Document:

​

BICYCLE THERAPEUTICS PLC
July 1, 2020
Citibank, N.A. – ADR Department
388 Greenwich Street
New York, NY 10013
Attn: Susanna Ansala
Program ADSs (CUSIP No.: 088786108)
Ladies and Gentlemen:
Reference is made to the Deposit Agreement, dated as of May 28, 2019, as amended and supplemented from time to time (the “Deposit Agreement”), by and among Bicycle Therapeutics plc, a public limited company incorporated under the laws of England and Wales and its successors (the “Company”), Citibank, N.A., a national banking association (“Citibank”) organized and existing under the laws of the United States of America, as Depositary (the “Depositary”), and all Holders and Beneficial Owners of American Depositary Shares (the “ADSs”) issued thereunder.  All capitalized terms used, but not otherwise defined herein, shall have the meaning assigned thereto in the Deposit Agreement.
The Company has, upon the terms set forth in the Sales Agreement, dated as of June 5, 2020 (the “Sales Agreement”), by and among the Company, Cantor Fitzgerald & Co. (“Cantor”) and Oppenheimer & Co. Inc. (“Oppenheimer” and together with Cantor, the “Agents”), agreed to issue and sell through the Agents, each acting as agent and/or principal, ADSs (the “Program ADSs”), each Program ADS representing one (1) fully paid Share, with such Program ADSs having an aggregate offering price of up to U.S. $50,000,000 (the “Program Offer”).  The Program Offer of Program ADSs through the Agents will be made pursuant to a shelf registration statement on Form S-3 (File No.: 333-238996) (the “Registration Statement”) filed with the Commission on June 5, 2020, in accordance with the provisions of the Securities Act of 1933, as amended (the “Securities Act”), and the rules and regulations thereunder and declared effective on or prior to the date hereof by the Commission, which Registration Statement includes (i) a base prospectus, relating to certain securities to be offered from time to time by the Company, and (ii) a prospectus supplement, specifically relating to the Program ADSs, to the base prospectus.
Following the deposit from time to time of Shares by the Company in accordance with the Deposit Agreement and as contemplated in the Sales Agreement, each Program ADS will be issuable at the instruction, and deliverable at the direction, of the Agents and the Company in accordance with the terms and conditions of the Sales Agreement.
This letter agreement (this “Letter Agreement”) will confirm our understanding and agreement as follows:
1.Deposit of Shares.  The Company and the Depositary hereby agree that the Shares underlying the Program ADSs, to be delivered upon the sale of Program ADSs (each, 

 ​

a “Program Sale”) following the delivery of a Placement Notice, as such term is defined in the Sales Agreement, shall be deposited by, or on behalf of, the Company with the Custodian under the Deposit Agreement, in accordance with the terms hereof and thereof.  The Company hereby confirms that at the time of delivery to the Custodian (x) the Shares to be deposited with the Custodian upon a Program Sale (i) will have been duly authorized, validly allotted and issued, fully paid, and therefore not subject to any call for the payment of further capital, (ii) will rank pari passu in all respects, and therefore will be fully fungible with the Shares then on deposit with the Custodian under the Deposit Agreement, (iii) will be legally issued to, and deposited with, the Custodian and will not be stripped of any rights or entitlements by the Company prior to or upon deposit with the Custodian, (iv) will be free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, including, without limitation, any claim related to liabilities arising from the imposition of United Kingdom stamp duty taxes or stamp duty reserve tax on the deposit of such Shares by the Company with the Custodian, and (y) there will be no pre-emptive rights (and any similar rights) with respect to the Shares to be deposited with the Custodian upon a Program Sale that have not been waived, disapplied, exercised or lapsed.
2.Issuance and Delivery of Program ADSs upon a Program Sale.  The Company hereby instructs the Depositary to issue and deliver Program ADSs against the deposit of Shares by, or on behalf of, the Company upon the execution of a Program Sale, subject to compliance with the terms and conditions of the Deposit Agreement and this Letter Agreement, including without limitation, the receipt by the Custodian or on behalf of the Depositary of the applicable Shares and the receipt, by the Depositary, of the corresponding fees.  The Depositary hereby agrees to issue Program ADSs representing the right to receive such Shares in accordance with the Deposit Agreement upon receipt of (i) the opinions referred to in Section 4 of this Letter Agreement at each of the times of delivery set forth in Section 4 of this Letter Agreement, (ii) confirmation of deposit of the applicable Shares by, or on behalf of, the Company, (iii) the corresponding fees referred to in Section 6 of this Letter Agreement, and (iv) a Program Issuance and Delivery Instruction for each Program Sale, in the form annexed hereto as Exhibit A.
3.Representations and Warranties.  The Company hereby represents and warrants to the Depositary that (i) the terms of the Sales Agreement provide that the Program ADSs, when issued and delivered against payment therefor, will be freely transferable by the Company to or for the account of the Agents and the initial purchasers thereof; and there are no legal restrictions on subsequent transfers of the Program ADSs under the laws of England and Wales or the United States, (ii) it will cause the Shares underlying the Program ADSs deliverable upon a Program Sale to be deposited with the Custodian or on behalf of the Depositary and shall authorize and instruct, together with the Agents, the Depositary to issue the Program ADSs in accordance with the Deposit Agreement and the terms of this Letter Agreement, and (iii) no United Kingdom stamp duty taxes (including any stamp duty reserve taxes) are applicable to, or payable in connection with, the initial issuance of the Shares by the Company or the initial deposit of the Shares by or on behalf of the Company with the Custodian or on behalf of the Depositary, in each case, against the issuance and delivery of Program ADSs from time to time as contemplated in this Letter Agreement.
4.Opinions.  In furtherance of the foregoing, the Company shall, (i) at the time of execution of this Letter Agreement, provide the Depositary with (x) an opinion of its 

