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– Release Delayed to: 1/5/15 ·As Of Filer Filing For·On·As Docs:Size Issuer Agent 11/21/14 Check-Cap Ltd DRS/A¶ 1/05/15 9:6.4M Z-K Global Ltd/FA |
Document/Exhibit Description Pages Size 1: DRS/A Amendment to Draft Registration Statement by an HTML 2.17M Emerging Growth Company or a Foreign Private Issuer 9: COVER Comment-Response or Cover Letter to the SEC HTML 67K 2: EX-3.2 Articles of Incorporation/Organization or By-Laws HTML 378K 3: EX-3.3 Articles of Incorporation/Organization or By-Laws HTML 380K 4: EX-10.10 Material Contract HTML 59K 5: EX-10.11 Material Contract HTML 82K 6: EX-10.12 Material Contract HTML 73K 7: EX-10.13 Material Contract HTML 293K 8: EX-10.14 Material Contract HTML 80K
exhibit_10-10.htm |
1. | DEFINITION |
The term “Intellectual Property” means (i) inventions (whether or not patentable), trade secrets, technical data, databases, customer lists, designs, tools, methods, processes, technology, ideas, know how and other confidential or proprietary information and materials; (ii) trade marks and service marks (whether or not registered), applications for trade marks and service marks, trade names, logos, trade dress and other proprietary indicia and all goodwill associated therewith; (iii) documentation, advertising copy, marketing materials, specifications, mask works, drawings, graphics, databases, recordings and other works of authorship, whether or not protected by copyright; (iv) source code, object code, data and operating files, user manuals, documentation, flow charts, algorithms, compilers, development tools, maintenance records and other materials related
to computer programs; (v) internet web-sites and domain names; and (vi) all forms of legal rights and protections that may be obtained for, or may pertain to, the Intellectual Property set forth in clauses (i) through (v) in any country of the world, including, without limitation, all letters patent, patent applications, provisional patents, design patents, PCT filings and other rights to inventions or designs, all registered and unregistered copyrights in both published and unpublished works, trade secret rights, mask works, moral rights or other literary property or authors rights, rights regarding trademarks and other proprietary indicia, and all applications, registrations, issuances, divisions, continuations, renewals, reissuances and extensions of the foregoing. |
2. | TRANSFER AND DELIVERY OF ASSETS | |
2.1 The Company hereby assigns, transfers and delivers to New Check-Cap, free and clear of any and all liabilities, judgments, pledges, liens, tax liens, obligations, asserted or unasserted claims (including, without limitation, employee claims), charges, security interests, exceptions or encumbrances whatsoever, except as set forth in Section 2.1 (each, an “Encumbrance” and together the “Encumbrances”), all of the Company’s right, title and interest in and to all of its assets (the “Transferred Assets”), which include, without limitation, the following assets: | ||
2.1.1 all tangible personal property used or held for use primarily in connection with the business of the Company, including, without limitation, all machinery, equipment, parts, vehicles, furniture, office equipment, hardware, supplies and other items of tangible personal property owned by the Company;
2.1.2 all of the Company’s interest and right to any Intellectual Property, together with related registrations, applications, assignments and amendments;
2.1.3 all of the interest of the Company in the contracts listed in Schedule 2.1.3 (“Assumed Contracts”);
2.1.4 all leasehold interests of the Company;
2.1.5 all licenses, authorizations, permits and other approvals issued by any governmental entity, and all applications therefore pending, used or held for use in connection with the Company’s business;
2.1.6 all other records of the Company relating to its business;
2.1.7 all cash and other cash equivalent assets, except for US $100,000, which shall be used to finance the ongoing operations of the Company, including, without limitation, payment of governmental fees, legal expenses, audit expenses and insurance expenses;
2.1.8 all pending or threatened contest, claim, demand, assessment, action, or cause of action, that the Company may have against any person relating to or arising out of any Transferred Asset.
