Exhibit 10.14
TERMINATION AGREEMENT
This Termination Agreement (the "Agreement") is made and entered into
this 28th day of February, 2002, by and between The University of Texas M.D.
Xxxxxxxx Cancer Center ("UTMDACC"), a component institution of The University of
Texas System, and B. Twelve, Inc. ("BTI").
WHEREAS, UTMCACC and BTI entered into a Sponsored Laboratory Study
Agreement dated August 31, 1999, which was amended by an Amendment No. 1 to
Research Agreement dated November 20, 2000 (the "SLS Agreement");
WHEREAS, the SLS Agreement provided for BTI to sponsor a study (the
"Study") undertaken by UTMDACC and Dr. Xxxxxx Xxxxxx (the "Principal
Investigator");
WHEREAS, BTI is in default of its financial obligations to UTMDACC
under the SLS Agreement; and
WHEREAS, the parties desire to terminate the SLS Agreement;
NOW THEREFORE, for good and valuable consideration, including in
consideration of the mutual benefits, terms, and conditions expressed herein,
the parties hereby agree as follows:
1. The SLS Agreeement is hereby terminated, and as a consequence of which,
all terms and provisions of the SLS Agreement are hereafter null, void,
and unenforceable. Neither party shall hereafter owe any duty or
obligation to the other under the SLS Agreement.
2. The parties hereby release, waive, and relinquish all rights, claims
and benefits under the SLS Agreement.
3. UTMDACC and the Principal Investigator shall have the unrestricted
right to continue and pursue the Study in any manner and with any other
party or sponsor and without any obligation to BTI.
4. This Agreement shall be governed by the laws of the State of Texas
without regard to its conflicts of law provisions.
5. This Agreement may be signed in multiple counterparts, each of which
shall be deemed an original, but all of which together shall be one and
the same instrument.
NOW THEREFORE, having agreed to the terms and provisions set forth
herein, the parties have caused this Agreement to be signed as of the date
written above by the duly authorized representatives below.
THE UNIVERSITY OF TEXAS B. TWELVE, INC.
M.D. XXXXXXXX CANCER CENTER
By: /s/Xxxxxxx X. Xxxxxxxx By: /s/Xxxx-Xxx Xxxxxx
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Xxxxxxx X. Xxxxxxxx, M.D., M.B.A. Xxxx-Xxx Xxxxxx, Ph.D.
Vice President for Research Administration President & C.E.O.
Date: 3/14/02 Date: February 28, 2002
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Reviewed and approved
for signature:(illegible)
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Approved for signature:
/s/Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx, Ph.D.
