Document:

Execution
Version

 

STOCK
PURCHASE AGREEMENT

 

by
and between

 

Sirtex
Medical US Holdings, Inc.

 

“Purchaser”

 

and

 

OncoSec
Medical Incorporated

 

“Issuer”

 

Dated
as of October 10, 2019

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	ARTICLE
    1. PURCHASE AND SALE OF THE SHARES	1
	 	 	 	 
	 	1.1	Purchase
    and Sale of the Shares.	1
	 	1.2	Purchase
    Price.	2
	 	1.3	Payment
    of Purchase Price.	2
	 	1.4	Anti-Dilution.	2
	 	 	 	 
	ARTICLE
    2. PROCEDURE FOR CLOSING	2
	 	 	 	 
	 	2.1	Time
    and Place of Closing.	2
	 	2.2	Transactions
    at the Closing.	2
	 	 	 	 
	ARTICLE
    3. REPRESENTATIONS AND WARRANTIES OF ISSUER	3
	 	 	 	 
	 	3.1	Corporate
    Existence and Power.	3
	 	3.2	Corporate
    Authorization.	4
	 	3.3	Governmental
    Authorization.	4
	 	3.4	Non-contravention.	4
	 	3.5	Capitalization.	5
	 	3.6	Subsidiaries.	6
	 	3.7	SEC
    Filings and the Sarbanes-Oxley Act.	7
	 	3.8	Financial
    Statements.	9
	 	3.9	Disclosure
    Documents.	10
	 	3.10	Absence
    of Certain Changes.	10
	 	3.11	No
    Undisclosed Liabilities.	10
	 	3.12	Compliance
    with Laws, Permits and Court Orders.	11
	 	3.13	Litigation.	12
	 	3.14	Properties.	12
	 	3.15	Intellectual
    Property.	13
	 	3.16	IT
    Systems; Privacy and Data Security.	17
	 	3.17	Taxes.	19
	 	3.18	Employee
    Benefit Plans; Labor Matters.	21
	 	3.19	Material
    Contracts.	25
	 	3.20	Finders’
    Fees.	27
	 	3.21	Opinion
    of Financial Advisor.	27
	 	3.22	Antitakeover
    Statutes.	27
	 	3.23	Regulatory
    Matters.	28
	 	3.24	Committee
    on Foreign Investment in the U.S. Pilot Program.	31
	 	3.25	Transactions
    with Affiliates.	31
	 	3.26	Insurance.	32
	 	3.27	Shares.	32
	 	3.28	No
    Disqualification Events.	32
	 	3.29	Listing
    and Maintenance Requirements.	32
	 	3.30	No
    Registration.	33
	 	3.31	Disclosure.	33

 

    	i

    	 

    

 

	ARTICLE
    4. REPRESENTATIONS AND WARRANTIES OF PURCHASER	33
	 	 	 	 
	 	4.1	Authority.	33
	 	4.2	Brokers
    and Finders.	34
	 	4.3	Beneficial
    Ownership of Common Stock.	34
	 	4.4	Availability
    of Funds.	34
	 	4.5	Certain
    Transactions and Confidentiality.	34
	 	4.6	Investment
    Risk; Disclosure of Information Acknowledgement of Risk.	34
	 	 	 	 
	ARTICLE
    5. COVENANTS OF ISSUER	35
	 	 	 	 
	 	5.1	Access
    and Information.	35
	 	5.2	Conduct
    of Business Prior to Closing.	35
	 	5.3	Issuer
    Stockholder Meeting.	39
	 	5.4	Nasdaq
    Listing.	40
	 	5.5	Exclusivity.	40
	 	5.6	Takeover
    Statutes.	40
	 	5.7	Interim
    Communications by Issuer.	41
	 	5.8	Lock-Up.	41
	 	5.9	Standstill.	41
	 	5.10	Anti-Dilution.	43
	 	5.11	Director
    Resignation.	43
	 	 	 	 
	ARTICLE
    6. MUTUAL COVENANTS	44
	 	 	 	 
	 	6.1	Notice
    of Certain Events.	44
	 	6.2	CFIUS.	44
	 	6.3	Further
    Mutual Covenants.	45
	 	6.4	Commercially
    Reasonable Efforts.	45
	 	6.5	Listing.	45
	 	 	 	 
	ARTICLE
    7. CONDITIONS PRECEDENT TO OBLIGATIONS OF PURCHASER	46
	 	 	 	 
	 	7.1	Representations
    and Warranties.	46
	 	7.2	Compliance
    by Issuer.	46
	 	7.3	No
    Injunction; Litigation.	46
	 	7.4	Consents;
    Authorizations; Approval of Legal Matters.	46
	 	7.5	No
    Material Adverse Change.	46
	 	7.6	Closing
    Precedent Transactions.	46
	 	7.7	Simultaneous
    Closing.	47
	 	7.8	Issuer
    Approvals.	47

 

    	ii

    	 

    

 

	ARTICLE
    8. CONDITIONS PRECEDENT TO OBLIGATIONS OF ISSUER	47
	 	 	 	 
	 	8.1	Certificate
    Regarding Representations and Warranties.	47
	 	8.2	Compliance
    by Purchaser.	47
	 	8.3	No
    Injunction, Litigation.	48
	 	8.4	Consents;
    Authorizations; Approval of Legal Matters.	48
	 	8.5	Issuer
    Stockholder Approval.	48
	 	 	 	 
	ARTICLE
    9. CONFIDENTIALITY; PUBLIC ANNOUNCEMENTS	48
	 	 	 	 
	 	9.1	Confidentiality.	48
	 	9.2	Public
    Announcements.	48
	 	 	 	 
	ARTICLE
    10. TERMINATION	49
	 	 	 	 
	 	10.1	Termination.	49
	 	 	 	 
	ARTICLE
    11. GENERAL PROVISIONS	50
	 	 	 	 
	 	11.1	Definitions.	50
	 	11.2	Fees
    and Expenses.	63
	 	11.3	Notices.	63
	 	11.4	Assignment.	65
	 	11.5	No
    Benefit to Others.	65
	 	11.6	Headings
    and Gender; Construction; Interpretation.	66
	 	11.7	Counterparts.	66
	 	11.8	Integration
    of Agreement.	66
	 	11.9	Amendments.	67
	 	11.10	Waiver.	67
	 	11.11	Time
    of Essence.	67
	 	11.12	Governing
    Law.	67
	 	11.13	Jurisdiction.	68
	 	11.14	Waiver
    of Jury Trial.	68
	 	11.15	Partial
    Invalidity.	68
	 	11.16	Survival.	68
	 	11.17	Specific
    Enforcement.	68
	 	 	 	 
	EXHIBIT
    A STOCKHOLDER AGREEMENT	A-1
	EXHIBIT
    B REGISTRATION RIGHTS AGREEMENT	B-1
	EXHIBIT
    C SERVICES AGREEMENT	C-1
	EXHIBIT
    D AMENDMENT TO ARTICLES OF INCORPORATION	D-1
	EXHIBIT
    E AMENDMENT TO BYLAWS	E-1
	 	 
	SCHEDULES	S-1

 

    	iii

    	 

    

 

STOCK
PURCHASE AGREEMENT

 

THIS
STOCK PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of October 10, 2019 by and between
Sirtex Medical US Holdings, Inc., a Delaware corporation (“Purchaser”), and OncoSec Medical Incorporated, a
Nevada corporation (“Issuer”). Certain capitalized terms used in this Agreement are defined in Section 11.1.

 

WITNESSETH:

 

WHEREAS,
Issuer desires to sell and Purchaser desires to purchase shares of Issuer’s common shares, $0.0001 par value per share (the
“Common Stock” or the “Shares,” and each, a “Share”), for the consideration
and on the terms set forth in this Agreement;

 

WHEREAS,
as a condition and inducement to Purchaser’s willingness to enter into this Agreement and to consummate the Sale, Purchaser
and Issuer have entered into a Stockholder Agreement in substantially the same form as Exhibit A hereto (the “Stockholder
Agreement”);

 

WHEREAS,
as a condition and inducement to Purchaser’s willingness to enter into this Agreement and to consummate the Sale, Purchaser
and Issuer will enter into a Registration Rights Agreement in substantially the same form as Exhibit B hereto (the “Registration
Rights Agreement”); and

 

WHEREAS,
as a condition and inducement to Purchaser’s willingness to enter into this Agreement and to consummate the Sale, Purchaser
and Issuer have entered into a Services Agreement in substantially the same form as Exhibit C hereto (the “Services
Agreement”).

 

NOW,
THEREFORE, in consideration of the mutual representations, warranties, covenants and agreements contained in this Agreement, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree
as follows:

 

ARTICLE
1. PURCHASE AND SALE OF THE SHARES

 

1.1
Purchase and Sale of the Shares.

 

Subject
to the terms and conditions of this Agreement, Issuer shall sell, and Purchaser shall purchase 2,000,000 shares of Common Stock
(the “Purchased Shares”); and Issuer shall transfer and convey, and Purchaser shall purchase, the Purchased
Shares free and clear of any and all Liens (other than those imposed by the Articles of Incorporation and federal and state securities
Laws) (the “Sale”).

 

    	 	 	 

     

    

 

1.2
Purchase Price.

 

The
purchase price per Share for the Purchased Shares shall be $2.50 (the “Purchase Price”).

 

1.3
Payment of Purchase Price.

 

On
the Closing Date and subject to the satisfaction or waiver of the conditions set forth in ARTICLE 7 and ARTICLE 8
below, Purchaser shall pay or deliver to Issuer, with respect to the Purchased Shares, $5,000,000 in cash. Purchaser shall, at
the time of the transfer of funds, request evidence of such transfer from its bank for the purpose of assisting Issuer in confirming
receipt of the transfer and Issuer shall deliver the Purchased Shares to the Purchaser in accordance with Section 2.2.

 

1.4
Anti-Dilution.

 

If,
between the date of this Agreement and the Closing Date, the outstanding Common Stock shall have been changed into or exchanged
for a different number or kind of shares or securities as a result of any reorganization, recapitalization, reclassification,
stock dividend, stock split, reverse stock split or other substantially similar transaction (a “Recapitalization”),
a proportionate adjustment shall be made to the number of Purchased Shares, and to the Purchase Price for the Purchased Shares
so as to maintain Purchaser’s intended ownership of Issuer pursuant to this Agreement without giving effect to such Recapitalization.

 

ARTICLE
2. PROCEDURE FOR CLOSING

 

2.1
Time and Place of Closing.

 

Subject
to the provisions of ARTICLE 10, the consummation of the Sale (the “Closing”) shall take place at the
offices of Alston & Bird LLP, 90 Park Avenue, New York, New York 10016 as soon as possible, but in any event no later than
ten Business Days after the date the conditions set forth in ARTICLE 7 and ARTICLE 8 (other than conditions that
by their nature are to be satisfied at the Closing, but subject to the satisfaction or, to the extent permissible, waiver of those
conditions at the Closing) have been satisfied or, to the extent permissible, waived by the Party entitled to the benefit of such
conditions, or at such other place or time as the Parties may mutually agree. The date on which the Closing occurs is referred
to in this Agreement as the “Closing Date.”

 

2.2
Transactions at the Closing.

 

At
the Closing, each of the following shall be delivered:

 

(a)
Issuer shall deliver to Purchaser the Purchased Shares issuable at the Closing in book-entry form (via Direct Registration System,
“DRS”) and to the extent not previously delivered, the items required to be delivered by Issuer set forth in
ARTICLE 7 and a legal opinion of counsel to Issuer reasonably satisfactory to Purchaser and its counsel. Issuer shall cause
its transfer agent to provide a DRS statement reflecting the issuance and registration of the Purchased Shares in the name of
Purchaser at the Closing. The documents and certificates to be delivered hereunder by or on behalf of Issuer at the Closing shall
be in form and substance reasonably satisfactory to Purchaser and its counsel.

 

    	2

    	 

    

 

(b)
Purchaser shall deliver to Issuer (i) the Purchase Price as provided in Section 1.3 and (ii) the items set forth in ARTICLE
8 subject to the last sentence of Section 1.3. The documents and certificates to be delivered hereunder by or on behalf
of Purchaser at the Closing shall be in form and substance reasonably satisfactory to Issuer and its counsel.

 

ARTICLE
3. REPRESENTATIONS AND WARRANTIES OF ISSUER

 

Issuer
hereby represents and warrants to Purchaser on the date hereof and on the Closing Date (except for any representations and warranties
that are expressly stated to have been made as of a specified date, which shall have been true and correct as of such specified
date) that:

 

3.1
Corporate Existence and Power.

 

Issuer
is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Nevada and has all corporate
powers and all Permits required to carry on its business as now conducted. Issuer is duly qualified to do business as a foreign
corporation and is in good standing in each jurisdiction where such qualification is necessary, except for those jurisdictions
where failure to be so qualified have not had and would not reasonably be expected to have, individually or in the aggregate,
an Issuer Material Adverse Effect. Issuer has delivered or made available to Purchaser a true, correct and complete copy of the
Articles of Incorporation (including any certificates of designation), Bylaws or like organizational documents, each as in effect
(collectively, the “Charter Documents”), of Issuer and each of its Subsidiaries. Neither Issuer nor any of
its Subsidiaries is in violation of any of the provisions of its Charter Documents. Issuer has made available to Purchaser true,
correct and complete copies of the minutes (or, in the case of minutes that have not yet been finalized, a brief summary of the
meeting) of all meetings of stockholders, the Board and each committee of the Board and of the board of directors or equivalent
governing body, as the case may be, and committees thereof and equity holders of each of the Subsidiaries of Issuer for the three
year period ending on the date hereof; provided, however, that Issuer shall be permitted to redact
any minutes of the meetings that discuss any alternative transactions considered by the Board.

 

    	3

    	 

    

 

3.2
Corporate Authorization.

 

(a)
The execution, delivery and performance by Issuer of this Agreement and the consummation by Issuer of the transactions contemplated
hereby are within Issuer’s corporate powers and, except for Issuer Stockholder Approval (as defined below), have been duly
authorized by all necessary corporate action on the part of Issuer. The affirmative vote of the holders of a majority of the outstanding
Shares (the “Issuer Stockholder Approval”) is the only vote of the holders of any class or series of capital
stock of Issuer necessary to approve this Agreement and the transactions contemplated hereby, including in connection with the
Articles Amendment and the Bylaws Amendment and any necessary approvals under Nasdaq rules. Issuer has duly executed and delivered
this Agreement and, assuming due authorization, execution and delivery by Purchaser, this Agreement constitutes a valid and binding
obligation of Issuer enforceable against Issuer in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and other laws affecting creditors’ rights generally and general principles of equity).

 

(b)
At a meeting duly called and held, the Board affirmatively (i) determined that this Agreement and the transactions contemplated
hereby are fair to, advisable and in the best interests of Issuer and its stockholders, (ii) approved and adopted this Agreement,
the Articles Amendment and the Bylaws Amendment and the transactions contemplated hereby and thereby in accordance with the requirements
of the NRS and Nasdaq rules, and (iii) resolved to recommend the approval of this Agreement and the transactions contemplated
hereby, including the Articles Amendment and the Bylaws Amendment, by the stockholders of Issuer (such recommendation, the “Issuer
Board Recommendation”).

 

3.3
Governmental Authorization.

 

The
execution, delivery and performance by Issuer of this Agreement and the consummation by Issuer of the transactions contemplated
by this Agreement requires no action by or in respect of, Permit from or filing by or with, any Governmental Authority other than
compliance with any applicable requirements of the 1933 Act, the 1934 Act, any other applicable U.S. state or federal securities
Laws and the rules and requirements of Nasdaq.

 

3.4
Non-contravention.

 

The
execution, delivery and performance by Issuer of this Agreement and the consummation of the transactions contemplated hereby do
not and will not (i) contravene, conflict with or result in any violation or breach of any provision of the Charter Documents
of Issuer or the comparable organizational documents of any Subsidiary of Issuer, (ii) assuming compliance with the matters referred
to in Section 3.3, contravene, conflict with or result in a violation or breach of any provision of any Applicable Law
by Issuer or any of its Subsidiaries, including Nasdaq rules, (iii) assuming compliance with the matters referred to in Section
3.3, require any Consent or other action by any Person under, constitute a breach or default, or an event that, with or without
notice or lapse of time or both, would constitute a breach or default, under, or cause or permit the termination, cancellation,
acceleration or other change of any right or obligation or the loss of any benefit to which Issuer or any of its Subsidiaries
is entitled under any provision of any Contract binding on Issuer or any of its Subsidiaries or any Permit affecting, or relating
in any way to, the assets or business of Issuer and its Subsidiaries or (iv) result in the creation or imposition of any Lien
on any asset of Issuer or any of its Subsidiaries.

 

    	4

    	 

    

 

3.5
Capitalization.

 

Issuer
amended its Articles of Incorporation, effective as of 5:00 p.m., Eastern Time, on May 20, 2019, by filing a certificate of change
(pursuant to NRS 78.209) with the Nevada Secretary of State to effect a 1-for-10 reverse split of Issuer’s authorized and
outstanding common stock. All applicable share and per share amounts reflected in this Agreement have been adjusted to reflect
the reverse stock split, unless otherwise specified. In addition the share amounts below reflect Issuer’s financing completed
on May 22, 2019.

 

(a)
The authorized capital stock of Issuer consists solely of (i) 26,000,000 shares of Common Stock. As of October 9, 2019, there
were outstanding (A) 10,669,022 shares of Common Stock (of which zero shares represent unvested Issuer Restricted Shares), (B)
1,140,029 shares of Common Stock reserved under the Employee Plans, of which there were outstanding 894,605 shares of Common Stock
subject to issuance upon exercise of outstanding Issuer Stock Options (which have a weighted average exercise price of $12.48
and 662,119 of which are currently exercisable), (C) 3,631,953 shares of Common Stock subject to issuance upon exercise of outstanding
Issuer Warrants (which have a weighted average exercise price of $7.40 and 3,631,953 of which are currently exercisable), (D)
77,664 shares of Common Stock subject to issuance upon settlement of Issuer RSUs, and (E) 37,608 shares of Common Stock reserved
for issuance under the ESPP. All outstanding shares of capital stock of Issuer have been, and all shares that may be issued pursuant
to any Employee Plan or Issuer Security will be, when issued in accordance with the respective terms thereof and in compliance
with the terms of this Agreement, duly authorized and validly issued, fully paid and nonassessable and free of preemptive rights.
Section 3.5(a) of the Issuer Disclosure Schedule contains a true, correct and complete list, as of October 9, 2019, of each outstanding
Issuer Stock Award, including the holder, type of award (including, for an Issuer Stock Option, whether such award is intended
to qualify as an “incentive stock option” under Section 422 of the Code), date of grant, exercise price, expiration
date, vesting schedule (including whether vesting accelerates on specified “change in control” transactions), any
early exercise or other special terms and the number of Shares subject thereto. Each Issuer Stock Award has been granted in compliance
in all material respects with all applicable securities laws or exemptions therefrom and all requirements set forth in the applicable
Employee Plan and applicable award agreements. The exercise price of each Issuer Stock Option is not less than the fair market
value (within the meaning of Section 409A of the Code) of a Share on the date of grant of such Issuer Stock Option, and no Issuer
Stock Option provides for a deferral of compensation within the meaning of Section 409A of the Code. No shares of Common Stock
have been treated by Issuer or any of its Subsidiaries as issued pursuant to the exercise of an “incentive stock option”
under Section 422 of the Code. At all times, the ESPP has qualified as an “employee stock purchase plan” under Section
423 of the Code, and all options to purchase shares under the ESPP (now outstanding or previously exercised or forfeited) have
satisfied Applicable Law, including the requirements of Section 423 of the Code. $12,500 is the maximum dollar amount that could
be contributed in the aggregate to the ESPP for the Final Offering Period.

 

    	5

    	 

    

 

(b)
There are no outstanding bonds, debentures, notes or other indebtedness of Issuer having the right to vote (or convertible into,
or exchangeable or exercisable for, securities having the right to vote) on any matters on which stockholders of Issuer may vote.
Except as set forth in this Section 3.5 resulting from the exercise of Issuer Stock Options outstanding on such date in
accordance with the terms thereof on such date, the exercise of Issuer Warrants outstanding on such date in accordance with the
terms thereof on such date, the issuance of Shares pursuant to the vesting of Issuer RSUs outstanding on such date in accordance
with the terms thereof on such date and the purchase of Shares pursuant to the ESPP in accordance with its terms as in effect
on such date, there are no issued, reserved for issuance or outstanding (i) shares of capital stock or other voting securities
of, or ownership interests in, Issuer, (ii) securities of Issuer convertible into, or exchangeable or exercisable for, shares
of capital stock or other voting securities of, or ownership interests in, Issuer, (iii) warrants, calls, options or other rights
to acquire from Issuer, or other obligations of Issuer to issue, any capital stock or other voting securities of, or ownership
interests in, or any securities convertible into, or exchangeable or exercisable for, any capital stock or other voting securities
of, or ownership interests in, Issuer or (iv) restricted shares, restricted stock units, stock appreciation rights, performance
units, contingent value rights, “phantom” stock or similar securities or rights that are derivative of, or provide
economic benefits based, directly or indirectly, on the value or price of, any capital stock or voting securities of, or ownership
interests in, Issuer (the items in clauses (i) through (iv), including, for the avoidance of doubt, the Shares, being referred
to collectively as the “Issuer Securities”). There are no outstanding obligations of Issuer or any of its Subsidiaries
to repurchase, redeem or otherwise acquire any of the Issuer Securities. Neither Issuer nor any of its Subsidiaries is a party
to any Contract with respect to the voting, registration or transfer of any Issuer Securities.

 

(c)
Except as set forth in this Section 3.5, none of the Shares or any Issuer Securities are owned by any Subsidiary of Issuer.

 

3.6
Subsidiaries.

 

(a)
Each Subsidiary of Issuer has been duly incorporated, is validly existing and (where applicable) in good standing under the laws
of its jurisdiction of organization, has all organizational powers and all Permits required to carry on its business in the places
and in the manner as now conducted except for those Permits the absence of which have not had and would not reasonably be expected
to have, individually or in the aggregate, an Issuer Material Adverse Effect. Each Subsidiary of Issuer is identified in Section
3.6 of the Issuer Disclosure Schedule.

 

    	6

    	 

    

 

(b)
All of the outstanding shares, capital stock or other voting securities of, or ownership interests in, each Subsidiary of Issuer
have been duly authorized and validly issued, are fully paid and non-assessable (with respect to each Subsidiary that is a corporation)
and free of preemptive rights and are owned beneficially and legally, and solely, by Issuer, directly or indirectly, free and
clear of any Lien and free of any other limitation or restriction (including any restriction on the right to vote, sell or otherwise
dispose of such share, capital stock or other voting securities or ownership interests). There are no issued, reserved for issuance
or outstanding (i) shares or other securities of Issuer or any of its Subsidiaries convertible into, or exchangeable or exercisable
for, shares, capital stock or other voting securities of, or ownership or economic interests in, any Subsidiary of Issuer, (ii)
warrants, calls, options or other rights to acquire from Issuer or any of its Subsidiaries, or other obligations of Issuer or
any of its Subsidiaries to issue, any shares, capital stock or other voting securities of, or ownership interests in, or any securities
convertible into, or exchangeable or exercisable for, any shares, capital stock or other voting securities of, or ownership or
economic interests in, any Subsidiary of Issuer or (iii) restricted shares, restricted stock units, stock appreciation rights,
performance units, contingent value rights, “phantom” stock or similar securities or rights that are derivative of,
or provide economic benefits based, directly or indirectly, on the value or price of, any share, capital stock or other voting
security of, or ownership interest in, any Subsidiary of Issuer (the items in clauses (i) through (iii) being referred
to collectively as the “Issuer Subsidiary Securities”). There are no outstanding obligations of Issuer or any
of its Subsidiaries to repurchase, redeem or otherwise acquire any of the Issuer Subsidiary Securities. Except for the shares,
capital stock or other voting securities of, or ownership interests in, its Subsidiaries, Issuer does not own, directly or indirectly,
any shares, capital stock or other voting securities of, or ownership interests in, any Person. All dividends or distributions
declared, made or paid by the Subsidiaries of Issuer have been declared, made or paid in accordance with the applicable Subsidiary’s
constitutional documents, all Applicable Law and any agreements or arrangements made with any Third Party regulating the payment
of dividends and distributions. No shares, capital stock or other voting securities of the Subsidiaries of Issuer have been issued
and no transfer of any such shares has been registered (where applicable), except in accordance with all Applicable Laws and the
constitutional documents of the relevant Subsidiary of Issuer, and all transfers have been duly stamped (where applicable).

