[sheet: Summary]

Field	Value
Matter	Penterra Pharmaceuticals Corp. — Out-License of PPC-4187 (Penteracitinib) to Meridian Bio Therapeutics Ltd.
Compound	PPC-4187 (Penteracitinib); Selective JAK1 Inhibitor; 25 mg and 50 mg film-coated tablets
Proposed Trade Name	PENTECLAR
Licensor	Penterra Pharmaceuticals Corp. (Delaware corporation; Nasdaq: PNTR)
Licensor Address	400 Pharma Drive, Suite 800, Princeton, NJ 08540
Licensee	Meridian Bio Therapeutics Limited (Hong Kong limited company; Co. Reg. No. 2847631)
Licensee Address	18/F, Blossom Tower, 88 Queen's Road Central, Hong Kong SAR
License Agreement Date	Executed October 2, 2023; Effective Date October 20, 2023
Signing Date	October 2, 2023
Actual Closing / Effective Date	October 20, 2023
Upfront Payment	$18,000,000 (released from escrow October 20, 2023)
Total Deal Value	Up to $120,000,000
Governing Law	State of New York
Dispute Resolution	ICC International Court of Arbitration; Seat: New York, NY; 3 arbitrators
Licensor's Counsel	Calderwood & Harkness LLP, 600 Lexington Avenue, 30th Floor, New York, NY 10022
Licensee's Counsel	Lam, Cheung & Firth LLP, 25/F, Jardine House, 1 Connaught Place, Central, Hong Kong SAR
Escrow Agent	Velthorn National Bank, N.A., 383 Madison Avenue, New York, NY 10179
Tracker Maintained By	Wendy Schultz, Working Associate, Calderwood & Harkness LLP
Responsible Partner	Marcus Delgado, Calderwood & Harkness LLP
Penterra Key Contact	Anita M. Fremont, Esq., General Counsel
Meridian Key Contact	David R. Cheung, Esq., General Counsel
Last Updated	October 20, 2023

[sheet: Obligations Master]

Obligation ID	Category	Source Agreement	Obligation Description	Responsible Party	Responsible Contact	Deadline / Due Date	Frequency	Status	Date Completed	Notes / Comments
PC-001	Escrow	Escrow Agreement (Oct. 2, 2023)	Release of $18,000,000 upfront payment from escrow to Penterra upon closing	Velthorn National Bank, N.A.	Teresa M. D'Angelo	October 20, 2023	One-time	Completed	October 20, 2023	Escrow funded Oct. 6, 2023; released upon closing Oct. 20, 2023. Escrow agent fee: $15,000 flat + $2,500/quarter maintenance.
PC-002	Quality / Supply	License Agreement, Section 7.3; Quality Agreement (Form)	Execute Quality Agreement between Penterra and Meridian governing API supply specifications, quality standards, change control, deviation handling, and regulatory inspection obligations	Both Parties	Dr. Priya Nandakumar (Penterra) / Dr. Kenji Morimoto (Meridian)	December 19, 2023	One-time	Pending	60 days from Effective Date (Oct. 20, 2023). Form attached as exhibit to License Agreement.
PC-003	Technology Transfer	Technology Transfer Agreement	Complete transfer of PPC-4187 manufacturing process know-how, analytical methods, and CMC documentation to Meridian's designated APAC manufacturer	Penterra (lead); Meridian (recipient)	Dr. Priya Nandakumar (Penterra) / Meridian designee	October 20, 2025	One-time (24 months from Effective Date)	Pending	Alkerra Manufacturing Inc. (5200 Meridian Parkway, Research Triangle Park, NC 27713) is current CMO. Transfer includes process validation, analytical method transfer, stability data, and CMC documentation.
PC-004	Governance	License Agreement, JSC Provisions	Form Joint Steering Committee (JSC) — 3 representatives from each party	Both Parties	Leland J. Cho (Penterra) / Angela C.Y. Fong (Meridian)	November 19, 2023	One-time formation; quarterly meetings thereafter	Pending	JSC oversees development, regulatory, and commercialization activities in Territory. Meridian has tie-breaking vote on Territory-specific commercialization matters (subject to MFN compliance).
PC-005	Governance	License Agreement, JSC Provisions	Hold first JSC meeting	Both Parties	Leland J. Cho / Angela C.Y. Fong	Q4 2023 (target December 2023)	First meeting	Pending	Quarterly cadence to follow first meeting.
PC-006	Governance	License Agreement, JPC Provisions	Form Joint Patent Committee (JPC) — 2 representatives from each party	Both Parties	Dr. Priya Nandakumar (Penterra) / Meridian IP designee	November 19, 2023	One-time formation; quarterly meetings thereafter	Pending	JPC oversees patent prosecution, maintenance, and enforcement in Territory. Penterra has tie-breaking vote on matters relating to global IP strategy.
PC-007	Governance	License Agreement, JPC Provisions	Hold first JPC meeting	Both Parties	Dr. Priya Nandakumar / Meridian IP designee	Q4 2023 (target December 2023)	First meeting	Pending	Coordinate with Whitford & Cascade Insurance Brokers (Dr. Alan J. Whitford) on Territory patent prosecution status.
PC-008	IP Recordation	License Agreement; Schedule A — Licensed Patents	Record license/assignment in all Territory jurisdictions — China (CNIPA)	Penterra / Calderwood & Harkness	Peter Vassiliev / Wendy Schultz (C&H)	Completed	One-time	Completed	October 16, 2023	CN Patent No. ZL 2020 1 0456789.0 — Composition of Matter. Granted; expires August 12, 2037.
PC-009	IP Recordation	License Agreement; Schedule A — Licensed Patents	Record license/assignment in all Territory jurisdictions — Japan (JPO)	Penterra / Calderwood & Harkness	Peter Vassiliev / Wendy Schultz (C&H)	Completed	One-time	Completed	October 15, 2023	JP Patent No. 7,012,345 — Composition of Matter. Granted; expires August 12, 2037.
PC-010	IP Recordation	License Agreement; Schedule A — Licensed Patents	Record license/assignment in all Territory jurisdictions — South Korea (KIPO)	Penterra / Calderwood & Harkness	Peter Vassiliev / Wendy Schultz (C&H)	Completed	One-time	Completed	October 18, 2023	KR Patent No. 10-2345678 — Composition of Matter. Granted; expires August 12, 2037. Last jurisdiction completed.
PC-011	IP Recordation	License Agreement; Schedule A — Licensed Patents	Record license/assignment in all Territory jurisdictions — Australia (IP Australia)	Penterra / Calderwood & Harkness	Peter Vassiliev / Wendy Schultz (C&H)	Completed	One-time	Completed	October 14, 2023	AU Patent No. 2020234567 — Composition of Matter. Granted; expires August 12, 2037.
PC-012	IP Recordation	License Agreement; Schedule A — Licensed Patents	Record license in pending application jurisdictions — Singapore, Thailand, Malaysia, Indonesia, Philippines, Vietnam, Taiwan (national phase entries under PCT/US2019/045123)	Penterra / Calderwood & Harkness	Peter Vassiliev / Wendy Schultz (C&H)	Q4 2023 – Q1 2024	One-time per jurisdiction	In Progress	Coordinate with local patent agents in each jurisdiction. Applications pending grant.
PC-013	IP Recordation	Trademark License Agreement; Schedule C — Licensed Trademarks	Record PENTECLAR trademark license in Territory trademark offices (HK, CN, JP, KR, AU, and additional Territory jurisdictions)	Penterra / Calderwood & Harkness	Peter Vassiliev / Wendy Schultz (C&H)	Q4 2023 – Q1 2024	One-time per jurisdiction	In Progress	U.S. Reg. No. 6,789,012 (reference only; U.S. outside Territory). Territory registrations/applications per Schedule C.
PC-014	Safety / Pharmacovigilance	Pharmacovigilance Agreement	Implement pharmacovigilance agreement — establish adverse event reporting procedures, safety data exchange protocols, PSUR coordination, and global safety database responsibilities	Both Parties	Dr. Priya Nandakumar (Penterra) / Dr. Kenji Morimoto (Meridian)	November 19, 2023	One-time setup; ongoing reporting per ICH E2B/E2D	Pending	Timelines for expedited and periodic reporting per ICH E2B/E2D standards. Coordinate global safety database access.
PC-015	MFN Pricing	License Agreement; Schedule F — MFN Pricing Methodology	First quarterly most favored nation pricing reconciliation — compare Territory net prices to lowest U.S./EU5 net price for same dosage strength and comparable pack size; MFN floor = no more than 15% below lowest reference price	Meridian (reporting); Penterra (review)	Patrick S.H. Kwok (Meridian) / Garrett T. Holloway (Penterra)	45 days after end of first calendar quarter following first commercial sale	Quarterly (within 45 days of each calendar quarter end)	Not Yet Due	No commercial sales yet. Obligation triggers upon first commercial sale in any Territory country. MFN adjustment payment = (MFN floor price – actual net price) × units sold in quarter, if breached.
PC-016	Supply	API Supply Agreement	Commence API and reference standard supply to Meridian at cost + 15% markup	Penterra	Dr. Priya Nandakumar (Penterra)	Upon Meridian request (3-year initial term from Effective Date)	Ongoing per forecasting requirements	Pending	Manufactured by Alkerra Manufacturing Inc., Research Triangle Park, NC. Transfer pricing documentation to be maintained per tax memo (Sylvia Hartwell).
PC-017	Regulatory (PRC)	License Agreement	Meridian to evaluate and, if required, complete Technology Import/Export filing under PRC Technology Import and Export Administration Regulations (MOFCOM/SAMR)	Meridian / Meridian Pharma (Shanghai) Co., Ltd.	David R. Cheung (Meridian)	Q4 2023	One-time	Pending	Filing requirement to be confirmed by Meridian's PRC counsel.
PC-018	Regulatory (PRC)	License Agreement	Meridian Pharma (Shanghai) Co., Ltd. to obtain PRC outbound remittance approvals (SAFE) for milestone and royalty payments to Penterra	Meridian / Meridian Shanghai	Patrick S.H. Kwok (Meridian)	Prior to first milestone payment from PRC entity	As needed per payment	Pending	PRC withholding tax at 10% on royalties unless reduced by treaty. Coordinate with tax advisor.
PC-019	Regulatory (Japan)	License Agreement; Development Plan (Schedule E)	Coordinate with Nakamura & Takeda Law Offices (Yuki Nakamura) on PMDA regulatory submission planning for PPC-4187 in Japan	Meridian / Meridian Japan K.K.	Dr. Kenji Morimoto (Meridian)	Ongoing	Ongoing	Pending	Nakamura & Takeda office: Marunouchi Park Building, 2-6-1 Marunouchi, Chiyoda-ku, Tokyo 100-6921.
PC-020	Insurance	License Agreement	Confirm Jade Dragon Insurance Ltd. clinical trial insurance and product liability coverage in place for Meridian's activities under the license	Meridian	David R. Cheung (Meridian)	Prior to initiation of clinical activities in Territory	Annual renewal	Pending	Underwriter: Christine A. Lo, Jade Dragon Insurance Limited, 30/F, AIA Central, 1 Connaught Road Central, Hong Kong SAR.
PC-021	Financial / Audit	License Agreement	Penterra to maintain contemporaneous transfer pricing documentation for API supply pricing (cost + 15%)	Penterra	Garrett T. Holloway (Penterra) / Clarendon Bates LLP (Robert F. Stanhope, CPA)	Ongoing (annual)	Annual	Pending	Clarendon Bates LLP consulted on ASC 606 revenue recognition treatment of milestone payments.
PC-022	Financial / Royalties	License Agreement	Minimum annual royalty of $2,000,000 — first payment due in calendar year following first commercial sale in any Territory country	Meridian	Patrick S.H. Kwok (Meridian)	Calendar year following first commercial sale	Annual	Not Yet Due	Credited against earned royalties. Tiered royalty rates: 8% (≤$50M), 11% (>$50M–$150M), 14% (>$150M). Post-patent rates: 4% / 5.5% / 7%.
PC-023	Development Milestones	License Agreement	Monitor and track development milestone events and corresponding payments: (1) Initiation of first Phase III trial — $6M; (2) Completion of enrollment — $8M; (3) Positive topline Phase III data — $10M; (4) First NDA/BLA submission (NMPA or PMDA) — $8M	Both Parties / JSC	Leland J. Cho (Penterra) / Angela C.Y. Fong (Meridian)	Per Development Plan (Schedule E)	Event-driven	Not Yet Due	Total development milestones: $32,000,000.
PC-024	Regulatory Milestones	License Agreement	Monitor and track regulatory milestone events and corresponding payments: (1) NMPA approval — $10M; (2) PMDA approval — $8M; (3) MFDS approval — $4M; (4) TGA approval — $3M	Both Parties	Leland J. Cho (Penterra) / Angela C.Y. Fong (Meridian)	Event-driven	Event-driven	Not Yet Due	Total regulatory milestones: $25,000,000.