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2.2 Notwithstanding anything in Section 2.1 to the contrary, the following assets of the Company (collectively, the “Excluded Assets”) shall be excluded from this Agreement, and shall not be assigned or transferred to New Check-Cap and shall be retained by the Company: | ||
2.2.1 the assets of the Company that are listed on Schedule 2.2.1 attached hereto;
2.2.2 any and all losses which are not assignable pursuant to the requirements of any applicable law, including such loss that has been attributable to, or allocated to, or is required to be attributable to the members of the Company.
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2.2.3 all books, records, files and correspondence (whether in original or photostatic form) to the extent used or held for use in connection with, or relating to the business, tax records and corporate records.
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2.3 | Assumed Liabilities and Obligations. | ||
2.3.1 Except for those obligations specifically identified in Schedule 2.3 attached hereto (collectively, the “Assumed Liabilities”), New Check-Cap will not and hereby does not assume or undertake to pay, perform, satisfy or discharge any liability or undertaking of the Company with respect to the Transferred Assets, whether existing on, before or after the Effective Date or arising out of any transaction entered into or any state of facts existing on, prior to or after the Effective Date. |
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2.3.2 New Check-Cap shall assume all performance obligations for contracts assigned to New Check-Cap from the Company pursuant to this Agreement.
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2.4 Except as explicitly detailed herein, New Check-Cap shall not assume any liability or obligation of the Company whatsoever.
2.5 The Company undertakes to cause the key employees listed in Schedule 2.5 (“Key Employees”) to enter into employment agreements with New Check-Cap, at terms substantially similar to their terms of employment by the Company.
2.6 No consideration shall be paid by New Check-Cap to the Company.
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3 |
REPRESENTATIONS AND WARRANTIES OF THE COMPANY
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Each of the Company and its Manager, Check-Cap Ltd., hereby jointly and severally represents and warrants to New Check-Cap that, except as otherwise set forth in the schedules referred to in this Agreement, the following representations and warranties are, as of the Effective Date, true and correct.
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3.1 | Organization and Existence. | ||
The Company is a company duly organized, validly existing and in good standing under the laws of its state of incorporation. The Company has full corporate power and authority to own its properties and, specifically, to own the Transferred Assets.
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3.2 | Execution and Effect of Agreement. | ||
The Company has the power and authority to execute and deliver this Agreement and to perform its obligations hereunder. This Agreement has been duly executed and delivered and the transactions contemplated hereby have been duly authorized by its corporate bodies. | |||
3.3 | Title and Liens. | ||
Except as set froth in Schedule 3.3, the Company owns all the Transferred Assets free and clear of any Encumbrances, and New Check-Cap shall receive good and marketable title to the Transferred Assets owned by the Company. Except as set froth in Schedule 3.3, the Company has the full and unrestricted power to sell, assign, transfer and deliver the Transferred Assets to New Check-Cap upon the terms and subject to the conditions of this Agreement. The Transferred Assets, when taken together with the Excluded Assets, constitute all properties, assets and leasehold estates, real, personal and mixed, tangible and intangible, comprising, used or useful in the operation of the Company’s business on the date hereof. |
3.4 The execution, delivery and performance of this Agreement by the Company will not violate any statute, regulation, rule, injunction, judgment, order, decree, ruling, charge or restriction of any governmental authority or court to which the Company is a party or to which it is bound or subject, or the provisions of its Limited Liability Company Agreement, bylaws and/or certificate of incorporation, nor will it constitute a breach of any agreement, understanding, arrangement or any other settlement of any type with any third party,
including, without limitation, employees, consultants, licensees, etc.
3.5 There is no pending action, arbitration, audit, hearing, investigation, litigation or suit (whether civil, criminal, administrative, investigative or informal) commenced, brought, conducted, or otherwise involving, any court, governmental authority, arbitrator or other third party, whether at law or in equity (a “Proceeding”) that (a) has been commenced by or against the Company or that otherwise relates to or may affect the Transferred Assets or (b) challenges or may prevent, make illegal, or otherwise interfere with the transactions contemplated hereby.
3.6 The Company is not subject to or limited by any order of any governmental authority. Except as set forth in Schedule 3.6, no consent, waiver, approval, permit, authorization of, declaration to or filing with any third party or governmental authority on the part of the Company is required in connection with the execution and delivery of this Agreement.