 

3.7
SEC Filings and the Sarbanes-Oxley Act.

 

(a)
Other than as reflected in the relevant document, Issuer has timely filed with or furnished to the SEC, and made available to
Purchaser, all reports, schedules, forms, statements, prospectuses, registration statements and other documents required to be
filed with or furnished to the SEC by Issuer (collectively, together with any exhibits and schedules thereto and other information
incorporated therein, the “Issuer SEC Documents”). Issuer has made available to Purchaser true, correct and
complete copies of all material correspondence between the SEC, on the one hand, and Issuer and any of its Subsidiaries, on the
other hand, including all comment letters from the staff of the SEC relating to Issuer SEC Documents containing unresolved comments
and all written responses of Issuer thereto. To Issuer’s Knowledge, as of the date hereof, no Issuer SEC Document is the
subject of ongoing review, comment or investigation by the SEC. No Subsidiary of Issuer is, or at any time has been, required
to file any reports, schedules, forms, statements or other documents with the SEC.

 

    	7

    	 

    

 

(b)
As of its filing date (and as of the date of any amendment), each Issuer SEC Document complied, and each Issuer SEC Document filed
subsequent to the date hereof will comply, as to form in all material respects with the applicable requirements of the 1933 Act,
the 1934 Act and the Sarbanes-Oxley Act, as the case may be.

 

(c)
As of its filing date (or, if amended or superseded by a filing prior to the date hereof, on the date of such filing), each Issuer
SEC Document filed did not, and each Issuer SEC Document filed subsequent to the date hereof will not, contain any untrue statement
of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of
the circumstances under which they were made, not misleading.

 

(d)
Each Issuer SEC Document that is a registration statement, as amended or supplemented, if applicable, filed pursuant to the 1933
Act, as of the date such registration statement or amendment became effective, did not contain any untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading.

 

(e)
Issuer and its Subsidiaries have established and maintain disclosure controls and procedures and internal control over financial
reporting (as such terms are defined in Rule 13a-15 under the 1934 Act) as required by Rule 13a-15 under the 1934 Act. Such disclosure
controls and procedures are designed to ensure that all material information relating to Issuer, including its consolidated Subsidiaries,
is made known to Issuer’s principal executive officer and its principal financial officer by others within those entities,
particularly during the periods in which the periodic reports required under the 1934 Act are being prepared. Such disclosure
controls and procedures are effective in timely alerting Issuer’s principal executive officer and principal financial officer
to material information required to be included in Issuer’s periodic and current reports required under the 1934 Act. For
purposes of this Agreement, “principal executive officer” and “principal financial officer” shall have
the meanings given to such terms in the Sarbanes-Oxley Act.

 

(f)
Issuer and its Subsidiaries have established and maintain a system of internal controls over financial reporting (as defined in
Rule 13a-15 under the 1934 Act) sufficient to provide assurance regarding the reliability of Issuer’s financial reporting
and the preparation of Issuer financial statements for external purposes in accordance with GAAP. Issuer has disclosed, based
on its most recent evaluation of internal controls prior to the date hereof, to Issuer’s auditors and audit committee (i)
any significant deficiencies and material weaknesses in the design or operation of internal controls that are reasonably likely
to adversely affect Issuer’s ability to record, process, summarize and report financial information and (ii) any fraud,
whether or not material, that involves management or other employees who have a role in internal controls. Issuer has made available
to Purchaser a summary of any such disclosure made by management to Issuer’s auditors and audit committee for the three
year period ending on the date hereof.

 

    	8

    	 

    

 

(g)
Section 3.7(g) of the Issuer Disclosure Schedule describes, and Issuer has made available to Purchaser copies of the documentation
creating or governing, all securitization transactions and other off-balance sheet arrangements (as defined in Item 303 of Regulation
S-K) that existed or were effected by Issuer or its Subsidiaries during the three year period ending on the date hereof.

 

(h)
Issuer has complied with and is in compliance in all material respects with all applicable listing and corporate governance rules,
regulations and requirements of Nasdaq, and is in compliance in all material respects with all rules, regulations and requirements
of the SEC and with the Sarbanes-Oxley Act. There are no outstanding loans or other extensions of credit made by Issuer or any
of its Subsidiaries to any executive officer (as defined in Rule 3b-7 under the 1934 Act) or director of Issuer.

 

(i)
Each of the principal executive officer and principal financial officer of Issuer (or each former principal executive officer
and principal financial officer of Issuer, as applicable) has made all certifications required by Rule 13a-14 and 15d-14 under
the 1934 Act and Sections 302 and 906 of the Sarbanes-Oxley Act and any related rules and regulations promulgated by the SEC and
Nasdaq, and the statements contained in any such certifications are true, correct and complete as of their respective dates.

 

(j)
There are no Contracts between Issuer or any of its Subsidiaries, on the one hand, and any other Person (other than Issuer and
its Subsidiaries), on the other hand, that would be required to be disclosed under Item 404 of Regulation S-K.

 

3.8
Financial Statements.

 

The
audited consolidated financial statements and unaudited consolidated interim financial statements of Issuer included or incorporated
by reference in Issuer SEC Documents (i) as of their respective dates of filing with the SEC complied as to form in all material
respects with the rules and regulations of the SEC with respect thereto, (ii) fairly present in all material respects the consolidated
financial position of Issuer and its consolidated Subsidiaries as of the dates thereof and their consolidated results of operations
and cash flows for the periods then ended (subject to normal year-end audit adjustments in the case of any unaudited interim financial
statements which are not material in the aggregate) and (iii) have been prepared in accordance with GAAP applied on a consistent
basis (except as may be expressly indicated in the notes thereto). The Books and Records of Issuer and its Subsidiaries have been,
and are being, maintained in all material respects in accordance with GAAP.

 

    	9

    	 

    

 

3.9
Disclosure Documents.

 

(a)
At the time the proxy statement to be filed with the SEC in connection with the Sale (the “Issuer Proxy Statement”)
or any amendment or supplement thereto is first mailed to stockholders of Issuer, at the time such stockholders vote on approval
of this Agreement and at the Closing, the Issuer Proxy Statement, as supplemented or amended, if applicable, will not contain
any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order
to make the statements therein, in light of the circumstances under which they were made, not misleading.

 

(b)
Notwithstanding the foregoing in this Section 3.9, Issuer makes no representation with respect to statements made or incorporated
by reference in the Issuer Proxy Statement based on information supplied by or on behalf of Purchaser for inclusion or incorporation
by reference therein.

 

3.10
Absence of Certain Changes.

 

(a)
Since the Issuer Balance Sheet Date, the business of Issuer and its Subsidiaries has been conducted in the Ordinary Course of
Business consistent with past practices and there has not been any event, occurrence, development or state of circumstances or
facts that has had or would be expected to have, individually or in the aggregate, an Issuer Material Adverse Effect.

 

(b)
From the Issuer Balance Sheet Date until the date hereof, there has not been any action taken by Issuer or any of its Subsidiaries
that, if taken during the period from the date of this Agreement through the Closing without Purchaser’s consent, would
constitute a breach of Section 5.2.

 

3.11
No Undisclosed Liabilities.

 

There
are no Liabilities of Issuer or any of its Subsidiaries of any kind whatsoever, whether accrued, contingent, absolute, known,
unknown, determined, determinable or otherwise, and there is no existing condition, situation or set of circumstances that would
reasonably be expected to result in such a Liability, other than: (i) Liabilities disclosed and reserved for in the Issuer Interim
Balance Sheet or in the notes thereto, (ii) Liabilities arising out of or in connection with this Agreement and the transactions
contemplated hereby and (iii) Liabilities (including Liabilities incurred in the Ordinary Course of Business since the Issuer
Balance Sheet Date) that have not had and would not reasonably be expected to have, individually or in the aggregate, an Issuer
Material Adverse Effect.

 

    	10

    	 

    

 

3.12
Compliance with Laws, Permits and Court Orders.

 

(a)
Issuer and each of its Subsidiaries is, and in the three year period ending on the date hereof has been, in material compliance
with all Applicable Laws. Issuer is not currently being threatened, and in the three year period ending on the date hereof, Issuer
has not been threatened, in each case to be charged with or has been given notice of, and to the Knowledge of Issuer is not under
investigation with respect to, any violation of any Applicable Law. There is no Order of any arbitrator or Governmental Authority
outstanding against Issuer or any of its Subsidiaries.

 

(b)
None of Issuer, any of its Subsidiaries, or any of their respective directors, officers, consultants, agents or other Persons
acting for or on their behalf, has taken any action that would result in a violation by such Person of (i) the Foreign Corrupt
Practices Act of 1977 (15 U.S.C. §§ 78m(b), 78dd-1, 78dd-2, 78ff) (the “FCPA”), the Bribery Act of
2010 of the United Kingdom (the “UK Bribery Act”) or any other anti-corruption or anti-bribery Applicable Law,
(ii) any economic sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control,
the U.S. Department of State, Her Majesty’s Treasury or any applicable prohibited party list maintained by any U.S. government
agency, the European Union or Her Majesty’s Treasury (collectively, “Sanctions”) and (iii) any applicable
export controls laws. Issuer has conducted its businesses in compliance with the FCPA (and any state or foreign equivalents),
the UK Bribery Act, any other anti-corruption Applicable Law (including the Federal Anti-Kickback Statute (42 U.S.C. § 1320a-7b),
the federal False Claims Act (31 U.S.C. § 3729 et seq.), and any state or foreign equivalents), Sanctions and applicable
export controls laws, and Issuer has instituted and maintained policies and procedures designed to cause each such Person to comply
with all such Applicable Law.

 

(c)
None of Issuer, any of its Subsidiaries or any of their respective directors, officers, consultants, agents or other Persons acting
for or on their behalf, is a Person that is, or is owned or controlled by Persons that are: (i) the subject of any Sanctions or
(ii) located, organized or resident in a country or region that is the subject of Sanctions.

 

(d)
Issuer and its Subsidiaries hold all material Permits necessary or advisable to conduct their respective businesses in the places
and in such manner in which such businesses are currently being conducted. (i) Such Permits are valid and in full force and effect
and are not subject to any pending or threatened Action by any Governmental Authority to suspend, cancel, modify, terminate or
revoke any such Permit, (ii) Issuer and each of its Subsidiaries are in compliance with the terms and requirements of such Permits,
(iii) neither Issuer or any of its Subsidiaries is in material default under, and no condition exists that with notice or lapse
of time or both would constitute a material default under or would reasonably be expected to result in any suspension, cancellation,
modification, termination or revocation of, any such Permit and (iv) none of the Permits shall be terminated or impaired or become
terminable, in whole or in part, as a result of the transactions contemplated hereby.

 

    	11

    	 

    

 

3.13
Litigation.

 

There
is no Action pending against, or, to the Knowledge of Issuer, threatened against or affecting, Issuer, any of its Subsidiaries,
any present or former officer, director or employee of Issuer or any of its Subsidiaries, or any Person for whom Issuer or any
of its Subsidiaries may be liable or any of their respective properties before (or, in the case of threatened Actions, would be
before) or by any Governmental Authority or arbitrator.

 

3.14
Properties.

 

(a)
Issuer and its Subsidiaries have good title to, or good and valid leasehold interests in, all property and assets reflected on
the Issuer Balance Sheet or acquired after the Issuer Balance Sheet Date, except as have been disposed of since the Issuer Balance
Sheet Date in the Ordinary Course of Business and in compliance with this Agreement, in each case free and clear of all Liens
(other than Permitted Liens). The properties and assets owned or leased by Issuer and its Subsidiaries constitute all of the properties
and assets necessary for, and used or useful in, the conduct of their respective businesses in the places and in such manner in
which such businesses are currently being conducted. Neither Issuer nor any of its Subsidiaries owns or has ever owned any interest
in real property.

 

(b)
(i) Each lease, sublease, license or other use or occupancy agreement (each, a “Lease”) under which Issuer
or any of its Subsidiaries leases, subleases, licenses or otherwise uses or occupies any real property (whether as lessor or lessee)
is valid and in full force and effect and (ii) neither Issuer nor any of its Subsidiaries, nor to Issuer’s Knowledge any
other party to a Lease, has violated any provision of, or taken or failed to take any act which, with or without notice, lapse
of time, or both, would constitute a breach or default under the provisions of such Lease, except for those breaches or defaults
that, individually or in the aggregate, are not and would not reasonably be expected to be material to Issuer and its Subsidiaries,
and neither Issuer nor any of its Subsidiaries has received notice that it has breached, violated or defaulted under any Lease.
Section 3.14(b) of the Issuer Disclosure Schedule sets forth a true, correct and complete list of all Leases to which Issuer or
any of its Subsidiaries is a party, including all amendments, extensions, renewals and guarantees with respect thereto, in each
case identifying the tenant or lessee and the landlord or lessor under each such Lease and the address of the real property associated
with such Lease (such property, together with all rights, title and interest of Issuer or any Subsidiary in and to leasehold improvements
relating thereto, including security deposits, reserves or prepaid rents paid in connection therewith, collectively, the “Leased
Real Property”). Issuer has made available to Purchaser (in each case, together with all amendments, modifications,
supplements, waivers or other changes thereto) true, correct and complete copies of all Leases. The performance by Issuer of this
Agreement and the transactions contemplated hereby will not result in the termination of, or in any increase of any material amounts
payable under, any Lease or any material rights under any Lease or will require the Consent from any party to any such Lease other
than Issuer. With respect to any Leased Real Property, Issuer and any of its Subsidiaries enjoys peaceful and undisturbed possession
of the Leased Real Property.

 

    	12

    	 

    

 

3.15
Intellectual Property.

 

(a)
Section 3.15(a) of the Issuer Disclosure Schedule sets forth a true, correct and complete list of all Issuer Intellectual Property
Rights specifying as to each such item, as applicable (i) the record and legal owner (or the co-owners) thereof, and, as applicable,
all inventors thereof, (ii) the jurisdiction (foreign and domestic) in which such item is issued, granted, or registered or in
which any application for issuance, grant or registration has been filed and, in the case of domain names and social media tags,
handles and other identifiers, the registrant and registrar and the social media platform and account holder, respectively, (iii)
the respective issuance, grant, registration, filing or application number of such item, (iv) the dates of filing, application,
issuance, grant and registration of such item and (v) in the case of each of such item that is a Licensed Intellectual Property
Right, whether the applicable Licensed Intellectual Property Right is exclusively or non-exclusively licensed or sublicensed to
Issuer or any of its Subsidiaries, and the applicable Contract pursuant to which Issuer or any of its Subsidiaries receives its
rights to such Licensed Intellectual Property Right.

 

(b)
Issuer and its Subsidiaries (i) are the sole and exclusive owners of all Owned Intellectual Property Rights and hold all right,
title and interest in and to all Owned Intellectual Property Rights and (ii) have a valid and enforceable license to the Licensed
Intellectual Property Rights, in each case (clauses (i) and (ii)), free and clear of any Lien. Issuer and its Subsidiaries
have taken all commercially reasonable steps to protect, preserve and maintain their rights, title and interests in and to Issuer
Intellectual Property Rights. The Owned Intellectual Property Rights constitute all of the Intellectual Property Rights necessary
to, or used or held for use in, the conduct of the business of Issuer and its Subsidiaries as currently conducted and as proposed
by Issuer or any of its Subsidiaries to be conducted in Issuer SEC Documents. There exist no material restrictions on the disclosure,
use, license or transfer of Issuer Intellectual Property Rights. The consummation of the transactions contemplated by this Agreement
will not (i) alter, encumber, impair or extinguish any of Issuer’s or any of its Subsidiaries’ rights in, to or under
any Issuer Intellectual Property Right or the validity, enforceability, right to practice or use, registration, right to register,
license, assign or transfer, ownership, priority, duration, scope or effectiveness of any of Issuer Intellectual Property Rights,
(ii) trigger termination of any licensed rights in, or any additional payment obligations with respect to, any of Issuer Intellectual
Property Rights, (iii) impair the right of Purchaser to develop, use, sell, license or dispose of, or to bring any Action for
the infringement of, any Issuer Intellectual Property Right or (iv) through the operation of any Contracts to which Issuer or
any of its Subsidiaries is a party or otherwise bound, encumber any of the Intellectual Property Rights owned by or licensed to
Purchaser.

 

    	13

    	 

    

 

(c)
Documentation evidencing the complete chains of title with respect to all Issuer Intellectual Property Rights have been timely
and properly recorded with the U.S. Patent and Trademark Office, the U.S. Copyright Office or their foreign equivalents, as applicable.
Issuer possesses full and reliable documentation evidencing complete and accurate chains of title for each of the Issuer Intellectual
Property Rights that is a Patent.

 

(d)
To the Knowledge of Issuer, no funding, facilities or personnel of any Governmental Authority or any university, college, research
institute or other educational institution has been or is being used in any respect to create, in whole or in part, any Issuer
Intellectual Property Rights, except for any such funding or use of facilities or personnel that does not result in such Governmental
Authority or educational institution obtaining ownership of, or use rights to, such Issuer Intellectual Property Rights, and does
not require or otherwise obligate Issuer or any of its Subsidiaries to grant or offer to any such Governmental Authority or educational
institution any license or other right to such Issuer Intellectual Property Rights or except as set forth in Section 3.15(d) of
the Issuer Disclosure Schedule. To the Knowledge of Issuer, no current or former employee or Independent Contractor of Issuer
or any of its Subsidiaries who contributed to the creation or development of Issuer Intellectual Property Rights has performed
services for a Governmental Authority or any university, college, research institute or other educational institution related
to Issuer’s business as presently conducted during a period of time during which such employee or Independent Contractor
was also performing services for Issuer or any of its Subsidiaries. As it relates to any Issuer Intellectual Property Rights in
which the U.S. government has rights, Issuer has taken all necessary steps to comply with the Bayh-Dole Act (35 U.S.C. §§
200 -212) and any regulations related thereto, including making all necessary disclosures to the relevant funding agencies and
complying with the domestic manufacturing requirement as set forth in 35 U.S.C. § 204.

 

(e)
The conduct of the business of Issuer, including the Exploitation of any Products, as such business (i) has been, and is currently,
conducted and (ii) proposed to be conducted in Issuer SEC Documents, in each case (clauses (i)-(ii)), did not, does not
and will not, infringe upon, misappropriate or otherwise violate any Intellectual Property Right (or any right therein, thereto
or thereunder) of any Third Party.

 

(f)
No rights or licenses to intellectual property that are not included in Issuer Intellectual Property Rights are required for Purchaser
to Exploit the Products or to conduct the business of Issuer, as currently conducted or proposed to be conducted in Issuer SEC
Documents.

 

    	14

    	 

    

 

(g)
There is no Action pending, or concluded, against, or, to the Knowledge of Issuer, threatened against or affecting, Issuer or
any of its Subsidiaries, or affecting the conduct of the respective businesses of Issuer or any of its Subsidiaries (including
the research, development, manufacture, marketing, promotion, offering for sale, sale or other commercialization, shipment, import,
export, distribution or the seeking of regulatory approval, as applicable, of any Products) (i) based upon, or challenging or
seeking to deny or restrict, any right of Issuer or any of its Subsidiaries in any of Issuer Intellectual Property Rights, (ii)
alleging that any of Issuer Intellectual Property Rights are invalid or unenforceable, or seeks to deny or restrict the legality,
scope, duration, priority, right to practice or use, right to register, registration or ownership of Issuer Intellectual Property
Rights, (iii) alleging that the use of any of Issuer Intellectual Property Rights or any services provided, processes used or
products manufactured, used, imported, offered for sale or sold by Issuer or any of its Subsidiaries do or may conflict with,
misappropriate, infringe, contribute to the infringement of, or otherwise violate any Intellectual Property Right of any Person
or (iv) alleging that Issuer or any of its Subsidiaries have infringed, misappropriated or otherwise violated any Intellectual
Property Right of any Person. To the Knowledge of Issuer, there are no facts or circumstances that could give rise to any such
Action based upon or alleging any of the foregoing in clauses (i)-(iv). Neither Issuer nor any of its Subsidiaries has
received from any Person any offer to license any Intellectual Property Rights of such Person in connection with any actual or
threatened claim of infringement, misappropriation or other violation of any such Intellectual Property Rights.

 

(h)
All Issuer Intellectual Property Rights are valid, enforceable and in full force and effect, and all Issuer Intellectual Property
Rights that are the subject of an application for issuance, grant or registration are valid and subsisting. None of Issuer Intellectual
Property Rights has been adjudged invalid or unenforceable in whole or part by a court or administrative agency, or in the case
of pending Patent applications included in Issuer Intellectual Property Rights, have been the subject of a final and unappealable
finding of unpatentability. All issued Patents, registered Trademarks, registered Copyrights and applications for any of the foregoing
included in Issuer Intellectual Property Rights were applied for, registered and filed in compliance with Applicable Law, and
all filings, payments and other actions required to be made or taken to maintain the application, prosecution or registration
of such Issuer Intellectual Property Rights in full force and effect have been fully and timely made by the applicable deadline.

 

(i)
No Issuer Intellectual Property Rights that are material to the Exploitation of any Product have been abandoned, cancelled, forfeited,
relinquished, allowed to lapse or rejected by any action or failure to take action by Issuer or its Subsidiaries or, to the Knowledge
of Issuer, by any of its or their licensors or sublicensors.

 

(j)
None of Issuer or its Subsidiaries, or, to the Knowledge of Issuer, any licensor of any Licensed Intellectual Property Right,
in each case, has received any written opinions from counsel with respect to the validity, invalidity, enforceability, unenforceability,
non-infringement or infringement of any of Issuer Intellectual Property Rights, or with respect to the infringement or misappropriation
of any Patent or other Intellectual Property of any Third Party in connection with the Exploitation of any Products.

 

(k)
To the Knowledge of Issuer, no Person has infringed, misappropriated or otherwise violated any Owned Intellectual Property Right.

 

    	15

    	 

    

 

(l)
Except for those licenses and parties identified in Section 3.15(l) of the Issuer Disclosure Schedule, none of Issuer or its Subsidiaries
has granted any licenses, sublicenses, options, interests or other rights (including covenants not to sue and immunities from
suit) in or with respect to Issuer Intellectual Property Rights to any Third Parties.

