EX-10.10






 Exhibit 10.10 

Execution Copy 
 [*] Certain information in
this document has been omitted from this exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed. 

LICENSE AGREEMENT 
 Between 

MERCER UNIVERSITY 
 and 

KIROMIC, INC. 

  
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 Execution Copy 

 
 TABLE OF CONTENTS 

 

					
	 ARTICLE 1. DEFINITIONS
	  	 	3	 
	 ARTICLE 2. GRANT OF LICENSE
	  	 	7	 
	 ARTICLE 3. CONSIDERATION FOR LICENSE
	  	 	9	 
	 ARTICLE 4. REPORTS AND ACCOUNTING
	  	 	11	 
	 ARTICLE 5. PAYMENTS
	  	 	13	 
	 ARTICLE 6. DILIGENCE AND COMMERCIALIZATION
	  	 	14	 
	 ARTICLE 7. PATENT PROSECUTION
	  	 	15	 
	 ARTICLE 8. INFRINGEI\IIENT
	  	 	17	 
	 ARTICLE 9. LIMITED WARRANTIES AND DISCLAIMERS OF WARRANTIES
	  	 	19	 
	 ARTICLE 10. DAMAGES, INDEMNIFICATION AND INSURANCE
	  	 	20	 
	 ARTICLE 11. CONFIDENTIALITY
	  	 	21	 
	 ARTICLE 12. TERM AND TERMINATION
	  	 	23	 
	 ARTICLE 13. ASSIGNMENT
	  	 	26	 
	 ARTICLE 14. DISPUTE RESOLUTION
	  	 	26	 
	 ARTICLE 15. MISCELLANEOUS
	  	 	27	 
	 ARTICLE 16. NOTICES
	  	 	29	 

 APPENDIX A: 
 A-1 COMPANY’S DEVELOPMENT PLAN 
 A-2 DILIGENCE MILESTONES 

APPENDIX B: LICENSED PATENTS 
 APPENDIX C: U.S. GOVERNMENT
LICENSE(S) 
 APPENDIX D: RUNNING ROYALTY PERCENTAGE 
 APPENDIX
E: SUBLICENSE PERCENTAGE 
 APPENDIX F: MILESTONE PAYMENTS 

  
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 THIS LICENSE AGREEMENT is made and entered into as of the 1st day of December, 2016, (hereinafter referred to as the ‘“Effective Date”) by and among MERCER UNIVERSITY, a nonprofit Georgia corporation with offices located at 1501 Mercer
University Drive, Macon, GA 31201: (hereinafter referred to as “MERCER” or “LICENSOR”), and Kiromic, Inc. (hereinafter referred to as “COMPANY” or “LICENSEE”) a Delaware corporation having a
principal place of business located at 7707 Fannin, Suite 140, Houston, Texas 77054. 
 WHEREAS; LICENSOR is the owner of all right,
title: and interest in inventions and technology, developed by its employees and is responsible for their protection and commercial development; and 

WHEREAS, LICENSOR has developed certain inventions and technology related to nanoparticles useful as vaccines as described in the
patents listed in APPENDIX B; and 
 WHEREAS, LICENSOR wants to have such inventions and technology developed, commercialized, and
made available in commerce for use by the public; and 
 WHEREAS, COMPANY wishes to obtain certain rights to pursue the development
and commercialization of the inventions and technology; and 
 WHEREAS, LICENSOR wishes to grant COMPANY such rights in accordance
with the terms and conditions of the Agreement. 
 NOW, THEREFORE, for and in consideration of the mutual covenants and the promises
herein contained, the parties, intending to be legally bound, hereby agree as follows. 
 ARTICLE 1. DEFINITIONS 

The following terms as used herein shall have the following meaning: 

“Affiliate” shall mean any corporation or non-corporate business
entity which controls, is controlled by, or is under common control with a party to this Agreement. A corporation or non-corporate business entity shall be regarded as in control of another corporation if it
owns or directly or indirectly controls, at least fifty (50%) percent of the voting stock of the other corporation, or (i) in the absence of the ownership of at least fifty (50%) percent of the voting stock of a corporation or (ii) in the
case of a non-corporate business entity, or non-profit corporation, if it possesses, directly or indirectly, the power to direct or cause the direction of the management
and policies of such corporation or non-corporate business entity, as applicable. 

  
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 “Agreement” or “License
Agreement” shall mean this Agreement, including all APPENDICES attached to this Agreement. 

“‘COMPANY’s Development Plan” shall mean the plan detailed in APPENDIX A-1 of this Agreement. 
 “Dollars” shall mean United States dollars.

 “Field of Use’’ shall mean oral vaccines for any diseases, including, without limitation, any form
of cancer. 
 “Improvements” shall mean any patent applications that are developed by an Inventor which if
practiced would infringe or be necessary or useful in the practice of any of the Licensed Patents. For clarity, Improvements do not include Licensed Patents. 

“Indemnitees” shall mean the Board of Trustees of Mercer University, Inventors, LICENSOR, and its Affiliates,
directors, officers, employees and students, and their heirs, executors, administrators, successors and legal representatives. 

“Inventors” shall mean the named inventors of the Licensed Patents. 

“Licensed Know-How” shall mean all formulations, designs, technical
information, know-how, knowledge, data, specifications, test results and other information, whether or not patented or patentable (“Know-How”), which are
known, learned, invented, or developed by the Inventors as of the Effective Date to the extent that (i) such Know-How is required for the manufacture, use, development, testing, marketing, export, import,
offer for sale or sale of any Licensed Product, and (ii) LICENSOR possesses the right to license the use of such Know-How to COMPANY for commercial purposes. 

“Licensed Patents” shall mean the patent applications identified in APPENDIX B, together with any and
all derivative substitutions, extensions, divisionals, continuations, continuations-in-part (to the extent that the claimed subject matter of such continuations -in-part is disclosed in the parent Licensed Patent and rights to the continuations in part are not obligated to a third party\ foreign counterparts of such patent applications and any patents
which issue thereon anywhere in the world, including reexamined and reissued patents. 
 “Licensed Product(s)”
shall mean any process, service or product that but for the grant of a license herein infringes a Valid Claim of any Licensed Patent in the country of manufacturing or sale, as applicable. 

  
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 “Licensed Technology” means Licensed
Patents and Licensed Know-How. 
 “Licensed Territory” means the
world. 
 “Net Selling Price” of Licensed Products shall mean the gross selling price paid by a purchaser
of a Licensed Product to COMPANY, an Affiliate or Sublicensee of COMPANY, or a consignment distributor authorized by COMPANY to sell Licensed Products on behalf of the COMPANY (“‘Consignment Distributor”) less the following discounts:

  

	 	a)	 customary trade, quantity and cash discounts actually allowed and taken, including rebates granted to managed
health care or governmental organizations; 


  

	 	b)	 credits actually given for rejected or returned Licensed Products; 



 

	 	c)	 freight, postage, shipping, transportation and insurance costs, if actually paid and separately itemized on the
invoice paid by the purchaser; and 


  

	 	d)	 sales value-add and excise taxes, and customs duties.



 Where a Sale is deemed consummated by a gift, use, or other disposition of Licensed Products for other than a selling
price stated in cash, the term “Net Selling Price” shall mean the average gross selling price billed by COMPANY in consideration of the Sale of comparable Licensed Products during the three (3) month period immediately preceding such
Sale, without reduction of any kind. If no Sales of Licensed Products have occurred in the preceding three (3) months, then the parties shall, in good faith, negotiate the cash value of such Sale. In the event that the parties cannot agree on
the Net Selling Price within thirty (30) days of beginning such negotiations, the Net Selling Price shall be determined by a mutually agreeable qualified appraiser. 

