Document:

Exhibit

Exhibit 10.3

KENNEDY-WILSON HOLDINGS, INC.
SECOND AMENDED AND RESTATED 2009 EQUITY PARTICIPATION PLAN
EMPLOYEE RESTRICTED STOCK UNIT AWARD AGREEMENT
THIS AGREEMENT (this “Agreement”), is made effective as of January 24, 2019 (the “Effective Date”), by and between Kennedy-Wilson Holdings, Inc., a Delaware corporation (the “Company”), and [_________] (the “Awardee”).
WITNESSETH:
WHEREAS, the Company has adopted the Kennedy-Wilson Holdings, Inc. Second Amended and Restated 2009 Equity Participation Plan (as may be amended from time to time, the “Plan”) for the benefit of its employees, nonemployee directors and consultants and the employees, nonemployee directors and consultants of its affiliates, and
WHEREAS, the Committee has authorized the award to the Awardee of Restricted Stock Units (“Restricted Stock Units”) under the Plan, on the terms and conditions set forth in the Plan and as hereinafter provided.
NOW, THEREFORE, in consideration of the premises contained herein, the Company and the Awardee hereby agree as follows:
1.Definitions.
To the extent not defined herein, terms used in this Agreement which are defined in the Plan shall have the same meanings as set forth in the Plan.
2.    Award of Restricted Stock Units.
The Committee hereby awards to the Awardee [_______] Restricted Stock Units. All such Restricted Stock Units shall be subject to the restrictions and forfeiture provisions contained in Sections 3, 4 and 6, such restrictions and forfeiture provisions to become effective immediately upon execution of this Agreement by the parties hereto. As of the date on which a Restricted Stock Unit vests, subject to the satisfaction of the applicable vesting requirements provided in this Agreement, such vested Restricted Stock Unit represents the right to receive payment, in accordance with Section 5 below, in the form of one (1) share of Common Stock.  Unless and until a Restricted Stock Unit vests, the Awardee will have no right to payment in respect of any such Restricted Stock Unit.  Prior to actual payment in respect of any vested Restricted Stock Unit, such Restricted Stock Unit will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company.  
[Notwithstanding anything herein to the contrary, the Restricted Stock Units and tandem Distribution Equivalent Rights granted hereby are subject to and conditioned upon approval by the Company’s stockholders of an amendment to the Plan that increases the number of shares of Common Stock available for issuance thereunder (the “Plan Amendment”) within twelve (12) months following the Effective Date, and neither the Restricted Stock Units nor Distribution Equivalent Rights shall vest or be paid to the Awardee prior to the approval of the Plan Amendment 

	
			
	 
	 
	 

by the Company’s stockholders.  If such stockholder approval is not obtained by the end of the twelve (12)-month period immediately following the Effective Date, the Restricted Stock Units and Distribution Equivalent Rights granted hereby shall thereupon automatically be cancelled and forfeited and become null and void.  The Awardee expressly acknowledges that the Restricted Stock Units and Distribution Equivalent Rights are being granted prior to approval of the Plan Amendment by the Company’s stockholders and are subject to and conditioned upon such approval.]
3.    Vesting.
Subject to Section 2 above and Sections 4 and 6 below, one-third (1/3rd) of the Restricted Stock Units (with any fractional Restricted Stock Unit rounded as determined by the Company) shall vest and no longer be subject to Restrictions pursuant to the terms of this Agreement and the Plan on each of the first three (3) anniversaries of the Vesting Commencement Date (defined below) (each such date, a “Vesting Date”), subject to the Awardee’s continued employment with the Company or an Affiliate through the applicable Vesting Date.  For purposes of this Agreement, “Vesting Commencement Date” shall mean January 24, 2019. 
Notwithstanding the foregoing, in the event that a Change of Control occurs and the Awardee remains in continued employment with the Company or an Affiliate thereof until at least immediately prior to the Change of Control, all of the then-unforfeited Restricted Stock Units shall automatically become fully vested and no longer subject to Restrictions as of the date of such Change of Control.
4.    Termination of Employment.
Notwithstanding the foregoing, the following provisions shall apply in the event that the Awardee’s employment with the Company and its Affiliates terminates prior to the Awardee’s fully satisfying any of the vesting requirements set forth in Section 3:
(a)    If the Awardee’s employment with the Company and its Affiliates shall be terminated by reason of the Awardee’s death or Total and Permanent Disability, in any such event, all then-unforfeited Restricted Stock Units subject to vesting thereafter shall automatically become fully vested and no longer subject to Restrictions as of the date of such termination of employment.  
(b)    If the Awardee’s employment with the Company and its Affiliates shall be terminated for any reason other than as set forth in Section 4(a), then except as otherwise set forth in a written agreement between the Awardee and the Company or an Affiliate thereof, all of the Awardee’s then-unforfeited Restricted Stock Units shall thereupon be cancelled and forfeited as of the date of such termination of employment without consideration therefor, and the Awardee shall have no further right or interest in or with respect to such Restricted Stock Units.
5.    Payment of Restricted Stock Units.
Payment in respect of any Restricted Stock Units that vest in accordance with Section 3 or 4 above shall be made to the Awardee in shares of Common Stock as soon as administratively practicable following the date on which such Restricted Stock Units vest, but in no event later than sixty (60) days after such date, either by delivering one or more certificates for such shares of Common Stock or by entering such shares of Common Stock in book entry form, as determined by the Committee in its sole discretion.]    

6.    Restriction on Transferability.
Except as otherwise provided in the Plan and subject to Section 4, neither the Restricted Stock Units nor any interest or right therein shall or may be assigned, transferred, sold, exchanged, encumbered, pledged or otherwise hypothecated or disposed of by the Awardee unless and until (and solely to the extent) the Awardee satisfies the vesting requirements contained in Section 3 or 4 (as applicable), the shares of Common Stock underlying the Restricted Stock Units have been issued, and all restrictions upon such shares have lapsed.  In addition, notwithstanding anything herein or in the Plan to the contrary, the Awardee shall not, without the consent of the Committee (which may be withheld in its sole discretion), sell, pledge, assign, hypothecate, transfer, or otherwise dispose of (collectively, “Transfer”) the Restricted Stock Units or any shares of Common Stock underlying the Restricted Stock Units prior to the earlier to occur of (a) the third (3rd) anniversary of the date on which the Restricted Stock Units become vested under Section 3 or 4 and (b) the occurrence of a Change of Control (the “Transfer Restrictions”); provided, however, that the Transfer Restrictions shall not apply to (i) any Transfer of shares to the Company, (ii) any Transfer of shares in satisfaction of any withholding obligations with respect to the Restricted Stock Units, or (iii) any Transfer following the termination of the Awardee’s employment with the Company and its Affiliates, including without limitation by will or pursuant to the laws of descent and distribution.  Any Transfer of the Restricted Stock Units or any shares of Common Stock underlying the Restricted Stock Units which is not made in compliance with the Plan and this Agreement shall be null and void and of no effect.
7.    Voting and Distribution Equivalent Rights.
The Awardee shall not have any rights or privileges of a stockholder of Common Stock (including, without limitation, dividend and voting rights) with respect to the Restricted Stock Units unless and until the shares of Common Stock underlying the Restricted Stock Units have been issued by the Company and are held by Awardee.  Notwithstanding the foregoing, the Restricted Stock Units are granted in tandem with Distribution Equivalent Rights that, during the period from the Effective Date until the earlier of the date of payment, forfeiture or other termination of the Restricted Stock Units to which such Distribution Equivalent Rights relate, shall entitle the Awardee to receive an amount equal to the dividends declared on the Common Stock as if the Awardee were an actual stockholder with respect to the number of shares of Common Stock underlying the Restricted Stock Units; provided, however, that any payments made with respect to such Distribution Equivalent Rights shall not be paid to the Awardee on a current basis, but shall instead accumulate and be paid to the Awardee in a lump sum on the date (if any), and only to the extent, that the Restricted Stock Units to which such Distribution Equivalent Rights relate vest and the shares of Common Stock underlying such vested Restricted Stock Units are issued to the Awardee.  The Distribution Equivalent Rights and any amounts that may become distributable in respect thereof shall be treated separately from the Restricted Stock Units and the rights arising in connection therewith for purposes of Section 409A of the Code (including for purposes of the designation of time and form of payments required by Section 409A of the Code).  
8.    Regulation by the Committee.
This Agreement and the Restricted Stock Units shall be subject to the administrative procedures and rules as the Committee shall adopt.  All decisions of the Committee upon any 