2

English counsel (its “English Counsel”) to the Depositary which addresses, among other things, that subject to customary and appropriate assumptions and qualifications, (a) the execution, delivery and performance of this Letter Agreement have been authorized by and on behalf of the Company and, upon the execution and unconditional delivery of this Letter Agreement by a director or other authorized person for and on behalf of the Company, this Letter Agreement will have been duly executed on behalf of the Company, and (b) the execution and delivery of this Letter Agreement by the Company and the performance by the Company of its obligations under this Letter Agreement do not and will not contravene or conflict with any laws of England and Wales normally applicable to transactions of the type contemplated by this Letter Agreement; (y) an opinion of its U.S. counsel (its “U.S. Counsel”) to the Depositary which addresses, among other things, that subject to customary and appropriate assumptions and qualifications and assuming its due authorization, execution and delivery, this Letter Agreement is valid, binding and enforceable against the Company under the laws of the State of New York, except as the enforcement thereof may be limited by bankruptcy, insolvency (including, without limitation, all laws relating to fraudulent transfers), reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally, and as enforcement thereof is subject to general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law); and (z) a certificate signed by the corporate secretary of the Company certifying that this Letter Agreement has been executed and unconditionally delivered by a director for and on behalf of the Company, and (ii) concurrently with each Program Sale, (x) an opinion of its English Counsel to the Depositary which addresses, among other things, that subject to customary and appropriate assumptions and qualifications, (a) no authorizations, consents, approvals, licences, validations or exemptions are required by law from any governmental authorities or agencies or other official bodies in England and Wales in connection with the issuance and deposit of the Shares issuable upon a Program Sale, and the exercise by the Company of its rights and the performance of its obligations under this Letter Agreement, and (b) when Shares underlying any Program ADSs deliverable upon a Program Sale are issued and allotted in accordance with the terms of this Letter Agreement, the directors of the Company will have been duly and validly authorized to allot such Shares by the Company’s shareholders and such Shares will be validly issued fully paid and rank pari passu and be fully fungible with the other issued ordinary shares of £0.01 each in the capital of the Company then held by the Custodian on behalf of the Depositary and underlying the ADSs then outstanding; and (y) an opinion of its U.S. Counsel to the Depositary which addresses that, subject to customary and appropriate assumptions and qualifications, at the time of delivery of each such opinion, the Registration Statement will be effective under the Securities Act, and no stop order suspending the effectiveness of the Registration Statement will have been issued.
5.Indemnification.   In the event United Kingdom stamp duty (including any UK Stamp Duty Reserve Tax (“SDRT”)) is applicable to, or payable on, the issuance and deposit of Shares or issuance of Program ADSs in connection with a Program Sale, the Company hereby indemnifies the Depositary and the Custodian for, and holds the Depositary and the Custodian harmless against, all losses, liabilities, taxes, charges, penalties or expenses (including reasonable legal fees and disbursements) incurred by the Depositary and/or by the Custodian or to which the Depositary and/or the Custodian may become subject to and arising directly or indirectly from the failure by any person to pay (or discharge) any applicable United Kingdom stamp duty, SDRT, or any other similar duty or tax on the issuance and deposit of Shares or issuance of Program ADSs, in connection with any Program Sale save to the extent 

