Document:

Exhibit 10.1

 

Certain information (marked as [***])
has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

 

EXECUTION VERSION

 

LICENSE AGREEMENT

 

This
License Agreement (the “Agreement”) is entered into as of December 17, 2020 (the “Effective
Date”), by and between Y-mAbs Therapeutics, Inc., a Delaware
corporation with its principal offices located at 230 Park Avenue, Suite 3350, New York, NY 10169, USA (“Y-mAbs”)
and SciClone Pharmaceuticals International Ltd., a company having a registered
address at P.O. Box 309, Ugland House, Grand Cayman, KY 1-1104, the Cayman Islands (“SciClone”).

 

Recitals

 

Whereas,
Y-mAbs is currently developing Naxitamab (DanyelzaTM) and Omburtamab (OmblastysTM) which target tumors that express GD2
and B7-H3, respectively;

 

Whereas,
SciClone is engaged in the research, development and commercialization of pharmaceutical products;

 

Whereas,
SciClone desires to obtain from Y-mAbs, and Y-mAbs desires to grant to SciClone, an exclusive license under the Y-mAbs
Technology to develop and commercialize the Products in the Field in and for the SciClone Territory, subject to the terms and conditions
of this Agreement; and

 

Now,
Therefore, in consideration of the foregoing premises and the mutual covenants herein contained, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Y-mAbs and SciClone hereby agree as follows:

 

1.            Definitions

 

1.1             
“Affiliate” shall mean any company or entity controlled by, controlling, or under common control with a
Party or another entity, whether now or in the future. For the purpose of this definition, an entity shall be deemed to “control”
another entity, if it owns directly or indirectly, more than 50% of the outstanding voting securities, capital stock, or other
comparable equity or ownership interest of such entity, or exercises equivalent influence over such entity.

 

1.2             
“Applicable Laws” shall mean the applicable provisions of any and all national, supranational, regional,
state and local laws, treaties, statutes, rules, regulations, administrative codes, guidance, ordinances, judgments, decrees, directives,
injunctions, orders, permits (including Regulatory Approvals) of or from any court, arbitrator, Regulatory Authority or governmental
agency or authority having jurisdiction over or related to the subject item or subject person, including the FCPA, Export Control
Laws and other comparable laws.

 

1.3             
“Business Day” shall mean any day that is not a Saturday, a Sunday or other day on which banks are required
or authorized by law to close in the State of New York, U.S., or Beijing, China.

 

1.4             
“Calendar Quarter” shall mean each period of three (3) consecutive months commencing on January 1, April
1, July 1 or October 1.

 

     

     

    

 

Certain information
(marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful
if publicly disclosed.

 

1.5             
“Calendar Year” shall mean each period of twelve (12) consecutive months commencing on January 1.

 

1.6             
“Clinical Trial” means, with respect to any product, a human clinical trial designed to evaluate
the safety, efficacy, tolerability or appropriate dosage of such product, as the context requires, including as described or contemplated
by Applicable Law.

 

1.7             
“CMC Information” shall mean information related to the chemistry, Manufacturing and controls of the Products,
as specified by the applicable Regulatory Authorities.

 

1.8             
“Commercialization” shall mean, with respect to a product, all activities undertaken before and after obtaining
Regulatory Approvals relating specifically to the pre-launch, launch, promotion, detailing, medical education and medical liaison
activities, marketing, pricing, reimbursement, sale, and distribution of such product, including strategic marketing, sales force
detailing, advertising, market product support, all customer support, product distribution, and invoicing and sales activities.
“Commercialize” and “Commercializing” shall have the correlative meanings.

 

1.9             
“Commercially Reasonable Efforts” shall mean, with respect to a Party’s obligation under this Agreement
to conduct a particular activity, that level of efforts and resources required to carry out such obligation consistent with the
efforts a similarly-situated pharmaceutical or biotechnology company devotes to an ingredient or a product of its own at a similar
stage of research, development or commercialization.

 

1.10          
“Confidential Information” shall mean all terms and conditions of this Agreement and all other confidential,
proprietary scientific, marketing, financial or commercial information or data, which is generated by or on behalf of a Party or
its Affiliates and which one Party or any of its Affiliates has furnished or made available to the other Party or its Affiliates,
whether in oral, written or electronic form.

 

1.11            “Control” (including any variations such as “Controlled” and “Controlling”)
shall mean, with respect to any material (including Regulatory Materials), Know-How, Patents or other intellectual property rights,
possession by a Party or Third Party of the right, power and authority (whether by ownership, license or otherwise, other than
by virtue of any rights granted under this Agreement) to grant access to, to grant use of, or to grant a license or a sublicense
to such Know-How, Patents or intellectual property rights without violating the terms of any agreement or other arrangement with
any Third Party or additional payment obligations.

 

1.12           
“Cover” shall mean, with respect to Patent, a Valid Claim thereof would (absent a license or ownership thereof)
be infringed by the Manufacturing, Development, Commercialization, use, offering for sale, sale or importation of any Product.
“Covered” and “Covering” shall have the correlative meanings.

 

1.13           
“Cumulative Total Net Sales” shall mean the aggregate Net Sales of all Products in all Indications in the
Field in the SciClone Territory.

 

    2

     

    

 

Certain information
(marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful
if publicly disclosed.

 

1.14         
“Data” shall mean all data, including CMC Information, non-clinical data, preclinical data and clinical
data, generated by or on behalf of a Party or its Affiliates or their respective (sub)licensees pursuant to activities conducted
under this Agreement.

 

1.15         
“Development” shall mean, with respect to a product, all activities conducted after the Effective Date relating
to preclinical trials and Clinical Trials, toxicology testing, statistical analysis, publication and presentation of study results
with respect to such product, and the reporting, preparation and submission of regulatory applications for obtaining, registering
and maintaining Regulatory Approval of such product. “Develop” and “Developing” shall have
the correlative meanings.

 

1.16         
“Effective Date” shall have the meaning provided in the introductory paragraph of this Agreement.

 

1.17         
“Export Control Laws” shall mean all applicable U.S. laws and regulations relating to (a) sanctions
and embargoes imposed by the Office of Foreign Assets Control of the U.S. Department of Treasury or (b) the export or re-export
of commodities, technologies, or services, including the Export Administration Act of 1979, 24 U.S.C. §§ 2401-2420, the
International Emergency Economic Powers Act, 50 U.S.C. §§ 1701-1706, the Trading with the Enemy Act, 50 U.S.C. §§
1 et. Seq., the Arms Export Control Act, 22 U.S.C. §§ 2778 and 2779, and the International Boycott Provisions of Section 999
of the U.S. Internal Revenue Code of 1986 (as amended).

 

1.18         
“FCPA” shall mean the U.S. Foreign Corrupt Practices Act, as amended.

 

1.19         
“Field” shall mean, with respect to any Product, the prevention, diagnosis and/or treatment of cancer in
humans within (a) an Initial Indication for such Product or (b) a New Indication for such Product, but in the case of
this clause (b), only after the Development, Manufacturing and Commercialization of such Product in such New Indication under this
Agreement is approved by the JSC pursuant to Sections ‎3.1(a) and ‎3.4.

 

1.20         
“First Commercial Sale” shall mean, with respect to a Product, the first sale by SciClone or any of its
Affiliates or Sublicensees of the Product in a Region in the SciClone Territory; for the avoidance of doubt, to the extent permitted
by Applicable Laws, such first sale can be made in the SciClone Territory before obtaining the Regulatory Approvals (including
approval from NMPA) for such Product in the SciClone Territory.

 

1.21         
“GCP” shall mean the then-current standards, practices and procedures for good clinical practices promulgated
or endorsed by NMPA or any Regulatory Authority in the SciClone Territory, as may be updated from time to time, including applicable
guidelines promulgated under the ICH guidelines.

 

1.22         
“Generic Product” shall mean, with respect to a particular Region and a Product, any pharmaceutical product
that (a) is biosimilar to or interchangeable with such Product as described in 42 U.S.C. § 262(k)(2)(A)(i), or an equivalent
determination by the Regulatory Authority in such Region; (b) is the same or substantially the same as or highly similar to
such Product in safety, effectiveness and quality; (c) is approved by the Regulatory Authority in such Region by way of an
abbreviated regulatory mechanism by the Regulatory Authority in such Region whereby such Regulatory Authority determines that such
pharmaceutical product is equivalent as a “biosimilar” or “interchangeable” or other term of similar meaning
with respect to such Product in such Region in the SciClone Territory; and (d) is sold in such Region by a Third Party that
is not a Sublicensee or Subcontractor of SciClone. Notwithstanding the foregoing, “Generic Product” shall not include
[***].

 

    3

     

    

 

Certain information
(marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful
if publicly disclosed.

 

1.23         
“Global Trial” means a multi-regional Clinical Trial that is designed to obtain Regulatory Approvals for
the Products in multiple regions and countries through the conduct of Clinical Trials for a Product in multiple countries, regions,
territories and medical institutions, in all circumstances conducted as part of one (1) unified Clinical Trial.

 

1.24         
“GLP” shall mean the then-current standards, practices and procedures for good laboratory practices promulgated
or endorsed by NMPA or any Regulatory Authority in the SciClone Territory, as may be updated from time to time, including applicable
guidelines promulgated under the ICH guidelines.

 

1.25         
“Governmental Authority” means any multi-national, national, federal, state, local, municipal, provincial
or other governmental authority of any nature (including any governmental division, prefecture, subdivision, department, agency,
bureau, branch, office, commission, council, court or other tribunal).

 

1.26         
“Greater China” shall mean the People’s Republic of China, including the Hong Kong Special Administrative
Region, the Macau Special Administrative Region and Taiwan.

 

1.27         
“ICH” shall mean the International Council for Harmonization of Technical Requirements for Pharmaceuticals
for Human Use.

 

1.28         
“Indication” means a class of human disease or condition for which a separate MAA (including any
extensions or supplements) is required to be filed with a Regulatory Authority. For clarity, (i) if an MAA is approved for a Product
in a particular Indication and patient population, a label expansion for such Product to include such Indication in a different
patient population shall not be considered a separate Indication, and (ii) if an MAA is approved for a Product in a particular
Indication and dosage and/or administration approach, an expansion for such Product to include such Indication in a different dosage
and/or administration approach shall not be considered a separate Indication.

 

1.29         
“Ingredients” shall mean (i) for Naxitamab, that certain recombinant humanized [***], [***],
monoclonal antibody or mAb, the details of which are set out in Part I of Exhibit B and (ii) for Omburtamab, that certain murine
monoclonal antibody, the details of which are set out in Part II of Exhibit B.

 

1.30         
 “Initial Indications” shall mean, [***].

 

1.31         
“Invention” shall mean any inventions and/or discoveries, including processes, Manufacturing, composition
of matter, Know-How, methods, assays, designs, protocols, and formulas, and improvements or modifications thereof, patentable or
otherwise, that are generated, developed, conceived or reduced to practice (constructively or actually) by or on behalf of a Party
or its Affiliates or their respective (sub)licensees (whether solely or jointly with any other entity or person) relating to the
Ingredients or the Products during the Term under this Agreement, including all rights, title and interest in and to the intellectual
property rights (other than trademarks, service marks and logos) therein and thereto.

 

    4

     

    

 

Certain information
(marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful
if publicly disclosed.

 

1.32         
“Joint Development Plan” shall mean the plans for the Development of the Products.

 

1.33         
“Know-How” shall mean all tangible and intangible techniques, technology, practices, trade secrets,
inventions (whether patentable or not), processes, formulations, media, designs, formulas, ideas, programs, software models, algorithms,
developments, experimental works, protocols, methods, knowledge, know-how, skill, experience, Data and results (including, but
not limited to pharmacological, toxicological and non-clinical and clinical data and results), compilations of data, other works
of analytical and quality control data, results, descriptions, compositions of matter, Regulatory Materials and strategies.

 

1.34         
“MAA” shall mean an application for the authorization for marketing of a Product, including all amendments
and supplements thereto, filed with any Regulatory Authority to gain approval to market the Product in a given jurisdiction or
country.

 

1.35         
“Mainland China” shall mean the areas of Greater China other than the Hong Kong Special Administrative
Region, the Macau Special Administrative Region and Taiwan.

 

1.36         
“Manufacture”, “Manufacturing” and “Manufactured” shall mean, with
respect to a product, activities directed to manufacturing, processing, filling, finishing, packaging, labeling, quality control,
quality assurance testing and release, post-marketing validation testing, inventory control and management, storing and transporting
such product, including oversight and management of vendors therefor.

 

1.37         
“Net Sales” shall mean, with respect to a Product, the amounts invoiced for sales or other dispositions
of the Product by or on behalf of SciClone or any of its Affiliates or Sublicensees (each, a “Selling Party”)
to Third Parties, less the following deductions:

 

(a)              
trade, cash or quantity discounts not already reflected in the amount invoiced, to the extent related to the gross amount
billed or invoiced;

 

(b)             
price reductions, rebates and administrative fees (including those paid or credited to pharmacy benefit managers, governmental
authorities or otherwise);

 

(c)              
sales, use, excise, value-added or similar taxes, customs duties and other governmental fees, charges and surcharges
imposed on the sale of Products;

 

(d)             
amounts repaid or credited by reason of rejections, defects, recalls or returns;

 

(e)              
amounts paid or credited for wholesaler chargebacks;

 

(f)               
any receivables that have been included in gross sales and are deemed to be uncollectible in accordance with the applicable
accounting standards consistently applied throughout the organization of the applicable Selling Party (any such bad debt deductions
shall be applied to Net Sales in the period in which such receivables are written off); and

 

    5

     

    

 

Certain information
(marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful
if publicly disclosed.

 

(g)              
any other deductions actually incurred, allowed, paid, accrued or otherwise specifically allocated to the Products by
the Selling Party in accordance with the applicable accounting standards, in either case, consistently applied throughout the organization
of the applicable Selling Party.

 

Notwithstanding the
foregoing, amounts received or invoiced by SciClone, its Affiliates, or their respective Sublicensees for the sale of Product among
SciClone, its Affiliates or their respective Sublicensees shall not be included in the computation of Net Sales hereunder unless
the purchasing entity is the end-user. For purposes of determining Net Sales, the Product shall be deemed to be sold when billed
or invoiced, provided that if a Product is delivered to the Third-Party before being invoiced (or is not invoiced), Net Sales will
be calculated at the time all the revenue recognition criteria under the applicable accounting standards are met.

 

Notwithstanding the
foregoing, the transfer of any Product to an Affiliate, Sublicensee, Subcontractors or other Third Party (x) in connection with
the research, development or testing of a Product (including, without limitation, the conduct of Clinical Trials), (y) for purposes
of distribution as promotional samples, or (z) at nominal cost for indigent or similar public support or compassionate use programs,
will not, in any case, be considered a Net Sale of a Product under this Agreement.

 

1.38         
“New Indications” shall mean, with respect to any Product, any Indication (other than the Initial Indications)
approved by the JSC pursuant to Sections ‎3.1(a) and ‎3.4
in which such Product may be Developed, Manufactured and Commercialized under this Agreement.

 

1.39         
“NMPA” shall mean the National Medical Products Administration and any successor entity thereto or its provincial
or local counterpart.

 

1.40         
“Party” shall mean SciClone or Y-mAbs individually, and “Parties” shall mean SciClone
and Y-mAbs collectively.

 

1.41         
“Patents” shall mean patents and patent applications, including provisional applications, continuations,
continuations-in-part, continued prosecution applications, divisionals, substitutions, reissues, additions, renewals, reexaminations,
extensions, term restorations, confirmations, registrations, revalidations, revisions, priority rights, requests for continued
examination and supplementary protection certificates granted in relation thereto, as well as utility models, innovation patents,
petty patents, patents of addition, inventor’s certificates, and equivalents in any country or jurisdiction.

 

1.42         
“Products” shall mean (i) Omburtamab (but solely in a radiolabeled form that is in accordance with
the specifications set forth in Exhibit F) and (ii) Naxitamab.

 

1.43         
“Product Specifications” means any statement of particulars of any Product or any description regarding
any Product provided in Exhibit C attached hereto.

 

    6

     

    

 

Certain information
(marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful
if publicly disclosed.

 

1.44         
“Regulatory Approval” shall mean any and all approvals, licenses, permits, registrations or authorizations
of or from any Regulatory Authority that are necessary to market and sell a pharmaceutical product in any country or other jurisdiction.

 

1.45         
“Regulatory Authority” shall mean any country, federal, supranational, state or local regulatory agency,
department, bureau or other governmental or regulatory authority having the administrative authority to regulate the development
or marketing of pharmaceutical products in any country or other jurisdiction.

 

1.46         
“Regulatory Exclusivity” shall mean marketing or Manufacturing exclusivity conferred by the applicable Regulatory
Authority in a country or jurisdiction on the holder of a marketing approval for a pharmaceutical product in such country or jurisdiction,
including, by way of example and not of limitation, regulatory data exclusivity, orphan drug exclusivity, new chemical entity exclusivity
and pediatric exclusivity.

 

1.47         
“Regulatory Materials” shall mean, with respect to a product, regulatory applications (including MAA), submissions,
notifications, communications, correspondence, registrations, Regulatory Approvals and/or other filings made to, received from
or otherwise conducted with a Regulatory Authority in order to Develop, Manufacture, market, sell or otherwise Commercialize such
product in a particular country or jurisdiction.

 

1.48         
“SciClone Territory” shall mean Greater China, including Mainland China, Taiwan, the Hong Kong Special Administrative
Region and the Macau Special Administrative Region (each a “Region”).

 

1.49         
“Subcontractor” means a Third Party contractor (other than Sublicensees) engaged by a Party as contemplated
in Sections ‎2.3 and/or ‎8.6 to perform certain
obligations or exercise certain rights of such Party under this Agreement on a fee-for-service basis (including contract research
organizations and contract manufacturing organizations) as permitted under this Agreement.

 

1.50         
“Sublicensee” shall mean any Affiliate or Third Party (in each case, other than Subcontractors) to whom
a Party has directly or indirectly granted a sublicense under all or any portion of the License. For the purposes of this Agreement,
 “Sublicensee” includes any Third Party distributor which is granted an exclusive distribution right by SciClone with
respect to any Product for one or more Regions in the SciClone Territory.

 

1.51         
“Third Party” shall mean any entity other than SciClone and its Affiliates and Y-mAbs and its Affiliates.

 

1.52         
“U.S.” shall mean the United States of America and its territories and possessions.

 

1.53         
“Valid Claim” shall mean a claim contained in (a) an issued and unexpired Patent, which claim has not
been found to be unpatentable, invalid, revocable or unenforceable by a decision of a court or other authority of competent jurisdiction
in the subject country or jurisdiction, which decision is unappealable or unappealed within the time allowed for appeal, and has
not been admitted to be invalid or unenforceable through abandonment, reissue, disclaimer or otherwise, or (b) a Patent application
that has not been irretrievably cancelled, withdrawn, abandoned or rejected.

 

    7

     

    

 

Certain information
(marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful
if publicly disclosed.

 

1.54         
“Y-mAbs Know-How” shall mean all Know-How related to or covering a Product which, as of the Effective Date
and during the Term, (i) is Controlled by Y-mAbs or any of its Affiliates, (ii) is not generally known, (iii) is not covered by
any Y-mAbs Patent, and (iv) is necessary for the research, Development, Manufacture, use, sale, distribution, importation, exportation
or Commercialization of the Products in the Field in the SciClone Territory as contemplated in this Agreement. For clarity, Y-mAbs
Know-How includes Y-mAbs Inventions.

 

1.55         
“Y-mAbs Patents” shall mean any Patents that (i) as of the Effective Date and during the Term, are owned
or Controlled by Y-mAbs or any of its Affiliates and (ii) claim or Cover, or would be practiced by, the research, Development,
Manufacture, use, sale, distribution, importation, exportation or Commercialization of the Products in the Field in the SciClone
Territory. A list of Y-mAbs Patents as of the Effective Date is attached hereto on Exhibit A.

 

1.56         
“Y-mAbs Technology” shall mean the Y-mAbs Know-How and Y-mAbs Patents.

 

1.57         
“Y-mAbs Territory” shall mean anywhere in the world other than the SciClone Territory.

 

1.58         
Additional Definitions. Each of the following definitions is set forth in the Section of this Agreement indicated below.

 

	Definition	Section
	“Accused Party”	‎9.4
	“Analysis	5.6‎(d)
	“BLA Approval”	‎4.2
	“Claimed Defect”	5.6‎(c)
	“COGS”	‎5.2
	“Defect Notice”	5.6‎(b)
	“Designated Charity Group”	3.6‎(a)
	“Disclosing Party”	‎7.1
	“Dispute”	‎12.1
	“Executive Officers”	3.4(c)‎(i)
	“FTE”	‎5.2
	“HKIAC”	‎12.2(a)
	“Indemnitee”	‎11.3
	“Indemnitor”	‎11.3
	“JSC”	3.4‎(a)
	“License”	‎2.1
	“Losses”	‎11.1
	“[***]”	‎8.2(a)

 

    8

     

    

 

Certain information
(marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful
if publicly disclosed.

 

	“Naxitamab Joint Development Plan”	‎3.1(b)(i)
	“NRDL”	3.6‎(a)
	“Omburtamab Joint Development Plan”	‎3.1(b)(ii)
	“PAP Agreement”	3.6‎(a)
	“Payee”	‎6.2(b)
	“Payor”	‎6.2(b)
	“Product Materials”	‎3.1(e)
	“Purchase Order”	5.3‎(a)
	“QA Agreement”	‎5.7
	“Receiving Party”	‎7.1
	“Remedial Action”	3.2‎(e)
	“SciClone Indemnitees”	‎11.2
	“SciClone Product Mark”	9.5‎(a)
	“SDEA”	‎5.8
	“SEC”	7.4‎(a)
	“Tax”	‎6.2(b)
	“Term”	‎10.1
	“Terminated Product”	10.2‎(c)
	“VAT”	‎6.2(c)
	“Y-mAbs Indemnitees”	‎11.1
	“Y-mAbs Inventions”	9.1‎(b)
	“Y-mAbs Corporate Mark”	9.5‎(b)
	“Y-mAbs Product Mark”	9.5‎(a)

 

2.            License

 

2.1             
License Grant. Subject to the terms and conditions of this Agreement, Y-mAbs (on behalf of itself and its Affiliates)
hereby grants to SciClone, during the Term, an exclusive (even as to Y-mAbs, unless otherwise expressly set forth herein), royalty-bearing,
non-transferable (except as set forth in Section ‎13.5) license, with the right to sublicense (solely as set forth in Section
 ‎2.2), under the Y-mAbs Technology to Develop, research, use, make (Manufacture) (except as set forth in Section ‎5.1),
have made (Manufactured) (except as set forth in Section ‎5.1), import, export (to any Region within the SciClone Territory),
sell, offer for sale, promote, market, distribute and Commercialize the Products in the Field in and for the SciClone Territory
(the “License”). For the avoidance of doubt and notwithstanding anything in this Agreement to the contrary,
SciClone shall not, and shall cause its Affiliates, Sublicensees and Subcontractors and its and their respective employees, agents
and contractors to not (and SciClone acknowledges the License does not grant any right to), Develop, research, use, make (Manufacture),
have made (Manufactured), export, sell, offer for sale, promote, market, distribute or Commercialize Omburtamab in any form other
than a radiolabeled form that is in accordance with the specifications set forth in Exhibit F.