PC-025	Commercial Milestones	License Agreement	Monitor and track commercial milestone events and corresponding payments: (1) Annual Net Sales >$50M — $10M; (2) >$100M — $15M; (3) >$200M — $20M	Both Parties	Garrett T. Holloway (Penterra) / Patrick S.H. Kwok (Meridian)	Event-driven	Event-driven	Not Yet Due	Total commercial milestones: $45,000,000.
PC-026	Sublicensing	License Agreement	Track any sublicense grants by Meridian in Territory — Penterra prior written consent required (not to be unreasonably withheld); sublicense must include MFN pricing clause and indemnification obligations; 50% sublicense income pass-through to Penterra (net of documented OOP dev costs)	Both Parties	Anita M. Fremont (Penterra) / David R. Cheung (Meridian)	Ongoing	As needed	Not Yet Due	No sublicenses granted as of closing.
PC-027	Escrow Maintenance	Escrow Agreement (Oct. 2, 2023)	Quarterly escrow maintenance fee payment ($2,500/quarter) to Velthorn National Bank, N.A.	Penterra / Meridian (per Escrow Agreement allocation)	Teresa M. D'Angelo (Velthorn)	Quarterly	Quarterly	Ongoing	First quarterly fee due Q1 2024. Flat fee of $15,000 paid at closing.
PC-028	Patent Monitoring	License Agreement; JPC	Monitor key patent expiration dates — Composition of Matter patents (US, CN, JP, KR, AU) expire August 12, 2037; Crystalline Form A patent (U.S. No. 11,345,678) expires November 3, 2038; evaluate patent term extension opportunities	Both Parties / JPC	Dr. Priya Nandakumar (Penterra) / Whitford & Cascade Insurance Brokers (Dr. Alan J. Whitford)	Ongoing	Ongoing	Pending	Post-patent royalty rates apply (50% reduction: 4% / 5.5% / 7%) following expiration of last licensed patent in a country but within 12-year royalty term. Generic entry reduction (40%) if generic ≥30% market share.