3

that such losses, liabilities, taxes, charges, penalties or expenses are due to the negligence or bad faith of the Custodian or the Depositary.
6.Fees.  The Company and the Depositary agree that the Company shall pay the Depositary a depositary fee of US$0.05 per Program ADS issued upon a Program Sale (the “Fees”).
7.Fractional Shares and Program ADSs.  Notwithstanding anything to the contrary in the Deposit Agreement, the Company will not deliver to the Depositary or the Custodian in connection with the issuance of Program ADSs upon a Program Sale, and the Depositary shall not be required to accept, under any circumstances (a) any fraction of a Share, nor (b) a number of Shares which upon application of the ADS-to-Share ratio would give rise to a fraction of a Program ADS.
8.F-6 Registration Statement.  The Depositary and the Company hereto confirm that a signed conformed copy of this Letter Agreement shall be filed as an exhibit to the next Registration Statement on Form F-6 (or next amendment to any existing Registration Statement on Form F-6 currently on file) that may be filed in respect of the ADSs.
9.Miscellaneous.

(a)The Company and the Depositary each hereby acknowledges and agrees that its indemnification obligations contained in Section 5.8 of the Deposit Agreement shall, to the extent not unlawful, apply to all of the terms, conditions, obligations and performances under this Letter Agreement as if they were set forth in the Deposit Agreement.
(b)The parties hereto agree to duly execute and deliver, or cause to be duly executed and delivered, such further documents and instruments and do and cause to be done such further acts, as may be reasonably requested by the other party in order to implement the terms and provisions of this Letter Agreement and to effectuate the purpose and intent hereof.
(c)This Letter Agreement shall be interpreted and all rights hereunder and the provisions hereof shall be governed by the laws of the State of New York.
(d)This Letter Agreement shall be binding upon the parties hereto, and their respective legal successors and permanent assigns.
(e)This Letter Agreement may not be modified or amended except by a writing signed by both parties hereto.
(f)This Letter Agreement may be executed in counterparts, each of which shall be deemed to be an original, and all of which, taken together, shall constitute one and the same instrument.

4

The Company and the Depositary have caused this Letter Agreement to be executed and delivered on their behalf by their respective officers thereunto duly authorized as of the date set forth above.
BICYCLE THERAPEUTICS PLC
​
By:  ​ ​/s/ Kevin Lee​ ​​ ​​ ​​ ​
Name: Kevin Lee
Title: Director
​
Accepted and Agreed
as of the date first written above
CITIBANK, N.A., as Depositary
​
By:  ​ ​/s/Leslie DeLuca​ ​​ ​​ ​
Name: Leslie DeLuca
Title: Attorney-in-Fact

5

​

EXHIBIT A
to
Letter Agreement, dated as of July 1, 2020
(the "Letter Agreement"), by and between
BICYCLE THERAPEUTICS PLC
and 
CITIBANK, N.A.
_____________________
Program Issuance and Delivery Instruction
_____________________
[DATE]
Citibank, N.A., as Depositary
388 Greenwich Street
New York, New York 10013
Attn.:Ms. Susanna Ansala 
Mr. Keith Galfo
Mr. Leslie Deluca 
DR Broker Services 
​
With a copy simultaneously delivered to:
​
Citibank, N.A., London Branch
25 Canada Square
Canary Wharf
London E14 5LB, England
Attn.:UK Custody Settlements
Custody Team 
​
Patterson Belknap Webb & Tyler LLP
1133 Avenue of the Americas
New York, New York 10036
Attn:Jean-Claude Lanza 
Daniel Graf 
​
Bicycle Therapeutics plc Program ADSs (CUSIP No.: 088786108)
​
Dear Sirs:
​
Reference is made to the Deposit Agreement, dated as of May 28, 2019, as amended and supplemented from time to time (the “Deposit Agreement”), by and among Bicycle Therapeutics plc, a public limited company incorporated under the laws of England and Wales and its successors (the “Company”), Citibank, N.A., a national banking association (“Citibank”) organized and existing under the laws of the United States of America, as Depositary (the “Depositary”), and all Holders and Beneficial Owners of American Depositary Shares (the “ADSs”) issued thereunder, and (ii) the Letter Agreement, dated as of July 1, 2020 (the “Letter Agreement”), by and between the Company and the Depositary.  Capitalized terms used but not 

