may treat such failure as a breach in accordance with Section 12.3(b).  Notwithstanding the foregoing, in the event that COMPANY anticipates a failure to meet an obligation set forth in this Section, COMPANY will promptly advise THE PARTIES in writing, and representatives of each party will meet to review the reasons for anticipated failure (taking into account delays beyond the reasonable control of the COMPANY, including action, inaction or delay by the FDA or any comparable regulatory agency and adverse developments with respect to the safety or efficacy of product candidates) and discuss in good faith a potential revision to the diligence schedule.  COMPANY and THE PARTIES will enter into a written amendment to the AGREEMENT with respect to any mutually agreed upon change(s) to the relevant obligation(s).

  

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4.  ROYALTIES AND PAYMENT TERMS.

4.1  Consideration for Grant of Rights.

(a)           License Issue Fee and Patent Cost Reimbursement.  COMPANY shall deliver to THE PARTIES. a license issue fee of Fifteen Thousand Dollars ($15,000) on the EFFECTIVE DATE and shall pay actual unreimbursed patent expenses as described in Section 6.3.  These payments are nonrefundable.

(b)            License Maintenance Fees.  COMPANY shall pay to THE PARTIES the following license maintenance fees on the dates set forth below:

January 1, 2015                                                      $10,000

January 1, 2016                                                      $15,000

January 1, 2017                                                      $25,000

January 1, 2018                                                      $37,000

January 1, 2019                                                      $50,000

 and each January 1st  of

every year thereafter

This annual license maintenance fee is nonrefundable; however, the license maintenance fee may be credited to running royalties subsequently due on NET SALES earned during the same calendar year, if any.  License maintenance fees paid in excess of running royalties due in such calendar year shall not be creditable to amounts due for future years.

(c)            Running Royalties.

(i) COMPANY shall pay to THE PARTIES a running royalty of **** of NET SALES of LICENSED PRODUCTS and LICENSED PROCESSES in the FIELD by COMPANY, AFFILIATES and SUBLICENSEES.  Running royalties shall be payable for each REPORTING PERIOD and shall be due to THE PARTIES within sixty (60) days of the end of each REPORTING PERIOD.

(ii) COMPANY shall pay to THE PARTIES a running royalty of **** of NET SALES of IDENTIFIED PRODUCTS by COMPANY, AFFILIATES and SUBLICENSEES.  Running royalties shall be payable for each REPORTING PERIOD and shall be due to THE PARTIES within sixty (60) days of the end of each REPORTING PERIOD.  For purposes of clarity, if COMPANY receives NET SALES for LICENSED PRODUCTS or a LICENSED PROCESS and for IDENTIFIED PRODUCTS, COMPANY shall pay a running royalty on the NET SALES of IDENTIFIED PRODUCTS only.

Combination Products.  If a LICENSED PRODUCT is sold to any third party in combination with other products, devices, components or materials that are capable of being sold separately and are not subject to royalties hereunder (“OTHER PRODUCTS,” with the combination of products being referred to as “COMBINATION PRODUCTS” and the Other Product and Licensed Product in such Combination Product being referred to as the “COMPONENTS”), the NET SALES of such LICENSED PRODUCT included in such COMBINATION PRODUCT shall be calculated by multiplying the NET SALES of the COMBINATION PRODUCT by the fraction A/(A+B), where A is the average NET SALES price of such LICENSED PRODUCT in the relevant country, as sold separately, and B is the total average NET SALES price of all OTHER PRODUCTS in the COMBINATION PRODUCT in the relevant country, as sold separately.  If, in any country, any COMPONENT is not sold separately, NET SALES for royalty determination shall be determined by the formula [C / (C+D)], where C is the aggregate average fully absorbed cost of the Licensed Product components during the prior Royalty Period and D is the aggregate average fully absorbed cost of the other essential functional components during the prior Royalty Period, with such costs being determined in accordance with generally accepted accounting principles.

To the extent that any SUBLICENSE INCOME relates to a COMBINATION PRODUCT or is otherwise calculated based on the value of one or more licenses or intellectual property rights held by the COMPANY, an AFFILIATE or SUBLICENSEE, COMPANY shall determine in good faith and report to THE PARTIES the share of such payments reasonably attributable to COMPANY’s or such AFFILIATE’s sublicense of the rights granted hereunder, based upon their relative importance and proprietary protection, which portion shall be the SUBLICENSE INCOME.  THE PARTIES shall have the right to dispute such sharing determination in accordance with the dispute provisions of the AGREEMENT.

  

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Royalty Stacking.  If COMPANY or an AFFILIATE or SUBLICENSEE is legally required to pay royalties to one or more third parties, in order to obtain a license or similar right necessary to practice the PATENT RIGHTS, and COMPANY, AFFILIATE or SUBLICENSEE actually pays said third party royalties, COMPANY may offset a total of **** of such third-party payments against any royalty payments that are due to THE PARTIES in the same REPORTING PERIOD; provided, however, that in no event shall the royalty payments under this section, when aggregated with any other offsets and credits allowed under the AGREEMENT, be reduced below **** of the running royalty for such a LICENSED PRODUCT in any REPORTING PERIOD; provided, further, that COMPANY also make best efforts to require such third parties to offset its royalties as a result of royalties payable to THE PARTIES for the Patent RIGHTS by at least the same amount as THE PARTIES has offset its royalties under this Section.  For purposes of clarity, third parties may include THE PARTIES.

(d)           Milestone Payments

(i)  LICENSED PRODUCTS AND LICENSED PROCESSES.