STATUS SUMMARY

Completed	5
In Progress	2
Pending	14
Not Yet Due	6
Ongoing	1
TOTAL OBLIGATIONS	28

[sheet: IP Recordation Status]

Jurisdiction	IP Type	Patent / TM Number	Description	Filing Office	Filing Date	Recordation Status	Completion Date	Local Agent / Counsel	Notes
China (PRC)	Patent	ZL 2020 1 0456789.0	Composition of Matter — PPC-4187	CNIPA	October 5, 2023	Completed	October 16, 2023	Local patent agent (TBD)	Granted; expires August 12, 2037
Japan	Patent	7,012,345	Composition of Matter — PPC-4187	JPO	October 5, 2023	Completed	October 15, 2023	Coordinated via Nakamura & Takeda	Granted; expires August 12, 2037
South Korea	Patent	10-2345678	Composition of Matter — PPC-4187	KIPO	October 5, 2023	Completed	October 18, 2023	Local patent agent (TBD)	Granted; expires August 12, 2037. Last jurisdiction completed for granted patents.
Australia	Patent	2020234567	Composition of Matter — PPC-4187	IP Australia	October 5, 2023	Completed	October 14, 2023	Local patent agent (TBD)	Granted; expires August 12, 2037
Singapore	Patent (pending)	National phase of PCT/US2019/045123	Composition of Matter — PPC-4187	IPOS	TBD	Pending	Local patent agent (TBD)	Application pending grant; recordation upon grant
Thailand	Patent (pending)	National phase of PCT/US2019/045123	Composition of Matter — PPC-4187	DIP Thailand	TBD	Pending	Local patent agent (TBD)	Application pending grant
Malaysia	Patent (pending)	National phase of PCT/US2019/045123	Composition of Matter — PPC-4187	MyIPO	TBD	Pending	Local patent agent (TBD)	Application pending grant
Indonesia	Patent (pending)	National phase of PCT/US2019/045123	Composition of Matter — PPC-4187	DGIP Indonesia	TBD	Pending	Local patent agent (TBD)	Application pending grant
Philippines	Patent (pending)	National phase of PCT/US2019/045123	Composition of Matter — PPC-4187	IPOPHL	TBD	Pending	Local patent agent (TBD)	Application pending grant
Vietnam	Patent (pending)	National phase of PCT/US2019/045123	Composition of Matter — PPC-4187	IP Vietnam	TBD	Pending	Local patent agent (TBD)	Application pending grant
Taiwan	Patent (pending)	National phase of PCT/US2019/045123	Composition of Matter — PPC-4187	TIPO	TBD	Pending	Local patent agent (TBD)	Application pending grant
Hong Kong SAR	Trademark	PENTECLAR (HK filing)	PENTECLAR trade name for PPC-4187	HK IPD	TBD	In Progress	Local TM agent (TBD)	Filed; recordation of license pending
China (PRC)	Trademark	PENTECLAR (CN filing)	PENTECLAR trade name for PPC-4187	CNIPA (TM)	TBD	In Progress	Local TM agent (TBD)	Filed; recordation of license pending
Japan	Trademark	PENTECLAR (JP filing)	PENTECLAR trade name for PPC-4187	JPO (TM)	TBD	In Progress	Coordinated via Nakamura & Takeda	Filed; recordation of license pending
South Korea	Trademark	PENTECLAR (KR filing)	PENTECLAR trade name for PPC-4187	KIPO (TM)	TBD	In Progress	Local TM agent (TBD)	Filed; recordation of license pending
Australia	Trademark	PENTECLAR (AU filing)	PENTECLAR trade name for PPC-4187	IP Australia (TM)	TBD	In Progress	Local TM agent (TBD)	Filed; recordation of license pending
Singapore	Trademark	PENTECLAR (SG filing)	PENTECLAR trade name for PPC-4187	IPOS (TM)	TBD	Pending	Local TM agent (TBD)	Filing to be coordinated with patent recordation
Thailand	Trademark	PENTECLAR (TH filing)	PENTECLAR trade name for PPC-4187	DIP Thailand (TM)	TBD	Pending	Local TM agent (TBD)	Filing to be coordinated with patent recordation
Malaysia	Trademark	PENTECLAR (MY filing)	PENTECLAR trade name for PPC-4187	MyIPO (TM)	TBD	Pending	Local TM agent (TBD)	Filing to be coordinated with patent recordation
Indonesia	Trademark	PENTECLAR (ID filing)	PENTECLAR trade name for PPC-4187	DGIP Indonesia (TM)	TBD	Pending	Local TM agent (TBD)	Filing to be coordinated with patent recordation
Taiwan	Trademark	PENTECLAR (TW filing)	PENTECLAR trade name for PPC-4187	TIPO (TM)	TBD	Pending	Local TM agent (TBD)	Filing to be coordinated with patent recordation

RECORDATION SUMMARY

Total Filings	21
Completed	4
In Progress	5
Pending	12

[sheet: Key Dates & Deadlines]

Date	Event / Deadline	Obligation ID	Responsible Party	Status	Notes
October 14, 2023	IP Recordation — Australia (IP Australia) completed	PC-011	Penterra / C&H	Completed	First jurisdiction completed
October 15, 2023	IP Recordation — Japan (JPO) completed	PC-009	Penterra / C&H	Completed
October 16, 2023	IP Recordation — China (CNIPA) completed	PC-008	Penterra / C&H	Completed
October 18, 2023	IP Recordation — South Korea (KIPO) completed	PC-010	Penterra / C&H	Completed	Last granted patent jurisdiction completed
October 20, 2023	Closing / Effective Date — Escrow release of $18,000,000 to Penterra	PC-001	Velthorn National Bank / Both Parties	Completed	Actual Closing Date (originally scheduled Oct. 9, 2023)
November 19, 2023	Deadline to form JSC (30 days from Effective Date)	PC-004	Both Parties	Pending	3 reps each party
November 19, 2023	Deadline to form JPC (30 days from Effective Date)	PC-006	Both Parties	Pending	2 reps each party
November 19, 2023	Pharmacovigilance Agreement implementation target (30 days from Effective Date)	PC-014	Both Parties	Pending	Per ICH E2B/E2D standards
December 2023	Target date for first JSC meeting	PC-005	Both Parties	Pending	Quarterly cadence to follow
December 2023	Target date for first JPC meeting	PC-007	Both Parties	Pending	Coordinate with Whitford & Cascade Insurance Brokers
December 19, 2023	Quality Agreement execution deadline (60 days from Effective Date)	PC-002	Both Parties	Pending	Form attached to License Agreement
Q4 2023	Meridian to evaluate PRC Technology Import/Export filing requirement	PC-017	Meridian	Pending	MOFCOM/SAMR
Q4 2023 – Q1 2024	Complete IP recordation in pending jurisdictions (SG, TH, MY, ID, PH, VN, TW) and TM recordations	PC-012, PC-013	Penterra / C&H	In Progress	Coordinate with local agents in each jurisdiction
Q1 2024	First quarterly escrow maintenance fee ($2,500)	PC-027	Per Escrow Agreement	Not Yet Due
TBD (prior to first clinical activity)	Confirm Jade Dragon Insurance coverage in place	PC-020	Meridian	Pending	Clinical trial insurance and product liability
TBD (prior to first PRC milestone payment)	Obtain PRC outbound remittance approvals (SAFE)	PC-018	Meridian / Meridian Shanghai	Pending	PRC withholding tax at 10%
October 20, 2025	Technology transfer completion deadline (24 months from Effective Date)	PC-003	Penterra (lead) / Meridian (recipient)	Pending	Manufacturing process, analytical methods, CMC documentation
August 12, 2037	Expiration of key Composition of Matter patents (US, CN, JP, KR, AU) — before any PTE	PC-028	JPC monitoring	Future	Post-patent royalty reduction (50%) applies thereafter if within 12-year royalty term
November 3, 2038	Expiration of Crystalline Form A patent (U.S. No. 11,345,678)	PC-028	JPC monitoring	Future	Last patent expiration currently identified

[sheet: Milestone Payment Tracker]