Notwithstanding the foregoing: (a) amounts received by COMPANY, its Affiliates or Sublicensees of COMPANY or its Affiliates for the sale
of Licensed Products among COMPANY, its Affiliates and Sublicensees for resale shall not be included in the computation of Net Selling Price hereunder, (b) Sales of the Licensed Product for clinical development purposes shall not be included in
the Net Selling Price, (c) Sales to a Consignment Distributor of the Licensed Product shall not be included in the Net Selling Price, but resale by said Consignment Distributor shall be included in Net Selling Price with respect to the country
in which the resale Product is purchased (d) Sales to any distributor (other than a Consignment Distributor) of the Licensed Product shall be included in the Net Selling Price with respect to the country in which the distributor makes such
purchase, but resale by said distributor, and further resales, shall not be included in Net Selling Price and (d) no Licensed Product shall be included in the Net Selling Price more than once as the result of resale. 

  
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 In the event that a Licensed Product is sold in a kit or combination
form with one or more other medical devices, active ingredients or as a part of a device which are not the subject of the grant of this Agreement (“Combination Product”), then the “gross selling price for the Licensed Product”
shall be calculated by multiplying the gross selling price paid by a purchaser of the Combination Product by A/(A+B), in which “A’’ is the gross selling price of the Licensed Product when sold separately and “B” is the
selling price of the other medical devices or active ingredients when sold separately.    In the event that the other medical device or active ingredient    is not sold separately, the gross selling price for
the Combination Product can be multiplied by A/X, in which “A” is the gross selling price of the Licensed Product when sold separately and “X” is the gross selling price of the Combination Product. In the event that the Licensed
Product is not sold separately, Net Sales for royalty determinations can be based on the gross selling price for a comparable product as shall be mutually agreed upon by the Parties in good faith. In the event that the Parties cannot agree on the
gross selling price for the Licensed Product sold in a Combination Product within thirty (30) days of beginning such negotiations, the gross selling price for the Licensed Product shall be determined by a mutually agreeable qualified appraiser.

 In the event that the parties still cannot agree on the gross selling price for the Licensed Product sold in a Combination Product, the
parties shall proceed with a dispute resolution under Article 14. 
 “Sale,” “Sell” or
“Sold” shall mean the sale, transfer, exchange, or other disposition of Licensed Products whether by gift or otherwise by COMPANY, its Affiliates, Sublicensees or Consignment Distributors (as defined in the Net Selling Pricing
definition). Sales of Licensed Products for use in a clinical trial shall not constitute Sale, Sell or Sold for calculation of Net Selling Price of Licensed Products. Sales of Licensed Products shall be deemed consummated upon the first to occur of:
(a) receipt of payment from the purchaser; or (b) if otherwise transferred, exchanged, or disposed of whether by gift or otherwise, when such transfer, exchange, gift, or other consideration is received. Sales of Licensed Products for
calculation of Net Selling Price shall be deemed to have occurred in the country in which the Product is purchased. 

“Valid Claim” shall mean a claim in an unexpired patent or pending patent application so long as such claim
shall not have been irrevocably abandoned or held invalid in an unappealable decision of a court or other authority of competent jurisdiction in the relevant country. 

  
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 ARTICLE 2. GRANT OF LICENSE 

2.1. License, 

(a)    LICENSOR hereby grants COMPANY an exclusive right and license, with the right of sublicense, to make, have made,
develop , use, import, offer for sale and sell Licensed Products and practice Licensed Patents and the right to practice Licensed Technology in the Field of Use in the Licensed Territory during the term of this Agreement. 

(b)    With respect to Licensed Know-How, LICENSOR hereby grants to COMPANY,
subject to the rights of third parties, an Exclusive license, with the right of sublicense, in and to Licensed Know-How to make, have made, sell, offer for sale, use, and import Licensed Products throughout
the Licensed Territory in the Field of Use. For the purpose of this subsection only, “Exclusive” shall mean LICENSOR shall not grant any additional commercial licenses to any for profit third parties (except to the U.S. Government to the
extent required by law) who are not current or future entities which enter into a research agreement with LICENSOR in which such Licensed Know-How is required in the performance of the contemplated research or
in the practice of any resulting intellectual property; provided that subject to the caveats expressly specified in the last paragraph of Section 2. l(b) and under Section 2.3 LICENSOR shall not knowingly use, allow (to the extent such
Licensed Know How is legally enforceable) and/or grant others the right the right to use, the Licensed Know-How for any technology that would infringe an issued claim of a Licensed Patent for the life of the
Licensed Patent. It is expressly understood by the parties, that LICENSOR, as a matter of course actively educates students and publishes the results of research and, as such, Licensed Know-How is commonly
transferred to third parties without restriction and without a formalized agreement. 
 Option. LICENSOR hereby grants COMPANY an
exclusive option to an exclusive license, subject to any pre-existing rights of third party sponsors or the U.S. Government, under terms and conditions materially similar to the terms and conditions of this
Agreement to Improvements for a period of * years from the Effective Date. LICENSOR agrees to disclose, within sixty (60) days of receiving a written notification thereof from an Inventor, any Improvements to COMPANY. COMPANY shall provide
LICENSOR written notice of its intent to exercise its option within ninety (90) days of notification by LICENSOR and the parties shall negotiate in good faith for a period not to exceed ninety (90) days from COMPANY’s notice unless a
longer term is mutually agreed upon and which shall be consistent with terms granted to other companies in similar circumstances. 

  
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 2.3. Retained License. The license granted in Section 2,1
above is further conditional upon and subject to a right and license retained by LICENSOR to make, use and transfer Licensed Products and practice Licensed Technology for research, educational and non -commercial purposes only (excluding
however, any form of clinical development of Licensed Products), alone or with not for profit third parties. 

2.4.    Sublicenses. COMPANY may grant sublicenses to third parties (“Sublicensees’’) through
multiple tiers. Any sublicense shall be in compliance with this Agreement and COMPANY shall remain responsible to LICENSOR for any repo1iing and any payment of all fees and royalties due under this Agreement to LICENSOR. 

2.4.1    COMPANY shall include in any sublicense granted pursuant to this Agreement, a provision requiring the Sublicensee
to indemnify LICENSOR and maintain liability coverage to the same extent that COMPANY is so required pursuant to Section 10.3 of this Agreement. 

2.4.2    COMPANY shall include in any sublicense granted pursuant to this Agreement, a provision that grants LICENSOR the
right to audit the Sublicensee to the same extent that LICENSOR has the right to audit the COMPANY pursuant to Section 4.4 of this Agreement. 

2.4.3    COMPANY shall provide LICENSOR with copies of all executed sublicense agreements within thirty (30) days of
their execution date, provided that COMPANY may redact any confidential information of the Sublicensee contained therein except for information which is reasonably necessary for the determination of compliance with the financial requirements of this
agreement. 
 2.5.    No Implied License. The license and rights granted in this Agreement shall not be construed
to confer any rights upon COMPANY by implication, estoppel, or otherwise as to any technology not specifically identified in this Agreement as Licensed Technology. 

2.6.    U.S. Manufacturing. COMPANY agrees that any Licensed Products used or sold in the United States will be
manufactured substantially in the United States to the extent required by law unless any waivers required are obtained from the United States Government by COMPANY. LICENSOR agrees to reasonably assist COMPANY as necessary in requesting and
obtaining such waivers at the expense of COMPANY. 

