Document:

Exhibit 10.8

 

$11.50 EXERCISE PRICE WARRANTS PURCHASE AGREEMENT

 

THIS $11.50 EXERCISE PRICE
WARRANTS PURCHASE AGREEMENT, dated as of February 25, 2022 (as it may from time to time be amended and including all exhibits referenced
herein, this “Agreement”), is entered into by and among FG Merger Corp., a Delaware corporation (the “Company”),
and FG Merger Investors LLC, a Delaware limited liability company (the “Purchaser”).

 

WHEREAS, the Company intends
to consummate an initial public offering of the Company’s units (the “Public Offering”), each unit consisting
of one share of the Company’s common stock, par value $0.0001 per share (each, a “Share”), and three-quarters
of one redeemable warrant (each whole warrant, a “Public Warrant”). Each whole Public Warrant entitles the holder to
purchase one Share at an exercise price of $11.50 per Share. The Purchaser agreed to each purchase 3,950,000 private placement warrants
(the “$11.50 Exercise Price Warrants”), each $11.50 Exercise Price Warrant entitling the holder to purchase one Share
at an exercise price of $15.00 per Share.

 

NOW THEREFORE, in consideration
of the mutual promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:

 

AGREEMENT

 

Section 1. Authorization, Purchase and Sale;
Terms of the $11.50 Exercise Price Warrants.

 

A. Authorization of the
$11.50 Exercise Price Warrants. The Company has duly authorized the issuance and sale of the $11.50 Exercise Price Warrants to the
Purchaser.

 

B. Purchase and Sale of
the $11.50 Exercise Price Warrants.

 

On the date of the consummation
of the Public Offering or on such earlier time and date as may be mutually agreed by the Purchaser and the Company (the “Closing
Date”), the Company shall issue and sell to each Purchaser, and each Purchaser shall purchase from the Company, an aggregate
of 3,950,000 $11.50 Exercise Price Warrants at a price of $1.00 per warrant for an aggregate purchase price of $3,950,000 (the “Purchase
Price”) per Purchaser, which shall be paid by wire transfer of immediately available funds to the Company in accordance with
the Company’s wiring instructions at least one business day prior to the date of effectiveness of the registration statement on
Form S-1 (File No. 333-262298) filed in connection with the Public Offering. On the Closing Date, the Company shall either, at its option,
deliver to the Purchaser on such date certificates evidencing the $11.50 Exercise Price Warrants purchased by the Purchaser and duly registered
in each Purchaser’s name, or effect such delivery in book-entry form.

 

C. Terms of the $11.50
Exercise Price Warrants.

 

(i) The $11.50 Exercise Price
Warrants shall have their terms set forth in a Warrant Agreement to be entered into by the Company and a warrant agent, in connection
with the Public Offering (a “Warrant Agreement”).

 

(ii) At or prior to the time
of the Closing Date, the Company and the Purchaser shall enter into a registration rights agreement (the “Registration Rights
Agreement”) pursuant to which the Company will grant certain registration rights to the Purchaser relating to the $11.50 Exercise
Price Warrants and the Shares underlying the $11.50 Exercise Price Warrants.

 

Section 2. Representations
and Warranties of the Company. As a material inducement to the Purchaser to enter into this Agreement and purchase the $11.50 Exercise
Price Warrants, the Company hereby represents and warrants to the Purchaser (which representations and warranties shall survive the Closing
Date) that:

 

A. Organization and Corporate
Power. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware
and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material
adverse effect on the financial condition, operating results or assets of the Company. The Company possesses all requisite corporate power
and authority necessary to carry out the transactions contemplated by this Agreement and the Warrant Agreement.

 

     

     

    

 

B. Authorization; No Breach.

 

(i) The execution, delivery
and performance of this Agreement and the $11.50 Exercise Price Warrants have been duly authorized and approved by the Company as of the
Closing Date. This Agreement constitutes a valid and binding obligation of the Company, enforceable in accordance with its terms. Upon
each issuance of $11.50 Exercise Price Warrants in accordance with, and payment pursuant to, the terms of the Warrant Agreement and this
Agreement, the $11.50 Exercise Price Warrants will constitute valid and binding obligations of the Company, enforceable in accordance
with their terms.