 

(m)
Issuer and its Subsidiaries have taken commercially reasonable actions in accordance with current industry practice to protect,
preserve and maintain the confidentiality and security of all Issuer Intellectual Property Rights, the value of which to Issuer
or any of its Subsidiaries is contingent upon maintaining the confidentiality thereof (including any Trade Secrets owned, used
or held for use by Issuer or any of its Subsidiaries), and no such Intellectual Property Rights have been disclosed other than,
on a need-to-know basis, to employees, representatives and agents of Issuer or any of its Subsidiaries, all of whom are bound
by written confidentiality agreements that protect such Intellectual Property Rights. Issuer and its Subsidiaries have used commercially
reasonable efforts to prevent disclosure of such Intellectual Property Rights to any Person who has not executed such written
confidentiality agreement and, to the Knowledge of Issuer, there has been no disclosure of any such Intellectual Property to any
employee or other Person who has not executed a binding and enforceable confidentiality agreement. True, correct and complete
copies of the forms of agreements referred to in the foregoing clause have been made available to Purchaser prior to the date
hereof, and to the Knowledge of Issuer, no breach of any such agreement by the other party thereto has occurred or been threatened.

 

(n)
Any Issuer Intellectual Property Rights that are Trade Secrets have been accurately documented in a manner such that someone reasonably
skilled in DNA-based or immuno- therapeutics or electroporation drug delivery devices, or the manufacturing or engineering of
such therapeutics or devices, could review such documentation and understand how to practice or use such Trade Secrets to develop
and manufacture the Products or otherwise Exploit the Products.

 

(o)
To the extent that any Issuer Intellectual Property Right has been developed or created by a Third Party (including any current
or former officer, director, employee or Independent Contractor of Issuer or any of its Subsidiaries) for Issuer or any of its
Subsidiaries, Issuer or one of its Subsidiaries, as the case may be, has a written agreement with such Third Party with respect
thereto pursuant to which such Person has agreed to hold all of Issuer Intellectual Property Rights in confidence, and Issuer
or one of its Subsidiaries thereby either (i) has obtained ownership of and is the exclusive owner of, or (ii) has obtained a
valid and unrestricted right to exploit, sufficient for the conduct of its business as currently conducted or proposed to be conducted
in Issuer SEC Documents, such Intellectual Property Right. True, correct and complete copies of the forms of agreements referred
to in the foregoing clauses (i) and (ii) have been made available to Purchaser prior to the date hereof. To the
Knowledge of Issuer, no breach of any such agreement by the other party thereto has occurred or been threatened. No current or
former employee of, or Independent Contractor to, Issuer or any of its Subsidiaries owns any right, title, or interest in or to
any Issuer Intellectual Property Right relating to any Product that was created or developed by such employee or Independent Contractor
during his or her employment or other engagement with Issuer or such Subsidiary.

 

    	16

    	 

    

 

3.16
IT Systems; Privacy and Data Security.

 

(a)
To the Knowledge of Issuer, Issuer and each Issuer Subsidiary complies and, during the three year period ending on the date hereof,
has complied in all material respects with all Privacy and Information Security Requirements. Neither Issuer nor any Issuer Subsidiary
has received notice of any complaint, investigation, or other inquiry from any Governmental Authority with jurisdiction within
the three year period ending on the date hereof regarding any actual or possible violation of, or failure to comply with, any
Privacy and Information Security Requirement by Issuer or any Issuer Subsidiary. There is not currently pending and there has
not been within the three year period ending on the date hereof any Action against Issuer or any Issuer Subsidiary alleging any
violation of, or failure to comply with, any Privacy and Information Security Requirement.

 

(b)
Issuer and each Issuer Subsidiary currently provides, and within the three year period ending on the date hereof Issuer and each
Issuer Subsidiary has provided, notice designed to be reasonable and accurate of Issuer and Issuer Subsidiaries’ privacy
practices in accordance with Applicable Law. Issuer has provided to Purchaser copies of all of the current privacy notices on
its websites, and any other privacy notices, disclosures or public representations with respect to Issuer and Issuer Subsidiaries
(collectively, “Privacy Notices”) in effect within the three year period ending on the date hereof.

 

(c)
To the Knowledge of Issuer, no Person has, or is reasonably suspected to have, gained unauthorized access to or caused a security
breach leading to the loss of confidentiality, integrity, or availability of IT Assets or Personal Information in a manner that
is unlawful or violates contractual agreements.

 

(d)
Issuer and each Issuer Subsidiary has made reasonable efforts to provide all requisite notices and obtain all required Consents
(it being understood that such notices and Consents were designed to satisfy the Applicable Law in force at the time of their
drafting), and to satisfy all other requirements (including, as applicable, notification to privacy or data protection authorities),
necessary for Processing by Issuer and each Issuer Subsidiary of Personal Information in connection with the conduct of the business
of Issuer as currently conducted and, subject to Issuer’s Privacy Notices, the business of Issuer contemplated to be conducted
in Issuer SEC Documents and in connection with the consummation of the transactions contemplated hereby. To the Knowledge of Issuer,
the transactions to be consummated hereunder as of the Closing will not cause or constitute a material breach or violation of
any Applicable Law or any Privacy Notice.

 

    	17

    	 

    

 

(e)
Issuer and each Issuer Subsidiary has implemented and maintained organizational, administrative, physical and technical safeguards
reasonably designed (but in no event less than commercially reasonable practices in the industry in which Issuer and each Issuer
Subsidiary operates) to (i) secure IT Assets, and any Personal Information and other confidential information thereon, from unauthorized
access, acquisition, interruption, alteration, modification, use or other processing, or any other compromise of confidentiality,
integrity, or security; (ii) defend IT Assets against denial of service attacks, distributed denial of service attacks, hacking
attempts and like attacks and activities by any other Person; and (iii) ensure the continued, uninterrupted and error-free operation
of IT Assets, including employing commercially reasonable security, maintenance, disaster recovery, redundancy, backup, archiving
and virus or malicious device scanning/protection measures. Issuer has provided to Purchaser true, correct and complete copies
of all such written procedures currently in effect. Each employee of Issuer or any Issuer Subsidiary has received training regarding
information security that is relevant to each such employee’s role and responsibility within Issuer or Issuer Subsidiary
and each such employee’s access to Personal Information. The IT Assets are designed to be adequate for, and to operate and
perform in all material respects as required in connection with, the operation of the business of Issuer.

 

(f)
To the Knowledge of Issuer, Issuer and each Issuer Subsidiary has contractually obligated all Data Processors to contractual terms
relating to the collection, use, and storage of IT Assets, or Personal Information or other confidential information thereon.

 

(g)
To the Knowledge of Issuer, the IT Assets have had no material errors or defects that have not been reasonably mitigated and contain
no code designed to disrupt, disable, harm, distort or otherwise impede in any manner the legitimate operation of such IT Assets
(including what are sometimes referred to as “viruses”, “worms”, “time bombs” or “back
doors”) that has not been removed or reasonably mitigated. Neither Issuer nor any Issuer Subsidiary has experienced any
material disruption to, or material interruption in, the conduct of the business of Issuer attributable to a defect, bug, breakdown,
unauthorized access, introduction of a virus or other malicious programming, or other failure or deficiency on the part of any
IT Assets.

 

(h)
Neither Issuer nor any Issuer Subsidiary, is a covered entity, as that term is defined in HIPAA.

 

(i)
Neither Issuer nor any Issuer Subsidiary is required to enter into a business associate agreement under 45 C.F.R. § 164.502(e)(2).

 

(j)
To Issuer’s Knowledge, there has been no security incident or breach, as those terms are defined in HIPAA, including any
loss or unauthorized access, use or disclosure, of protected health information (that is subject to, and as defined by, HIPAA)
held by Issuer or any Issuer Subsidiary, that would constitute a breach for which notification to individuals, the media, or the
U.S. Department of Health and Human Services is required under 45 C.F.R. Part 164, Subpart D.

 

    	18

    	 

    

 

(k)
There are no pending Actions arising from or relating to Issuer’s or Issuer Subsidiaries’ compliance with HIPAA; nor,
to Issuer’s Knowledge, are there any facts or circumstances that would reasonably be expected to form the basis for any
such Action.

 

3.17
Taxes.

 

(a)
All income Tax Returns and material other Tax Returns that are required to be filed by or on behalf of Issuer or any of its Subsidiaries
have been duly and timely filed with the appropriate Taxing Authority (after giving effect to any valid extensions of time in
which to make such filings). All Tax Returns filed with respect to Issuer or any of its Subsidiaries are true, complete, and correct
in all material respects. All Taxes payable by or on behalf of Issuer or any of its Subsidiaries have been fully and timely paid
(whether or not shown on any Tax Return), and, where payment is not yet due, Issuer has established in accordance with GAAP an
adequate accrual for all material Taxes through the end of the last period for which Issuer and its Subsidiaries ordinarily record
items on their respective books.

 

(b)
Issuer and each of its Subsidiaries has complied with all Applicable Laws relating to the payment and withholding of Taxes and
has duly and timely reported, withheld and paid over to the appropriate Taxing Authority all amounts required to be reported,
withheld or paid over with respect to any payment to any employee, independent contractor, creditor, shareholder, vendor or other
Person.

 

(c)
All income and franchise Tax Returns of Issuer and its Subsidiaries through the Tax year ended July 31, 2015 have been examined
and closed by the relevant Taxing Authority or are Tax Returns with respect to which the applicable period of assessment under
Applicable Laws, after giving effect to extensions or waivers, has expired.

 

(d)
There is no dispute, claim, or Action now pending, or threatened in writing, against or with respect to Issuer or its Subsidiaries
in respect of any material amount of Tax or material Tax Return.

 

(e)
No deficiency of Taxes in respect of Issuer or any of its Subsidiaries has been asserted in writing by any Taxing Authority that
has not otherwise been resolved.

 

(f)
There is not in force any extension or waiver of the statute of limitations with respect to the time to assess Taxes of Issuer
or any of its Subsidiaries.

 

(g)
Within the past three years, neither Issuer nor any of its Subsidiaries distributed stock of another Person, or had its stock
distributed by another Person, in a transaction intended to be governed in whole or in part by Section 355 or Section 361 of the
Code or any corresponding provision of state, local or foreign Applicable Laws.

 

    	19

    	 

    

 

(h)
Neither Issuer nor any of its Subsidiaries has entered into, or been party to, any “reportable transaction” within
the meaning of Section 6707A(c)(1) of the Code or any corresponding provision of state, local or foreign Applicable Laws.

 

(i)
Neither Issuer nor any of its Subsidiaries has received or applied for a private letter ruling from the IRS (or any comparable
ruling from any other Taxing Authority) or entered into a closing agreement pursuant to Section 7121 of the Code (or any similar
provision of state, local or foreign Applicable Laws).

 

(j)
Neither Issuer nor any of its Subsidiaries is a party to any joint venture, partnership or other arrangement that is treated as
a partnership for U.S. federal, state, local or foreign income tax purposes.

 

(k)
Neither Issuer nor any of its Subsidiaries is or has ever been a U.S. real property holding corporation within the meaning of
Section 897(c)(2) of the Code.

 

(l)
Issuer and each of its Subsidiaries have duly kept and properly maintained all material records for all taxable years still open
for audit that such Person is required to keep for Tax purposes under any Applicable Laws, and such records have been made available
for inspection at the premises of Issuer or one of its Subsidiaries, as applicable. Issuer and each of its Subsidiaries are in
compliance with all applicable transfer pricing laws and regulations (including Section 482 of the Code and the U.S. Treasury
Regulations thereunder, and any similar provision of state, local, or foreign Tax Law), including maintenance of contemporaneous
documentation. All intercompany agreements have been and are on arm’s length terms.

 

(m)
Neither Issuer nor any of its Subsidiaries (i) is or has been a member of an “affiliated group” within the meaning
of Section 1504 of the Code or of any other similar affiliated, consolidated, combined or unitary group under state, local or
foreign Applicable Laws; other than such a group all of the members of which are Issuer or one or more Subsidiaries; (ii) has
any Liability for Taxes of any Person (other than Issuer or any of its Subsidiaries) under U.S. Treasury Regulations Section 1.1502-6
(or any similar provision of state, local or foreign Applicable Laws) or as transferee or successor; or (iii) has any Liability
or potential Liability to another Person under any Tax Sharing Agreement (other than in the Ordinary Course of Business where
such provision is ancillary to the agreement).

 

(n)
Section 3.17(n) of the Issuer Disclosure Schedule contains a true, correct and complete list of all jurisdictions (foreign and
domestic) in which Issuer and each of its Subsidiaries currently files Tax Returns. No claim has been made in writing by any Taxing
Authority in a jurisdiction in which Issuer or its Subsidiaries do not file Tax Returns to the effect that Issuer or any of its
Subsidiaries is or may be subject to taxation by, or required to file any Tax Return in, such jurisdiction.

 

    	20

    	 

    

 

(o)
No Subsidiary of Issuer is or has ever been a “passive foreign investment company” within the meaning of Section 1297(a)
of the Code with respect to any shareholder of such Subsidiary or a foreign corporation described in Section 7874(b) of the Code.
Neither Issuer nor any of its Subsidiaries has made an election under Section 965(h) of the Code to pay the net tax Liability
under Section 965 in installments.

 

3.18
Employee Benefit Plans; Labor Matters.

 

(a)
Section 3.18(a) of the Issuer Disclosure Schedule lists each Employee Plan and separately indicates the sponsor(s) of each Employee
Plan. For each Employee Plan, Issuer has furnished to Purchaser a copy of such plan (or a description, if such plan is not written)
and all amendments thereto and written interpretations thereof, including a copy of (if applicable) (i) Material Contracts related
to such Employee Plan including trust agreements, insurance Contracts, and administrative service agreements and (ii) each summary
plan description and summary of material modifications. No Employee Plan is subject to any laws other than those of the U.S. or
any state, country or municipality in the U.S. No Employee Plan is sponsored or maintained by a Third Party provider such as a
professional employer organization.

 

(b)
Issuer has made available to Purchaser a list of each (i) Employment Agreement (other than at-will offer letters with no severance
or change in control benefits or guaranteed term or payments), (ii) Consulting Agreement pursuant to which an Independent Contractor
is entitled to receive (or is reasonably expected to be entitled to receive) more than $50,000 during any 12-month period and
(iii) restrictive covenant Contract and indemnification Contract entered into with any Employees or Independent Contractor, in
each case as in effect as of the date of this Agreement. A copy of each such Employment Agreement, Consulting Agreement or other
Contract, as the case may be, together with any amendments thereto, has previously been made available to Purchaser. A copy of
each agreement or Contract between any professional employer organization or other staffing organization, on the one hand, and
Issuer or any of its Subsidiaries, on the other hand, has been made available to Purchaser. Each current and former Employee and
Independent Contractor has executed a nondisclosure and assignment-of-rights agreement for the benefit of Issuer, vesting all
rights in work product created by such Employee or Independent Contractor during such individual’s affiliation with Issuer,
and a copy of each such agreement has previously been made available to Purchaser. To Issuer’s Knowledge, no current Employee
or Independent Contractor is a party to, or is otherwise bound in any way by, any Contract that in any way may restrict the performance
of such Employee’s or Independent Contractor’s duties to Issuer or its Subsidiaries.

 

(c)
Each Service Provider treated or classified by Issuer or any of its Subsidiaries as a non-employee has been properly treated or
classified as such for all purposes, and no such individual shall have a valid claim against Issuer or any of its Subsidiaries
for eligibility to participate in or benefits under any Employee Plan if such individual is later reclassified as (or determined
to be) an employee of Issuer or any of its Subsidiaries. All Employees are employed in the U.S., and all of the terms and conditions
of their employment are governed exclusively by the Applicable Law of the U.S. and not the Applicable Law of any other jurisdiction.
Issuer and its Subsidiaries have completed a Form I-9 (Employment Eligibility Verification) for each Employee, and each such Form
I-9 has since been updated as required by Applicable Law and, to Issuer’s Knowledge, is true, correct and complete in all
material respects.

 

    	21

    	 

    

 

(d)
Neither Issuer nor any of its ERISA Affiliates sponsors, maintains, administers or contributes to (or has any obligation to contribute
to), or has in the past sponsored, maintained, administered or contributed to (or had any obligation to contribute to), or has
any Liability with respect to, (i) a “defined benefit plan” (as defined in Section 3(35) of ERISA or Section 414(j)
of the Code); (ii) a “multiemployer plan” (as defined in Sections 4001(a)(3) or 3(37)(A) of ERISA); (iii) a plan subject
to Section 302 or Title IV of ERISA or Section 412 or 4971 of the Code; (iv) a “multiple employer welfare arrangement”
(as defined in Section 3(40) of ERISA); (v) a “multiple employer plan” (as defined in 29 C.F.R. § 4001.2) or
a plan subject to Section 413(c) of the Code; or (vi) any plan, program or arrangement that provides for post-retirement or other
post-employment health or other welfare benefits (other than health care continuation coverage as required by Section 4980B of
the Code or similar Applicable Law for which the covered individual pays the full cost of coverage) or that provides health or
other welfare benefits (except for flexible spending accounts) on a less-than-fully insured basis. No Employee Plan is or has
ever been, or currently funds or has ever been funded by, a “voluntary employees’ beneficiary association” within
the meaning of Section 501(c)(9) of the Code or other funding arrangement for the provision of welfare benefits.

 

(e)
Each Employee Plan that is intended to be qualified under Section 401(a) of the Code is so qualified and received a favorable
determination letter from the IRS to the effect that such Employee Plan satisfies the requirements of Section 401(a) of the Code
(or, if such plan uses an IRS pre-approved plan document, such plan document has received a favorable opinion from the IRS that
the form meets the tax qualification requirements and Issuer is entitled to rely on such favorable opinion), and there are no
facts or circumstances that could reasonably be expected to cause the loss of such qualification.

 

(f)
Each Employee Plan has been maintained, funded and administered in compliance with its terms and with all Applicable Law, including
ERISA and the Code. No Action (other than routine claims for benefits) is pending against or involves or, to Issuer’s Knowledge,
is threatened against or threatens to involve, any Employee Plan or any fiduciary thereof before any arbitrator or any Governmental
Authority, including the IRS and the U.S. Department of Labor, and, to Issuer’s Knowledge, there are no facts that reasonably
would be expected to give rise to any such Action.

 

(g)
All assets of any Employee Plan consist of cash or actively traded securities, and no asset of any Employee Plan consists of employer
securities (within the meaning of Section 407(d)(1) of ERISA).

 

    	22

    	 

    

 

(h)
All returns, reports and disclosure statements required to be made under Applicable Law with respect to all Employee Plans have
been timely filed or delivered. Neither Issuer nor any of its ERISA Affiliates nor any of their directors, officers, employees
or agents, nor any fiduciary, trustee or administrator of any Employee Plan or trust created under any Employee Plan, has engaged
in or been a party to any non-exempt “prohibited transaction” as defined in Section 4975 of the Code and Section 406
of ERISA, and to Issuer’s Knowledge, no non-exempt “prohibited transaction,” within the meaning of section 406
of ERISA or section 4975 of the Code, has occurred with respect to any Employee Plan. Neither Issuer nor any Subsidiary of Issuer,
has or could reasonably be expected to have any Liability for Taxes under Sections 4975 through 4980 or Sections 4980B through
4980I of the Code or other excise Taxes or penalties with respect to any Employee Plan. No fiduciary (within the meaning of Section
3(21) of ERISA, has breached his, her, or its fiduciary duty with respect to an Employee Plan or otherwise has any Liability in
connection with any acts taken (or failed to be taken) with respect to the administration or investment of the assets of any Employee
Plan that could reasonably result in material Liability to Issuer or any Employee Plan.

 

(i)
There has been no amendment to, written interpretation of or announcement (whether or not written) by Issuer or any of its Affiliates
relating to, or change in employee participation or coverage under, any Employee Plan that would materially increase the expense
of maintaining such plan above the level of expense incurred in respect thereof for the fiscal year ended on the Issuer Balance
Sheet Date, and none of Issuer or any of its Affiliates has a formal plan, commitment or proposal, whether legally binding or
not, or has made a commitment to employees to make such an amendment, interpretation, announcement, or change or to create any
additional employee benefit plan, program, or arrangement. Issuer may terminate or amend any Employee Plan, at any time in its
sole discretion, without incurring any Liability other than with respect to benefits that have already accrued under a retirement
plan.

 

(j)
For each Employee Plan, all contributions, premiums and payments that have become due through the date hereof have been made within
the time periods prescribed by the terms of such plan and Applicable Law, and all contributions, premiums and payments for any
period ending on or before the Closing Date that have not yet become due are properly accrued to the extent required to be accrued
under applicable accounting principles and have been properly reflected on the Issuer Balance Sheet or disclosed in the notes
thereto.

 

(k)
Except as set forth on Section 3.18(k) of the Issuer Disclosure Schedule, neither the execution of this Agreement nor the consummation
of the transactions contemplated hereby will (either alone or together with any other event) (i) entitle any current or former
Service Provider to any payment or benefit or acceleration of any payment or benefit, including any bonus, retention, severance,
retirement or job security payment or benefit, (ii) accelerate the time of payment or vesting or trigger any payment or funding
(through a grantor trust or otherwise) of compensation or benefits under, or increase the amount payable or trigger any other
obligation under, any Employee Plan or (iii) limit or restrict the right of Issuer or any of its Subsidiaries or, after the Closing,
Purchaser or any of its Affiliates, to merge, amend or terminate any Employee Plan.

 

    	23

    	 

    

 

(l)
No Employee Plan or other compensation or benefit arrangement, individually or collectively, provides for the payment of any amount
to a Service Provider (including any payment resulting from the execution of this Agreement or consummation of the transactions
contemplated hereby (either alone or together with any other event)) that would not be deductible under Section 162(m) or Section
280G of the Code. Neither Issuer nor any of its Subsidiaries has any obligation to gross-up, indemnify or otherwise reimburse
any current or former Service Provider for any Tax incurred by such Service Provider, including under Section 409A or Section
4999 of the Code.

 

(m)
Neither Issuer nor any of its Subsidiaries is currently negotiating in connection with entering into, or has, at any time, been
a party to or had any obligations under, any Collective Bargaining Agreement. To Issuer’s Knowledge, there is no, and there
never has been any, organizational campaign, petition or other unionization activity pending or threatened, seeking recognition
of a collective bargaining unit relating to any Employee.

 

(n)
Issuer and its Subsidiaries are, and have been for the three year period ending on the date hereof, in compliance in all material
respects with all Applicable Laws relating to labor and employment and the engagement of non-employee service providers, including
(i) all contractual commitments, (ii) all Applicable Laws relating to labor management relations, wages, hours, overtime, employee
classification, equal opportunity, discrimination, sexual harassment, disability accommodation, protected leave, civil rights,
affirmative action, work authorization, immigration, safety and health, information privacy and security, wage payment, the payment
and withholding of Taxes and workers compensation and (iii) the Worker Adjustment and Retraining Notification Act and any comparable
foreign, state or local law. Issuer and its Subsidiaries have, or will have no later than the Closing Date, paid all outstanding
compensation of Employees and all fees or other compensation of the Independent Contractors due to be paid through the Closing
Date, except that in the event the Closing Date occurs in the middle of a pay period, any outstanding compensation of Employees
and all fees or other compensation of the Independent Contractors due to be paid at the end of such pay period will be paid in
due course as of the end of such pay period.

 

(o)
Each Employee Plan that is a “nonqualified deferred compensation plan” within the meaning of Section 409A of the Code
has a plan document that satisfies the requirements of Section 409A of the Code and has been operated in material compliance with
the terms of such plan document and the requirements of Section 409A of the Code, in each case such that no Tax is or has been
due or payable under Section 409A of the Code with respect to amounts deferred or payable under such Employee Plan.

