Document:

Exhibit

FOURTH AMENDMENT TO
EXCLUSIVE CROSS-LICENSE, TECHNOLOGY TRANSFER AND
REGULATORY MATTERS AGREEMENT

THIS FOURTH AMENDMENT (this “Amendment”), effective as of the last date of signature hereof (the “Amendment Effective Date”), is made to that certain Exclusive Cross-License, Technology Transfer, and Regulatory Matters Agreement, dated as of February 9, 2014, by and between INO Therapeutics LLC (“Ikaria”) and Bellerophon Pulse Technologies LLC (“Pulse Technologies”), as amended by that certain First Amendment to the Cross License, dated as of March 27, 2014, as amended further by that certain Second Amendment to Exclusive Cross-License, Technology Transfer and Regulatory Matters Agreement, dated as of July 27, 2015, as amended further by that certain Second Amendment to Drug Clinical Supply Agreement and Third Amendment to Exclusive Cross-License, Technology Transfer, and Regulatory Matters Agreement, dated as of November 16, 2015 (collectively, the “Agreement”).  Capitalized terms used herein not otherwise defined shall have the meanings ascribed to them in the Agreement.

WHEREAS, the parties desire to amend the Agreement as set forth herein;

NOW, THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, and subject to the terms and conditions of the Agreement, the parties hereby agree as follows:

1.Section 1.2.23 of the Agreement is hereby deleted in its entirety and replaced with the following:

“1.2.23.    “PF” shall mean pulmonary hypertension in patients with pulmonary fibrosis associated with idiopathic interstitial pneumonias, chronic hypersensitivity pneumonitis or occupational or environmental lung disease.”

2.The term “IPF” as used in the Agreement is hereby deleted and replaced with the term “PF” in every instance in which it appears in the Agreement.

3.Section 6 of the Agreement is hereby amended by adding the following Section 6.6:

“6.6    PF Products.

6.6.1    In addition to any other royalties due Ikaria under this Agreement, Pulse Technologies shall pay to Ikaria one percent (1%) of PF Net Sales (as defined below).

6.6.2    Pulse Technologies shall make all payments due to Ikaria under this Section 6.6 within 45 days after the end of each calendar quarter and each payment shall be accompanied by a report providing with respect to PF Products (as defined below):  (a) the PF Net Sales for such calendar quarter separated by country, (b) the total deductions used to calculate the above noted PF Net Sales with each specific deduction itemized, and (c) the amount of payments payable to Ikaria for such year, as well as the computation thereof.

6.6.3    Section 6.1 (Maintenance of Records and Audit Rights) of this Agreement shall apply with respect to PF Products and shall apply with respect to the documentation, records, and premises of Pulse Technologies, its Affiliates and its (or its Affiliates’) licensees of PF Products.

6.6.4    The following terms shall have the following meanings:

(a)    “PF Net Sales” shall have the same meaning as Net Sales but with PF Product replacing R&D Product in every instance and with gross receipts of Pulse Technologies, its Affiliates and its (or its Affiliates’) licensees of PF Products included.

(b)    “PF Product” shall mean any product or service that utilizes, contains or includes nitric oxide for the treatment, prevention or diagnosis of PF as well as all disposables and accessories used with such product.  For the avoidance of doubt, a PF Product may also be an R&D Product if such PF Product also falls within the definition of R&D Product.

6.6.5    This Section 6.6 shall survive any expiration or earlier termination of this Agreement.”

4.Except as herein amended, all terms, covenants and provisions of the Agreement are ratified, reaffirmed and shall remain in full force and effect.  All references therein to the Agreement shall hereafter refer to the Agreement as amended by this Amendment.  This Amendment shall be deemed incorporated into, and a part of, the Agreement.

IN WITNESS WHEREOF, the parties have executed this Amendment as of the Amendment Effective Date.

	
		
	INO Therapeutics LLC

By:  /s/ Ron Lloyd
Name: Ron Lloyd
Title:  EVP and President, Hospital Therapies 
Date: April, 23rd 2018
	Bellerophon Pulse Technologies LLC

By:  /s/ Fabian Tenenbaum
Name: Fabian Tenenbaum 
Title: CEO
Date: April, 23rd 2018EX-10.37

 Exhibit 10.37 
  

 
 Chairman and CEO 

Mark PEARSON 

AXA Equitable 

1 juillet 2016 / July 1, 2016 

J’ai le plaisir de vous informer que le Conseil d’Administration a décidé de vous attribuer en date du 6 juin 2016 des options de
souscription ou d’achat d’actions AXA comme suit: 
 I am pleased to inform you that the Board of Directors has decided to grant you on
June 6, 2016, options to subscribe to or purchase AXA shares as follows: 
  