 

    9

     

    

 

Certain information
(marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful
if publicly disclosed.

 

2.2             
Sublicense Rights. Subject to the terms and conditions of this Agreement, SciClone shall only have the right to grant
sublicenses of its rights under this Agreement to an Affiliate of SciClone, or, with Y-mAbs’ prior written consent
(which consent shall not be unreasonably withheld, delayed or conditioned), a Third Party; provided
that (i) any sublicense granted by SciClone under this Agreement shall be in writing and consistent with the terms and
conditions of this Agreement, and SciClone shall provide a copy of each sublicense (with confidential or sensitive information
redacted) to Y-mAbs, (ii) SciClone shall be liable for any failure of any of its Sublicensees to comply with the terms and
conditions of this Agreement and (iii) all sublicenses granted hereunder shall automatically terminate upon any expiration
or termination of this Agreement (it being understood that SciClone shall provide in each sublicense that such sublicense shall
automatically terminate upon any expiration or termination of this Agreement).

 

2.3             
Subcontractors.  Subject to Section ‎8.6, SciClone shall have the right to engage Subcontractors to conduct
any activities necessary for performing its obligations under this Agreement, provided that SciClone shall ensure such Subcontractors
are bound by written obligations consistent with the terms and conditions of this Agreement. SciClone shall be liable for any failure
of any of its Subcontractors to comply with the relevant obligations under this Agreement.

 

2.4             
Know-How Transfer. Within [***] after the Effective Date, Y-mAbs shall commence the transfer to SciClone of complete
and accurate copies of all Y-mAbs Know-How (i) in Y-mAbs’ possession or (ii) which Y-mAbs can transfer or can cause
its Affiliates to transfer, as of the Effective Date. The JSC shall establish a reasonable process and schedule for the transfer
of all Y-mAbs Know-How that subsequently comes into existence (i) in Y-mAbs’ possession or (ii) which Y-mAbs can
transfer or can cause its Affiliates to transfer during the Term and is required for the filing of an MAA in the SciClone Territory
in any event at least [***]. Y-mAbs shall reasonably cooperate with SciClone in providing SciClone with copies of such Y-mAbs
Know-How in accordance with the process and schedule agreed upon through the JSC.

 

2.5             
Reservation of Rights. Except as expressly provided herein, Y-mAbs expressly reserves all right, title and interest
in and to the Y-mAbs Technology, and no right, title or interest in and to the Y-mAbs Technology or any other intellectual property
right is granted or otherwise conveyed by Y-mAbs to SciClone, whether by implication, estoppel, or otherwise herein. Without limiting
the generality of the foregoing, Y-mAbs expressly retains, on behalf of itself (and its Affiliates, licensees, sublicensees and
Subcontractors) all rights under the Y-mAbs Technology to:

 

(a)             
Develop, research, use, make (Manufacture), have made (Manufactured), import, export, sell, offer for sale, promote,
market, distribute and Commercialize the Products (i) outside of the SciClone Territory and (ii) outside of the Field
within the SciClone Territory; and

 

(b)             
Develop, research, use, make (Manufacture), have made (Manufactured), import and export the Products in the Field within
the SciClone Territory (i) to the extent contemplated under this Agreement or (ii) to support the Development, research, use,
making (Manufacturing), having made (Manufactured), import, export, sale, offer for sale, promoting, marketing, distribution and
Commercialization of the Products (A) outside of the SciClone Territory or (B) outside of the Field within the SciClone
Territory.

 

    10

     

    

 

Certain information
(marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful
if publicly disclosed.

 

3.            Development,
Regulatory and Commercialization Matters

 

3.1             
Development.

 

(a)              
Overview; Diligence. Except as expressly provided herein or in the Joint Development Plan (as may be amended from time
to time and adopted by JSC), SciClone (itself and through its Affiliates and their respective Sublicensees and Subcontractors)
shall be responsible for the Development of, and shall exercise Commercially Reasonable Efforts to Develop (including as set forth
in the Joint Development Plan), the Products in the Field in and for the SciClone Territory. As of the Effective Date, all Development,
Manufacturing and Commercialization activities in the SciClone Territory with respect to any Product under this Agreement shall
be limited to the Initial Indications. During the Term, either Party may request that the JSC approves any Indication as a New
Indication for the Development, Manufacturing and Commercialization of any Product in the SciClone Territory under this Agreement,
and the JSC shall consider in good faith such request and the final decision with respect to such request shall be made in accordance
with Section ‎3.4 (it being understood that, notwithstanding anything to the contrary in this Agreement, Y-mAbs shall not directly,
or through any of its Affiliates or any Third Party, Develop, Manufacture or Commercialize any Product in the SciClone Territory
for such Indication at any time prior to the date on which the JSC unanimously determines (or if the JSC cannot reach such unanimous
agreement in accordance with Section 3.4(c)‎(i), the Executive Officers of both Parties
unanimously determine) that such Indication should not be approved as a New Indication for the Development, Manufacturing and Commercialization
of such Product in the SciClone Territory under this Agreement).

 

(b)             
Development for the Licensed Products.

 

(i)                
Naxitamab. In the event that NMPA requires any Clinical Trials for Naxitamab in relation to any Indication in the Field
in and for the SciClone Territory to be conducted, the Parties shall collaborate to prepare a joint development plan with reasonable
details in connection with such Clinical Trials for such Indication, including the scope and budget and the relevant activities
to be conducted by or on behalf of each Party for their collaboration on the Global Trials for Naxitamab for such Indication in
the Field and in and for the SciClone Territory (such plan and any subsequent updates pursuant to this Section ‎3.1(b)(i),
collectively a “Naxitamab Joint Development Plan”), provided that (A) SciClone shall be obligated to
collaborate with Y-mAbs on any Global Trials for Naxitamab for such Indication, but solely to the extent necessary for obtaining
the relevant Regulatory Approval in the Field in the SciClone Territory for such Indication and (B) if SciClone is required to
recruit any patients in the SciClone Territory for any such Global Trial in excess of the number of patients required to be recruited
by SciClone as set forth in the Naxitamab Joint Development Plan, Y-mAbs shall bear all costs and expenses for such additional
recruitment. For the avoidance of doubt, SciClone shall have no obligation to collaborate with Y-mAbs on any such Global Trial
if the Data generated or obtained outside of the SciClone Territory without such collaboration from SciClone is sufficient for
obtaining the relevant Regulatory Approvals for Naxitamab in the Field in the SciClone Territory for such Indication. The Parties
shall jointly carry out the Clinical Trials under this Section 3.1(b)‎(i) in accordance
with the applicable Naxitamab Joint Development Plans. The Parties shall [***] for the Clinical Trials carried out pursuant to
the applicable Naxitamab Joint Development Plan for the Initial Indication. For the Clinical Trials carried out pursuant to any
Naxitamab Joint Development Plan for any New Indication within the Field, SciClone will bear the relevant costs and expenses, but
only to the extent necessary and for the sole purpose of obtaining the relevant Regulatory Approvals for Naxitamab in the Field
in the SciClone Territory for such New Indication. If Y-mAbs requests SciClone to collaborate or bear the relevant costs and expenses
for any Clinical Trials for any New Indication within the Field other than the ones that are necessary and for the sole purpose
of obtaining the relevant Regulatory Approvals for Naxitamab in the Field in the SciClone Territory for such New Indication, Y-mAbs
shall submit such request to the JSC for review and discussion, and the JSC shall consider in good faith and make a final decision
with respect to such request in accordance with Section ‎3.4.

 

    11

     

    

 

 

Certain information
(marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful
if publicly disclosed

 

(ii)             
Omburtamab. In the event that NMPA requires any Clinical Trials for Omburtamab in relation to any Indication in the
Field in and for the SciClone Territory to be conducted, the Parties shall collaborate to prepare a joint development plan with
reasonable details in connection with such Clinical Trials for such Indication, including the scope and budget and the relevant
activities to be conducted by or on behalf of each Party for their collaboration on the Global Trials for Omburtamab for such Indication
in the Field and in and for the SciClone Territory (such plan and any subsequent updates pursuant to this Section ‎3.1(b)(ii),
collectively a “Omburtamab Joint Development Plan”), provided that (A) SciClone shall be obligated to
collaborate with Y-mAbs on any Global Trials for Omburtamab for such Indication, but solely to the extent necessary for obtaining
the relevant Regulatory Approval in the Field in the SciClone Territory for such Indication and (B) if SciClone is required to
recruit any patients in the SciClone Territory for any such Global Trial in excess of the number of patients required to be recruited
by SciClone as set forth in the Omburtamab Joint Development Plan, Y-mAbs shall bear all costs and expenses for such additional
recruitment. For the avoidance of doubt, SciClone shall have no obligation to collaborate with Y-mAbs on any such Global Trial
if the Data generated or obtained outside of the SciClone Territory without such collaboration from SciClone is sufficient for
obtaining the relevant Regulatory Approvals for Omburtamab in the Field in the SciClone Territory for such Indication. The Parties
shall jointly carry out the Clinical Trials under this Section ‎3.1(b)(ii) in accordance
with the applicable Omburtamab Joint Development Plans. The Parties shall [***] for the Clinical Trials carried out pursuant to
the applicable Omburtamab Joint Development Plan for the Initial Indication. For the Clinical Trials carried out pursuant to any
Omburtamab Joint Development Plan for any New Indication within the Field, SciClone will bear the relevant costs and expenses,
but only to the extent necessary and for the sole purpose of obtaining the relevant Regulatory Approvals for Omburtamab in the
Field in the SciClone Territory for such New Indication. If Y-mAbs requests SciClone to collaborate or bear the relevant costs
and expenses for any Clinical Trials for any New Indication within the Field other than the ones that are necessary and for the
sole purpose of obtaining the relevant Regulatory Approvals for Omburtamab in the Field in the SciClone Territory for such New
Indication, Y-mAbs shall submit such request to the JSC for review and discussion, and the JSC shall consider in good faith and
make a final decision with respect to such request in accordance with Section ‎3.4.

 

    12

     

    

 

Certain information
(marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful
if publicly disclosed

 

(c)              
Development Records. Each Party shall maintain complete records of all Development activities conducted by or on behalf
of it pursuant to the Joint Development Plans. Such records shall properly reflect all work done and results achieved in the performance
of the Development activities in good scientific manner appropriate for regulatory and patent purposes. Each Party shall, and shall
ensure that its Affiliates and their Sublicensees and Subcontractors will, document all non-clinical studies and Clinical Trials
in formal written study records in accordance with all Applicable Laws, including applicable national and international guidelines
such as ICH, GCP and GLP. Each Party shall have the right to review such records of the other Party to the extent necessary or
useful to exercise its rights, or comply with its obligations, under this Agreement; provided that, such right shall not
be exercised more than [***] in any [***] and such review must only be conducted after providing reasonable advance
notice to the other Party and only at a time and location mutually acceptable to the Parties.

 

(d)             
Development Reports. Each Party shall keep the other Party reasonably informed of the progress and results of its and
its Affiliates’ and their respective sublicensees’ and Subcontractors’ work under the Joint Development Plan
(including prompt reporting of available pre-clinical and clinical data). Without limiting the generality of the foregoing, at
each regularly scheduled JSC meeting, each Party shall provide the other Party with a written report summarizing the Development
activities performed since the last JSC meeting and the results thereof, and comparing such activities with the Joint Development
Plan for such time period. Such reports shall be provided in English or other languages mutually acceptable to the Parties and
with reasonable details. At such JSC meeting, the Parties shall discuss the status, progress and results of each Party’s
Development activities. Each Party shall promptly respond to the other Party’s reasonable questions or requests for additional
information relating to such Development activities.

 

(e)              
Data Exchange. In addition to Y-mAbs’ obligation with respect to the transfer of Y-mAbs Know-How set forth under
Section ‎2.4 and each Party’s adverse event and safety Data reporting obligations
pursuant to Section 3.2‎(d), but subject to the remainder of this Section ‎3.1‎(e),
each Party shall, at its sole cost and expense, promptly provide the other Party with copies of any Data and Regulatory Materials
related to the Products generated by or on behalf of such Party or its Affiliates, Sublicensees or Subcontractors in the performance
of Development activities that would be reasonably necessary for the Development and Commercialization of the Products in the Field
in the other Party’s respective territory (the “Product Materials”), in accordance with the principles
and timelines to be agreed upon between the Parties within [***] after the Effective Date. The JSC may establish reasonable
policies to effectuate the exchange of additional Product Materials between the Parties.

 

3.2             
Regulatory.

 

(a)              
Conduct of Regulatory Activities. Y-mAbs shall be solely responsible for preparing, filing and obtaining Regulatory
Approvals for the Products in the Field in the SciClone Territory, shall be the registered holder of all Regulatory Approvals for
the Products in the Field in the SciClone Territory if permitted by Applicable Laws, and shall have responsibility for interactions
with Regulatory Authorities with respect to the Products in the Field in the SciClone Territory. The Parties shall share equally
all costs of preparing, filing and obtaining Regulatory Approvals for the Products in the Field in the SciClone Territory. Unless
the Parties otherwise mutually agree in writing, SciClone shall act as the regulatory agent for Y-mAbs to assist in and to accelerate
the process for preparing, filing and obtaining the Regulatory Approvals for the Products in the Field in the SciClone Territory.
SciClone shall be responsible, at its own expense, for maintaining and renewing Regulatory Approvals on behalf of Y-mAbs for the
Products in the Field in the SciClone Territory, provided that Y-mAbs shall have the right to review and approve the documents
to be filed with the relevant Regulatory Authorities for such maintenance or renewal, as applicable. SciClone and Y-mAbs shall
be jointly responsible for collecting and interpreting the clinical evidence regarding the usage and potential benefits or risks
of the Products derived from analysis of data relating to patient health status (Real World Evidence) in and for the SciClone Territory
and, if Y-mAbs determines in its sole judgment that such evidence has global commercial value, share the relevant costs and expenses
equally; provided that the Parties shall first enter into a written agreement with respect to the use of such evidence outside
of the SciClone Territory and such cost reimbursement.

 

    13

     

    

 

Certain information
(marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful
if publicly disclosed

 

(b)             
Cooperation. Y-mAbs shall keep SciClone regularly and fully informed of the preparation and Regulatory Authority review
and approval of submissions and communications with Regulatory Authorities with respect to the Products in the Field in the SciClone
Territory. In addition, Y-mAbs shall promptly provide SciClone with copies of all material documents, information and correspondence
received by Y-mAbs (or its Affiliate) from a Regulatory Authority and upon reasonable requests, with copies of any other documents,
reports and communications from or to any Regulatory Authority relating to the Products or activities under this Agreement. Each
Party, at its own cost and expense, shall provide the other Party with all reasonable assistance and cooperation during the Term
of this Agreement in furtherance of the satisfaction of each Party’s obligations under Section ‎3.2‎(a),
including (i) in connection with the preparation of Regulatory Materials, (ii) (A) making available competent personnel to attend
regulatory meetings or join such meetings by teleconference and (B) providing documentation within its possession and control,
in each case as requested by Regulatory Authorities, and (iii) providing the other Party with additional Regulatory Materials
controlled by such Party as requested by Regulatory Authorities in the SciClone Territory within a reasonable timeframe commensurate
with the volume of the other Party’s reasonable requests. In the event that any Party believes that such requests are not
reasonable or are otherwise too burdensome to such Party, then such matter shall be promptly submitted to the JSC for review and
discussion.

 

(c)              
Access to Regulatory Materials and Data. Y-mAbs hereby grants to SciClone (and its Affiliates, Sublicensees and Subcontractors,
as applicable) the right to access and cross-reference filings made by Y-mAbs or its Affiliates with Regulatory Authorities, including
those in the EU and the U.S., and Regulatory Materials relating to the Products, including the Data included in such filings, to
the extent necessary in connection with regulatory activities with respect to the Products in the Field in the SciClone Territory.
SciClone hereby grants to Y-mAbs and its Affiliates and licensees the right to access and cross-reference filings made by SciClone
and its Affiliates, Sublicensees and Subcontractors with Regulatory Authorities in the SciClone Territory and Regulatory Materials
relating to the Products, including the Data included in such filings, to the extent necessary in connection with regulatory activities
with respect to the Products outside the Field or outside the SciClone Territory. Each Party shall, promptly upon request of the
other Party, file with applicable Regulatory Authorities such letters of access or cross-reference as may be necessary to accomplish
the intent of this Section 3.2‎(c). If any approval or filing is required by Applicable Law for a Party to share any materials
abovementioned in this Section ‎3.2‎(c) with the other Party, the other Party shall use Commercially Reasonable Efforts
to obtain such approval or complete such filing at its sole costs and expense. Notwithstanding the foregoing, (A) neither Party
shall be obligated to share any personally identifiable information with the other Party, unless reasonably required for such other
Party to Develop the Products in its respective territory and such sharing is permitted by, and in accordance with, the Applicable
Laws, including applicable data privacy laws, in which case the Parties shall enter into a separate agreement to address such exchange
of personally identifiable information between the Parties, and (B) each Party shall only be obligated to share Data on an “as-is”
basis in the then current format.

 

    14

     

    

 

Certain information
(marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful
if publicly disclosed

 

(d)             
Safety Data Exchange. As soon as practicable following the Effective Date, but in any event prior to the commencement
of any Development of any Product by SciClone or Y-mAbs in or for the SciClone Territory, the Parties shall negotiate in good faith
and enter into a safety data exchange agreement regarding the Products, which shall set forth standard operating procedures governing
the collection, investigation, reporting, and exchange of information concerning adverse drug reactions/experiences sufficient
to permit each Party to comply with its regulatory and other legal obligations within the applicable timeframes. Such safety data
exchange agreement shall identify which Party shall be responsible for the timely reporting of all relevant adverse drug reactions/experiences,
product quality, product complaints and safety data relating to the Products to the appropriate Regulatory Authorities in the SciClone
Territory in accordance with all Applicable Laws. Such agreement shall allow each Party to comply with all regulatory and legal
requirements regarding the management of safety data by providing for the exchange of relevant information in the appropriate format
within applicable timeframes.

 

(e)              
Remedial Actions. Each Party will notify the other Party immediately, and promptly confirm such notice in writing, if
it receives information indicating that any Product may be subject to any recall, corrective action or other regulatory action
taken by virtue of Applicable Laws or request of relevant Governmental Authority (a “Remedial Action”).
The Parties will assist each other in gathering and evaluating such information as is necessary to determine the necessity of conducting
a Remedial Action. Each Party shall, and shall ensure that its Affiliates, Sublicensees and Subcontractors will, maintain adequate
records to permit the Parties to trace the packing, labeling, distribution, sale and use (to the extent possible) of the Products
in the Field in the SciClone Territory. SciClone shall have sole discretion with respect to any matters relating to any Remedial
Action in the SciClone Territory, including the decision to commence such Remedial Action and the control over such Remedial Action
in its territory; provided, however, if Y-mAbs determines in good faith that any Remedial Action with respect to any Product
in the SciClone Territory should be commenced or is required by Applicable Laws or Regulatory Authority, (i) Y-mAbs shall discuss
such Remedial Action with SciClone and (ii) SciClone shall carry out such Remedial Action upon Y-mAbs’ reasonable request.
Notwithstanding anything to the contrary in clause (ii) above, if SciClone in good faith disagrees that such Remedial Action should
be commenced or is required by Applicable Laws or Regulatory Authority, such Remedial Action shall be conducted by SciClone at
Y-mAbs’ cost; provided that, if a Regulatory Authority in the SciClone Territory later determines that such Remedial
Action is required, SciClone shall reimburse Y-mAbs such costs. Subject to the above in this Section ‎3.2‎(d),
each Party shall (a) provide the other Party, at the other Party’s cost and expense, with such assistance in connection with
a Remedial Action in such other Party’s territory as may be reasonably requested by such other Party and (b) be responsible
for all costs and expenses with respect to such Remedial Action conducted in its own territory and reimburse the other Party for
all such costs and expenses incurred by the other Party as a result of such Remedial Action; provided that, to the extent
such Remedial Action was conducted as a result of the other Party’s or any of the other Party’s Affiliates’,
Sublicensees’ or Subcontractors’ fraud, negligence, willful misconduct or breach of their respective representations,
warranties, covenants or obligations under this Agreement, such other Party shall be responsible for such costs and expenses and
shall reimburse the first Party for such costs and expenses.

 

    15

     

    

 

Certain information
(marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful
if publicly disclosed

 

3.3             
Commercialization. Subject to the terms and conditions of this Agreement (including the diligence obligations set forth
below), SciClone (itself and through its Affiliates, Sublicensees and Subcontractors, as applicable) shall be solely responsible
for all aspects of the Commercialization of the Products in the Field in the SciClone Territory, including: (a) developing and
executing a commercial launch and pre-launch plan, (b) negotiating with applicable Governmental Authorities regarding the price
and reimbursement statuses of the Products; (c) marketing, advertising and promotion; (d) booking sales and distribution and performance
of related services; (e) handling all aspects of order processing, invoicing and collection, inventory and receivables; and (f)
providing customer support, including handling medical queries, and performing other related functions. [***]. SciClone shall use
Commercially Reasonable Efforts to Commercialize the Products in the SciClone Territory and to actively market and sell the Products
in the SciClone Territory. SciClone shall obtain the prior written approval of Y-mAbs for the initial price to be set for any Product
prior to the First Commercial Sale for such Product, which approval shall not be unreasonably withheld, delayed or conditioned.

