Exhibit 10.3
AMENDMENTNO. 1TOASSET PURCHASEAGREEMENT
ThisAmendment No. 1datedJuly18, 2014(this“Amendment”)is to theAssetPurchaseAgreement, datedas ofJune30, 2014,entered intobyandamong StrykerCorporation, aMichigancorporation (“Stryker”),StrykerBiotechL.L.C., aMichigan limited liability company(“Seller”),andMarielTherapeutics, Inc., aDelawarecorporation(“Purchaser”)(the“AssetPurchase Agreement”).Seller,StrykerandPurchaserarehereinreferredto individuallyasa“Party”andcollectivelyas the“Parties.”All termsused, but notdefined, herein shall havetherespective meanings set forth in theAssetPurchase Agreement.
WHEREAS,at the Closing,Purchaser deliveredtoSellertheSecured PromissoryNote(the“Note”) in lieu of the payment ofthefirst$500,000 ofthe UpfrontPurchasePrice;
WHEREAS,anEvent ofDefault hasoccurred underSection5(a)ofthe Noteas aresultofthefailureofPurchaser to paythe outstandingprincipal of andinterest dueandpayableundertheNote on theMaturityDate,asdefinedin theNote (July14, 2014)(the“MaturityDate”); and
WHEREAS, thePartieshave agreed to amend andrestatethe Note and theAssetPurchase Agreement to extend theMaturityDateinconsiderationfor anacceleration ofa certainportion of the secondUpfrontPurchasePricepaymentunderSection2.04(a)(iii)ofthe AssetPurchase Agreement.
NOW,THEREFORE,Purchaser,SellerandStrykerdesiretoamend thetoamendAssetPurchase Agreement incertainrespects asset forthbelow and theAssetPurchaseAgreement isherebyamendedasfollows:
1.1 Section2.04(a)of the AssetPurchase Agreement shall beamendedbydeletingsuch subsection in its entirelyandreplacingit with the following:
(a) UpfrontPurchasePrice.Theupfront purchasepriceforthePurchasedAssetsshallbe$1,500,000(the“UpfrontPurchasePrice”),(i)$500,000ofwhichshallbepaidbyPurchasertoSellerat theClosing by theSecuredPromissoryNote, (ii)$100,000ofwhichshallbeheld backbyPurchaserandshallbereleasedandpaidtoSeller onorbeforeJuly31, 2014, (iii) $400,000ofwhich shallbeheld backbyPurchaserand shall bereleasedandpaidtoSellerwithin thirty (30)daysafter theTechnologyTransferCompletionDateprovidedthatSellerhasdeliveredtoPurchaser thethirteen (13)one-liter bottlescontaining the 2010 lot ofserum-freeBMP-7protein(the“SerumFreeAssets”) and(iv)$500,000ofwhichshallbeheldbackbyPurchaserandshall bereleasedandpaid toSelleron theearlierof(x)December31, 2014and(y) the completion ofaninitialpublicofferingof Purchaser’s securities.For theavoidanceofdoubt, nopayment shall beduetoSellerpursuant toSection2.04(a)(iii), unlessSeller hasdelivered theSerum FreeAssets toPurchaser. TheUpfrontPurchase Price shall benon-refundable andnon-creditable,except asset forthinSection7.
1.2 If anyprovision ofthis Amendment, asapplied toanyof thePartiesortoanycircumstance, isdeclaredbyaCourt ofcompetentjurisdictionto beillegal,unenforceableorvoid, thisAmendment willcontinuein fullforceandeffect withoutsaid provision.
1.3 Except asotherwiseexpresslymodifiedbythis Amendment, allterms andprovisions of the AssetPurchase Agreementshallremainin fullforce andeffect.
1.4 Allreferences to theAssetPurchase Agreement shallhereinafter bedeemed to bereferences to the Asset PurchaseAgreementas amendedbythisAmendment.
1.5 ThisAmendment maybesigned inanynumber ofcounterparts, includingbyfacsimile copies orbyelectronic scancopies deliveredbyEmail, each ofwhichwill bedeemed anoriginal, with thesame effect as if the signatureswereupon thesame instrument.
[Remainderofthepageintentionallyleft blank;signaturepage follows]
IN WITNESSWHEREOF,eachofthePartieshascausedthisAmendmenttobe executedonitsbehalfbyitsrespectivedulyauthorizedofficer as of the datefirstset forth above.
Stryker Corporation By:/s/ Scott Bruder Name: Scott Bruder, MD, Ph.D. Title: Chief Medical and Scientific Officer |
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Stryker Biotech L. L. C. By:/s/ James Kemler Name: James Kemler Title: Chief Executive Officer |
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Mariel Therapeutics, Inc.
By:/s/ Joseph Hernandez
Name: Joseph Hernandez
Title: Executive Chairman |
[Signature Page to Amendment No. 1 to Asset Purchase Agreement]