question arising under the Plan or under this Agreement, shall be conclusive and binding upon the Awardee, including, without limitation, any question relating to the vesting conditions set forth in Section 3.
9.    Withholding.

The Company and its Affiliates shall be entitled to deduct and withhold the minimum amount necessary in connection with the Awardee’s Restricted Stock Units to satisfy its withholding obligations under any and all federal, state and/or local tax rules or regulations. 
10.    Amendment.
The Committee may amend this Agreement at any time and from time to time; provided, however, that no amendment of this Agreement that would impair the Awardee’s rights or entitlements with respect to the Restricted Stock Units shall be effective without the prior written consent of the Awardee.
11.    Plan Terms.
The terms of the Plan are hereby incorporated herein by reference.   
12.    Effective Date of Award.
The award of Restricted Stock Units under this Agreement shall be effective as of the Effective Date.
13.    Not a Contract of Employment.  Nothing in this Agreement or in the Plan shall confer upon Awardee any right to continue to serve as an employee of the Company or any of its Affiliates.  
14.    Code Section 409A.  To the extent applicable, this Agreement shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date. Notwithstanding any provision of this Agreement to the contrary, in the event that following the Effective Date, the Company determines that the Restricted Stock Units may be subject to Section 409A of the Code and related Department of Treasury guidance (including such Department of Treasury guidance as may be issued after the Effective Date), the Company may adopt such amendments to this Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect ), or take any other actions, that the Company determines are necessary or appropriate to (a) exempt the Restricted Stock Units from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Restricted Stock Units, or (b) comply with the requirements of Section 409A of the Code and related Department of Treasury guidance; provided, however, that this Section 14 shall not create any obligation on the part of the Company or any Affiliate thereof to adopt any such amendment, policy or procedure or take any such other action.  For purposes of Section 409A of the Code, any right to a series of payments pursuant to this Agreement shall be treated as a right to a series of separate payments.  

15.    Awardee Acknowledgment.
By executing this Agreement, the Awardee hereby acknowledges that he or she has received and read the Plan and this Agreement and that he or she agrees to be bound by all of the terms of both the Plan and this Agreement.

[Signature page follows]

    

IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto as of the date first above written.

	
			
	AWARDEE:
	 
	KENNEDY-WILSON HOLDINGS, INC.

	 
	 
	 

	________________________________
[___________]
	 
	By:                  
 

 
Name: _______________________________ 
Title: ________________________________Exhibit
10.1

 

 

INTELLECTUAL
PROPERTY LICENSE AGREEMENT

 

 

THIS
LICENSE AGREEMENT is entered into on the 22 December 2018

 

BETWEEN:

 

MONASH
UNIVERSITY [ABN 12 377 614 012] a body corporate established pursuant to the Monash University Act 1958 (Victoria), of Wellington
Road, Clayton, Victoria 3800, Australia (“Monash”).

 

AND

 

ZANDER
THERAPEUTICS, INC of 4700 Spring Street, Suite 304, La Mesa, California 91942, USA (“Licensee”)

 

RECITALS

 

		A.	Monash
                                         is the owner or exclusive licensee of the Licensed Technology developed by the Researchers.

 

		B.	Licensee
                                         wishes to obtain a licence to Exploit the Licensed
                                         and Licensed Intellectual Property.

 

		C.	Monash
                                         has agreed to grant to Licensee the exclusive right to use the Licensed
                                         Intellectual Property for commercialisation
                                         of Products on the terms and conditions of this Agreement.

 

 

THE
PARTIES AGREE THAT:

 

1DEFINITIONS

 

In
this Agreement, the following words and expressions shall have the meaning assigned to them hereunder except where the context
otherwise requires:

 

“Affiliate”
means any entity more than 50% owned by Licensee, any entity which owns more than 50% of Licensee, or any entity that is more
than 50% owned by an entity that owns more than 50% of Licensee;

"Application"
means an application for a patent made by or on behalf of Monash in respect of the Licensed Technology;

"Commencement
Date" means the execution date of this Agreement by the last of the Parties to do so;

"Confidential
Information" means any confidential information, in any form or media relating to or representing the Licensed Technology
and any Intellectual Property therein, or other confidential information of either party, other than information which:

		(a)	was
                                         in the public domain at the time of its disclosure or subsequently comes into the public
                                         domain otherwise than through breach by the receiving party;

		(b)	came
                                         into the knowledge of the receiving party by lawful means from a third party and without
                                         breach of any obligation of confidentiality by any third party; or

		(c)	was
                                         in fact known to the receiving party, without breach of any obligation of confidentiality
                                         by any third party, prior to its disclosure to the receiving party;

 

"Corresponding
Application" means an application for a patent made by or on behalf of Monash in respect of the Licensed Technology which
claims the same priority date as the Applications or is a refiling of the Applications, a divisional application, a continuation
or a continuation in part and, in the event that a Corresponding Application is made under the Patent Cooperation Treaty, includes
a national or regional phase entry resulting from that PCT application;

 

"Development
Milestones" means the development and commercialization milestones set out in Schedule 1.

"Event
of Default" means, in relation to a Party, the occurrence of any one or more of the following events or circumstances:

		(a)	an
                                         Insolvency Event occurs; or

		(b)	that
                                         Party commits a material breach of a provision of this Agreement which:

 

		(i)	if
                                         capable of being remedied, is not remedied within 30 days of notice from the other Party,
                                         specifying the breach and requiring it to be remedied; or

 

		(ii)	is
                                         not capable of remedy; or

 

		(c)	the
                                         Licensee becomes in arrears in any payments due under the Agreement, and Licensee fails
                                         to make the required payment within 30 days after delivery of written notice from Monash;
                                         or

		(d)	The
                                         Licensee is in breach of its obligations under clause 5.6 and fails to obtain Monash's
                                         approval to the revised Plan.