 

3.4             
Governance.

 

(a)              
Joint Steering Committee. Within [***] after the Effective Date, the Parties shall establish a Joint Steering
Committee (“JSC”) to oversee and coordinate the activities of the Parties under this Agreement. The JSC
shall in particular:

 

(i)              
review, discuss and coordinate the Parties’ activities under this Agreement;

 

(ii)             
review, discuss and coordinate the overall strategy for the research, Development and Commercialization of the Products
in the SciClone Territory;

 

(iii)           
review and discuss the feasibility of pursuing Development, Manufacturing and Commercialization of any Product in the
SciClone Territory for any New Indication requested by either Party as contemplated under Section ‎3.1(a);

 

(iv)            
amend and review, discuss and approve any proposed amendments or revisions to the Joint Development Plan;

 

(v)              
review and discuss any clinical protocols relating to the Joint Development Plan;

 

(vi)            
oversee and coordinate the on-going disclosure, sharing and/or transfer of new Inventions or Y-mAbs Know-How generated
in or related to the Development of the Products;

 

(vii)           
review and discuss any Regulatory Materials to be submitted to any Regulatory Authority in the SciClone Territory;

 

    16

     

    

 

Certain information
(marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful
if publicly disclosed

 

(viii)       
coordinate the Commercialization of the Products in the Field in the SciClone Territory and in the Y-mAbs Territory
to ensure consistent global marketing of the Products; and

 

(ix)            
perform such other functions as appropriate to further the purposes of this Agreement, as expressly set forth in this
Agreement or as determined by the Parties in writing.

 

(b)             
Composition. The JSC shall be composed of an equal number (between [***] to [***]) of representatives
of each of SciClone and Y-mAbs, and each Party shall notify the other Party of its initial JSC representatives within [***]
after the Effective Date. Each Party may change its representatives to the JSC from time to time in its sole discretion, effective
upon notice to the other Party of such change. Each Party’s JSC representatives shall be employees of such Party with appropriate
experience and authority within such Party’s organization. In addition, at least one of SciClone’s JSC representatives
must be someone whose job responsibilities within SciClone include active involvement in the development and implementation of
the SciClone’s research and Development strategy with respect to the Products in the Field in the SciClone Territory, and
each of SciClone’s JSC representatives must have up-to-date knowledge of SciClone’s ongoing and planned research and
Development activities with respect to the Products in the Field in the SciClone Territory. In addition, at least one of Y-mAbs’
JSC representatives must be someone whose job responsibilities within Y-mAbs include active involvement in the development and
implementation of the Y-mAbs’ research and Development strategy with respect to the Products in the Field in the Y-mAbs Territory,
and each of Y-mAbs’ JSC representatives must have up-to-date knowledge of Y-mAbs’ ongoing and planned research and
Development activities with respect to the Products in the Field in the Y-mAbs Territory.

 

(c)              
Decision-Making.

 

(i)                
All decisions of the JSC shall be made by [***], with each Party’s representatives collectively having
one vote. If after reasonable discussion and good faith consideration of each Party’s view on any matter within the decision-making
authority of the JSC, the representatives of the Parties on the JSC cannot reach an agreement as to such matter within [***]after
such matter was brought to the JSC for resolution or after such matter has been referred to the JSC, such disagreement shall be
referred to the Chief Executive Officer of Y-mAbs and the Chief Executive Officer of SciClone (collectively, the “Executive
Officers”) for resolution.

 

(ii)             
If the Executive Officers cannot resolve such matter within [***]after such matter has been referred to them,
then (A) [***] shall be entitled to make the final decision with respect to the Commercialization of the Products in the
Field in the SciClone Territory; (B) notwithstanding Section 3.5(c)‎(ii)(A) and except
as set forth in Section ‎3.3, [***] shall be entitled to make the final decision
with respect to pricing of the Products in the Field in the SciClone Territory; provided that [***] shall obtain
the prior written approval of [***] prior to decreasing the price set for any Product by [***]% or more of the lowest
price of such Product in the immediately preceding year, which approval shall not be unreasonably withheld, delayed or conditioned;
and (C) notwithstanding Section 3.4(c)(ii)(A) or anything else in this Agreement to the contrary, but subject to the final sentence
of Section ‎3.1(a), [***] shall be entitled to make the final decisions with respect
to (1) the Development and Manufacturing of the Products in the Field in the SciClone Territory, (2) any Global Trial
conducted under the Joint Development Plan or (3) whether any Indication should be approved as a New Indication for the Development,
Manufacturing and Commercialization of any Product in the SciClone Territory under this Agreement as contemplated under Section
3.1(a).

 

    17

     

    

 

Certain information
(marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful
if publicly disclosed

 

(d)             
Limitations on Authority. The JSC shall have only such powers as are expressly assigned to it in this Agreement, and
such powers shall be subject to the terms and conditions of this Agreement. Without limiting the generality of the foregoing, the
JSC shall not have the power to amend this Agreement, and no decision of the JSC may be in contravention or contradiction of any
terms and conditions of this Agreement.

 

(e)              
Meetings. The JSC will hold a meeting every [***] or sooner, if needed, as reasonably agreed to by the Parties.
Such meetings may be in person, via videoconference, or via teleconference. The location of in-person powers meetings will be determined
by the Parties. At least [***]prior to each JSC meeting, each Party shall provide written notice to the other Party of agenda
items proposed by such Party for discussion at such meeting, together with appropriate information related thereto. Reasonably
detailed written minutes will be kept of all JSC meetings. Meeting minutes will be prepared by the Party at whose office such meeting
is held and sent to each member of the JSC for review and approval within [***]after the meeting. Minutes will be deemed
approved unless a member of the JSC objects to the accuracy of such minutes within [***] of receipt.

 

3.5             
No Diversion.

 

(a)              
No Diversion by Y-mAbs. Y-mAbs hereby covenants and agrees that (i) it shall not, and shall ensure that its Affiliates
and licensees shall not, directly or indirectly, Commercialize the Products, including via internet or mail order, in the Field
within the SciClone Territory; and (ii) it shall not, and shall ensure that its Affiliates and licensees shall not, unless
otherwise mutually agreed by the Parties in writing: (A) engage in any advertising or promotional activities related to any Product
for the Field that are directed primarily to customers or other purchaser or user of any Product located within the SciClone Territory;
(B) solicit orders for any Product from any prospective purchaser for the Field located within the SciClone Territory; or (C) sell
or distribute any Product for the Field to any Person within the SciClone Territory.

 

(b)             
No Diversion by SciClone. SciClone hereby covenants and agrees that (i) it shall not, and shall ensure that its
Affiliates, Sublicensees and Subcontractors shall not, directly or indirectly, Commercialize any Product, including via internet
or mail order, outside of the Field within the SciClone Territory and outside of the SciClone Territory for any Indication; and
(ii) it shall not, and shall ensure that its Affiliates, Sublicensees and Subcontractors shall not, unless otherwise mutually
agreed by the Parties in writing: (A) establish or maintain any branch, warehouse, or distribution facility for any Product outside
of the SciClone Territory; provided that this clause (A) shall not prohibit SciClone from transferring any MAA for any Product
to, or obtaining or maintaining any MAA for any Product under the name of, an Affiliate of SciClone that is incorporated, or whose
primary place of business is located, outside of the SciClone Territory solely (x) to the extent that [***] and (y) for
the purpose of importing such Product to the SciClone Territory for Commercialization of such Product in the SciClone Territory;
(B) engage in any advertising or promotional activities related to any Product for the Field that are directed primarily to customers
or other purchasers or users of any Product located outside of the SciClone Territory or outside of the Field within the SciClone
Territory; (C) solicit orders for any Product from any prospective purchaser outside of the Field within the SciClone Territory
or outside of the SciClone Territory for any Indication; or (D) sell or distribute any Product outside of the Field to any
Person within the SciClone Territory or to any Person outside of the SciClone Territory.

 

    18

     

    

 

Certain information
(marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful
if publicly disclosed

 

(c)              
Mutual No Diversion Obligations. If SciClone receives any order for any Product from a prospective purchaser reasonably
believed to be located outside of the SciClone Territory, or within the SciClone Territory but outside of the Field, SciClone shall
promptly refer such order to Y-mAbs, and SciClone shall not accept any such orders. Except as expressly permitted herein, SciClone
shall not knowingly restrict or impede in any manner Y-mAbs’ exercise of its exclusive rights to Commercialize any Product
(i) outside the Field within the SciClone Territory or (ii) in any field outside the SciClone Territory. If Y-mAbs receives
any order for any Product from a prospective purchaser reasonably believed to be located within the SciClone Territory for use
in the Field, Y-mAbs shall promptly refer such order to SciClone, and Y-mAbs shall not accept any such orders. Except as expressly
permitted herein, Y-mAbs shall not knowingly restrict or impede in any manner SciClone’s exercise of its exclusive rights
to Commercialize any Product in the Field in the SciClone Territory.

 

3.6             
PAP Supply.

 

(a)              
Naxitamab. [***].

 

(b)             
Omburtamab. [***].

 

4.            Payments

 

4.1             
Upfront Fee. SciClone shall make an upfront payment of US$20,000,000 to Y-mAbs within [***]after the Effective
Date (of which US$[***] shall be regarded as an upfront payment for Naxitamab and US$[***] shall be regarded as an
upfront payment for Omburtamab).

 

4.2             
Development and Regulatory Milestone Payments. SciClone shall pay to Y-mAbs the corresponding one-time milestone payment
set forth below within [***] after receipt of reasonably sufficient documentation from Y-mAbs notifying SciClone that the
corresponding milestone event has been achieved, together with a corresponding invoice from Y-mAbs for the applicable milestone
payment for such milestone event:

 

	Product Milestone Event 	 	Milestone Payment 

(in U.S. Dollars)
	(1) [***]	 	$[***]
	(2) [***]	 	$[***]
	(3) [***]	 	$[***]
	(4) [***]	 	$[***]

 

    19

     

    

 

Certain information
(marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful
if publicly disclosed

 

Each of the milestone
payments set forth above in this Section ‎4.2 shall be payable only one time, for
the achievement of the applicable milestone event, regardless of the number of milestones achieved.

 

4.3             
Commercial Milestone Payments. SciClone shall pay to Y-mAbs the following one-time milestone payments set forth in the
table below after the first achievement of each milestone event described below:

 

	Commercial Milestone 	 	Milestone Payment
 (in U.S. Dollars)  
	[***]	 	$[***]
	[***]	 	$[***]
	[***]	 	$[***]
	[***]	 	$[***]
	[***]	 	$[***]
	[***]	 	$[***]
	[***]	 	$[***]
	[***]	 	$[***]
	[***]	 	$[***]

 

 

Solely by way of example,
if the aggregate Net Sales in the SciClone Territory between the Effective Date and [***] of (a) Naxitamab in the Initial
Indications and any and all New Indications is US$[***] and (b) Omburtamab in the Initial Indications and any and all New
Indications is US$[***], then the first milestone event set forth in the table above shall have been achieved on the date
on which such aggregate Net Sales first exceeded US$[***] and the corresponding milestone payment shall become payable pursuant
to the immediately following paragraph.

 

Within [***]
after the date on which any milestone event set forth above in this Section ‎4.3 for which
a milestone payment is payable is achieved, SciClone shall deliver written notice to Y-mAbs of such achievement, and SciClone shall
pay to Y-mAbs the corresponding milestone payment within [***]after receipt of a corresponding invoice from Y-mAbs. For
clarity, each of the above milestone payments shall be payable only once regardless of the number of times such milestone event
is achieved.

 

4.4             
Royalties. Subject to Sections ‎4.5, ‎4.6 and ‎4.7, SciClone shall pay royalties to
Y-mAbs, on a Product-by-Product and Region-by-Region basis, for the Products sold by SciClone, its Affiliates and Sublicensees
in the SciClone Territory, calculated by multiplying the royalty rate of [***] percent ([***]%) by the amount of
Net Sales of such Product for each [***] within [***] after the end of such [***]. Each payment shall be preceded by (a) preliminary
report of the estimated Net Sales of such Product by SciClone, its Affiliates and Sublicensees during such [***] in reasonable
detail to be delivered to Y-mAbs within [***]after the end of such [***] and (b) a final report of the actual Net Sales
of such Product by SciClone, its Affiliates and Sublicensees during such [***] in reasonable detail to be delivered to Y-mAbs within
[***]after the end of such [***] (it being understood, for the avoidance of doubt, that, subject to Section ‎6.3
and Article ‎12, the payment of royalties by SciClone as contemplated in this Section ‎4.4
shall be based on such actual Net Sales as reported in such final report).

 

    20

     

    

 

Certain information
(marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful
if publicly disclosed

 

4.5             
Royalty Reduction for Expiration or Lack of Valid Claim. On a Region-by-Region and Product-by-Product basis, upon the
expiration of the last-to-expire Valid Claim of the Y-mAbs Patents Covering the Manufacture, Commercialization, use, offering for
sale, sale or importation of such Product in such Region, the applicable royalty rate set forth in Section ‎4.4
shall be reduced from [***] percent ([***]%) to [***] percent ([***]%) for the remainder of the Term
for such Product in such Region.

 

4.6             
Royalty Reduction for Generic Competition. On a Region-by-Region and Product-by-Product basis and solely after the later
of (a) the expiration of the last-to-expire Valid Claim of the Y-mAbs Patents Covering the Manufacture, Commercialization,
use, offering for sale, sale or importation of such Product in such Region, and (b) the expiration of the Regulatory Exclusivity
of such Product in such Region, for each [***] during the Term in which the aggregate sales of any and all applicable Generic Products
sold by any and all Third Parties in such Region during such [***] are equal to at least [***] percent ([***]%) of
SciClone’s volume-based market share of the corresponding Product in such Region (based on [***] for such Generic
Products for such [***], or if such data is not available, such other reliable data source as is mutually determined by Y-mAbs
and SciClone), the applicable royalty rate set forth in Section ‎4.4 shall be reduced
from [***]percent ([***]%) to [***]percent([***]%)); provided that such royalty rate shall not
be reduced as set forth herein if the Commercialization of any such Generic Product in such Region was enabled by SciClone or any
of its Affiliates, Sublicensees or Subcontractors.

 

4.7             
Royalty Term. Royalties under Section ‎4.4 shall be payable, on a Region-by-Region and Product-by-Product
basis, from the period beginning on the date of the First Commercial Sale of such Product in such Region in the SciClone Territory
and continuing until [***].

 

 5.            Manufacturing and Supply

 

5.1             
Manufacture and Supply of the Products. Subject to the terms and conditions of this Agreement, for the purpose of Development
and Commercialization of the Product in the SciClone Territory, Y-mAbs shall be the exclusive supplier to SciClone of (i) Naxitamab
in finished product form, fully packaged and with labelling, in accordance with the Product Specifications; and (ii) Omburtamab
[***] (it being understood that, for the avoidance of doubt, except to the extent expressly set forth in this Section ‎5.1,
SciClone shall not, and shall cause its Affiliates, Sublicensees and Subcontractors not to, directly or indirectly make (Manufacture)
or have made (Manufactured) or purchase from any Third Party any of the foregoing). The supply of Products as contemplated in this
Section ‎5.1 shall commence as soon as reasonably practicable after the
Effective Date, but in any event in advance of the commencement of the First Commercial Sale of the applicable Product in the SciClone
Territory.

 

    21

     

    

 

Certain information
(marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful
if publicly disclosed

 

5.2             
Supply Price. In consideration for the supply of the Products in Section ‎5.1
above, SciClone shall pay to Y-mAbs, upon delivery of the relevant Product to SciClone, a price determined on the following basis:

 

(a)              
Naxitamab = [***] plus [***]% (on [***]) basis, governed by the latest version of Incoterms)

 

(b)             
Omburtamab = [***] plus [***]% (on [***]) basis, governed by the latest version of Incoterms)

 

As used herein, “COGS”
means (i) with respect to Naxitamab, [***], or (ii) with respect to Omburtamab, [***], in each case calculated
in accordance with U.S. Generally Accepted Accounting Principles, or, [***]paid by Y-mAbs to such Third Party for such Product;
provided that the COGS for Naxitamab shall not exceed US$[***] and the COGS for Omburtamab shall not exceed US$[***].
For clarity, COGS shall include all (A) [***] costs reasonably allocable to Manufacturing and supply-related activities
of Y-mAbs or any of its Affiliates, licensees (other than SciClone) or contractors in respect of the applicable Product and (B) [***]
costs, including all actual FTE costs of employees or contractors engaged in such Manufacturing or supply-related activities and
quality control and quality assurance activities; and

 

“FTE
 ” means the equivalent of the work of one (1) employee or contractor in the relevant function and at the appropriate level
for such work on a full time basis (i.e. working at least [***]days per year), directly related to any Manufacturing or
supply-related activities or any quality control or quality assurance activities, in each case, in respect of any Product.

 

5.3             
Forecasts, Purchase Order and Delivery.

 

(a)              
During the Term, beginning on the date that is [***] after the Effective Date, SciClone shall provide to Y-mAbs
within [***] from the beginning of each [***] a written [***] rolling forecast detailing the quantities of
Product for the [***](“Forecast”). The [***] of each Forecast shall be binding on SciClone
but the [***] remaining [***] of such Forecast shall be non-binding.

 

(b)             
SciClone shall submit purchase orders consistent with the Forecast and which shall inter alia contain specific details
with respect to the quantities of the Products required and the time period within which Y-mAbs is required to deliver the Products
to SciClone (“Purchase Order”) at least [***] before the requested delivery date.  Y-mAbs
shall, within [***]from the date of receipt of the Purchase Order, confirm whether it is possible to supply the Products
under the Purchase Order, which confirmation shall not be unreasonably withheld, delayed or conditioned.  The Purchase Order
shall only be binding on Y-mAbs when accepted in writing by Y-mAbs. For clarity, SciClone acknowledges and agrees that Y-mAbs does
not guarantee that it will be able to accept Purchase Orders; provided that Y-mAbs shall accept at least the portion of
any Purchase Order that equals the binding portion of the corresponding Forecast.

 

(c)              
Y-mAbs shall deliver all Products on a [***] basis in compliance with the Purchase Orders; provided that
Y-mAbs shall be permitted to deliver Products purchased under a Purchase Order during any time period between [***] prior
to and [***] after the delivery date specified on such Purchase Order. Y-mAbs hereby agrees that all Products supplied
under this Agreement will have a certificate of analysis along with the batch number of the Products confirming that the Product
meets the Product Specifications.

 

    22

     

    

 

 

Certain information
(marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful
if publicly disclosed

 

(d)             
Y-mAbs shall notify SciClone [***] upon becoming aware of any event that would render Y-mAbs unable to supply
or delay in supplying the quantity of the Products to SciClone under any Purchase Order.

 

(e)              
Y-mAbs may issue to SciClone an invoice with respect to a Purchase Order at the time when Y-mAbs delivers the Products
under such Purchase Order. 

 

5.4             
Distribution. Subject to the terms and conditions of this Agreement, SciClone will be solely responsible for the distribution
of the Products in the Field in the SciClone Territory.

 

5.5            
Brand Security and Anti-Counterfeiting. The Parties will establish contacts for communication regarding brand security
issues, and each Party shall reasonably cooperate with the other Party with respect thereto. Practices around these incidents will
comply with each Party’s then-current standards, where such standards define product security features, warehouse/cargo protection
requirements, and response and communication process for such incidents.

 

5.6             
Quality and Defects.

 

(a)             
Y-mAbs hereby undertakes to SciClone that the Product delivered to SciClone hereunder shall conform to the relevant
Product Specifications and shall be Manufactured, tested, stored, labeled, packaged and sold in accordance with the terms of this
Agreement and the Applicable Laws.

 

(b)             
In the event SciClone discovers a defect in the Product delivered to SciClone under this Agreement, SciClone shall notify
Y-mAbs in writing specifying the details of such defect not later than [***] from the date of discovery of such defect (“Defect
Notice”).

 

(c)              
On receipt of a Defect Notice, Y-mAbs shall undertake an inspection of the samples of the relevant Product which SciClone
claims as possessing a defect (“Claimed Defect”) and upon satisfaction by both Parties that such Claimed
Defect does exist in such Product, Y-mAbs shall, at SciClone’s option, (a) [***] such number of units of the Product;
or (b) [***] in respect of such defective Product.

 

(d)             
If the Parties are unable to agree upon whether the Product contains the Claimed Defect, the Parties shall cooperate
to have the Product in dispute analyzed by a third-party independent testing laboratory of international reputation mutually agreed
upon by both Parties (the “Analysis”). The results of such Analysis shall be final and binding on the
Parties on whether such Claimed Defect exists in such Product.

 

(e)              
If the result of the Analysis does not show that such Product has the Claimed Defect, then SciClone shall bear the cost
of the Analysis and pay for the Product in accordance with this Agreement. If the result of the Analysis shows that such Product
has the Claimed Defect, then Y-mAbs shall bear the cost of the Analysis, and Y-mAbs shall, at SciClone’s option, (i) replace
the Product with the Claimed Defect within [***]after the date on which the result of the Analysis is available, [***]
or (ii) refund to SciClone the [***] for such Product with the Claimed Defect.

 

    23

     

    

 

Certain
information (marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed

 

5.7             
Quality Agreement. As soon as practicable after the Effective Date, but in any event in advance of the commencement
of First Commercial Sale of the Product by SciClone in the SciClone Territory, the Parties shall enter into a Quality Agreement
(“QA Agreement”), which shall describe Y-mAbs’ quality control obligations in Manufacturing the
Products. In the event of a conflict between the terms and conditions set forth in the QA Agreement and this Agreement, (a) the
terms of the QA Agreement shall prevail regarding matters related to quality control and related regulatory requirements, and (b)
the terms of this Agreement shall prevail with respect to all other matters.