 

COMPANY shall pay to THE PARTIES the amounts below upon achievement by COMPANY or its AFFILIATES or its SUBLICENSEES or its CORPORATE PARTNERS of certain milestone events as set forth in the table below for each LICENSED PRODUCT or LICENSED PROCESS that is in the FIELD.  For purposes of clarity, these milestones are for development of LICENSED PRODUCTS or LICENSED PROCESSES that are NOT used in conjunction with an IDENTIFIED PRODUCT.

 

	
 

 

Milestone – for clarity, “Indications” would be a diagnostic test for metastasis for breast cancers (Indication 1), prostate cancer (Indication 2), etc.

	
Column A

First Indication for each LICENSED PRODUCT or LICENSED PROCESS in the FIELD to reach each milestone

	
Column B

Each Additional Indication for each LICENSED PRODUCT or LICENSED PROCESS in the FIELD to reach each milestone

	
Filing of IDE (or equivalent)

	
 $0 

	
 $0 

	
First IDE (or equivalent) approval

	
 $25,000 

	
 $12,500 

	
Approval of a  LICENSED PRODUCT or LICENSED PROCESS

	
 $50,000 

	
 $25,000 

	
First commercial sale of an approved LICENSED PRODUCT or LICENSED PROCESS in the DIAGNOSTIC FIELD

	
 $100,000 

	
 $50,000 

	
Achievement of cumulative worldwide NET SALES of $ 25,000,000 of LICENSED PRODUCT or LICENSED PROCESS

	
 $125,000 

	
 $75,000 

	
Annual worldwide NET SALES of LICENSED PRODUCT or LICENSED PROCESS equal to or greater than $ 25,000,000 (payable each year for **** years from the date of first commercial sale)

	
 $125,000 

	
 $100,000 

  

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For the convenience of the parties, in recognition of the value of the PATENT RIGHTS, and in the time it takes to bring LICENSED PRODUCTS and LICENSED PROCESSES to market, COMPANY agrees that COMPANY’s obligation to pay the milestone payments in Column A and Column B shall survive expiration or abandonment of all issued patents and filed patent applications within the PATENT RIGHTS as specified in Section 12.6(a); however, these payments shall only be due for **** after first commercial sale of the second LICENSED PRODUCT or LICENSED PROCESS  For the purposes of clarity, the milestone payments due under “the Achievement of cumulative worldwide NET SALES of $ 25,000,000 ” and the “Annual worldwide NET SALES of THERAPEUTIC PRODUCT equal to or greater than $ 25,000,000 ” described above shall be creditable against Running Royalties.

If the first indication for a given LICENSED PRODUCT or LICENSED PROCESS does not reach all of the milestones in this section, then the other indications for that given LICENSED PRODUCT or LICENSED PROCESS will pay those milestone payments not paid in respect of any such LICENSED PRODUCT or LICENSED PROCESS until all of the milestones in Column A for both milestone groups have been paid one time at the rates set forth above.

(ii) IDENTIFIED PRODUCTS.  COMPANY shall pay to THE PARTIES the amounts below upon achievement by COMPANY or its AFFILIATES or its SUBLICENSEES of certain milestone events as set forth in the table below for each IDENTIFIED PRODUCT.

	
 

 

Milestone

	
Column A

First Indication for IDENTIFIED PRODUCT

	
Column B

Second Indication for IDENTIFIED PRODUCT

	
Initiation of a clinical trial using the LICENSED PRODUCT in combination with an IDENTIFIED PRODUCT

	
 $25,000 

	
 $12,500 

	
Regulatory approval (NDA/PMA/410(k) or equivalent) of a  LICENSED PRODUCT and IDENTIFIED PRODUCT to be used in combination for determining efficacy of IDENTIFIED PRODUCT

	
 $50,000 

	
 $25,000 

	
First commercial sale of an IDENTIFIED PRODUCT for approved use with a LICENSED PRODUCT

	
 $100,000 

	
 $50,000 

	
Achievement of cumulative worldwide NET SALES of IDENTIFIED PRODUCT of 50,000,000 

	
 $250,000 

	
 $125,000 

	
Annual worldwide NET SALES of IDENTIFIED PRODUCT equal to or greater than $50,000,000 (payable each year for 10 years from the date of first commercial sale)

	
 $250,000 

	
 $250,000 

For the convenience of the parties, in recognition of the value of the PATENT RIGHTS, and in the time it takes to bring an IDENTIFIED PRODUCT to market, COMPANY agrees that COMPANY’s obligation to pay the milestone payments in Column A and Column B shall survive expiration or abandonment of all issued patents and filed patent applications within the PATENT RIGHTS as specified in Section 12.6(a);  however, these payments shall only be due for **** after first commercial sale of the second IDENTIFIED PRODUCT.

  

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             (iii) If the first indication for a given LICENSED PRODUCT or LICENSED PROCESS or IDENTIFIED PRODUCT with associated LICENSED PRODUCT does not reach all of the milestones in this section, then the other indications for that given LICENSED PRODUCT or LICENSED PROCESS or IDENTIFIED PRODUCT with associated LICENSED PRODUCT will pay those milestone payments not paid in respect of any such LICENSED PRODUCT or LICENSED PROCESS or IDENTIFIED PRODUCT associated with LICENSED PRODUCT until all of the milestones in Column A for both milestone groups have been paid one time at the rates set forth above.

COMPANY shall notify THE PARTIES within Thirty (30) days of the achievement of any of the above milestones by COMPANY or any of its AFFILIATES or SUBLICENSEES or its CORPORATE PARTNERS.  COMPANY shall make such non-refundable, non-creditable milestone payments within sixty (60) days after achievement of each of the milestones.