 

    	24

    	 

    

 

(p)
To Issuer’s Knowledge, (a) no allegations of sexual harassment have been made against any Employee, and (b) neither Issuer
nor any of its Affiliates have entered into any settlement agreements related to allegations of sexual harassment or misconduct
by an Employee.

 

3.19
Material Contracts.

 

(a)
Except as set forth in Section 3.19 of the Issuer Disclosure Schedule or filed in Issuer’s periodic reports filed with the
SEC and publicly available at least two Business Days prior to the date hereof, neither Issuer nor any of its Subsidiaries is
a party to or bound by:

 

(i)
any Contract (A) relating to the employment of, or the performance of services by, any director, employee or consultant, (B) the
terms of which obligate or may in the future obligate Issuer or any of its Subsidiaries to make any severance, termination or
similar payment to any current or former employee, (C) pursuant to which Issuer or any of its Subsidiaries may be obligated to
make any bonus or similar payment to any current or former employee or director or (D) that is a Collective Bargaining Agreement;

 

(ii)
any Contract relating to any partnership, joint venture, strategic alliance, collaboration, material research and development
project or other similar arrangement;

 

(iii)
any Contract (excluding licenses for commercial off the shelf computer software that are generally available on nondiscriminatory
pricing terms) pursuant to which Issuer or any of its Subsidiaries (A) obtains the right to use, or a covenant not to be sued
under, any Intellectual Property Right or (B) grants the right to use, or a covenant not to be sued under, any Intellectual Property
Right;

 

(iv)
any Contract with any Governmental Authority;

 

(v)
any Contract with sole-source or single-source suppliers of material tangible products or services or pursuant to which either
Issuer or any of its Subsidiaries has agreed to purchase a minimum quantity of goods relating to any product or product candidate
or has agreed to purchase goods relating to any product or product candidate exclusively from a certain party;

 

(vi)
any Contract (A) that relates to the research, development, distribution, marketing, supply, license, collaboration, co-promotion
or manufacturing of any Product or (B) that otherwise provides for the purchase or sale of products or services by Issuer or any
of its Subsidiaries in excess of $100,000;

 

(vii)
any stockholders, investors rights, registration rights, tax receivables or similar or related Contract or arrangement;

 

    	25

    	 

    

 

(viii)
any Contract containing “most favored nation” or similar preferential pricing provisions, any exclusive dealing arrangement
or any arrangement that grants any right of first refusal, first offer, first negotiation or similar preferential right;

 

(ix)
any Contract (A) that obligates Issuer (together with its Subsidiaries) to make aggregate payments in excess of (x) $100,000 in
the current or any future calendar year or (y) $250,000 in the aggregate, (B) related to an acquisition or divestiture that contains
continuing representations, covenants, indemnities or other obligations (including “earn out” or other contingent
payment obligations) or (C) pursuant to which Issuer or any of its Subsidiaries has continuing obligations or interests involving
the payment of royalties or other amounts calculated based upon the revenues or income of Issuer or any of its Subsidiaries or
any other material contingent payment obligations, in each case that is not terminable by Issuer or its Subsidiaries without penalty
without more than 60 days’ notice;

 

(x)
any Lease, except as identified on Section 3.14(b) of the Issuer Disclosure Schedule;

 

(xi)
any Contract that provides for indemnification of any current or former officer, director or employee;

 

(xii)
any Contract for the disposition of all or any significant portion of the assets or business of Issuer or any of its Subsidiaries
or for the acquisition, directly or indirectly, of a material portion of the assets or business of any other Person (whether by
merger, sale of stock or assets or otherwise);

 

(xiii)
any Contract relating to indebtedness for borrowed money, any guarantees thereof or the granting of Liens over the property or
assets of Issuer or any of its Subsidiaries;

 

(xiv)
any Contract relating to any loan or other extension of credit made by Issuer or any of its Subsidiaries;

 

(xv)
any Contract containing any provision or covenant limiting in any material respect the ability of Issuer or any of its Subsidiaries
to (A) sell any products or services of or to any other Person or in any geographic region, (B) engage in any line of business
or (C) compete with or to obtain products or services from any Person, or limiting the ability of any Person to provide products
or services to Issuer or any of its Subsidiaries;

 

(xvi)
any Contract requiring Issuer, or any successor thereto or acquirer thereof, to make any payment whether severance or otherwise
to another Person related to, in connection with, or as a result of a change of control of Issuer (a “Change of Control
Payment”) or that gives a Third Party a right to receive or elect to receive a Change of Control Payment; or

 

    	26

    	 

    

 

(xvii)
any “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-K) or any other Contract that
is material to Issuer and its Subsidiaries, taken as a whole (all Contracts of the type described in this Section 3.19(a)
being referred to herein as “Material Contracts”).

 

(b)
Issuer has made available to Purchaser prior to the date hereof a true, correct and complete copy of each Material Contract. (i)
Each of the Material Contracts is valid, binding and in full force and effect and (ii) neither Issuer nor any of its Subsidiaries,
nor, to Issuer’s Knowledge, any other party to a Material Contract, has breached or violated in any material respect any
provision of, or taken or failed to take any act which, with or without notice, lapse of time, or both, would constitute a breach
or a default under the provisions of such Material Contract, and neither Issuer nor any of its Subsidiaries has received notice
that it has breached, violated or defaulted in any material respect under any Material Contract.

 

3.20
Finders’ Fees.

 

Except
for Torreya Partners LLC and The Sage Group, there are no investment bankers, brokers, finders or other intermediaries that have
been retained by or are authorized to act on behalf of Issuer or any of its Subsidiaries who might be entitled to any broker’s,
finder’s or similar fee or commission from Issuer or any of its Affiliates in connection with any of the transactions contemplated
by this Agreement. Issuer has made available to Purchaser prior to the date hereof a true, correct and complete copy of all agreements
pursuant to which Torreya Partners LLC and The Sage Group are entitled to any fees, expenses or indemnification in connection
with any of the transactions contemplated by this Agreement.

 

3.21
Opinion of Financial Advisor.

 

Issuer
has received the opinion of Torreya Partners LLC (the “Financial Advisor”), to the effect that, as of the date
of this Agreement, the Purchase Price is fair to Issuer from a financial point of view, and such opinion has not been withdrawn,
revoked or modified. Issuer will make available a true, correct and complete copy of the written opinion of Torreya Partners LLC
to Purchaser solely for informational purposes on the date hereof following execution of this Agreement.

 

3.22
Antitakeover Statutes.

 

No
“fair price”, “moratorium”, “control share acquisition”, “business combination”
or other similar antitakeover statute or regulation enacted under U.S. state or federal laws is applicable to Issuer, the Shares,
this Agreement or the transactions contemplated by or relating to any of the foregoing. The action of the Board in approving this
Agreement and transactions contemplated by or relating to any of the foregoing is sufficient to render inapplicable thereto any
such antitakeover statute or regulation and to result in Purchaser not being considered an “interested stockholder”
for purposes of NRS 78.3787. As of the date of this Agreement, neither Issuer nor any of its Subsidiaries is a party to any stockholder
rights agreement, rights plan, “poison pill” or other similar agreement or plan, except as set forth on Section 3.22
of the Issuer Disclosure Schedules.

 

    	27

    	 

    

 

3.23
Regulatory Matters.

 

(a)
All activities of Issuer and its Subsidiaries that are subject to the jurisdiction of the FDA or any comparable Governmental Authority,
or subject to Health Care Laws, have been conducted in compliance in all material respects with all applicable requirements under
all such Health Care Laws.

 

(b)
Neither Issuer, any of its Subsidiaries nor, to Issuer’s Knowledge, any Third Party, has received notice or other communication
alleging a possible material violation by Issuer or its Subsidiaries of any Health Care Law.

 

(c)
There are no Actions pending or, to Issuer’s Knowledge, threatened, with respect to an actual or alleged violation by Issuer,
any of its Subsidiaries, or to Issuer’s Knowledge, any Third Party, of any Health Care Law applicable to Issuer or any of
its Subsidiaries.

 

(d)
To Issuer’s Knowledge, there is no information, condition, event, occurrence or circumstance that would reasonably be expected
to adversely affect, in any material respect, the acceptance, obtaining or maintaining of any Product Registration for any of
the Products.

 

(e)
Issuer owns all Product Registrations with respect to the Products, and each of such Product Registrations is in full force and
effect. All of the Products are being, and at all times have been, Exploited in compliance with the requirements for the applicable
Product Registrations.

 

(f)
Issuer has made available to Purchaser true, correct and complete copies of (A) all material filings with the FDA or equivalent
Governmental Authority relating to any of the Products, (B) all material correspondence and communications with the FDA or equivalent
Governmental Authority relating to any of the Products and (C) all material data, information, results, analyses, trial protocols,
publications, and reports relating to the safety and efficacy of the Products.

 

(g)
Issuer has made available to Purchaser its current plan for development of all Products, including Issuer’s current plan
for obtaining Product Registrations necessary to ultimately commercialize the Products.

 

    	28

    	 

    

 

(h)
All applications, notifications, submissions, information, claims, reports and statistics and other data, utilized as the basis
for, or submitted in connection with, any Product Registration for any Product, when submitted to the FDA or such other applicable
Governmental Authority were true, correct and complete in all material respects as of the date of submission and any necessary
or required updates, changes, corrections or modification to such applications, submissions, information and data have been submitted
to the FDA or such other applicable Governmental Authority. None of the filings made by or on behalf of Issuer or any of its Subsidiaries
with the FDA or an equivalent Governmental Authority relating to any of the Products contained any untrue statement of a material
fact or fraudulent statement or omitted any material fact necessary to make the statements therein not misleading.

 

(i)
Neither Issuer, any of its Subsidiaries or any officer, director, employee or, to Issuer’s Knowledge, agent of Issuer or
any of its Subsidiaries, or any Third Party, (A) has committed any act, or made a statement, or failed to make a statement, that
could reasonably be expected to provide a basis for the FDA or any other Governmental Authority to invoke FDA’s policy respecting
“Fraud, Untrue Statements of Material Facts, Bribery, and Illegal Gratuities” set forth in 56 Fed. Reg. 46191 (September
10, 1991) or any similar policy with respect to Issuer, any of its Subsidiaries or any of their respective officers, directors
or employees; (B) has been charged with or convicted of any criminal offense relating to the delivery of an item or service under
Medicare, Medicaid, TRICARE or any similar government health care program (collectively, “Federal Health Care Programs”);
(C) has been subject to, or convicted of any crime or engaged in any conduct that would reasonably be expected to result in, debarment,
exclusion, or suspension from participation in any Federal Health Care Program, or otherwise under Section 306 of the FDCA or
any similar Applicable Law, and no Action is pending or, to Issuer’s Knowledge, threatened, relating to such debarment or
conviction of Issuer, any of its Subsidiaries, or any such other Person; (D) has had a civil monetary penalty assessed against
it, him or her under Section 1128A of the Social Security Act, codified at Title 42, Chapter 7, of the U.S. Code; or (E) to Issuer’s
Knowledge, is the target or subject of any current or potential investigation relating to any Federal Health Care Program-related
offense.

 

(j)
Except as provided in Section 3.23(j) of the Issuer Disclosure Schedule, neither Issuer nor any of its Subsidiaries nor, to Issuer’s
Knowledge, any Third Party, has received, and there is no threat of, any warning letter or untitled letter, report of inspectional
observations, including FDA Form 483, establishment inspection reports, notices of violation, enforcement notices or other documents
from any Governmental Authority or any Review Board alleging a lack of material compliance by Issuer, any of its Subsidiaries,
or any such Third Party with any Applicable Law or Product Registration in connection with the Products.

 

(k)
No Product has been recalled, withdrawn, suspended or discontinued (whether voluntarily or otherwise) and no proceedings (whether
completed or pending) seeking the recall, withdrawal, suspension, discontinuation, or seizure of any such Product are pending,
or to Issuer’s Knowledge, threatened, against Issuer or any of its Subsidiaries, nor have any such proceedings been pending
at any time.

 

    	29

    	 

    

 

(l)
Neither Issuer nor any of its Subsidiaries nor, to Issuer’s Knowledge, any Third Party, has received any notice or other
correspondence that a Governmental Authority with jurisdiction over any Product has commenced or, to Issuer’s Knowledge,
threatened to commence proceedings to (i) withdraw or otherwise suspend, revoke or materially amend any Product Registration or
(ii) enjoin the Exploitation of any Product, and, to Issuer’s Knowledge, no event has occurred that would reasonably be
expected to give any Governmental Authority any right to take any such action. Neither Issuer nor any of its Subsidiaries has
been requested by any Governmental Authority to voluntarily withdraw a Product Registration or to discontinue Exploiting a Product.

 

(m)
All preclinical and clinical studies conducted or sponsored by or on behalf of Issuer or any of its Subsidiaries are being and
have been conducted in compliance in all material respects with the applicable protocols, procedures and controls, and applicable
Health Care Laws. Except as set forth in Section 3.23(m) of the Issuer Disclosure Schedule, no clinical trial conducted or sponsored
by or on behalf of Issuer has been terminated or suspended by the FDA or any other applicable Governmental Authority or any Review
Board, and neither the FDA nor any other applicable Governmental Authority has commenced or, to Issuer’s Knowledge, threatened
to initiate, any action to place a clinical hold order on, or otherwise terminate, delay, suspend, materially modify, or materially
restrict, any previous, proposed or ongoing clinical trial conducted or proposed to be conducted by or on behalf of Issuer or
any of its Subsidiaries. Neither Issuer nor any of its Subsidiaries has received any notice or other communication from FDA or
any other applicable Governmental Authority or any Review Board with respect to any previous or ongoing pre-clinical or clinical
studies requiring the termination, suspension, or material modification of such studies. With respect to any clinical trial conducted
by or on behalf of Issuer or any of its Subsidiaries with respect to any Product in connection with or as the basis for any submission
to the FDA or other comparable Governmental Authority of any regulatory approval or application therefor, (i) such clinical trials
have been properly registered to the extent required under all applicable Health Care Laws, including on clinicaltrials.gov if
required, and (ii) the results of all such clinical trials have been disclosed to the extent required under all applicable Health
Care Laws, in each case including Section 402 of the PHSA and the implementing regulations codified in 42 CFR Part 11. To Issuer’s
Knowledge, none of the clinical investigators involved in the Exploitation of the Products by or on behalf of Issuer or its Subsidiaries
has been or is disqualified, restricted or otherwise sanctioned by FDA, the U.S. Department of Health and Human Services, or any
other applicable Governmental Authority.

 

(n)
There is not and has not been, and to Issuer’s Knowledge there is no threat of, any return or defect of any Product proposed
to be used during a clinical investigation, nor has Issuer issued any replacements, safety alerts or any other notice to an investigator
or Governmental Authority asserting potential lack of safety or regulatory compliance with respect to any Product, and to Issuer’s
Knowledge, there are no facts that would be reasonably likely to result in the foregoing or a termination or suspension of developing
and testing of any such Products.

 

    	30

    	 

    

 

(o)
Section 3.23(o) of the Issuer Disclosure Schedule sets forth a true, correct and complete listing of all Products currently or
previously Exploited by Issuer or any of its Subsidiaries.

 

(p)
Section 3.23(p) of the Issuer Disclosure Schedule sets forth a true, correct and complete listing of all previous, current, and
planned preclinical and clinical trials for any Product by or on behalf of Issuer or any of its Subsidiaries.

 

(q)
Section 3.23(q) of the Issuer Disclosure Schedule sets forth (i) each Third Party contract research organization or other provider
of services engaged by Issuer or any of its Subsidiaries to perform clinical studies and trials on any Product and (ii) each Third
Party manufacturer of any Product and each supplier that is under Contract with Issuer or any of its Subsidiaries to supply material
components and products incorporated into any Product. To Issuer’s Knowledge, each such Third Party (i) has complied and
is complying in all material respects with all applicable Health Care Laws, and any other Applicable Laws; and (ii) has all approvals
necessary to conduct its business and perform its obligations to Issuer or any of its Subsidiaries and all such approvals are
in full force and effect.

 

3.24
Committee on Foreign Investment in the U.S. Pilot
Program.

 

Neither
Issuer nor any of its Subsidiaries produces, designs, tests, manufactures, fabricates, or develops one or more “critical
technologies,” as defined in Section 721 of the Defense Production Act of 1950 (50 U.S.C. § 4565).

 

3.25
Transactions with Affiliates.

 

No
(a) present or former officer or director of Issuer or any of its Subsidiaries, (b) beneficial owner (as defined in Rule 13d-3
under the 1934 Act) of 5% or more of any class of securities of Issuer or any of its Subsidiaries or (c) Affiliate or “associate”
or any member of the “immediate family” (as such terms are respectively defined in Rules 12b-2 and 16a-1 of the 1934
Act) of any Person described in the foregoing clauses (a) or (b) (each of the foregoing, a “Related Party”)
is a party to any actual or proposed transaction, agreement, commitment, arrangement, understanding or Contract with Issuer or
any of its Subsidiaries or has engaged in any transaction with Issuer or any of its Subsidiaries during the three year period
ending on the date hereof except as set forth on Section 3.25 of the Issuer Disclosure Schedules.

 

    	31

    	 

    

 

3.26
Insurance.

 

Issuer
has delivered or otherwise made available to Purchaser prior to the date hereof a copy of all material insurance policies and
all material self-insurance programs and arrangements relating to the business, assets and operations of Issuer and its Subsidiaries.
All such insurance policies are in full force and effect, all premiums thereon have been timely paid or, if not yet due, accrued.
There is no material claim pending under Issuer’s or any of its Subsidiaries’ insurance policies or fidelity bonds
as to which coverage has been questioned, denied or disputed by the underwriters of such policies or bonds. Issuer and its Subsidiaries
are in compliance in all material respects with the terms of such policies and bonds, and Issuer maintains the types and amounts
of insurance coverage that are reasonably customary for companies in similar lines of business as Issuer and its Subsidiaries.
Issuer has no Knowledge of any threatened termination of, or material premium increase with respect to, any of such policies or
bonds.

 

3.27
Shares.

 

The
Purchased Shares to be issued pursuant to this Agreement have been duly authorized for issuance and sale pursuant to this Agreement
and, when issued and delivered pursuant to this Agreement against payment of the consideration therefor specified herein, will
be validly issued, fully paid and non-assessable.

 

3.28
No Disqualification Events.

 

None
of Issuer, any of its predecessors, any affiliated issuer, any director, executive officer, other officer of Issuer participating
in the offering hereunder, any beneficial owner of 20% or more of Issuer’s outstanding voting equity securities, calculated
on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the 1933 Act) connected with Issuer
in any capacity at the time of sale (each, an “Issuer Covered Person” and, together, “Issuer Covered
Persons”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii)
under the 1933 Act (a “Disqualification Event”), except for a Disqualification Event covered by Rule 506(d)(2)
or (d)(3). Issuer has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification
Event.

 

3.29
Listing and Maintenance Requirements.

 

The
Common Stock is registered pursuant to Section 12(b) of the 1934 Act, and the Issuer has taken no action designed to, or which
to its Knowledge is likely to have the effect of, terminating the registration of the Common Stock under the 1934 Act nor has
Issuer received any notification that the SEC is contemplating terminating such registration. Issuer has not, in the twelve (12)
months preceding the date hereof, received notice from Nasdaq to the effect that Issuer is not in compliance with the listing
or maintenance requirements of Nasdaq. Issuer is, and has no reason to believe that it will not in the foreseeable future continue
to be, in compliance with all such listing and maintenance requirements. The issuance and sale of the Purchased Shares hereunder
do not contravene the rules and regulations of Nasdaq. The Common Stock is currently eligible for electronic transfer through
the Depository Trust Company and Issuer is current in payment of the fees to the Depository Trust Company in connection with such
electronic transfer.

 

    	32

    	 

    

 

3.30
No Registration.

 

Assuming
the accuracy of Purchaser’s representations and warranties set forth herein, no registration under the 1933 Act is required
for the offer and sale of the Purchased Shares by Issuer to Purchaser as contemplated hereby.

 

3.31
Disclosure.

 

Except
for the issuance of the Purchased Shares and other transactions contemplated by this Agreement, to the Knowledge of Issuer, no
event, Liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist
with respect to Issuer or its business, properties, operations, assets or financial condition, that would be required to be disclosed
by Issuer under applicable securities Laws at the time this representation is made or deemed made that has not been publicly disclosed
at least four (4) Business Days prior to the date that this representation is made.

 

ARTICLE
4. REPRESENTATIONS AND WARRANTIES OF PURCHASER

 

Purchaser
hereby represents and warrants to Issuer as follows and on the Closing Date (except for any representations and warranties that
are expressly stated to have been made as of a specified date prior to the date of this Agreement, which shall have been true
and correct as of such specified date) that:

 

4.1
Authority.

 

The
Purchaser is a corporation organized and existing under the Laws of Delaware with full power and authority to enter into and to
consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder and thereunder.
The execution and delivery of this Agreement and performance by Purchaser of the transactions contemplated by such agreements
have been duly authorized by all necessary corporate action on the part of Purchaser. This Agreement has been duly executed by
Purchaser, and when delivered by Purchaser in accordance with the terms hereof, will constitute the valid and legally binding
obligation of Purchaser, enforceable against it in accordance with its terms, except: (i) as limited by general equitable principles
and applicable bankruptcy, insolvency, reorganization, moratorium and other Laws of general application affecting enforcement
of creditors’ rights generally, (ii) as limited by Laws relating to the availability of specific performance, injunctive
relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by Applicable
Law.

 

    	33

    	 

    

 

4.2
Brokers and Finders.

 

Neither
Purchaser nor any related person of Purchaser has incurred any Liability to any party for any brokerage fees, agent’s commissions,
or finder’s fees in connection with the transactions contemplated by this Agreement.

 

4.3
Beneficial Ownership of Common Stock.

 

As
of the date hereof, neither Purchaser nor any Affiliate is the beneficial owner of (i) any Common Stock or (ii) any securities
or other instruments representing the right to acquire Common Stock.

 

4.4
Availability of Funds.

 

Purchaser
has, or will have at the Effective Time, sufficient cash, available lines of credit or other sources of immediately available
funds to enable it to consummate the Sale pursuant to the terms of this Agreement and to pay all related fees and expenses of
Purchaser pursuant to this Agreement.

 

4.5
Certain Transactions and Confidentiality.

 

Other
than consummating the transactions contemplated hereunder, Purchaser has not directly or indirectly, nor has any Person acting
on behalf of or pursuant to any understanding with Purchaser, executed any purchases or sales, including short sales and pledges,
of the securities of Issuer during the period commencing as of the time that Purchaser first received a term sheet (written or
oral) from Issuer or any other Person representing Issuer setting forth the material terms of the transactions contemplated hereunder
and ending immediately prior to the execution hereof. Other than to Purchaser’s representatives, including, without limitation,
its officers, directors, partners, legal and other advisors, agents and Affiliates bound by a duty of confidentiality to Purchaser,
Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the
existence and terms of this transaction).