 

5.8             
Pharmacovigilance Agreement. As soon as practicable after the Effective Date, but in any event in advance of the commencement
of any Development of the Product by SciClone or Y-mAbs in or for the SciClone Territory, the Parties shall enter into in a separate
Safety Data Exchange Agreement (“SDEA”), which shall describe the Parties’ roles and responsibilities
with respect to adverse events. In the event of a conflict between the terms and conditions set forth in the SDEA and this Agreement,
(a) the terms of the SDEA shall prevail regarding matters related to adverse events, and (b) the terms of this Agreement shall
prevail with respect to all other matters.

 

		6.	Payment; Records; Audits

 

6.1             
Exchange Rate; Manner and Place of Payment. All payments hereunder shall be payable in U.S. dollars. When conversion
of payments from any foreign currency is required, such conversion shall be at an exchange rate equal to the weighted average of
the rates of exchange for the currency of the country from which such payments are payable as published by [***] during
the [***] for which a payment is due. All payments owed under this Agreement shall be made by wire transfer in immediately available
funds to a bank and account designated in writing by the Payee (as defined below), unless otherwise specified in writing by the
Payee.

 

6.2             
Taxes.

 

(a)              
Taxes on Income. Except as otherwise provided in this Section ‎6.2, each Party
shall be solely responsible for the payment of all taxes imposed on its share of income arising directly or indirectly from the
efforts of the Parties under this Agreement.

 

(b)             
Withholding Taxes.  Each Party shall be entitled to deduct and withhold from any payment to be made by such Party (the
 “Payor”) to the other Party (the “Payee”) hereunder the amount of any tax,
levy, impost, duty or other charge or withholding of a similar nature (“Tax”) required by Applicable
Laws and the relevant amounts payable to the Payee hereunder shall be reduced by the amount of Taxes deducted and withheld, which
shall be treated as paid to the Payee in accordance with this Agreement, provided that the Payor shall use its commercially
reasonable efforts to provide the Payee with written notice prior to any such withholding and will reasonably cooperate with the
Payee’s efforts to reduce or eliminate such withholding. To the extent that the Payor is required to deduct and withhold
Taxes on any payments under this Agreement, the Payor shall pay the amounts of such Taxes to the proper Governmental Authority
in a timely manner and the Payor shall promptly provide the Payee with the relevant receipts issued by the applicable Governmental
Authority with respect to such deduction or withholding.

 

    24

     

    

 

Certain
information (marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed

 

(c)              
VAT. Each Party shall be solely responsible for the payment of any value-added tax (including, for greater certainty,
any goods and services tax, harmonized sales tax and any similar provincial sales tax, but excluding any transfer tax, stamp duty
and other similar taxes) (“VAT”) chargeable to it in accordance with an applicable VAT law.

 

6.3             
Records; Audits.

 

(a)              
SciClone shall keep, and shall require its Affiliates, Sublicensees and Subcontractors to keep, accurate and true books
of accounts and records for the purpose of determining the amounts payable to Y-mAbs pursuant to this Agreement. Such books and
records shall be kept for at least [***] following the end of the [***] to which they pertain. Y-mAbs shall have the right
to cause an independent auditor reasonably acceptable to SciClone to audit such records to confirm Net Sales, royalties and other
payments for a period covering not more than the preceding [***], provided that an audit of the records relating to a particular
[***] may be conducted not more than [***] and the audit rights shall not be exercised more than [***] in
any [***]. Such audits may be exercised during normal business hours upon reasonable prior written notice to SciClone. Prompt adjustments
shall be made by the Parties to reflect the results of such audit, and SciClone shall promptly remit to Y-mAbs the amount of any
underpayment. Y-mAbs shall bear the cost of such audit unless such audit discloses an underpayment by SciClone of more than [***]
percent ([***]%) of the amount of royalties or other payments due under this Agreement for any applicable [***], in which
case, SciClone shall bear the cost of such audit. Any overpayment by SciClone revealed by an audit shall be fully-creditable against
future payment owed by SciClone to Y-mAbs (and if no further payments are due, shall be refunded by Y-mAbs immediately at the request
of SciClone). With respect to any amounts payable to SciClone by Y-mAbs pursuant to this Agreement, Y-mAbs shall have the similar
obligations as SciClone under the foregoing of this Section ‎6.3 and SciClone shall have
the similar audit rights as Y-mAbs under the foregoing of this Section ‎6.3 and this Section ‎6.3
shall apply mutatis mutandis.

 

(b)             
Y-mAbs shall have the right to cause an independent auditor reasonably acceptable to SciClone to inspect the facilities,
and audit the books, records, policies and processes, of SciClone and its Affiliates for the purpose of determining whether the
business operations of SciClone and its Affiliates in respect of the Development, Manufacturing and Commercialization of the Products
in the Field in the SciClone Territory complies with Applicable Laws, including with respect to anti-corruption, anti-bribery,
anti-kickbacks, corrupt payments, illicit gifts, promotional interactions with healthcare professionals and other interactions
with officials of Governmental Authorities. Y-mAbs shall not exercise such inspection and audit right more than [***] in
any [***], and such inspections and audits shall be conducted during normal business hours upon reasonable prior written notice
to SciClone. If any such inspection or audit reveals any non-compliance by SciClone or any of its Affiliates with any such Applicable
Law, SciClone shall, and shall cause its Affiliates to, promptly and fully remediate such non-compliance and, promptly upon the
completion of such remediation, shall provide to Y-mAbs a written certification, signed by an executive officer of SciClone, stating
that such non-compliance has been fully remediated. Y-mAbs shall bear the cost of such inspections and audits; provided
that if any such inspection or audit reveals any material non-compliance with such Applicable Laws, then SciClone shall bear the
cost of such inspection and audit.

 

    25

     

    

 

Certain
information (marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed

 

6.4             
Late Payments. In the event that any payment due under this Agreement is not made when due, the payment shall accrue
interest from the date due at a rate per annum that is [***] percentage points ([***]%) above the [***] of
interest as reported by Bloomberg on the date such payment is due; provided, however, that in no event shall such rate exceed
the maximum legal annual interest rate.

 

		7.	Confidentiality

 

7.1             
Confidential Information. Except to the extent expressly authorized by this Agreement or otherwise agreed in writing
by the Parties, each Party (in such capacity, the “Receiving Party”) agrees that, during the Term and
for [***] thereafter, it shall keep confidential and shall not publish or otherwise disclose to any Third Party, and shall
not use for any purpose other than as expressly provided for in this Agreement or any other written agreement between the Parties,
any Confidential Information furnished or made available to it by or on behalf of the other Party (in such capacity, the “Disclosing
Party”). The Receiving Party shall use at least the same standard of care as it uses to protect proprietary or confidential
information of its own (but in no event less than reasonable care) to ensure that its, and its Affiliates’, employees, agents,
consultants and other representatives do not disclose or make any unauthorized use of the Confidential Information. The Receiving
Party shall promptly notify the Disclosing Party upon discovery of any unauthorized use or disclosure of the Disclosing Party’s
Confidential Information.

 

7.2             
Exceptions. Confidential Information shall not include any information which: (a) is now, or hereafter becomes,
through no act or failure to act on the part of the Receiving Party, generally known or available; (b) is known by the Receiving
Party and/or any of its Affiliates at the time of receiving such information, as evidenced by its records; (c) is hereafter
furnished to the Receiving Party and/or any of its Affiliates by a Third Party, as a matter of right and without restriction on
disclosure; or (d) is independently discovered or developed by the Receiving Party and/or any of its Affiliates, without the
use of Confidential Information of the Disclosing Party.

 

7.3             
Authorized Disclosure.

 

(a)              
Notwithstanding the provisions of Section ‎7.1, the Receiving Party may disclose Confidential Information of the
Disclosing Party as expressly permitted by this Agreement, or if and to the extent such disclosure is reasonably necessary in the
following instances:

 

(i)         filing
or prosecuting Patents as permitted by this Agreement;

 

(ii)        enforcing
such Party’s rights under this Agreement;

 

(iii)       prosecuting
or defending litigation as permitted by this Agreement;

 

(iv)       complying
with the requirements of Regulatory Authorities with respect to obtaining and maintaining Regulatory Approval of Products, Applicable
Laws, applicable court orders, governmental regulations or rules of the relevant stock exchange;

 

(v)       disclosure
to Affiliates, actual and potential licensees and Sublicensees, Subcontractors, employees, consultants or agents of the Receiving
Party who have a need to know such information in order for the Receiving Party to exercise its rights or fulfill its obligations
under this Agreement, provided, in each case, that any such Affiliate, actual or potential licensee or Sublicensee, Subcontractor,
employee, consultant or agent agrees to be bound by terms of confidentiality and non-use comparable in scope to those set forth
in this Section ‎7; and

 

    26

     

    

 

Certain
information (marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed

 

(vi)      disclosure
to Third Parties in connection with due diligence or similar investigations by such Third Parties, and disclosure to potential
Third Party investors or acquirers in confidential financing documents, provided, in each case, that any such Third Party agrees
to be bound by terms of confidentiality and non-use comparable in scope to those set forth in this Section ‎7.

 

(b)              
Notwithstanding Section 7.3‎(a), in the event a Party is required to make a disclosure of the other Party’s Confidential
Information pursuant to the foregoing clause (iii) or clause (iv), it will, except where impracticable, give reasonable advance
notice to the other Party of such disclosure and use efforts to secure confidential treatment of such Confidential Information
at least as diligent as such Party would use to protect its own proprietary or confidential information, but in no event less than
reasonable efforts. In any event, the Parties agree to take all reasonable action to avoid disclosure of Confidential Information
hereunder.

 

(c)              
Notwithstanding anything to the contrary in the remainder of this Article ‎7, Y-mAbs
may disclose the terms and conditions of this Agreement to any licensor of Y-mAbs or any of its Affiliates with respect to any
of the Y-mAbs Technology, but solely to the extent necessary to comply with any obligation of Y-mAbs or any of its Affiliates under
the applicable agreement between such licensor and Y-mAbs or any of its Affiliates in respect of such Y-mAbs Technology.

 

7.4             
Public Announcements.

 

(a)              
Press Releases. As soon as practicable following the Effective Date, the Parties shall issue a joint press release announcing
the execution of this Agreement substantially in the form attached hereto as Exhibit D. Except as required by applicable securities
laws (including disclosure requirements of the U.S. Securities and Exchange Commission (“SEC”) or any
stock exchange on which securities issued by a Party or its Affiliates are traded), neither Party shall make any other public announcement
concerning this Agreement or the subject matter hereof without the prior written consent of the other, which shall not be unreasonably
withheld or delayed; provided that each Party may make any public statement in response to questions by the press, analysts, investors
or those attending industry conferences or financial analyst calls, or issue press releases, so long as any such public statement
or press release is not inconsistent with prior public disclosures or public statements approved by the other Party pursuant to
this Section ‎7.4 and which do not reveal non-public information about the other Party. In the event of a required public
announcement, to the extent practicable under the circumstances, the Party making such announcement shall provide the other Party
with a copy of the proposed text of such announcement sufficiently in advance of the scheduled release to afford such other Party
a reasonable opportunity to review and comment upon the proposed text.

 

(b)             
Filing of this Agreement. The Parties shall coordinate in advance with each other in connection with the filing of this
Agreement (including redaction of certain provisions of this Agreement) with the SEC or any stock exchange or governmental agency
on which securities issued by a Party or its Affiliate are traded, and each Party will use commercially reasonable efforts to seek
confidential treatment for the terms proposed to be redacted and file redacted versions with any governing bodies which are consistent
with redacted versions previously filed with any other governing bodies.

 

    27

     

    

 

Certain
information (marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed

 

7.5             
Publication. At least [***]prior to SciClone’s publishing, publicly presenting, and/or submitting for written
or oral publication a manuscript, abstract or the like that includes information relating to any Ingredient or Product that has
not been previously published, SciClone shall provide to Y-mAbs a draft copy thereof for Y-mAbs’ review (unless such Y-mAbs
is required by law to publish such information sooner, in which case SciClone shall provide such draft copy to Y-mAbs as much in
advance of such publication as possible). SciClone shall consider in good faith any comments provided by Y-mAbs during such [***]
period. In addition, SciClone shall, at Y-mAbs’ request, remove therefrom any Confidential Information of Y-mAbs. The contribution
of Y-mAbs shall be noted in all publications or presentations by acknowledgment or co-authorship, whichever is appropriate.

 

7.6             
Prior Non-Disclosure Agreement. As of the Effective Date, the terms of this Section ‎7 shall supersede any
prior non-disclosure, secrecy or confidentiality agreement between the Parties (or their Affiliates) dealing with the subject of
this Agreement. Any information disclosed pursuant to any such prior agreement shall be deemed Confidential Information for purposes
of this Agreement.

 

7.7             
Equitable Relief. Given the nature of the Confidential Information and the competitive damage that would result to a
Party upon unauthorized disclosure, use or transfer of its Confidential Information to any Third Party, the Parties agree that
monetary damages would not be a sufficient remedy for any breach of this Section ‎7. In addition to all other remedies,
a Party shall be entitled to seek specific performance and injunctive and other equitable relief as a remedy for any breach or
threatened breach of this Section ‎7.

 

		8.	Representations and Warranties; Covenants

 

8.1             
Mutual Representations and Warranties. Each Party represents and warrants to the other that, as of the Effective Date:

 

(a)              
it is duly organized and validly existing under the laws of its jurisdiction of incorporation or formation, and has
full corporate or other power and authority to enter into this Agreement and to carry out the provisions hereof;

 

(b)             
it is duly authorized to execute and deliver this Agreement and to perform its obligations hereunder, and the person
or persons executing this Agreement on its behalf has been duly authorized to do so by all requisite corporate or partnership action;
and

 

(c)              
this Agreement is legally binding upon it, enforceable in accordance with its terms, and does not conflict with any
agreement, instrument or understanding, oral or written, to which it is a party or by which it may be bound, nor violate any material
law or regulation of any court, governmental body or administrative or other agency having jurisdiction over it.

 

    28

     

    

 

Certain
information (marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed

 

8.2             
Additional Y-mAbs Representations and Warranties. Y-mAbs represents and warrants to SciClone, as of the Effective Date,
as follows:

 

(a)              
(i) Except with respect to the rights of [***]and/or any [***] as contemplated under the [***]
effective as of [***] (the “[***]”), Y-mAbs has sufficient, sole and exclusive legal and/or beneficial
rights, title or ownership, free and clear from any mortgages, pledges, liens, security interests, encumbrances, charges or claim
of any kind, of and to the Y-mAbs Technology to grant the License; and (ii) Y-mAbs has not granted any right to any Third
Party with respect to the Y-mAbs Technology that would conflict with the License or rights granted to SciClone hereunder; Exhibit
A contains a complete and accurate list of all Y-mAbs Patents existing as of the Effective Date;

 

(b)             
Y-mAbs has not received any written notice that any Third Party has taken any action before any applicable patent office
or any court or arbitration tribunal or Governmental Authority, claiming ownership or license of any Y-mAbs Technology;

 

(c)              
Y-mAbs has not received any written notice from any Third Party asserting that the issued patents within the Y-mAbs
Patents are invalid or unenforceable;

 

(d)             
to the knowledge of Y-mAbs, no reexamination, interference, invalidity, opposition, nullity or similar claim or proceeding
is pending or threatened with respect to any Y-mAbs Patent and none of Y-mAbs Patents existing as of the Effective Date has been
adjudged, in a final and non-appealable decision, invalid, unenforceable or unpatentable by any Governmental Authority of competent
jurisdiction;

 

(e)              
Y-mAbs has not received any written notice from any Third Party asserting or alleging that (i) any research, development,
Manufacturing or Commercialization of a Product by Y-mAbs prior to the Effective Date or any Y-mAbs Technology infringed or misappropriated
the intellectual property rights of such Third Party, or (ii) the Development, Manufacturing or Commercialization of the Products
in the SciClone Territory would infringe or misappropriate the intellectual property rights of such Third Party;

 

(f)               
to the knowledge of Y-mAbs, no Third Party is infringing or has infringed any Y-mAbs Patents;

 

(g)              
all maintenance fees, annuity payments, and similar payments relating to the Y-mAbs Patents have been made, and during
the Term will be made, in a timely manner. Prior to the Effective Date, Y-mAbs has not taken action or failed to undertake an action
in connection with filing, prosecuting and maintaining the Y-mAbs Patents set forth in Exhibit A in violation of any Applicable
Law;

 

(h)             
Y-mAbs has complied with all Applicable Laws in connection with the prosecution of the Y-mAbs Patents, including the
duty of candor owed to any patent office pursuant to such Applicable Laws;

 

(i)                
Exhibit E sets forth a complete and accurate list of all trademarks for the Products for which registrations have been
obtained or applications have been filed by Y-mAbs or its Affiliates throughout the SciClone Territory as of the Effective Date;
and

 

    29

     

    

 

Certain
information (marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed

 

(j)               
Y-mAbs has not entered, and shall not enter, into any agreement with any Third Party that is in conflict with the rights
granted to SciClone under this Agreement, and has not taken and shall not take any action that would in any way prevent it from
granting the rights granted to SciClone under this Agreement, or that would otherwise materially conflict with or adversely affect
SciClone’s rights under this Agreement. The execution, delivery and performance of and compliance with this Agreement and
the consummation of the transactions contemplated hereby will not result in any violation or breach of [***].

 

(k)             
to the knowledge of Y-mAbs, (i) the transactions contemplated under this Agreement do not involve the use or development
of, or engagement in, any technology whose development, commercialization or export is restricted under the Export Control Laws
and (ii) the execution, delivery and performance of and compliance with this Agreement and the consummation of the transactions
contemplated hereby will not require either Party to obtain a license from applicable Governmental Authorities pursuant to the
Export Control Laws.

 

8.3             
Additional SciClone Representations and Warranties. SciClone represents and warrants to Y-mAbs, as of the Effective
Date, that to the knowledge of SciClone, neither SciClone nor any of its officers, directors, employees, Affiliates, Sublicensees
or Subcontractors are, debarred or disqualified by any Regulatory Authority in the SciClone Territory in connection with any of
their activities relating to the Ingredients or the Products.

 

8.4             
No Other Representations or Warranties. EACH PARTY HEREBY ACKNOWLEDGES AND AGREES THAT, EXCEPT AS EXPRESSLY SET FORTH
IN THIS AGREEMENT, THE Y-MABS TECHNOLOGY IS LICENSED ON AN “AS-IS” BASIS AND NEITHER PARTY MAKES NOR SHALL BE DEEMED
TO HAVE MADE, AND EACH PARTY HEREBY DISCLAIMS, ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED (WHETHER BY STATUTE, CUSTOM OR
OTHERWISE), INCLUDING ANY REPRESENTATION OR WARRANTY (EXPRESS OR IMPLIED) AS TO MERCHANTABILITY, FITNESS FOR A PARTICULAR USE OR
PURPOSE OR NON-INFRINGEMENT, VALIDITY OR ENFORCEABILITY OF INTELLECTUAL PROPERTY.

 

8.5             
Additional Mutual Covenants. In addition to any covenants made by each Party elsewhere in this Agreement, each Party
hereby covenants to the other as follows:

 

(a)              
Each Party will not knowingly, during the Term, employ or use the services of any person who is debarred or disqualified
by any Regulatory Authority in connection with activities relating to the Ingredients or the Products; and in the event that one
Party becomes aware of the debarment or disqualification or threatened debarment or disqualification by any Regulatory Authority
of any person providing services to such Party with respect to any activities relating to the Ingredients or the Products, such
Party will immediately notify the other Party in writing and will cease employing, contracting with, or retaining any such person
to perform any services relating to the Ingredients or the Products;

 

(b)             
Each Party will not, in connection with the performance of its obligations under this Agreement, directly or indirectly
through Third Parties, pay, promise or offer to pay, or authorize the payment of, any money or give any promise or offer to give,
or authorize the giving of anything of value to a public official or entity or other person for purpose of obtaining or retaining
business for or with, or directing business to, any person, nor will such Party directly or indirectly promise, offer or provide
any corrupt payment, gratuity, emolument, bribe, kickback, illicit gift or hospitality or other illegal or unethical benefit to
a public official or entity or any other person in connection with the performance of such Party’s obligations under this
Agreement;

 

    30

     

    

 

Certain
information (marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed

 

(c)              
Each Party has in place an anti-corruption and anti-bribery policy and in connection with the performance of its obligations
under this Agreement, each Party shall comply and shall cause its and its Affiliates’ employees to comply with such Party’s
policy;

 

(d)             
Each Party shall, and shall ensure that its Affiliates, Sublicensees and Subcontractors and its and their respective
employees and contractors will, not cause the other Party to be in violation of the FCPA, Export Control Laws, or any other Applicable
Laws, including any other applicable anti-corruption and anti-bribery laws, in connection with the performance of obligations under
this Agreement; and

 

(e)              
Each Party shall immediately notify the other Party if it has any information or suspicion that there may be a violation
of the FCPA, Export Control Laws, or any other Applicable Laws, including any other applicable anti-corruption and anti-bribery
laws, in connection with the performance of its obligations under this Agreement.

 

(f)               
Each Party shall, and shall ensure that its Affiliates, Sublicensees and Subcontractors and its and their respective
employees and contractors will, be in full compliance with the [***]. SciClone, on behalf of itself and its Affiliates,
Sublicensees and Subcontractors, acknowledges and agrees that, notwithstanding anything in this Agreement to the contrary, all
licenses and other rights granted to SciClone and its Affiliates, Sublicensees and Subcontractors under this Agreement in respect
of the Y-mAbs Technology are subject to the terms and conditions of [***]. At the beginning of each [***] during
the Term, the Parties shall review, coordinate and discuss with each other in good faith each Party’s compliance with [***].

 

8.6             
Performance by Affiliates, Sublicensees and Subcontractors. The Parties acknowledge and agree that each Party may perform
some or all of its obligations or exercise some or all of its rights under this Agreement through one or more Affiliates, Subcontractors
or, in the case of SciClone, subject to Section ‎2.2, Sublicensees; provided,
in each case and without limiting Sections ‎2.2 or ‎2.3,
that (a) none of the other Party’s rights hereunder are diminished or otherwise adversely affected as a result of such
delegation or subcontracting and (b) each such Affiliate, Subcontractor or Sublicensee undertakes in writing obligations
of confidentiality and non-use regarding Confidential Information and ownership of Inventions which are substantially the same
as those undertaken by the Parties pursuant to Section ‎7 and Section ‎9.1
and provided, further, that such Party shall at all times be fully responsible for the performance of, and payment by,
such Affiliate, Subcontractor or Sublicensee. Notwithstanding the foregoing, SciClone shall not engage any Subcontractor to perform
any of its obligations or exercise any of its rights under this Agreement without the prior written consent of Y-mAbs (which consent
shall not be unreasonably withheld, delayed or conditioned).