(e)           CORPORATE PARTNER INCOME

 

(i)           Sharing.  COMPANY shall pay THE PARTIES a total of **** of all CORPORATE PARTNER INCOME received by COMPANY or AFFILIATES or SUBLICENSEES, including, without limitation, royalty payments, profit sharing and other revenue sharing based on sales of LICENSED PRODUCTS or IDENTIFIED PRODUCTS or use of LICENSED PROCESS.  Such amount shall be payable for each REPORTING PERIOD and shall be due to THE PARTIES within sixty (60) days of the end of each REPORTING PERIOD.

(ii)           Commercially Reasonable Consideration.  In the event that COMPANY receives non-monetary consideration for any corporate partnership of the PATENT RIGHTS, LICENSED PRODUCTS, LICENSED PROCESSES OR IDENTIFIED PRODUCTS, CORPORATE PARTNER INCOME shall be calculated based on the fair market value of such non-monetary consideration (including all elements of such consideration), as determined by the parties in good faith.

(f)            Sharing of SUBLICENSE INCOME.  COMPANY shall pay THE PARTIES a total of **** of all SUBLICENSE INCOME received by COMPANY or AFFILIATES, excluding running royalties on NET SALES of SUBLICENSEES.  Such amount shall be payable for each REPORTING PERIOD and shall be due to THE PARTIES within sixty (60) days of the end of each REPORTING PERIOD.

(g)           Consequences of a PATENT CHALLENGE.  In the event that (i) COMPANY or any of its AFFILIATES brings a PATENT CHALLENGE against THE PARTIES, or (ii) COMPANY or any of its AFFILIATES assists another party in bringing a PATENT CHALLENGE against THE PARTIES (except as required under a court order or subpoena), and (iii) THE PARTIES do not choose to exercise their rights to terminate this Agreement pursuant to Section 12.4, then the running royalties due hereunder shall be doubled during the period of any PATENT CHALLENGE.  In the event that such a PATENT CHALLENGE is successful, COMPANY will have no right to recoup any royalties paid during the period of challenge.  In the event that a PATENT CHALLENGE is unsuccessful, COMPANY shall reimburse THE PARTIES for all reasonable legal fees and expenses incurred in its defense against the PATENT CHALLENGE.

(h)           No Multiple Royalties.  If the manufacture, use, lease, or sale of any LICENSED PRODUCT or the performance of any LICENSED PROCESS is covered by more than one of the PATENT RIGHTS, multiple royalties shall not be due.

4.2  Payments.

(a)            Method of Payment.  All payments under this Agreement should be made payable to "Massachusetts Institute of Technology" and sent to the address identified in Section 14.1.  Each payment should reference this Agreement and identify the obligation under this Agreement that the payment satisfies.

(b)           Payments in U.S. Dollars.  All payments due under this Agreement shall be drawn on a United States bank and shall be payable in United States dollars.  Conversion of foreign currency to U.S. dollars shall be made at the conversion rate existing in the United States (as reported by the Federal Reserve Bank of St. Louis) on the last working day of the calendar quarter of the applicable REPORTING PERIOD.  Such payments shall be without deduction of exchange, collection, or other charges, and, specifically, without deduction of withholding or similar taxes or other government imposed fees or taxes, except as permitted in the definition of NET SALES.

  

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(c)           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, to the extent permitted by law, at **** percentage points above the Prime Rate of interest as reported by the Federal Reserve Bank of St. Louis on the last business day of the calendar quarterly reporting period to which such royalty payments relate.

5.  REPORTS AND RECORDS.

5.1  Frequency of Reports.

(a)           Before First Commercial Sale.  Prior to the first commercial sale of any LICENSED PRODUCT or first commercial performance of any LICENSED PROCESS, COMPANY shall deliver reports to THE PARTIES annually, within sixty (60) days of the end of each calendar year, containing information concerning the immediately preceding calendar year, as further described in Section 5.2.

(b)           Upon First Commercial Sale of a LICENSED PRODUCT or Commercial Performance of a LICENSED PROCESS.  COMPANY shall report to THE PARTIES the date of first commercial sale of a LICENSED PRODUCT and the date of first commercial performance of a LICENSED PROCESS within sixty (60) days of occurrence in each country.

(c)           After First Commercial Sale.  After the first commercial sale of a LICENSED PRODUCT or first commercial performance of a LICENSED PROCESS, COMPANY shall deliver reports to THE PARTIES within sixty (60) days of the end of each REPORTING PERIOD, containing information concerning the immediately preceding REPORTING PERIOD, as further described in Section 5.2.

5.2  Content of Reports and Payments.  Each report delivered by COMPANY to THE PARTIES shall contain at least the following information for the immediately preceding REPORTING PERIOD:

(i) the number of LICENSED PRODUCTS sold, leased or distributed by COMPANY, its AFFILIATES and SUBLICENSEES to independent third parties in each country, and, if applicable, the number of LICENSED PRODUCTS used by COMPANY, its AFFILIATES and SUBLICENSEES in the provision of services in each country;

(ii) a description of LICENSED PROCESSES performed by COMPANY, its AFFILIATES and SUBLICENSEES in each country as may be pertinent to a royalty accounting hereunder;

(iii) the gross price charged by COMPANY, its AFFILIATES and SUBLICENSEES for each LICENSED PRODUCT and, if applicable, the gross price charged for each LICENSED PRODUCT used to provide services in each country; and the gross price charged for each LICENSED PROCESS performed by COMPANY, its AFFILIATES and SUBLICENSEES in each country;

(iv) calculation of NET SALES for the applicable REPORTING PERIOD in each country, including a listing of applicable deductions;

(v) total royalty payable on NET SALES in U.S. dollars, together with the exchange rates used for conversion;

(vi) the amount of SUBLICENSE INCOME received by COMPANY from each SUBLICENSEE and the amount due to THE PARTIES from such SUBLICENSE INCOME, including an itemized breakdown of the sources of income comprising the SUBLICENSE INCOME; and

(vii) the number of sublicenses entered into for the PATENT RIGHTS, LICENSED PRODUCTS and/or LICENSED PROCESSES.