A-1

defined herein shall have the meanings given to them in the Deposit Agreement, or, in the event so noted herein, in the Letter Agreement.
​
In accordance with the terms and subject to the limitations set forth in the Deposit Agreement as supplemented by the Letter Agreement and promptly following the Depositary’s receipt of confirmation from the Custodian that the Custodian has received a deposit of the number of Shares specified below from, or on behalf of, the Company in connection with a Program Sale, the Agents and the Company hereby jointly instruct the Depositary, and the Depositary hereby agrees
​
(i) to promptly accept for deposit the number of Shares and issue the number of Program ADSs in each case as specified below:
​
	Number of Shares deposited in connection with Program Sale(s):
	​
____________ Shares

	Number of Program ADSs (CUSIP No.: 088786108; each Program ADS representing one (1) Share) to be issued in connection with Program Sale(s):
	​
​
____________ Program ADSs

​
and (ii) to promptly deliver such Program ADSs, as follows:
​
	Name of DTC Participant to which the Program ADSs are to be delivered:
	​
​​

	DTC Participant Account No.:
	_____________________________

	Account No. for recipient of Program ADSs at DTC Participant (f/b/o information):
	​
_____________________________

	Name on whose behalf the above number of Program ADSs are to be issued and delivered:
	​
_____________________________

	Contact person at DTC Participant:
	_____________________________

	Daytime telephone number of contact person at DTC Participant:
	​
_____________________________

​
The Company hereby (i) confirms that no United Kingdom stamp duty taxes (including any stamp duty reserve taxes) are applicable to, or payable in connection with, the initial issuance of the Shares or the initial deposit of the Shares by the Company with the Custodian against issuance of the Program ADSs, and (ii) certifies that the Registration Statement (as defined in the Letter Agreement) is effective under the Securities Act and no stop order suspending the effectiveness of the Registration Statement has been issued and no proceeding for that purpose has been initiated or to the Company’s knowledge threatened.  

A-2

The Company hereby indemnifies the Depositary and the Custodian for, and holds the Depositary and the Custodian harmless against, all losses, liabilities, taxes, charges, penalties or expenses (including reasonable legal fees and disbursements) incurred by the Depositary and/or by the Custodian or to which the Depositary and/or the Custodian may become subject to and arising directly or indirectly from the failure by any person to pay (or discharge) any applicable United Kingdom stamp duty, stamp duty reserve tax, or any other similar duty or tax in connection with the initial issuance of the Shares and the Program ADSs save to the extent that such losses, liabilities, taxes, charges, penalties or expenses are due to the negligence or bad faith of the Custodian or the Depositary.
​
	[CANTOR FITZGERALD & CO.]
[Oppenheimer & Co. Inc.]
​
By:  ​ ​​ ​​ ​​ ​​ ​
Name: 
Title:
	BICYCLE THERAPEUTICS PLC
​
By:  ​ ​​ ​​ ​​ ​​ ​
Name:
Title:

​

A-3onvo-ex101_48.htm

 

Exhibit 10.1

CONSULTING AGREEMENT

This Consulting Agreement (the “Agreement”) is made effective as of September 15, 2020 (the “Effective Date”), by and between Organovo, Inc., a Delaware corporation, with its principal place of business being 440 Stevens Avenue, Suite 200, Solana Beach, CA 92075 (the “Company”) and Multi Dimensional Bio Insight LLC, a California limited liability corporation, with its principal place of business being 3 Pine Tree Lane, Rolling Hills, CA 90274 (“MDBI”). The Company and MDBI are herein sometimes referred to individually as a “Party” and collectively as the “Parties.”

