Document:

EX-10.6

 Exhibit 10.6 

TS Innovation Acquisitions Corp. 

c/o Tishman Speyer 
 45 Rockefeller
Plaza 
 New York, New York 10111 

November 9, 2020 
 TS Innovation Acquisitions
Sponsor, L.L.C. 
 c/o Tishman Speyer 
 45 Rockefeller Plaza

 New York, New York 10111 
 Re:
Administrative Services Agreement 
 Ladies and Gentlemen: 

This letter agreement (this “Agreement”) by and among TS Innovation Acquisitions Corp. (the
“Company”) and TS Innovation Acquisitions Sponsor, L.L.C. (the “Sponsor”), dated as of the date hereof, will confirm our agreement that, commencing on the date the securities of the Company are first
listed on The Nasdaq Capital Market (the “Listing Date”), pursuant to a Registration Statement on Form S-1 and prospectus filed with the U.S. Securities and Exchange Commission (the
“Registration Statement”) and continuing until the earlier of the consummation by the Company of an initial business combination or the Company’s liquidation (in each case as described in the Registration Statement)
(such earlier date hereinafter referred to as the “Termination Date”): 
 1. The Sponsor shall make available, or
cause to be made available, to the Company, at Tishman Speyer, 45 Rockefeller Plaza, New York, New York 10111 (or any successor location), office space and secretarial and administrative services as may be reasonably required by the Company. In
exchange therefor, the Company shall pay the Sponsor $10,000 per month on the Listing Date and continuing monthly thereafter until the Termination Date; and 

2. The Sponsor hereby irrevocably waives any and all right, title, interest, causes of action and claims of any kind as a result of, or arising
out of, this Agreement (each, a “Claim”) in or to, and any and all right to seek payment of any amounts due to it out of, the trust account established for the benefit of the public stockholders of the Company and into which
substantially all of the proceeds of the Company’s initial public offering will be deposited (the “Trust Account”), and hereby irrevocably waives any Claim it may have in the future as a result of, or arising out of,
this Agreement, which Claim would reduce, encumber or otherwise adversely affect the Trust Account or any monies or other assets in the Trust Account, and further agrees not to seek recourse, reimbursement, payment or satisfaction of any Claim
against the Trust Account or any monies or other assets in the Trust Account for any reason whatsoever. 
 This Agreement constitutes the
entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way
to the subject matter hereof or the transactions contemplated hereby. 
 This Agreement may not be amended, modified or waived as to any
particular provision, except by a written instrument executed by the parties hereto. 
 No party hereto may assign either this Agreement or
any of its rights, interests, or obligations hereunder without the prior written approval of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any
interest or title to the purported assignee. 
 This Agreement constitutes the entire relationship of the parties hereto, and any litigation
between the parties (whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of New York. 

 Notwithstanding anything appearing to the contrary in this Agreement, no affiliate of the
parties or any direct or indirect partner, member or shareholder of the parties or any affiliate of the parties (or any officer, director, agent, manager, personal representative, trustee or employee of the parties, any affiliate of the parties or
any such direct or indirect partner, member or shareholder) (collectively, the “Exculpated Parties”) shall be liable for the performance or non-performance of either of the
parties’ obligations under this Agreement. The parties agree not to sue or otherwise seek to enforce any liability or obligation against any of the Exculpated Parties with respect to any matters arising out of or in connection with this
Agreement. 
 [Signature Page Follows] 

 
			
	 Very truly yours,

	
	 TS INNOVATION ACQUISITIONS CORP.

		
	 By:
	 	 /s/ Paul A. Galiano

		 	 Name: Paul A. Galiano

		 	 Title: Chief Operating Officer and

Chief Financial Officer

  

			
	
	 AGREED AND ACCEPTED BY:

	
	TS INNOVATION ACQUISITIONS SPONSOR, L.L.C.
		