 

"Exploit"
means to use, make, hire, sell or otherwise dispose of to a third party, or offer to make, hire, sell or otherwise dispose
of to a third party and "Exploitation" will be similarly construed;

"Fee(s)"
means the fees, if any, set out in the Schedule;

 

"Field"
means the field described in the Schedule;

 

"Financial
Year" means the 12 month period commencing 1 January and ending on the next 31 December, except for "Year 111
which will commence on the Commencement Date and end on 31 December 2018.

 

"GST
Law" means A New Tax System (Goods and Services Tax) Act 1999 (Cth) and any substantially similar legislation
when it is passed into law and which may operate at any time during the term of this Agreement;

"Interest
Rate" means the rate for time to time fixed under the Penalty Interest Rates Act 1983 (Vic);

"Improvements"
means any improvement, variation, modification, adaptation or further development of the Licensed Technology developed by
a Party;

 

Infringing
Improvements means each Improvement to any of the Patent Applications that is created, conceived or reduced to practice on
or after the Commencement Date where:

		(a)	any
                                         of the Intellectual Property Rights in the Improvement cannot be exercised without infringing
                                         the Intellectual Property in the Patent Applications or Corresponding Applications (or
                                         could not be so exercised in the absence of an appropriate License in respect of that
                                         Patent Application or Corresponding Application; and

		(b)	the
                                         Improvement was created, conceived or reduced to practice in whole or part by one or
                                         more of the Researchers; and

		(c)	Monash
                                         has the right to grant an exclusive License to Exploit that Infringing Improvement.

 

"Intellectual
Property" means all rights resulting from intellectual activity whether capable of protection by statute, common law
or in equity and including copyright (other than in a student thesis), discoveries, inventions, patent rights, registered and
unregistered trade marks, design rights, circuit layouts and plant varieties and all rights and interests of a like nature, together
with any and all documentation relating to such rights and interests;

"Insolvency
Event" means, in respect of a Party, any one or more of the following events or circumstances:

		(a)	a
                                         winding up, dissolution, liquidation, provisional liquidation, administration or bankruptcy;

(b)               
having a Controller or analogous person appointed
to it or any of its property;

		(c)	being
                                         unable to pay any of its debts as and when due and payable or being deemed to be insolvent
                                         under any provision of the Corporations Act or any other law;

		(d)	seeking
                                         protection from its creditors under any Law, entering into a compromise, moratorium,
                                         assignment, composition or arrangement with, or for the benefit of, any of its members
                                         or creditors; or

		(e)	any
                                         analogous event or circumstance to those described in paragraphs (a) to (d) under any
                                         Law; or

		(f)	unless
                                         such event or circumstance occurs as part of a solvent reconstruction, amalgamation,
                                         compromise, arrangement, merger or consolidation approved by the other Party.

 

"Licenses"
means the Licenses described in Schedule 1;

 

"Licensed
Intellectual Property" means the Technical Information and any Applications, Corresponding Applications or Patents owned
or otherwise licensed exclusively to Monash;

 

"Licensing
Income" means the fair market cash value of any and all consideration received by Licensee or its Affiliates during the
term of this Agreement from any Sub-Licensee and Sub-Sub-Licensee of the Licensed Technology, Patent or the Technical Information
pursuant to sub-licensing arrangements including, but not limited to, License issue fees and other licensing fees, option fees,
milestone payments, royalties from the sale or use of Products (other than Royalties), equity or other payments of any kind whatsoever
irrespective of whether such revenues are received in the form of cash, barter, credit, shares, warrants, release from debt, goods
or services, Licenses back, or any other form whatsoever, but excluding any monies received and expended on research or development
of the Licensed Technology;

"Licensed
Product" or "Product" means any product, service, article or thing produced which:

		(a)	uses,
                                         incorporates, was developed with, could not have been developed but for, or relies upon
                                         the Licensed Technology or any Licensed Intellectual Property; and/or

		(b)	has
                                         been created or developed in whole or in part using or incorporating part or all of the
                                         Licensed Technology or any Licensed Intellectual Property;

 

"Licensed
Technology" means the technology described in Schedule 1;

 

"Milestones"
means the milestones set out in Schedule 1, which milestones are successive.

 

"Net
Sales" means the amount invoiced by the Licensee or its Affiliates (excluding Licensing Income) for Products sold or
otherwise disposed of to independent third party customers, (including without limitation distributors, in bona fide commercial
arm's length transactions), less, to the extent such amounts are included on such invoices and are reasonable and provided in
the ordinary course of business:

		(a)	freight
                                         and insurance costs incurred in transporting such Products to such customers;

		(b)	quantity,
                                         cash and other trade discounts in the normal course of trade actually allowed and taken;
                                         and

		(c)	customs
                                         duties, surcharges and taxes and other governmental charges incurred in connection with
                                         the exportation or importation of such Products in final form.

Where
sales are not made on a bona fide commercial arms-length basis to independent
third-party customers, the royalty will
be calculated
on a deemed gross invoice price calculated
by multiplying the quantity of Product sold or otherwise disposed of otherwise than in a bona fide commercial arms-length

transaction
by the unit value of such Products were they to be sold in a bona fide commercial arm's length transaction in similar quantities
to independent third party customers;

 

"Parties"
means the parties to this Agreement and "Party" means any one of them;

 

"Patent"
means the patent granted on the Applications or Corresponding Application;

 

"Quarter"
means the periods of three months commencing on 1 January, 1 April, 1 July and 1 October of each calendar year;

 

"Researchers"
means the researchers named in Schedule 1;

 

"Research
Project IP" means any Intellectual Property developed in the course of providing the research services under clause 4,
excluding Infringing Improvements.

 

"Royalties"
means the royalties set out in Schedule 1;

 

"Sub-License"
means a License of any of Licensee's rights under this Agreement or Patent or Licensed Technology and includes an option or
right in respect of the granting or entering into of any such License;

"Sub-Licensee"
means a third party who enters into a Sub-License;

 

"Sub-
Sub-License" means a License of any of Sub-Licensee's rights under this Agreement or Patent or Licensed Technology and
includes an option or right in respect of the granting or entering into of any such License;

"Sub-Sub-Licensee"
means a third party who enters into a Sub-Sub-License;

 

"Technical
Information" means all specifications, technical and scientific information and any commercially valuable information
or know how relating to the Licensed Technology and specifically regarding its use within the Field which is in the free possession
or control of Monash having been developed by or under the supervision of the Researchers;

 

"Term"
means the period set out in Schedule 1;

 

"Territory"
means the geographic area set out in Schedule 1;

 

 

		2	TERM

 

This
Agreement will begin on the Commencement Date and continue for the Term unless terminated earlier in accordance with this Agreement.

 

 

 

		3	GRANT
                                         OF LICENSE

 

		3.1	Exclusive
                                         License

 

From
the Commencement Date, Monash grants the Licensee within the Field, in

the
Territory and for the Term, an exclusive, royalty bearing, non-transferrable License to use the Licensed Intellectual Property,
to research, develop, manufacture, market, use, import, offer for sale and sell Licensed Product.

 

		3.2	Nothing
                                         in this Agreement shall prevent Monash from any use or Exploitation of the Licensed Intellectual
                                         Property and Improvements (including commercial use) outside of the Field.