WHEREAS, the Company possesses know-how and proprietary technology related to 3D bioprinting and drug discovery; and

WHEREAS, MDBI and its consultants have expertise in corporate operations and strategy, especially within the Company’s areas of operation and technology expertise; and

WHEREAS, MDBI desires to serve as an independent consultant for the purpose of providing the Company with certain strategic and financial advice and support services, as more fully described in Exhibit A attached hereto, (the "Services"); and

WHEREAS, it is further contemplated that MDBI will provide Services of Executive Chairman and other such executive officer positions as may be determined by the Company and Murphy from time to time; and

WHEREAS, the Company wishes to engage MDBI on the terms and conditions set forth herein.

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which are hereby acknowledged, the Parties agree and covenant as follows.

	
1.
	
Services of Consultant. MDBI will assist the Company with matters relating to the Services. The Services are more fully described in Exhibit A attached hereto. MDBI and the Company will periodically review the Services to prioritize and implement any items listed on Exhibit A.

	
2.
	
Compensation for Services. In full consideration of MDBI’s full, prompt and faithful performance of the Services, the Company shall compensate MDBI a consulting fee as set forth in Exhibit A. MDBI shall, from time to time, but not more frequently than once per calendar month, provide the Company with an itemized invoice for Services rendered for that month, and such invoice will be paid upon 30 days of receipt. Each month the Parties shall evaluate jointly the current fee structure and scope of Services. MDBI reserves the right to an annual increase in consultant rates of up to 4%, effective January 1 of each year. Upon termination of this Agreement pursuant to Section 3, no compensation or benefits of any kind as described in this Section 2 shall be payable or issuable to MDBI after the effective date of such termination. In addition, the Company will reimburse MDBI for reasonable out-of-pocket business expenses, including but not limited to travel and parking, incurred by MDBI in performing the Services hereunder, upon submission 

 
 

 

		
by MDBI of supporting documentation in accordance with Company’s travel policy (attached as Exhibit B) and reasonably acceptable to the Company. Any expenses that exceeds $10,000 shall be submitted to the Company for its prior written approval.

Absent separate Company approval, the total hours provided by MDBI to the Company in any single Company fiscal year or calendar year and compensated as described in Exhibit A shall be no greater than 1,500 hours.

The Company agrees to provide compensation for services already rendered, covering the time period from July 15 to September 15, 2020, in the same manner as provided for in this Agreement. MDBI will provide an invoice for such services rendered subsequent to the signing of this Agreement, and the total amount of hourly compensation and reasonable expenses covered under this provision will be no greater than $50,000.

All MDBI invoices and billing matters should be addressed to:

 

	
 
	
Company Accounts Payable Contact:
	
 
	
Jordan Beltran, Assistant Controller

Accounts Payable

Email: AP@organovo.com 

Phone: 858-224-1000

Organovo Holdings, Inc.

440 Stevens Avenue, Suite 200

Solana Beach, CA 92075

 

All Company payments and billing inquiries should be addressed to: 

 

	
 
	
MDBI Accounting:
	
 
	
pinetreelanepa@gmail.com

MDBI

Attn: Organovo Consulting

3 Pine Tree Lane

Rolling Hills, CA 90274

 

	
3.
	
Term and Termination. The term of this Agreement will commence on the Effective Date and will continue for a four year term. Notwithstanding the foregoing, this Agreement may be terminated by either Party hereto: (a) with Cause (as defined below), upon 30 days prior written notice to the other Party; or (b) without cause upon 60 days prior written notice to the other Party. For purposes of this Section 3, “Cause” shall include: (i) a breach of the terms of this Agreement which is not cured within 30 days of written notice of such default or (ii) the commission of any act of fraud, embezzlement or deliberate disregard of a rule or policy of the Company.

	
4.
	
Time Commitment. MDBI will devote such time to perform the Services under this Agreement as may reasonably be required.

	
5.
	
Place of Performance. MDBI will perform the Services at such locations upon which the Company and MDBI may mutually agree. MDBI will not, without the prior written consent of the Company, perform any of the Services at any facility or in any manner that might give anyone other than the Company any rights to or allow for disclosure of any Confidential Information (as defined below).

 
 

 

	
6.
	
Compliance with Policies and Guidelines. MDBI will perform the Services in accordance with all rules or policies adopted by the Company that the Company discloses in writing to MDBI.

	
7.
	