 

4.6
Investment Risk; Disclosure of Information Acknowledgement
of Risk.

 

Purchaser
acknowledges and understands that its investment in the Purchased Shares involves a significant degree of risk, including, without
limitation, (i) Issuer remains an early stage business with limited operating history and requires substantial funds in addition
to the proceeds from the sale of the Purchased Shares; (ii) an investment in Issuer is speculative, and only purchasers who can
afford the loss of their entire investment should consider investing in Issuer and the Purchased Shares; (iii) Purchaser may not
be able to liquidate its investment; (iv) transferability of the Purchased Shares is limited; and (v) Purchaser could suffer the
loss of its entire investment. Purchaser has sought such accounting, legal and tax advice from sources other than Issuer as it
has considered necessary to make an informed investment decision with respect to its acquisition of the Purchased Shares. Purchaser
has had an opportunity to receive all information related to Issuer and the Purchased Shares requested by it and to ask questions
of and receive answers from Issuer regarding Issuer, its business and the terms and conditions of the offering of the Purchased
Shares. Neither such inquiries nor any other due diligence investigation conducted by Purchaser shall modify, amend or affect
Purchaser’s right to rely on Issuer’s representations and warranties contained in this Agreement.

 

    	34

    	 

    

 

ARTICLE
5. COVENANTS OF ISSUER

 

Issuer
covenants and agrees with Purchaser as follows:

 

5.1
Access and Information.

 

From
the date hereof until the Closing and subject to Applicable Law, Issuer shall (i) give to Purchaser and its Representatives reasonable
access to the offices, properties, assets, Books and Records of Issuer and its Subsidiaries, (ii) furnish to Purchaser and its
Representatives such financial and operating data and other information as such Persons may reasonably request and (iii) instruct
the Representatives of Issuer and its Subsidiaries to cooperate with Purchaser in its investigation of Issuer and its Subsidiaries.
Any investigation pursuant to this Section 5.1 shall be conducted in such manner as not to interfere unreasonably with
the conduct of the business of Issuer and its Subsidiaries. No information or knowledge obtained in any investigation pursuant
to this Section 5.1 shall affect or be deemed to modify any representation or warranty made by Issuer hereunder.

 

5.2
Conduct of Business Prior to Closing.

 

During
the period from the date hereof until the Closing, Issuer shall, and shall cause each of its Subsidiaries to, conduct its business
in the Ordinary Course of Business and in material compliance with Applicable Law and all Material Contracts. Without limiting
the generality of the foregoing, Issuer shall, and shall cause its Subsidiaries to, (a) timely file all Tax Returns with a due
date on or prior to the Closing Date in a manner consistent with past practice, and (b) use its reasonable best efforts to (i)
preserve intact its present business organization (including preserving all assets in good repair and condition), (ii) maintain
in effect all of its foreign, federal, state and local Permits, (iii) keep available the services of its directors, officers,
employees and Service Providers consistent with Issuer’s Ordinary Course of Business, (iv) continue the ongoing clinical
trials in a diligent manner, and (v) maintain the goodwill and existing relationships with its customers, lenders, suppliers and
others having significant business relationships with it. Without limiting the generality of the foregoing, except as expressly
permitted by this Agreement or as set forth in the applicable subsection of Section 5.2 of the Issuer Disclosure Schedule, during
the period from the date hereof until the Closing, Issuer shall not, nor shall it permit any of its Subsidiaries to:

 

(a)
amend its Charter Documents (whether by merger, consolidation or otherwise);

 

    	35

    	 

    

 

(b)
(i) split, combine, subdivide or reclassify any shares of its capital stock (including the Shares), (ii) declare, set aside or
pay any dividend or other distribution (whether in cash, stock or property or any combination thereof) in respect of its capital
stock, except for dividends payable to Issuer or any of its Subsidiaries or (iii) redeem, repurchase or otherwise acquire, or
offer to redeem, repurchase or otherwise acquire, any Issuer Securities or any Issuer Subsidiary Securities;

 

(c)
(i) issue, pledge, dispose of, transfer, encumber, grant, sell or otherwise deliver, or authorize the issuance, pledge, disposal
of, transfer, encumbrance, grant, sale or other delivery of, any Issuer Securities or Issuer Subsidiary Securities, other than
the issuance of (A) any Shares upon the exercise of Issuer Stock Options or Issuer Warrants or purchase rights under the ESPP,
in each case that are outstanding on the date hereof in accordance with their respective terms on the date hereof and in compliance
with the terms of this Agreement, (B) any Shares upon the vesting of any Issuer RSUs or Issuer Restricted Shares, in each case,
that are outstanding on the date hereof in accordance with their respective terms on the date hereof and (C) any Issuer Subsidiary
Securities to Issuer or any other wholly-owned Subsidiary of Issuer, or (ii) amend any term of any Issuer Security or any Issuer
Subsidiary Security (in each case, whether by merger, consolidation or otherwise);

 

(d)
incur any capital expenditures or any Liabilities in respect thereof, except for those contemplated by Section 5.2(d) of the Issuer
Disclosure Schedule;

 

(e)
acquire (by merger, consolidation, acquisition of stock or assets or otherwise), directly or indirectly, any assets, securities,
properties, interests or businesses, other than in the Ordinary Course of Business of Issuer and its Subsidiaries in a manner
that is consistent with past practice;

 

(f)
merge or consolidate Issuer or any Subsidiary of Issuer with any Person or adopt a plan of complete or partial liquidation, dissolution,
merger, consolidation, restructuring, recapitalization or other reorganization of Issuer or any Subsidiary;

 

(g)
sell, assign, lease, license or otherwise transfer, abandon, dispose of or permit to lapse, or create or incur any Lien (other
than Permitted Liens incurred in the Ordinary Course of Business) on, any of Issuer’s or its Subsidiaries’ assets
(including any Intellectual Property Rights owned by or licensed to Issuer or any of its Subsidiaries), securities, properties,
interests or businesses, other than (except in the case of any Intellectual Property Rights owned by or licensed to Issuer or
any of its Subsidiaries) in the Ordinary Course of Business;

 

(h)
(i) extend, grant, amend, waive, cancel, abandon, allow to lapse or modify any rights in or to the Owned Intellectual Property
Rights in a manner that is adverse to Issuer or its Subsidiaries, (ii) fail to diligently prosecute any material Patent application
owned by Issuer or any of its Subsidiaries or the Licensed Intellectual Property Rights for which Issuer or any of its Subsidiaries
controls the prosecution thereof as of the date of this Agreement or (iii) divulge, furnish or make accessible any Owned Intellectual
Property Rights that constitute Trade Secrets, other than in the Ordinary Course of Business to any Third Party that is subject
to an enforceable written agreement to maintain the confidentiality of such Trade Secrets;

 

    	36

    	 

    

 

(i)
make any loans, advances or capital contributions to, or investments in, any other Person;

 

(j)
create, incur, assume, suffer to exist or otherwise become liable with respect to any indebtedness for borrowed money or guarantees
thereof, or issue or sell any debt securities or options, warrants, calls or other rights to acquire any debt securities of Issuer
or any of its Subsidiaries;

 

(k)
except with the prior written consent of Purchaser (such consent not to be unreasonably withheld, conditioned or delayed), (i)
renew, enter into, amend or modify in any material respect or terminate any Material Contract or any Contract that would constitute
a Material Contract if it were in effect on the date of this Agreement (except the expiration or automatic renewal of any Material
Contract in accordance with its terms) or (ii) waive, release or assign any material rights, claims or benefits of Issuer or any
of its Subsidiaries thereunder;

 

(l)
(i) with respect to any current or former Service Provider, (A) grant or increase any compensation, bonus, severance, retention,
change in control, termination pay, welfare or other benefits to (or amend any existing severance pay or termination arrangement),
(B) grant any equity or equity-based awards to, or amend or discretionarily accelerate the vesting or payment of any such awards
held by, any current or former Service Provider or other person or (C) enter into, establish, adopt, amend or terminate any Employment
Agreement, Consulting Agreement, or any other employment, consulting services, severance, retention, change in control, termination
pay, retirement, deferred compensation or other similar agreement or arrangement, (ii) establish, adopt, enter into, amend (except
as required by Applicable Law), or become obligated to contribute to any Employee Plan or Collective Bargaining Agreement, other
than routine amendments to Employee Plans that do not result in materially increased costs, (iii) recognize any new union, works
council or similar employee representative with respect to any current or former Service Provider, (iv) establish, adopt or enter
into any plan, agreement or arrangement, or otherwise commit, to gross up or indemnify, or otherwise reimburse any current or
former Service Provider for any Tax incurred by such Service Provider, including under Section 409A or Section 4999 of the Code,
(v) take any action to fund or in any other way secure the payment of compensation or benefits under any employee plan, agreement,
Contract or arrangement or Employee Plan, (vi) make any material determination under any Employee Plan that is inconsistent with
Issuer’s Ordinary Course of Business, or (vii) hire or engage the services of any individual as a Service Provider or terminate
the service of any Service Provider (or induce or attempt to induce any Service Provider to terminate his or her service) other
than for cause;

 

    	37

    	 

    

 

(m)
change Issuer’s methods, principles, practices or policies of accounting, in each case except as required by concurrent
changes in GAAP or in Regulation S-X, as agreed to by its independent public accountants;

 

(n)
commence, compromise, settle, or offer or propose to settle, (i) any Action, (ii) any stockholder Action or dispute against Issuer,
any of its Subsidiaries or any of their respective officers or directors or (iii) any Action or dispute that relates to the transactions
contemplated hereby;

 

(o)
make or change any Tax election, change any Tax accounting period, adopt or change any method of Tax accounting, amend any Tax
Returns or file claims for material Tax refunds, file any Tax Returns that are due after the Closing Date, enter into any closing
agreement with respect to Taxes, settle any Tax claim, audit or assessment, surrender any right to claim a Tax refund, offset
or other reduction in Tax Liability, or Consent to any extension or waiver of the statute of limitations period applicable to
any claim or assessment in respect of Taxes;

 

(p)
terminate or modify in any material respect, or fail to exercise renewal rights with respect to, any insurance policy;

 

(q)
assign, transfer, lease, cancel, fail to renew or fail to extend any Permit;

 

(r)
forgive any loans to directors, officers, employees or any of their respective Affiliates;

 

(s)
amend or modify the letter of engagement of the Financial Advisor or engage other advisors or consultants in connection with the
transactions contemplated hereby;

 

(t)
pre-pay any long-term indebtedness for borrowed money;

 

(u)
pay or discharge any claims, Liens or Liabilities which are not reserved for or reflected in the Issuer Balance Sheet;

 

(v)
implement any plant closing, relocation or layoff of employees that could implicate the WARN Act or any similar Applicable Law;

 

(w)
enter into or amend any Contract, or take any other action, that would reasonably be expected to prevent or materially delay or
materially impair the consummation of the Sale; or

 

(x)
agree, resolve or commit to do any of the foregoing.

 

    	38

    	 

    

 

5.3
Issuer Stockholder Meeting.

 

(a)
As promptly as reasonably practicable (and in any event within five Business Days after the date hereof), Issuer shall prepare
(and shall give Purchaser a reasonable opportunity to review and comment on) and file the Issuer Proxy Statement with the SEC.
Issuer shall use its reasonable best efforts to cause the Issuer Proxy Statement to be cleared by the SEC as soon as practicable
after the date hereof and to be mailed to its stockholders as promptly as practicable thereafter. Issuer shall use its reasonable
best efforts to ensure that the Issuer Proxy Statement, and any amendments or supplements thereto, comply in all material respects
with the rules and regulations promulgated by the SEC under the 1934 Act and comply in all respects with all applicable requirements
under the NRS (including NRS 92A.300 through 92A.500, inclusive) and the Charter Documents. Issuer and Purchaser shall cooperate
with one another (i) in connection with the preparation of the Issuer Proxy Statement and (ii) in determining whether any action
by or in respect of, or filing with, any Governmental Authority is required, or any actions, Consents or waivers are required
to be obtained from parties to any material Contracts or in connection with the consummation of the transactions contemplated
by this Agreement. In addition, Issuer and Purchaser shall use their respective reasonable best efforts to take such actions or
make any such filings and furnish information required in connection therewith or with the Issuer Proxy Statement, and timely
seek to obtain such actions, Consents or waivers from parties under such material Contracts.

 

(b)
Issuer shall cause a meeting of its stockholders (the “Issuer Stockholder Meeting”) to be duly called and held
as promptly as reasonably practicable after the SEC or its staff advises that it has no further comments on the Issuer Proxy Statement
or that Issuer may commence mailing the Issuer Proxy Statement for the purpose of voting on the approval of this Agreement and
shall comply with all Applicable Law with respect to such meeting and the solicitation of proxies in connection therewith. Issuer
shall cause the Issuer Proxy Statement to comply in all respects with the applicable provisions of the NRS and the Charter Documents,
and to be mailed to the stockholders of Issuer as of the record date established for Issuer Stockholders Meeting as promptly as
reasonably practicable thereafter. Issuer shall use its reasonable best efforts to solicit from Issuer’s stockholders proxies
in favor of the approval of this Agreement and the transactions contemplated hereby and the Articles Amendment, and shall take
all other action necessary or advisable to secure Issuer Stockholder Approval.

 

    	39

    	 

    

 

(c)
Any adjournment, delay or postponement of Issuer Stockholder Meeting shall require the prior written consent of Purchaser; provided
that Issuer shall be permitted to adjourn, delay or postpone Issuer Stockholder Meeting (i) with the consent of Purchaser
(such consent not to be unreasonably withheld, conditioned or delayed) for the absence of a quorum or (ii) after consultation
with Purchaser, solely to the extent necessary to ensure that any legally required supplement or amendment to the Issuer Proxy
Statement is provided to the stockholders of Issuer with adequate time to review. Purchaser may require Issuer to adjourn, delay
or postpone Issuer Stockholder Meeting for up to five days or as otherwise agreed by the parties (but prior to the date that is
two Business Days prior to the End Time) to solicit additional proxies necessary to obtain Issuer Stockholder Approval. Once Issuer
has established a record date for Issuer Stockholder Meeting, Issuer shall not change such record date or establish a different
record date for Issuer Stockholders Meeting without the prior written consent of Purchaser, unless required to do so by Applicable
Law or Issuer’s organizational documents. Without the prior written consent of Purchaser, the approval of this Agreement
and the transactions contemplated hereby and the Articles Amendment and the Bylaws Amendment shall be the only matters (other
than matters of procedure and matters required by Applicable Law to be voted on by Issuer’s stockholders in connection with
the approval of this Agreement and the transactions contemplated hereby and the Articles Amendment and the Bylaws Amendment) that
Issuer shall propose to be acted on by the stockholders of Issuer at Issuer Stockholder Meeting.

 

5.4
Nasdaq Listing.

 

Issuer
shall use its commercially reasonable efforts to cause the Purchased Shares to be approved for listing on Nasdaq prior to the
Closing.

 

5.5
Exclusivity.

 

Issuer
shall, and shall cause its Subsidiaries and its and their Representatives to, (i) cease immediately and cause to be terminated
any and all existing activities, discussions or negotiations, if any, with any Third Party and its Representatives conducted on
or prior to the date hereof with respect to any Competing Proposal and (ii) not engage in any discussions or enter into any agreements
or share any information with any Third Party relating to a Competing Proposal. Until the earlier of the Closing and the termination
of this Agreement pursuant to ARTICLE 10, from and after the date hereof, Issuer shall, as promptly as reasonably practicable,
and in any event within two (2) Business Days of receipt by Issuer or any of its Representatives of any Competing Proposal or
any inquiry that could reasonably be expected to lead to a Competing Proposal, deliver to Purchaser a written notice setting forth:
(A) the identity of the Person making such Competing Proposal or inquiry and (B) the material terms and conditions of such Competing
Proposal or an unredacted copy of any documents in connection with such Competing Proposal. Issuer shall keep Purchaser reasonably
informed of any amendment or modification of any such Competing Proposal on a prompt basis, and in any event within two (2) Business
Days.

 

5.6
Takeover Statutes.

 

Issuer
and the Board shall (a) take all actions necessary so that no “control share acquisition,” “fair price,”
“moratorium,” “business combination” or other antitakeover or similar statute or regulation becomes applicable
to any of the transactions contemplated by this Agreement, and so that Purchaser will not be considered an “interested stockholder”
for purposes of NRS 78.3787, and (b) if any such antitakeover or similar statute or regulation becomes applicable to the transactions
contemplated by this Agreement, to grant such approvals and take all actions necessary so that the transactions contemplated by
this Agreement may be consummated as promptly as practicable on the terms contemplated herein and otherwise to take all such other
actions as are reasonably necessary to eliminate or minimize the effects of any such statute or regulation on the transactions
contemplated hereby.

 

    	40

    	 

    

 

5.7
Interim Communications by Issuer.

 

Prior
to making any communications generally disseminated to the employees, customers, lenders, suppliers or other Persons having material
business relationships with Issuer or any of its Subsidiaries relating to the transactions contemplated by this Agreement, Issuer
shall provide Purchaser with prior notice of the intended communication, Purchaser shall have the right to review such communication
and provide comments, which Issuer shall consider in good faith to provide a mutually agreeable communication.

 

5.8
Lock-Up.

 

Except
as may be required by Law or a Governmental Authority, without the prior written consent of Issuer, Purchaser will not sell or
otherwise dispose of, directly or indirectly, any Shares acquired under the Agreement for a period of six (6) months following
the time when the shares are issued hereunder (such time period, the “Lock-Up Period”). However, this Section
5.8 shall not prohibit sales or other dispositions in connection with any merger, share exchange, consolidation, tender offer
or other similar corporate transaction

 

5.9
Standstill.

 

From
the period beginning on the date hereof until the expiration of the Option Period, or earlier termination of this Agreement, other
than to the extent contemplated or permitted by this Agreement or upon Issuer’s written consent or request, Purchaser shall
not, and shall cause each of its controlled Affiliates not to:

 

(a)
acquire, offer or propose to acquire, or agree to acquire directly or indirectly, whether by purchase, tender or exchange offer,
through the acquisition of control of another Person, by joining a partnership, limited partnership, syndicate or other “group”
(within the meaning of Section 13(d)(3) of the 1934 Act), any Common Stock in excess of one percent of the outstanding Common
Stock;

 

(b)
effect or seek, offer or propose (whether publicly or otherwise) or enter into an agreement to effect, or cause or participate
in or in any way knowingly assist any other Person to effect or seek, offer or propose (whether publicly or otherwise) to effect
or participate in, any tender or exchange offer, merger or other business combination involving Issuer or any recapitalization,
restructuring, liquidation, dissolution or other extraordinary transaction with respect to Issuer;

 

    	41

    	 

    

 

(c)
(i) make, engage or in any way participate in, directly or indirectly, any “solicitation” (as such term is used in
the proxy rules of the SEC) of proxies or consents with respect to the Common Stock (whether or not relating to the election or
removal of directors), (ii) seek to advise, encourage or influence any Person with respect to the voting of any Common Stock in
opposition to the recommendation of the Board with respect to any matter, (iii) initiate, propose or otherwise “solicit”
(as such term is defined in Rule 14a-1(l) under the 1934 Act, or, if amended, as amended and in effect at the time in question)
Issuer’s stockholders for the approval of any stockholder proposal, regardless of its purpose and whether made pursuant
to Rule 14a-8 or Rule 14a-4 under the 1934 Act or otherwise, (iv) knowingly induce or attempt to induce any other Person to initiate
any such stockholder proposal, or (v) otherwise communicate or seek to communicate with Issuer’s stockholders or others
pursuant to Rule 14a-1(l)(2)(iv) under the 1934 Act;

 

(d)
call or seek to call, directly or indirectly, any special meeting of stockholders of Issuer for purposes of approving any transaction
other than the transactions contemplated by this Agreement or any Ancillary Agreement, or seek, request, or take any action to
obtain or retain, directly or indirectly, any list of holders of the Common Stock or other securities of Issuer other than for
the aforementioned purpose;

 

(e)
form, join or in any way participate in any “group” (within the meaning of Section 13(d)(3) of the 1934 Act) with
respect to the Common Stock, other than a “group” that includes Issuer’s stockholders and their Affiliates with
respect to actions specifically required or permitted by this Agreement;

 

(f)
deposit any Common Stock in any voting trust or subject any Common Stock to any arrangement or agreement with respect to the voting
of the Common Stock;

 

(g)
seek, alone or in concert with others, election or appointment to, or representation on, or nominate or propose the nomination
of any candidate to, the Board or seek any change in the composition of the Board or management of Issuer, including any plans
or proposals to change the number or term of directors, to remove any director or to fill any vacancies on the Board, in each
case other than as expressly required or permitted by this Agreement or any Ancillary Agreement; or

 

(h)
knowingly initiate, solicit, assist, facilitate, finance, or encourage or otherwise participate in the taking of any of the foregoing
actions by any other Person or enter into any discussions, negotiations, arrangements or understandings with any other Person
with respect to any of the foregoing actions.

 

    	42

    	 

    

 

This
Section 5.9 shall automatically terminate and be of no force or effect at such time that (i) a Competing Proposal (as defined
below) shall have been publicly proposed by Issuer (and not publicly withdrawn), or a “group” (as defined under the
1934 Act) or any Person unaffiliated with Purchaser shall have publicly made (and not publicly withdrawn) a bona fide proposal
with respect to a Competing Proposal, (ii) Issuer shall have entered into an agreement in principle or definitive agreement providing
for any Competing Proposal, (iii) Issuer or any Person discloses (by press release, the filing of a report on Schedule 13D, the
making of a tender or exchange offer or otherwise) that it is in discussions or negotiations with either Purchaser, any shareholder
or any “group” (as defined under the 1934 Act) or Person unaffiliated with Purchaser with respect to a Competing Proposal,
(iv) a “group” (as defined under the 1934 Act) or Person unaffiliated with Purchaser (A) solicits proxies to effect
a change in the majority of the Board or (B) Beneficially Owns (as defined in the Stockholder Agreement) 20% or more of the outstanding
Common Stock, or (v) Issuer commences or publicly announces an intention to commence a sales process, a review of strategic alternatives
or a similar process indicating its openness to consideration of a Competing Proposal or shall have engaged an investment bank
for the purpose, in whole or in part, of soliciting interest of one or more Third Parties in a Competing Proposal. Notwithstanding
anything to the contrary contained herein, this Section 5.9 shall not restrict in any way the directors appointed by Purchaser
to the Board from satisfying their fiduciary duties.

 

5.10
Anti-Dilution.

 

Upon
the exercise of any Company option or warrant in existence at the time of this Agreement or granted on or after the date hereof
and prior to the Closing, Issuer shall provide Purchaser written notice of such exercise or issuance, as applicable, including
the material terms of such exercise or issuance, as applicable, within five (5) Business Days of such exercise or issuance. Within
60 days of Purchaser receiving such notice, Purchaser shall have the right, but not the obligation, to purchase additional shares
of Common Stock at a purchase price equal to the same exercise price or purchase price paid by each such option holders or warrant
holder, up to an amount of shares required for Purchaser to Beneficially Own 53% of the outstanding Common Stock. Issuer covenants
to use its reasonable best efforts to maintain a sufficient number of authorized share of Common Stock in order to allow for issuances
pursuant to this Section 5.10 and, if at any time there are insufficient authorized shares notwithstanding the foregoing covenant,
Issuer shall take all actions necessary to increase the number of authorized Common Stock to comply with this Section 5.10, including
holding a meeting of stockholders as promptly as practicable.

 

5.11
Director Resignation.

 

Immediately
prior to the Closing, the Company shall cause one member of the existing Board of Directors to resign.