 

		3.3	Provision
                                         of Know How

 

Upon
the Licensee's reasonable request, Monash shall supply the Licensee with all know-how in its possession that Monash is at liberty
to disclose and has not previously been disclosed to the Licensee and which is reasonably necessary or desirable to enable the
Licensee to undertake the further development of the Licensed Products. The method of such supply shall be agreed between Monash
and the Licensee. If it is agreed that a representative of Monash shall attend the Licensee's premises in connection with such
supply, Licensee must pay for all associated travel (at business-class rates), accommodation, and subsistence costs incurred.

 

		3.4	Sub-Licensing

 

The
Licensee shall not be entitled to grant Sub-Licenses or Sub-Sub-Licenses of its rights under this Agreement, except with the prior
written consent of Monash, which consent may not be unreasonably withheld. For the avoidance of doubt, the Parties agree that
as a condition to giving its consent the Licensee shall in each case ensure that:

 

		(a)	the
                                         Sub-License and any Sub-Sub-License shall be in writing and on arm's length terms and
                                         shall include obligations on the Sub-Licensee and any Sub Sub-Licensee that are equivalent
                                         to the obligations on the Licensee under this Agreement, including limitations of liability
                                         that are equivalent to those set out in this Agreement;

		(b)	the
                                         Sub-License and any Sub-Sub-License shall terminate automatically on the termination
                                         of this Agreement for any reason;

(c)                
the Sub-License shall not grant the Sub-Licensee
any right to;

		i.	grant
                                         any Sub-Licenses (or Sub-Sub-Licenses as the case may be) in respect of the Licensed
                                         Intellectual Property without Monash consent; or

ii.                       
enforce any of the Licensed Intellectual Property.

		(d)	within
                                         30 days of the grant of any Sub-License or Sub-Sub-License the Licensee shall provide
                                         to Monash a true copy of it;

		(e)	the
                                         Licensee shall be responsible for any breach of the Sub-License or Sub Sub-License by
                                         the Sub-Licensee or Sub-Sub-Licensee, as if the breach had been that of the Licensee
                                         under this Agreement, and the Licensee shall indemnify Monash against any loss, damages,
                                         costs, claims, or expenses that are awarded against or suffered by Monash as a result
                                         of any such breach by the Sub-Licensee and/or Sub-Sub-Licensee; and

		(f)	the
                                         Sub-License and any Sub-Sub-License shall name Monash as a third party beneficiary of
                                         the Licensee's rights under the Sub-License

 

		3.5	Academic
                                         License

 

Licensee
acknowledges and agrees that Monash retains or is hereby granted, the perpetual, royalty free, sub-licensable right to use the
Licensed Technology and any part of the Licensed Intellectual Property, together with any Improvements developed by Licensee for
education, teaching or research purposes (including publication purposes) both within and outside the Field, that it or its academic
collaborators may publish scientific findings related to the Licensed Technology in a learned journal or in a presentation at
a scientific forum and may grant Licenses (including in respect of the Improvements) outside the Field..

 

Notwithstanding
any other clause in this Agreement, any student involved in any research conducted with respect to the Licensed Technology and/or
any part of the Licensed Intellectual Property will own copyright in his or her thesis and/or other work submitted for assessment.

		3.6	Improvements

 

The
Parties acknowledge that as between themselves:

 

		(a)	any
                                         Improvement (other than Infringing Improvements and Research Project IP) made by a Party
                                         to the Licensed Technology (whether patentable or not) will, on creation, be owned by
                                         the Party that created it.

 

		(b)	Infringing
                                         Improvements created by Monash or Licensee shall be vested in Monash immediately upon
                                         creation and exclusively licensed to Licensee on the same terms as set out in clause
                                         3.

 

		3.7	Formal
                                         Documentation

 

The
Parties must promptly do all acts and things and execute all documents necessary for the purposes of vesting ownership of Intellectual
Property in accordance with this clause 3.7.

 

 

		4	RESEARCH
                                         SERVICES

 

		4.1	Research
                                         Services

 

The
Parties acknowledge that a condition of the grant of this License by Monash is that they will enter into a separate agreement
between the Parties (the Research Services Agreement), which will outline the terms of further research services to be conducted
by or on behalf of Monash, including, without limitation, the scope of the research services and the fees payable for the research,
which fees shall be no less than USD $200,000 /year for a period of three (3) years.

		4.2	Research
                                         Project IP

 

The
Research Services Agreement will include provisions for all Research Project IP conceived, created, developed or otherwise arising
from any research

commissioned
by Licensee to be owned by Licensor and licensed to Licensee on the same terms as this Agreement, provided the work is fully funded
by the Licensee.

 

 

		5	DEVELOPMENT
                                         AND COMMERCIALISATION

 

		5.1	Diligence

 

Licensee
shall use commercially reasonable efforts to develop Licensed Products, and launch them into the commercial market, including
through Sub-Licenses and Sub-Sub-Licenses as permitted under this Agreement. In addition, Licensee shall achieve each of the Development
Milestones within the time periods specified in Schedule 1.

		5.2	Sub-Licensing

 

Licensee
shall actively manage the Sub-Licensees and Sub-Sub-Licensee with the objective of ensuring compliance with relevant conditions
and the timely collection and remittance of Licensing Income. 

		5.3	Quality
                                         and Compliance with Laws

Licensee
shall in each part of the Territory, observe and comply with all applicable laws, by-laws and regulations applicable to the development,
manufacture, use and sale of the Licensed Technology and any Licensed Products and shall ensure that all Licensed Products marketed
by it and Sub-Licensees and Sub-Sub Licensees are of satisfactory quality. The Licensee, either directly or through the Sub-Licensee,
shall be responsible at its cost for obtaining all necessary Licenses and other statutory or regulatory approvals relating to
the development, use and sale of the Licensed Products where applicable.

 

		5.4	Use
                                         of patent numbers

Licensee
must ensure that the Licensed Products and the packaging of the Licensed Products includes a reference to the Patent numbers that
relate to that Licensed Product (if applicable), where the absence of that reference in any manner detrimentally affects the rights
conferred by the relevant Patent.

 

		5.5	Reporting

 

On
each anniversary of the Commencement Date, Licensee shall provide Monash with a written report summarising its efforts during
the prior year to develop and commercialize Licensed Products and providing a development plan for the next year, outlining the
research, development and commercialization activities that it intends to undertake, including to achieve the Development Milestone.

 

		5.6	Failure
                                         to Meet Development Milestone

 

If
Licensee reasonably believes that it will not achieve a Development Milestone, it may notify Monash in writing in advance of the
relevant dead.line. Licensee shall include with such notice

(a)               
a reasonable explanation of the reasons for such
failure; and

 

		(b)	a
                                         reasonable, detailed, written plan for promptly achieving a reasonable extended and/or
                                         amended milestone C-Plan").

 

If
Monash informs Licensee that it has failed to provide an acceptable Plan, then Licensee shall have thirty (30) days from the date
of Monash's notice to provide a revised Plan for Monash's approval. If such Plan is again not approved by Monash, then Licensee's
failure to achieve the Development Milestone shall constitute a material breach of this Agreement, and Monash shall have the right
to terminate this Agreement pursuant to clause 13.2 or convert the License under clause 3.1 from exclusive to non-exclusive, at
Monash's discretion.