 

    31

     

    

 

Certain
information (marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed

 

		9.	Intellectual Property

 

9.1             
Ownership.

 

(a)              
Inventions. Inventorship of any Inventions will be determined in accordance with the standards of inventorship and conception
under Applicable Laws related to Patents.

 

(b)             
Y-mAbs Inventions. Y-mAbs shall solely and exclusively own any and all (A) Inventions generated, developed, conceived
or reduced to practice (constructively or actually) by or on behalf of either Party or any of its respective Affiliates, licensees,
Sublicensees or Subcontractors, including any of their respective employees, agents and contractors (whether solely or jointly
with any other entity or person) in connection with the research, Development, use, making (Manufacturing), having made (Manufactured),
import, export, sale, offer for sale, promotion, marketing, distribution, Commercialization of any Product under this Agreement
(“Y-mAbs Inventions”), and (B) Patents filed by either Party or any of its respective Affiliates,
licensees, Sublicensees or Subcontractors with respect to the Y-mAbs Inventions, which shall be included in Y-mAbs Patents.

 

(c)              
Y-mAbs Data. Y-mAbs shall solely and exclusively own any and all Data generated by or on behalf of either Party or any
of its respective Affiliates, licensees, Sublicensees or Subcontractors, including any of their respective employees, agents and
contractors (whether solely or jointly with any other entity or person) (“Y-mAbs Data”).

 

(d)             
Assignment; Further Assurances. SciClone shall disclose in writing to Y-mAbs all Y-mAbs Inventions and Y-mAbs Data promptly
following the generation, development, conception or reduction to practice (constructively or actually) thereof. SciClone, on behalf
of itself and each of its Affiliates, Sublicensees and Subcontractors and each of its and their respective employees, subcontractors,
consultants and agents of any of the foregoing, hereby assigns to Y-mAbs all right, title and interest in and to all Y-mAbs Inventions
(including all Patents filed thereon) and Y-mAbs Data and shall provide all reasonable assistance and execute all documents necessary
to assist and enable Y-mAbs (or any of its designees) to prosecute, perfect, register, record, enforce and defend any of its rights
in any of the Y-mAbs Inventions (including all Patents filed thereon) and Y-mAbs Data.

 

(e)              
Affiliates, Sublicensees and Subcontractors. SciClone shall ensure that each of its Affiliates, Sublicensees and Subcontractors
under this Agreement has a contractual obligation to disclose to such Party all Data and Inventions generated, invented, discovered,
developed, made, created or reduced to practice (constructively or actually) by any of them or any of their respective employees,
agents or independent contractors (whether solely or jointly with any other entity or person) with respect to the research, Development,
use, making (Manufacturing), having made (Manufactured), import, export, sale, offer for sale, promotion, marketing, distribution,
Commercialization of any Product under this Agreement, and to provide sufficient rights with respect thereto, so that SciClone
can comply with its obligations under this Section ‎9.1.

 

9.2             
Patent Prosecution and Maintenance.

 

(a)              
Definition. For purposes of this Section ‎9.2, the terms “prosecute,”
 “prosecuting” and “prosecution,” when used in reference to any Patent, shall be deemed to include, without
limitation, control of any interferences, reissue proceedings, post-grant proceedings, oppositions and reexaminations with respect
to such Patent.

 

    32

     

    

 

Certain
information (marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed

 

(b)             
Y-mAbs Patents. As between the Parties, Y-mAbs shall have the sole right, but not the obligation, at its own expense,
to control the preparation, filing, prosecution (including any interferences, reissue proceedings and re-examinations) and maintenance
of the Y-mAbs Patents worldwide. Y-mAbs shall keep SciClone informed of progress with regard to the preparation, filing, prosecution
and maintenance of Y-mAbs Patents in the SciClone Territory. Y-mAbs will notify SciClone of all warning letters, conflict proceedings,
re-examinations, reissuance, oppositions, revocation proceedings or any other material challenge relating to any such Y-mAbs Patent.
Y-mAbs will consult with, and consider in good faith the requests and suggestions of, SciClone with respect to strategies for filing
and prosecuting Y-mAbs Patents in the SciClone Territory. In the event that Y-mAbs desires to abandon or cease prosecution or maintenance
of any Y-mAbs Patent in the SciClone Territory, Y-mAbs shall [***], and upon SciClone’s written election provided
no later than [***] after such notice from Y-mAbs, [***]. In such event, Y-mAbs shall [***]. If SciClone does
not provide such election within [***] after such notice from Y-mAbs or fails to pay for prosecution or maintenance of any
Y-mAbs Patent in the SciClone Territory, with respect to which it has previously made such election, Y-mAbs may, [***].

 

(c)              
Cooperation of the Parties. Each Party agrees to cooperate fully in the preparation, filing, prosecution and maintenance
of Y-mAbs Patents under this Section ‎9.2 and in the obtaining and maintenance of any patent extensions, supplementary
protection certificates and the like with respect thereto respectively at its own costs. Such cooperation includes, but is not
limited to: (i) executing all papers and instruments, or requiring its employees or contractors, to execute such papers and
instruments, so as to enable the other Party to apply for and to prosecute patent applications in any country as permitted by this
Section ‎9.2; and (ii) promptly informing the other Party of any matters coming to such Party’s attention that
may affect the preparation, filing, prosecution or maintenance of any such patent applications

 

9.3             
Infringement by Third Parties.

 

(a)              
Notice. In the event that either Y-mAbs or SciClone becomes aware of any infringement or threatened infringement by
a Third Party of any Y-mAbs Patent, it shall notify the other Party in writing to that effect.

 

(b)             
Y-mAbs Patents. Y-mAbs shall have the first right, but not the obligation, to bring and control any action or proceeding
with respect to infringement of any Y-mAbs Patent at its own expense and by counsel of its own choice, and, to the extent any such
infringement is in the SciClone Territory, SciClone shall have the right, at its own expense, to be represented in any such action
by counsel of its own choice. If Y-mAbs fails to bring any such action or proceeding with respect to infringement of any Y-mAbs
Patent within [***] following the notice of alleged infringement, SciClone shall have the right to bring and control any
such action at its own expense and by counsel of its own choice, and Y-mAbs shall have the right, at its own expense, to be represented
in any such action by counsel of its own choice.

 

    33

     

    

 

Certain
information (marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed

 

(c)              
Cooperation; Award. In the event a Party brings an infringement action in accordance with this Section ‎9.3,
the other Party shall cooperate fully, including, if required to bring such action, the furnishing of a power of attorney or being
named as a party. Neither Party shall enter into any settlement or compromise of any action under this Section ‎9.3 which
would in any manner alter, diminish, or be in derogation of the other Party’s rights under this Agreement without the prior
written consent of such other Party, which consent shall not be unreasonably withheld, delayed or conditioned. Except as otherwise
agreed by the Parties in connection with a cost-sharing arrangement, any recovery realized by a Party as a result of any action
or proceeding pursuant to this Section ‎9.3, whether by way of settlement or otherwise, shall be applied first to reimburse
the Parties’ documented out-of-pocket legal expenses relating to the action or proceeding, and any remaining amounts shall
be retained by the Party that brought and controlled such action.

 

9.4             
Infringement of Third Party Rights. Each Party shall promptly notify the other in writing of any allegation by a Third
Party that the activity of either Party pursuant to this Agreement infringes or may infringe the intellectual property rights of
such Third Party. Neither Party shall have the right to settle any patent infringement litigation under this Section ‎9.4
in a manner that diminishes the rights or interests of the other Party without the written consent of such other Party (which shall
not be unreasonably withheld). Subject to Section ‎11, the Party for which the infringement
action is brought against (the “Accused Party”) shall have the right to direct and control the defense
of such infringement action, at its own expense with counsel of its choice; provided, however, that the other Party may
participate in the defense and/or settlement thereof, at its own expense with counsel of its choice. In any event, the Accused
Party agrees to keep the other Party reasonably informed of all material developments in connection with any such infringement
action for which the Accused Party exercises its right to direct and control the defense. Subject to Section ‎11,
if the Accused Party does not exercise its right to direct and control the defense of an infringement action that is brought against
the Accused Party, then the other Party shall have such right and it shall agree to keep the Accused Party reasonably informed
of all material developments in connection with such infringement action.

 

9.5             
Marking and Trademark.

 

(a)             
Subject to the terms and conditions of the Agreement, SciClone shall Commercialize the Products in the Field in the
SciClone Territory solely under any trademark owned or Controlled by Y-mAbs that is mutually agreed upon by the Parties (each,
a “Y-mAbs Product Mark”); provided that, prior to finalizing any Y-mAbs Product Mark in the English
language, Y-mAbs shall provide SciClone with such proposed trademark and related trade dress and shall reasonably consider in good
faith SciClone’ comments with respect thereto; provided further that, to the extent required by Applicable Laws and
subject to Section 9.5(b), SciClone shall be entitled to Commercialize Omburtamab in the Field in the SciClone Territory under
any trademark owned or Controlled by SciClone.

 

(b)             
Subject to the terms and conditions of the Agreement, solely to the extent required by Applicable Laws, during the Term
SciClone shall include Y-mAbs’ name and corporate logo (each, a “Y-mAbs Corporate Mark”) on the
Product label, packaging, promotional/marketing materials to indicate that the Product is in-licensed from Y-mAbs without paying
any additional fees to Y-mAbs, provided that, prior to finalizing Product label, packaging, promotional/marketing materials,
SciClone shall consult with Y-mAbs and reasonably consider in good faith Y-mAbs’ comments with respect thereto.

 

    34

     

    

 

Certain
information (marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed

 

(c)             
Subject to the terms and conditions of this Agreement, Y-mAbs hereby grants to SciClone a non-exclusive license to use
the Y-mAbs Product Marks and Y-mAbs Corporate Marks in connection with the Commercialization of the Products in the Field in the
SciClone Territory solely as permitted under the License and the remainder of this Section ‎9.5. Y-mAbs reserves the right
to practice reasonable quality control with respect to all use of the Y-mAbs Product Marks and Y-mAbs Corporate Marks. Without
limiting the foregoing, SciClone shall comply with all of Y-mAbs’ brand usage guidelines applicable to the Products or to
the applicable language in the SciClone Territory provided to SciClone in its use of the Y-mAbs Product Marks and Y-mAbs Corporate
Marks, which may be amended by Y-mAbs from time to time. All goodwill generated by SciClone’s use of any Y-mAbs Product Mark
and Y-mAbs Corporate Mark shall inure solely to the benefit of Y-mAbs. For the avoidance of doubt, as between the Parties, (i) Y-mAbs
retains and owns all right, title and interest in and to all Y-mAbs Product Marks and Y-mAbs Corporate Marks and (ii) Y-mAbs
has the sole right, but not the obligation, to control the filing, prosecution, maintenance and enforcement of the Y-mAbs Product
Marks and Y-mAbs Corporate Marks, including in the SciClone Territory.

 

		10.	Term; Termination

 

10.1          
Term. The term of this Agreement (the “Term”) shall commence on the Effective Date, and unless
terminated earlier as provided in this Section ‎10, shall continue in force until terminated by a Party on a Product-by-Product
and Region-by-Region basis.

 

10.2          
Termination.

 

(a)              
Termination by SciClone

 

(A) SciClone
may terminate this Agreement in its entirety for convenience upon (i) [***] prior written notice to Y-mAbs (if such notice
is provided [***] of the Product in any Region) or (ii) [***] prior written notice to Y-mAbs (if such notice is provided
[***]of the Product in any Region); provided, however, that in each case under (i) and (ii) Y-mAbs may, in its discretion,
upon prior written notice to SciClone accelerate the effectiveness of such termination to the extent permitted by Applicable Law
in the SciClone Territory, to a date that is no earlier than [***] after such written notice from Y-mAbs.

 

(B) SciClone
may terminate this Agreement on a Region-by-Region and Product-by-Product basis, upon [***] prior written notice to Y-mAbs
if a [***].

 

(b)             
Mutual Termination Rights

 

(A) Material
Breach. Either Party may terminate this Agreement upon written notice to the other Party if such other Party is in material
breach of this Agreement and has not cured such breach within [***] after notice from the terminating Party requesting in
writing cure of the breach. Any such termination shall become effective at the end of such day period unless the breaching Party
has cured such breach prior to the end of such period.

 

(B) Bankruptcy.
Either Party may terminate this Agreement upon written notice to the other Party upon the bankruptcy, dissolution or winding up
of such other Party, or the making or seeking to make or arrange an assignment for the benefit of creditors of such other Party,
or the initiation of proceedings in voluntary or involuntary bankruptcy against such other Party, or the appointment of a receiver
or trustee of such other Party’s property that is not discharged within [***].

 

    35

     

    

 

Certain
information (marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed

 

(C) Royalty-Based
Termination. The Parties may mutually agree in writing to terminate this Agreement on a Region-by-Region and Product-by-Product
basis upon the later of (a) the [***]; and (b) [***] from the date of First Commercial Sale of such Product
in such Region.

 

(c)              
Termination by Y-mAbs

 

(A) Patent Challenge.
Y-mAbs shall have the right to terminate this Agreement immediately upon [***] prior written notice to SciClone if SciClone
or any of its Affiliates, Sublicensees or Subcontractors, directly or indirectly through any Third Party, commences any interference
or opposition proceeding with respect to, challenges the scope, ownership, validity or enforceability of, or opposes any extension
of, or the grant of a supplementary protection certificate with respect to, any Y-mAbs Patent, unless during such period the subject
challenge is dismissed or withdrawn and is not thereafter reinstituted or continued; provided that in the event a Sublicensee
or Subcontractor of SciClone initiates such challenge, Y-mAbs may not terminate this Agreement if (i) SciClone successfully
causes such Sublicensee or Subcontractor to abort such challenge [***], or (ii) SciClone (A) promptly provides
Y-mAbs a written notice of its intent to terminate its sublicense or subcontract with such Sublicensee or Subcontractor [***],
and (B) successfully terminates such sublicense or subcontract [***].

 

(B) Exit Event.
In the event that SciClone is merged with or acquired by a Third Party [***] (“Acquisition Event”) and
[***], SciClone shall provide prompt written notice thereof to Y-mAbs (the “Exit Notice”). Y-mAbs shall
have the right to terminate this Agreement in its entirety by providing [***] prior written notice to SciClone within [***]upon
Y-mAbs’ receipt of the Exit Notice.

 

(C) Commercial
Viability. If SciClone terminates this Agreement pursuant to Section 10.2(a)(B) with respect to any Product (each, a “Terminated
Product”) in [***], then Y-mAbs shall have the right to terminate this Agreement in [***] with respect
to such Terminated Product immediately upon [***] prior written notice to SciClone if Y-mAbs determines, in its reasonable
discretion, that Commercialization of such Terminated Product is no longer commercially viable [***] as a result of the
loss of potential Net Sales of such Terminated Product that would have been attributable to [***] during the remainder of
the Term and/or any actual or potential diminution in the marketability of such Terminated Product in [***] other than [***].

 

10.3          
Effect of Expiration or Termination.

 

(a)              
Effect of Expiration or Termination. Upon expiration or termination of this Agreement in whole for any reason, all rights,
licenses and obligations of the Parties under this Agreement shall immediately terminate, except as provided elsewhere in this
Section  ‎10.3 or in Section  ‎10.4. Upon termination of this Agreement in part, all rights, licenses and obligations
of the Parties under this Agreement relating to such terminated part shall immediately terminate, except as provided elsewhere
in this Section  ‎10.3 or in Section  ‎10.4. Notwithstanding anything to the contrary herein, in the event of
the termination of this Agreement by Y-mAbs pursuant to Section 10.2(c)(B), Y-mAbs shall (i) pay [***] to SciClone within
[***]after the date of such termination in an amount equal to the [***], and (ii) acquire from SciClone, at [***],
the then-existing [***] of SciClone for the Products in the SciClone Territory within [***] after the date of such
termination and shall enter into new [***] as necessary with [***].

 

    36

     

    

 

Certain
information (marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed

 

(b)             
Confidential Information. Upon expiration or termination of this Agreement in its entirety for any reason, each Party
shall, and shall cause its Affiliates, and with respect to SciClone, its Sublicensees and Subcontractors to, promptly return to
the other Party, or delete or destroy, all relevant records and materials in such Party’s possession or control containing
Confidential Information of the other Party; provided that such Party may keep one copy of such materials for archival purposes
only subject to a continuing confidentiality obligations.

 

(c)              
Assignment of Regulatory Approvals and Regulatory Materials. Upon expiration or termination of this Agreement in its
entirety for any reason, SciClone, on behalf of itself and each of its Affiliates, Sublicensees and Subcontractors and all employees,
subcontractors, consultants and agents of any of the foregoing, hereby assigns to Y-mAbs (or its designee) (i) any Patents
(A) assigned by Y-mAbs to SciClone pursuant to Section 9.2(b) and (B) elected by Y-mAbs in its sole discretion to be assigned
back to Y-mAbs; provided that [***], and (ii) all Regulatory Approvals and other Regulatory Materials, documentation
and materials (A) provided by or on behalf of Y-mAbs or any of its Affiliates to SciClone or any of its Affiliates, Sublicensees
or Subcontractors or (B) developed, filed or submitted by or behalf of SciClone or any of its Affiliates, Sublicensees or
Subcontractors and relating to any of the Products. SciClone shall take, and shall cause each of its Affiliates, Sublicensees and
Subcontractors and all employees, subcontractors, consultants and agents of any of the foregoing to take, further actions reasonably
requested by Y-mAbs (or its designee) to effectuate the assignment set forth in this Section ‎10.3(c);
provided that [***]. To the extent that assignment or transfer of any Regulatory Approvals or other Regulatory Materials
held by SciClone with respect to any Product is not permitted by the applicable Regulatory Authority, SciClone shall permit Y-mAbs
(or, at Y-mAbs’ option, Y-mAbs’ designee) to (and shall not itself, or permit any Third Parties to) cross-reference
and rely upon any such Regulatory Approvals or other such Regulatory Materials filed by SciClone with respect to any Product.

 

10.4         
Accrued Obligations; Survival. Neither expiration nor any termination of this Agreement shall relieve either Party of
any obligation or liability accruing prior to such expiration or termination, nor shall expiration or any termination of this Agreement
preclude either Party from pursuing all rights and remedies it may have under this Agreement, at law or in equity, with respect
to breach of this Agreement. In addition, the Parties’ rights and obligations under Sections ‎2.5
(Reservation of Rights), ‎9.1 (Ownership) and ‎10.3
(Effect of Expiration or Termination) and Articles ‎7 (Confidentiality), ‎12 (Dispute Resolution) and ‎13 (Miscellaneous)
of this Agreement shall survive expiration or any termination of this Agreement.

 

		11.	Indemnification

 

11.1         
Indemnification of Y-mAbs. SciClone shall indemnify and hold harmless each of Y-mAbs and its Affiliates and their respective
directors, officers, employees, consultants, agents and successors and assigns of any of the foregoing (the “Y-mAbs
Indemnitees”) from and against any and all losses, damages, liabilities, expenses and costs, including reasonable
legal expense and attorneys’ fees (“Losses”), incurred by any Y-mAbs Indemnitee as a result of,
directly or indirectly: (a) [***]; (b) [***]; (c) the fraud, negligence or willful misconduct of SciClone
or its Affiliate, Sublicensee or Subcontractor; or (d) any breach of any representations, warranties or covenants by SciClone
under this Agreement; except, in each case, to the extent such Third Party Claims fall within the scope of the indemnification
obligations of Y-mAbs set forth in Section ‎11.2.

 

    37

     

    

 

Certain
information (marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed

 

11.2         
Indemnification of SciClone. Y-mAbs shall indemnify and hold harmless each of SciClone and its Affiliates and their
respective directors, officers, employees, consultants, agents and successors and assigns of any of the foregoing (the “SciClone
Indemnitees”), from and against any and all Losses incurred by any SciClone Indemnitee as a result of, directly or
indirectly,: (a) [***]; (b) [***]; (c) the fraud, negligence or willful misconduct of Y-mAbs or its
Affiliate or sublicensee; or (d) any breach of any representations, warranties or covenants by Y-mAbs under this Agreement;
except, in each case, to the extent such Third Party Claims fall within the scope of the indemnification obligations of SciClone
set forth in Section ‎11.1.

 

11.3         
Procedure. A Y-mAbs Indemnitee or SciClone Indemnitee that intends to claim indemnification under this Section ‎11
(the “Indemnitee”) shall promptly notify the indemnifying Party (the “Indemnitor”)
in writing of any Third Party Claim, in respect of which the Indemnitee intends to claim such indemnification, and the Indemnitor
shall have sole control of the defense and/or settlement thereof. The indemnity arrangement in this Section ‎11 shall
not apply to amounts paid in settlement of any action with respect to a Third Party Claim, if such settlement is effected without
the consent of the Indemnitor, which consent shall not be withheld or delayed unreasonably. The failure to deliver written notice
to the Indemnitor within a reasonable time after the commencement of any action with respect to a Third Party Claim shall only
relieve the Indemnitor of its indemnification obligations under this Section ‎11 if and to the extent the Indemnitor is
actually prejudiced thereby. The Indemnitee shall cooperate fully with the Indemnitor and its legal representatives in the investigation
of any action with respect to a Third Party Claim covered by this indemnification.

 

		12.	Dispute Resolution

 

12.1         
Disputes. Subject to Section ‎12.3, upon the written request of either Party to the other Party, any claim,
dispute, or controversy as to the breach, enforcement, interpretation or validity of this Agreement (a “Dispute”)
will be referred to the Executive Officers (or such Executive Officer’s designee with decision-making authority) for attempted
resolution. In the event such executives are unable to resolve such Dispute within [***] after the initial written request,
then, upon the written demand of either Party, the Dispute shall be subject to arbitration, as provided in Section ‎12.2,
except as expressly set forth in Section ‎12.3.