			
	Nombre d’options / Number of options:	  	[#]
		
	Prix d’exercice par action / Exercise price per share:	  	        €

 Ces options pourront être levées durant la période du 6 juin 2019 au 5 juin 2026 selon le calendrier
suivant: 
 These options may be exercised during the period from June 6, 2019 to June 5, 2026, according to the following schedule: 

 

			
	 •  à compter du 6 juin 2019 / As from June 6, 2019:

	  	[#] options
		
	 •  à compter du 6 juin 2020 / As from June 6, 2020:

	  	[#] options
		
	 •  à compter du 6 juin 2021 / As from June 6, 2021:

	  	[#] options

 Chaque tranche d’options sera exerçable selon le calendrier ci-dessus
dès lors que le cours du titre AXA aura performé au moins aussi bien que l’indice SXIP, soit depuis la date d’attribution des options, soit au cours des 3 dernières années. 

Each tranche of options will be exercisable according to the schedule above only if the AXA share has performed at least as well as the SXIP index, either
since the grant date or over the last three year period. 
 Vous trouverez le réglement de ce plan d’options de souscription ou d’achat
d’actions sur le site « My LTI ». Ce document doit être lu attentivement afin que vous puissiez prendre connaissance de vos droits et du cadre légal qui gouverne ce plan, notamment les conditions d’exercice des
options, et ce, avant votre décision d’accepter ou de refuser cette attribution qui devra être communiquée en ligne. 
 You will
find the rules of this subscription or purchase stock option plan on “My LTI” site. This document should be read carefully so that you understand your rights under this plan and the legal framework within which the plan operates,
especially the condition under which you may exercise the options, and this, before your decision to accept or refuse this grant directly online. 

Cordialement, 
 Yours sincerely, 

 
 

 
 Henri de Castries 
 25,
Avenue Matignon 75008 Paris, France 
 www.axa.comEX-10.38

 Exhibit 10.38 
  

 
 Chairman and CEO 

[Name] 

AXA Equitable 

1 juillet 2016 / July 1, 2016 

J’ai le plaisir de vous informer que le Conseil d’Administration a décidé de vous attribuer en date du 6 juin 2016 des options de
souscription ou d’achat d’actions AXA comme suit: 
 I am pleased to inform you that the Board of Directors has decided to grant you on
June 6, 2016, options to subscribe to or purchase AXA shares as follows: 
  

			
	Nombre d’options / Number of options: 	  	[#]
		
	Prix d’exercice par action / Exercise price per share: 	  	        €

 Ces options pourront être levées durant la période du 6 juin 2019 au 5 juin 2026 selon le calendrier
suivant: 
 These options may be exercised during the period from June 6, 2019 to June 5, 2026, according to the following schedule: 

 

			
	 •  à compter du 6 juin 2019 / As from
June 6, 2019: 
	  	[#] options
		
	 •  à compter du 6 juin 2020 / As from
June 6, 2020: 
	  	[#] options
		
	 •  à compter du 6 juin 2021 / As from
June 6, 2021: 
	  	[#] options

 Le dernier tiers attribué, soit [#] options, sera exerçable à compter du 6 juin 2021 dès lors que
le cours du titre AXA aura performé au moins aussi bien que l’indice SXIP, soit depuis la date d’attribution des options, soit au cours des 3 dernières années. 

The last third of the options granted, i.e [#] options, will be exercisable from June 6, 2021 only if the AXA share has performed at least as well as
the SXIP index, either since the grant date or over the last three year period. 
 Vous trouverez le réglement de ce plan d’options de
souscription ou d’achat d’actions sur le site « My LTI ». Ce document doit être lu attentivement afin que vous puissiez prendre connaissance de vos droits et du cadre légal qui gouverne ce plan, notamment les
conditions d’exercice des options, et ce, avant votre décision d’accepter ou de refuser cette attribution qui devra être communiquée en ligne. 

You will find the rules of this subscription or purchase stock option plan on “My LTI” site. This document should be read carefully so that you
understand your rights under this plan and the legal framework within which the plan operates, especially the condition under which you may exercise the options, and this, before your decision to accept or refuse this grant directly online. 