Confidential Information. MDBI acknowledges and agrees that during the course of performing the Services, the Company may furnish, disclose or make available to MDBI business, technical, commercial and/or regulatory information, whether disclosed or provided in oral, written, graphic or electronic form including, but not limited to, material, compilations, data, licenses, formulae, models, discoveries, developments, inventions, techniques, patent disclosures, procedures, suppliers, pricing lists, processes, schematics, business plans, forecasts, projections, budgets, protocols, results of experimentation and testing, specifications, marketing plans, strategies and techniques, and all tangible and intangible embodiments thereof of any kind whatsoever (including, but not limited to, any apparatus, biological or chemical materials, animals, cells, compositions, documents, drawings, machinery, patent applications, records and reports), which is owned or controlled by the Company and is marked or designated as confidential at the time of disclosure or is of a type that is customarily considered to be confidential information (collectively the “Confidential Information"). MDBI acknowledges that the Confidential Information or any part thereof is the exclusive property of the Company and shall not be disclosed to any third party without first obtaining the written consent of the Company. MDBI further agrees to take all practical steps to ensure that the Confidential Information, and any part thereof, shall not be disclosed or issued to its affiliates, agents or employees, except on like terms of confidentiality. Notwithstanding the foregoing, Confidential Information shall not include any such information which Consultant can establish (i) was publicly known or made generally available prior to the time of disclosure to Consultant; (ii) becomes publicly known or made generally available after disclosure to Consultant through no wrongful action or inaction of Consultant; or (iii) is in the rightful possession of Consultant, without confidentiality obligations, at the time of disclosure as shown by Consultant’s then-contemporaneous written records; provided that any combination of individual items of information shall not be deemed to be within any of the foregoing exceptions merely because one or more of the individual items are within such exception, unless the combination as a whole is within such exception. The above provisions of confidentiality shall apply for a period of five years.

	
8.
	
Consultant will hold in the strictest confidence, and take all reasonable precautions to prevent any unauthorized use or disclosure of Confidential Information, and Consultant will not (i) use the Confidential Information for any purpose whatsoever other than as necessary for the performance of the Services on behalf of the Company, or (ii) disclose the Confidential Information to any third party without the prior written consent of an authorized representative of Company, except that Consultant may disclose Confidential Information to the extent compelled by applicable law; provided however, prior to such disclosure, Consultant shall provide prior written notice to Company and seek a protective order or such similar confidential protection as may be available under applicable law. Consultant agrees that no ownership of Confidential Information is conveyed to the Consultant. Without limiting the foregoing, Consultant shall not use or disclose any Company property, intellectual property rights, trade secrets or other proprietary know- how of the Company to invent, author, make, develop, design, or otherwise enable others to invent, author, make, develop, or design identical or substantially similar designs as 

 
 

 

		
those developed under this Agreement for any third party. Consultant agrees that Consultant’s obligations under this Section shall continue after the termination of this Agreement. Notwithstanding the foregoing, federal law provides immunity for any disclosure of trade secrets when such disclosure is made to a federal, state, or local government official, or to an attorney, if such disclosure is made solely for the purpose of reporting or investigating a suspected violation of law. In addition, the law provides immunity for any complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 18 U.S.C. § 1833(b). Disclosures made in compliance with 18 U.S.C. § 1833(b) shall not create liability, either criminally or civilly.”

	
9.
	
Freedom to Work for Others. Except as expressly provided herein, nothing in this Agreement shall preclude MDBI or its service providers from consulting for or being employed by any other person or entity, provided that (a) such other service does not conflict with MDBI’s or its service providers obligations to the Company, (b) MDBI devotes to the Company the time reasonably required to provide the Services to the Company contemplated in this Agreement, and (c) MDBI discloses all potential conflicts of interest promptly for consideration by the Company.

	
10.
	
Non Solicitation. All personnel representing MDBI are employees or contracted agents of MDBI. Accordingly, except for Murphy’s service and as otherwise agreed to by the Company in writing, they are not retainable by the Company. Unless agreed to in writing by MDBI, the Company hereby agrees not to solicit, attempt to hire or retain their services for so long as they are employees or contracted agents of MDBI and for one year thereafter. The above notwithstanding, it is not a breach of this provision to hire an individual who applies to Company’s job posting without being recruited by Company, in which case no liquidated damages shall be owed.

	
11.
	