 

12.2         
Arbitration.

 

(a)              
Claims. Subject to Section ‎12.3 below, any Dispute that is not resolved under Section ‎12.1 within
[***] after a Party’s initial written request for resolution, shall be resolved by final and binding arbitration administered
by the Hong Kong International Arbitration Centre (the “HKIAC”) under the HKIAC Administered Arbitration Rules
in force when the Notice of Arbitration (as contemplated in the 2018 HKIAC Administered Arbitration Rules) is submitted.

 

    38

     

    

 

Certain
information (marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed

 

(b)             
Arbitration Procedures.

 

(i)                
The arbitration shall be conducted by a panel of [***] neutral arbitrators, each of whom shall have significant
legal or business experience in the pharmaceutical industry, and none of whom shall be a current or former employee or director,
or a current significant shareholder, of either Party or any of their respective Affiliates, Sublicensees or Subcontractors.

 

(ii)             
Each Party shall designate in such Notice of Arbitration and the Answer to the Notice of Arbitration (as contemplated
in the 2018 HKIAC Administered Arbitration Rules), respectively, one (1) arbitrator. If either Party fails to designate an arbitrator,
the HKIAC shall appoint such arbitrator, who will act as such Party’s designated arbitrator. Within [***] of the appointment
such arbitrators, the two (2) Party-designated arbitrators shall select a third (3rd) arbitrator, who shall act as the presiding
arbitrator. If the arbitrators selected by the Parties are unable or fail to agree upon the third (3rd) arbitrator, the third (3rd)
arbitrator shall be appointed by the HKIAC. If either Party contends that any of the arbitrators appointed as set forth herein
do not satisfy the criteria set forth in Section ‎12.2(b)(i), such Party shall notify
the other Party and the HKIAC in writing of such objection within [***] of the applicable arbitrator’s appointment.
If the Parties cannot resolve any such objection within [***] after receipt of such written notice, the HKIAC shall resolve
the objecting Party’s objection.

 

(iii)           
The seat and place of arbitration shall be [***], and all proceedings and communications shall be in English.

 

(iv)            
The existence, content and results of any arbitration hereunder shall be deemed the Confidential Information of both
Parties.

 

(v)              
The Parties agree that, in the event of a Dispute over the nature or quality of performance under this Agreement, neither
Party may terminate this Agreement until final resolution of the Dispute through arbitration or other judicial determination. The
Parties further agree that any payments made pursuant to this Agreement pending resolution of the Dispute shall be refunded if
an arbitrator or court determines that such payments are not due.

 

(c)              
Arbitrators’ Award. The arbitrators shall, as soon as reasonably practicable after the conclusion of the arbitration
hearing, issue a written award and statement of decision describing the essential findings and conclusions on which the award is
based, including the calculation of any damages awarded. The decision or award rendered by the arbitrators shall be final and non-appealable.
Either Party may apply for interim injunctive relief with the arbitrators until the arbitration award is rendered or the controversy
is otherwise resolved. The arbitrators shall be authorized to award compensatory damages, but shall not be authorized (i) to
award punitive damages or any other damages expressly excluded under this Agreement, or (ii) to reform, modify or materially
change this Agreement or any other agreements contemplated hereunder; provided, however, that the damage limitations
described in subsection (i) of this sentence will not apply if such damages are statutorily imposed.

 

    39

     

    

 

Certain
information (marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed

 

(d)             
Costs. Each Party shall bear its own attorney’s fees and other costs (including, for example, expert witness fees
and expenses, photocopy charges, travel expenses, etc.) arising out of any arbitration, and shall pay an equal share of the fees
and costs of the HKIAC and the arbitrators arising out of any arbitration; provided, however, that the arbitrators shall
be authorized to determine whether a Party is the prevailing party, and if so, to award to that prevailing party reimbursement
for any or all such attorney’s fees and other costs arising out of such arbitration that are reasonable, and/or the fees
and costs of the HKIAC and the arbitrators arising out of such arbitration. For the avoidance of doubt, the allocation of fees
and costs as contemplated in this Section ‎12.2(d) shall not include any fees, costs or
disbursements (e.g., interest payments, contingency fees) payable to any third party that provides funding or other financing to
either Party for purposes of conducting such arbitration.

 

12.3         
Court Actions. Nothing contained in this Agreement shall deny either Party the right to seek, upon good cause, injunctive
or other equitable relief from a court of competent jurisdiction and such an action may be filed and maintained notwithstanding
any ongoing dispute resolution discussions or arbitration proceedings. By agreeing to arbitration, the Parties do not intend to
deprive any court of its jurisdiction to issue a pre-arbitral injunction, pre-arbitral attachment or other order in aid of arbitration
proceedings and the enforcement of any award or to issue an order to maintain the status quo or prevent irreparable harm prior
to the appointment of the arbitrators. Without prejudice to such provisional remedies as may be available under the jurisdiction
of a court, the arbitrators shall have full authority to grant provisional remedies or order the Parties to request that a court
modify or vacate any temporary or preliminary relief issued by such court, and to award damages for the failure of any Party to
respect the arbitrators’ orders to that effect. Notwithstanding anything to the contrary in this Agreement, (a) no claim
or action pertaining to the validity, construction, scope, enforceability, infringement or other violation of Patents or other
intellectual property rights shall be subject to arbitration pursuant to Section ‎12.2 and (b) all such claims and
actions shall be venued exclusively in a competent court in New York, New York, and each Party expressly and irrevocably consents
and submits to the jurisdiction of such courts having appropriate jurisdiction in connection with any such claim or action. Any
and all other claims or actions brought by either Party pursuant to this Section ‎12.3 may be brought, and judgment may be
entered upon any final and non-appealable decision or award rendered by the arbitrators pursuant to this Section ‎12.3,
in any competent court having appropriate jurisdiction in connection with any such claim, action or judgment, and each Party expressly
and irrevocably consents and submits to the jurisdiction of such courts for such claims, actions and judgments.

 

		13.	Miscellaneous

 

13.1         
Governing Law. This Agreement (including Section ‎12.2) and any disputes, claims, or actions related thereto shall
be governed by and construed in accordance with the laws of the State of New York, United States, without regard to the conflicts
of law provisions thereof.

 

13.2         
Entire Agreement; Amendment. This Agreement, including the Exhibits hereto, sets forth all of the agreements and understandings
between the Parties with respect to the subject matter hereof and thereof, and supersedes and terminates all prior agreements and
understandings between the Parties with respect to the subject matter hereof and thereof. There are no other agreements or understandings
with respect to the subject matter hereof, either oral or written, between the Parties. Except as expressly set forth in this Agreement,
no subsequent amendment, modification or addition to this Agreement shall be binding upon the Parties unless reduced to writing
and signed by the respective authorized officers of the Parties.

 

    40

     

    

 

Certain
information (marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed

 

13.3         
Relationship Between the Parties. The Parties’ relationship, as established by this Agreement, is solely that
of independent contractors. This Agreement does not create any partnership, joint venture or similar business relationship between
the Parties. Neither Party is a legal representative of the other Party, and neither Party can assume or create any obligation,
representation, warranty or guarantee, express or implied, on behalf of the other Party for any purpose whatsoever.

 

13.4         
Non-Waiver. The failure of a Party to insist upon strict performance of any provision of this Agreement or to exercise
any right arising out of this Agreement shall neither impair that provision or right nor constitute a waiver of that provision
or right, in whole or in part, in that instance or in any other instance. Any waiver by a Party of a particular provision or right
shall be in writing, shall be as to a particular matter and, if applicable, for a particular period of time and shall be signed
by such Party.

 

13.5         
Assignment. Either Party may freely assign or otherwise transfer all or any of its rights and obligations under this
Agreement to any of its Affiliates without the consent of the other Party. Y-mAbs may freely assign or otherwise transfer all or
any of its rights and obligations under this Agreement to any Third Party without SciClone’s consent; provided that
Y-mAbs shall (i) [***], and (ii) [***]. Except as expressly provided hereunder, neither this Agreement
nor any rights or obligations hereunder may be assigned or otherwise transferred by either Party without the prior written consent
of the other Party. The assigning Party shall remain liable and responsible to the non-assigning Party hereto for the performance
and observance of all such duties and obligations by such Affiliate or Third Party. The rights and obligations of the Parties under
this Agreement shall be binding upon and inure to the benefit of the successors and permitted assigns of the Parties, and the name
of a Party appearing herein will be deemed to include the name of such Party’s successors and permitted assigns to the extent
necessary to carry out the intent of this Section ‎13.5. Any assignment not in accordance
with this Agreement shall be void. For purposes of this Agreement, an “assignment” includes any assignment or transfer
by operation of law.

 

13.6         
No Third Party Beneficiaries. This Agreement is neither expressly nor impliedly made for the benefit of any party other
than those executing it.

 

13.7         
Severability. If, for any reason, any part of this Agreement is adjudicated invalid, unenforceable or illegal by a court
of competent jurisdiction, such adjudication shall not affect or impair, in whole or in part, the validity, enforceability or legality
of any remaining portions of this Agreement. All remaining portions shall remain in full force and effect as if the original Agreement
had been executed without the invalidated, unenforceable or illegal part. The Parties shall use their commercially reasonable efforts
to replace the invalid, illegal or unenforceable provision(s) with valid, legal and enforceable provision(s) in a way that, to
the extent practicable and legally permissible, implements the original intent of the Parties.

 

13.8         
Notices. Any notice to be given under this Agreement must be in writing and delivered either in person, by any method
of mail (postage prepaid) requiring return receipt, or by overnight courier or electronically, confirmed thereafter by any of the
foregoing, to the Party to be notified at its address(es) given below, or at any address such Party has previously designated by
prior written notice to the other. Notice shall be deemed sufficiently given for all purposes upon the earliest of: (a) the
date of actual receipt; (b) if delivered by overnight courier, [***] after delivery; or (d) if sent electronically
(i.e., email), upon electronic confirmation of receipt.

 

    41

     

    

 

Certain
information (marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed

 

	if to Y-mAbs:	Y-mAbs Therapeutics, Inc. 

230 Park Avenue, Suite 3350, 

New York, NY 10169, USA

 Attention: Thomas Gad

 Email: [***]
	with a copy to (which 

will not constitute

 notice):	Attention: Sune Reinholth Nyland

 Email: [***]  
	 	 
	if to SciClone:	SciClone Pharmaceuticals International Ltd. 

22 Floor, Shanghai Central Plaza 

No. 381 Middle Huaihai Road

 Shanghai, 200020, ChinaAttention: Head of Strategic Planning & BD 

Facsimile: +8621 2319 3801  
	 	 
	with a copy to (which

 will not constitute 

notice):	Han Kun Law Offices

 9/F, Office Tower C1, Oriental Plaza, 1 East Chang An Ave.,

 Beijing 100738, P. R. China

 Attention: Chengyao (Aaron) Zhou 

Facsimile: +8610 8525 5511 / 5522

 

13.9         
Force Majeure. Each Party shall be excused from liability for the failure or delay in performance of any obligation
under this Agreement by reason of any event beyond such Party’s reasonable control including but not limited to acts of God,
fire, flood, explosion, earthquake, or other natural forces, war, civil unrest, acts of terrorism, accident, destruction or other
casualty or changes in Applicable Laws. Such excuse from liability shall be effective only to the extent and duration of the event(s)
causing the failure or delay in performance and provided that the Party has not caused such event(s) to occur. Notice of a Party’s
failure or delay in performance due to force majeure must be given to the other Party within [***] after its occurrence.

 

13.10     
Interpretation. The headings of clauses contained in this Agreement preceding the text of the sections, subsections
and paragraphs hereof are inserted solely for convenience and ease of reference only and shall not constitute any part of this
Agreement, or have any effect on its interpretation or construction. All references in this Agreement to the singular shall include
the plural where applicable. Unless otherwise specified, references in this Agreement to any Article shall include all Sections,
subsections and paragraphs in such Article, references to any Section shall include all subsections and paragraphs in such Section,
and references in this Agreement to any subsection shall include all paragraphs in such subsection. The word “including”
and similar words means including without limitation. The word “or” means “and/or” unless the context dictates
otherwise because the subjects of the conjunction are mutually exclusive. The words “herein,” “hereof”
and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Section
or other subdivision. All references to days in this Agreement shall mean calendar days, unless otherwise specified. Ambiguities
and uncertainties in this Agreement, if any, shall not be interpreted against either Party, irrespective of which Party may be
deemed to have caused the ambiguity or uncertainty to exist. This Agreement has been prepared in the English language and the English
language shall control its interpretation. In addition, all notices required or permitted to be given hereunder, and all written,
electronic, oral or other communications between the Parties regarding this Agreement shall be in the English language.

 

13.11     
Counterparts. This Agreement may be executed in counterparts, including by transmission of facsimile or PDF copies of
signature pages to the Parties or their representative legal counsel, each of which shall be deemed an original document, and all
of which, together with this writing, shall be deemed one instrument.

 

[Remainder
of this page intentionally left blank]

 

    42

     

    

 

Certain
information (marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed

 

In
Witness Whereof, the Parties hereto have duly executed this License Agreement
as of the Effective Date.

 

	 	Y-mAbs Therapeutics, Inc.
	 	 
	 	By:  	                             
	 	Name: Thomas Gad   
	 	Title: Founder, Chairman & President  

 

	 	Y-mAbs Therapeutics, Inc.
	 	 
	 	By:  	                             
	 	Name: Dr. Claus J. Møller San Pedro, Ph.D
	 	Title: Chief Executive Officer 

 

[Signature Page to License Agreement]

 

     

     

    

 

Certain information (marked as [***])
has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed 

 

In
Witness Whereof, the Parties hereto have duly executed this License Agreement
as of the Effective Date.

 

	 	SciClone Pharmaceuticals International Ltd.  
	 	 
	 	By:	                              
	 	Name:  	 
	 	Title:	 

 

[Signature Page to License Agreement]

 

     

     

    

 

Certain information (marked as [***])
has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed

 

Exhibit
A

 

Y-mAbs Patents

 

[***]

[***]

 

[***]

[***]

 

[***]

 

[***]

 

[Exhibit A to License Agreement]

 

     

     

    

 

Certain information (marked as [***])
has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed

 

Exhibit
B

 

Ingredients

 

Part I

 

Composition of the Naxitamab
Drug Product

 

	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]

 

Part II

Composition of Omburtamab
drug product intermediate

 

	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]

 

[Exhibit B to License Agreement]

 

     

     

    

 

Certain information
(marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful
if publicly disclosed

 

Exhibit
C

 

Product Specifications

Naxitamab Drug Product
Release Specifications

 

	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]
	[***]	[***]	[***]	[***]

 

[***].

 

[Exhibit C to
License Agreement]

 

     

     

    

 

Certain information
(marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful
if publicly disclosed

 

Omburtamab drug product intermediate
Release Specifications

 

	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]
	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]

 

[Exhibit C to
License Agreement]

 

     

     

    

 

Certain information (marked as [***])
has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed

 

Exhibit
D

 

Press Release

 

[***]

 

[Exhibit D to
License Agreement]

 

     

     

    

 

Certain information
(marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful
if publicly disclosed

 

Exhibit
E

 

Trademarks in the SciClone
Territory

 

	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]	[***]

 

[Exhibit E to License
Agreement]

 

     

     

    

 

Certain information
(marked as [***]) has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful
if publicly disclosed

 

Exhibit F

 

Drug Product Release
Specifications (131I-omburtamab)

 

[***]

 

[***]

 

	[***]	[***]	[***]
	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]
	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]

 

[***][***]

 

	[***]	[***]	[***]
	[***]	[***]
	[***]	[***]	[***]	[***]

 

[Exhibit F to
License Agreement]Exhibit 10.1

 

Confidential

 

SUBSCRIPTION AGREEMENT

 

CC Neuberger Principal
Holdings I

200 Park Avenue, 58th Floor

New York, New York, 10166

 

Ladies and Gentlemen:

 

This Subscription Agreement
(this “Subscription Agreement”) is being entered into as of the date set forth on the signature page hereto,
by and between CC Neuberger Principal Holdings I, a Cayman Islands exempted company,
which shall be domesticated as a Delaware corporation prior to the closing of the Transaction (as defined herein) (“CCNB1”),
and the undersigned subscriber (the “Investor”), in connection with the Business Combination Agreement, dated
as of October 14, 2020 (as may be amended, supplemented or otherwise modified from time to time, the “Merger Agreement”),
by and among CCNB1, Eagle Parent Holdings, LLC, a Delaware limited liability company (the “Company”), Sonar
Company Merger Sub, LLC, a Delaware limited liability company (“Company Merger Sub”) and the other parties thereto,
pursuant to which, among other things, Company Merger Sub will merge with and into the Company, with the Company as the surviving
company in the merger and, after giving effect to such merger, will become a subsidiary of CCNB1, on the terms and subject to the
conditions therein (the transactions contemplated by the Merger Agreement, the “Transaction”). In connection
with the Transaction, CCNB1 is seeking commitments from interested investors to purchase, following the Domestication (as defined
below) and prior to the closing of the Transaction, shares of CCNB1’s class A common
stock, par value $0.0001 per share (the “Shares”), in a private placement for a purchase price of $10.00 per
share (the “Per Share Purchase Price”). On October 14, 2020 and the date hereof, CCNB1 entered into subscription
agreements (the “Other Subscription Agreements” and together with the Subscription Agreement, the “Subscription
Agreements”) with certain other investors (the “Other Investors” and together with the Investor, the
 “Investors”), pursuant to which the Investors have agreed to purchase on the closing date of the Transaction,
inclusive of the Shares subscribed for by the Investor, an aggregate amount of up to 69,500,000 Shares, at the Per Share Purchase
Price.

 

Prior to the closing
of the Transaction (and as more fully described in the Merger Agreement), CCNB1 will
domesticate as a Delaware corporation in accordance with Section 388 of the General Corporation Law of the State of Delaware
and de-register as a Cayman Islands exempted company in accordance with Section 206 of the Cayman Islands Companies Law (2020
Revision) (the “Domestication”).  The aggregate purchase price to
be paid by the Investor for the subscribed Shares (as set forth on the signature page hereto) is referred to herein as the
 “Subscription Amount.”

 

In connection therewith,
and in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions,
set forth herein, and intending to be legally bound hereby, each of the Investor and CCNB1 acknowledges and agrees as follows:

 

1.             Subscription.
The Investor hereby irrevocably subscribes for and agrees to purchase from CCNB1 the number of Shares set forth on the signature
page of this Subscription Agreement on the terms and subject to the conditions provided for herein. The Investor acknowledges
and agrees that CCNB1 reserves the right to accept or reject the Investor’s subscription for the Shares for any reason or
for no reason, in whole or in part, at any time prior to its acceptance, and the same shall be deemed to be accepted by CCNB1
only when this Subscription Agreement is signed by a duly authorized person by or on behalf of CCNB1; CCNB1 may do so in counterpart
form. Investor acknowledges and agrees that, as a result of the Domestication, the Shares that will be purchased by the Investor
and issued by CCNB1 pursuant hereto shall be shares of common stock in a Delaware
corporation (and not, for the avoidance of doubt, ordinary shares in a Cayman Islands exempted company).

 

2.             Closing.
The closing of the sale of the Shares contemplated hereby (the “Closing”) is contingent upon the substantially
concurrent consummation of the Transaction. The Closing shall occur on the date of, and substantially concurrently with and conditioned
upon the effectiveness of, the Transaction. Upon (a) satisfaction or waiver of the conditions set forth in Section 3
below and (b) delivery of written notice from (or on behalf of) CCNB1 to the Investor (the “Closing Notice”),
that CCNB1 reasonably expects all conditions to the closing of the Transaction to be satisfied or waived on a date that is not
less than five (5) business days from the date on which the Closing Notice is delivered to the Investor, the Investor shall
deliver to CCNB1, three (3) business days prior to the closing date specified in the Closing Notice (the “Closing
Date”), the Subscription Amount by wire transfer of United States dollars in immediately available funds to the account(s) specified
by CCNB1 in the Closing Notice. On the Closing Date, CCNB1 shall issue a number of Shares to the Investor set forth on the signature
page to this Subscription Agreement and subsequently cause such Shares to be registered in book entry form in the name of
the Investor on CCNB1’s share register; provided, however, that CCNB1’s obligation to issue the Shares
to the Investor is contingent upon CCNB1 having received the Subscription Amount in full accordance with this Section 2.
If the Closing does not occur within two (2) business days following the Closing Date
specified in the Closing Notice, CCNB1 shall promptly (but not later than one (1) business day thereafter) return the Subscription
Amount in full to the Investor. For purposes of this Subscription Agreement, “business day” shall mean a day other
than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law to close.

 

     

     

    

 

3.             Closing
Conditions.

 

a.            The
obligation of the parties hereto to consummate the purchase and sale of the Shares pursuant to this Subscription Agreement is subject
to the following conditions:

 

(i)            no
applicable governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule or
regulation (whether temporary, preliminary or permanent) which is then in effect and has the effect of making consummation of the
transactions contemplated hereby illegal or otherwise restraining or prohibiting consummation of the transactions contemplated
hereby; and

 

(ii)           all
conditions precedent to the closing of the Transaction under the Merger Agreement shall have been satisfied or waived (as determined
by the parties to the Merger Agreement and other than those conditions under the Merger Agreement which, by their nature, are to
be fulfilled at the closing of the Transaction, including to the extent that any such condition is dependent upon the consummation
of the purchase and sale of the Shares pursuant to this Subscription Agreement) and the closing of the Transaction shall occur,
on the Closing Date, substantially concurrently with the Closing.

 

b.            The
obligation of CCNB1 to consummate the issuance and sale of the Shares pursuant to this Subscription Agreement shall be subject
to the condition that all representations and warranties of the Investor contained in this Subscription Agreement are true and
correct in all material respects (other than representations and warranties that are qualified as to materiality, which representations
and warranties shall be true in all respects) at and as of the Closing Date, and consummation of the Closing shall constitute a
reaffirmation by the Investor of each of the representations and warranties of the Investor contained in this Subscription Agreement
as of the Closing Date.