Milestone Category	Milestone Event	Payment Amount	Trigger Date	Payment Status	Date Paid	Cumulative Payments Received by Penterra	Indemnification Cap (200% of Cumulative Payments)	Notes
Upfront	Closing / Escrow Release	$18,000,000	October 20, 2023	Paid	October 20, 2023	$18,000,000	$36,000,000	Released from Velthorn National Bank escrow
Development	Initiation of first Phase III trial in Territory	$6,000,000	Not Yet Due	$24,000,000	$48,000,000
Development	Completion of enrollment in first Phase III trial	$8,000,000	Not Yet Due	$32,000,000	$64,000,000
Development	Positive topline Phase III data	$10,000,000	Not Yet Due	$42,000,000	$84,000,000
Development	Submission of first NDA/BLA in Territory (NMPA or PMDA)	$8,000,000	Not Yet Due	$50,000,000	$100,000,000
SUBTOTAL — Development Milestones	$32,000,000
Regulatory	First Regulatory Approval in China (NMPA)	$10,000,000	Not Yet Due	$60,000,000	$120,000,000
Regulatory	First Regulatory Approval in Japan (PMDA)	$8,000,000	Not Yet Due	$68,000,000	$136,000,000
Regulatory	First Regulatory Approval in South Korea (MFDS)	$4,000,000	Not Yet Due	$72,000,000	$144,000,000
Regulatory	First Regulatory Approval in Australia (TGA)	$3,000,000	Not Yet Due	$75,000,000	$150,000,000
SUBTOTAL — Regulatory Milestones	$25,000,000
Commercial	Annual Net Sales first exceeding $50,000,000	$10,000,000	Not Yet Due	$85,000,000	$170,000,000
Commercial	Annual Net Sales first exceeding $100,000,000	$15,000,000	Not Yet Due	$100,000,000	$200,000,000
Commercial	Annual Net Sales first exceeding $200,000,000	$20,000,000	Not Yet Due	$120,000,000	$240,000,000
SUBTOTAL — Commercial Milestones	$45,000,000
TOTAL DEAL VALUE (Upfront + All Milestones)	$120,000,000	De minimis threshold per claim: $150,000; Aggregate deductible basket: $750,000. No cap for fraud, willful misconduct, or IP infringement indemnity.

[sheet: Contacts]

Organization	Name	Title / Role	Address	Responsibility Area
Penterra Pharmaceuticals Corp.	Dr. Raymond K. Ostrowski	CEO	400 Pharma Drive, Suite 800, Princeton, NJ 08540	Executive oversight
Penterra Pharmaceuticals Corp.	Anita M. Fremont, Esq.	General Counsel	400 Pharma Drive, Suite 800, Princeton, NJ 08540	Overall licensor obligations; legal matters
Penterra Pharmaceuticals Corp.	Dr. Priya Nandakumar	VP, intellectual Property	400 Pharma Drive, Suite 800, Princeton, NJ 08540	IP recordation; patent prosecution; JPC; technology transfer
Penterra Pharmaceuticals Corp.	Leland J. Cho	SVP, Business Development	400 Pharma Drive, Suite 800, Princeton, NJ 08540	JSC; commercial matters; sublicensing
Penterra Pharmaceuticals Corp.	Garrett T. Holloway	CFO	400 Pharma Drive, Suite 800, Princeton, NJ 08540	Milestone payments; royalty tracking; transfer pricing; MFN reconciliation
Meridian Bio Therapeutics Ltd.	Dr. Henry W.L. Tsang	Chairman & Founder	18/F, Blossom Tower, 88 Queen's Road Central, Hong Kong SAR	Executive oversight
Meridian Bio Therapeutics Ltd.	Angela C.Y. Fong	CEO	18/F, Blossom Tower, 88 Queen's Road Central, Hong Kong SAR	JSC; commercialization strategy
Meridian Bio Therapeutics Ltd.	David R. Cheung, Esq.	General Counsel	18/F, Blossom Tower, 88 Queen's Road Central, Hong Kong SAR	Overall licensee obligations; legal matters; regulatory filings
Meridian Bio Therapeutics Ltd.	Dr. Kenji Morimoto	Chief Medical Officer	18/F, Blossom Tower, 88 Queen's Road Central, Hong Kong SAR	Development plan; pharmacovigilance; Quality Agreement
Meridian Bio Therapeutics Ltd.	Patrick S.H. Kwok	CFO	18/F, Blossom Tower, 88 Queen's Road Central, Hong Kong SAR	Milestone payments; royalty reporting; MFN pricing; PRC remittance approvals
Calderwood & Harkness LLP	Marcus Delgado	Responsible Partner, IP	600 Lexington Avenue, 30th Floor, New York, NY 10022	Overall matter supervision
Calderwood & Harkness LLP	Catherine Bloom	Billing Partner, IP	600 Lexington Avenue, 30th Floor, New York, NY 10022	Billing; engagement management
Calderwood & Harkness LLP	Peter Vassiliev	Lead Associate, IP	600 Lexington Avenue, 30th Floor, New York, NY 10022	IP recordation; post-closing coordination
Calderwood & Harkness LLP	Wendy Schultz	Working Associate, IP	600 Lexington Avenue, 30th Floor, New York, NY 10022	Tracker maintenance; IP recordation; ongoing obligations monitoring
Calderwood & Harkness LLP	Sylvia Hartwell	Specialist Partner, Tax	600 Lexington Avenue, 30th Floor, New York, NY 10022	Transfer pricing; withholding tax; tax structuring
Lam, Cheung & Firth LLP	Jonathan M. Firth	Lead Partner, IP/Licensing	25/F, Jardine House, 1 Connaught Place, Central, Hong Kong SAR	Licensee's counsel — post-closing coordination
Lam, Cheung & Firth LLP	Rebecca S. Liang	Associate	1345 Avenue of the Americas, 22nd Floor, New York, NY 10105	Licensee's counsel — associate support
Velthorn National Bank, N.A.	Teresa M. D'Angelo	Escrow Officer	383 Madison Avenue, New York, NY 10179	Escrow account maintenance; quarterly fees
Whitford & Cascade Insurance Brokers	Dr. Alan J. Whitford	Lead Patent Attorney	1750 K Street NW, Suite 600, Washington, DC 20006	Patent prosecution; FTO opinions; JPC coordination
Clarendon Bates LLP	Robert F. Stanhope, CPA	Engagement Partner (Audit)	200 Campus Drive, Florham Park, NJ 07932	Audit; ASC 606 revenue recognition; transfer pricing documentation
Nakamura & Takeda Law Offices	Yuki Nakamura	Lead Partner	Marunouchi Park Building, 2-6-1 Marunouchi, Chiyoda-ku, Tokyo 100-6921	Japan PMDA regulatory counsel for Meridian
Jade Dragon Insurance Limited	Christine A. Lo	Underwriter	30/F, AIA Central, 1 Connaught Road Central, Hong Kong SAR	Clinical trial insurance; product liability coverage for Meridian
Alkerra Manufacturing Inc.	N/A	Contract Manufacturer (API)	5200 Meridian Parkway, Research Triangle Park, NC 27713	API manufacturing; technology transfer source site
Prescott Hale & Co. LLC	Victoria R. Chen	Senior Managing Director	277 Park Avenue, 40th Floor, New York, NY 10172	Financial advisor to Penterra (post-closing advisory if needed)