	 By:
	 	 /s/ Paul A. Galiano

		 	 Name: Paul A. Galiano

		 	 Title: Authorized Signatory

 [Signature Page to Administrative Services Agreement]Exhibit 10.1

 

*Portions of this exhibit have been excluded
because it both (i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

SEVENTH AMENDMENT TO EXCLUSIVE LICENSE AGREEMENT

 

THIS SEVENTH
AMENDMENT TO EXCLUSIVE LICENSE AGREEMENT (this “Exosomes Seventh Amendment”) is made and entered into as of
August 20, 2020 (“Seventh Amendment Date”) by and between CEDARS-SINAI MEDICAL CENTER, a California
nonprofit public benefit corporation (“CSMC”) and CAPRICOR, INC., a Delaware corporation (“Licensee”),
under the following circumstances:

 

		A.	CSMC and Licensee entered into the Exclusive License
Agreement dated May 5, 2014 (the “Original License”), as amended by the First Amendment dated February 27,
2015, the Second Amendment dated June 10, 2015, the Third Amendment dated August 5, 2016, the Fourth Amendment dated
December 26, 2017, the Fifth Amendment dated June 20, 2018 and the Sixth Amendment dated September 25, 2018 (collectively,
the “Exosomes License Agreement”).

 

		B.	The parties desire to amend the Exosomes License Agreement
as further described herein.

 

NOW, THEREFORE,
in consideration of the mutual promises and covenants contained herein and in the Exosomes License Agreement and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 

1.            Defined
Terms. Terms not otherwise defined herein shall have the meaning ascribed to them in the Exosomes License Agreement.

 

2.            Amendments
to the Exosomes License Agreement. The parties agree to amend the Exosomes License Agreement as
follows:

 

(a)          Section 1.6 (“Future
Patent Rights”) shall be deleted in its entirety and replaced with the following:

 

“1.6
 “Future Patent Rights” shall mean (a)  any patents and/or patent applications claiming Inventions that:
(i) after the Effective Date of the Original License, arise from work conducted by or under the direction of
Marbán at or on behalf of CSMC through any use of the Patent Rights or Know-How that were licensed to Licensee as of
the Effective Date of the Original License, alone or jointly with Licensee, and (ii) relate to cell therapy and/or
exosomes; (b) any patents and/or patent applications (including provisional patent applications) in any other country
corresponding to any of the foregoing, and all divisions, continuations, continuations-in-part, reissues, reexaminations,
supplementary protection certificates, and extensions thereof, whether domestic or foreign; and (c) any patent that
issues thereon. Future Patent Rights shall be owned (i) by CSMC if invented by CSMC; or (ii) jointly owned by CSMC
and Licensee if jointly invented by CSMC and Licensee. For the avoidance of doubt, Inventions that are the subject of a
continuation-in-part application that claims priority to the Patent Right are licensed under this Agreement and are not
considered Future Patent Rights.”

 

    	 	1	 

     

    

 

*Portions of this exhibit have been excluded
because it both (i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

(b)          Section 2.3 (“Certain
Future Rights”) shall be deleted in its entirety and replaced with the following:

 

“2.3        Certain Future
Rights. The following shall pertain to Future Patent Rights in the Field of Use (“Future Rights”):

 

(a)    First Right of Negotiation. Subject to the rights and applicable rules of the Funding Agencies or the United States Government,
and to the extent it would not impair or jeopardize any efforts of CSMC to obtain domestic or foreign rights thereto, CSMC shall
provide Licensee with prompt written disclosure of the Future Rights. Subject to the rights and applicable rules of the Funding
Agencies, Licensee shall have, for a period of sixty (60) days after receipt by Licensee of written notice from CSMC disclosing
in adequate detail any such Future Rights, the exclusive first right to negotiate with CSMC to obtain one or more exclusive licenses
to the Future Rights, upon such terms and conditions as shall be agreed by the parties hereto in good faith, which terms and conditions
shall include provisions for fair market value consideration for the grant of any such licenses, which provisions shall not exceed
the compensation terms set forth in this Agreement; provided, that any license granted hereunder to any Future Rights shall be
expressly limited to the field of exosomes and/or cell therapy. If Licensee declines or fails to pursue, or if the parties fail
to conclude negotiations for an exclusive license to such Future Rights upon commercially reasonable terms and conditions during
the sixty (60) day period specified above (or such longer period as may be agreed to in writing by the parties), then CSMC shall
have the right to commence discussions with any other party concerning such Future Rights. For the avoidance of doubt, until CSMC
has provided the aforementioned written notice to Licensee and Licensee has had the opportunity to exercise its right of first
negotiation as set forth above, CSMC shall not disclose or enter into any discussions with any third parties regarding the Future
Rights. Subject to the provisions of this Section 2.3, Licensee acknowledges and agrees that CSMC expressly retains and reserves:
(i) any and all right, title and interest in and to the Future Rights that are not jointly developed with Licensee and (ii) joint
right, title and interest in and to the Future Rights that are jointly developed with Licensee, whether or not in the Field of
Use and, accordingly, no exclusive license to any of CSMC’s Future Rights is granted to Licensee under this Agreement unless
otherwise set forth in an amendment hereto. CSMC shall use its reasonable and continuing efforts during the term of this Agreement,
in accordance with its policies and procedures, where appropriate, to file and maintain patent applications claiming Inventions
within the Future Rights.