No Implied Warranty. MDBI represents and warrants to the Company that MDBI possesses the business, professional and technical expertise and the resources, including without limitation equipment, facilities and employees to perform these Services. Except for any express warranties stated herein, the Services are provided on an "as is" basis, and the Company disclaims any and all other warranties, conditions, or representations (express, implied, oral or written), relating to the Services or any part thereof.

	
12.
	
Indemnification. Consultant agrees to indemnify and hold MDBI hereto, its directors, officers, agents and employees harmless against any claim based upon circumstances alleged to be inconsistent with such representations and/or warranties contained in this Agreement. Further, MDBI shall indemnify and hold harmless the Company against any claims, losses, damages or liabilities (or actions in respect thereof) that arise out of or are based on the Services performed hereunder, except for any such claims, losses, damages or liabilities arising out of the negligence or willful misconduct of the Company or any of its subcontractors.

	
13.
	
Independent Contractor. MDBI is not, nor shall MDBI be deemed to be at any time during the term of this Agreement, an employee of the Company, and therefore MDBI shall not be entitled to any benefits provided by the Company to its employees, if applicable. MDBI’s status and relationship with the Company shall be that of an independent contractor and consultant. MDBI shall not state or imply, directly or indirectly, that MDBI is empowered to bind the Company without the Company's prior written consent, 

 
 

 

		
provided that this sentence shall not prohibit a consultant for MDBI working as an officer of the Company may bind the company in their capacity as an officer determined by the Company and MDBI from time to time. Nothing herein shall create, expressly or by implication, a partnership, joint venture or other association between the parties. MDBI will be solely responsible for payment of all charges and taxes arising from its relationship to the Company as a consultant.

	
14.
	
Records. Upon termination of MDBI’s relationship with the Company, MDBI shall deliver to the Company any property or Confidential Information of the Company relating to the Services which may be in its possession including products, project plans, materials, memoranda, notes, records, reports, laboratory notebooks, or other documents or photocopies and any such information stored using electronic medium.

	
15.
	
Data Protection. Depending on the Services Service Provider performs, MDBI may be required to access, collect, retain, disclose or otherwise process individually identifiable health information or information identifying or, in combination with other information, identifiable to a living individual (“Personal Data”). For purposes of this Agreement, “Processing” (and its conjugates, including, without limitation, “Process”) means any operation or set of operations that is performed upon Personal Data, including, without limitation, any collection, recording, retention, organization, storage, adaptation, alteration, retrieval, consultation, blocking erasure use, disclosure, access, transfer, or destruction, whether or not by electronic means. In that event, MDBI agrees to collect and process Personal Data solely as described in this Agreement and not use such Personal Data further for any other purpose or in any other manner except where such further use is required by applicable law, regulation or governmental authority. Further, MDBI agrees to abide by all applicable data protection and privacy laws while performing the Services, and shall afford Personal Data all the protections applicable to Confidential Information as set forth in this Agreement. MDBI shall maintain appropriate safeguards to ensure the confidentiality and security of the Personal Data and shall inform Company within three (3) days about any unauthorized or unintentional access to or disclosure of Personal Data (“Security Breach”), including the timing and nature of the Security Breach, and provide all reasonable assistance to remedy the Security Breach. Where applicable data protection laws require the parties to enter into additional agreements or undertakings, including international data transfer agreements, MDBI shall undertake to ensure that all necessary agreements are implemented and in place. In the event of a Security Breach, MDBI shall also

	
 
	
(i)
	
reasonably cooperate with Company in connection with the investigation of such Security Breach and not make any public announcements relating to such Security Breach without Company’s prior written approval;

	
 
	
(ii)
	
take all necessary and appropriate corrective action, including without limitation, at the request of Company and at the expense of MDBI, provide notice to all persons whose Personal Information may have been affected by such Data Security Breach, whether or not such notice is required by applicable law; and

	
 
	
(iii)
	
reimburse Company for all reasonable costs, including attorneys’ fees, Company may incur in connection with remediation efforts.

 
 

 

	
16.
	
Notices. Any notice under this Agreement shall be in writing (except in the case of verbal communications, emails and teleconferences updating either Party as to the status of work hereunder) and shall be deemed delivered upon electronic delivery via email with confirmed receipt, personal delivery, one day after being sent via a reputable nationwide overnight courier service or two days after deposit in the mail or on the next business day following transmittal via facsimile. Notices under this Agreement shall be sent to the following representatives of the Parties:

 

	
 
	
If to the Company:

	
 
	
 
	
 

	
 
	
Name:
	
Organovo, Inc.