Eastbridge Partners Limited

[sheet: Summary]
Field | Value
Matter | Penterra Pharmaceuticals Corp. — Out-License of PPC-4187 (Penteracitinib) to Meridian Bio Therapeutics Ltd.
Compound | PPC-4187 (Penteracitinib); Selective JAK1 Inhibitor; 25 mg and 50 mg film-coated tablets
Proposed Trade Name | PENTECLAR
Licensor | Penterra Pharmaceuticals Corp. (Delaware corporation; Nasdaq: PNTR)
Licensor Address | 400 Pharma Drive, Suite 800, Princeton, NJ 08540
Licensee | Meridian Bio Therapeutics Limited (Hong Kong limited company; Co. Reg. No. 2847631)
Licensee Address | 18/F, Blossom Tower, 88 Queen's Road Central, Hong Kong SAR
License Agreement Date | Executed October 2, 2023; Effective Date October 20, 2023
Signing Date | October 2, 2023
Actual Closing / Effective Date | October 20, 2023
Upfront Payment | $18,000,000 (released from escrow October 20, 2023)
Total Deal Value | Up to $120,000,000
Governing Law | State of New York
Dispute Resolution | ICC International Court of Arbitration; Seat: New York, NY; 3 arbitrators
Licensor's Counsel | Calderwood & Harkness LLP, 600 Lexington Avenue, 30th Floor, New York, NY 10022
Licensee's Counsel | Lam, Cheung & Firth LLP, 25/F, Jardine House, 1 Connaught Place, Central, Hong Kong SAR
Escrow Agent | Velthorn National Bank, N.A., 383 Madison Avenue, New York, NY 10179
Tracker Maintained By | Wendy Schultz, Working Associate, Calderwood & Harkness LLP
Responsible Partner | Marcus Delgado, Calderwood & Harkness LLP
Penterra Key Contact | Anita M. Fremont, Esq., General Counsel
Meridian Key Contact | David R. Cheung, Esq., General Counsel
Last Updated | October 20, 2023
[sheet: Obligations Master]
Obligation ID | Category | Source Agreement | Obligation Description | Responsible Party | Responsible Contact | Deadline / Due Date | Frequency | Status | Date Completed | Notes / Comments
PC-001 | Escrow | Escrow Agreement (Oct. 2, 2023) | Release of $18,000,000 upfront payment from escrow to Penterra upon closing | Velthorn National Bank, N.A. | Teresa M. D'Angelo | October 20, 2023 | One-time | Completed | October 20, 2023 | Escrow funded Oct. 6, 2023; released upon closing Oct. 20, 2023. Escrow agent fee: $15,000 flat + $2,500/quarter maintenance.
PC-002 | Quality / Supply | License Agreement, Section 7.3; Quality Agreement (Form) | Execute Quality Agreement between Penterra and Meridian governing API supply specifications, quality standards, change control, deviation handling, and regulatory inspection obligations | Both Parties | Dr. Priya Nandakumar (Penterra) / Dr. Kenji Morimoto (Meridian) | December 19, 2023 | One-time | Pending | 60 days from Effective Date (Oct. 20, 2023). Form attached as exhibit to License Agreement.
PC-003 | Technology Transfer | Technology Transfer Agreement | Complete transfer of PPC-4187 manufacturing process know-how, analytical methods, and CMC documentation to Meridian's designated APAC manufacturer | Penterra (lead); Meridian (recipient) | Dr. Priya Nandakumar (Penterra) / Meridian designee | October 20, 2025 | One-time (24 months from Effective Date) | Pending | Alkerra Manufacturing Inc. (5200 Meridian Parkway, Research Triangle Park, NC 27713) is current CMO. Transfer includes process validation, analytical method transfer, stability data, and CMC documentation.
PC-004 | Governance | License Agreement, JSC Provisions | Form Joint Steering Committee (JSC) — 3 representatives from each party | Both Parties | Leland J. Cho (Penterra) / Angela C.Y. Fong (Meridian) | November 19, 2023 | One-time formation; quarterly meetings thereafter | Pending | JSC oversees development, regulatory, and commercialization activities in Territory. Meridian has tie-breaking vote on Territory-specific commercialization matters (subject to MFN compliance).
PC-005 | Governance | License Agreement, JSC Provisions | Hold first JSC meeting | Both Parties | Leland J. Cho / Angela C.Y. Fong | Q4 2023 (target December 2023) | First meeting | Pending | Quarterly cadence to follow first meeting.
PC-006 | Governance | License Agreement, JPC Provisions | Form Joint Patent Committee (JPC) — 2 representatives from each party | Both Parties | Dr. Priya Nandakumar (Penterra) / Meridian IP designee | November 19, 2023 | One-time formation; quarterly meetings thereafter | Pending | JPC oversees patent prosecution, maintenance, and enforcement in Territory. Penterra has tie-breaking vote on matters relating to global IP strategy.
PC-007 | Governance | License Agreement, JPC Provisions | Hold first JPC meeting | Both Parties | Dr. Priya Nandakumar / Meridian IP designee | Q4 2023 (target December 2023) | First meeting | Pending | Coordinate with Whitford & Cascade Insurance Brokers (Dr. Alan J. Whitford) on Territory patent prosecution status.
PC-008 | IP Recordation | License Agreement; Schedule A — Licensed Patents | Record license/assignment in all Territory jurisdictions — China (CNIPA) | Penterra / Calderwood & Harkness | Peter Vassiliev / Wendy Schultz (C&H) | Completed | One-time | Completed | October 16, 2023 | CN Patent No. ZL 2020 1 0456789.0 — Composition of Matter. Granted; expires August 12, 2037.
PC-009 | IP Recordation | License Agreement; Schedule A — Licensed Patents | Record license/assignment in all Territory jurisdictions — Japan (JPO) | Penterra / Calderwood & Harkness | Peter Vassiliev / Wendy Schultz (C&H) | Completed | One-time | Completed | October 15, 2023 | JP Patent No. 7,012,345 — Composition of Matter. Granted; expires August 12, 2037.
PC-010 | IP Recordation | License Agreement; Schedule A — Licensed Patents | Record license/assignment in all Territory jurisdictions — South Korea (KIPO) | Penterra / Calderwood & Harkness | Peter Vassiliev / Wendy Schultz (C&H) | Completed | One-time | Completed | October 18, 2023 | KR Patent No. 10-2345678 — Composition of Matter. Granted; expires August 12, 2037. Last jurisdiction completed.
PC-011 | IP Recordation | License Agreement; Schedule A — Licensed Patents | Record license/assignment in all Territory jurisdictions — Australia (IP Australia) | Penterra / Calderwood & Harkness | Peter Vassiliev / Wendy Schultz (C&H) | Completed | One-time | Completed | October 14, 2023 | AU Patent No. 2020234567 — Composition of Matter. Granted; expires August 12, 2037.
PC-012 | IP Recordation | License Agreement; Schedule A — Licensed Patents | Record license in pending application jurisdictions — Singapore, Thailand, Malaysia, Indonesia, Philippines, Vietnam, Taiwan (national phase entries under PCT/US2019/045123) | Penterra / Calderwood & Harkness | Peter Vassiliev / Wendy Schultz (C&H) | Q4 2023 – Q1 2024 | One-time per jurisdiction | In Progress | Coordinate with local patent agents in each jurisdiction. Applications pending grant.
PC-013 | IP Recordation | Trademark License Agreement; Schedule C — Licensed Trademarks | Record PENTECLAR trademark license in Territory trademark offices (HK, CN, JP, KR, AU, and additional Territory jurisdictions) | Penterra / Calderwood & Harkness | Peter Vassiliev / Wendy Schultz (C&H) | Q4 2023 – Q1 2024 | One-time per jurisdiction | In Progress | U.S. Reg. No. 6,789,012 (reference only; U.S. outside Territory). Territory registrations/applications per Schedule C.