3.7 Except as listed in Schedule 3.7, each of the Assumed Contracts constitutes the valid and legally binding obligation of the Company and of the other parties thereto, and is enforceable in accordance with its terms. Each of the Assumed Contracts constitutes the entire agreement of the respective parties thereto relating to the subject matter thereof. All obligations required to be performed under the terms of the Assumed Contracts by the date hereof have been performed. All obligations required
to be performed under the terms of the Assumed Contracts have been performed. No act or omission has occurred or failed to occur which, with the giving of notice, the lapse of time or both would constitute a default under any of the Assumed Contracts or permit termination, modification or acceleration thereunder, and each of the Assumed Contracts is in full force and effect without default on the part of the Company and, to the Company’s knowledge, of the other parties thereto.
3.8 Except as listed in Schedule 3.8, the representations and warranties made by the Company in section 3.12 of the Convertible Loan Agreement between the Company and the parties thereto, dated February 12, 2008, are true and correct on the date hereof.
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4 | REPRESENTATIONS AND WARRANTIES OF NEW CHECK-CAP | ||
New Check-Cap hereby represents and warrants to the Company that the following representations and warranties are, as of the Effective Date, true and correct. |
4.1 Organization and Existence. | |||
New Check-Cap is a corporation duly organized and validly existing under the laws of the State of Israel. New Check-Cap has full corporate power and authority to own the Transferred Assets. | |||
4.2 Execution and Effect of Agreement. | |||
New Check-Cap has the power and authority to execute and deliver this Agreement and to perform its obligations hereunder. This Agreement has been duly executed and delivered and the transactions contemplated hereby have been duly authorized by New Check-Cap’s board of directors. No other proceeding on the part of New Check-Cap is necessary to authorize the execution, delivery and performance of this Agreement and the transactions contemplated hereby. | |||
4.3 No Violation. | |||
The execution of this Agreement by New Check-Cap will not violate any statute, regulation, rule, injunction, judgment, order, decree, ruling, charge or restriction of any governmental authority or court to which New Check-Cap is a party or to which it is bound or subject, or the provisions of New Check-Cap’s Articles of Association, nor will it constitute a breach of any agreement, understanding, arrangement or any other settlement of any type with any third party. | |||
4.4 Consents. | |||
Except for the Tax Ruling provided by the Israeli Tax Authority to the Company and New Check-Cap on May 21, 2009, no consent, waiver, approval, permit, authorization of, declaration to or filing with any third party or governmental authority on the part of New Check-Cap is required in connection with the execution and delivery of this Agreement. | |||
5. | INDEMNIFICATION | ||
5.1 The Company hereby agrees to hold harmless and indemnify New Check-Cap, and its respective partners, executive officers, directors, employees, stockholders, agents and representatives (collectively, referred to as the “Company Indemnitees”) against any and all damages, liabilities, losses, costs and expenses (including attorneys’ fees and expenses), whether or not arising out of third-party claims, based upon, or arising out of, or relating to, (i) any breach by the Company of, any representation or warranty or other statement contained in this Agreement or any other agreement, certificate, document or instrument furnished pursuant hereto, or (ii) any breach of any covenant or agreement contained in this Agreement or any other agreement, certificate, document or instrument furnished pursuant hereto (collectively, the “Company Indemnifiable Claims”). | |||
5.2 The Company shall reimburse, promptly following request therefor, all necessary expenses actually incurred by an Company Indemnitee in connection with any Company Indemnifiable Claim, as the case may be, including, without limitation, any threatened, pending or completed action, suit, arbitration, investigation or other proceeding arising out of, or relating to, any Indemnifiable Claim. |
5.3 The rights to indemnification set forth in this Section 5.3 are in addition to, and not in limitation of, all rights and remedies to which New Check-Cap may be entitled under law. All remedies, either under this Agreement or otherwise afforded to any party, shall be cumulative and not alternative. |
This ‘DRS/A’ Filing | Date | Other Filings | ||
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Release Delayed to: | 1/5/15 | DRS | ||
Filed on: | 11/21/14 | |||
5/31/09 | ||||
5/21/09 | ||||
2/12/08 | ||||
List all Filings |