Cordialement, 
 Yours sincerely, 

 
 

 
 Henri de Castries 
 25,
Avenue Matignon 75008 Paris, France 
 www.axa.comEX-10.39

 Exhibit 10.39 
  

					
	 Date of Grant
	  	 Expiration Date
	  	 Euro Exercise Price Per AXA Ordinary Share

	June         , 20    	  	June          20    	  	             euro

 THE AXA STOCK OPTION PLAN 

FOR AXA FINANCIAL EMPLOYEES AND ASSOCIATES 

OPTION AGREEMENT FOR OPTIONS 
 AXA S.A., a
société anonyme organized under the laws of the Republic of France, hereby grants, as of the date of grant set forth above (the “Date of Grant”), to the optionee (the “Optionee”) named in the option grant letter
from Thomas Buberl June     , 20     (the “Grant Letter”) under this Option Agreement and pursuant to The AXA Stock Option Plan for AXA Financial Employees and Associates, as the same may be amended
from time to time (the “Plan,” capitalized terms not otherwise defined herein have the meanings set forth in the Plan), an option (the “Option”) to purchase from AXA up to, but not exceeding in the aggregate, the number of AXA
ordinary shares (each, a “Share” and collectively, the “Shares”) set forth in the Grant Letter at the per Share euro exercise price set forth above (which represents the average closing price of a Share on Euronext Paris for the
twenty (20) trading days prior to the Date of Grant) (the “Exercise Price”), in accordance with the Plan and subject to the following terms and conditions: 

1. This Option shall become vested and exercisable as set forth in the Grant Letter. Unless an earlier expiration date is specified in
paragraphs 2 or 3 herein, or in the Plan, this Option shall not be exercisable after the expiration date listed above (the “Expiration Date”). 

2. In the event the Optionee’s Employment is terminated by reason of the Optionee’s death, this Option (whether or not then otherwise
exercisable) shall be exercisable in full as of the date of the Optionee’s death and shall be exercisable by the Optionee’s beneficiary designated in accordance with the Plan (or if none is named, by the Optionee’s surviving spouse,
if any, or otherwise by the Optionee’s estate) at any time within six months of the Optionee’s death or, if earlier, until the Expiration Date. If the Optionee’s Employment is terminated by reason of Retirement, the unvested portion
of this Option as of the date of the Optionee’s Retirement shall continue to vest in accordance with this Option’s vesting provisions set forth herein and in the Grant Letter as if the Optionee had not Retired. Any portion of this Option
which is exercisable at the date of the Optionee’s Retirement or that thereafter becomes exercisable by reason of the immediately preceding sentence shall be exercisable at any time prior to the Expiration Date. If the Optionee’s
Employment is terminated for Cause or is voluntarily terminated by the Optionee other than by Retirement or death, any outstanding portion of this Option (whether or not then otherwise exercisable) shall be immediately forfeited as of the date of
such termination, the Optionee shall no longer have any rights with respect to such portion of the Option and AXA shall not be obligated to honor any purported exercise of this Option that has not been effected, regardless of whether payment has
been tendered prior to the occurrence of any act resulting in such termination or the time at which AXA has knowledge thereof. In the event the Optionee’s Employment is terminated for Cause, the preceding sentence shall apply regardless of
whether the Optionee is eligible to Retire as of the date of the termination for Cause. If the Optionee’s Employment terminates for any reason other than death, voluntary termination or Cause, the portion of this Option which is exercisable at
the date of the Optionee’s termination of Employment shall be exercisable at any time prior to the earlier of (i) the Expiration Date and (ii) the thirtieth day following the date of the Optionee’s termination of Employment. In
the case of an Optionee who is concurrently an Employee of more than one AXA Affiliate or who on or before the date of termination has been offered to be and is becoming an Employee of another AXA Affiliate, termination of Employment shall be deemed
to occur only when such Optionee ceases to be an Employee of all such AXA Affiliates. Any portion of this Option not exercised within the applicable time limits specified in this paragraph 2 shall be forfeited at the close of business on the date of
the expiration of such time limits. 
 3. Notwithstanding the foregoing, in the event that the Optionee terminates Employment by reason of
Retirement and (i) induces any Participant to leave the Employ of any AXA Affiliate, (ii) solicits the employment of any Participant on his/her own behalf or on behalf of any other business enterprise, (iii) uses for his/her personal
benefit, or discloses, communicates or divulges to, or uses for any person other than an AXA Affiliate, any confidential information that had been made known to the Optionee or learned or acquired by the Optionee while in the Employ of any AXA
Affiliate, unless such information has become public other than by the Optionee’s actions or such disclosure is compelled under a subpoena from a court or administrative body having jurisdiction in the matter, or (iv) otherwise acts in a
manner that 