 

c.            The
obligation of the Investor to consummate the purchase of the Shares pursuant to this Subscription Agreement shall be subject to
the conditions that (i) all representations and warranties of CCNB1 contained in this Subscription Agreement shall be true
and correct in all material respects (other than representations and warranties that are qualified as to materiality or Material
Adverse Effect (as defined herein), which representations and warranties shall be true in all respects) at and as of the Closing
Date, and consummation of the Closing shall constitute a reaffirmation by CCNB1 of each of the representations and warranties of
CCNB1 contained in this Subscription Agreement as of the Closing Date and (ii) all obligations, covenants and agreements of
CCNB1 required to be performed by it at or prior to the Closing Date shall have been performed in all material respects.

 

4.             Further
Assurances. The parties hereto shall execute and deliver such additional documents and take such additional actions as the
parties reasonably may deem to be practical and necessary in order to consummate the subscription as contemplated by this Subscription
Agreement and the Transaction.

 

5.             CCNB1
Representations and Warranties. CCNB1 represents and warrants to the Investor that:

 

a.             CCNB1
is an exempted company duly incorporated, validly existing and in good standing under the laws of the Cayman Islands. CCNB1 has
all power (corporate or otherwise) and authority to own, lease and operate its properties and conduct its business as presently
conducted and to enter into, deliver and perform its obligations under this Subscription Agreement. As of the Closing Date, following
the Domestication, CCNB1 will be duly incorporated, validly existing as a corporation and in good standing under the laws of the
State of Delaware.

 

    2 

     

    

 

b.            As
of the Closing Date, the Shares will be duly authorized and, when issued and delivered to the Investor against full payment therefor
in accordance with the terms of this Subscription Agreement, the Shares will be validly issued, fully paid and non-assessable and
will not have been issued in violation of or subject to any preemptive or similar rights created under CCNB1’s certificate
of incorporation (as adopted on the Closing Date) or under the General Corporation Law of the State of Delaware. Assuming the accuracy
of the Investor's representations and warranties set forth in Section 6, in connection with the offer, sale and delivery of
the Shares in the manner contemplated by this Subscription Agreement, it is not necessary to register the offer and sale of the
Shares under the Securities Act of 1933, as amended, (the “Securities Act”). The
Shares (i) were not offered by any form of general solicitation or general advertising and (ii) are not being offered
in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities
laws.

 

c.            This
Subscription Agreement has been duly authorized, executed and delivered by CCNB1 and, assuming that this Subscription Agreement
constitutes the valid and binding agreement of the Investor, this Subscription Agreement constitutes the valid and binding agreement
of the Company and is enforceable against CCNB1 in accordance with its terms, except as may be limited or otherwise affected by
(i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights
of creditors generally, or (ii) principles of equity, whether considered at law or equity.

 

d.            The
issuance and sale of the Shares and the compliance by CCNB1 with all of the provisions of this Subscription Agreement and the consummation
of the transactions contemplated herein will not conflict with or result in a breach or violation of any of the terms or provisions
of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property
or assets of CCNB1 or any of its subsidiaries pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement,
lease, license or other agreement or instrument to which CCNB1 or any of its subsidiaries is a party or by which CCNB1 or any of
its subsidiaries is bound or to which any of the property or assets of CCNB1 is subject that would reasonably be expected to have
a material adverse effect on the business, financial condition or results of operations of CCNB1 and its subsidiaries, taken as
a whole (a “Material Adverse Effect”) or materially affect the validity of the Shares or the legal authority
of CCNB1 to timely comply in all material respects with the terms of this Subscription Agreement; (ii) result in any violation
of the provisions of the organizational documents of CCNB1; or (iii) result in any violation of any statute or any judgment,
order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over CCNB1
or any of their properties that would reasonably be expected to have a Material Adverse Effect or materially affect the validity
of the Shares or the legal authority of CCNB1 to timely comply in all material respects with this Subscription Agreement.

 

e.            As
of their respective dates, all reports (the “SEC Reports”) required to be filed by CCNB1 with the U.S. Securities
and Exchange Commission (the “SEC”) complied in all material respects with the applicable requirements of the
Securities Act and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and
regulations of the SEC promulgated thereunder, and none of the SEC Reports, when filed, contained any untrue statement of a material
fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading. The financial statements of CCNB1 included in the SEC
Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the SEC with
respect thereto as in effect at the time of filing and fairly present in all material respects the financial position of CCNB1
as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of
unaudited financial statements, to normal, year-end audit adjustments. A copy of each SEC Report is available to the Investor via
the SEC’s EDGAR system. To the knowledge of CCNB1, there are no material outstanding or unresolved comments in comment letters
from the staff of the Division of Corporation Finance of the SEC with respect to any of the SEC Reports as of the date hereof.

 

f.            Other
than the Other Subscription Agreements, the Merger Agreement and any other agreement expressly contemplated by the Merger Agreement
or described in the SEC Reports, CCNB1 has not entered into any side letter or similar agreement with any investor in connection
with such investor’s direct or indirect investment in CCNB1 or with any other investor. No Other Subscription Agreement includes
terms and conditions that are materially more advantageous to any such Other Investor than Investor hereunder, and such Other Subscription
Agreements have not been amended in any material respect following the date of this Subscription Agreement.

 

    3 

     

    

 

g.            Except
for such matters as have not had and would not be reasonably likely to have, individually or in the aggregate, a Material Adverse
Effect, as of the date hereof, there is no (i) action, suit, claim or other proceeding, in each case by or before any governmental
authority pending, or, to the knowledge of CCNB1, threatened against CCNB1 or (ii) judgment, decree, injunction, ruling or
order of any governmental entity or arbitrator outstanding against CCNB1.

 

h.            As
of the date of this Subscription Agreement, the authorized capital stock of CCNB1 consists of (i) 500,000,000 Class A
ordinary shares, (ii) 50,000,000 Class B ordinary shares and (iii) 1,000,000 preference shares, each with a par
value of $0.0001 per share. As of the date of this Subscription Agreement, (A) 41,400,000 Class A ordinary shares of
CCNB1 are issued and outstanding, (B) 15,350,000 Class B ordinary shares of CCNB1 are issued and outstanding, (C) 24,080,000
warrants to purchase Class A ordinary shares of CCNB1 are issued and outstanding, and (D) no preference shares are issued
and outstanding. All (1) issued and outstanding Class A ordinary shares and Class B ordinary shares of CCNB1 have
been duly authorized and validly issued, are fully paid and are non-assessable and (2) outstanding warrants have
been duly authorized and validly issued. Except as set forth above and pursuant to the Other Subscription Agreements, the Merger
Agreement and the other agreements and arrangements referred to therein or in the SEC Reports, as of the date hereof, there are
no outstanding options, warrants or other rights to subscribe for, purchase or acquire from CCNB1 any Class A ordinary shares,
Class B ordinary shares or other equity interests in CCNB1, or securities convertible into or exchangeable or exercisable
for such equity interests. As of the date hereof, CCNB1 has no subsidiaries, other than Merger Sub, and does not own, directly
or indirectly, interests or investments (whether equity or debt) in any person, whether incorporated or unincorporated. There are
no shareholder agreements, voting trusts or other agreements or understandings to which CCNB1 is a party or by which it is bound
relating to the voting of any securities of CCNB1, other than (1) as set forth in the SEC Reports and (2) as contemplated
by the Merger Agreement.

 

i.             As
of the date hereof, the issued and outstanding Shares of CCNB1 are registered pursuant to Section 12(b) of the Exchange
Act, and are listed for trading on the New York Stock Exchange (“NYSE”) under the symbol “PCPL”
(it being understood that the trading symbol will be changed in connection with the Transaction). Except as disclosed in CCNB1’s
filings with the SEC, as of the date hereof, there is no suit, action, proceeding or investigation pending or, to the knowledge
of CCNB1, threatened against CCNB1 by NYSE or the SEC, respectively, to prohibit or terminate the listing of CCNB1’s Shares
on NYSE or to deregister the Shares under the Exchange Act. CCNB1 has taken no action that is designed to terminate the registration
of the Shares under the Exchange Act.

 

j.              CCNB1
acknowledges and agrees that, notwithstanding anything herein to the contrary, the Shares may be pledged by Investor in connection
with a bona fide margin agreement, provided such pledge shall be (i) pursuant to an available exemption from the registration
requirements of the Securities Act or (ii) pursuant to, and in accordance with, a registration statement that is effective
under the Securities Act at the time of such pledge, and Investor effecting a pledge of Shares shall not be required to provide
CCNB1 with any notice thereof; provided, however, that neither CCNB1, the Company or their respective counsels shall be required
to take any action (or refrain from taking any action) in connection with any such pledge, other than providing any such lender
of such margin agreement with an acknowledgment that the Shares are not subject to any contractual prohibition on pledging or lock
up, the form of such acknowledgment to be subject to review and comment by CCNB1 in all respects.

 

6.             Investor
Representations and Warranties. The Investor represents and warrants to CCNB1 that:

 

a.            The
Investor (i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act), a “qualified
purchaser” (as defined in Section 2(a)(51) of the Investment Company Act) or an institutional “accredited investor”
(within the meaning of Rule 501(a) under the Securities Act), in each case, satisfying the applicable requirements set
forth on Schedule A, (ii) is acquiring the Shares only for his, her or its own account and not for the account of others,
or if the Investor is subscribing for the Shares as a fiduciary or agent for one or more investor accounts, the Investor has full
investment discretion with respect to each such account, and the full power and authority to make the acknowledgements, representations
and agreements herein on behalf of each owner of each such account, and (iii) is not acquiring the Shares with a view to,
or for offer or sale in connection with, any distribution thereof in violation of the Securities Act (and shall provide the requested
information set forth on Schedule A). The Investor is not an entity formed for the specific purpose of acquiring the Shares
and is an “institutional account” as defined by FINRA Rule 4512(c).

 

    4 

     

    

 

b.            The
Investor acknowledges and agrees that the Shares are being offered in a transaction not involving any public offering within the
meaning of the Securities Act and that the Shares have not been registered under the Securities Act. The Investor acknowledges
and agrees that the Shares may not be offered, resold, transferred, pledged or otherwise disposed of by the Investor absent an
effective registration statement under the Securities Act except (i) to CCNB1 or a subsidiary thereof, (ii) to non-U.S.
persons pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities
Act or (iii) pursuant to another applicable exemption from the registration requirements of the Securities Act, and in each
of clauses (i) and (iii) in accordance with any applicable securities laws of the states and other jurisdictions of the
United States, and that any certificates representing the Shares shall contain a restrictive legend to such effect and, as a result,
the Investor may not be able to readily offer, resell, transfer, pledge or otherwise dispose of the Shares and may be required
to bear the financial risk of an investment in the Shares for an indefinite period of time. The Investor acknowledges and agrees
that the Shares will not immediately be eligible for resale pursuant to Rule 144 promulgated under the Securities Act. The
Investor acknowledges and agrees that it has been advised to consult legal counsel prior to making any offer, resale, transfer,
pledge or disposition of any of the Shares. The Investor acknowledges that the sale of the Shares meets the exemptions from filing
under FINRA Rule 5123(b)(1)(A) and FINRA Rule 5123(b)(1)(C) or (J), and the institutional customer exemptions
from filing under FINRA Rule 2111(b).

 

c.            The
Investor acknowledges and agrees that the Investor is purchasing the Shares from CCNB1. The Investor further acknowledges that
there have been no representations, warranties, covenants and agreements made to the Investor by or on behalf of CCNB1, the Company,
any of their respective affiliates or any control persons, officers, directors, employees, partners, agents or representatives
of any of the foregoing or any other person or entity, expressly or by implication, other than those representations, warranties,
covenants and agreements of CCNB1 expressly set forth in Section 5 of this Subscription Agreement.

 

d.            The
Investor’s acquisition and holding of the Shares will not constitute or result in a non-exempt prohibited transaction under
Section 406 of the Employee Retirement Income Security Act of 1974, as amended, Section 4975 of the Internal Revenue
Code of 1986, as amended, or any applicable similar law.

 

e.            The
Investor acknowledges and agrees that the Investor has received such information as the Investor deems necessary in order to make
an investment decision with respect to the Shares, including, with respect to CCNB1, the Transaction and the business of the Company
and its subsidiaries. Without limiting the generality of the foregoing, the Investor acknowledges that he, she or it has reviewed
CCNB1’s filings with the SEC. The Investor acknowledges and agrees that the Investor and the Investor’s professional
advisor(s), if any, have had the full opportunity to ask such questions, receive such answers and obtain such information as the
Investor and such Investor’s professional advisor(s), if any, have deemed necessary to make an investment decision with respect
to the Shares.

 

f.             The
Investor became aware of this offering of the Shares solely by means of direct contact between the Investor and CCNB1, the Company
or a representative of CCNB1 or the Company, and the Shares were offered to the Investor solely by direct contact between the Investor
and CCNB1, the Company or a representative of CCNB1 or the Company. The Investor did not become aware of this offering of the Shares,
nor were the Shares offered to the Investor, by any other means. The Investor acknowledges that the Shares (i) were not offered
by any form of general advertising or, to its knowledge, general solicitation and (ii) are not being offered in a manner involving
a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws. The Investor acknowledges
that it is not relying upon, and has not relied upon, any statement, representation or warranty made by any person, firm or corporation
(including, without limitation, CCNB1, the Company, the Placement Agents (defined below), any of their respective affiliates or
any control persons, officers, directors, employees, partners, agents or representatives of any of the foregoing), other than the
representations and warranties of CCNB1 contained in Section 5 of this Subscription Agreement, in making its investment or
decision to invest in CCNB1.

 

    5 

     

    

 

g.            The
Investor acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Shares,
including those set forth in CCNB1’s filings with the SEC. The Investor has such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of an investment in the Shares, and the Investor has sought
such accounting, legal and tax advice as the Investor has considered necessary to make an informed investment decision and the
Investor has made its own assessment and has satisfied itself concerning relevant tax and other economic considerations relative
to its purchase of the Shares. The Investor will not look to the Placement Agents for all or part of any such loss or losses the
Investor may suffer and is able to sustain a complete loss on its investment in the Shares.

 

h.            Alone,
or together with any professional advisor(s), the Investor has adequately analyzed and fully considered the risks of an investment
in the Shares and determined that the Shares are a suitable investment for the Investor and that the Investor is able at this time
and in the foreseeable future to bear the economic risk of a total loss of the Investor’s investment in CCNB1. The Investor
acknowledges specifically that a possibility of total loss exists.

 

i.              In
making its decision to purchase the Shares, the Investor has relied solely upon independent investigation made by the Investor.
Without limiting the generality of the foregoing, the Investor has not relied on any statements or other information provided by
or on behalf of either Placement Agent or any of their respective affiliates or any control persons, officers, directors, employees,
partners, agents or representatives of any of the foregoing concerning CCNB1, the Company, the Transaction, the Merger Agreement,
this Subscription Agreement or the transactions contemplated hereby or thereby, the Shares or the offer and sale of the Shares.

 

j.             The
Investor acknowledges that the Placement Agents: (i) have not provided the Investor with any information or advice with respect
to the Shares, (ii) have not made or make any representation, express or implied as to CCNB1, the Company, the Company’s
credit quality, the Shares or the Investor’s purchase of the Shares, (iii) have not acted as the Investor’s financial
advisor or fiduciary in connection with the issue and purchase of Shares, (iv) may have acquired, or during the term of the
Shares may acquire, non-public information with respect to the Company, which, subject to the requirements of applicable law, the
Investor agrees need not be provided to it, (v) may have existing or future business relationships with CCNB1 and the Company
(including, but not limited to, lending, depository, risk management, advisory and banking relationships) and will pursue actions
and take steps that it deems or they deem necessary or appropriate to protect its or their interests arising therefrom without
regard to the consequences for a holder of Shares, and that certain of these actions may have material and adverse consequences
for a holder of Shares.

 

k.            The
Investor acknowledges that it has not relied on the Placement Agents in connection with its determination as to the legality of
its acquisition of the Shares or as to the other matters referred to herein and the Investor has not relied on any investigation
that the Placement Agents, any of their affiliates or any person acting on their behalf have conducted with respect to the Shares,
CCNB1 or the Company. The Investor further acknowledges that it has not relied on any information contained in any research reports
prepared by the Placement Agents or any of their affiliates.

 

l.             The
Investor acknowledges and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the
Shares or made any findings or determination as to the fairness of this investment.

 

m.            The
Investor, if not an individual, has been duly formed or incorporated and is validly existing and is in good standing under the
laws of its jurisdiction of formation or incorporation, with power and authority to enter into, deliver and perform its obligations
under this Subscription Agreement.

 

n.            The
execution, delivery and performance by the Investor of this Subscription Agreement are within the powers of the Investor, have
been duly authorized and will not constitute or result in a breach or default under or conflict with any order, ruling or regulation
of any court or other tribunal or of any governmental commission or agency, or any agreement or other undertaking, to which the
Investor is a party or by which the Investor is bound, and, if the Investor is not an individual, will not violate any provisions
of the Investor’s organizational documents, including, without limitation, its incorporation or formation papers, bylaws,
indenture of trust or partnership or operating agreement, as may be applicable. The signature on this Subscription Agreement is
genuine, and the signatory, if the Investor is an individual, has legal competence and capacity to execute the same or, if the
Investor is not an individual, the signatory has been duly authorized to execute the same, and, assuming that this Subscription
Agreement constitutes the valid and binding obligation of CCNB1, this Subscription Agreement constitutes a legal, valid and binding
obligation of the Investor, enforceable against the Investor in accordance with its terms except as may be limited or otherwise
affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting
the rights of creditors generally, and (ii) principles of equity, whether considered at law or equity.

 

    6 

     

    

 

o.            The
Investor is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered
by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or in any Executive Order
issued by the President of the United States and administered by OFAC (“OFAC List”), or a person or entity prohibited
by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515,
or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank (each, a “Prohibited
Investor”). The Investor agrees to provide law enforcement agencies, if requested thereby, such records as required by
applicable law, provided that the Investor is permitted to do so under applicable law. If the Investor is a financial institution
subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.) (the “BSA”), as amended by the USA PATRIOT
Act of 2001 (the “PATRIOT Act”), and its implementing regulations (collectively, the “BSA/PATRIOT Act”),
the Investor maintains policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT
Act. To the extent required, it maintains policies and procedures reasonably designed for the screening of its investors against
the OFAC sanctions programs, including the OFAC List. To the extent required by applicable law, the Investor maintains policies
and procedures reasonably designed to ensure that the funds held by the Investor and used to purchase the Shares were legally derived
and were not obtained, directly or indirectly, from a Prohibited Investor.

 

p.            No
disclosure or offering document has been prepared by Goldman Sachs & Co. LLC, Morgan
Stanley & Co. LLC, Credit Suisse Securities (USA) LLC or any of their respective affiliates (collectively, the
 “Placement Agents”) in connection with the offer and sale of the Shares.

 

q.            Neither
Placement Agent, nor any of its respective affiliates nor any control persons, officers, directors, employees, partners, agents
or representatives of any of the foregoing have made any independent investigation with respect to CCNB1, the Company or its subsidiaries
or any of their respective businesses, or the Shares or the accuracy, completeness or adequacy of any information supplied to the
Investor by CCNB1.

 

r.             In
connection with the issue and purchase of the Shares, neither Placement Agent has acted as the Investor’s financial advisor
or fiduciary.

 

s.            The
Investor has or has commitments to have and, when required to deliver payment to CCNB1 pursuant
to Section 2 above, will have, sufficient funds to pay the Subscription Amount and consummate the purchase and sale of the
Shares pursuant to this Subscription Agreement.

 

t.            The
Investor acknowledges and agrees that it is not an underwriter within the meaning of Section 2(a)(11) of the Securities Act.

 

    7 

     

    

 

7.             Registration
Rights.

 

a.             In
the event that the Shares are not registered in connection with the consummation of the Transaction, CCNB1 agrees that, within
thirty (30) calendar days after the Closing Date, it will file with the SEC (at its sole cost and expense) a registration statement
registering the resale of the Shares (the “Registration Statement”), and it shall use its commercially reasonable
efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof , but no later than
the earlier of (i) sixty (60) calendar days after the filing thereof (or ninety
(90) calendar days after the filing thereof if the SEC notifies CCNB1 that it will
 “review” the Registration Statement) and (ii) ten (10) Business Days after CCNB1 is notified (orally or
in writing, whichever is earlier) by the SEC that the Registration Statement will not be “reviewed” or will not be
subject to further review. In connection with the foregoing, Investor shall not be required to execute any lock-up or similar
agreement or otherwise be subject to any contractual restriction on the ability to transfer the Shares. In no event shall the
Investor be identified as a statutory underwriter in the Registration Statement unless requested by the SEC. CCNB1 agrees to cause
such Registration Statement, or another shelf registration statement that includes the Shares to be sold pursuant to this Subscription
Agreement, to remain effective until the earliest of (i) the third anniversary of the Closing, (ii) the date on which
the Investor ceases to hold any Shares issued pursuant to this Subscription Agreement, or (iii) on the first date on which
the Investor is able to sell all of its Shares issued pursuant to this Subscription Agreement (or shares received in exchange
therefor) under Rule 144 promulgated under the Securities Act (“Rule 144”) within 90 days without
the public information, volume or manner of sale limitations of such rule (such date, the “End Date”).
Prior to the End Date, CCNB1 will use commercially reasonable efforts to qualify the Shares for listing on the applicable
stock exchange. The Investor agrees to disclose its ownership to CCNB1 upon request to assist it in making the determination with
respect to Rule 144 described in clause (iii) above. CCNB1 may amend the Registration Statement so as to convert the
Registration Statement to a Registration Statement on Form S-3 at such time after CCNB1 becomes eligible to use such Form S-3.
The Investor acknowledges and agrees that CCNB1 may suspend the use of any such registration statement if it determines that in
order for such registration statement not to contain a material misstatement or omission, an amendment thereto would be needed
to include information that would at that time not otherwise be required in a current, quarterly, or annual report under the Exchange
Act, provided, that, (I) CCNB1 shall not so delay filing or so suspend the use of the Registration Statement for a
period of more than ninety (90) consecutive days or more than a total of one hundred-twenty (120) calendar days in any three hundred
sixty (360) day period and (II) CCNB1 shall use commercially reasonable efforts to make such Registration Statement available
for the sale by the Investor of such securities as soon as practicable thereafter. CCNB1’s obligations to include the Shares
issued pursuant to this Subscription Agreement (or shares issued in exchange therefor) for resale in the Registration Statement
are contingent upon the Investor furnishing in writing to CCNB1 such information regarding the Investor, the securities of CCNB1
held by the Investor and the intended method of disposition of such Shares, which shall be limited to non-underwritten public
offerings, as shall be reasonably requested by CCNB1 to effect the registration of such Shares, and shall execute such documents
in connection with such registration as CCNB1 may reasonably request that are customary of a selling stockholder in similar situations.