  
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 ARTICLE 3. CONSIDERATION FOR LICENSE 

3.1.    License Fee. As partial consideration for the license granted to COMPANY under this Agreement, COMPANY
shall pay LICENSOR a non-refundable total License Fee of * dollars ($*, payable as follows: * dollars ($*) due within fifteen (15) days of the Effective Date of this Agreement; and * dollars ($*) due one
year from the Effective Date of this Agreement. If the Agreement is assigned or acquired, or COMPANY merges with a third party, all such outstanding amounts are payable upon such an event 

3    Running Royalties. As partial consideration for the license granted to COMPANY under this Agreement, COMPANY
shall pay LICENSOR a total royalty equal to the appropriate percentage set forth on APPENDIX D attached hereto times the Net Selling Price of all Licensed Products Sold in a country in which the Product is purchased during the term of this
Agreement by COMPANY, its Affiliates, its Sublicensees or any non-consignment distributor authorized by COMPANY to Sell Licensed Products. Royalties shall be due and payable within sixty (60) days of
June 30 and December 31. 
 3.2.1    Reduction of Rovalties-Third Party Royalties. In the event it becomes
necessary for COMPANY or its Sublicensee, in the reasonable opinion of its counsel, to obtain a license from a third party in order to make, have made, develop, import, export, use, sell, offer for sale, have sold or otherwise exploit any Licensed
Product because, except for a license granted by the third party, sale of a Licensed Product in the relevant country would infringe an intellectual property right of a third party in that country, COMPANY or its Sublicensee may offset the royalty
rate paid to LICENSOR on a Licensed Product-by-Licensed Product and country-by-country
basis by up to * percent (*%) of the royalties paid to such third party in the corresponding royalty period. Notwithstanding the foregoing, however, in no event shall the royalties due to LICENSOR on Net Sales of such Licensed Products in any
country be reduced due to royalties paid to third parties for an Active Pharmaceutical Ingredient (i.e., a drug or antigen) in the Licensed Product. Notwithstanding the foregoing, however, in no event shall the royalties due to LICENSOR on Net Sales
of such Licensed Products in any country be reduced by more than *% of the Running Royalty Percent as identified in APPENDIX D. 

  
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 3.3. Sublicense Payments. Within thirty (30) days of receipt
by COMPANY, COMPANY shall pay LICENSOR the percentage as specified in APPENDIX E on any non -royalty based fees or payments paid to COMPANY by any Sublicensee (“Sublicense Percentage”) as consideration for any sublicenses grant
under this Agreement, including but not limited to any initial licensing fees, milestone fees, maintenance fees, but specifically excluding (a) royalties on the sale or distribution of Licensed Product, (b) consideration received for purchase
of equity in COMPANY up to the fair market value of such equity (the Sublicense Percentage being due solely on “premium equity payments”, as defined below) (c) payments for research and development services regarding Licensed Product
and (d) reimbursement of patent prosecution costs regarding the Licensed Patents. 
 For purposes of this Agreement, premium equity
payments shall mean the positive difference, if any, between the per share amount paid for equity in COMPANY by a Sublicensee and the per share fair market value of said equity, multiplied by the number of shares purchased by such Sublicense. The
per share fair market value of COMPANY’ s equity shall be the per share amount paid by an investor to COMPANY in the most recent round of financing within the twelve (12) month period immediately preceding an equity purchase by a
Sublicensee. If no round of financing occurred in the immediately preceding twelve (12) month period, the per share fair market value of COMPANY’s equity shall be agreed upon by the parties. In the event that COMPANY and LICENSOR cannot
agree on a per share price within thirty (30) days of COMPANY’ s receipt of such premium equity payments, said price shall be determined by a mutually agreeable qualified appraiser. In the event COMPANY owes LICENSOR a portion of such
premium equity payment, COMPANY shall have the option of remitting payment to LICENSOR in the form of equity in COMPANY, with the per share market value of such equity determined as set forth in this Section 3.3. In the event that a portion or
all of the premium equity payments are required to be reimbursed to Sublicensee under the terms of the sublicense agreement, then LICENSOR’s pro rata share of such reimbursable premium equity payment shall be credited against any running
royalties earned in the particular calendar year to which the reimbursable premium equity payment relate. 

  
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 3.4.    Milestone Payments. COMPANY shall pay
LICENSOR a payment in the amount specified in APPENDIX F attached hereto (“Milestone Payment”) no later than thirty (30) days after the first occurrence of the corresponding event designated in APPENDIX F attached hereto
as a “Milestone Event” with respect to the first Licensed Product to achieve such Milestone Event. To the extent that a Milestone Payment is due to the COMPANY from a Sublicensee, the COMPANY shall pay LICENSOR the amount of the Milestone
Payment due, as well as a Section 3.3 Sublicense Percentage of any additional amount paid to Company in excess of the Milestone Payment amount 

3.5. Reimbursement for Patent Expenses. 

(i)    COMPANY shall reimburse LICENSOR for all reasonable fees, costs, and expenses incurred by LICENSOR after the
Effective Date during the term of this Agreement related to filing, prosecuting, and maintaining the Licensed Patents in the Licensed Territory. COMPANY shall deliver such payment to LICENSOR within thirty (30) days after LICENSOR notifies
COMPANY of the amount of such fees, costs, and expenses. To the extent that COMPANY does not remit payment of any uncontested patent payment amounts within sixty (60) days of notification, a late payment charge of one and one-half percent (1.5%) per month will be assessed against the COMPANY. 

3.6.    Tax Payments. All payments made to LICENSOR under this Article 3 of this Agreement shall be made free and
clear of any tax, withholding or other governmental charge or levy (other than taxes imposed on the net income of LICENSOR), all such non-excluded amounts being “Taxes.” Should the COMPANY be
obligated by law to withhold any Taxes on such payments, the payment due hereunder shall be increased such that after the withholding of the appropriate amount LICENSOR receives the amount that -would have been paid but for the Taxes withheld.
Should LICENSOR be obligated to pay such Taxes, and such Taxes were not satisfied by way of withholding, COMPANY shall promptly reimburse LICENSOR for such payment, in an amount such that after the payment of the Taxes, LICENSOR has received the
same amount that it would have received had such Taxes not been payable. 
 ARTICLE 4. REPORTS AND ACCOUNTING 

4.1.    Progress Reports. Within thirty (30) days after December 31 of each calendar year, COMPANY shall
provide LICENSOR with a written report detailing the activities of the 

  
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 COMPANY relevant to the COMPANY’s Development Plan and the development and/or
commercialization of Licensed Products. For avoidance of doubt, non-receipt of such written report within the specified time period shall be considered a material breach of this Agreement under
Section 12.2 
 4.2. Royalty Reports. During the term of this Agreement, COMPANY shall furnish, or cause to be furnished to
LICENSOR. written reports governing each of COMPANY, COMPANY’S Affiliates and Sublicensees fiscal quarters pertaining to the Licensed Products showing: 

(i)    the occurrence of any event triggering a Milestone Payment obligation or any other payment in accordance with
Article 3; and 
 (ii)    the gross selling price and the number of units of all Licensed Products (identified by product
number/name) Sold by COMPANY, its Affiliates and Sublicensees, in each country of the Licensed Territory during the reporting period, together with the calculations of Net Selling Price in accordance with Section 1.12; and 

(iii)    the royalties payable in Dollars, which shall have accrued hereunder in respect to such Sales: and 

(iv)    the exchange rates, if any, in determining the amount of Dollars of royalty due as provided in Section 5.3;
and 
 (v) a summary of all reports provided to COMPANY by COMPANY’S 

Sublicensees, including the names and addresses of alt Sublicensees and Distributors; and 

(vi)    the amount of any consideration received by COMPANY from Sublicensees and an explanation of the contractual
obligation satisfied by such consideration 
 Royalty Reports shall be made semi-annually within sixty (60) days of the close of
June 30 and December 31. COMPANY shall keep accurate records in sufficient detail to enable royalties and other payments payable hereunder to be determined. COMPANY shall be responsible for all royalties and late payments that are due to
LICENSOR. 
 4.3.    Records. During the term of this Agreement and for a period of three (3) years
thereafter. COMPANY shall keep at its principal place of business true and accurate records of all Sales in accordance with generally accepted accounting principles in the respective country where such Sales occur and in such form and manner so that
all royalties owed to LICENSOR may be readily and accurately determined. COMPANY shall furnish LICENSOR copies of such records upon LICENSOR’ s request, which shall not be made more often than once in each COMPANY fiscal year. 

