{"id":42918,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/termination-of-exclusive-sales-representation-copromotion-and.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"termination-of-exclusive-sales-representation-copromotion-and","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/operations\/termination-of-exclusive-sales-representation-copromotion-and.html","title":{"rendered":"Termination of Exclusive Sales Representation, Copromotion and Cooperation Agreement – Given Imaging Ltd. and Ethicon Endo-Surgery, Inc."},"content":{"rendered":"

TERMINATION OF<\/strong><\/p>\n

EXCLUSIVE SALES REPRESENTATION, CO-PROMOTION AND
\n<\/strong><\/p>\n

COOPERATION AGREEMENT<\/strong><\/p>\n<\/p>\n

\n

THIS TERMINATION OF EXCLUSIVE SALES REPRESENTATION, CO-PROMOTION AND
\nCOOPERATION AGREEMENT<\/strong> (the “Termination”) is made and entered into as
\nof the last date of signature set forth below (the “Effective Date”), by and
\nbetween GIVEN IMAGING LTD.<\/strong>, a company incorporated under the
\nlaws of Israel (“Given<\/strong>“) and ETHICON ENDO-SURGERY,
\nINC.<\/strong>, an Ohio corporation, acting by and through its InScope Division
\n(“EES<\/strong>“), (EES and Given hereinafter each individually a
\n“Party<\/strong>” and together the “Parties<\/strong>“).<\/p>\n<\/p>\n

WHEREAS<\/strong>, the Parties have entered into an Exclusive Sales
\nRepresentation, Co-Promotion and Cooperation Agreement, dated May 10, 2004, as
\namended in June, 2004, on October 4, 2004, on October 27, 2005, November, 2005,
\nAugust 2006 and February 16, 2007 (the “Agreement<\/strong>“);<\/p>\n<\/p>\n

WHEREAS, <\/strong>EES provided written notice to Given on November 6,
\n2007 of its intent to terminate the Agreement pursuant to Section 14.04(c) of
\nthe Agreement effective on or about May 6, 2008; and<\/p>\n<\/p>\n

WHEREAS<\/strong>, the Parties now mutually desire to terminate their
\nrespective rights and obligations under the Agreement effective January 20,
\n2008.<\/p>\n<\/p>\n

NOW, THEREFORE<\/strong>, in consideration of the mutual promises and
\ncovenants contained herein, the receipt and sufficiency of which are hereby
\nacknowledged, the Parties agree as follows:<\/p>\n<\/p>\n

1. Defined Terms<\/u>. Capitalized terms not otherwise defined herein shall
\nhave the meaning ascribed to such terms in the Agreement.<\/p>\n<\/p>\n

2. Accelerated Termination Date<\/u>. The Parties agree that the Agreement
\nand each Party153s rights and obligations under the Agreement shall terminate on
\nJanuary 20, 2008 (the “Accelerated Termination Date”). Notwithstanding the
\nforegoing, EES shall continue to provide the reimbursement services described on
\nSchedule 1<\/u> attached hereto until the earlier of the completion of such
\nservice or May 6, 2008. The Accelerated Termination Date shall not affect the
\npayments due from EES to Given pursuant to Section 14.04(c) of the Agreement.\n<\/p>\n<\/p>\n

3. Consideration; Payments to Given; Commissions<\/u>.<\/p>\n<\/p>\n

(a) In consideration of the Accelerated Termination Date, and in addition to
\nthe payments due from EES to Given pursuant to Section 14.04(c) of the
\nAgreement, EES shall pay Given one million, two hundred thousand US dollars
\n(US$1,200,000) on or before December 28, 2007.<\/p>\n<\/p>\n

(b) The Parties agree that, pursuant to paragraph (a) above and Section
\n14.04(c) of the Agreement, EES shall pay the following amounts to Given on or
\nbefore the dates set forth below:<\/p>\n<\/p>\n\n\n\n\n\n
\n

US $1,200,000<\/p>\n<\/td>\n

\n

–<\/p>\n<\/td>\n

\n

December 28, 2007<\/p>\n<\/td>\n<\/tr>\n

\n

US $5,000,000<\/p>\n<\/td>\n

\n

–<\/p>\n<\/td>\n

\n

February 4, 2008<\/p>\n<\/td>\n<\/tr>\n

\n

US $2,620,000<\/p>\n<\/td>\n

\n

–<\/p>\n<\/td>\n

\n

February 28, 2008<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\n

\n

\n

The Parties acknowledge and agree that these amounts represent all of the
\npayments due from EES to Given as a result of the Agreement and the Termination
\nand that upon payment of these amounts, EES shall have fulfilled all of its
\nfinancial obligations to Given pursuant to the Agreement and the Termination.\n<\/p>\n<\/p>\n

(c) Given will not be obligated to pay any commissions to EES for Products or
\nAncillary Products sold in the Territory after the Effective Date.<\/p>\n<\/p>\n

4. Equipment Transfer<\/u>. As of the Accelerated Termination Date, EES
\nshall transfer to Given all of its rights, title and interest in and to the
\npersonal property listed on Schedule 2<\/u> to (the “Equipment”). EES is
\ntransferring the Equipment to Given in “AS IS, WHERE IS” condition, with no
\nwarranties of any kind and with all faults and defects.<\/p>\n<\/p>\n

5. Effect on Agreement<\/u>. Until the Accelerated Termination Date, the
\nAgreement shall remain in full force and effect in accordance with its terms and
\ndoes not relieve either party from any of its obligations thereunder.<\/p>\n

[Next Page is Signature page]<\/p>\n<\/p>\n

\n<\/p>\n

IN WITNESS WHEREOF, the Parties hereby have executed this Termination by
\ntheir respective duly authorized officers effective as of the last date set
\nforth below.<\/p>\n<\/p>\n\n\n\n\n\n\n\n\n
\n

ETHICON ENDO-SURGERY, INC.<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

By:<\/p>\n<\/td>\n

\n

\/s\/Michelle Brennan<\/p>\n<\/td>\n<\/tr>\n

\n

Name:<\/p>\n<\/td>\n

\n

Michelle Brennan<\/p>\n<\/td>\n<\/tr>\n

\n

Title:<\/p>\n<\/td>\n

\n

Vice President<\/p>\n<\/td>\n<\/tr>\n

\n

Date:<\/p>\n<\/td>\n

\n

December 18, 2007<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/tr>\n
\n

GIVEN IMAGING LTD.<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

By:<\/p>\n<\/td>\n

\n

\/s\/ Nachum Shamir<\/p>\n<\/td>\n<\/tr>\n

\n

Name:<\/p>\n<\/td>\n

\n

Nachum Shamir<\/p>\n<\/td>\n<\/tr>\n

\n

Title:<\/p>\n<\/td>\n

\n

President & Chief Executive Officer<\/p>\n<\/td>\n<\/tr>\n

\n

Date:<\/p>\n<\/td>\n

\n

December 18, 2007<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

By:<\/a><\/p>\n<\/td>\n

\n

\/s\/ Yuval Yanai<\/p>\n<\/td>\n<\/tr>\n

\n

Name:<\/p>\n<\/td>\n

\n

Yuval Yanai<\/p>\n<\/td>\n<\/tr>\n

\n

Title: <\/a><\/p>\n<\/td>\n

\n

Chief Financial Officer<\/p>\n<\/td>\n<\/tr>\n

\n

Date:<\/p>\n<\/td>\n

\n

December 18, 2007<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n

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