 

(ii) The execution and delivery
by the Company of this Agreement and the $11.50 Exercise Price Warrants, the issuance and sale of the $11.50 Exercise Price Warrants,
the issuance of the Shares upon exercise of the $11.50 Exercise Price Warrants and the fulfillment of, and compliance with, the respective
terms hereof and thereof by the Company, do not and will not as of the Closing Date (a) conflict with or result in a breach of the terms,
conditions or provisions of, (b) constitute a default under, (c) result in the creation of any lien, security interest, charge or encumbrance
upon the Company’s capital stock or assets under, (d) result in a violation of, or (e) require any authorization, consent, approval,
exemption, action, notice, declaration or filing, in each case, by or to any court or administrative or governmental body or agency pursuant
to the certificate of incorporation or the bylaws of the Company (in effect on the date hereof or as may be amended prior to completion
of the contemplated Public Offering), or any material law, statute, rule or regulation to which the Company is subject, or any agreement,
order, judgment or decree to which the Company is subject, except for any filings required after the date hereof under federal or state
securities laws.

 

C. Title to Securities.
Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the $11.50 Exercise Price Warrants
will be duly and validly issued and the Shares issuable upon exercise of the $11.50 Exercise Price Warrants will be duly and validly issued,
fully paid and nonassessable. On the date of issuance of the $11.50 Exercise Price Warrants, the Shares issuable upon exercise of the
$11.50 Exercise Price Warrants shall have been reserved for issuance. Upon issuance in accordance with, and payment pursuant to, the terms
hereof and the Warrant Agreement, the Purchaser will have good title to the $11.50 Exercise Price Warrants and the Shares issuable upon
exercise of such $11.50 Exercise Price Warrants, free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer
restrictions hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions under federal and state securities
laws, and (iii) liens, claims or encumbrances imposed due to the actions of the Purchaser.

 

D. Governmental Consents.
No permit, consent, approval or authorization of, or declaration to or filing with, any governmental authority is required in connection
with the execution, delivery and performance by the Company of this Agreement or the consummation by the Company of any other transactions
contemplated hereby.

 

Section 3. Representations
and Warranties of the Purchaser. As a material inducement to the Company to enter into this Agreement and issue and sell the $11.50
Exercise Price Warrants to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations and warranties
shall survive the Closing Date) that:

 

A. Organization and Requisite
Authority. Each Purchaser possesses all requisite power and authority necessary to carry out the transactions contemplated by this
Agreement.

 

B. Authorization; No Breach.

 

(i) This Agreement constitutes
a valid and binding obligation of each Purchaser, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights and to
general equitable principles (whether considered in a proceeding in equity or law).

 

(ii) The execution and delivery
by each Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by such Purchaser does not and shall not
as of the Closing Date conflict with or result in a breach by such Purchaser of the terms, conditions or provisions of any agreement,
instrument, order, judgment or decree to which such Purchaser is subject that would materially impact its ability to perform its obligations
hereunder.

 

     

     

    

 

C. Investment Representations.

 

(i) Each Purchaser is acquiring
the $11.50 Exercise Price Warrants and, upon exercise of the $11.50 Exercise Price Warrants, the Shares issuable upon such exercise (collectively,
the “Securities”), for the Purchaser’s own account, for investment purposes only and not with a view towards,
or for resale in connection with, any public sale or distribution thereof.

 

(ii) Each Purchaser is an
 “accredited investor” as such term is defined in Rules 501(a)(3) of Regulation D of the Securities Act of 1933, as amended
(the “Securities Act”), and such Purchaser has not experienced a disqualifying event as enumerated pursuant to Rule
506(d) of Regulation D under the Securities Act.

 

(iii) Each Purchaser understands
that the Securities are being offered and will be sold to it in reliance on specific exemptions from the registration requirements of
the United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and such Purchaser’s
compliance with, the representations and warranties of such Purchaser set forth herein in order to determine the availability of such
exemptions and the eligibility of such Purchaser to acquire such Securities.

