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1290
Exhibit 4.10
Joint Venture Agreement
Agreement on the establishment of a Silent
Partnership
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between
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and
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Micromet
GmbH
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tgb Technologie
Beteiligungs-
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Am Klopferspitz
19
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Gesellschaft
mbH der
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Deutschen
Ausgleichsbank
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82152
Martinsried
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53179
Bonn
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hereinafter: Technology Corporation (TC)
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- Silent Partner; hereinafter:
tgb
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in the amount of
*** DM 1,486,726.00 ***
(in words: one million four hundred and
eighty-six thousand seven hundred and twenty-six
Deutschmarks)
for the financing of the project described in
§1 para. 2
Preamble
Within the framework of the DtA technology investment program,
tgb shall assume investments for financing of projects in
the start-up phase, of innovation-related projects, and of exit
financing projects as defined by the investment principles of this
program, which are an integral part of this Agreement.
§1
Corporate Purpose
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1.
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The TC registered with the Municipal Court
(Amtsgericht) Munich under number B105424 engages in a trade
pursuant to the Articles of Incorporation dated
December 16,1993 with the purpose of:
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Implementation of
biomedical contract research within the scope of development of
products for diagnosis and treatment of human diseases
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2.
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Within the scope of this corporate
purpose,
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Page 1 of 10
1290
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the TC engages in bringing previous product
developments for treatment of minimally residual carcinoma into the
clinical phase, supplemented by the development of a product for
cancer of the lymphatic system.
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§ 2
Contribution
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1.
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tbg shall assume a contribution in the
amount of DM 1,486,726.00, exclusively for financing of the
innovation-related project described in § 1 para. 2 and based
on the information furnished by the TC in the investment
solicitation dated August 6, 1998, if the TC provides evidence
of the following joint venture agreements:
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ð
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Joint venture agreement in the amount of DM
2,694,255.00 with
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3i Group plc.
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91 Waterloo Road
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London SE1 8XP
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Great Britain
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(hereinafter:
Investor , even in case of more than one
investor)
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and the Investor with whom tbg has
executed a Cooperation Agreement.
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ð
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Direct debit authority for collection of all due
fixed compensation through tbg
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ð
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Investment by additional investors in the amount
of at least DM 4,714,440.00
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2.
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tbg ’s contribution shall be
appropriated for co-financing of the project-specific planning
listed in Appendix I , which an integral part of this
Joint Venture Agreement.
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3.
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The TC can call up the contribution after
start-up of the corporation (cf. § 3 para. 1) provided that
its prompt utilization in accordance with its specified purpose, a
proportionate use of funds with the other financing funds listed in
Appendix I, and the total financing of the innovation-related
project are guaranteed.
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A confirmation of the requirements for the call
shall be attached to the call by the Investor.
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4.
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This Agreement shall be terminated if the
contribution has not been called, at least in part, no later than
May 31,1999.
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5.
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tbg shall withhold a processing fee in
the amount of 1.00% of the total contribution agreed on in this
Agreement for the first partial call.
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6.
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tbg ’s contribution shall be kept
in a special deposit account to be handled by the TC. Withdrawals
by tbg from this account are not permitted.
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Page 2 of 10
1290
§3
Commencement and Duration of the
Corporation
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1.
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The Silent Partnership shall commence as soon as
this Agreement has been executed by both parties.
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2.
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The Silent Partnership is limited in time until
December 31, 2008.
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3.
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Upon termination of the partnership, tbg
’s contribution and any profit shares not paid out shall be
due to tbg .
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4.
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Insofar as the funds granted by the Investor have
been paid back prior to December 31, 2008, tgb ’s
contribution shall be due for repayment at the same time and to the
same extent. tbg is entitled to request final compensation
pursuant to § 8 para. 4 mutatis mutandis for that portion of
its contribution, which is due for early repayment.
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§4
Management
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1.
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tbg shall not participate in the
management of the TC, except as otherwise provided herein.
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2.
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The TC is required to obtain tbg ’s
consent for
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a)
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Each change of the Articles of Incorporation,
including but not limited to any change in the corporate purpose,
acceptance of new partners, or agreement on new
investments;
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b)
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Appointment or dismissal of managers of the TC or
changes to the Management Employment Agreement;
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c)
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Execution, amendments, and termination of
contracts with respect to the granting or acquisition of licenses,
trademarks, or know-how (except with respect to the day-to-day
software business), patents, utility and design patents, insofar as
they concern the innovation-related project developed using
tbg ’s investment;
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d)
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Execution, amendments, and termination of major
distribution contracts;
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e)
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Partial or complete site relocation, or leasing,
disposal, or shut-down thereof;
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f)
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Execution and termination of controlling
agreements and profit-and-loss transfer agreements;
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g)
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Abandonment of or essential changes in the
innovation-related project described in § 1 para.
2;
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h)
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Acceptance by tbg of obligations, insofar
as these are not part of project financing, for investments that
are in excess of DM 100,000 or for leasing or rental agreements or
leases in excess of a monthly amount of DM 10,000.
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3.
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Consents pursuant to § 4 para. 2 shall be
obtained directly from tbg .
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Insofar as tbg does not state in writing
the refusal to grant consent pursuant to § 4 para. 2 within a
period of 14 days after receipt of notice of measures
requiring approval, consent shall be deemed granted.
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Page 3 of 10
1290
§5
Information and Control Rights
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1.
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The TC shall inform tbg every six months,
no later than March 31 and September 30 respectively of
each year regarding the economic situation of the TC and with
respect to the innovation-related project described in § 1
para. 2, as long as tbg does not waive these reports because
the Investor is also concurrently performing the control review of
the TC for tbg . tbg shall also receive from the TC a
brief, monthly state of affairs summary report in accordance with
the attached Appendix II and, at the end of the fiscal
year, a properly updated business plan for the following
year.
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2.
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Regardless of whether the Investor is performing
the control review of the TC concurrently for tbg , the TC
shall inform tbg directly and in a timely manner with
respect to all measures extending beyond standard business
procedures.
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3.
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Additionally, tbg is entitled to control
rights pursuant to § 716 of the German Civil Code (BGB). This
also applies after termination of the corporation to the extent
necessary to review the liquidation balance.
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tbg is also entitled to access all of
the TC’s documents with reference to the innovation-related
project described in § 1 para. 2. tbg can use third-party
services when exercising its control rights.
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4.
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The Federal Audit Office (Bundesrechnungshof) is
entitled to audit the TC pursuant to § 91 of the Federal
Budget Code (BHO). The TC shall furnish all documents that the
Federal Audit Office deems necessary to the Federal Audit Office
and tbg for audit purposes and shall furnish all appropriate
information.
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§ 6
Advisory Board
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tbg can request constitution of an
Advisory Board at any time. tbg shall participate in this
Advisory Board commensurately with the amount of its contribution.
The Advisory Board shall advise the TC with respect to economic and
technical aspects, including but not limited to with respect to the
project described in § 1 para. 2. The Advisory Board shall
have the same information and control rights that tbg is
entitled to under this Agreement.
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§ 7
Business Year; Annual Financial Stat
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