 

(b)    Diligence with Future Rights. [***] therewith (collectively, the “Amended Performance Milestones”), then,
subject to Section 2.3(c), CSMC may, at its option and as its sole remedy for Licensee’s non- performance of the Amended
Performance Milestones with respect to that Future Right, upon written notice to Licensee, convert all rights in such Future Right
to a non-exclusive license or a co-exclusive license, or terminate the license with respect to that particular Future Right, subject
to the provisions of Section 2.3(d). Notwithstanding the foregoing, prior to CSMC exercising such option, Licensee shall have
the opportunity to cure any failure to perform the Amended Performance Milestones for a period of sixty (60) days after receipt
of written notice from CSMC of its intent to exercise its option. If CSMC elects to terminate a Future Right after Licensee’s
failure to cure, CSMC may thereafter dispose of its rights in such Future Right as it sees fit in its sole discretion without accounting
to Licensee, except as otherwise set forth in Section 2.3(d). For the avoidance of doubt, and notwithstanding anything to
the contrary herein, the terms of this Section 2.3(b) shall apply to all patents and patent applications that were or
are Future Patent Rights since the Effective Date of the Original License as so indicated on Schedule A to the Seventh Amendment
hereto; provided, that the Diligence Period for the Future Patent Rights enumerated therein shall begin on the Seventh Amendment
Date and continue for a period of twenty-four (24) months thereafter.

 

    	 	2	 

     

    

 

*Portions of this exhibit have been excluded
because it both (i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

(c)    Exceptions.
Notwithstanding any provision contained in Section 2.3(b) above, the Parties further agree as follows:

 

(i)     [***].

 

(ii)    With respect to any Future Right that is co-owned by CSMC and Licensee, if CSMC elects to convert CSMC’s co-owned interest
therein or terminate Licensee’s right with respect to CSMC’s co-owned interest due to non-performance of the Amended
Performance Milestones, such election shall remain subject to the provisions of Section 2.3(d), and nothing contained in
this Agreement shall be construed to impact or in any way affect Licensee’s rights with respect to its own co-owned interest
therein and CSMC shall have no rights with respect thereto, except as set forth in Section 3 (Co-Owned Patent Rights) of
the Fifth Amendment to Exclusive License Agreement, dated June 20, 2018.

 

(iii)   CSMC hereby acknowledges and agrees that the Amended Performance Milestones set forth in Section 2.3(b) above have been
satisfied by Licensee with respect to patent families corresponding to [***].

 

(d)   Option to Non-Exclusive Internal Research License. Upon written notice from Licensee within six (6) months after the end
of the applicable Diligence Period, except as otherwise set forth in Section 2.3(c), CSMC shall grant to Licensee a non-exclusive,
non-transferable, limited license, for its internal research use only, to any Future Right, the exclusive rights to which CSMC
has elected to terminate. In the absence of such notice within the aforesaid period, Licensee shall have no further rights of any
kind in or to such Future Right, except as otherwise set forth in Section 2.3(c). The foregoing grant is made expressly subject
to the following:

 

(i)     All applicable laws and regulations, including, without limitation, the requirements of federal law pertaining to the manufacture
of products within the United States; and

 

(ii)    All applicable rules of the Funding Agencies which have provided funding to CSMC or to any of its employees (including Marbán)
for the development of the Future Rights.”

 

(e)    Schedule A (Patent Rights) to the Exosomes License Agreement (as such Schedule A has been amended from time to
time pursuant to the above-referenced amendments) is hereby deleted in its entirety and replaced with Schedule A hereto.