 

(iv) Each Purchaser did not
decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502(c) under
the Securities Act.

 

(v) Each Purchaser has been
furnished with all materials relating to the business, finances and operations of the Company and materials relating to the offer and
sale of the Securities which have been requested by such Purchaser. Each Purchaser been afforded the opportunity to ask questions of the
executive officers and directors of the Company. Each Purchaser understands that its investment in the Securities involves a high degree
of risk and it has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision
with respect to the acquisition of the Securities.

 

(vi) Each Purchaser understands
that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation
or endorsement of the Securities or the fairness or suitability of the investment in the Securities by the Purchaser nor have such authorities
passed upon or endorsed the merits of the offering of the Securities.

 

(vii) Each Purchaser
understands that: (a) the Securities have not been and are not being registered under the Securities Act or any state securities
laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or (2) sold in
reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights Agreement, neither the
Company nor any other person is under any obligation to register the Securities under the Securities Act or any state securities
laws or to comply with the terms and conditions of any exemption thereunder. While each Purchaser understands that Rule 144 under
the Securities Act is not available for the resale of securities initially issued by shell companies (other than business
combination related shell companies) or issuers that have been at any time previously a shell company, such Purchaser understands
that Rule 144 includes an exception to this prohibition if the following conditions are met: (i) the issuer of the securities that
was formerly a shell company has ceased to be a shell company; (ii) the issuer of the securities is subject to the reporting
requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”);
(iii) the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the
preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K
reports; and (iv) at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC
reflecting its status as an entity that is not a shell company.

 

(viii) Each Purchaser
has knowledge and experience in financial and business matters, understands the high degree of risk associated with investments in
the securities of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an
investment in the Securities and is able to bear the economic risk of an investment in the Securities in the amount contemplated
hereunder for an indefinite period of time. Each Purchaser has adequate means of providing for its current financial needs and
contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment in the
Securities. Each Purchaser can afford a complete loss of its investment in the Securities.

 

     

     

    

 

Section 4. Conditions
of the Purchaser’s Obligations. The obligations of the Purchaser to purchase and pay for the $11.50 Exercise Price Warrants
are subject to the fulfillment, on or before the Closing Date, of each of the following conditions:

 

A. Representations and
Warranties. The representations and warranties of the Company contained in Section 2 shall be true and correct at and as of such Closing
Date as though then made.

 

B. Performance. The
Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required
to be performed or complied with by it on or before such Closing Date.

 

C. No Injunction. No
litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or
endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over
the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement or the Warrant
Agreement.

 

D. Warrant Agreement and
Registration Rights Agreement. The Company shall have entered into the Warrant Agreement and the Registration Rights Agreement, each
on terms satisfactory to the Purchaser.

 

E. Corporate Consents.
The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance of this Agreement
and the Warrant Agreement and the issuance and sale of the $11.50 Exercise Price Warrants hereunder.

 

Section 5. Conditions of
the Company’s Obligations. The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment,
on or before the Closing Date, of each of the following conditions:

 

A. Representations and
Warranties. The representations and warranties of the Purchaser contained in Section 3 shall be true and correct at and as of such
Closing Date as though then made.

 

B. Performance. The
Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required
to be performed or complied with by the Purchaser on or before such Closing Date.

 

C. Corporate Consents.
The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance of this Agreement
and the Warrant Agreement and the issuance and sale of the $11.50 Exercise Price Warrants hereunder.

 

D. No Injunction. No
litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or
endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over
the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement or the Warrant
Agreement.

 

E. Warrant Agreement.
The Company shall have entered into the Warrant Agreement on terms satisfactory to the Company.

 

Section 6. Termination.
This Agreement may be terminated at any time after June 30, 2022 upon the election by either the Company or the Purchaser upon written
notice to the other party if the closing of the Public Offering does not occur prior to such date.

 

Section 7. Survival of
Representations and Warranties. All of the representations and warranties contained herein shall survive the Closing Date.