PC-014 | Safety / Pharmacovigilance | Pharmacovigilance Agreement | Implement pharmacovigilance agreement — establish adverse event reporting procedures, safety data exchange protocols, PSUR coordination, and global safety database responsibilities | Both Parties | Dr. Priya Nandakumar (Penterra) / Dr. Kenji Morimoto (Meridian) | November 19, 2023 | One-time setup; ongoing reporting per ICH E2B/E2D | Pending | Timelines for expedited and periodic reporting per ICH E2B/E2D standards. Coordinate global safety database access.
PC-015 | MFN Pricing | License Agreement; Schedule F — MFN Pricing Methodology | First quarterly most favored nation pricing reconciliation — compare Territory net prices to lowest U.S./EU5 net price for same dosage strength and comparable pack size; MFN floor = no more than 15% below lowest reference price | Meridian (reporting); Penterra (review) | Patrick S.H. Kwok (Meridian) / Garrett T. Holloway (Penterra) | 45 days after end of first calendar quarter following first commercial sale | Quarterly (within 45 days of each calendar quarter end) | Not Yet Due | No commercial sales yet. Obligation triggers upon first commercial sale in any Territory country. MFN adjustment payment = (MFN floor price – actual net price) × units sold in quarter, if breached.
PC-016 | Supply | API Supply Agreement | Commence API and reference standard supply to Meridian at cost + 15% markup | Penterra | Dr. Priya Nandakumar (Penterra) | Upon Meridian request (3-year initial term from Effective Date) | Ongoing per forecasting requirements | Pending | Manufactured by Alkerra Manufacturing Inc., Research Triangle Park, NC. Transfer pricing documentation to be maintained per tax memo (Sylvia Hartwell).
PC-017 | Regulatory (PRC) | License Agreement | Meridian to evaluate and, if required, complete Technology Import/Export filing under PRC Technology Import and Export Administration Regulations (MOFCOM/SAMR) | Meridian / Meridian Pharma (Shanghai) Co., Ltd. | David R. Cheung (Meridian) | Q4 2023 | One-time | Pending | Filing requirement to be confirmed by Meridian's PRC counsel.
PC-018 | Regulatory (PRC) | License Agreement | Meridian Pharma (Shanghai) Co., Ltd. to obtain PRC outbound remittance approvals (SAFE) for milestone and royalty payments to Penterra | Meridian / Meridian Shanghai | Patrick S.H. Kwok (Meridian) | Prior to first milestone payment from PRC entity | As needed per payment | Pending | PRC withholding tax at 10% on royalties unless reduced by treaty. Coordinate with tax advisor.
PC-019 | Regulatory (Japan) | License Agreement; Development Plan (Schedule E) | Coordinate with Nakamura & Takeda Law Offices (Yuki Nakamura) on PMDA regulatory submission planning for PPC-4187 in Japan | Meridian / Meridian Japan K.K. | Dr. Kenji Morimoto (Meridian) | Ongoing | Ongoing | Pending | Nakamura & Takeda office: Marunouchi Park Building, 2-6-1 Marunouchi, Chiyoda-ku, Tokyo 100-6921.
PC-020 | Insurance | License Agreement | Confirm Jade Dragon Insurance Ltd. clinical trial insurance and product liability coverage in place for Meridian's activities under the license | Meridian | David R. Cheung (Meridian) | Prior to initiation of clinical activities in Territory | Annual renewal | Pending | Underwriter: Christine A. Lo, Jade Dragon Insurance Limited, 30/F, AIA Central, 1 Connaught Road Central, Hong Kong SAR.
PC-021 | Financial / Audit | License Agreement | Penterra to maintain contemporaneous transfer pricing documentation for API supply pricing (cost + 15%) | Penterra | Garrett T. Holloway (Penterra) / Clarendon Bates LLP (Robert F. Stanhope, CPA) | Ongoing (annual) | Annual | Pending | Clarendon Bates LLP consulted on ASC 606 revenue recognition treatment of milestone payments.
PC-022 | Financial / Royalties | License Agreement | Minimum annual royalty of $2,000,000 — first payment due in calendar year following first commercial sale in any Territory country | Meridian | Patrick S.H. Kwok (Meridian) | Calendar year following first commercial sale | Annual | Not Yet Due | Credited against earned royalties. Tiered royalty rates: 8% (≤$50M), 11% (>$50M–$150M), 14% (>$150M). Post-patent rates: 4% / 5.5% / 7%.
PC-023 | Development Milestones | License Agreement | Monitor and track development milestone events and corresponding payments: (1) Initiation of first Phase III trial — $6M; (2) Completion of enrollment — $8M; (3) Positive topline Phase III data — $10M; (4) First NDA/BLA submission (NMPA or PMDA) — $8M | Both Parties / JSC | Leland J. Cho (Penterra) / Angela C.Y. Fong (Meridian) | Per Development Plan (Schedule E) | Event-driven | Not Yet Due | Total development milestones: $32,000,000.
PC-024 | Regulatory Milestones | License Agreement | Monitor and track regulatory milestone events and corresponding payments: (1) NMPA approval — $10M; (2) PMDA approval — $8M; (3) MFDS approval — $4M; (4) TGA approval — $3M | Both Parties | Leland J. Cho (Penterra) / Angela C.Y. Fong (Meridian) | Event-driven | Event-driven | Not Yet Due | Total regulatory milestones: $25,000,000.
PC-025 | Commercial Milestones | License Agreement | Monitor and track commercial milestone events and corresponding payments: (1) Annual Net Sales >$50M — $10M; (2) >$100M — $15M; (3) >$200M — $20M | Both Parties | Garrett T. Holloway (Penterra) / Patrick S.H. Kwok (Meridian) | Event-driven | Event-driven | Not Yet Due | Total commercial milestones: $45,000,000.
PC-026 | Sublicensing | License Agreement | Track any sublicense grants by Meridian in Territory — Penterra prior written consent required (not to be unreasonably withheld); sublicense must include MFN pricing clause and indemnification obligations; 50% sublicense income pass-through to Penterra (net of documented OOP dev costs) | Both Parties | Anita M. Fremont (Penterra) / David R. Cheung (Meridian) | Ongoing | As needed | Not Yet Due | No sublicenses granted as of closing.
PC-027 | Escrow Maintenance | Escrow Agreement (Oct. 2, 2023) | Quarterly escrow maintenance fee payment ($2,500/quarter) to Velthorn National Bank, N.A. | Penterra / Meridian (per Escrow Agreement allocation) | Teresa M. D'Angelo (Velthorn) | Quarterly | Quarterly | Ongoing | First quarterly fee due Q1 2024. Flat fee of $15,000 paid at closing.
PC-028 | Patent Monitoring | License Agreement; JPC | Monitor key patent expiration dates — Composition of Matter patents (US, CN, JP, KR, AU) expire August 12, 2037; Crystalline Form A patent (U.S. No. 11,345,678) expires November 3, 2038; evaluate patent term extension opportunities | Both Parties / JPC | Dr. Priya Nandakumar (Penterra) / Whitford & Cascade Insurance Brokers (Dr. Alan J. Whitford) | Ongoing | Ongoing | Pending | Post-patent royalty rates apply (50% reduction: 4% / 5.5% / 7%) following expiration of last licensed patent in a country but within 12-year royalty term. Generic entry reduction (40%) if generic ≥30% market share.