 

		6	FEES
                                         AND ROYALTIES

 

6.1             
License Fees and Royalties

 

In
consideration for the grant of License under clause 3, Licensee shall pay Monash the Fees and Royalties set out in the Schedule.

		6.2	Milestones

 

		(g)	Licensee
                                         shall notify Monash in writing within thirty (30) days following the achievement of each
                                         Milestone.

		(h)	If
                                         a Licensed Product is not required to undergo the event associated with a particular
                                         milestone for a Licensed Product ("Skipped Milestone"), such Skipped
                                         Milestone will be deemed to have been achieved upon the achievement by such Licensed
                                         Product of the next successive milestone ("Achieved Milestone"), provided
                                         payment for any Skipped Milestone shall be due in the financial year in which the Achieved
                                         Milestone is payable.

 

		6.3	Payments

 

Payment
of all Fees, Milestones, Royalties and any other amounts due hereunder shall be made in Australian dollars by Licensee to Monash
at the address or into the bank account notified by Monash in writing from time to time within thirty

(30)
days following the end of each Quarter.

 

		6.4	Interest

 

Licensee
shall pay interest to Monash on all outstanding amounts due and payable under this Agreement at the Interest Rate from the date
the outstanding amount is due and payable until the amount is paid in full.

		6.5	Reports

 

Licensee
shall prepare a report as at the end of each Financial Year, in respect of

both
its own activities and the activities of any Sub-Licensee and Sub-Sub-Licensee, showing the calculation of the amount of royalty
or other moneys payable to Monash attributable to that Financial Year. The obligation to prepare reports will commence in the
Financial Year that income is first received by Licensee or Licensed Products are first sold (whichever occurs first) and thereafter
reports shall be provided to Monash within 30 days of the end of each Financial Year.

		6.6	Records

 

Licensee
shall preserve and keep all books and records referred to in clause 6.7 for a period of not less than five (5) years from the
termination of this Agreement.

		6.7	Audit
                                         Rights

 

Licensee
shall maintain proper books and records relating to the development of the Licensed Technology and the Exploitation of Licensed
Products, by either itself or the Sub-Licensees and the Sub-Sub-Licensees and in respect of the invoicing and receipt of payments
from distributors. All books and records of Licensee shall be made available for inspection and audit by Monash or their nominees
on not less than 24 hours' notice. Licensee shall render all reasonable assistance to Monash or its nominees in the conduct of
an inspection and audit. The cost of such inspection and audit (including the costs of any accountant appointed by Monash) shall
be borne by Licensee entirely where Licensee is shown to have understated the monies payable to Monash in any period being reviewed
by more than 5% or USD $2,000, whichever is greater.

 

		6.8	Taxes

 

Licensee
shall pay all taxes (other than income tax but including withholding tax), levies or other similar payments due on monies payable
under this Agreement. In the case of withholding or equivalent taxes, Licensee may not deduct those amounts from the monies due
and payable and must pay to Monash the full amount of the Fees, Royalties or other amount payable under this Agreement.

 

		7	INTELLECTUAL
                                         PROPERTY PROTECTION AND ENFORCEMENT

 

7.1             
Protection of Intellectual Property

 

		(a)	The
                                         Parties must consult and co-operate in good faith with respect to the best methods to
                                         protect the Licensed Intellectual Property. Monash will inform the Licensee of any patent
                                         prosecutions and consult with the Licensee prior to the filing of the Application and/or
                                         Corresponding Application, including seeking comments prior to filing, to the extent
                                         practicable under the circumstances.

 

		(b)	Monash
                                         will be responsible for procuring, maintaining, defending and enforcing such registered
                                         Intellectual Property rights, as the Parties mutually agree are appropriate for Licensed
                                         Technology, within the Field and in the Territory, in the name of Monash.

		(c)	Licensee
                                         will meet all expenses associated with fulfilling the obligations under this clause 7
                                         from the Commencement Date.

 

		(d)	If
                                         Monash decides to let a granted patent or patent application lapse, or to not seek protection
                                         in a nominated jurisdiction, Monash will provide the Licensee with an option and reasonable
                                         time to assume responsibility for meeting the costs and management of the Application
                                         and Corresponding Application, provided that the License to the Licensee shall remain
                                         limited to the Field.

 

		(e)	Licensee
                                         must provide such assistance, as reasonably requested by Monash in connection with the
                                         activity referred to in this clause 7 at its own expense.

 

		(f)	Patent
                                         protection will be pursued in such countries Licensor and Licensee so agree in sufficient
                                         time to reasonably enable the preparation of such additional filings, and in those countries
                                         in which Monash has filed applications prior to the date of this Agreement.

 

		7.2	Intellectual
                                         Property Infringement

 

		(g)	Each
                                         Party shall notify the other parties of any actual or suspected infringement of the Licensed
                                         Intellectual Property as soon as is reasonably practicable upon becoming aware of it.

 

		(h)	In
                                         the event that the Patent in respect of which Licensee is granted a License hereunder
                                         is declared invalid or Licensee is otherwise prevented from exploiting the rights granted
                                         to it hereunder, it shall not be entitled to any refund of any amounts paid by it under
                                         this Agreement.

 

		7.3	Infringement
                                         proceedings

 

Licensee
may not:

		(a)	threaten
                                         any person with proceedings for infringement of the Licensed Intellectual Property;

		(b)	commence
                                         any proceeding for infringement of the Licensed Intellectual Property (including any
                                         proceeding by way of cross claim or counter claim); or

		(c)	otherwise
                                         enforce any Intellectual Property rights in the Licensed Intellectual Property,

without
the prior written consent of Monash.

  

		8	PUBLICATIONS

 

8.1              
Proposed publications

If
Monash or its academic collaborators wishes to make any publication in respect of Licensed Technologyor any Licensed Intellectual
Property or Improvements, it will forward a copy (a Review
Copy) of the proposed publication to Licensee at least 30 days prior to the date of the proposed
submission. If Licensee believes that the proposed publication includes Confidential Information which Licensee would like to
maintain confidential:

		(a)	Licensee
                                         shall promptly, but in any event within fourteen (14) days of the receipt of the proposed
                                         publication, deliver to Monash written notice to such effect and specify the Confidential
                                         Information which it would like to maintain confidential.

		(b)	In
                                         such event, Monash will delay the proposed publication until the specified Confidential
                                         Information has been deleted from the proposed publication or, where mutually agreed,
                                         a further period of up to 60 days to enable Licensee to file for legal protection with
                                         respect to any Intellectual Property comprised in proposed publication.

		(c)	If
                                         Licensee fails to respond to Monash within the fourteen (14) day period, it will be deemed
                                         to have provided its approval to the publication.

 

		8.2	Thesis
                                         publication

 

The
Parties acknowledge that where a researcher requires a Review Copy to be published, in whole or in part, as part of their examination
for the award of a postgraduate research degree (Examination
Work), which for the avoidance of doubt shall include a thesis, that the results may be published
on the following conditions:

(a)                
the candidate owns copyright in the Examination
Work;

		(b)	the
                                         Examination Work, other than papers published before examination, may be distributed
                                         to the candidate's examiners, on a confidential basis; and

copies
of the Examination Work, other than papers published before examination, will be maintained only in the "restricted"
section of the library of the educational institution of which the candidate is a student for such period as is reasonable to
obtain protection of the Intellectual Property or IP Improvements and in accordance with the statutes and regulations of Monash.