 

Section 8. Definitions.
Terms used but not otherwise defined in this Agreement shall have the meaning assigned to such terms in the registration statement on
Form S-1 the Company plans to file with the U.S. Securities and Exchange Commission under the Securities Act.

 

     

     

    

 

Section 9. Miscellaneous.

 

A. Successors and Assigns.
Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or on behalf of any of the
parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so expressed or not. Notwithstanding
the foregoing or anything to the contrary herein, the parties may not assign this Agreement without the prior written consent of the other
party hereto, other than assignments by the Purchaser to its affiliates (including, without limitation, one or more of their members or
partners).

 

B. Severability. Whenever
possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but
if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only
to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

C. Counterparts. This
Agreement may be executed simultaneously in two or more counterparts, none of which need contain the signatures of more than one party,
but all such counterparts taken together shall constitute one and the same agreement. In the event that any signature is delivered by
facsimile transmission or by e-mail delivery of a “pdf” format data file, such signature shall create a valid and binding
obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile
or “.pdf” signature page were an original thereof.

 

D. Descriptive Headings;
Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part
of this Agreement. The use of the word “including” in this Agreement shall be by way of example rather than by limitation.

 

E. Governing Law. This
Agreement shall be deemed to be a contract made under the laws of the State of New York and for all purposes shall be construed in accordance
with the internal laws of the State of New York, without giving effect to its conflict of laws rules.

 

F. Amendments. This
Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by all parties
hereto.

 

[Signature Page Follows]

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement to be effective as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	FG Merger Corp., a Delaware corporation
	 	 	 
	 	By:	/s/ M. Wesley Schrader
	 	 	Name:  	M. Wesley Schrader
	 	 	Title:	Chief Executive Officer

 

	 	PURCHASER:
	 	 
	 	FG MERGER INVESTORS LLC, a Delaware limited liability company
	 	 	 
	 	 	 
	 	By: 	/s/Hassan R. Baqar
	 	 	Name:  	Hassan R. Baqar
	 	 	Title: 	Manager

 

[Signature Page to $11.50 Exercise Price Warrants
Purchase Agreement]Exhibit 10.17
​
CERTAIN INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.
​
AMENDMENT NO. 2 TO EXCLUSIVE (EQUITY) AGREEMENT
This AMENDMENT NO. 2 TO EXCLUSIVE (EQUITY) AGREEMENT (“Amendment”) is effective as of July 2, 2020 (“Amendment Effective Date”), by and between The Board of Trustees of the Leland Stanford Junior University, an institution of higher education having powers under the laws of the State of California (“Stanford”), and Atreca, Inc., a Delaware corporation having an address at 450 East Jamie Court, South San Francisco, CA 94080 (“Atreca”).  Each of Stanford and Atreca are referred to in this Amendment as a “Party” and together, the “Parties.”
RECITALS
WHEREAS, the Parties have entered into that certain Exclusive (Equity) Agreement, dated June 28, 2012, as amended on May 24, 2018 (together, the “Agreement”), pursuant to which Stanford granted Atreca an exclusive license to certain patents controlled by Stanford relating to isolation of antibodies as described in Stanford docket S10-409;
WHEREAS, Atreca is negotiating a Collaboration and License Agreement with Xencor, Inc. (“Xencor,” and such agreement, the “Xencor Agreement”), pursuant to which Atreca and Xencor intend to collaborate on a discovery program to generate and characterize certain antibodies and targets for development and commercialization, and Atreca intends to grant a Sublicense, under the patent rights licensed by Stanford in the Agreement, to Xencor, and pursuant to which Xencor has requested this Amendment as a condition precedent to entering into the Xencor Agreement; and
WHEREAS, simultaneous with the execution of, and as an inducement to Xencor to enter into, the Xencor Agreement, the Parties now desire to amend the Agreement, in accordance with Section 19.3 of the Agreement, to be effective only upon the effectiveness of the Xencor Agreement.
NOW, THEREFORE, the Parties now desire, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, to amend the Agreement as set forth in this Amendment.
ARTICLE 1
DEFINITIONS
1.1Capitalized Terms; Effective Date.
1.1.1Capitalized terms used in this Amendment shall have the meanings set forth in the Agreement.
1.1.2This Amendment shall become effective only upon the Effective Date of the Xencor Agreement (as defined therein).  Notwithstanding the foregoing, if the Effective Date of
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 the Xencor Agreement does not occur on or before [***] (the “Outside Date”), this Amendment shall be void and of no further force and effect between the Parties from and after the Outside Date.
ARTICLE 2
AMENDMENTS
2.1Amendment of Sublicensee Term.  The terms “sublicensee” or “sublicensees” are hereby replaced with “Sublicensee” or “Sublicensees,” respectively, wherever these terms appear in the Agreement.
2.2Amendment of Affiliate Term.  The term “affiliate” is hereby replaced with “Affiliate” wherever this term appears in the Agreement.
2.3Amendment of Section 2.9.  Section 2.9 of the Agreement is hereby amended by adding the following paragraph to the end of such section:
In the event that a Licensed Product is sold in a given country as part of or together with another active pharmaceutical agent that is not covered by a Licensed Patent (a “Combination Product”), the Net Sales from such Combination Product for purposes of calculating the royalty amounts due under this Agreement for such country shall be calculated by [***].
2.4Amendment of Section 2.11.  Section 2.11 of the Agreement is hereby amended in its entirety as follows:
		2.11
	“Sublicense” means any agreement between Atreca and a third party, or an agreement between any third party sublicensee of Atreca or its Affiliate and another third party,  or any subsequent third party throughout multiple tiers, in each case negotiated through an arms-length transaction, that contains a grant of a sublicense to Stanford’s Licensed Patents regardless of the name given to the agreement by the parties; however, an agreement to make, have made, use or sell Licensed Products on behalf of Atreca is not considered a Sublicense.  [***].