 

    	43

    	 

    

 

ARTICLE
6. MUTUAL COVENANTS

 

6.1
Notice of Certain Events.

 

Each
of Issuer and Purchaser shall promptly notify the other of:

 

(a)
any notice or other communication from any Person alleging that the Consent of such Person is or may be required in connection
with the transactions contemplated by this Agreement;

 

(b)
any notice or other communication from any Governmental Authority in connection with the transactions contemplated by this Agreement;

 

(c)
any Actions commenced or, to such Party’s knowledge, threatened against, relating to or involving or otherwise affecting
such Party or any of its Subsidiaries, as the case may be, (i) that, if pending on the date of this Agreement, would have been
required to have been disclosed pursuant to any Section of this Agreement or (ii) that relate to this Agreement or the consummation
of the transactions contemplated hereby;

 

(d)
any inaccuracy in any material respect of any representation or warranty contained in this Agreement at any time during the term
hereof;

 

(e)
any failure of such Party to comply with or satisfy any covenant, condition or agreement to be complied with or satisfied by it
hereunder; and

 

(f)
any event, condition, fact or circumstance that has a materially adverse impact on the likelihood that all of the conditions set
forth in ARTICLE 7 or ARTICLE 8 will be satisfied prior to the End Time, or that causes or is reasonably likely
to cause an Issuer Material Adverse Effect.

 

In
no event shall (i) the delivery of any notice by a Party pursuant to this Section 6.1 limit or otherwise affect the respective
rights, remedies, obligations, representations, warranties, covenants or agreements of the Parties or the conditions to the obligations
of the Parties under this Agreement or (ii) disclosure by Issuer or Purchaser be deemed to amend or supplement the Issuer Disclosure
Schedule or constitute an exception to any representation or warranty of the disclosing Party.

 

6.2
CFIUS.

 

Purchaser
and Issuer shall jointly file an informal communication (“Informal Notice”) to CFIUS with respect to the transactions
contemplated hereby within five (5) Business Days of the date hereof in order to apprise CFIUS of and generally describe such
transactions and the business of Issuer and its Subsidiaries and further explain that no formal notification or declaration is
required under the Defense Production Act, as amended (“DPA”), and the Treasury regulations promulgated thereunder
(“Treasury Regulations”). Purchaser shall take the lead in preparing the Informal Notice and Issuer shall provide
all necessary information for Issuer and its Subsidiaries relating to the Informal Notice. In the event that CFIUS requests that
the Parties file a declaration notification with respect to the contemplated transactions pursuant to the DPA and Treasury Regulations,
Purchaser and Issuer shall file such declaration or notification (“Notification”) within ten (10) Business
Days after the receipt of the request. Purchaser shall take the lead in preparing the Notification and Issuer shall provide all
necessary information for Issuer and its Subsidiaries. The Parties shall each, to their fullest ability, provide CFIUS with any
additional or supplemental information requested by CFIUS or its member agencies or departments during the CFIUS review process
(“Additional Filings”), act in good faith and reasonably cooperate with each other in connection with any such
Additional Filings (including to provide copies of any such Additional Filings to outside counsel for the non-filing Party in
draft form in advance of its submission to CFIUS), and keep the other Party informed of any material communication received by
such Party from, or given by such Party to, CFIUS or its member departments and agencies related to the transactions contemplated
by this Agreement.

 

    	44

    	 

    

 

6.3
Further Mutual Covenants.

 

Purchaser
and Issuer shall each take such actions contemplated by this Agreement, and, subject to Purchaser’s and Issuer’s,
as applicable, right to terminate this Agreement pursuant to ARTICLE 10, do all things necessary (to the extent commercially
reasonable) to effect the consummation of the transactions contemplated by this Agreement. Except as otherwise provided in this
Agreement, Purchaser and Issuer shall each refrain from knowingly taking or failing to take any action which would render any
of the representations or warranties contained in ARTICLE 3 or ARTICLE 4, as applicable, of this Agreement inaccurate
in any material respect as of the Closing Date. Each Party shall promptly notify the other Party of any Litigation that is instituted
or threatened against such Party to restrain, prohibit, or otherwise challenge the legality of any transaction contemplated by
this Agreement.

 

6.4
Commercially Reasonable Efforts.

 

Issuer
and Purchaser will use commercially reasonable efforts to cause the conditions in ARTICLE 7 and ARTICLE 8 to be
satisfied.

 

6.5
Listing.

 

Issuer
shall use its reasonable best efforts to cause the Purchased Shares to be approved for listing on Nasdaq immediately following
the Lock-Up Period.

 

    	45

    	 

    

 

ARTICLE
7. CONDITIONS PRECEDENT TO OBLIGATIONS OF PURCHASER

 

The
obligation of Purchaser to consummate the transactions contemplated by this Agreement shall be subject to the satisfaction, on
or before the Closing Date, of each of the following conditions, all or any of which may be waived in writing, in whole or in
part, by Purchaser:

 

7.1
Representations and Warranties.

 

The
representations and warranties of Issuer contained in ARTICLE 3 shall be true and correct in all material respects both
when made and as of the Closing Date (except to the extent expressly made as of an earlier date, in which case as of such date)
(provided for purposes of this Section 7.1 all “Material Adverse Effect” qualifications and other
materiality qualifications limiting the scope of the representations and warranties of Issuer contained in this Agreement will
be disregarded). Purchaser will have received a certificate to such effect signed by an officer of Issuer, as of the Closing Date,
executed by Issuer, to such effect.

 

7.2
Compliance by Issuer.

 

Issuer
shall have duly performed in all material respects all of the covenants, agreements, and conditions contained in this Agreement
to be performed by Issuer on or prior to the Closing Date (as applicable) and Purchaser shall have received a certificate dated
the Closing Date, executed by an authorized officer of Issuer to such effect. Purchaser shall have received from Issuer such certificates
or other evidence, dated as of the Closing Date, as Purchaser or its counsel shall reasonably request to evidence the performance
of all covenants and the fulfillment by Issuer, or such other satisfaction at or prior to the Closing Date, of the terms and conditions
of this Agreement.

 

7.3
No Injunction; Litigation.

 

No
Litigation, regulation, or legislation shall be pending or overtly threatened by a Third Party which seeks to enjoin, restrain,
or prohibit Purchaser in respect of the consummation of the transactions contemplated hereby.

 

7.4
Consents; Authorizations; Approval of Legal Matters.

 

All
authorizations, Orders, or Consents of any Governmental Authority or Nasdaq, if any, required to consummate the issuance and sale
of the Purchased Shares to Purchaser shall have been obtained. Purchaser shall have received a certificate dated as of the relevant
Closing Date, executed by Issuer to the foregoing effect, and Purchaser shall be reasonably satisfied with the terms, conditions,
and restrictions of and obligations under each such authorization, Order, or Consent.

 

7.5
No Material Adverse Change.

 

There
shall not have occurred any change or development that would constitute an Issuer Material Adverse Effect, and Purchaser shall
have received a certificate dated as of the Closing Date, executed by a duly authorized officer of Issuer to such effect.

 

7.6
Closing Precedent Transactions.

 

The
transactions contemplated by Section 2.2 shall have occurred and the Registration Rights Agreement shall be fully executed
and effective.

 

    	46

    	 

    

 

7.7
Simultaneous Closing.

 

The
Closing shall occur simultaneously with the Closing (as defined in the Sirtex SPA) of the Stock Purchase Agreement by and between
Issuer and Sirtex Medical US Holdings, Inc. (“Sirtex”), dated as of the date hereof (the “Sirtex SPA”).

 

7.8
Issuer Approvals.

 

Issuer
shall have obtained Issuer Stockholder Approval for this Agreement and the transactions contemplated hereby, including in connection
with the Articles Amendment, to increase the number of authorized Common Stock from 26,000,000 to 30,000,000 and other related
matters, and any necessary approvals under Nasdaq rules. Issuer shall have filed the Articles Amendment and such amendment shall
be effective. The Bylaws Amendment shall have been approved and adopted by the Board.

 

ARTICLE
8. CONDITIONS PRECEDENT TO OBLIGATIONS OF ISSUER

 

The
obligation of Issuer to consummate the transactions contemplated by this Agreement shall be subject to the satisfaction, on or
before the relevant Closing Date (as applicable) hereunder, of each of the following conditions, all or any of which may be waived,
in whole or in part, by Issuer.

 

8.1
Certificate Regarding Representations and Warranties.

 

The
representations and warranties of Purchaser contained in ARTICLE 4 shall be true and correct in all material respects both
when made and as of the Closing Date (except to the extent expressly made as of an earlier date, in which case as of such date)
(provided for purposes of this Section 8.1 all material adverse effect qualifications and other materiality qualifications
limiting the scope of the representations and warranties of Purchaser contained in this Agreement will be disregarded), and Issuer
shall have received a certificate dated as of the Closing Date, executed by Purchaser, to such effect.

 

8.2
Compliance by Purchaser.

 

Purchaser
shall have duly performed in all material respects all of the covenants, agreements, and conditions contained in this Agreement
to be performed by Purchaser on or before the Closing Date, and Issuer shall have received a certificate dated as of the Closing
Date, executed by Purchaser, to such effect. Issuer shall have received from Purchaser all applicable closing deliveries, and
such certificates or other evidence, duly executed by Purchaser, dated as of the Closing Date, as Issuer or its counsel shall
reasonably request to evidence the performance of all covenants and the fulfillment by Purchaser, or such other satisfaction at
or prior to the Closing Date, of the terms and conditions of this Agreement, including Purchaser’s executed counterpart
to the Registration Rights Agreement.

 

    	47

    	 

    

 

8.3
No Injunction, Litigation.

 

No
Litigation, regulation, or legislation shall be pending or overtly threatened by a Third Party which seeks to enjoin, restrain,
or prohibit Issuer, in respect of the consummation of the transactions contemplated hereby.

 

8.4
Consents; Authorizations; Approval of Legal Matters.

 

All
authorizations, Orders, or Consents of any Governmental Authority required to consummate the issuance and sale of the Purchased
Shares to Purchaser shall have been obtained. Issuer shall have received a certificate dated as of the Closing Date, executed
by Purchaser to the foregoing effect, and Issuer shall be reasonably satisfied with the terms, conditions, and restrictions of
and obligations under each such authorization, Order, or Consent.

 

8.5
Issuer Stockholder Approval.

 

Issuer
shall have obtained Issuer Stockholder Approval for this Agreement and the transactions contemplated hereby, including in connection
with the Articles Amendment and any necessary approvals under Nasdaq rules.

 

ARTICLE
9. CONFIDENTIALITY; PUBLIC ANNOUNCEMENTS

 

9.1
Confidentiality.

 

The
Information is disclosed to Purchaser solely for Purchaser’s use in completing its analysis incidental to this Agreement,
and Purchaser agrees that its use of the Information will be governed by the terms and conditions of the Confidentiality Agreement,
as amended on the date hereof.

 

9.2
Public Announcements.

 

The
initial press release concerning this Agreement and the transactions contemplated hereby shall be a joint press release of Issuer,
Purchaser and Sirtex to be reasonably agreed upon by Issuer and Purchaser. Following such initial press release, Purchaser and
Issuer shall consult with each other before issuing any additional press release, making any other public statement or scheduling
any press conference, conference call or meeting with investors or analysts with respect to this Agreement or the transactions
contemplated hereby (unless such press release or public statement contains, or the statements made during such press conference,
conference call or meeting as they relate to this Agreement or the transactions contemplated hereby include, in any case, only
information that has been previously disclosed in the initial press release or other statements consented to in writing by Purchaser)
and, except as may be required by Applicable Law or any listing agreement with or rule of any national securities exchange or
association; provided, however, that the restrictions set forth in this Section 9.2 shall not apply to any
release or public statement in connection with any dispute between the Parties regarding this Agreement, the Sale or the other
transactions contemplated hereby.

 

    	48

    	 

    

 

ARTICLE
10. TERMINATION

 

10.1
Termination.

 

(a)
The obligation of Issuer to sell, and Purchaser to purchase, the Purchased Shares on the Closing Date may be terminated:

 

(i)
by the mutual consent of Purchaser and Issuer;

 

(ii)
by either Party if the Closing shall not have occurred on or before March 31, 2020 (the “End Time”); provided
that the right to terminate this Agreement pursuant to this Section 10.1(a)(ii) shall not be available to any Party
whose breach of any representation, warranty, covenant, agreement or provision of this Agreement has caused or resulted in the
failure of the Closing to occur by the End Time;

 

(iii)
by Purchaser if (i) any condition in ARTICLE 7 becomes impossible to perform or satisfy (other than as a result of a material
breach or default by Purchaser in the performance of its obligations hereunder) and the performance of such condition has not
been waived by Purchaser in writing at or prior to the Closing Date or (ii) the Issuer materially breaches any of its covenants
or agreements contained herein and such breach is not cured (if capable of being cured) within ten (10) days after written notice
of such breach; or

 

(iv)
by Issuer if (i) any condition in ARTICLE 8 becomes impossible to perform or satisfy (other than as a result of a material
breach or default by Issuer in the performance of its obligations hereunder) and the performance of such condition has not been
waived by Issuer in writing at or prior to the Closing Date or (ii) Purchaser materially breaches any of its covenants or agreements
contained herein and such breach is not cured (if capable of being cured) within ten (10) days after written notice of such breach.

 

(b)
Upon termination, this Agreement shall be terminated in its entirety and each provision of this Agreement shall have no further
force and effect, except for ARTICLE 9 and Section 11.2, each of which shall survive; provided that no such
termination shall relieve any party from any liability or damages resulting from a willful and material breach of any of its representations,
warranties, covenants or agreements set forth in this Agreement or fraud, in which case the non-breaching party shall be entitled
to all rights and remedies available at law or in equity.

 

    	49

    	 

    

 

ARTICLE
11. GENERAL PROVISIONS

 

11.1
Definitions.

 

(a)
The terms set forth below shall have the meanings ascribed thereto in the referenced sections:

 

	Term
    	 	Page	 	Term
    	 	Page
    
	 	 	 	 	 	 	 
	Additional
    Filings	 	44	 	Lease	 	12
	Agreement	 	1	 	Leased
    Real Property	 	13
	Change
    of Control Payment	 	26	 	Lock-Up
    Period	 	41
	Charter
    Documents	 	3	 	Material
    Adverse Effect	 	46
	Closing	 	2	 	Material
    Contracts	 	27
	Closing
    Date	 	2	 	Notification	 	44
	Common
    Stock	 	1	 	Personal
    Information	 	60
	Disqualification
    Event	 	32	 	Privacy
    and Information Security Requirements	 	61
	DPA	 	45	 	Privacy
    Notices	 	17
	DRS	 	3	 	Purchase
    Price	 	2
	End
    Time	 	49	 	Purchased
    Shares	 	1
	FCPA	 	11	 	Purchaser	 	1
	Federal
    Health Care Programs	 	29	 	Recapitalization	 	2
	Financial
    Advisor	 	28	 	Registration
    Rights Agreement	 	1
	Informal
    Notice	 	45	 	Related
    Party	 	31
	Issuer	 	1	 	Sale	 	1
	Issuer
    Board Recommendation	 	4	 	Sanctions	 	11
	Issuer
    Covered Person	 	32	 	Services
    Agreement	 	1
	Issuer
    Covered Persons	 	32	 	Share	 	1
	Issuer
    Proxy Statement	 	10	 	Shares	 	1
	Issuer
    SEC Documents	 	7	 	Sirtex	 	47
	Issuer
    Securities	 	6	 	Sirtex
    SPA	 	47
	Issuer
    Stockholder Approval	 	4	 	Stockholder
    Agreement	 	1
	Issuer
    Stockholder Meeting	 	39	 	Treasury
    Regulations	 	44
	Issuer
    Subsidiary Securities	 	7	 	UK
    Bribery Act	 	11

 

    	50

    	 

    

 

(b)
Except as otherwise provided herein, the capitalized terms set forth below shall have the following meanings:

 

(i)
“1933 Act” means the Securities Act of 1933, as amended.

 

(ii)
“1934 Act” means the Securities Act of 1934, as amended.

 

(iii)
“Action” means any action, suit, investigation, examination, audit (including Tax audit), litigation, arbitration,
mediation, demand, charge, complaint, claim (including any cross-claim or counterclaim), enforcement action or proceeding (including
any civil, criminal, administrative, investigative or appellate proceeding).

 

(iv)
“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is
controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the 1933
Act.

 

(v)
“Ancillary Agreements” means the Stockholder Agreement, the Registration Rights Agreement and the Services
Agreement.

 

(vi)
“Applicable Law” means, with respect to any Person, any transnational, domestic or foreign, federal, state,
local or provincial Law (statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation,
Order, Permit, injunction, judgment, decree, ruling or other similar requirement enacted, adopted, promulgated or applied by a
Governmental Authority that is binding on or applicable to such Person.

 

(vii)
“Articles Amendment” means an amendment to the Articles of Incorporation in substantially the same form as
Exhibit D hereto.

 

(viii)
“Articles of Incorporation” means the Articles of Incorporation of Issuer, as amended.

 

(ix)
“Board” shall mean Issuer’s board of directors.

 

(x)
“Books and Records” means all existing data, databases, books, records, correspondence, business plans and
projections, tenant and vendor lists, files, papers, and, to the extent permitted under Applicable Law, copies of historical personnel,
payroll and medical records of each of the Employees in the possession of Issuer, including employment applications, employment
agreements, confidentiality and non-compete agreements, corrective action reports, disciplinary reports, notices of transfer,
notices of rate changes, other similar documents, and any summaries of such documents regularly prepared by Issuer; all reported
medical claims made for each Employee; and all manuals and printed instructions of Issuer.

 

    	51

    	 

    

 

(xi)
“Business Day” means a day, other than Saturday, Sunday or other day on which commercial banks in New York,
New York or the People’s Republic of China (including the Hong Kong Special Administrative Region) are authorized or required
by Applicable Law to close.

 

(xii)
“Bylaws” means the Bylaws of Issuer, as amended.

 

(xiii)
“Bylaws Amendment” means an amendment to the Bylaws in substantially the same form as Exhibit E hereto.

 

(xiv)
“CFIUS” means the Committee on Foreign Investment in the U.S.

 

(xv)
“Code” means the Internal Revenue Code of 1986, as amended.

 

(xvi)
“Collective Bargaining Agreement” means any written or oral agreement, memorandum of understanding or other
contractual obligation between Issuer or any of its Subsidiaries and any labor organization or other authorized employee representative
representing Service Providers, including any collective bargaining, works council or similar agreement.

 

(xvii)
“Competing Proposal” means, other than the transactions contemplated by this Agreement, any Third Party offer,
proposal or inquiry relating to, or any Third Party indication of interest in, in a single transaction or a series of related
transactions, (i) any acquisition or purchase, direct or indirect, of assets representing 15% or more of the consolidated assets
of Issuer and its Subsidiaries or 15% or more of any class of equity or voting securities of Issuer or any of its Subsidiaries
whose assets, individually or in the aggregate, constitute 15% or more of the consolidated assets of Issuer, (ii) any tender offer
(including a self-tender offer) or exchange offer that, if consummated, would result in any Third Party’s Beneficially Owning
(as defined in the Stockholder Agreement) 15% or more of any class of equity or voting securities of Issuer or any of its Subsidiaries
whose assets, individually or in the aggregate, constitute 15% or more of the consolidated assets of Issuer and its Subsidiaries,
(iii) a merger, consolidation, share exchange, business combination, sale of substantially all of the assets, reorganization,
recapitalization, liquidation, dissolution or other similar transaction involving Issuer or any of its Subsidiaries whose assets,
individually or in the aggregate, constitute 15% or more of the consolidated assets of Issuer, (iv) any acquisition or exclusive
license of any Product or Owned Intellectual Property Rights or (v) any other transaction the consummation of which would reasonably
be expected to impede, interfere with, prevent or materially delay the Sale, or that would reasonably be expected to dilute materially
the benefits to Purchaser of the transactions contemplated hereby.

 

(xviii)
“Confidentiality Agreement” means that certain Mutual Confidential Disclosure Agreement, dated as of March
25, 2019, by and between China Grand Enterprise Ltd and Issuer.

 

    	52

    	 

    

 

(xix)
“Consent” means any consent, approval or authorization.

 

(xx)
“Consulting Agreement” means each consulting, Service Provider, change in control or other agreement or Contract
between Issuer or a Subsidiary of Issuer and any Independent Contractor.

 

(xxi)
“Contract” means, with respect to any Person, any legally binding contract, agreement, lease, sublease, license,
sublicense commitment, sale or purchase order, indenture, note, bond, loan, mortgage, deed of trust, concession, franchise, Permit,
instrument or other arrangement, commitment or undertaking, including any exhibits, annexes, appendices or attachments thereto,
whether written or oral, to which such Person is a party or by which such Person or such Person’s properties or assets are
bound.

 

(xxii)
“Data Processors” means any Third Party Service Providers, software developers, outsources, or others to which
Issuer or any Issuer Subsidiary engages and allows access to Personal Information or IT Assets that hold Personal Information.

 

(xxiii)
“Drug Application” shall mean a New Drug Application or a Biologic License Application, as those
terms are defined in the FDCA and PHSA and the FDA regulations promulgated thereunder, for any FDA Related Product, as appropriate,
in each case of Issuer or any of its Affiliates.

 

(xxiv)
“Employee Plan” means any (i) “employee benefit plan” as defined in Section 3(3) of ERISA, (ii)
compensation, employment, consulting, Independent Contractor, severance, termination protection, change in control, transaction
bonus, retention or similar plan, agreement, arrangement, program or policy or (iii) other plan, agreement, arrangement, program
or policy providing for compensation, bonuses, profit-sharing, equity or equity-based compensation or other forms of incentive
or deferred compensation, vacation benefits, insurance (including any self-insured arrangement), medical, dental, vision, prescription
or fringe benefits, life insurance, relocation or expatriate benefits, perquisites, disability or sick leave benefits, employee
assistance program, supplemental unemployment benefits or post-employment or retirement benefits (including compensation, pension,
health, medical or insurance benefits), in each case (x) whether or not written, (y) that is sponsored, maintained, administered,
contributed to, required to be contributed to or entered into by Issuer or any of its ERISA Affiliates for the current or future
benefit of any current or former Service Provider or (z) for which Issuer or any of its Subsidiaries or their respective ERISA
Affiliates have or could have any current or future Liability.

 

(xxv)
“Employees” means all employees of Issuer.

 

(xxvi)
“Employment Agreement” means each management, employment, severance, consulting, bonus, retention,
relocation, repatriation, expatriation, change in control or similar agreement or offer letter between Issuer or a Subsidiary
of Issuer and any current or former Employee.

 

    	53

    	 

    

 

(xxvii)
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

 

(xxviii)
“ERISA Affiliate” of any entity means any other entity that, together with such first entity, is (or at any
relevant time was or will be) treated as a single employer under Section 414 of the Code.

 

(xxix)
“ESPP” means Issuer’s 2015 Employee Stock Purchase Plan.

 

(xxx)
“Exploit” (and related terms such as “Exploitation” or “Exploited”) means
to manufacture, have manufactured, produce, fill, finish, package, label, import, export, use, have used, sell, offer for sale,
have sold, research, develop (including seeking, obtaining or maintaining Product Registrations), test, prescribe, administer,
commercialize, register, store, hold or keep (whether for disposal or otherwise), transport, ship, distribute, promote, market,
price, supply or otherwise dispose of, or to license or otherwise permit any Person to conduct any of the foregoing.

 

(xxxi)
“FDA” means the U.S. Food and Drug Administration and any successor agency thereto.

 

(xxxii)
“FDCA” means the U.S. Federal Food, Drug, and Cosmetic Act, together with any rule or regulation
lawfully issued or promulgated by the FDA.

 

(xxxiii)
“FDA Regulated Product” shall mean and includes any of Issuer’s approved products, product
candidates, or any components thereof that are subject to the FDCA and other Laws administered by the FDA.