 

    	 	3	 

     

    

 

*Portions of this exhibit have been excluded
because it both (i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

(f)     The parties acknowledge and agree that, as of the Seventh Amendment Date, [***]. Licensee shall, within five (5) business
days of the Seventh Amendment Date, make all filings with the United States Patent and Trademark Office and any foreign Patent
Office(s) that may be necessary to add [***] as an inventor therein and to add CSMC as a joint owner and assignee thereof.
Within five (5) business days after the filing required above, CSMC shall prepare and the parties shall execute an Eighth
Amendment to the Exosomes License Agreement (the “Exosomes Eighth Amendment”) granting Licensee an exclusive
license to CSMC’s co-owned interest in the EV Patent Family with no monetary obligation therefor, except for any royalty
payments that may become due pursuant to the Exosomes License Agreement. For the avoidance of doubt, the provisions of Section 2.3(c)(ii) shall
be applicable to the license of any co-owned rights in the EV Patent Family. Upon written notice from CSMC at any time during the
term of the Exosomes License Agreement indicating that CSMC has identified a potential sublicensee for the rights to the [***],
Licensee shall agree to meet with such potential sublicensee and consider terms of a proposed sublicense on commercially reasonable
terms, but shall be under no obligation to enter into a sublicense with such potential sublicensee.

 

(g)    The parties acknowledge and agree that, as of the Seventh Amendment Date, [***]. CSMC shall, within five (5) business
days of the Seventh Amendment Date, make all filings with the United States Patent and Trademark Office and any foreign Patent
Office(s) that may be necessary to add [***] as an inventor therein and to add Licensee as a joint owner and assignee-applicant
thereof. The Exosomes Eighth Amendment shall grant Licensee an exclusive license to CSMC’s co-owned interest in the [***]
with no monetary obligation therefor, except for any royalty payments that may become due pursuant to the Exosomes License Agreement.
For the avoidance of doubt, the provisions of Section 2.3(c)(ii) shall be applicable to the license of any co-owned rights
in the [***].

 

3.           Fees
and Costs. Notwithstanding any other provision contained in the Exosomes License Agreement, in the event the Licensee’s
rights to any Patent Rights or Future Patent Rights become non-exclusive or are terminated, then the following shall apply:

 

3.1          CSMC shall assume full responsibility for
Prosecution (as defined in Section 5.1 of the Exosomes License Agreement) relating to such Patent Rights or Future Patent
Rights in the Territory, including, but not limited to, payment of all costs, fees and expenses related thereto.
Section 5.1 and 5.3 of the Exosomes License Agreement shall be deemed amended accordingly.

 

3.2          Licensee’s
rights and obligations under Section 7 of the Exosomes License Agreement with respect to such Patent Rights or Future Patent
Rights shall terminate. For the avoidance of doubt, CSMC shall thereafter have the right to enforce such Patent Rights or Future
Patent Rights as it sees fit in its sole discretion, and at its sole expense, without notifying or accounting to Licensee. Section 7
of the Exosomes License Agreement shall be deemed amended accordingly.

 

4.           Other
Provisions. This Exosomes Seventh Amendment is a revision to the Exosomes License Agreement only, it is not a novation
thereof. Except as otherwise provided herein, the terms and conditions of the Exosomes License Agreement shall remain in full force
and effect.

 

5.           Further
Assurances. Each of the parties hereto shall execute such further documents and instruments and do all such further
acts as may be necessary or required in order to effectuate the intent and accomplish the purposes of this Exosomes Seventh Amendment.

 

6.           Counterparts.
This Seventh Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of
which taken together shall constitute one and the same instrument.

 

Signature Page Follows

 

    	 	4	 

     

    

 

*Portions of this exhibit have been excluded
because it both (i) is not material and (ii) would be competitively harmful if publicly disclosed.

 

IN WITNESS WHEREOF, the parties have executed this Seventh
Amendment to Exclusive License Agreement as of the day and year first above written.

 

 

	Dated:  August 19 , 2020	CAPRICOR, INC.
	 	 	 
	 	 	 
	 	By:	/s/ Karen Krasney, Esq.
	 	 	Karen Krasney, Esq.
	 	 	Executive Vice President,

 General Counsel
	 	 	 
	 	 	 
	Dated:  August 17, 2020	CEDARS-SINAI MEDICAL CENTER
	 	 	 
	 	 	 
	 	By:	/s/ James D. Laur, JD
	 	 	James D. Laur, JD
	 	 	Vice President, Intellectual Property
	 	 	 
	 	 	 
	 	By:	/s/ Edward M. Prunchunas
	 	 	Edward M. Prunchunas
	 	 	Executive Vice President, 

Finance & Chief Financial Officer

 

    	 	5	 

     

    

 

Schedule A

 

Patent Rights (Amended and Restated)

 

 

[***]

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