2.5Addition of Definitions.  The following definitions will be placed at the end of Section 2, Definitions.
		2.14
	“Affiliate” means any person, corporation, or other business entity which controls, is controlled by, or is under common control with Atreca; and for this purpose, “control” of a corporation means the direct or indirect ownership of more than fifty percent (50%) of its voting stock, and “control” of any other business entity means the direct or indirect ownership of greater than a fifty percent (50%) interest in the income of such entity.

		2.15
	“Sublicensee” means any entity that has obtained a Sublicense.

2.6Amendment of Section 4.1.  Section 4.1 of the Agreement is hereby amended in its entirety as follows:
​

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		4.1
	Permitted Sublicensing.  Atreca may grant Sublicenses, with the right to further sublicense through multiple tiers, in the Exclusive Licensed Field of Use only during the Exclusive term provided that [***].  Sublicenses with any exclusivity must include applicable diligence requirements commensurate with the diligence requirements of Appendix A, to the extent such requirements have not already been achieved.

2.7Amendment of Section 4.3.  Section 4.3 of the Agreement is hereby amended as follows solely with respect to the Xencor Agreement:
2.7.1Subsection 4.3(B) is hereby deleted and replaced in its entirety with the following:
(B)[intentionally omitted];
2.7.2Subsection 4.3(D) is hereby deleted and replaced in its entirety with the following:
(D)will require that Sublicensee comply with the applicable terms and conditions of Articles 8, 9 and 10 of this Agreement, mutatis mutandis.
2.7.3Subsection 4.3(E) is hereby deleted and replaced in its entirety with the following:
(E)will include the provisions of Section 4.4 and require the transfer of all the Sublicensee’s obligations, as a Sublicensee hereunder, to Atreca, including the payment of royalties due to Stanford hereunder, to Stanford or its designee, if this Agreement is terminated and Sublicensee’s Sublicense survives such termination,  as provided in Section 15.4.  If the sublicensee is a spin-out from Atreca, Atreca must guarantee the sublicensee’s performance with respect to the payment of Stanford’s share of Sublicense royalties.
2.8Amendment of Section 4.5.  Section 4.5 of the Agreement is hereby amended in its entirety as follows, solely with respect to the Xencor Agreement:
4.5Copy of Sublicenses.  Atreca will submit to Stanford a copy of each Sublicense, which copy may be redacted with respect to Sublicensee’s confidential information relating to its proprietary technology.  Stanford has the right to receive all copies of Sublicensees’ royalty reports upon written request to Atreca.
2.9Amendment of Section 5.1.  Section 5.1 of the Agreement is hereby amended in its entirety as follows:
5.1This Agreement is subject to Title 35 Sections 200-204 of the United States Code.  Among other things, these provisions provide the United States Government with nonexclusive rights in the Licensed Patent.  They also impose the obligation that Licensed
Product sold or produced in the United States be “manufactured substantially in the United States” subject to certain waivers of this requirement as may be obtained under applicable laws.  Atreca will ensure all obligations of these provisions are met.  In the event Atreca desires to obtain a waiver, Stanford agrees to make good faith efforts to assist Atreca in obtaining such waiver[***].
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3