  

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If no amounts are due to THE PARTIES for any REPORTING PERIOD, the report shall so state.

5.3  Financial Statements.  On or before the ninetieth (90th) day following the close of COMPANY's fiscal year, COMPANY shall provide THE PARTIES with COMPANY's financial statements for the preceding fiscal year including, at a minimum, a balance sheet and an income statement, certified by COMPANY's treasurer or chief financial officer or by an independent auditor.

5.4  Records.  COMPANY shall maintain, and shall cause its AFFILIATES and SUBLICENSEES to maintain, complete and accurate records relating to the rights and obligations under this Agreement and any amounts payable to THE PARTIES in relation to this Agreement, which records shall contain sufficient information to permit THE PARTIES to confirm the accuracy of any reports delivered to THE PARTIES and compliance in other respects with this Agreement.  The relevant party shall retain such records for at least five (5) years following the end of the calendar year to which they pertain, during which time THE PARTIES, or THE PARTIES’s appointed agents, so long as such agents are reasonably acceptable to such party, shall have the right, at THE PARTIES's expense, to inspect once during any consecutive twelve month period such records during normal business hours to verify any reports and payments made or compliance in other respects under this Agreement.  In the event that any audit performed under this Section reveals an underpayment in excess of the higher of (a) **** or (b) ****, COMPANY shall bear the full cost of such audit and shall remit any amounts due to THE PARTIES within thirty (30) days of receiving notice thereof from THE PARTIES

6.  PATENT PROSECUTION.

6.1  Responsibility for PATENT RIGHTS.  M.I.T. shall prepare, file, prosecute, and maintain all of the PATENT RIGHTS.  COMPANY shall have reasonable opportunities to advise M.I.T. and shall cooperate with M.I.T. in such filing, prosecution and maintenance.

6.2  International (non-United States) Filings.  Appendix B is a list of countries in which patent applications corresponding to the United States patent applications listed in Appendix A shall be filed, prosecuted, and maintained.  Appendix B may be amended by mutual agreement of COMPANY and THE PARTIES.

6.3  Payment of Expenses.  Payment of all reasonable fees and costs, including attorneys’ fees, relating to the filing, prosecution and maintenance of the PATENT RIGHTS shall be the responsibility of COMPANY and any other licensees of the PATENT RIGHTS as they exist from time to time.  COMPANY shall be responsible all such patent related costs, whether such amounts were incurred before or after the EFFECTIVE DATE as provided below.

(a)           Ongoing patent costs: As of the EFFECTIVE DATE, COMPANY shall reimburse all amounts due pursuant to this Section within thirty (30) days of invoicing; late payments shall accrue interest pursuant to Section 4.2(c).  In all instances, M.I.T. shall pay the fees prescribed for large entities to the United States Patent and Trademark Office.

(b)           Back patent costs: As of the Effective Date, 2013, M.I.T. has incurred approximately $**** in unreimbursed patent-related fees and costs.  COMPANY shall reimburse up to the estimated amount provided above back patent costs within thirty (30) days of invoicing; late payments shall accrue interest pursuant to Section 4.2(c).  In all instances, M.I.T. shall pay the fees prescribed for large entities to the United States Patent and Trademark Office.

7.  INFRINGEMENT.

7.1  Notification of Infringement.  Each party agrees to provide written notice to the other party promptly after becoming aware of any infringement of the PATENT RIGHTS in the FIELD.

7.2  Right to Prosecute Infringements.

  

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(a)           COMPANY Right to Prosecute.  So long as COMPANY remains the exclusive licensee of the PATENT RIGHTS in the FIELD in the TERRITORY, COMPANY, to the extent permitted by law, shall have the right, under its own control and at its own expense, to prosecute any third party infringement of the PATENT RIGHTS in the FIELD in the TERRITORY, subject to Sections 7.4.  If required by law, THE PARTIES shall permit any action under this Section to be brought in their names, including being joined as party-plaintiffs, provided that COMPANY shall hold THE PARTIES harmless from, and indemnify THE PARTIES against, any costs, expenses, or liability that THE PARTIES incur in connection with such action.

Prior to commencing any such action, COMPANY shall consult with THE PARTIES and shall consider the views of THE PARTIES regarding the advisability of the proposed action and its effect on the public interest.  COMPANY shall not enter into any settlement, consent judgment, or other voluntary final disposition of any infringement action under this Section without the prior written consent of THE PARTIES, such consent not to be unreasonably withheld, conditioned or delayed.

(b)           THE PARTIES Right to Prosecute.  In the event that COMPANY is unsuccessful in persuading the alleged infringer to desist or fails to have initiated an infringement action within a reasonable time after COMPANY first becomes aware of the basis for such action, THE PARTIES shall have the right, at their sole discretion, to prosecute such infringement under their sole control .

7.3  Declaratory Judgment Actions.  In the event that a PATENT CHALLENGE is brought against THE PARTIES or COMPANY by a third party, THE PARTIES, at their option, shall have the right within twenty (20) days after commencement of such action to take over the sole defense of the action at its own expense.  If THE PARTIES do not exercise this right, COMPANY may take over the sole defense of the action at COMPANY's sole expense, subject to Sections 7.4.