STATUS SUMMARY
Completed | 5
In Progress | 2
Pending | 14
Not Yet Due | 6
Ongoing | 1
TOTAL OBLIGATIONS | 28
[sheet: IP Recordation Status]
Jurisdiction | IP Type | Patent / TM Number | Description | Filing Office | Filing Date | Recordation Status | Completion Date | Local Agent / Counsel | Notes
China (PRC) | Patent | ZL 2020 1 0456789.0 | Composition of Matter — PPC-4187 | CNIPA | October 5, 2023 | Completed | October 16, 2023 | Local patent agent (TBD) | Granted; expires August 12, 2037
Japan | Patent | 7,012,345 | Composition of Matter — PPC-4187 | JPO | October 5, 2023 | Completed | October 15, 2023 | Coordinated via Nakamura & Takeda | Granted; expires August 12, 2037
South Korea | Patent | 10-2345678 | Composition of Matter — PPC-4187 | KIPO | October 5, 2023 | Completed | October 18, 2023 | Local patent agent (TBD) | Granted; expires August 12, 2037. Last jurisdiction completed for granted patents.
Australia | Patent | 2020234567 | Composition of Matter — PPC-4187 | IP Australia | October 5, 2023 | Completed | October 14, 2023 | Local patent agent (TBD) | Granted; expires August 12, 2037
Singapore | Patent (pending) | National phase of PCT/US2019/045123 | Composition of Matter — PPC-4187 | IPOS | TBD | Pending | Local patent agent (TBD) | Application pending grant; recordation upon grant
Thailand | Patent (pending) | National phase of PCT/US2019/045123 | Composition of Matter — PPC-4187 | DIP Thailand | TBD | Pending | Local patent agent (TBD) | Application pending grant
Malaysia | Patent (pending) | National phase of PCT/US2019/045123 | Composition of Matter — PPC-4187 | MyIPO | TBD | Pending | Local patent agent (TBD) | Application pending grant
Indonesia | Patent (pending) | National phase of PCT/US2019/045123 | Composition of Matter — PPC-4187 | DGIP Indonesia | TBD | Pending | Local patent agent (TBD) | Application pending grant
Philippines | Patent (pending) | National phase of PCT/US2019/045123 | Composition of Matter — PPC-4187 | IPOPHL | TBD | Pending | Local patent agent (TBD) | Application pending grant
Vietnam | Patent (pending) | National phase of PCT/US2019/045123 | Composition of Matter — PPC-4187 | IP Vietnam | TBD | Pending | Local patent agent (TBD) | Application pending grant
Taiwan | Patent (pending) | National phase of PCT/US2019/045123 | Composition of Matter — PPC-4187 | TIPO | TBD | Pending | Local patent agent (TBD) | Application pending grant
Hong Kong SAR | Trademark | PENTECLAR (HK filing) | PENTECLAR trade name for PPC-4187 | HK IPD | TBD | In Progress | Local TM agent (TBD) | Filed; recordation of license pending
China (PRC) | Trademark | PENTECLAR (CN filing) | PENTECLAR trade name for PPC-4187 | CNIPA (TM) | TBD | In Progress | Local TM agent (TBD) | Filed; recordation of license pending
Japan | Trademark | PENTECLAR (JP filing) | PENTECLAR trade name for PPC-4187 | JPO (TM) | TBD | In Progress | Coordinated via Nakamura & Takeda | Filed; recordation of license pending
South Korea | Trademark | PENTECLAR (KR filing) | PENTECLAR trade name for PPC-4187 | KIPO (TM) | TBD | In Progress | Local TM agent (TBD) | Filed; recordation of license pending
Australia | Trademark | PENTECLAR (AU filing) | PENTECLAR trade name for PPC-4187 | IP Australia (TM) | TBD | In Progress | Local TM agent (TBD) | Filed; recordation of license pending
Singapore | Trademark | PENTECLAR (SG filing) | PENTECLAR trade name for PPC-4187 | IPOS (TM) | TBD | Pending | Local TM agent (TBD) | Filing to be coordinated with patent recordation
Thailand | Trademark | PENTECLAR (TH filing) | PENTECLAR trade name for PPC-4187 | DIP Thailand (TM) | TBD | Pending | Local TM agent (TBD) | Filing to be coordinated with patent recordation
Malaysia | Trademark | PENTECLAR (MY filing) | PENTECLAR trade name for PPC-4187 | MyIPO (TM) | TBD | Pending | Local TM agent (TBD) | Filing to be coordinated with patent recordation
Indonesia | Trademark | PENTECLAR (ID filing) | PENTECLAR trade name for PPC-4187 | DGIP Indonesia (TM) | TBD | Pending | Local TM agent (TBD) | Filing to be coordinated with patent recordation
Taiwan | Trademark | PENTECLAR (TW filing) | PENTECLAR trade name for PPC-4187 | TIPO (TM) | TBD | Pending | Local TM agent (TBD) | Filing to be coordinated with patent recordation
RECORDATION SUMMARY
Total Filings | 21
Completed | 4
In Progress | 5
Pending | 12
[sheet: Key Dates & Deadlines]
Date | Event / Deadline | Obligation ID | Responsible Party | Status | Notes
October 14, 2023 | IP Recordation — Australia (IP Australia) completed | PC-011 | Penterra / C&H | Completed | First jurisdiction completed
October 15, 2023 | IP Recordation — Japan (JPO) completed | PC-009 | Penterra / C&H | Completed
October 16, 2023 | IP Recordation — China (CNIPA) completed | PC-008 | Penterra / C&H | Completed
October 18, 2023 | IP Recordation — South Korea (KIPO) completed | PC-010 | Penterra / C&H | Completed | Last granted patent jurisdiction completed
October 20, 2023 | Closing / Effective Date — Escrow release of $18,000,000 to Penterra | PC-001 | Velthorn National Bank / Both Parties | Completed | Actual Closing Date (originally scheduled Oct. 9, 2023)
November 19, 2023 | Deadline to form JSC (30 days from Effective Date) | PC-004 | Both Parties | Pending | 3 reps each party
November 19, 2023 | Deadline to form JPC (30 days from Effective Date) | PC-006 | Both Parties | Pending | 2 reps each party
November 19, 2023 | Pharmacovigilance Agreement implementation target (30 days from Effective Date) | PC-014 | Both Parties | Pending | Per ICH E2B/E2D standards
December 2023 | Target date for first JSC meeting | PC-005 | Both Parties | Pending | Quarterly cadence to follow
December 2023 | Target date for first JPC meeting | PC-007 | Both Parties | Pending | Coordinate with Whitford & Cascade Insurance Brokers
December 19, 2023 | Quality Agreement execution deadline (60 days from Effective Date) | PC-002 | Both Parties | Pending | Form attached to License Agreement
Q4 2023 | Meridian to evaluate PRC Technology Import/Export filing requirement | PC-017 | Meridian | Pending | MOFCOM/SAMR
Q4 2023 – Q1 2024 | Complete IP recordation in pending jurisdictions (SG, TH, MY, ID, PH, VN, TW) and TM recordations | PC-012, PC-013 | Penterra / C&H | In Progress | Coordinate with local agents in each jurisdiction
Q1 2024 | First quarterly escrow maintenance fee ($2,500) | PC-027 | Per Escrow Agreement | Not Yet Due
TBD (prior to first clinical activity) | Confirm Jade Dragon Insurance coverage in place | PC-020 | Meridian | Pending | Clinical trial insurance and product liability
TBD (prior to first PRC milestone payment) | Obtain PRC outbound remittance approvals (SAFE) | PC-018 | Meridian / Meridian Shanghai | Pending | PRC withholding tax at 10%
October 20, 2025 | Technology transfer completion deadline (24 months from Effective Date) | PC-003 | Penterra (lead) / Meridian (recipient) | Pending | Manufacturing process, analytical methods, CMC documentation