2.10Amendment of Section 6.1.  Section 6.1 of the Agreement is hereby amended in its entirety as follows:
6.1Milestones.  Because the invention is not yet commercially viable as of the Effective Date, Atreca will diligently develop, manufacture, and sell Licensed Product and will diligently develop markets for Licensed Product.  In addition, Atreca will, itself or through its affiliates or Sublicensees, meet the milestones shown in Appendix A, and notify Stanford in writing as each milestone is met.  Stanford hereby acknowledges and agrees that Atreca has met milestone 1 on Appendix A, as amended by this Amendment.  If Atreca believes it will be unable to meet any of milestones 2-4 on Appendix A, as amended by this Amendment, by the dates set forth therein, despite its diligent efforts, Atreca shall [***].
2.11Amendment of Article 15.  Article 15 is hereby amended to include the following new Section 15.4:
15.4Survival of Sublicenses.  Any Sublicense granted by Atreca under this Agreement shall survive any early termination of this Agreement as a direct license between Stanford and such Sublicensee, on reasonable terms and conditions substantially the same as those set forth in this Agreement, to the extent applicable to the rights granted by Atreca to such Sublicensee, provided that such Sublicensee is in compliance with the terms of the applicable Sublicense, has met all applicable diligence milestones as given in Appendix A and Stanford shall reasonably consider adjustment to the definition of “Net Sales” and similar provisions so as to better reflect the financial reporting of such Sublicensee and the nature of the relevant Licensed Product.  Stanford and such Sublicensee shall promptly enter into good faith negotiations to put in place a separate agreement granting such direct license to such Sublicensee.
2.12Amendment of Appendix A.  Appendix A (Milestones) is hereby amended in its entirety as follows:
Appendix A - Milestones.
		1.
	By December 31, 2019, Atreca will initiate a Phase I clinical trial on its first therapeutic product.

		2.
	Within 12 months of the issuance of a claim covering research kits or reagents from the Licensed Patents in the United States, or by December 31, 2024, whichever occurs earlier, Atreca will release to market its first research kit or reagent.

		3.
	By December 31, 2022, Atreca will complete a first efficacy assessment clinical trial on its first therapeutic product.

		4.
	By June 30, 2023, Atreca and Stanford will meet and agree upon new milestones to be included in this Appendix A.

ARTICLE 3
MISCELLANEOUS
​

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3.1Consideration.  Upon the Effective Date of the Xencor Agreement, Atreca will [***].
3.2Miscellaneous.  This Amendment shall be governed by and interpreted in accordance with the law of the State of California, without reference to the principles of conflicts of laws.  The terms and conditions of the Agreement, as amended by this Amendment, shall remain in full force and effect.  This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Except to the extent expressly provided herein, the Agreement, as amended by this Amendment, constitute the entire agreement between the Parties relating to the subject matter of the Agreement and supersedes all previous oral and written communications between the Parties.
​
​

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IN WITNESS WHEREOF, the Parties have executed this Amendment by their respective officers hereunto duly authorized as of the date first above written.
The Board of Trustees of the Leland Stanford Junior University
By: /s/ Mona Wan​ ​
Name: Mona Wan​ ​
Title: Associate Director​ ​
Atreca, Inc.
By: /s/ John A. Orwin​ ​
Name: John A. Orwin​ ​
Title: CEO​ ​

​

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