 

(xxxiv)
“Final Offering Period” means the offering or purchase period under the ESPP that is in effect on the date
hereof.

 

(xxxv)
“GAAP” means generally accepted accounting principles as employed in the U.S., applied consistently with prior
periods and with Issuer’s historical practices and methods, provided that standards of materiality applicable to
Issuer shall be employed without regard to standards of materiality used by Issuer in prior periods, and provided further,
that Issuer’s historical practices and methods shall not be consistently applied to the extent they are not in accordance
with GAAP.

 

(xxxvi)
“Governmental Authority” means any: (A) nation, state, commonwealth, province, territory, county, municipality,
district or other jurisdiction of any nature; (B) federal, state, local, municipal, foreign or other government; (C) governmental
authority of any nature (including any governmental division, department, agency, commission, instrumentality, official, ministry,
fund, foundation, center, organization, unit, body or entity and any court or other tribunal); or (D) entity to whom a Governmental
Authority has assigned or delegated any authority or oversight responsibilities, including any notified body licensed, authorized
or approved to assess and certify the conformity of a medical device with the requirements of the EU Medical Devices Directive
93/42/EEC, the EU Medical Devices Regulation (EU) 2017/745, and applicable harmonized standards.

 

    	54

    	 

    

 

(xxxvii)
“Health Care Laws” means (i) the FDCA and the regulations promulgated thereunder, (ii) the PHSA, and the regulations
promulgated thereunder, (iii) all federal and state fraud and abuse laws, including the Federal Anti-Kickback Statute (42 U.S.C.
§ 1320a-7b(b)), the civil False Claims Act (31 U.S.C. § 3729 et seq.), the administrative False Claims Law (42 U.S.C.
§ 1320a-7b(a)), the Anti-Inducement Law (42 U.S.C. § 1320a-7a(a)(5)), the exclusion laws (42 U.S.C. § 1320a-7),
and the regulations promulgated pursuant to such statutes, (iv) HIPAA, the regulations promulgated thereunder and comparable state
laws, (v) the Controlled Substances Act (21 U.S.C. § 801 et seq.), (vi) Titles XVIII (42 U.S.C. § 1395 et seq.) and
XIX (42 U.S.C. § 1396 et seq.) of the Social Security Act and the regulations promulgated thereunder, (vii) FDA’s regulations
in Title 21 of the Code of Federal Regulations, (viii) the Public Health Regulations in Title 42 of the Code of Federal Regulations,
(ix) all Applicable Laws administered by the FDA and other Governmental Authorities, including those governing or relating to
good laboratory practices, good clinical practices, recordkeeping, the manufacture, import, export, testing, development, approval,
processing, reporting, packaging, labeling, storage, marketing, sale, offer for sale, distribution and use of any compounds or
products manufactured by or on behalf of Issuer, including adverse drug reaction reporting requirements, informed Consent requirements
and Review Boards (as those terms are defined by the FDA), all applicable requirements related to clinical trials and the protection
of human subjects, applicable regulations at 21 C.F.R. Parts 50, 54, 56, 58, 312, 314, 600, 601 and the FDA’s current Good
Manufacturing Practice Regulations at 21 C.F.R. Parts 210 and 211 for products that are or will be sold in the U.S., and the respective
counterparts thereof promulgated by Governmental Authorities in countries outside the U.S. and (x) any and all other applicable
federal, state, local, foreign, supranational health care laws, rules and regulations, ordinances, and Orders, each of clauses
(i) through (x) as may be amended from time to time.

 

(xxxviii)
“HIPAA” means, collectively, the Health Insurance Portability and Accountability Act of 1996, Public Law 104-191,
as amended by the Health Information Technology for Economic and Clinical Health Act, enacted as Title XIII of the American Recovery
and Reinvestment Act of 2009, Public Law 111-5, and their implementing regulations, including but not limited to, the Standards
for Privacy of Individually Identifiable Health Information at 45 C.F.R. Part 160 and Part 164, Subparts A and E, the Security
Standards for the Protection of Electronic Protected Health Information at 45 C.F.R. Part 160 and Part 164, Subparts A and C,
and the Notification of Breach of Unsecured Protected Health Information requirements at 45 C.F.R. Part 160 and Part 164, Subpart
D.

 

(xxxix)
“Independent Contractor” means any independent contractor, director, consultant or other non-employee Service
Provider of Issuer or a Subsidiary of Issuer (including any temporary or leased employee retained through a staffing or leasing
agency that is not an employee of Issuer or a Subsidiary of Issuer).

 

    	55

    	 

    

 

(xl)
“Information” means information or documentation owned by Issuer which information may include, but is not
necessarily limited to, financial data, business plans, personnel information (to the extent permitted under Applicable Law),
drawings, samples, devices, trade secrets, technical information, results of research and other data in either oral or written
form; provided, however, that “Information” does not include information which (A) is or becomes generally
available to the public other than as a result of a disclosure by Purchaser or its representatives in violation of the Confidentiality
Agreement, (B) was lawfully within Purchaser’s possession prior to its being furnished to Purchaser by or on behalf of Issuer,
provided further that the source of such information was not known by Purchaser to be bound by a confidentiality agreement
with or other contractual, legal or fiduciary obligation of confidentiality to Issuer or any other Person with respect to such
information, or (C) is developed by Purchaser after initial disclosure by Issuer.

 

(xli)
“Intellectual Property Rights” means any and all (i) trademarks, service marks, trade names, business marks,
brand names, certification marks, trade dress, logos, corporate names, trade styles, domain names and other indications of origin,
the goodwill associated with the foregoing and registrations in any jurisdiction of, and applications in any jurisdiction to register,
the foregoing, including any extension, modification or renewal of any such registration or application (“Trademarks”),
(ii) national and multinational statutory invention registrations, patents and patent applications issued or applied for in any
jurisdiction including pursuant to international treaties, including all certificates of invention, provisionals, nonprovisionals,
applications made pursuant to the Patent Cooperation Treaty, substitutions, divisionals, continuations, continuations-in-part,
requests for continued examination, reissues, renewals, extensions, supplementary protection certificates, reexaminations, patents
of addition, utility models, inventors’ certificates and the equivalents of any of the foregoing in any jurisdiction, all
inventions disclosed in each such registration, patent or patent application and any rights resulting from oppositions, inter
partes review, post-grant review or other post-grant proceedings in any jurisdiction (“Patents”), (iii)
all rights and priorities afforded under any Applicable Law with respect to any of the foregoing Trademarks and Patents, including
without limitation earlier-filed applications from which benefit or priority rights are derived, and all extensions, restorations,
and renewals of any of the foregoing, (iv) Trade Secrets, information, data, specifications, processes, methods, knowledge, experience,
formulae, skills, techniques, schematics, drawings, blue prints, utility models, designs, technology, software, inventions (whether
or not patentable), discoveries, ideas and improvements, including formulation, composition, device and manufacturing information,
processes and synthetic pathways, assays, engineering and other manuals and drawings, standard operating procedures, flow diagrams,
regulatory, chemical, pharmacological, toxicological, pharmaceutical, physical and analytical, safety, quality assurance, quality
control and clinical data, technical information, research records and similar data and information, (v) writings and other works
(including literary, pictorial and graphic works), whether copyrightable or not, in any jurisdiction (domestic and foreign), and
any and all copyright rights, whether registered or not, and registrations or applications for registration of copyrights in any
jurisdiction (domestic and foreign), and any renewals or extensions thereof (“Copyrights”), (vi) moral rights,
data and database rights, design rights, industrial property rights, publicity rights and privacy rights, (vii) all forms and
types of computer software (including source code, object code, firmware, development tools, files, records and data, and all
documentation related to any of the foregoing), (viii) any other intellectual property or proprietary rights, (ix) all rights
under or relating to any of the foregoing granted under any Contract and (x) rights to bring an action for infringement, dilution,
misappropriation or other impairment or violation of rights and to receive damages, proceeds or any other legal or equitable protections
and remedies with respect to any of the foregoing.

 

    	56

    	 

    

 

(xlii)
“IRS” means the Internal Revenue Service of the United States of America.

 

(xliii)
“Issuer 10-K” means Issuer’s annual report on Form 10-K for the fiscal year ended July 31, 2018.

 

(xliv)
“Issuer 10-Q” means Issuer’s quarterly report on Form 10-Q for the fiscal quarter ended April 30, 2019.

 

(xlv)
“Issuer Balance Sheet” means the audited consolidated balance sheet of Issuer as of the Issuer Balance Sheet
Date set forth in the Issuer 10-K.

 

(xlvi)
“Issuer Balance Sheet Date” means July 31, 2018.

 

(xlvii)
“Issuer Disclosure Schedule” means the disclosure schedule dated the date hereof related to this Agreement
that has been provided by Issuer to Purchaser.

 

(xlviii)
“Issuer Intellectual Property Rights” means all the Owned Intellectual Property Rights and Licensed Intellectual
Property Rights.

 

(xlix)
“Issuer Interim Balance Sheet” means the unaudited consolidated balance sheet of Issuer as of April 30, 2019
as set forth in the Issuer 10-Q.

 

    	57

    	 

    

 

(l)
“Issuer Material Adverse Effect” means (i) any event, circumstance, change, occurrence, development, condition
or effect that has or would be expected to result in a material adverse change in, or material adverse effect on, (A) the condition
(financial or otherwise), business, assets, Liabilities or results of operations of Issuer and its Subsidiaries, taken as a whole,
excluding any such effect to the extent resulting from (1) changes in general economic conditions in the U.S., (2) changes or
conditions generally affecting the industry in which Issuer and its Subsidiaries operate, (3) acts of war, sabotage or terrorism
involving the U.S. or (4) the announcement of the transactions contemplated by this Agreement except, in the case of clauses
(1), (2) and (3), to the extent not having a disproportionate effect on Issuer and its Subsidiaries, taken as a whole, relative
to other participants in the industry in which Issuer and its Subsidiaries operate, (B) Issuer’s ability to consummate the
transactions contemplated by this Agreement on or before the End Time or (ii) any material adverse determination by, or a material
delay of a determination by, the FDA or any other Governmental Authority or any Review Board, or any indication that any such
entity or Review Board will make any material adverse determination or materially delay making any determination, with respect
to the safety or efficacy as shown in pre-clinical or clinical testing, approvability, labeling, contents of package insert, prescribing
information, risk management profile, pre-approval inspection matters or requirements relating to the results of any pre-clinical
or clinical testing, post-market requirements or commitments, in each case, related to any of the Products.

 

(li)
“Issuer Restricted Shares” means each restricted Share granted or issued pursuant to any Employee Plan that
is outstanding immediately prior to the Closing.

 

(lii)
“Issuer RSUs” means each restricted stock unit granted or issued pursuant to any Employee Plan that is outstanding
immediately prior to the Closing.

 

(liii)
“Issuer Stock Awards” means, collectively, the Issuer Restricted Shares, Issuer RSUs, Issuer Stock Options
and Issuer Warrants.

 

(liv)
“Issuer Stock Options” means each option (or portion thereof) to acquire Shares that is outstanding immediately
prior to the Closing.

 

(lv)
“Issuer Warrants” means each warrant (or portion thereof) to acquire Shares granted or issued that is outstanding
immediately prior to the Closing.

 

(lvi)
“IT Assets” means computers, computer software, firmware, middleware, servers, workstations, routers, hubs,
switches, data communications lines and all other information technology equipment, and all associated documentation owned by
Issuer or any of its Subsidiaries or licensed or leased by Issuer or any of its Subsidiaries.

 

(lvii)
“Knowledge” means, with respect to Issuer, the actual knowledge of each individual listed in Section 11.1(b)
of the Issuer Disclosure Schedule, together with the knowledge such persons would or should reasonably be expected to have, in
each case, after making a reasonable inquiry of the individuals who report to them regarding the matters in question.

 

    	58

    	 

    

 

(lviii)
“Law” means any code, directive, law (including common law), ordinance, regulation, reporting or licensing
requirement, rule, or statute, including those promulgated, interpreted, or enforced by any Governmental Authority.

 

(lix)
“Liability” means any direct or indirect, primary or secondary, liability, indebtedness, obligation, penalty,
cost or expense (including costs of investigation, collection and defense), claim, deficiency, guaranty or endorsement of or by
any Person (other than endorsements of notes, bills, checks, and drafts presented for collection or deposit in the Ordinary Course
of Business) of any type, secured or unsecured whether accrued, absolute or contingent, direct or indirect, liquidated or unliquidated,
matured or unmatured, known or unknown or otherwise.

 

(lx)
“License” means any license, franchise, notice, permit, easement, right, certificate, authorization, or approval
to which any Person is a party or that is or may be binding on any Person or its securities, property or business.

 

(lxi)
“Licensed Intellectual Property Rights” means all Intellectual Property Rights owned by a Third Party and licensed
or sublicensed to Issuer or any of its Subsidiaries or for which Issuer or any of its Subsidiaries has obtained a covenant not
to be sued.

 

(lxii)
“Lien” means, with respect to any property or asset, any mortgage, lien, license, pledge, charge, security
interest, encumbrance or other adverse claim of any kind in respect of such property or asset. For purposes of this Agreement,
a Person shall be deemed to own, subject to a Lien, any property or asset that it has acquired or holds subject to the interest
of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating to such
property or asset.

 

(lxiii)
“Litigation” means any suit, action, administrative or other audit (other than regular audits of financial
statements by outside auditors), proceeding, arbitration, cause of action, charge, claim, complaint, compliance review, criminal
prosecution, grievance inquiry, hearing, inspection, investigation (governmental or otherwise), before any Governmental Authority.

 

(lxiv)
“Nasdaq” means the Nasdaq Stock Market LLC.

 

(lxv)
“NRS” means the Nevada Revised Statutes.

 

(lxvi)
“Order” means any decree, injunction, judgment, order, ruling, writ, quasi-judicial decision or award or administrative
decision or award of any federal, state, local, foreign or other court, arbitrator, mediator, tribunal, administrative agency
or Governmental Authority to which any Person is a party or that is or may be binding on any Person or its securities, assets
or business.

 

    	59

    	 

    

 

(lxvii)
“Ordinary Course of Business” means the following: an action taken by a Person will be deemed to have been
taken in the Ordinary Course of Business only if that action: (A) is consistent in nature, scope and magnitude with the past practices
of such Person and is taken in the ordinary course of the normal, day-to-day operations of such Person; and (B) does not require
authorization by the shareholders of such Person (or by any Person or group of Persons exercising similar authority).

 

(lxviii)
“Owned Intellectual Property Rights” means all Intellectual Property Rights owned or purported to be owned
(solely or jointly with others) by Issuer or any of its Subsidiaries.

 

(lxix)
“Party” means any party hereto and “Parties” means all parties hereto.

 

(lxx)
“Permit” means each grant, license, franchise, permit, easement, variance, exception, exemption, waiver, Consent,
certificate, registration, accreditation, approval, authorization, concession, decree, confirmation, qualification or other similar
authorization of any Governmental Authority.

 

(lxxi)
“Permitted Liens” means (i) Liens for Taxes not yet due or delinquent or the validity or amount of which is
being contested in good faith by appropriate proceedings and for which adequate reserves have been established in accordance with
GAAP, provided no notice of any such Lien has been filed or recorded under the Code and the Treasury Regulations thereunder,
(ii) materialmen’s, mechanics’, carriers’, workers’, warehousemen’s, repairers’ and similar
Liens arising in the Ordinary Course of Business, securing obligations as to which there is no default and which are not yet due
and payable, or the validity or amount of which is being contested in good faith by appropriate proceedings which have the effect
of preventing the forfeiture or sale of the property subject thereto and for which adequate reserves have been established in
accordance with GAAP, (iii) Liens to secure payment of workers’ compensation, unemployment insurance, social security or
other social security legislation (other than Liens imposed by ERISA), and (iv) with respect to real property, any nonmonetary
Lien or other requirement or restriction arising under any zoning, entitlement, building, conservation restriction and other land
use and environmental Applicable Law, but only if the same are not being violated by the current use of such real property or
the operation of the business of Issuer and its Subsidiaries.

 

(lxxii)
“Person” means an individual, corporation, partnership, limited liability company, association, trust or other
entity or organization, including a government or political subdivision or a Governmental Authority.

 

(lxxiii)
“Personal Information” means any information in the possession or control of Issuer that, alone or in combination
with other information in the possession or control of Issuer, allows the identification of an individual, including name, street
address, telephone number, e-mail address, photograph, social security number, driver’s license number, passport number
or customer or account number, IP address, and any persistent device identifier, or any information that is otherwise considered
personal information, personal data, protected health information, or personally identifiable information under Applicable Law.

 

    	60

    	 

    

 

(lxxiv)
“PHSA” means the U.S. Public Health Service Act, as amended, together with any rule or regulation
lawfully issued or promulgated thereunder.

 

(lxxv)
“Privacy and Information Security Requirements” means (a) all Applicable Laws relating to the Processing of
Personal Information, which may include, without limitation, HIPAA and any Applicable Laws relating to data security, breach notification,
direct marketing, e-mails, text messages, telemarketing, online behavioral advertising, or data localization, (b) all provisions
of Contracts to which Issuer or any Issuer Subsidiary is a party or is otherwise bound that by their express terms govern the
Processing of Personal Information, including without limitation obligations of the Payment Card Industry - Data Security Standards
that are applicable to Issuer that govern the Processing of Personal Information; and (c) policies and notices of Issuer or any
Issuer Subsidiary relating to the Processing of Personal Information.

 

(lxxvi)
“Process” or “Processing” means the collection, use, storage, processing, recording, distribution,
transfer, import, export, protection (including security measures), disposal or disclosure or other activity regarding data (whether
electronically or in any other form or medium).

 

(lxxvii)
“Product” means all “drugs” and “devices” (as those terms are defined
in the FDCA) and all “biological products” (as that term is defined in the PHSA), that have been or are being Exploited
by or on behalf of Issuer.

 

(lxxviii)
“Product Registration” means any investigational new drug application (IND), New Drug Application (NDA), abbreviated
New Drug Application (ANDA), Biologics License Application (BLA), investigational device exemption (IDE), Premarket Notification
(510k), Premarket Application (PMA), De Novo application, similar regulatory application or registration necessary to Exploit
a Product in the relevant territory, including any supplements and amendments thereto.

 

(lxxix)
“Regulation S-K” means Regulation S-K promulgated under the 1933 Act.

 

(lxxx)
“Regulation S-X” means Regulation S-X promulgated under the 1934 Act.

 

(lxxxi)
“Review Board” means all institutional review boards, privacy boards, data safety monitoring
boards or ethics committees responsible for review, oversight, and/or approval of any clinical trial involving any Product.

 

    	61

    	 

    

 

(lxxxii)
“Sarbanes-Oxley Act” means the Sarbanes-Oxley Act of 2002.

 

(lxxxiii)
“SEC” means the U.S. Securities and Exchange Commission.

 

(lxxxiv)
“Service Provider” means any director, officer, employee or individual Independent Contractor of Issuer or
any of its Subsidiaries (including any Employee).

 

(lxxxv)
“Subsidiary” means, with respect to any Person, any other Person of which (i) such Person or any of its Subsidiaries
is a general partner or holds a majority of the voting interests of a partnership or (ii) securities or other ownership interests
having ordinary voting power to elect a majority of the board of directors or other Persons performing similar functions (or,
if there are no such ownership interests having ordinary voting power, 50% or more of the equity interests of which) are at any
time directly or indirectly owned or controlled by such Person.

 

(lxxxvi)
“Tax” means any federal, state, county, local, or foreign tax, charge, fee, levy, impost, duty, tariff or other
assessment or charges of whatever kind, including taxes or other charges based upon, measured by, or otherwise related to income,
diverted profits, minimum, base erosion anti-abuse minimum, gross receipts, excise, employment, sales, use, transfer, recording,
License, payroll, franchise, severance, documentary, stamp, occupation, windfall profits, environmental, federal highway use,
commercial rent, customs duty, capital stock, paid-up capital, profits, withholding, U.S. Social Security, single business and
unemployment, disability, real property, personal property, escheatment, unclaimed property, registration, ad valorem, value added,
goods and services, alternative or add-on minimum, estimated taxes, including any interest, penalties, and additions imposed thereon
or with respect thereto or as a result of a failure to timely, correctly or completely file any Tax Return, and including Liability
for the taxes of any other Person under Treasury Regulations Section 1.1502-6 (or any similar provision of state, local, or foreign
Law) as a transferee or successor, by contract, or otherwise.

 

(lxxxvii)
“Tax Return” means any return (including any informational return) report, statement, schedule, notice, form
or other document or information filed with or submitted to, or required to be filed with or submitted to any Taxing Authority,
including any statements, schedules attachments or amendments with respect thereto.

 

(lxxxviii)
“Tax Sharing Agreement” means any agreement or arrangement (whether or not written), entered into prior to
the Closing, binding Issuer or any of its Subsidiaries and providing for the allocation, apportionment, sharing or assignment
of any Tax Liability or benefit, or the transfer or assignment of income, revenues, receipts or gains for the purpose of determining
any Person’s Tax Liability.

 

    	62

    	 

    

 

(lxxxix)
“Taxing Authority” means the IRS and any other federal, state, local or foreign Governmental Authority responsible
for the assessment, collection or administration of any Tax.

 

(xc)
“Third Party” means any Person, including as defined in Section 13(d) of the 1934 Act, other than a Party.

 

(xci)
“Trade Secrets” means trade secrets and all confidential know-how and confidential information and rights in
any jurisdiction (domestic and foreign), including confidential recipes, ideas, formulae, formulations, compositions, reactions,
pathways, syntheses, tools, products, mechanisms, functions, components, specifications, techniques, systems, data, results, methods,
processes, manufacturing, schematics, prototypes, models, designs, customer lists and supplier lists.

 

(xciii)
“U.S.” means the United States of America, its territories and possessions, including Puerto Rico.

 

11.2
Fees and Expenses.

 

Except
as otherwise specifically provided elsewhere in this Agreement, regardless of whether the transactions contemplated by this Agreement
are consummated, Issuer and Purchaser each shall pay their respective fees and expenses in connection with the transactions contemplated
by this Agreement, except that Issuer shall reimburse the reasonable legal fees and expenses incurred by Purchaser in an amount
not to exceed $300,000 in the aggregate.

 

11.3
Notices.

 

All
notices, consents, requests, claims, demands and other communications under this Agreement shall be in writing (which shall include
communications by e-mail) and shall be delivered and deemed given if: (a) in person (on the Business Day of such delivery as evidenced
by the receipt of the personal delivery service), (b) by certified or registered mail return receipt requested (one Business Day
after being mailed), or (c) by e-mail (on the date of transmission):

 

If
to Issuer:

 

OncoSec
Medical Incorporated

24
North Main Street

Pennington,
NJ 08534-2218

 

Attention:
Daniel J. O’Connor

Telephone:
(858) 230-8770

Email:
docconor@oncosec.com

 

    	63

    	 

    

 

with
a copy (which shall not constitute notice) to:

 

Alston
& Bird LLP

90
Park Avenue

New
York, NY 10016

 

	 	Attention:	Matthew
    W. Mamak
	 	 	James
    H. Sullivan
	 	 	 
	 	Telephone:	(212)
    210-1256
	 	 	(212)
    210-9522
	 	 	 
	 	E-mail:	matthew.mamak@alston.com
	 	 	james.sullivan@alston.com

 

If
to Purchaser:

 

Sirtex
Medical US Holdings, Inc.