  

		9	CONFIDENTIALITY
                                         AND PUBLICITY

 

		9.1	Obligations
                                         of confidentiality

 

Subject
to this clause, no Party shall (without the written consent of the other party) disclose the terms of this Agreement or any Confidential
Information of the other Party to any third party or use any Confidential Information of the other party except for the purpose
for which it was disclosed, except for disclosures:

		(a)	in
                                         the form of scientific publications expressly permitted under this Agreement but nevertheless
                                         subject to clause 8; or

(b)               
required by law or government authorities;

(c)                
to approved Sub-Licensees and Sub-Sub-Licensees,
:agents, contractors

I

and
employees or financial, insurance or legal advisers and potential investors or lenders on a need to know basis and provided they
agree to be bound by obligations of confidentiality; or

(d)               
reasonably necessary in connection with:

i.                       
filing or prosecuting patent applications;

ii.                      
prosecuting or defending litigation;

iii.                      
conduct of research studies or trials; or

iv.                      
seeking regulatory approval of a Licensed Product.

		v.	negotiating
                                         and entering into a sublicensee agreement, provided that such disclosure is subject to
                                         a written confidentiality agreement at least as stringent as the confidentiality provisions
                                         of this Agreement.

 

		9.2	Announcements

 

Except
as provided in this Agreement, a Party must not make, or authorise or cause to be made, any media release, article or any other
form of public disclosure (in written, electronic or any other form) relating to any of the subject matter of this Agreement unless
it has the prior written consent of the other Party.

		9.3	Use
                                         of name of the other party

 

Neither
Party may use the other Party's name, logos, trademarks or indicia, or the name of any of its Personnel or affiliates in any announcement,
press release or other publicity material without, express, prior written consent of the other party (such not to be unreasonably
withheld where such announcement or release occurs in connection with publicity of this Agreement).

		9.4	No
                                         endorsement

 

Neither
Party may represent that another Party or any associated entity endorses its business or the Licensed Intellectual Property or
future Improvements.

  

		10	LIMITATION
                                         OF LIABILITY

 

10.1          
Compliance with Law

 

Licensee
represents and warrants that it will comply in all material respects with all local, state, and international laws and regulations
relating to its activities hereunder, including the Exploitation of the Licensed Intellectual Property and the development, manufacture,
use and sale of Licensed Products. Without limiting the foregoing, the Licensee acknowledges its obligations under laws prohibiting
or restricting dealings with proscribed states, persons or entities or seeking to prevent the proliferation of weapons, including
but not limited to laws implementing the sanctions imposed by the United Nations Security Council;, including but not limited
to those arising under the Charter of the United Nations Act 1945 (Cth) and the Autonomous Sanctions Act 2011 (Cth), and undertakes
to comply with those obligations.

		10.2	No
                                         Warranty

(a)               
Nothing contained herein shall be deemed to be
a warranty by Monash that

the
rights granted in connection with the Licensed Intellectual Property, will afford adequate or commercially worthwhile protection.

		(b)	MONASH
                                         MAKES NO WARRANTIES WHATSOEVER AS TO THE COMMERCIAL OR SCIENTIFIC VALUE OF THE LICENSED
                                         INTELLECTUAL PROPERTY OR THE LICENSED TECHNOLOGY. THE LICENSED TECHNOLOGY IS PROVIDED
                                         "AS-IS." MONASH MAKES NO REPRESENTATION THAT THE LICENSED TECHNOLOGY OR THE
                                         DEVELOPMENT OR USE OF LICENSED PRODUCTS OR ANY LICENSED TECHNOLOGY, OR ANY ELEMENT THEREOF,
                                         WILL NOT INFRINGE THE INTELLECTUAL PROPERTY OR PROPRIETARY RIGHTS OF ANY THIRD PARTY.

(c)               
Licensee acknowledges that it is entering into
this Agreement and will

(subject
to clause 10.3) be using the Licensed Technology and Licensed Intellectual Property and otherwise exercising the rights granted
to it in this Agreement entirely at its own risk.

 

		10.3	Limitation
                                         of Liability

 

		(a)	Without
                                         limiting the generality of anything else contained in this Agreement, Licensee confirms
                                         that to the extent permitted by law, and subject to clause 10.4, Monash excludes all
                                         implied warranties, terms, conditions or undertakings, including any implied warranty
                                         of merchantability or of fitness for a particular purpose, in respect of the Technical
                                         Information and/or the Licensed Technology;

		(b)	Monash
                                         has not made and does not by entering into this Agreement make any representation or
                                         warranty, express or implied, that the Licensed Technology or Technical Information does
                                         not or will not infringe any third party's intellectual property or other rights;

		(c)	Licensee
                                         will make its own inquiries to determine that the use of Technical Information and the
                                         Exploitation of the Licensed Technology will not infringe any third party's intellectual
                                         property or other rights; and

		(d)	Monash
                                         does not represent that a Patent will be granted on the Applications or a Corresponding
                                         Application.

 

		10.4	Australian
                                         Consumer Law

 

If
the Competition and Consumer Act 2010 (Cth) or any other Act (including States' Goods Acts) implies into this Agreement
any term, condition or warranty which cannot be excluded and if Monash breaches such term or condition or warranty then the liability
of Monash for breach of such term or condition or warranty is (to the extent permitted by any relevant Acts) limited to:

		(a)	in
                                         the case of goods, at the election of Monash, the payment of the cost of repair or replacement
                                         of the goods or of acquiring equivalent goods;

		(b)	in
                                         the case of services, at the election of Monash, the supplying of the services again
                                         or the payment of the cost of having the services supplied again.

 

		10.5	Exclusion
                                         of Liability

		(a)	To
                                         the fullest extent permitted by law, Monash shall have no liability whatsoever (whether
                                         in contract, tort including negligence, pursuant to statute or otherwise) to Licensee
                                         for any loss of profits, liability to any third party or any indirect or consequential
                                         loss or damage of whatsoever kind incurred or suffered by that other party in relation
                                         to this Agreement.

		(b)	To
                                         the fullest extent permitted by law, Licensee shall have no liability whatsoever (whether
                                         in contract, tort including negligence, pursuant to statute or otherwise) to Monash for
                                         any indirect or consequential loss or damage of whatsoever kind incurred or suffered
                                         by Monash in relation to this Agreement, except in respect of breach of confidence, death
                                         or personal injury.

 

		11	INDEMNIFICATION

 

		11.1	Subject
                                         to clauses 10.S(b) and 11.2, Licensee hereby indemnifies Monash and its respective officers,
                                         employees and agents and agrees to keep each of Monash and its respective officers, employees
                                         and agents fully indemnified against all loss, costs (including but not limited to legal
                                         costs on a solicitor - own client basis), expenses, demands, claims or liabilities ("Liabilities")
                                         arising in respect of property damage, economic loss, personal injury or other loss
                                         arising, resulting directly or indirectly from the exploitation of the rights and Licenses
                                         granted under this Agreement. In particular but not only, it applies to Liabilities arising
                                         from the development, marketing, sale or use of a Licensed Product manufactured or supplied
                                         by or on behalf of Licensee, a distributor of Licensee or a Sub-Licensee and whether
                                         such liability arises in tort (including without limiting the generality thereof, negligence)
                                         contract, under statute or otherwise. This indemnity shall survive the termination or
                                         expiration of this Agreement.