  
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 4.4.    Right to Audit. LICENSOR shall have
the right, upon prior notice to COMPANY, not more than once in each COMPANY fiscal year and the calendar year immediately following termination of the Agreement, through an independent certified public accountant selected by LICENSOR, to have access
during normal business hours of COMPANY as may be reasonably necessary to examine the records of COMPANY solely for the purpose of verifying the accuracy of the calculation of any payment due under this Agreement COMPANY shall include in any
sublicenses granted pursuant to this Agreement, a provision requiring the Sublicensee to keep and maintain records of Sales made pursuant to such sublicense and to grant access to such records by COMPANY’S independent public accountant, the
report of which shall be made available to LICENSOR’S independent public accountant for verifying the accuracy of the calculation of any payment due under this Agreement. If such independent public accountant’s report shows any
underpayment of royalties by COMPANY, its Affiliates or Sublicensees, within thirty (30) days after COMPANY’S receipt of such report, COMPANY shall remit or shall cause its Sublicensees to remit to LICENSOR: 

(i) the amount of such underpayment; and 

(ii)    if such underpayment exceeds five (5%) percent of the total royalties owed for the fiscal year then being reviewed,
the reasonably necessary fees and expenses of such independent public accountant performing the audit. Otherwise, LICENSOR’s accountant’s fees and expenses shall be borne by LICENSOR. 

ARTICLE 5. PAYMENTS 

5.1.    Payment Due Dates. Royalties shall be due commencing upon the first Sale of a Licensed Product in the
Licensed Field of Use in any country in the Licensed Territory. Royalties and sublicense fees payable to LICENSOR as a result of activities occurring during the period covered by each royalty report provided for under Article 4 of this Agreement
shall be due and payable on the date such royalty report is due as detailed in Section 4.2. Payments of royalties in whole or in part may be made in advance of such due date. All other payments required under this Agreement, if not specified
otherwise in this Agreement, shall be payable within sixty (60) days of the due date for each payment. 

  
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 5.2.    Payment Delivery. Except as
hereinafter provided in this Section 5.2, and except as provided by LICENSOR such as in an invoice issued to COMPANY, all payments due to LICENSOR under this Agreement shall be made in person or via the United States mail or private carrier to
the following address: 
 Mercer University 

Attn: Director, Office of Technology Transfer 

1400 Coleman Avenue 
 Macon,
Georgia 31207 
 Any payment in excess of one hundred thousand ($100,000.00) dollars or originating outside of the United States shall be
made by wire transfer to an account of MERCER designated by LICENSOR from time to time and royalty reports shall be sent by facsimile or express courier to the Director. Office of Technology Transfer on the same date. 

5.3.    Currency Conversion. Except as hereinafter provided in this Section 5.3, all royalties shall be paid
in Dollars. If any Licensed Products are Sold for consideration other than Dollars, the Net Selling price of such Licensed Products shall first be determined in the foreign currency of the country in which such Licensed Products are Sold and then
converted to Dollars at a ninety (90)-day trailing average published by the Wall Street Journal (U.S. editions) for conversion of the foreign currency into Dollars on the last day of the quarter for
which such payment is due. 
 5.4.    Interest. Royalties and other payments required to be paid by COMPANY
pursuant to this Agreement shall, if overdue, bear interest until payment at a per annum rate one percent (1%) above the average of the prime rate as published in the Wall Street Journal during the ninety (90) days immediately preceding
the due date of such overdue payment. The interest payment shall be due from the day the original payment was due until the day that the payment was received by LICENSOR. The payment of such interest shall not foreclose LICENSOR from exercising any
other rights it may have because any payment is overdue. 
 ARTICLE 6. DILIGENCE AND COMMERCIALIZATION 

6.1.    Diligence. COMPANY shall use its commercially reasonable efforts, either directly or through Affiliates or Sublicensees,
throughout the term of this Agreement to comply with COMPANY’s Development Plan in APPENDIX A-1, as may be amended from time to time as described below, and to commercialize Licensed Products
following receipt of marketing approval. In no instance shall COMPANY’s commercially reasonable efforts be less than efforts customary for COMPANY’s industry, size and state of development. 

  
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 COMPANY shall use commercially reasonable efforts to adhere to the
diligence milestones set forth in APPENDIX A-2, it being understood that each of such milestones only need to be met once (for example, if the first Licensed Product meets the first milestone, such
milestone shall be deemed achieved for all Licensed Products). In the event that COMPANY fails to timely meet the milestones in APPENDIX A-2, COMPANY shall provide LICENSOR with a written report
outlining the efforts undertaken thus far and the steps COMPANY will take to meet the unsatisfied milestone, which shall also include an adjustment in the time required to meet such milestone (“Time Adjustment Proposal”). For clarity, a non-limiting example of a reasonable request for a Time Adjusted Delay contemplated herein is regulatory review delay of the responsible agency. Such report shall be submitted LICENSOR for consideration within sixty
(60) days after the failure to meet the milestone, and LICENSOR shall not unreasonably decline to accept the Time Adjustment Proposal. If COMPANY fails to provide the report, LICENSOR reasonably declines to accept the Time Adjustment Proposal,
or if COMPANY fails to meet the new deadlines set in the Time Adjustment Proposal approved by LICENSOR, LICENSOR shall have the option in its sole discretion and following ninety (90) days written notice to COMPANY to terminate the license
granted hereunder, to allow this Agreement to continue in full force and effect, or to convert the license granted hereunder to a nonexclusive license upon written notice to COMPANY. 

6.2.    Sublicensee Performance. LICENSOR agrees that a Sublicensee’s performance of its diligence obligations
regarding a Licensed Product as set forth in the sublicense agreement shall be deemed to be performance by COMPANY of its diligence obligations for such Licensed Product under this License Agreement, including, but not limited to, those set f01ih in
Article 6 hereof. 
 ARTICLE 7. PATENT PROSECUTION 

7.1.    Licensed Patents. The Prosecution and Maintenance of the Licensed Patents shall be the primary
responsibility of LICENSOR with selection of outside legal counsel mutually acceptable to COMPANY. For purposes of this Agreement, “Prosecution and Maintenance” or “Prosecute and Maintain,” with respect to a particular patent
application or patent, means the preparation, filing, prosecution and maintenance of such patent or patent application, as well as 

  
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 re-examinations, reissues, applications for
patent term extensions and the like with respect to such patent or patent application, together with the conduct of interferences, the defense of oppositions and other similar proceedings with respect to such patent or patent application. LICENSOR
shall reasonably diligently Prosecute and Maintain Licensed Patents, except to the extent that LICENSOR has obtained written confirmation from COMPANY that a patent or patent application within the Licensed Patents shall be allowed to lapse.
LICENSOR and COMPANY shall consult with each other regarding efficient representation by qualified counsel for any post-grant proceedings,. and shall agree in good faith on the choice of such counsel as well as the strategy for such proceedings
before commencing such proceedings. 
 (i)    Comment. LICENSOR shall provide COMPANY with copies of all filings
and official correspondence pertaining to such Prosecution and Maintenance of the Licensed Patents so as to give COMPANY an opportunity to provide comments to LICENSOR in advance of filings (which comments shall be reasonably implemented by
LICENSOR) and mutually cooperate in such Prosecution and Maintenance. In the event LICENSOR desires to transfer the prosecution of any of the Licensed Patents to new patent counsel, COMPANY’s written consent shall be obtained prior to the
commencement of such transfer, which consent shall not be unreasonably withheld or delayed. 
 (ii)    New
Applications. COMPANY shall notify LICENSOR in writing of the countries in which COMPANY wishes additional patent applications to be filed, including but not limited to national phase filings and regional registrations. LICENSOR shall, at
COMPANY’s expense, file such additional patent applications. LICENSOR may, at its own expense, file patent applications in any country in which COMPANY elects not to file and such applications shall not be subject to any license granted to or
obligation of COMPANY hereunder, however, LICENSOR shall provide COMPANY a ninety (90) day period for COMPANY to elect to re-include in this Agreement such patent applications or patents upon notice to
LICENSOR (subject to COMPANY reimbursing LICENSOR for any expenses incurred by LICENSOR to prosecute such patent applications or patents prior to such notice) prior to licensing any third party. 