7.4  Recovery.  Any recovery obtained in an action brought by COMPANY under Sections 7.2 or 7.3 shall be distributed **** to COMPANY and **** to THE PARTIES after COMPANY and THE PARTIES deduct from any recovery their actual counsel fees and out-of-pocket expenses relative to any such action. If COMPANY decides not to initiate an action, then any recovery obtained in an action brought by THE PARTIES under Section 7.2 or 7.3 shall be divided **** to THE PARTIES and **** to the COMPANY after THE PARTIES and COMPANY deduct from any recovery their actual counsel fees and out-of-pocket expenses relative to any such action.   .

7.5  Cooperation.  Each party agrees to cooperate in any action under this Article which is controlled by the other party, provided that the controlling party reimburses the cooperating party promptly for any costs and expenses incurred by the cooperating party in connection with providing such assistance.

8.  INDEMNIFICATION AND INSURANCE.

8.1  Indemnification.

(a)           Indemnity.  COMPANY shall indemnify, defend, and hold harmless THE PARTIES and their trustees, officers, faculty, students, employees, and agents and their respective successors, heirs and assigns (the "Indemnitees"), against any liability, damage, loss, or expense (including reasonable attorneys’ fees and expenses) incurred by or imposed upon any of the Indemnitees in connection with any claims, suits, investigations, actions, demands or judgments arising out of or related to the research, development, marketing, manufacture, sale and/or provision of LICENSED PRODUCTS and/or LICENSED PROCESSES and/or IDENTIFIED PRODUCTS by COMPANY, AFFILIATES and SUBLICENSEES, and/or the licenses granted under this Agreement, or otherwise related to the conduct of COMPANY’s, AFFILIATES’ or SUBLICENSEES’ business, and/or the exercise of any rights granted to COMPANY under this Agreement, and/or any breach of this Agreement by COMPANY so long as such claims, suits, investigations, actions, demands or judgments are not solely attributable to grossly negligent or intentionally wrongful acts or omissions by one or more of the PARTIES’ Indemnitees, in which case the indemnification will not apply to that PARTIES’ Indemnitees.

  

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(b)           Procedures.  The Indemnitees agree to provide COMPANY with prompt written notice of any claim, suit, action, demand, or judgment for which indemnification is sought under this Agreement.  COMPANY agrees, at its own expense, to provide attorneys reasonably acceptable to THE PARTIES to defend against any such claim.  The Indemnitees shall cooperate fully with COMPANY in such defense and will permit COMPANY to conduct and control such defense and the disposition of such claim, suit, or action (including all decisions relative to litigation, appeal, and settlement); provided, however, that any Indemnitee shall have the right to retain its own counsel, at the expense of COMPANY, if representation of such Indemnitee by the counsel retained by COMPANY would be inappropriate because of actual or potential differences in the interests of such Indemnitee and any other party represented by such counsel.  COMPANY agrees to keep THE PARTIES informed of the progress in the defense and disposition of such claim and to consult with THE PARTIES with regard to any proposed settlement.

8.2  Insurance.  COMPANY shall obtain and carry in full force and effect commercial general liability insurance, including products/completed operations coverage and errors and omissions liability insurance which shall protect COMPANY and Indemnitees with respect to events covered by Section 8.1(a) above.  Such insurance (i) shall be issued by an insurer licensed to practice in the Commonwealth of Massachusetts or an insurer pre-approved by THE PARTIES, such approval not to be unreasonably withheld, (ii) shall list THE PARTIES as an additional insured thereunder, for the commercial general liability policy only, and (iii) shall require thirty (30) days written notice to be given to THE PARTIES prior to any cancellation or material change thereof.  The limits of the commercial general liability insurance shall not be less than One Million Dollars ($1,000,000) per occurrence with an aggregate of Three Million Dollars ($3,000,000) for bodily injury including death, property damage, and products/completed operations coverage. The limits of the errors and omissions liability insurance shall not be less than One Million Dollars ($1,000,000) per claim and in the aggregate. COMPANY shall provide THE PARTIES with Certificates of Insurance evidencing ongoing compliance with this Section.  COMPANY shall continue to maintain such insurance after the expiration or termination of this Agreement during any period in which COMPANY or any AFFILIATE or SUBLICENSEE continues (i) to make, use, or sell a product that was a LICENSED PRODUCT under this Agreement or (ii) to perform a service that was a LICENSED PROCESS under this Agreement, and thereafter for a period of three (3) years, if the coverage is under a claims-made policy.

9.  REPRESENTATIONS AND WARRANTIES.

9.1  THE PARTIES, each individually and jointly, and COMPANY, represents and warrants to the other party that, to the best of their knowledge, as of the Effective Date:

(a) it is duly organized and validly existing under the laws of the jurisdiction of its incorporation or organization;

(b) such party has all right, power and authority to enter into this Agreement;

(b) when executed by the PARTIES and COMPANY, this Agreement will constitute a valid and legally binding obligation and shall be enforceable in accordance with its terms; and

(c) there are no existing or threatened actions, suits or claims pending or threatened against the PARTIES or COMPANY that may affect the performance of their obligations under the Agreement.

9.2  EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, THE PARTIES MAKE NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, INCLUDING, WITHOUT LIMITATION, CONCERNING THE PATENT RIGHTS, AND HEREBY DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS OF THE PARTIES OR THIRD PARTIES, VALIDITY, ENFORCEABILITY AND SCOPE OF PATENT RIGHTS, WHETHER ISSUED OR PENDING, AND THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE.

IN NO EVENT SHALL THE PARTIES, THEIR TRUSTEES, DIRECTORS, OFFICERS, EMPLOYEES AND AFFILIATES BE LIABLE FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND, INCLUDING ECONOMIC DAMAGES OR INJURY TO PROPERTY AND LOST PROFITS, REGARDLESS OF WHETHER THE PARTIES SHALL BE ADVISED, SHALL HAVE OTHER REASON TO KNOW, OR IN FACT SHALL KNOW OF THE POSSIBILITY OF THE FOREGOING.