August 12, 2037 | Expiration of key Composition of Matter patents (US, CN, JP, KR, AU) — before any PTE | PC-028 | JPC monitoring | Future | Post-patent royalty reduction (50%) applies thereafter if within 12-year royalty term
November 3, 2038 | Expiration of Crystalline Form A patent (U.S. No. 11,345,678) | PC-028 | JPC monitoring | Future | Last patent expiration currently identified
[sheet: Milestone Payment Tracker]
Milestone Category | Milestone Event | Payment Amount | Trigger Date | Payment Status | Date Paid | Cumulative Payments Received by Penterra | Indemnification Cap (200% of Cumulative Payments) | Notes
Upfront | Closing / Escrow Release | $18,000,000 | October 20, 2023 | Paid | October 20, 2023 | $18,000,000 | $36,000,000 | Released from Velthorn National Bank escrow
Development | Initiation of first Phase III trial in Territory | $6,000,000 | Not Yet Due | $24,000,000 | $48,000,000
Development | Completion of enrollment in first Phase III trial | $8,000,000 | Not Yet Due | $32,000,000 | $64,000,000
Development | Positive topline Phase III data | $10,000,000 | Not Yet Due | $42,000,000 | $84,000,000
Development | Submission of first NDA/BLA in Territory (NMPA or PMDA) | $8,000,000 | Not Yet Due | $50,000,000 | $100,000,000
SUBTOTAL — Development Milestones | $32,000,000
Regulatory | First Regulatory Approval in China (NMPA) | $10,000,000 | Not Yet Due | $60,000,000 | $120,000,000
Regulatory | First Regulatory Approval in Japan (PMDA) | $8,000,000 | Not Yet Due | $68,000,000 | $136,000,000
Regulatory | First Regulatory Approval in South Korea (MFDS) | $4,000,000 | Not Yet Due | $72,000,000 | $144,000,000
Regulatory | First Regulatory Approval in Australia (TGA) | $3,000,000 | Not Yet Due | $75,000,000 | $150,000,000
SUBTOTAL — Regulatory Milestones | $25,000,000
Commercial | Annual Net Sales first exceeding $50,000,000 | $10,000,000 | Not Yet Due | $85,000,000 | $170,000,000
Commercial | Annual Net Sales first exceeding $100,000,000 | $15,000,000 | Not Yet Due | $100,000,000 | $200,000,000
Commercial | Annual Net Sales first exceeding $200,000,000 | $20,000,000 | Not Yet Due | $120,000,000 | $240,000,000
SUBTOTAL — Commercial Milestones | $45,000,000
TOTAL DEAL VALUE (Upfront + All Milestones) | $120,000,000 | De minimis threshold per claim: $150,000; Aggregate deductible basket: $750,000. No cap for fraud, willful misconduct, or IP infringement indemnity.
[sheet: Contacts]
Organization | Name | Title / Role | Address | Responsibility Area
Penterra Pharmaceuticals Corp. | Dr. Raymond K. Ostrowski | CEO | 400 Pharma Drive, Suite 800, Princeton, NJ 08540 | Executive oversight
Penterra Pharmaceuticals Corp. | Anita M. Fremont, Esq. | General Counsel | 400 Pharma Drive, Suite 800, Princeton, NJ 08540 | Overall licensor obligations; legal matters
Penterra Pharmaceuticals Corp. | Dr. Priya Nandakumar | VP, intellectual Property | 400 Pharma Drive, Suite 800, Princeton, NJ 08540 | IP recordation; patent prosecution; JPC; technology transfer
Penterra Pharmaceuticals Corp. | Leland J. Cho | SVP, Business Development | 400 Pharma Drive, Suite 800, Princeton, NJ 08540 | JSC; commercial matters; sublicensing
Penterra Pharmaceuticals Corp. | Garrett T. Holloway | CFO | 400 Pharma Drive, Suite 800, Princeton, NJ 08540 | Milestone payments; royalty tracking; transfer pricing; MFN reconciliation
Meridian Bio Therapeutics Ltd. | Dr. Henry W.L. Tsang | Chairman & Founder | 18/F, Blossom Tower, 88 Queen's Road Central, Hong Kong SAR | Executive oversight
Meridian Bio Therapeutics Ltd. | Angela C.Y. Fong | CEO | 18/F, Blossom Tower, 88 Queen's Road Central, Hong Kong SAR | JSC; commercialization strategy
Meridian Bio Therapeutics Ltd. | David R. Cheung, Esq. | General Counsel | 18/F, Blossom Tower, 88 Queen's Road Central, Hong Kong SAR | Overall licensee obligations; legal matters; regulatory filings
Meridian Bio Therapeutics Ltd. | Dr. Kenji Morimoto | Chief Medical Officer | 18/F, Blossom Tower, 88 Queen's Road Central, Hong Kong SAR | Development plan; pharmacovigilance; Quality Agreement
Meridian Bio Therapeutics Ltd. | Patrick S.H. Kwok | CFO | 18/F, Blossom Tower, 88 Queen's Road Central, Hong Kong SAR | Milestone payments; royalty reporting; MFN pricing; PRC remittance approvals
Calderwood & Harkness LLP | Marcus Delgado | Responsible Partner, IP | 600 Lexington Avenue, 30th Floor, New York, NY 10022 | Overall matter supervision
Calderwood & Harkness LLP | Catherine Bloom | Billing Partner, IP | 600 Lexington Avenue, 30th Floor, New York, NY 10022 | Billing; engagement management
Calderwood & Harkness LLP | Peter Vassiliev | Lead Associate, IP | 600 Lexington Avenue, 30th Floor, New York, NY 10022 | IP recordation; post-closing coordination
Calderwood & Harkness LLP | Wendy Schultz | Working Associate, IP | 600 Lexington Avenue, 30th Floor, New York, NY 10022 | Tracker maintenance; IP recordation; ongoing obligations monitoring
Calderwood & Harkness LLP | Sylvia Hartwell | Specialist Partner, Tax | 600 Lexington Avenue, 30th Floor, New York, NY 10022 | Transfer pricing; withholding tax; tax structuring
Lam, Cheung & Firth LLP | Jonathan M. Firth | Lead Partner, IP/Licensing | 25/F, Jardine House, 1 Connaught Place, Central, Hong Kong SAR | Licensee's counsel — post-closing coordination
Lam, Cheung & Firth LLP | Rebecca S. Liang | Associate | 1345 Avenue of the Americas, 22nd Floor, New York, NY 10105 | Licensee's counsel — associate support
Velthorn National Bank, N.A. | Teresa M. D'Angelo | Escrow Officer | 383 Madison Avenue, New York, NY 10179 | Escrow account maintenance; quarterly fees
Whitford & Cascade Insurance Brokers | Dr. Alan J. Whitford | Lead Patent Attorney | 1750 K Street NW, Suite 600, Washington, DC 20006 | Patent prosecution; FTO opinions; JPC coordination
Clarendon Bates LLP | Robert F. Stanhope, CPA | Engagement Partner (Audit) | 200 Campus Drive, Florham Park, NJ 07932 | Audit; ASC 606 revenue recognition; transfer pricing documentation
Nakamura & Takeda Law Offices | Yuki Nakamura | Lead Partner | Marunouchi Park Building, 2-6-1 Marunouchi, Chiyoda-ku, Tokyo 100-6921 | Japan PMDA regulatory counsel for Meridian
Jade Dragon Insurance Limited | Christine A. Lo | Underwriter | 30/F, AIA Central, 1 Connaught Road Central, Hong Kong SAR | Clinical trial insurance; product liability coverage for Meridian
Alkerra Manufacturing Inc. | N/A | Contract Manufacturer (API) | 5200 Meridian Parkway, Research Triangle Park, NC 27713 | API manufacturing; technology transfer source site
Prescott Hale & Co. LLC | Victoria R. Chen | Senior Managing Director | 277 Park Avenue, 40th Floor, New York, NY 10172 | Financial advisor to Penterra (post-closing advisory if needed)
Eastbridge Partners Limited | Simon K.P. Woo | Managing Director | 12/F, Two Exchange Square, 8 Connaught Place, Central, Hong Kong SAR | Financial advisor to Meridian

[sheet: Summary]

STATUS SUMMARY

RECORDATION SUMMARY

Record

Parties

Dates

Amounts