  
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 (iii)    Reimbursement. If COMPANY should
fail to timely make reimbursement for patent expenses as required in Article 3.5(i) of this Agreement, and subject to the provisions for late payment therein, LICENSOR, in addition to any other remedies under the Agreement, shall have no further
obligation to Prosecute or Maintain such Licensed Patents for which COMPANY failed to make timely reimbursement. COMPANY, upon ninety (90) days advance written notice to LICENSOR, may advise LICENSOR that it no longer wishes to pay expenses for
Prosecution or Maintenance of one or more Licensed Patents. LICENSOR may, at its option, elect to pay such expenses or permit such Licensed Patents to become abandoned or lapsed. If LICENSOR elects to pay such expenses, such patents or patent
applications shall cease to be subject to any license granted to or obligation of COMPANY hereunder, however, LICENSOR shall provide COMPANY a ninety (90) day period for COMPANY to elect to re -include in this Agreement such patent
applications or patents upon notice to LICENSOR (subject to COMPANY reimbursing LICENSOR for any expenses incurred by LICENSOR to prosecute such patent applications or patents prior to such notice) prior to licensing any third party. 

7.2.    Extension of Licensed Patents. COMPANY may request that LICENSOR have the normal term of any Licensed
Patents extended or restored under a country’s procedure of extending patent term for time lost in government regulatory approval processes, and the expense of the same shall be borne in accordance with the terms of Article 3.5. COMPANY shall
reasonably assist LICENSOR to take whatever action is necessary to obtain such extension. In the case of such extension, royalties pursuant to Article 3 hereof shall be payable until the end of the extended term of the patent. 

ARTICLE 8. INFRINGEMENT 

8.1.    COMPANY shall promptly notify LICENSOR, and LICENSOR shall promptly notify COMPANY, of any suspected infringement
of any Licensed Patents. During the term of this Agreement, LICENSOR and COMPANY shall have the right to institute an action for infringement of the Licensed Patents against a third party in accordance with the following: 

COMPANY shall have the first right to enforce any Licensed Patents against such infringer, including defending any declaratory judgment action
brought against it alleging the 

  
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 invalidity of a Licensed Patent, and shall bear the entire cost of such action. COMPANY
agrees to defend LICENSOR against any counterclaim brought against it in such action. It is LICENSOR’ s intention that COMPANY be able to prosecute an alleged infringement without including LICENSOR as a party to the litigation, should LICENSOR
choose at its discretion not to be a party to the litigation, and as such herein grants COMPANY the rights in Licensed Patents to sue an infringer alone. Should LICENSOR choose not to join in such action, to the extent necessary for standing
purposes, upon COMPANY’s request, LICENSOR shall assign to LICENSEE only such rights to the applicable Licensed Patent that may be necessary to permit COMPANY to initiate or prosecute such action without LICENSOR, provided that COMPANY shall be
responsible for all reasonable attorney’s fees and costs associated with LICENSOR’s participation in such suit. COMPANY shall reimburse LICENSOR for any costs incurred, including reasonable attorneys’ fees, as part of any action
brought by COMPANY. 
 COMPANY shall not enter into any settlement agreement, voluntary dismissal, consent judgment or other voluntary final
disposition in any action regarding the Licensed Patents, including, without limitation, any settlement of a claim relating to the scope, validity or enforceability of any Licensed Patent, without the express written consent of LICENSOR, such
consent not to be unreasonably withheld or delayed. Any recovery or settlement received for punitive or exemplary damages based on a claim where COMPANY has borne the entire cost of such action shall be retained by COMPANY. If LICENSOR has joined in
such action: then any other recovery or settlement received, including compensatory damages or damages based on a loss of revenues which exceed the out-of-pocket costs
and expenses incurred by COMPANY and LICENSOR ( hereinafter “Net Recovery”), shall be deemed to be the proceeds of Sales of Licensed Products in the fiscal quarter received by COMPANY and COMPANY shall pay to LICENSOR an amount
representing the royalty which would have been paid by COMPANY in accordance with the provisions of Article 4 had such Net Recovery been accrued by COMPANY as Sales. 

If COMPANY does not institute an action against an infringer within ninety (90) days of receipt of notice of infringement, LICENSOR may,
upon thirty (30) days written notice to COMPANY, institute such action, in which case COMPANY shall reasonably cooperate with LICENSOR in such effort including being joined as a party to such action if necessary. LICENSOR shall be entitled to
retain all damages or costs awarded in such action. Should either 

  
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 LICENSOR or COMPANY be a party to a suit under the provisions of this Article and
thereafter elect to abandon such suit, the abandoning party shall give timely notice to the other party who may, if it so desires, continue prosecution of such suit, provided that the sharing of expenses and any recovery in such suit shall be as
agreed upon between LICENSOR and COMPANY. 
 ARTICLE 9. LIMITED WARRANTIES AND DISCLAIMERS OF WARRANTIES 

9.1.    Limited Representations by LICENSOR. LICENSOR represents that it has the corporate power and authority to
enter into this Agreement and that, to its best knowledge, neither the execution of this Agreement nor the performance of its obligations hereunder will constitute a breach of the terms and provisions of any other agreement to which LICENSOR is a
party with respect to the Licensed Technology. LICENSOR represents that it has the right to issue the licenses issued under this Agreement and has not granted any license or other right to any third party prior to the execution of this Agreement.
LICENSOR does not warrant the validity of the Licensed Patents licensed hereunder and makes no representation whatsoever with regard to the scope of the Licensed Technology or that such Licensed Technology may be exploited by COMPANY or its
Affiliates or Sublicensees without infringing other patents. 
 9.2.    Warranties by COMPANY. COMPANY represents
and warrants that it has the right and authority to enter into this Agreement and that, to its knowledge, neither the execution of this Agreement nor the performance of its obligations hereunder will constitute a breach of the terms and provisions
of any other agreement to which COMPANY is a party. COMPANY represents and warrants that any Licensed Products made or Sold pursuant to this Agreement shall comply in all material respects with all applicable laws and regulations, including but not
limited to regulations of the Food and Drug Administration, the Environmental Protection Agency, and their foreign and state equivalents. 

9.3.    Disclaimer of Warranties. COMPANY possesses the necessary expe1iise and skill in the technical areas
pertaining to the Licensed Products and Licensed Technology to make, and has made, its own evaluation of the capabilities, safety, utility and commercial application of the Licensed Products and Licensed Technology. ACCORDINGLY, LICENSOR DOES NOT
MAKE ANY REPRESENTATION OR WARRANTY OF ANY KIND WITH RESPECT TO THE LICENSED TECHNOLOGY OR LICENSED PRODUCTS AND EXPRESSLY DISCLAIMS ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR
NON-INFRINGEMENT AND ANY OTHER IMPLIED WARRANTIES WITH RESPECT TO THE CAPABILITIES, SAFETY, UTILITY, OR COMMERCIAL APPLICATION OF THE LICENSED TECHNOLOGY OR LICENSED PRODUCTS. 