  

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10.  ASSIGNMENT.

This Agreement is personal to COMPANY and no rights or obligations may be assigned by COMPANY without the prior written consent of THE PARTIES, such consent not be unreasonably withheld, conditioned or delayed.  Any assignment not permitted herein shall be void.  Notwithstanding the foregoing, COMPANY may assign and delegate all its rights and obligations under this Agreement to the entity to which COMPANY sells or transfers all of its assets or with which it merges or consolidates, provided that, upon such assignment, merger, or purchase, (i) COMPANY shall deliver written notice to THE PARTIES at least fifteen (15) business days prior to any such proposed assignment, such notice to include the acquiring party’s contact information as well as a description of all of the material terms and conditions of the agreement, in substantially final form, between COMPANY and the acquiring party, (ii) that this Agreement will immediately terminate if the assignee has not agreed in writing prior to such assignment to be bound by all of the terms and conditions of this Agreement, and (iii) COMPANY (or any AFFILIATES) is not in default of any material obligation under the Agreement (including without limitation payment of any amounts due under the Agreement) at the time of such assignment.

11.  GENERAL COMPLIANCE WITH LAWS

11.1  Compliance with Laws.  COMPANY shall use reasonable commercial efforts to comply with all commercially material local, state, federal, and international laws and regulations relating to the development, manufacture, use, and sale of LICENSED PRODUCTS and LICENSED PROCESSES.

11.2  Export Control.  COMPANY and its AFFILIATES and SUBLICENSEES shall comply with all United States laws and regulations controlling the export of certain commodities and technical data, including without limitation all Export Administration Regulations of the United States Department of Commerce.  Among other things, these laws and regulations prohibit or require a license for the export of certain types of commodities and technical data to specified countries.  COMPANY hereby gives written assurance that it will comply with, and will cause its AFFILIATES and SUBLICENSEES to comply with, all United States export control laws and regulations, that it bears sole responsibility for any violation of such laws and regulations by itself or its AFFILIATES or SUBLICENSEES, and that it will indemnify, defend, and hold THE PARTIES harmless (in accordance with Section 8.1) for the consequences of any such violation.

11.3  Non-Use of THE PARTIES’ Name. COMPANY and its AFFILIATES and SUBLICENSEES shall not use the name of "Massachusetts Institute of Technology," "Lincoln Laboratory," “Albert Einstein College of Medicine of Yeshiva University,”  “Montefiore Medical Center,” or any variation, adaptation, or abbreviation thereof, or of any of its trustees, officers, faculty, students, employees, or agents, or any trademark owned by THE PARTIES, or any terms of this Agreement in any promotional material or other public announcement or disclosure without the prior written consent of THE PARTIES, which consent THE PARTIES may withhold in their sole discretion.  The foregoing notwithstanding, without the consent of THE PARTIES, COMPANY may during the term of this Agreement state that COMPANY has a license from THE PARTIES under one or more of the patents and/or patent applications comprising the PATENT RIGHTS.  Such statements may not be used in marketing, promotion, or advertising.

11.4  Marking of LICENSED PRODUCTS.  To the extent commercially feasible and consistent with prevailing business practices, COMPANY shall mark, and shall cause its AFFILIATES and SUBLICENSEES to mark, all LICENSED PRODUCTS that are manufactured or sold under this Agreement with the number of each issued patent under the PATENT RIGHTS that applies to such LICENSED PRODUCT.

12.  TERMINATION.

12.1  Voluntary Termination by COMPANY.  COMPANY shall have the right to terminate this Agreement, for any reason, (i) upon at least six months prior written notice to THE PARTIES, such notice to state the date at least six months in the future upon which termination is to be effective, and (ii) upon payment of all amounts due to THE PARTIES through such termination effective date.

12.2  Cessation of Business.  If COMPANY ceases to carry on its business related to this Agreement, THE PARTIES shall have the right to terminate this Agreement immediately upon written notice to COMPANY.

  

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12.3  Termination for Default.

(a)           Nonpayment.  In the event COMPANY fails to pay any amounts due and payable to THE PARTIES hereunder, and fails to make such payments within thirty (30) days after receiving written notice of such failure, THE PARTIES may terminate this Agreement immediately upon written notice to COMPANY.

(b)           Breach.  In the event COMPANY commits a breach of its obligations under this Agreement, except for breach as described in Section 12.3(a), and fails to cure that breach within sixty (60) days after receiving written notice thereof, THE PARTIES may terminate this Agreement immediately upon written notice to COMPANY.

12.4   Termination as a Consequence of PATENT CHALLENGE.

(a)           By COMPANY.  If COMPANY or any of its AFFILATES brings a PATENT CHALLENGE against THE PARTIES, or assists others in bringing a PATENT CHALLENGE against THE PARTIES (except as required under a court order or subpoena), then THE PARTIES may immediately terminate this Agreement.

(b)           By SUBLICENSEE.  If a SUBLICENSEE brings a PATENT CHALLENGE or assists another party in bringing a PATENT CHALLENGE (except as required under a court order or subpoena), then THE PARTIES may send a written demand to COMPANY to terminate such sublicense.  If COMPANY fails to so terminate such sublicense within thirty (30) days after THE PARTIES’s demand, THE PARTIES may immediately terminate this Agreement.

12.5  Disputes regarding Termination. If COMPANY disputes any termination by THE PARTIES under this Section, it must notify THE PARTIES of the nature of such dispute and the proposed manner in which to resolve the dispute within (10) days of receipt of notification of breach or notification of termination by THE PARTIES, whichever is sooner. If the parties do not resolve such dispute within ten (10) days of such notification, then COMPANY shall be required to initiate the dispute resolution procedures outlined in Section 13.3(a) promptly.  If it does not do so, COMPANY shall be considered to have waived its rights to dispute the termination.

