SEC Contract Filing

Filing Date: 2024-04-16

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>ex_653611.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<p style="margin: 0px 0pt; text-align: right; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.3</b></font></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>[***] Certain portions of this exhibit have been omitted because they are not material and the registrant customarily and actually treats that information as private or confidential. Certain exhibits and schedules to these agreements have been omitted pursuant to Item 601 of Regulation S-K.</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:small-caps;text-align:center;margin:0pt;"><b>AMENDMENT NO. 1 TO AMENDED AND RESTATED LICENSE AGREEMENT</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">This Amendment No. 1 to Amended and Restated License Agreement (this &#8220;<u>Amendment</u>&#8221;), dated January 17, 2024 (the &#8220;<u>Amendment Effective Date</u>&#8221;), is made by and between Windtree Therapeutics, Inc., a Delaware corporation formerly known as Discovery Laboratories, Inc. (&#8220;<u>Windtree</u>&#8221;), and Philip Morris USA Inc., a Virginia corporation formerly referred to as Philip Morris USA Inc., d/b/a Chrysalis Technologies (&#8220;<u>PM USA</u>&#8221;). Windtree and PM USA are sometimes referred to in this Agreement individually as a &#8220;<u>Party</u>&#8221; and collectively as the &#8220;<u>Parties</u>.&#8221;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:small-caps;text-align:center;margin:0pt;"><b>BACKGROUND</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">Windtree and PM USA are parties to that Amended and Restated License Agreement dated March 28, 2008 (the &#8220;<u>License Agreement</u>&#8221;), and a dispute has arisen between the Parties in respect of the License Agreement. Specifically, PM USA has alleged that Windtree has failed to make required payments under Section 7.3 of the License Agreement in the amount of [***] plus interest thereon, and Windtree has alleged that Section 7.3 of the License Agreement did not and does not oblige Windtree to make any payments to PM USA and instead PM USA has the right to terminate the License Agreement as a result of Windtree not paying [***] that PM USA alleges to be due (the &#8220;Dispute&#8221;). The Parties wish to resolve the Dispute pursuant to the terms of this Amendment.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:small-caps;text-align:center;margin:0pt;"><b>AGREEMENT</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">NOW, THEREFORE, in consideration of the promises and covenants set forth in this Amendment, the sufficiency of which is acknowledged, Windtree and PM USA agree as follows:</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;">1.<b>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Definitions</b>. Capitalized terms used but not defined in this Amendment shall be as defined in the License Agreement.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;">2.<b>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Payments to PM USA</b>.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;text-indent:36pt;">2.1&nbsp; &nbsp; &nbsp; Within one (1) Business Day after the Amendment Effective Date, Windtree shall pay PM USA an amount equal to One Hundred Thousand U.S. Dollars ($100,000).</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;text-indent:36pt;">2.2&nbsp; &nbsp; &nbsp; No later than the earlier of (a) July 1, 2024 and (b) the date that is five (5) Business Days after the date on which Windtree receives aggregate proceeds from the sale or exercise of its debt or equity securities between the Amendment Effective Date and July 1, 2024 in the amount of at least [***], net of all discounts, commissions, fees (including legal fees) and expenses incurred in respect of such sales or exercises, Windtree shall p