  
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 ARTICLE 10. DAMAGES, INDEMNIFICATION AND INSURANCE 

10.1.    No Liability. Except in case of breach of Section 9.1, LICENSOR shall not be liable to COMPANY or
COMPANY’S Affiliates, or customers and/or Sublicensees of COMPANY or COMPANY’S Affiliates, for compensatory, special, incidental, indirect, consequential or exemplary damages relating to or in any way connected with this agreement or
resulting from the use of any Licensed Technology and/or the manufacture, testing, development, design, labeling, use and/or Sale of Licensed Products by COMPANY, its Affiliates and/or Sublicensees. 

10.2.    Indemnification. COMPANY shall defend, indemnify, and hold harmless the Indemnitees, from and against any
and all claims, demands, loss, liability, expense, or damage (including investigative costs, court costs and attorneys’ fees) Indemnitees may suffer, pay, or incur as a result of claims, demands or actions against any of the Indemnitees caused
or contributed to, in whole or in part, by COMPANY’S or COMPANY’S Affiliates, contractors, agents, or Sublicensees manufacture, testing, development, design, use, Sale, or labeling of any Licensed Products or the use of any Licensed
Technology. COMPANY’S obligations under this Article shall survive the expiration or termination of this Agreement for any reason. 

COMPANY agrees to provide attorneys reasonably acceptable to LICENSOR to defend against any claim for which it will provide indemnification.
COMPANY shall have the right to control such defense to the extent it relates to its obligations under this Article 10. Indemnitee shall have the right, but not the obligation, to participate in its defense. LICENSOR shall cooperate with COMPANY in
any defense of such claim. COMPANY shall not settle any such claims, demands or actions under this Section 10.2 except solely for monetary consideration, without the express, prior written consent of LICENSOR, which consent shall not be
unreasonably withheld or delayed. 
 10.3.    Insurance Without limiting COMPANY’S indemnity obligations under the
preceding paragraph, COMPANY shall, prior to any clinical trial or Sale of any Licensed Product, cause to be in force, an “occurrence-based type” liability insurance policy or, if COMPANY is unable to obtain “occurrence-based
type” liability insurance, a “claims made type” (with at least 5 years tail coverage) liability insurance policy which: 

  
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 (i)    ensures Indemnitees for all claims, damages,
and actions mentioned in Section 10,2 of this Agreement; and 
 (ii)    includes a contractual endorsement providing
coverage for all liability which may be incurred by Indemnitees in connection with this Agreement; and 

(iii)    requires the insurance carrier to provide LICENSOR with no less than thirty (30) days’ written notice of
any change in the terms or coverage of the policy or its cancellation; and 
 (iv)    provides Indemnitees product
liability coverage in an amount no less than Two Million Dollars ($2,000,000.00) per occurrence for bodily injury, subject to a reasonable aggregate amount As detailed in Section 2.5, COMPANY agrees to require any Sublicensee under
Section 2.5 of this Agreement to maintain liability coverage consistent with this Section I 0.3. 

10.4.    Notification. COMPANY shall notify LICENSOR prior to its first clinical trial or commercial Sale of any
Licensed Product, of all insurance coverage and other assets available to COMPANY to meet COMPANY’S obligations under Article 10 of this Agreement. 

10.5.    Notice of Claims. COMPANY shall promptly notify LICENSOR of all claims involving the Indemnitees and shall
advise LICENSOR of the amounts that might be needed to defend and pay any such claims. LICENSOR shall promptly notify COMPANY of any and all claims brought to its attention relating to COMPANY’ s indemnity obligations under this Agreement. 

ARTICLE 11. CONFIDENTIALITY 

11.1.    Treatment of Confidential Information. Except as otherwise provided hereunder, for a
period of five (5) years from the date of initial disclosure: 
 (i)    COMPANY and its Affiliates and Sublicensees
shall use reasonable efforts to retain in confidence and use only for purposes of this Agreement, any written information and data supplied by LICENSOR to COMPANY under and related to this Agreement; 

(ii)    LICENSOR shall use reasonable efforts to retain in confidence and use only for purposes of this Agreement any
written information and data supplied by COMPANY or on behalf of COMPANY to LICENSOR and marked as proprietary under and related to this Agreement. 

  
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 For purposes of this Agreement, all such information and data which a
party is obligated to retain in confidence shall be called “Confidential Information.” Information shall only be considered Confidential Information if such information is clearly marked with an appropriate stamp or legend as
“Proprietary” or “Confidential.” 
 11.2.    Right to Disclose. To the extent that it
is reasonably necessary to fulfill its obligations or exercise its rights under this Agreement, or any rights which survive termination or expiration hereof, each party may disclose Confidential Information to its Affiliates, Sublicensees,
consultants, outside contractors, manufacturers, governmental regulatory authorities and clinical investigators, on condition that such entities or persons agree: 

(i)    to keep the Confidential Information confidential for at least the same time periods and to the same extent as each
party is required to keep it confidential; 
 (ii)    to use the Confidential Information only for such purposes as such
parties are authorized to use it. 
 11.3.    Release from Restrictions. Each party or its Affiliates or
Sublicensees may use or disclose Confidential Information to the government or other regulatory authorities to the extent that such disclosure is reasonably necessary for the prosecution and enforcement of patents, or to obtain or maintain any
regulatory approval, including authorizations to conduct clinical trials, or commercially market or obtain pricing approval of any Licensed Products, provided that such party is otherwise entitled to engage in such activities under this Agreement.

 The obligation not to disclose Confidential Information shall not apply to any part of such Confidential Information that: 

(i)    is or becomes patented, published or otherwise part of the public domain, other than by unauthorized acts of the
party obligated not to disclose such Confidential Information (for purposes of this Article 11 the “receiving party”, or its Affiliates or Sublicensees in contravention of this Agreement; 

(ii)    is disclosed to the receiving party or its Affiliates or Sublicensees by a third party provided that such
Confidential Information was not obtained by such third party directly or indirectly from the other party under this Agreement; or 

  
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 (iii)    prior to disclosure under this Agreement,
was already in the possession of the receiving party, its Affiliates or Sublicensees, provided that such Confidential Information was not obtained directly or indirectly from the other party under this Agreement; or 

(iv)    results from research and development by the receiving party or its Affiliates or Sublicensees, independent of
disclosures from the other party of this Agreement, provided that the persons developing it have not had exposure to the Confidential Information from the disclosing party; or 

(v)    is required by law to be disclosed by the receiving party, provided that the receiving party uses its best efforts
to notify the other party immediately upon learning of such requirement in order to give the other party reasonable opportunity to oppose such requirement; or 

(vi) COMPANY and LICENSOR agree in writing may be disclosed. 

ARTICLE 12. TERM AND TERMINATION 

12.1.    Unless sooner terminated as otherwise provided in this Agreement, the term of this Agreement shall commence on
the effective date hereof and shall continue in full force and effect until the expiration of the last to expire of the Licensed Patents. Following the Term of this Agreement, COMPANY, its Affiliates and Sublicensees shall have a fully paid-up perpetual right and commercial license to the Licensed Patents and Licensed Know How to the extent it is in the public domain. 