	
 
	
Title:
	
Legal Department

	
 
	
Address:
	
440 Stevens Avenue, Suite 200, Solana Beach, CA 92075

	
 
	
Phone:
	
858-224-1000

	
 
	
E-mail:
	
legal@organovo.com

 

	
 
	
If to MDBI:

	
 
	
 
	
 

	
 
	
Name:
	
Multi Dimensional Bio Insight

	
 
	
Title:
	
Attn: Organovo Consulting

	
 
	
Address:
	
3 Pine Tree Lane

	
 
	
 
	
Rolling Hills, CA 90274

	
 
	
E-mail:
	
pinetreelanepa@gmail.com

 

	
17.
	
Assignment, Subcontracting, and Successors. This Agreement may not be assigned by a Party without the consent of the other which consent shall not be unreasonably withheld, except that each Party may assign this Agreement and the rights, obligations and interests of such Party, in whole or in part, to any of its Affiliates, to any purchaser of all or substantially all of its assets or to any successor corporation resulting from any merger or consolidation of such Party with or into such corporation. MDBI may not engage subcontracting companies under this Agreement without the Company’s prior written approval, not to exclude sole providers, individuals or individual consultants providing services through MDBI.

	
18.
	
Force Majeure. Neither Party shall be liable for failure of or delay in performing obligations set forth in this Agreement, and neither shall be deemed in breach of its obligations, if such failure or delay is due to natural disasters or any causes beyond the reasonable control of either Party. In the event of such force majeure, the Party affected thereby shall use reasonable efforts to cure or overcome the same and resume performance of its obligations hereunder.

	
19.
	
Headings. The Section headings are intended for convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement.

 
 

 

	
20.
	
Integration; Severability. This Agreement is the sole agreement with respect to the subject matter hereof and shall supersede all other agreements and understandings between the Parties with respect to the same. If any provision of this Agreement is or becomes invalid or is ruled invalid by any court of competent jurisdiction or is deemed unenforceable, it is the intention of the Parties that the remainder of the Agreement shall not be affected.

	
21.
	
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California, excluding choice of law principles. The Parties agree that any action or proceeding arising out of or related in any way to this Agreement shall be brought solely in a Federal or State court of competent jurisdiction sitting in San Diego County in the State of California.

	
22.
	
 Attorneys’ Fees. In any court action at law or equity that is brought by one of the Parties to this Agreement to enforce or interpret the provisions of this Agreement, the prevailing Party will be entitled to reasonable attorneys’ fees, in addition to any other relief to which that Party may be entitled.

	
23.
	
Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one agreement.

If you are in agreement with the foregoing, please sign where indicated below, whereupon this Agreement shall become effective as of the Effective Date.

 

	
MDBI, LLC
	
 
	
ORGANOVO, INC.

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
By:
	
 
	
/s/ Keith Murphy
	
 
	
By:
	
 
	
/s/ Chris Heberlig

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Print Name:
	
 
	
Keith Murphy
	
 
	
Print Name:
	
 
	
Chris Heberlig

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Title:
	
 
	
President
	
 
	
Title:
	
 
	
President

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

 

 
 

 

EXHIBIT A

Description of Services and Schedule of Fees

MDBI will perform mutually agreed to functions which are necessary to support the management and operations of the Company, certain of which are set forth below.

Consulting Services ($375/hour): Keith Murphy

Consultant may provide the following services:

	
 
	
•
	
Serve as an executive officer of the Company, including its Principal Executive Officer or Executive Chair
	
 

	
 
	
•
	
Oversee Company staff activities

	
 
	
•
	
Participate in longer-term strategic planning process

	
 
	
•
	
Participate in financing activities, including additional capital raises and/or debt and equity restructurings
	
 

	
 
	
•
	
Oversee an MDBI engagement team to provide totality of needed services

	
 
	
•
	
Board, Audit, Compensation, and Corporate Governance committee meeting preparation, support and attendance
	
 

	
 
	
•
	
Provide support for operational planning

	
 
	
•
	
Participate in contract negotiation and cost reduction planning

	
 
	
•
	
Assist with corporate and business development/licensing initiatives

	
 
	
•
	
Perform planning and analysis

	
 
	
•
	
Strategic opportunity assessment

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