 
is substantially detrimental to the business or reputation of any AXA Affiliate, the portion of this Option which is then still outstanding shall be immediately forfeited (whether or not then
otherwise exercisable), the Optionee shall no longer have any rights with respect to such portion of the Option and AXA shall not be obligated to honor any purported exercise of this Option that has not been effected, regardless of whether payment
has been tendered prior to the occurrence of any such act or the time at which AXA has knowledge thereof. 
 4. Exercise of this Option shall
be in whole Shares and shall occur on the date (the “Exercise Date”) AXA’s designated agent receives: (i) proper notice, in accordance with the procedures of such agent, specifying the number of Shares to be purchased and
(ii) payment in euro of the aggregate Exercise Price for the Shares to be purchased, or cash equivalents, including a personal check. Notwithstanding the foregoing, the Committee may in its sole discretion make arrangements available to the
Optionee whereby payment of the aggregate Exercise Price for the Shares to be purchased may be made in U.S. dollars having a value equivalent to the euro-denominated aggregate Exercise Price based on the euro to U.S. dollar exchange rate as of the
Exercise Date and permit the Optionee to pay the aggregate Exercise Price for the Shares to be purchased through the sale of Shares otherwise deliverable to the Optionee pursuant to the exercise in whole or in part of this Option. AXA will not
deliver Shares being purchased upon the exercise of this Option unless it has received payment in a form acceptable to AXA for all applicable withholding taxes. The Committee may in its discretion permit the Optionee to pay all or a portion of such
withholding taxes through the sale of Shares otherwise deliverable to the Optionee pursuant to the exercise of this Option. 
 5. Except as
may be permitted by French law and the AXA Board of Directors, this Option shall not be assignable or transferable and except to the extent required by law, no right or interest of the Optionee shall be subject to any lien, obligation or liability
of the Optionee. All rights with respect to this Option shall be exercisable during the Optionee’s lifetime only by the Optionee. 
 6.
If, during the term of this Option, AXA carries out any of the transactions below that affect the capitalization of AXA, such measures as the AXA Board of Directors deems necessary or appropriate shall be taken to preserve, or prevent enlargement
of, the benefits or potential benefits made available under this Option by adjusting the Option Exercise Price and/or the number of Shares subject to this Option. The types of transactions concerned include the following: (a) issuance of
securities and/or Shares with a preferential subscription right offered to the shareholders; (b) capital increase by incorporation of reserves, profits or premiums with a bonus issue of shares fully paid up, as well as in case of either a split
or a regrouping of the Shares forming the capital; (c) distribution of reserves in cash or in equity; (d) reduction of the share capital attributable to losses; (e) purchase by AXA of its own Shares; and (f) such other
transactions as shall be recognized under French law from time to time as requiring or permitting adjustment to the terms of this Option. Adjustments to the terms and conditions of this Option shall be made by and in the full discretion of the AXA
Board of Directors in accordance with applicable laws and regulations. Notwithstanding anything herein to the contrary, (x) no adjustment to this Option shall be made if it will result in the grant of a new option under Code Section 409A
and (y) any cash payment for this Option shall not be greater than the excess of the fair market value of the underlying Shares on the date of such purchase (as determined in accordance with Code Section 409A and the regulations
thereunder) over the aggregate Exercise Price. 
 7. Neither this Option nor any Shares acquired from its exercise will be registered with
the SEC under the U.S. Securities Act of 1933 (the “Act”). As a consequence, exercise of this Option and resale of the acquired Shares will only be permitted pursuant to an applicable exemption from the registration requirements of the Act
and in compliance with requirements of any applicable securities laws and regulations of any relevant state or territory of the United States. AXA may from time to time suspend exercises or resales, or impose specific limitations on the manner in
which exercises or resales are made, as it may deem necessary or advisable to ensure compliance with such laws and regulations. 
 8. The
terms and conditions set forth in this Option Agreement (including the Grant Letter) are subject to the provisions of the Plan, which are incorporated herein by reference. To the extent any term or condition of this Option Agreement is inconsistent
or in conflict with any provision of the Plan, the Plan shall govern. This Option Agreement, the Grant Letter and the Plan constitute the entire agreement and understanding among the parties hereto in respect of the subject matter hereof and
supersede all prior and contemporaneous arrangements, agreements and understandings, both oral and written, with respect to the subject matter hereof. 

  
 2 

 9. AXA may amend this Option Agreement at any time; provided that, subject to paragraph 6 hereof
and Section 4.2 of the Plan, no such amendment shall be made without the Optionee’s consent if such amendment would in any manner adversely affect this Option. 

                    
                    AXA S.A. 

  
 3

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