12.2.    Termination. LICENSOR shall have the right to terminate this Agreement upon the occurrence of a material
breach by COMPANY. LICENSOR shall provide COMPANY written notice describing the breach, which notice shall include LICENSOR’s intention to terminate the Agreement. If COMPANY does not cure the breach within sixty (60) days after receipt of
such notice, LICENSOR shall be entitled, in addition to any other rights it may have under this Agreement, to terminate this Agreement effective immediately. However, if COMPANY disputes in good faith such breach by written notice to LICENSOR within
the sixty (60) day period, the matter will be submitted to arbitration as described under Article 14. LICENSOR’s right to terminate shall be suspended until resolution of the dispute. For the avoidance of doubt, the procedures set forth in
this Section 12.2 shall not prejudice LICENSOR’ s right to receive royalties or other sums due hereunder and shall not prejudice any cause of action or claim due to any breach or default by the COMPANY. Without limitation, any one or more
of the following shall each be deemed a material breach of this Agreement by COMPANY: 
 (i)    failure of COMPANY to
make any payment required pursuant to this Agreement when due; or 

  
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 (ii)    failure of COMPANY to provide Royalty
Reports to LICENSOR as required under Section 4.2 of this Agreement; or lack of Diligence as set forth in Article 6 herein; or 

(iv)    failure of COMPANY to provide Progress Reports to LICENSOR as required under Section 4.1 of this Agreement; or

 (v)    the institution of any proceeding by COMPANY under any bankruptcy. insolvency: or moratorium law; or 

(vi)    any assignment by COMPANY of substantially all of its assets for the benefit of creditors; or 

(vii)    placement of COMPANY’S assets in the hands of a trustee or a receiver unless the receivership or trust is
dissolved within thirty (30) days thereafter; or 
 (viii)    official dissolution of the COMPANY that is the then
current party to the Agreement, (excluding dissolution of prior party that has assigned the License Agreement pursuant to Article 13 or any form of internal re-organization); or 

(ix)    the COMPANY challenges, directly or indirectly, the validity, enforceability or scope of any claim within the
Licensed Patents in a court or other governmental agency of competent jurisdiction, including, without limitation, in a reexamination or opposition proceeding and does not withdraw such challenge within thirty (30) days of receipt of written
notice from LICENSOR; it being understood that if any such challenge is brought by a Sublicensee, and Sublicensee does not withdraw such challenge within thirty (30) days of receipt of written notice from COMPANY, COMPANY shall terminate the
sublicense agreement with such Sublicensee; or 
 (x)    the breach by COMPANY of any other material term of this
Agreement. 
 12.3. Notice of Bankruptcy. COMPANY must inform LICENSOR of its intention to file a voluntary petition in bankruptcy or
of another’s intention to file an involuntary petition in bankruptcy to be received at least forty-five (45) days prior to filing such a petition. If COMPANY files a petition of bankruptcy without conforming to this requirement, this shall
be deemed a material, pre-petition, incurable breach. 

  
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 12.4.    Failure to Enforce, The failure of
LICENSOR at any time, or for any period of time, to enforce any of the provisions of this Agreement, shall not be construed as a waiver of such provisions or as a waiver of the right of LICENSOR thereafter to enforce each and every such provision of
this Agreement. 
 12.5.    Termination by COMPANY. COMPANY shall have the right to terminate this Agreement at
its sole discretion upon sixty (60) days written notice to LICENSOR. 
 12.6.    Regulatory Data. Upon
te1mination of this Agreement for any reason, except for LICENSOR breach or expiration in the event LICENSOR provides notice to COMPANY of the existence of a third party with a bona fide interest in licensing any of the Licensed Products for which
COMPANY possesses toxicology, pharmacokinetic, efficacy, clinical and other technical data and correspondence to and from regulatory agencies relating to approval of such Licensed Products generated by COMPANY and/or its Affiliates, contractors and
agents in the course of COMPANY’s efforts to develop such Licensed Products and/or obtain government approval for the Sale of such Licensed Products (hereinafter “Development Info1mation”), COMPANY shall make Development Information
available to LICENSOR and such third party for review and for a reasonable time period under a confidentiality agreement. In the event LICENSOR enters into a license for such Licensed Products with a third party, COMPANY shall use commercially
reasonable efforts to negotiate a license between COMP ANY and such third party to grant such third party the right to make use of Development Information. 

12.7.    Effect. If this Agreement is terminated for any reason whatsoever, except for LICENSOR breach or
expiration, COMPANY shall return, or at LICENSOR’s direction, destroy, all plans, drawings, papers, notes, data, writings and other documents, samples, organisms, biological materials, models and other tangible materials pertaining to the
Licensed Technology supplied to COMPANY by LICENSOR, retaining one archival paper copy in its corporate legal department as required so that compliance with any continuing obligations may be determined. Upon termination of this Agreement, COMPANY
shall cease use of the Licensed Patents, and Licensed Know How to the extent it is not in the public domain, and all manufacturing, developing, processing, producing, using, importing or Selling of Licensed Products; provided,


  
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 however, that COMPANY may continue to Sell in the ordinary course of business for a
period of three (3) months reasonable quantities of Licensed Products which are fully manufactured and in COMPANY’s inventory at the date of termination if(a) all monetary obligations of COMPANY to LICENSOR have been satisfied and
(b) royalties on such sales are paid to LICENSOR in the amounts and in the manner provided in this Agreement. However, nothing herein shall be construed to release either party of any obligation which matured prior to the effective date of such
termination. Upon termination of this Agreement for any reason whatsoever, except for LICENSOR breach or expiration, COMPANY shall provide LICENSOR with a detailed confidential summary of Development Information, to the extent that such Development
Information is in the possession or control of COMPANY for the purpose of evaluation in furtherance of the objectives of Article 12.6. 

ARTICLE 13. ASSIGNMENT 

COMPANY may grant, transfer, convey, or otherwise assign any or all of its rights and obligations under this Agreement in conjunction with the
transfer of all, or substantially all, of the business interests of COMPANY to which this Agreement relates, without the consent of LICENSOR. LICENSOR’s written consent, which shall not be unreasonably withheld, shall be required prior to any
other assignment of COMPANY’S rights or obligations under this Agreement. This Agreement may be assignable by LICENSOR. 
 ARTICLE
14. DISPUTE RESOLUTION 
 COMPANY and LICENSOR agree to attempt to settle any claim or controversy arising out of this Agreement through
consultation and negotiation in good faith and spirit of mutual cooperation between executive management of the parties with authority to settle the dispute. If the matter has not been resolved within sixty (60) days of a pat1y’ s request
for negotiation, either party may initiate arbitration by a mutually acceptable arbitrator to be chosen by COMPANY and LICENSOR. Neither party may unreasonably withhold consent to the selection of an arbitrator, and the parties will share the costs
of the arbitrator equally. Such arbitration shall take place in Macon, Georgia and shall be settled by arbitration administered by the American Arbitration Association under its Commercial Arbitration Rules to the extent that such rules does not
conflict with provisions of this article 14, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. If the parties cannot agree upon selection of an arbitrator within thi11y (30) days of
the notice, then upon request of either party, the AAA shall appoint the arbitrator. All negotiations pursuant to this Section are confidential and shall be treated as compromise and settlement negotiations for purposes of applicable rules of
evidence. 

  
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 Each party shall continue to perform its undisputed
obligations under this Agreement pending final resolution of any dispute arising out of or relating to this Agreement; provided, however that a party may suspend performance of its undisputed obligations during any period in which the other party
fails or refuses to perform its undisputed obligations. Nothing in this Article is intended to relieve COMPANY from its obligations to make undisputed payments pursuant to Article 5 of this Agreement. 