12.6  Effect of Termination

(a)           Survival.  The following provisions shall survive the expiration or termination of this Agreement:

	
§

	
Article 1 (“Definitions”);

	
§

	
Article 8 (“Indemnification and Insurance”);

	
§

	
Article 9 (“No Representations or Warranties”);

	
§

	
Article 13 (“Dispute Resolution”);

	
§

	
Article 14 (“Miscellaneous”);

	
§

	
Section 5.2 (“Content of Reports and Payments”);

	
§

	
Section 5.4 (“Records”);

	
§

	
Section 11.1 (“Compliance With Laws”);

	
§

	
Section 11.2 (“Export Control”);

	
§

	
Section 12.5 (“Disputes Regarding Termination”); and

	
§

	
Section 12.6 (“Effect of Termination”).

(b)           Pre-termination Obligations.  In no event shall termination of this Agreement release COMPANY, AFFILIATES, or SUBLICENSEES from the obligation to pay any amounts that became due on or before the effective date of termination.

13.  DISPUTE RESOLUTION.

13.1 Mandatory Procedures.  All parties agree that any dispute arising out of or relating to this Agreement shall be resolved solely by means of the procedures set forth in this Article, and that such procedures constitute legally binding obligations that are an essential provision of this Agreement.  If any party fails to observe the procedures of this Article, as may be modified by their written agreement, any other party may bring an action for specific performance of these procedures in any court of competent jurisdiction.

  

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13.2  Equitable Remedies.  Although the procedures specified in this Article are the sole and exclusive procedures for the resolution of disputes arising out of or relating to this Agreement, any party may seek a preliminary injunction or other provisional equitable relief if, in its reasonable judgment, such action is necessary to avoid irreparable harm to itself or to preserve its rights under this Agreement.

13.3  Dispute Resolution Procedures.

(a)           Mediation.  In the event of any dispute arising out of or relating to this Agreement, either party may initiate mediation upon written notice to the other party ("Notice Date") pursuant to Section 14.1, whereupon both parties shall be obligated to engage in a mediation proceeding.  The mediation shall commence within forty-five (45) days of the Notice Date. The mediation shall be conducted by a single mediator in Boston, Massachusetts.  The party requesting mediation shall designate two (2) or more nominees for mediator in its notice.  The other parties may accept one of the nominees or may designate their own nominees by notice addressed to the American Arbitration Association (AAA) and copied to the requesting party.  If within, fifteen (15) days following the request for mediation, the parties have not selected a mutually acceptable mediator, a mediator shall be appointed by the AAA according to the Commercial Mediation Rules.  The mediator shall attempt to facilitate a negotiated settlement of the dispute, but shall have no authority to impose any settlement terms on the parties. The expenses of the mediation shall be borne equally by all of the parties, but each party shall be responsible for its own counsel fees and expenses.

(b)           Trial Without Jury.  If the dispute is not resolved by mediation within forty-five (45) days after commencement of mediation, each party shall have the right to pursue any other remedies legally available to resolve the dispute, provided, however, that the parties expressly waive any right to a jury trial in any legal proceeding under this Article.

13.4  Performance to Continue.  Each party shall continue to perform its undisputed obligations under this Agreement pending final resolution of any dispute arising out of or relating to this Agreement; provided, however, that a party may suspend performance of its undisputed obligations during any period in which the other party fails or refuses to perform its undisputed obligations.  Nothing in this Article is intended to relieve COMPANY from its obligation to make undisputed payments pursuant to Articles 4 and 6 of this Agreement.

13.5  Statute of Limitations.  The parties agree that all applicable statutes of limitation and time-based defenses (including, but not limited to, estoppel and laches) shall be tolled while the procedures set forth in Sections 13.3(a) are pending.  The parties shall cooperate in taking any actions necessary to achieve this result.

13.6  Limitation on Damages.  COMPANY’S DAMAGES FOR ANY BREACH OF THIS AGREEMENT BY THE PARTIES WILL BE LIMITED TO A REDUCTION OR SUSPENSION OF THE PAYMENT OBLIGATIONS OF COMPANY HEREUNDER

14.  MISCELLANEOUS.

14.1  Notice.  Any notices required or permitted under this Agreement shall be in writing, shall specifically refer to this Agreement, and shall be sent by hand, recognized national overnight courier, confirmed facsimile transmission, confirmed electronic mail, or registered or certified mail, postage prepaid, return receipt requested, to the following addresses or facsimile numbers of the parties:

      If to M.I.T.:                                                           Massachusetts Institute of Technology

Technology Licensing Office, Room NE18-501

One Cambridge Center, Kendall Square

Cambridge, MA 02142-1601

Attention: Director

Tel:           617-253-6966

Fax:           617-258-6790

  

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If to EINSTEIN:

	
Albert Einstein College of Medicine of Yeshiva University

1300 Morris Park Avenue

Bronx, New York 10461

Attention:  Office of Biotechnology

John.Harb@einstein.yu.edu

 

     If to MONTEFIORE:                                                       Montefiore Medical Center

111 East 210th Street

Bronx, New York 10467

Attention: Office of General Counsel

If to COMPANY:                                                          MetaStat BioMedical, Inc.                                           

8 Hillside Avenue, Suite 207

Montclair, NJ  07042

Attention:  Warren Lau, President

Tel:           (832) 758-7488

Fax:           

If, to COMPANY, notices regarding financial matters, including invoices:

	
  

	
Contact Name: Warren Lau, President

	
  

	
Address: _8 Hillside Avenue, Suite 207_

	
  

	
Tel: (832) 758-7488_

	
  

	
Fax: ________________________

	
  

	
Email: warren@metastat.com

All notices under this Agreement shall be deemed effective upon receipt.  A party may change its contact information immediately upon written notice to the other parties in the manner provided in this Section.