 

b.            CCNB1
agrees to indemnify and hold harmless, to the extent permitted by law, the Investor, its directors, and officers, employees, and
agents, and each person who controls the Investor (within the meaning of the Securities Act or the Exchange Act) and each affiliate
of the Investor (within the meaning of Rule 405 under the Securities Act) from and against any and all losses, claims, damages,
liabilities and expenses (including, without limitation, any attorneys’ fees and expenses incurred in connection with defending
or investigating any such action or claim) caused by any untrue or alleged untrue statement of material fact contained in any Registration
Statement, prospectus included in any Registration Statement or preliminary prospectus or any amendment thereof or supplement thereto
or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein
not misleading, except insofar as the same are caused by or contained in any information furnished in writing to CCNB1 by or on
behalf of the Investor expressly for use therein.

 

c.            The
Investor agrees, severally and not jointly with any person that is a party to the Other Subscription Agreements, to indemnify and
hold harmless CCNB1, its directors and officers and agents and each person who controls CCNB1 (within the meaning of the Securities
Act) against any losses, claims, damages, liabilities and expenses (including, without limitation, reasonable attorneys’
fees) resulting from any untrue statement of material fact contained in the Registration Statement, prospectus or preliminary prospectus
or any amendment thereof or supplement thereto or any omission of a material fact required to be stated therein or necessary to
make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information
or affidavit so furnished in writing by or on behalf of the Investor expressly for use therein. In no event shall the liability
of the Investor be greater in amount than the dollar amount of the net proceeds received by the Investor upon the sale of the Shares
purchased pursuant to this Subscription Agreement giving rise to such indemnification obligation.

 

d.            Any
person entitled to indemnification herein shall (1) give prompt written notice to the indemnifying party of any claim with
respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s
right to indemnification hereunder to the extent such failure has not prejudiced the indemnifying party) and (2) permit such
indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense
is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without
its consent. An indemnifying party who elects not to assume the defense of a claim shall not be obligated to pay the fees and expenses
of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable
judgment of legal counsel to any indemnified party a conflict of interest exists between such indemnified party and any other of
such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party,
consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money
(and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include
as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability
in respect to such claim or litigation.

 

    8 

     

    

 

e.          The
indemnification provided for under this Subscription Agreement shall remain in full force and effect regardless of any investigation
made by or on behalf of the indemnified party or any officer, director, employee, agent, affiliate or controlling person of such
indemnified party and shall survive the transfer of the Shares purchased pursuant to this Subscription Agreement.

 

f.           If
the indemnification provided under this Section 7 from the indemnifying party is unavailable or insufficient to hold harmless
an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying
party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as
a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative
fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative
fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action
in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material
fact, was made by, or relates to information supplied by or on behalf of, such indemnifying party or indemnified party, and the
indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity to correct
or prevent such action. The amount paid or payable by a party as a result of the losses or other liabilities referred to above
shall be deemed to include, subject to the limitations set forth above, any legal or other fees, charges or expenses reasonably
incurred by such party in connection with any investigation or proceeding. No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 7
from any person who was not guilty of such fraudulent misrepresentation. Any contribution pursuant to this Section 7(f) by
any seller of Shares shall be limited in amount to the amount of net proceeds received by such seller from the sale of such Shares
pursuant to the Registration Statement. Notwithstanding anything to the contrary herein, in no event will any party be liable for
consequential, special, exemplary or punitive damages in connection with this Subscription Agreement.

 

g.          With
a view to making available to the Investor the benefits of Rule 144 that may, at such times as Rule 144 is available
to shareholders of the Company, permit the Investors to sell securities of the Company to the public without registration, CCNB1
agrees to:

 

(i)            make
and keep public information available, as those terms are understood and defined in Rule 144;

 

(ii)           file
with the SEC in a timely manner all reports and other documents required of CCNB1 under the Securities Act and the Exchange Act
so long as CCNB1 remains subject to such requirements and the filing of such reports and other documents is required for the applicable
provisions of Rule 144; and

 

(iii)          furnish
to the Investor so long as such Investor owns the Shares acquired hereunder, promptly upon request, (A) a written statement
by CCNB1, if true, that it has complied with the reporting requirements of Rule 144, the Securities Act and the Exchange Act,
(B) a copy of the most recent annual or quarterly report of CCNB1 and such other reports and documents so filed by CCNB1 (it
being understood that the availability of such report on the SEC’s EDGAR system shall satisfy this requirement) and (C) such
other information as may be necessary to permit the Investor to sell such securities pursuant to Rule 144 without registration.

 

    9

     

    

 

8.            Termination.
This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of
the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earlier
to occur of (a) such date and time as the Merger Agreement is terminated in accordance with its terms without being consummated,
(b) upon the mutual written agreement of each of the parties hereto and the Company to terminate this Subscription Agreement,
(c) 30 days after the Outside Date (as defined in the Merger Agreement as in effect on the date hereof), if the Closing has
not occurred by such date other than as a result of a breach of Investor’s obligations hereunder (d) if any of the
conditions to Closing set forth in Section 3 of this Subscription Agreement are (i) not satisfied or waived prior to
the Closing (and if the failure to so satisfy such condition is capable of being cured prior to the Closing, such failure shall
not have been cured by the earlier of (x) thirty calendar days following receipt of written notice from the party claiming
such condition has not been satisfied or (y) the Outside Date) or (ii) not capable of being satisfied on the Closing
and, in each case of (i) and (ii), as a result thereof, the transactions contemplated by this Subscription Agreement will
not be and are not consummated at the Closing or (e) by written notice of the Investor to CCNB1 in the event the Merger Agreement
is amended, supplemented or otherwise modified on or after the date hereof in a manner that materially adversely affects the Investor
(the termination events described in clauses (a)–(e) above, collectively, the “Termination Events”);
provided that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination,
and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from any
such willful breach. CCNB1 shall notify the Investor in writing of the termination of the Merger Agreement promptly after the
termination of such agreement. Upon the occurrence of any Termination Event, this Subscription Agreement shall be void and of
no further effect and any monies paid by the Investor to CCNB1 in connection herewith shall promptly (and in any event within
one business day) following the Termination Event be returned to the Investor.

 

9.            Trust
Account Waiver. The Investor acknowledges that CCNB1 is a blank check company with the powers and privileges to effect a merger,
asset acquisition, reorganization or similar business combination involving CCNB1 and one or more businesses or assets. The Investor
further acknowledges that, as described in CCNB1’s prospectus relating to its initial public offering dated April 23,
2020 (the “Prospectus”) available at www.sec.gov, substantially all of CCNB1’s assets consist of the
cash proceeds of CCNB1’s initial public offering and private placement of its securities, and substantially all of those
proceeds have been deposited in a trust account (the “Trust Account”) for the benefit of CCNB1, its public
shareholders and the underwriters of CCNB1’s initial public offering. Except with respect to interest earned on the funds
held in the Trust Account that may be released to CCNB1 to pay its tax obligations and to fund certain of its working capital
requirements, the cash in the Trust Account may be disbursed only for the purposes set forth in the Prospectus. For and in consideration
of CCNB1 entering into this Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged, the Investor
hereby irrevocably waives any and all right, title and interest, or any claim of any kind it has or may have in the future, in
or to any monies held in the Trust Account, and agrees not to seek recourse against the Trust Account as a result of, or arising
out of, this Subscription Agreement; provided, however, that nothing in this Section 9 shall be deemed to limit
the Investor’s right, title, interest or claim to any monies held in the Trust Account by virtue of its record or beneficial
ownership of Shares currently outstanding on the date hereof, pursuant to a validly exercised redemption right with respect to
any such Shares, except to the extent that the Investor has otherwise agreed with CCNB1 to not exercise such redemption right.

 

10.           Miscellaneous.

 

a.          Neither
this Subscription Agreement nor any rights that may accrue to the parties hereunder (other than the Shares acquired hereunder,
if any) may be transferred or assigned without the prior written consent of each of the other parties hereto; provided that (i) this
Subscription Agreement and any of the Investor’s rights and obligations hereunder may be assigned to any fund or account
managed by the same investment manager as the Investor or by an affiliate (as defined in Rule 12b-2 of the Exchange Act) of
such investment manager without the prior consent of CCNB1 and (ii) the Investor's rights under Section 7 may be assigned
to an assignee or transferee of the Shares; provided further that prior to such assignment any such assignee shall agree in writing
to be bound by the terms hereof; provided, that no assignment pursuant to clause (i) of this Section 10 shall relieve
the Investor of its obligations hereunder.

 

b.          CCNB1
may request from the Investor such additional information as CCNB1 may deem necessary to register the resale of the Shares and
evaluate the eligibility of the Investor to acquire the Shares, and the Investor shall promptly provide such information as may
reasonably be requested to the extent readily available; provided, that, CCNB1 agrees to keep any such information provided by
Investor confidential other than as necessary to include in any registration statement CCNB1 is required to file hereunder. The
Investor acknowledges and agrees that if it does not provide CCNB1 with such requested information, CCNB1 may not be able to register
the Investor's Shares for resale pursuant to Section 7 hereof. The Investor acknowledges that CCNB1 may file a copy of this
Subscription Agreement with the SEC as an exhibit to a periodic report or a registration statement of CCNB1.

 

    10

     

    

 

c.          The
Investor acknowledges that CCNB1, the Company, the Placement Agents and others will rely on the acknowledgments, understandings,
agreements, representations and warranties contained in this Subscription Agreement, including Schedule A hereto. Prior to the
Closing, the Investor agrees to promptly notify CCNB1, the Company and the Placement Agents if any of the acknowledgments, understandings,
agreements, representations and warranties set forth in Section 6 above are no longer accurate in any material respect (other
than those acknowledgments, understandings, agreements, representations and warranties qualified by materiality, in which case
the Investor shall notify CCNB1 and the Placement Agent if they are no longer accurate in any respect). The Investor acknowledges
and agrees that each purchase by the Investor of Shares from CCNB1 will constitute a reaffirmation of the acknowledgments, understandings,
agreements, representations and warranties herein (as modified by any such notice) by the Investor as of the time of such purchase.

 

d.          CCNB1,
the Company and the Placement Agents are each entitled to rely upon this Subscription Agreement and each is irrevocably authorized
to produce this Subscription Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official
inquiry with respect to the matters covered hereby; provided, however, that the foregoing clause of this Section 10(d) shall
not give the Company or the Placement Agents any rights other than those expressly set forth herein and, without limiting the generality
of the foregoing and for the avoidance of doubt, in no event shall the Company be entitled to rely on any of the representations
and warranties of CCNB1 set forth in this Subscription Agreement.

 

e.          All
of the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the Closing.

 

f.          This
Subscription Agreement may not be modified, waived or terminated (other than pursuant to the terms of Section 8 above) except
by an instrument in writing, signed by each of the parties hereto, provided, however, that no modification or waiver
by CCNB1 of the provisions of this Subscription Agreement shall be effective without the prior written consent of the Company (other
than modifications or waivers that are solely ministerial in nature or otherwise immaterial and do not affect any economic or any
other material term of this Subscription Agreement). No failure or delay of either party in exercising any right or remedy hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance
of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise
of any other right or power. The rights and remedies of the parties hereunder are cumulative and are not exclusive of any rights
or remedies that they would otherwise have hereunder.

 

g.          This
Subscription Agreement (including the schedule hereto) constitutes the entire agreement, and supersedes all other prior agreements,
understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof.
Except as set forth in Section 8, Section 10(c), Section 10(d), Section 10(f), this Section 10(g), the
last sentence of Section 10(k) and Section 11 with respect to the persons specifically referenced therein, and Section 6
with respect to the Placement Agents, this Subscription Agreement shall not confer any rights or remedies upon any person other
than the parties hereto, and their respective successors and assigns, and the parties hereto acknowledge that such persons so referenced
are third party beneficiaries of this Subscription Agreement for the purposes of, and to the extent of, the rights granted to them,
if any, pursuant to the applicable provisions; provided, that, notwithstanding anything to the contrary contained in this Subscription
Agreement, the Company is an intended third party beneficiary of each of the provisions of this Subscription Agreement.

 

h.          Except
as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto
and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations,
warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors,
administrators, successors, legal representatives and permitted assigns.

 

i.           If
any provision of this Subscription Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, illegal or
unenforceable, the validity, legality or enforceability of the remaining provisions of this Subscription Agreement shall not in
any way be affected or impaired thereby and shall continue in full force and effect.

 

    11

     

    

 

j.            This
Subscription Agreement may be executed in one or more counterparts (including by facsimile or electronic mail or in .pdf) and by
different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document. All counterparts
so executed and delivered shall be construed together and shall constitute one and the same agreement.

 

k.           The
parties hereto acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Subscription
Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that
the parties shall be entitled to an injunction or injunctions to prevent breaches of this Subscription Agreement, without posting
a bond or undertaking and without proof of damages, to enforce specifically the terms and provisions of this Subscription Agreement,
this being in addition to any other remedy to which such party is entitled at law, in equity, in contract, in tort or otherwise.
The parties hereto acknowledge and agree that the Company shall be entitled to specifically enforce the Investor’s obligations
to fund the Subscription Amount and the provisions of the Subscription Agreement, in each case, on the terms and subject to the
conditions set forth herein.

 

l.           This
Subscription Agreement shall be governed by and construed in accordance with the laws of the State of Delaware (regardless of the
laws that might otherwise govern under applicable principles of conflicts of laws thereof) as to all matters (including any action,
suit, litigation, arbitration, mediation, claim, charge, complaint, inquiry, proceeding, hearing, audit, investigation or reviews
by or before any governmental entity related hereto), including matters of validity, construction, effect, performance and remedies.

 

m.          Each
party hereto hereby, and any person asserting rights as a third party beneficiary may do so only if he, she or it, irrevocably
agrees that any action, suit or proceeding between or among the parties hereto, whether arising in contract, tort or otherwise,
arising in connection with any disagreement, dispute, controversy or claim arising out of or relating to this Subscription Agreement
or any related document or any of the transactions contemplated hereby or thereby (“Legal Dispute”) shall be
brought only to the exclusive jurisdiction of the courts of the State of Delaware or the federal courts located in the State of
Delaware, and each party hereto hereby consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom)
in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may
now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit,
action or proceeding that is brought in any such court has been brought in an inconvenient forum. During the period a Legal Dispute
that is filed in accordance with this Section 10(m) is pending before a court, all actions, suits or proceedings with
respect to such Legal Dispute or any other Legal Dispute, including any counterclaim, cross-claim or interpleader, shall be subject
to the exclusive jurisdiction of such court. Each party hereto and any person asserting rights as a third party beneficiary may
do so only if he, she or it hereby waives, and shall not assert as a defense in any Legal Dispute, that (a) such party is
not personally subject to the jurisdiction of the above named courts for any reason, (b) such action, suit or proceeding may
not be brought or is not maintainable in such court, (c) such party’s property is exempt or immune from execution, (d) such
action, suit or proceeding is brought in an inconvenient forum, or (e) the venue of such action, suit or proceeding is improper.
A final judgment in any action, suit or proceeding described in this Section 10(m) following the expiration of any period
permitted for appeal and subject to any stay during appeal shall be conclusive and may be enforced in other jurisdictions by suit
on the judgment or in any other manner provided by applicable Laws. EACH OF THE PARTIES HERETO AND ANY PERSON ASSERTING RIGHTS
AS A THIRD PARTY BENEFICIARY MAY DO SO ONLY IF HE, SHE OR IT IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT TO TRIAL BY
JURY ON ANY CLAIMS OR COUNTERCLAIMS ASSERTED IN ANY LEGAL DISPUTE RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY AND FOR ANY COUNTERCLAIM RELATING THERETO. IF THE SUBJECT MATTER OF ANY SUCH LEGAL DISPUTE IS ONE IN WHICH THE WAIVER OF
JURY TRIAL IS PROHIBITED, NO PARTY HERETO NOR ANY PERSON ASSERTING RIGHTS AS A THIRD PARTY BENEFICIARY SHALL ASSERT IN SUCH LEGAL
DISPUTE A NONCOMPULSORY COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY. FURTHERMORE, NO PARTY HERETO NOR ANY PERSON ASSERTING RIGHTS AS A THIRD PARTY BENEFICIARY SHALL SEEK TO CONSOLIDATE ANY
SUCH LEGAL DISPUTE WITH A SEPARATE ACTION OR OTHER LEGAL PROCEEDING IN WHICH A JURY TRIAL CANNOT BE WAIVED.

 

    12

     

    

 

11.           Non-Reliance
and Exculpation. The Investor acknowledges that it is not relying upon, and has not relied upon, any statement, representation
or warranty made by any person, firm or corporation (including, without limitation, the
Placement Agents, any of their respective affiliates or any control persons, officers, directors, employees, partners,
agents or representatives of any of the foregoing), other than the statements, representations and warranties of CCNB1 expressly
contained in Section 5 of this Subscription Agreement, in making its investment or decision to invest in CCNB1. The Investor
acknowledges and agrees that none of (i) any other investor pursuant to this Subscription Agreement or any other subscription
agreement related to the private placement of the Shares (including the investor’s respective affiliates or any control
persons, officers, directors, employees, partners, agents or representatives of any of the foregoing), (ii) the
Placement Agents, their respective affiliates or any control persons, officers, directors, employees, partners, agents or representatives
of any of the foregoing, or (iii) any other party to the Merger Agreement or any Non-Party Affiliate (other than CCNB1
with respect to the previous sentence), shall have any liability to the Investor, or to any other investor, pursuant to, arising
out of or relating to this Subscription Agreement or any other subscription agreement related to the private placement of the
Shares, the negotiation hereof or thereof or its subject matter, or the transactions contemplated hereby or thereby, including,
without limitation, with respect to any action heretofore or hereafter taken or omitted to be taken by any of them in connection
with the purchase of the Shares or with respect to any claim (whether in tort, contract or otherwise) for breach of this Subscription
Agreement or in respect of any written or oral representations made or alleged to be made in connection herewith, as expressly
provided herein, or for any actual or alleged inaccuracies, misstatements or omissions with respect to any information or materials
of any kind furnished by CCNB1, the Company, the Placement Agents or any Non-Party Affiliate concerning CCNB1, the Company, the
Placement Agents, any of their controlled affiliates, this Subscription Agreement or the transactions contemplated hereby. For
purposes of this Subscription Agreement, “Non-Party Affiliates” means each former, current or future officer, director,
employee, partner, member, manager, direct or indirect equityholder or affiliate of CCNB1, the Company, any Placement Agent or
any of CCNB1’s, the Company’s or any Placement Agent’s controlled affiliates or any family member of the foregoing.

 

12.           Disclosure.
CCNB1 shall, by 9:00 a.m., New York City time, on the first (1st) Business Day immediately following the date of this Subscription
Agreement, issue one or more press releases or file with the SEC a Current Report on Form 8-K (collectively, the “Disclosure
Document”) disclosing all material terms of the transactions contemplated hereby and by the Other Subscription Agreements,
the Transaction and any other material, nonpublic information that CCNB1 has provided to the Investor at any time prior to the
filing of the Disclosure Document. Upon the issuance of the Disclosure Document, to the actual knowledge of CCNB1, the Investor
shall not be in possession of any material, non-public information received from CCNB1 or any of its officers, directors, or employees
or agents, and the Investor shall no longer be subject to any confidentiality or similar obligations under any current agreement,
whether written or oral, with CCNB1 or any of its affiliates, relating to the transactions contemplated by this Subscription Agreement.
Notwithstanding anything in this Subscription Agreement to the contrary, CCNB1 shall not publicly disclose the name of the Investor
or any of its affiliates or advisers, or include the name of the Investor or any of its affiliates or advisers in any press release
or in any filing with the SEC or any regulatory agency or trading market, without the prior written consent of the Investor, except
(i) as required by the federal securities law or pursuant to other routine proceedings of regulatory authorities, (ii) to
the extent such disclosure is required by law, at the request of the staff of the SEC or regulatory agency or under the regulations
of any national securities exchange on which CCNB1’s securities are listed for trading or (iii) to the extent such announcements
or other communications contain only information previously disclosed in a public statement, press release or other communication
previously approved in accordance with this Section 12.

 

[SIGNATURE PAGES FOLLOW]

 

    13

     

    

 

IN WITNESS WHEREOF,
the Investor has executed or caused this Subscription Agreement to be executed by its duly authorized representative as of the
date set forth below.

 

	Name of Investor:   THE WINDACRE PARTNERSHIP MASTER FUND LP	 	State/Country of Formation or Domicile:   Grand Cayman, Cayman Islands
	 	 	 
	By: The Windacre General Partner LP	 	 
	By: The WAPGP LLC	 	 
	 	 	 
	By:	/s/ Snehal Amin	 	 
	Name:	Snehal Amin	 	 
	Title:	Managing Member	 	 
	 	 	 
	Name in which Shares are to be registered (if different):	 	Date:    December 22, 2020
	 	 	 
	Investor’s EIN: 	 	 
	 	 	 
	Business Address-Street:  	 	Mailing Address-Street (if different):
	 	 	 
	City, State, Zip:  	 	City, State, Zip:
	 	 	 
	Attn:	Chris Smith		 	Attn:	                                            
	 	 	 
	Telephone No.:  	 	Telephone No.:
	Facsimile No.:    	 	Facsimile No.:
	 	 	 
	Number of Shares subscribed for:  16,250,000	 	 
	 	 	 
	Aggregate Subscription Amount: $162,500,000	 	Price Per Share: $10.00

 

You must pay the Subscription
Amount by wire transfer of United States dollars in immediately available funds to the account specified by CCNB1 in the Closing
Notice.

 

 

    

     

    

 

IN WITNESS WHEREOF,
CCNB1 has accepted this Subscription Agreement as of the date set forth below.

 

	 	CC NEUBERGER PRINCIPAL HOLDINGS I
	 	 
	 	By:	/s/ Douglas Newton
	 	Name:	Douglas Newton
	 	Title:	Authorized Signatory

 

Date: December 22,
2020

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