ARTICLE 15. MISCELLANEOUS 

15.1.    Export Controls. COMPANY acknowledges that Licensed Products and Licensed Technology may be subject to
United States laws and regulations controlling the export of technical data, biological materials, chemical compositions, computer software, laboratory prototypes and other commodities and that LICENSOR’s obligations under this Agreement are
contingent upon compliance with applicable United States export laws and regulations. The transfer of technical data and commodities may require a license from the cognizant agency of the United States government or written assurances by COMPANY
that COMPANY shall not export data or commodities to certain foreign countries without the prior approval of certain United States agencies. LICENSOR neither represents that an export license shall not be required nor that, if required, such export
license shall issue. 
 15.2.    Legal Compliance. COMPANY shall comply with all laws and regulations relating to
its manufacture, processing, producing, using, importing, Selling, labeling or distribution of Licensed Products and Licensed Technology and shall not take any action which would cause LICENSOR or COMPANY to violate any laws or regulations 

15.3.    Independent Contractor. COMPANY’S relationship to LICENSOR shall be that of a licensee only. COMPANY
shall not be the agent of LICENSOR and shall have no authority to act for, or on behalf of, LICENSOR in any matter. Persons retained by COMPANY as employees or agents shall not, by reason thereof, be deemed to be employees or agents of LICENSOR.

 15.4.    Patent Marking. COMPANY shall mark Licensed Products Sold in the United States with United States
patent numbers. Licensed Products manufactured or Sold in other countries shall be marked in compliance with the intellectual property laws in force in such foreign countries. 

  
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 15.5.    Use of Names. COMPANY shall obtain
the prior written approval of LICENSOR or the Inventors prior to making use of their names for any commercial purpose, except as required by law. As an exception to the foregoing, both COMPANY and LICENSOR shall have the right to publicize the
existence of this Agreement; however, neither COMPANY nor LICENSOR shall disclose the terms and conditions of this Agreement without the other party’s consent, except as and to the extent required by law. 

15.6.     Governing Law. This Agreement and all amendments, modifications, alterations, or supplements hereto, and
the rights of the parties hereunder, shall be construed under and governed by the laws of the State of New York, without regards to its rules of conflicts of laws, and the applicable laws of the United States of America. 

15.7.    Entire Agreement. This Agreement and the appendices attached hereto constitute the entire agreement
between LICENSOR and COMPANY with respect to the subject matter hereof, supersede all prior understandings, communications, or representations, either oral or written between the parties, and shall not be modified, amended or terminated, except as
herein provided or except by another agreement in writing executed by the parties hereto. 
 15.8.    Survival.
Articles 1, 9, 10, 11, 12.6, 14, 15 and 16 shall survive termination of this Agreement for any reason. If not earlier terminated as provided herein, upon the expiration of this Agreement, COMPANY shall have a fully paid up license to use the
Licensed Patents. 
 15.9.    Severability. All rights and restrictions contained herein may be exercised and
shall be applicable and binding only to the extent that they do not violate any applicable laws and are intended to be limited to the extent necessary so that they will not render this Agreement illegal invalid or unenforceable. If any provision or
portion of any provision of this Agreement not essential to the commercial purpose of this Agreement, shall be held to be illegal, invalid or unenforceable by a court of competent jurisdiction, it is the intention of the parties that the remaining
provisions or portions thereof shall constitute their agreement with respect to the subject matter hereof, and all such remaining provisions, or portions thereof, shall remain in full force and effect. To the extent legally permissible, any illegal,
invalid or unenforceable provision of this Agreement shall be replaced by a valid provision which shall implement the commercial purpose of the illegal, invalid, or unenforceable provision. In the event that any provision essential to the commercial
purpose of this Agreement is held to be illegal, invalid or unenforceable and cannot be replaced by a valid provision which will implement the commercial purpose of this Agreement, this Agreement and the rights granted herein shall terminate. 

  
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 15.10.    Force Majeure. Any delays in, or
failure of performance of any party to this Agreement, shall not constitute a default hereunder, or give rise to any claim for damages, if and to the extent caused by occurrences beyond the control of the party affected, including, but not limited
to, acts of God, strikes or other concerted acts of workmen, civil disturbances, fires, floods, explosions, riots, war, rebellion, sabotage, acts of governmental authority or failure of governmental authority to issue licenses or approvals which may
be required. 
 15.11.    Counterparts. This Agreement may be executed by facsimile and in counterparts, each of
which is deemed an original, but all of which together shall constitute one and the same instrument 
 ARTICLE 16. NOTICES 

All notices, statements, and reports required to be given by one party to the other shall be in writing and shall be hand delivered, sent by
private overnight mail service, or sent by registered or certified U.S. mail, postage prepaid, return receipt requested and addressed as follows: 
 If to
LICENSOR: 
 Mercer University 

Attn: William G. Solomon, IV 

Senior Vice President and General Counsel 1501 Mercer University Drive 

Macon, Georgia 31207 
 (478) 301-2771 (office) 
 (478) 301-4120 (fax) 

If to COMPANY: 
  

			
	 Kiromic, Inc.
 Attn: Maurizio Chiriva CEO

Corporate Office
 7707 Fannin, Suite 140

Houston, TX 77054
 Phone: (832)
968-4888
	  	 Kiromic, Inc.
 Attn: Maurizio Chiriva CEO

Lubbock Office & Billing 6104 45th Street, Suite D Lubbock, TX 79407

Phone: (806) 368-6731

Fax: (806) 368-6756



  
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 Such notices or other communications shall be effective upon receipt by
an employee, agent or representative of the receiving party authorized to receive notices or other communications sent or delivered in the manner set forth above. Either party hereto may change the address to which notices to such party are to be
sent by giving notice to the other party at the address and in the manner provided above. Any notice may be given, in addition to the manner set forth above by facsimile provided that the party giving such notice obtains acknowledgement by facsimile
that such notice has been received by the party to be notified. Notice made in this manner shall be deemed to have been given when such acknowledgement has been transmitted. 

IN WITNESS WHEREOF, MERCER UNIVERSITY and KIROMIC, INC. have caused this Agreement to be signed by their duly authorized
representatives as of the day and year indicated below. 
  

									
	MERCER UNIVERSITY	 		 	KIROMIC, INC.
					
	By:	 	/s/ James S. Netherton	 		 	By:	 	/s/ Maurizio Chiriva-Internati
	Name:	 	James S. Netherton	 		 	Name:	 	Maurizio Chiriva
	Title:	 	Executive Vice President for Administration and Finance	 		 	Title:	 	CEO

  

			
	Date:    12.06.2016	  	Date: 12.06.2016
                                        



  
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 APPENDIX A-1 and A-2 have been redacted 

  
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 APPENDIX B 

LICENSED PATENTS 

1.    * 

  
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 APPENDIXC 

U.S. GOVERNMENT LICENSE(S) 

NONE 

  
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 APPENDIXD 

RUNNING ROYALTY PERCENTAGE 

RUNNING ROYALTY PERCENTAGE: 

  
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 APPENDIX E 

SUBLICENSE PERCENTAGE 
  

					
	 If Prior to
	  	 But After
	  	 Percentage

			
	Phase I Clinical Trial	  	Effective Date	  	*%
			
	Phase II Clinical Trial	  	Phase I Initiation	  	*%
			
	Phase III Clinical Trial	  	Phase II Initiation	  	*%
			
	BLA Approval	  	Phase III Initiation	  	*%
			
	After BLA Approval	  		  	*%


  
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 Execution Copy 

 
 APPENDIXF 

MILESTONE PAYMENTS 
  

							
	Milestone Event*	  	Milestone Payment	 
			
	 a)
	  	Initiation of US FDA Phase II Clinical Trial	  	 	$*	 
			
	 b)
	  	First Dosing in US FDA Phase III Clinical Trial	  	 	$*	 
			
	 c)
	  	BLA Approval	  	 	$*	 

  

	*	 in each case solely for the first Licensed Product to achieve such Milestone Event 



  
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