 

		11.2	Licensee's
                                         responsibility under clause 11 .1 for any
                                         Liabilities shall be reduced proportionally to the extent they are caused by:

		(a)	the
                                         negligence (whether by act or omission), wilful misconduct or fraud of Monash or its
                                         officers, agents or employees; or

		(b)	a
                                         material breach by Monash of this Agreement.

 

 

 

		12	INSURANCE

 

12.1          
Insurance

 

From
the date any Licensed Product is sold, for such time as the License remains in effect and a further period of 7 years, Licensee
shall, in its name and for the express benefit of Monash, at its sole cost and expense, procure and maintain commercially reasonable
insurance with effect throughout the Territory. Such commercial general liability insurance shall provide:

		(a)	product
                                         liability insurance for an amount of not less than AUD$10 million in respect of any injury,
                                         loss or damage whatsoever arising by negligence or accident or otherwise howsoever to
                                         any real or personal property of

any
person to be obtained prior to the Exploitation of any of the Products, the Licensed Technology or Technical Information; and

 

		(b)	professional
                                         indemnity insurance of not less than AUD$1O million in respect of any loss or damage
                                         whatsoever arising by negligence or otherwise;

		(c)	broad
                                         form contractual liability coverage for Licensee's indemnification obligations under
                                         this Agreement;

and
such other risks usually insured in accordance with industry custom and practice. Licensee must, on reasonable request by Monash,
provide to Monash a copy of any insurance policy and the certificate of currency in respect of each such policy.

 

 

		13	TERMINATION

 

13.1          
Termination Without Cause

 

Except
where Licensee is in breach of this Agreement and provided Licensee has met all of its obligations under this Agreement, Licensee
may terminate the Agreement by providing Monash written notice of intent to terminate, which such termination effective will be
30 days following receipt of such notice.

		13.2	Termination
                                         for Cause

 

A
Party may terminate this Agreement immediately by notice in writing to the other Party (Defaulting Party) if an Event of
Default occurs in respect of the Defaulting Party.

		13.3	Effect
                                         of Termination

 

Subject
to clause 13.4, upon any expiration or termination of this Agreement for any reason:

		(a)	the
                                         rights and licenses granted to Licensee under clause 3 (including under any Sub-License)
                                         shall terminate (whereupon Licensee may not make any further use or exploitation of the
                                         Licensed Technology);

		(b)	Licensee
                                         shall grant to Monash an exclusive, royalty free License (with the right to grant sub-licenses)
                                         to Exploit any

		(i)	Intellectual
                                         Property owned or controlled by Licensee or Confidential Information

directly
related to the Licensed Technology, and will transfer all drawings, specifications, data, processes, techniques, samples, specimens,
prototypes, designs, research and development results, test results, and other technical and scientific information which have
been produced, developed, acquired, Licensed or are otherwise held by Licensee in the course of Exploiting the Licensed Technology.

		(c)	The
                                         Licensee shall immediately cease to develop and sell any Licensed Products;

		(d)	Licensee
                                         and its Sub-Licensees and Sub-Sub-Licensees may, for a period of 6 months, sell all then
                                         existing Licensed Products, and complete Licensed

Products
in the process of manufacture at the time of such termination and sell the same, provided that

		(i)	Licensee
                                         shall continue to pay to Monash the royalties and other payments as required hereunder

(ii)               
insurance required hereunder shall be in effect,
and

		(iii)	Licensee
                                         shall continue to submit the reports in accordance with clauses 5.4 and 6.5.

 

		13.4	Accruing
                                         Obligations

 

Termination
or expiration of this Agreement shall not relieve the parties of obligations accruing prior to such termination or expiration
up to the date of termination or expiration.

		13.5	Survival

 

The
parties' respective rights, obligations and duties under clauses 1, 3.5, 6.4 - 6.7, 8, 10, 11, 12, this clause 13, 14 and 16 as
well as any rights, obligations and duties which by their nature extend beyond the expiration or termination of this Agreement,
shall survive any expiration or termination of this Agreement.

 

		14	DISPUTE
                                         RESOLUTION

 

		14.1	Save
                                         for seeking urgent or interlocutory relief, a Party must not commence legal proceedings
                                         relating to this Agreement unless the Party wishing to commence proceedings has complied
                                         with this clause 14.

 

		14.2	The
                                         Parties must co-operate with each other and use their best endeavours to resolve by mutual
                                         agreement any disputes between them and all other difficulties which may arise from time
                                         to time relating to this Agreement.

 

14.3           
Any dispute not resolved under clause 14.2 must
be dealt with as follows:

		(a)	the
                                         Party claiming a dispute exists must notify in writing the other Party of that dispute
                                         ("Notification");

		(b)	within
                                         10 days of receipt of that Notification, the dispute must be referred to the Chief Executive
                                         Officer of Licensee and the Provost and Senior Vice

President
of Monash, or their nominees for resolution; and

		(c)	if
                                         the dispute is not resolved within 28 days of Notification, either Party may refer the
                                         dispute for mediation to the Australian Dispute Centre Limited ("ADC"). If
                                         the Dispute has not been referred within seven days or resolved within 60 days of referral
                                         to ADC (as the case may be) either Party is free to initiate court proceedings.

 

 

 

		15	FORCE
                                         MAJEURE

 

		15.1	Where
                                         a Party is unable, wholly or in part, by reason of force majeure (as defined below defined)
                                         to carry out any obligation under this Agreement, and that

Party:

		(a)	gives
                                         the other Parties prompt notice of that force majeure including reasonable particulars
                                         and, in so far as known, the probable extent to which it will be unable to perform or
                                         be delayed in performing that obligation; and

		(b)	uses
                                         all possible diligence to remove that force majeure as quickly as possible,

that
obligation is suspended so far as it is affected by force majeure during the continuance of that force majeure and that Party
shall be allowed a reasonable extension of time to perform its obligations.

 

		15.2	If
                                         after a period of 90 days, the force majeure has not ceased, the Parties shall meet in
                                         good faith to discuss the situation and endeavour to achieve a mutually satisfactory
                                         resolution to the problem. If this cannot be achieved, the Parties not suffering the
                                         force majeure event shall be entitled to terminate the Agreement upon written notice
                                         to the Party suffering the force majeure event.

 

		15.3	In
                                         this Agreement, "force majeure" means an act of God, strike, lockout or other
                                         interference with work, war (declared or undeclared), blockade, disturbance, lightning,
                                         fire, earthquake, storm, flood, explosion, governmental or quasi-governmental restraint,
                                         terrorism, expropriation, prohibition, intervention, direction or embargo, unavailability
                                         or delay in availability of equipment or transport, inability or delay in obtaining permits,
                                         licenses, authorities or allocations, and any other cause, whether of the kind specifically
                                         enumerated above or otherwise which is not reasonably within the control of the Party
                                         affected.