14.2  Governing Law/Jurisdiction.  This Agreement and all disputes arising out of or related to this Agreement, or the performance, enforcement, breach or termination hereof, and any remedies relating thereto, shall be construed, governed, interpreted and applied in accordance with the laws of the Commonwealth of Massachusetts, U.S.A., without regard to conflict of laws principles, except that questions affecting the construction and effect of any patent shall be determined by the law of the country in which the patent shall have been granted.  The state and federal courts having jurisdiction over Cambridge, MA, USA, provide the exclusive forum for any PATENT CHALLENGE and/or any court action between the parties relating to this Agreement.  COMPANY submits to the jurisdiction of such courts and waives any claim that such court lacks jurisdiction over COMPANY or its AFFILIATES or constitutes an inconvenient or improper forum.

14.3  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.

 

14.4  Amendment and Waiver.  This Agreement may be amended, supplemented, or otherwise modified only by means of a written instrument signed by both parties.  Any waiver of any rights or failure to act in a specific instance shall relate only to such instance and shall not be construed as an agreement to waive any rights or fail to act in any other instance, whether or not similar.

14.5  Severability.  In the event that any provision of this Agreement shall be held invalid or unenforceable for any reason, such invalidity or unenforceability shall not affect any other provision of this Agreement, and the parties shall negotiate in good faith to modify the Agreement to preserve (to the extent possible) their original intent.  If the parties fail to reach a modified agreement within thirty (30) days after the relevant provision is held invalid or unenforceable, then the dispute shall be resolved in accordance with the procedures set forth in Article 13.  While the dispute is pending resolution, this Agreement shall be construed as if such provision were deleted by agreement of the parties.

  

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14.6  Binding Effect.  This Agreement shall be binding upon and inure to the benefit of the parties and their respective permitted successors and assigns.

14.7  Headings.  All headings are for convenience only and shall not affect the meaning of any provision of this Agreement.

14.8  Entire Agreement.  This Agreement constitutes the entire agreement between the parties with respect to its subject matter and supersedes all prior agreements or understandings between the parties relating to its subject matter.

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized representatives.

The EFFECTIVE DATE of this Agreement is ________________________________.

MASSACHUSETTS INSTITUTE OF                                                                           METASTAT BIOMEDICAL, INC.

TECHNOLOGY

 

By: /s/ Lita L. Nelson                                                                      By: /s/ Warren C Lau

Name: Lita L. Nelson                                                     Name: Warren C. Lau                                     

Title: Director                                                                     Title:  President                                   

 

ALBERT EINSTEIN COLLEGE OF                                                                                     MONTEFIORE MEDICAL CENTER

MEDICINE OF YESHIVA UNIVERSITY

 

By: /s/ John L. Harb                                                                                      By: /s/ Victor B. Hatcher

Name: John L. Harb                                                                           Name: Victor B. Hatcher

Title: Asst. Dean, Scientific Operations                                                            Title: Director

  

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APPENDIX A

List of Patent Applications and Patents

I.           United States Patents and Applications

	
(A)  

	
 United States of America Provisional Application Serial No. 61/446,162, Filed February 24, 2011

“Alternatively Spliced mRNA Isoforms as Prognostic and Therapeutic Tools for Metastatic Breast Cancer and Other Invasive/Metastatic Cancers”

by Christopher B. Burge, Wu Albert. Cheng, John Condeelis, Frank B. Gertler, Maja Oktay and Irina M. Shapiro

	
(B)  

	
United States of America Provisional Application No. 61/498,387, Filed June 17, 2011

“Alternatively Spliced mRNA Isoforms as Prognostic and Therapeutic Tools for Metastatic Breast Cancer and Other Invasive/Metastatic Cancers”

by Christopher B. Burge, Wu Albert. Cheng, John Condeelis, Frank B. Gertler, Maja Oktay and Irina M. Shapiro

	
(C)  

	
United States of America Serial No. 14/000995, Filed August 22, 2013

"Alternatively Spliced mRNA Isoforms As Prognostic Indicators For Metastatic Cancer"

by Christopher B. Burge, Wu Albert. Cheng, John Condeelis, Frank B. Gertler, Maja Oktay and Irina M. Shapiro

 

II.           International (non-U.S.) Patents and Applications

	
(A)  

	
Patent Cooperation Treaty Serial No. PCT/US2012/026424, Filed February 24, 2012

"Alternatively Spliced mRNA Isoforms As Prognostic Indicators For Metastatic Cancer"

by Christopher B. Burge, Wu Albert. Cheng, John Condeelis, Frank B. Gertler, Maja Oktay and Irina M. Shapiro

	
(B)  

	
European Patent Application 12749944.0

"Alternatively Spliced mRNA Isoforms As Prognostic Indicators For Metastatic Cancer"

by Christopher B. Burge, Wu Albert. Cheng, John Condeelis, Frank B. Gertler, Maja Oktay and Irina M. Shapiro

	
(C)  

	
Singapore Patent Application 201306378-9

"Alternatively Spliced mRNA Isoforms As Prognostic Indicators For Metastatic Cancer"

by Christopher B. Burge, Wu Albert. Cheng, John Condeelis, Frank B. Gertler, Maja Oktay and Irina M. Shapiro

  

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APPENDIX B

List of Countries (excluding United States) for which

PATENT RIGHTS Applications Will Be Filed, Prosecuted and Maintained

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

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