Item 1.01 Entry into a Material Definitive Agreement
On
From and after the occurrence of an Exit Event, as such term is described in the
Royalty Agreement, including an underwritten public offering of the Company's
shares with proceeds of at least
In consideration for the parties' agreement to terminate the License Agreement and for future general scientific collaboration between the parties, the Company agreed to pay Ariel a royalty of 1.25% of net sales (as defined in the Royalty Agreement) of products sold by the Company, or its affiliates and licensees for fifteen years from the first commercial sale in a particular country.
The foregoing description of the Royalty Agreement is qualified in its entirety by reference to the full text of such Agreement, a copy of which is attached hereto as Exhibit 10.25 and is incorporated herein in its entirety by reference.
Item 5.02 Departure of Directors or Certain Officers
Dr.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
Exhibit No. Description
10.25 Royalty and License Fee Sharing Agreement, dated
the Company andAriel Scientific Innovations Ltd. 3
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