 

		16	GOVERNING
                                         LAW AND JURISDICTION

This
Agreement is governed by the laws of the State of Victoria and each Party submits to the jurisdiction of the courts exercising
jurisdiction in that State and courts of appeal therefrom.

 

		17	SEVERABILITY

If
any provision of this Agreement is held invala, unenforceable or illegal for any reason, this Agreement shall remain in full force
apart from the said provisions which shall be deemed deleted.

 

		18	WAIVER

No
forbearance, delay or indulgence by a Party in enforcing the provisions of this Agreement shall prejudice its rights, nor shall
any waiver of its rights operate as a waiver of any subsequent breach or in any way affect the validity of the whole or any part
of this Agreement nor prejudice its right to take subsequent action.

 

		19	ASSIGNMENT

No
Party to this Agreement shall be entitled to assign its rights or obligations under this Agreement to any person without the prior
written consent of the other Party (such consent not to be unreasonably withheld).

 

		20	ENTIRE
                                         AGREEMENT

This
Agreement contains the whole of the agreement between Monash and

Licensee
with respect to its subject matter and supersedes any and all other representations or statements by any Party whether oral or
in writing and whether made prior or subsequent to the date of this Agreement. No modification or alteration of any clauses of
this Agreement shall be valid except in writing signed by both Parties.

 

		21	RELATIONSHIP

Each
Party enters this Agreement as an independent contractor and nothing in this Agreement will create or constitute any other relationship,
whether by way of partnership, joint venture, or relationship of principal and agent or otherwise, between them.

 

		22	VARIATION

 

This
Agreement may only be varied by a document in writing signed by the Parties.

 

 

		23	FURTHER
                                         ASSURANCES

 

Each
Party must do all things and sign all documents as may reasonably be required to give effect to this Agreement.

 

		24	COUNTERPARTS

 

The
Parties may execute this Agreement in two or more counterparts, each of which shall be deemed an original.

 

		25	NOTICES

 

Any
notice or other communication of the Parties required or permitted to be given or made under the Agreement will be in writing
and will be deemed effective when sent in a manner that provides confirmation or acknowledgement of delivery and received at the
address set forth in the Schedule (or as changed by written notice pursuant to this clause). Notices required under the Agreement
may be delivered via E-mail provided such notice is confirmed in writing as indicated.

EXECUTED
on the date set out below

 

    	 	1	 

     

    

 

SCHEDULE
1

 

	Patent
    Application:	Any
                                         patent or patent application developed by the Researchers and owned by or exclusively
                                         licensed to Monash corresponding to or claiming priority of the Licensed Technology,
                                         in any country of the Territory, including any patents issuing on such patent application,
                                         and further including any substitution, extension or supplementary protection certificate,
                                         reissue, reexamination, renewal, divisional, continuation or continuation-in-part of
                                         anv of the foregoing.

	Licensed
    Technology:	The
                                         Pyrazol-5 carboxamide compounds ("639 series"), the oxadiazole-pyrrolidine
                                         compounds ("439 series") and the quinoxaline compounds ("AG-1295 series")
                                         as disclosed to Licensee and set out in Schedule 2; and any unpatented technical know
                                         how and technical information that directly and solely relate to the preceding compounds
                                         as at the date of this Agreement (being the results achieved to date but excluding any
                                         Intellectual Property relating to any assays or the ongoing development I

        use
        of such tools or assays).

	Field:	The
    use of the Technology in animal health applications.
	Researchers:	Jonathan
                                         Baell, Thuy Le and Nghi Nguyen (Monash)

        Robin
        Gasser, Sarah Preston, Abdul Jabbar (The University of Melbourne) Michael Palmer (Medicines for Malaria Venture)

	Term:	This
                                         Agreement shall commence on the date of this agreement and continue in full force and
                                         effect until the latter of:

        •     
        where a Patent encompassing any of the Technology has been granted in a country- the date of expiration of the last to
        expire Patent granted in that country;

        •     
        where a Patent encompassing any of the Technology has not been granted in a

        country
        - the date of expiration of the last to expire Patent granted in any country; or

        •      
        where no Patent encompassing any of the Technology has been granted in any country - 20 years after the date of this agreement,

        unless
        terminated sooner in accordance with the provisions of this Agreement.

	Territory:	Worldwide
	Development
    Milestone:	As
                                         a condition of the grant of rights under this Agreement, Licensee agrees to meet the
                                         following Development Milestones:

        1.           
        Identification of lead candidate by one
        year after signing license agreement;

        2.           
        Demonstration of efficacy and toxicity
        profiles in target animal species by 2 years after signing license agreement; and

        3.           
        Submission of marketing application to
        regulatory authority by three years after signing license agreement.

	Fees:	In
                                         consideration for the rights granted under this Agreement, Licensee shall pay to Monash:

        1.Annual
        Maintenance Fee - USD $25,000 payable by Licensee within 30 days of each anniversary of the Commencement Date
        for the duration of the Term (such fee to be credited against any sums duly received for that period under a Research
        Services Agreement).

	Milestones:	In
                                         consideration for the rights granted under this Agreement, Licensee shall pay to Monash
                                         Milestone payments within 30 days of the occurrence of each of the following:

        1.Upon
        demonstration of acceptable efficacy and toxicity profiles of Licensed Product in target animal species - USD $25,000

		2.	Upon
                                         first submission of a marketing application (New Animal Drug Application or Conditional
                                         New Animal Drug Application) for Licensed Product - USD

$50,000

		3.	Upon
                                         first commercial sale of Licensed Product - USD $100,000

 

 

		Royalties	In
                                         consideration for the rights granted under this Agreement, Licensee shall pay to Monash
                                         within 30 days of the end of each Quarter:

		1.	Royalties
                                         on annual Net Sales of Licensed Products according to the following Royalty Rate
                                         schedule:

 

		o	2%
                                         of Net Sales of Licensed Products sold by Licensee and its Affiliates (Direct Royalties)

 

Royalties
are payable on Net Sales of Licensed Product on a Licensed Product-by Licensed Product and country-by-country basis commencing
on the first commercial sale of the relevant Licensed Product and ending upon the expiration of the Term (Royalty Term), provided
that the Royalties due in any country shall be reduced by 50% where the last valid claim in a Patent(s) has expired (or never
existed) in such country.

 

 

		2.	Percentage
                                         of Licensing Income as follows:

 

	Date
    on which sub-License entered into	Percentage
    of Licensing Income
	On
    or before demonstration of efficacy in target animal species	20%
	After
    demonstration of efficacy in target animal species but before submission of the first marketing application to the regulatory
    authority in the US or Europe	15%
	After
    submission of the first marketing application to a regulatory authority	10%

 

 

	Notices	Licensee	 	Monash
	Attention:	Harry
    Lander President & CEO	Attention:	Prof
    Jonathan Baell
	Address:	Zander
                                         Therapeutics, Inc 4700 Spring St,

        Suite
        304

        La
        Mesa, CA 91942, USA
	Address:	Monash
        Institute of Pharmaceutical Sciences 381 Royal Parade,

        Parkville
        VIC 3052, Australia

	Phone:		Phone:	
	Email:	harry.lander@regenbiopharma.com	Email:	Jonathan.Baell@monash.edu

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}]]