300
Unicorn Park Drive

Woburn,
MA 01801

Attn:
Kevin P. Smith

 

    	64

    	 

    

 

with
a copy (which shall not constitute notice) to:

 

Covington
& Burling LLP

The
New York Times Building

620
Eighth Avenue

New
York, New York 10018

 

	 	Attention:	Jack S. Bodner
	 	 	Stephen A. Infante
	 	 	 
	 	Facsimile No.:	646-441-9079
	 	 	646-441-9039
	 	 	 
	 	E-mail:	jbodner@cov.com
	 	 	sinfante@cov.com

 

or
to such other address as the Parties may designate in writing to the other in accordance with this Section 11.3. Any Party
may change the address to which notices are to be sent by giving written notice of such change of address to the other parties
in the manner above provided for giving notice.

 

11.4
Assignment.

 

Any
assignment under this Agreement by Issuer shall be void, invalid and of no effect without the written consent of Purchaser, except
as otherwise provided in this Agreement, including that Purchaser may assign its rights under this Agreement in whole or in part
to any Person in accordance with Section 1.1(c) and as so long as the assignee(s) agree to be bound in writing by the terms
and conditions of this Agreement. Notwithstanding anything contained herein to the contrary, Purchaser may assign its rights to
an Affiliate at any time and from time to time without the consent of Issuer. For the avoidance of doubt, nothing herein shall
prohibit the sale or assignment of the Purchased Shares to any person, subject to Section 5.4, in compliance with applicable
securities laws.

 

11.5
No Benefit to Others.

 

The
representations, warranties, covenants, and agreements contained in this Agreement are for the sole benefit of the Parties hereto
and their respective heirs, executors, administrators, legal representatives, successors and assigns, and they shall not be construed
as conferring any Third Party beneficiary or any other rights on any other Persons.

 

    	65

    	 

    

 

11.6
Headings and Gender; Construction; Interpretation.

 

(a)
The table of contents and the captions and section headings contained in this Agreement are for convenience of reference only,
do not form a part of this Agreement and shall not affect in any way the meaning or interpretation of this Agreement. All references
in this Agreement to “Section” or “Article” shall be deemed to be references to a Section or Article of
this Agreement unless indicated otherwise.

 

(b)
Words used herein, regardless of the number and gender specifically used, shall be deemed and construed to include any other number,
singular or plural, and any other gender, masculine, feminine, or neuter, as the context requires. Whenever the words “include,”
“includes” or “including” are used in this Agreement, they shall be deemed followed by the words “without
limitation.”

 

(c)
Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against Purchaser or Issuer,
whether under any rule of construction or otherwise. No Party to this Agreement shall be considered the draftsman. On the
contrary, this Agreement has been reviewed, negotiated and accepted by all Parties and their attorneys and shall be construed
and interpreted according to the ordinary meaning of the words so as fairly to accomplish the purposes and intentions of all the
Parties.

 

11.7
Counterparts.

 

This
Agreement may be executed in two (2) or more counterparts, all of which shall be considered one and the same Agreement, and shall
become effective when one counterpart has been signed by each Party and delivered to the other Party hereto.

 

11.8
Integration of Agreement.

 

(a)
This Agreement and the exhibits and the other agreements contemplated by this Agreement, including the Confidentiality Agreement,
constitute the entire agreement between the Parties relating to the subject matter hereof and supersede all prior agreements,
oral and written, between the Parties with respect to the subject matter hereof, including that certain Confidential Non-binding
Indicative Term Sheet between the Parties dated September 5, 2019.

 

(b)
Neither this Agreement, nor any provision hereof, may be changed, waived, discharged, supplemented, or terminated orally, but
only by an agreement in writing signed by the Party against which the enforcement of such change, waiver, discharge or termination
is sought. The failure or delay of any Party at any time or times to require performance of any provision of this Agreement shall
in no manner affect its right to enforce that provision. No single or partial waiver by any Party of any condition of this Agreement,
or the breach of any term of this Agreement or the inaccuracy or warranty of this Agreement, whether by conduct or otherwise,
in any one or more instances shall be construed or deemed to be a further or continuing waiver of any such condition, breach or
inaccuracy or a waiver of any other condition, breach or inaccuracy.

 

    	66

    	 

    

 

11.9
Amendments.

 

Any
provision of this Agreement may be amended prior to the Closing if, but only if, such amendment is in writing and is signed by
each Party.

 

11.10
Waiver.

 

The
rights and remedies of the Parties to this Agreement are cumulative and not alternative. Neither the failure nor any delay by
any Party in exercising any right, power, or privilege under this Agreement will operate as a waiver of such right, power, or
privilege, and no single or partial exercise of any such right, power or privilege will preclude any other or further exercise
of such right, power or privilege or the exercise of any other right, power, privilege. To the maximum extent permitted by Applicable
Law, (a) no claim or right arising out of this Agreement can be discharged by one Party, in whole or in part, by a waiver or renunciation
of the claim or right unless in writing signed by the other Party; (b) no waiver that may be given by a Party will be applicable
except in the specific instance for which it is given; and (c) no notice to or demand on one Party will be deemed to be a waiver
of any obligation of such Party or of the right of the Party giving such notice or demand to take further action without notice
or demand as provided in this Agreement.

 

11.11
Time of Essence.

 

Time
is of the essence in this Agreement.

 

11.12
Governing Law.

 

Except
to the extent that mandatory principles of Applicable Law require the application of the NRS, this Agreement shall be governed
by and construed in accordance with the laws of the State of New York, without giving effect to any choice or conflict of law
provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of laws of any
jurisdiction other than those of the State of New York.

 

    	67

    	 

    

 

11.13
Jurisdiction.

 

The
Parties agree that any Action seeking to enforce any provision of, or based on any matter arising out of or in connection with,
this Agreement or the transactions contemplated hereby (whether brought by any party or any of its Affiliates or against any party
or any of its Affiliates) shall be brought in the state or federal courts, as applicable, in New York county in the State of New
York, and each of the Parties irrevocably consents to the exclusive jurisdiction of such courts (and of the appropriate appellate
courts therefrom) in any such Action and irrevocably waives, to the fullest extent permitted by Law, any objection that you may
now or hereafter have to the laying of the venue of any such Action in any such court or that any such Action brought in any such
court has been brought in an inconvenient forum. Process in any such Action may be served on any Party anywhere in the world,
whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of
process on such party as provided in Section 11.3 shall be deemed effective service of process on such party.

 

11.14
Waiver of Jury Trial.

 

EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED
TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

11.15
Partial Invalidity.

 

Whenever
possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under Applicable Law,
but in case any one or more of the provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal,
or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this
Agreement, and this Agreement shall be construed as if such invalid, illegal, or unenforceable provision or provisions had never
been contained herein unless the deletion of such provision or provisions would result in such a material change as to cause completion
of the transactions contemplated hereby to be unreasonable. To the extent the deemed deletion of the invalid, illegal or unenforceable
provision or provisions is reasonably likely to have a material adverse effect on the ability of the Parties to consummate the
transactions contemplated by this Agreement, the Parties shall endeavor in good faith to replace the invalid, illegal or unenforceable
provisions with valid provisions the economic effect of which comes as close as practicable to that of the invalid, illegal or
unenforceable provisions.

 

11.16
Survival.

 

The
representations and warranties of each party in the Agreement shall survive any investigation made by any Party and the closing
of the transactions contemplated hereby and any termination of this Agreement subsequent to the Closing Date. The covenants and
agreements of each party made herein shall survive in accordance with their terms.

 

11.17
Specific Enforcement.

 

Each
party hereto acknowledges and agrees that the other party would be irreparably damaged if the provisions of this Agreement are
not performed in accordance with their terms and that any breach of this Agreement and the non-consummation of the transactions
contemplated hereby by either party could not be adequately compensated in all cases by monetary damages alone. Accordingly, in
addition to any remedy to which such other party may be entitled under Section 11.13, provisional measures and injunctive
relief necessary to protect the possibility of each party to seek specific performance from the other from the tribunal referred
to in Section 11.13 can be sought from any court of competent jurisdiction. Each of the parties hereto (i) agrees that
it shall not oppose the granting of any such relief and (ii) hereby irrevocably waives any requirement for the security or posting
of any bond in connection with any such relief (it is understood that clause (i) of this sentence is not intended to, and
shall not, preclude any party hereto from litigating on the merits the substantive claim to which such remedy relates).

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    	68

    	 

    

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

 

	 	oncosec
    medical incorporated
	 	 	                           
	 	By:	/s/
    Daniel J. O’Connor
	 	Name:	Daniel
    J. O’Connor
	 	Title:	Chief
    Executive Officer and President
	 	 	 
	 	SIRTEX
    MEDICAL US HOLDINGS, INC.
	 	 	 
	 	By:	/s/
    Kevin R. Smith
	 	Name:	Kevin
    R. Smith
	 	Title:	Chief
    Executive Officer

 

[Signature
Page to Sirtex SPA]Execution
Version

 

Certain
identified information has been excluded from the document because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

LICENSE
AGREEMENT

 

THIS
LICENSE AGREEMENT (“Agreement”), dated as of October 10, 2019, is made by and between OncoSec Medical Incorporated,
a Nevada corporation (“Licensor”), and Grand Decade Developments Limited, a British Virgin Islands limited
company and a wholly owned subsidiary of China Grand Pharmaceutical and Healthcare Holdings Limited (“Licensee”).
Licensor and Licensee may be referred to herein individually as a “Party”, or collectively as the “Parties”.

 

	 	A.	Licensor
    develops device/drug combination therapies (the “Business”). 
	 	 	 
	 	B.	The
    Parties are entering the Stock Purchase Agreement (as defined below), pursuant to which Licensee will obtain partial ownership
    of Licensor.
	 	 	 
	 	C.	Licensor
    owns or controls an evolving intellectual property portfolio related and applicable to the Business. 
	 	 	 
	 	D.	Licensee
    desires to secure from Licensor and Licensor desires to grant to Licensee pursuant to the terms set forth in this Agreement
    certain rights to such intellectual property owned or controlled by Licensor.

 

NOW
THEREFORE, in consideration of the mutual premises set forth above and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Parties agree as follows:

 

	1.	DEFINITIONS

 

Unless
otherwise specifically provided herein, the following terms shall have the meanings set forth in this Section 1 and capitalized
terms used but not otherwise defined herein shall have the respective meanings ascribed thereto in the Stock Purchase Agreement.
For the avoidance of doubt, such meanings shall, to the extent used herein, survive any termination or expiration of the Stock
Purchase Agreement.

 

1.1
“Abandoned Licensor Patent” has the meaning set forth in Section 5.2(a).

 

1.2
“Administrator” has the meaning set forth in Section 11.5(b)(i).

 

1.3
“Adverse Ruling” has the meaning set forth in Section 6.2.

 

1.4
“Affiliate” means any company, partnership, joint venture or other entity, which directly or indirectly controls,
is controlled by or is under common control with a respective named Party. Control shall mean the possession of more than fifty
percent (50%) of the voting stock or the power to control the management and policies of the controlled entity, whether through
the ownership of voting securities, by contract, or otherwise.

 

1.5
“Agreement” has the meaning set forth in the preamble hereto.

 

1.6
“Arbitrators” has the meaning set forth in Section 11.5(b)(i).

 

    	 

    	 

    

 

1.7
“Audit” has the meaning set forth in Section 3.13.

 

1.8
“Breaching Party” has the meaning set forth in Section 6.2.

 

1.9
“Business” has the meaning set forth in the preamble hereto.

 

1.10
“Calendar Half” means the respective periods of six consecutive calendar months as follows: January 1 to June
30 or July 1 to December 31, except that the first Calendar Half of the Term shall commence on the Effective Date and end on the
day immediately prior to the first to occur of January 1 or July 1 after the Effective Date, and the last Calendar Half of the
Term shall end on the last day of the Term.

 

1.11
“Calendar Year” means the respective periods of twelve consecutive calendar months ending on December 31, except
that (a) the first Calendar Year under this Agreement shall commence on the Effective Date and end on the first December 31 to
occur after the Effective Date and (b) the last Calendar Year under this Agreement shall commence on the last January 1 to occur
prior to the end of the Term and end at the end of the Term.

 

1.12
“CFIUS Requirements” means Section 721 of the Defense Production Act of 1950, as amended, including amendments
made by the Foreign Investment and National Security Act of 2007 and the Foreign Investment Risk Review Modernization Act of 2018
(codified at 50 U.S.C. § 4565), and the regulations promulgated by CFIUS thereunder, codified at 31 C.F.R. Parts 800 and
801, et seq.

 

1.13
“China Mainland” means the territory of the PRC, excluding Hong Kong, Macau and Taiwan.

 

1.14
“Claim” has the meaning set forth in Section 11.5(b)(i).

 

1.15
“Combination Product” means a healthcare product that includes one (1) or more Licensed Products sold in combination
with one (1) or more other products or services sold together as separate units in a single package or sold in separate packages
for a single price.

 

1.16
“Commercialization” or “Commercialize” means any and all activities related to obtaining
pricing and reimbursement approvals for any Licensed Product, or marketing, promoting, distributing, importing, exporting, offering
for sale or selling a Licensed Product.

 

1.17
“Confidential Information” has the meaning set forth in Section 9.1.

 

1.18
“Development” or “Develop” means all activities related to obtaining Regulatory Approval
of a Licensed Product and all non-clinical and clinical research, discovery and development activities, stability testing, process
development, compound property optimization, formulation development, delivery system development, quality assurance and quality
control development, statistical analysis, clinical pharmacology, clinical studies (including pre- and post-approval studies and
investigator sponsored clinical studies), regulatory affairs, and Regulatory Approval and clinical study regulatory activities
(excluding regulatory activities directed to obtaining pricing and reimbursement approvals).

 

    	2

    	 

    

 

1.19
“Development Costs” means reasonable development costs directly incurred by Licensee or its Affiliates to Develop
the Licensed Products in or for the Territory. Development Costs will be tracked by Licensee or its Affiliates in accordance with
applicable generally accepted accounting principles and, when applicable, based on, or valued as if based on, bona fide arms’
length transactions. For the avoidance of doubt, the Development Costs include the Required Study Costs. In all cases (but subject
to the inclusion of the Required Study Costs in the Development Costs), the Development Costs, with respect to each Licensed Product
in a Region, shall not include any costs incurred after the date on which Regulatory Approval is obtained for sale of such Licensed
Product in such Region.

 

1.20
“Distributor” means a Third Party appointed by Licensee or its Affiliate or Sublicensee to market and sell
the Licensed Products in circumstances where such Third Party purchases its requirements of Licensed Products from Licensor or
its Affiliate or Sublicensee and does not otherwise pay any royalty based on net sales to Licensor or its Affiliates or Sublicensee.

 

1.21
“Effective Date” has the meaning set forth in Section 6.1.

 

1.22
“Existing Upstream Agreements” means those Contracts listed on Section 3.15(a) of the Issuer Disclosure Schedule,
excluding (subject to Section 2.2) [ * ].

 

1.23
“Export Controls and Economic Sanctions Laws” means all Law regulating the export, reexport, transfer, disclosure
or provision of products, software, services and technology to, and other export and international trade control activities involving,
non-U.S. countries or non-U.S. Persons, and includes the Export Control Reform Act of 2018, the Export Administration Regulations,
the International Emergency Economic Powers Act, the Arms Export Control Act, the International Traffic in Arms Regulations, the
Chemical Weapons Convention Regulations, and any other export controls and sanctions laws and regulations administered by an agency
of the U.S. government; export and import laws and regulations administered by the Bureau of Alcohol, Tobacco, Firearms and Explosives;
the Foreign Trade Regulations, Executive Orders of the President regarding restrictions on trade with designated countries, governments
and Persons, regulations, orders and restrictions administered by the U.S. Department of the Treasury, Office of Foreign Assets
Control and any other economic sanctions or retaliatory sanctions laws and regulations administered by an agency of the U.S. government;
the antiboycott regulations administered by the United States Department of Commerce; the antiboycott provisions administered
by the United States Department of the Treasury; legislation and regulations implementing the North American Free Trade Agreement
or the Chemical Weapons Convention, and restrictions on holding foreign currency and repatriating funds.

 

1.24
“Fapiao” means those official invoices of the PRC that are registered at the applicable local tax bureau and
that are used as a final proof-of-purchase of a good or service.

 

1.25
“Indemnification Claim Notice” has the meaning set forth in Section 8.3(a).

 

1.26
“Indemnified Party” has the meaning set forth in Section 8.3(a).

 

1.27
“Infringement Claim” has the meaning set forth in Section 5.3(a).

 

    	3

    	 

    

 

1.28
“Joint Development Committee” or “JDC” has the meaning set forth in Section 4.2(a).

 

1.29
“Joint Inventions” has the meaning set forth in Section 5.1(b).

 

1.30
“Joint Patents” means all Patents Covering any Joint Inventions.

 

1.31
“Know-How” means conceptions, ideas, innovations, discoveries, inventions, processes, materials, machines,
formulae, equipment, improvements, enhancements, modifications, technological developments, know-how, show-how, methods, techniques,
systems, designs, production systems and plans, software, documentation, clinical, technical, scientific, and medical information,
regulatory information, data, programs and information and works of authorship, whether or not patentable, copyrightable, or susceptible
to any other form of legal protection.

 

1.32
“Late Payment Notice” has the meaning set forth in Section 3.9.

 

1.33
“Licensed IP” means all Intellectual Property Rights (a) owned or purported to be owned (solely or jointly
with others) at any time by Licensor or any of its Affiliates or (b) owned by a Third Party and licensed or sublicensed at any
time to Licensor or any of its Affiliates or for which Licensor or any of its Affiliates has obtained a covenant not to be sued,
in each case ((a) and (b)) excluding (subject to Section 2.2) the [ * ] Patents and Know-How. For the avoidance of doubt,
as of the Effective Date, the Licensed IP includes, without limitation, all Intellectual Property Rights listed on Section 3.15(a)
of the Issuer Disclosure Schedule other than the [ * ] Patents and Know-How.

 

1.34
“Licensed Patents” means all Patents in the Licensed IP.

 

1.35
“Licensed Products” means all “drugs” and “devices” (as those terms are defined in
the FDCA) and all “biological products” (as that term is defined in the PHSA), that have been or are being Developed,
Manufactured, or Commercialized, or otherwise Exploited at any time by or on behalf of Licensor, including, without limitation,
the TAVO and Visceral Lesion Applicator (VLA) products and their accompanying generators, and any improvements thereto, whether
made by or on behalf of Licensee or Licensor.

 

1.36
“Licensed Technology” means all Know-How in the Licensed IP.

 

1.37
“Licensee” has the meaning set forth in the preamble hereto.

 

1.38
“Licensee Marks” has the meaning set forth in Section 4.3(a).

 

1.39
“Licensee Patents” means all Patents covering any Licensee Sole Inventions.

 

1.40
“Licensee Regulatory Data” has the meaning set forth in Section 4.4(a).

 

1.41
“Licensee Sole Inventions” has the meaning set forth in Section 5.1(a).

 

1.42
“Licensor” has the meaning set forth in the preamble hereto.

 

    	4

    	 

    

 

1.43
“Licensor Know-How” means all Know-How in the Licensed IP, other than Joint Inventions.

 

1.44
“Licensor Marks” means trademarks owned or controlled by Licensor or its Affiliates and any associated logos,
graphic designs or trade dress.

 

1.45
“Licensor Patents” means all Patents in the Licensed IP, other than the Joint Patents.

 

1.46
“Licensor Regulatory Data” has the meaning set forth in Section 4.4(a).

 

1.47
“Licensor Sole Inventions” has the meaning set forth in Section 5.1(a).

 

1.48
“Losses” has the meaning set forth in Section 8.1.

 

1.49
“Manufacture” or “Manufacturing” means all activities related to producing, making, having
made, manufacturing, processing, filling, finishing, packaging, labeling, quality assurance testing and release, shipping or storage
of a Licensed Product, or any intermediate thereof, including process development, process qualification and validation, scale-up,
non-clinical, clinical and commercial manufacturing and analytic development, product characterization, stability testing, quality
assurance, and quality control.

 

1.50
“Manufacturing Processes” has the meaning set forth in Section 4.6(b).

 

1.51
“Manufacturing Technology Transfer” has the meaning set forth in Section 4.6(b).

 

1.52
“Material Breach” has the meaning set forth in Section 6.2.

 

1.53
“Material Breach Notice” has the meaning set forth in Section 6.2.

 

1.54
“Net Sales” means,

 

(a)
with respect to Sublicensing Revenues, [ * ],

 

(b)
with respect to all sales of Licensed Products in China Mainland, [ * ] percent ([ * ]%) of the gross amounts billed
or invoiced, as indicated on the sample Fapiao (发票) on Schedule 3.8, by Licensee and its Affiliates to any Third
Party that is not a Sublicensee; provided that (i) such gross amounts shall be calculated in accordance with the standard internal
policies and procedures of Licensee or its Affiliates (as applicable) and China generally accepted accounting principles, (ii)
such gross amounts shall not include any applicable taxes (including any VAT), and (iii) any consideration actually paid or payable
by Licensee or its Affiliates for the procurement of any generator that is included in the applicable Licensed Product shall be
deducted from such gross amounts, or

 

    	5

    	 

    

 

(c)
with respect to any other sales of Licensed Products in the Territory, the total amount billed or invoiced on all sales of such
Licensed Products by Licensee or its Affiliates to any Third Party that is not a Sublicensee, less the following deductions:

 

(i)
trade, cash and quantity discounts;

 

(ii)
price reductions or rebates, retroactive or otherwise, imposed by, negotiated with or otherwise paid to Governmental Authorities;

 

(iii)
taxes on sales (such as sales, value added, or use taxes) to the extent added to the sale price and set forth separately as such
in the total amount invoiced;

 

(iv)
amounts repaid or credited by reason of rejections, defects, return goods allowance, recalls or returns, or because of retroactive
price reductions, including rebates or wholesaler charge backs;

 

(v)
the portion of administrative fees paid during the relevant time period to group purchasing organizations or pharmaceutical benefit
managers relating to the applicable Licensed Product;

 

(vi)
any consideration actually paid or payable by Licensee or its Affiliates for the procurement of any generator that is included
in the applicable Licensed Product;

 

(vii)
any invoiced amounts which are not collected by Licensee or its Affiliates, including bad debts;

 

(viii)
freight, insurance, and other transportation charges to the extent added to the sale price and set forth separately as such in
the total amount invoiced, as well as any fees for services provided by wholesalers and warehousing chains related to the distribution
of the applicable Licensed Product;

 

(ix)
[ * ]; and

 

(x)
any other similar and customary deductions that are consistent with generally accepted accounting principles applicable for the
applicable jurisdiction.

 

The
following provisions apply to clauses (b) and (c), above:

 

Net
Sales shall not include transfers or dispositions for charitable, promotional, pre-clinical, clinical, regulatory, or governmental
purposes. For clarity, Net sales shall not include sales between or among Licensee, its Affiliates, or Sublicensees.

 

Subject
to the above, Net Sales shall be calculated in accordance with the standard internal policies and procedures of Licensee or its
Affiliates, which must be in accordance with applicable generally accepted accounting principles in the applicable jurisdiction.

 

    	6

    	 

    

 

In
the event that Licensed Product(s) are sold as part of a Combination Product, the Net Sales for such Combination Product in a
country shall be calculated as follows:

 

(X)
If Licensee or its Affiliate separately sells such Licensed Product(s) in such country and also separately sells the other product(s)
or service(s) included in such Combination Product in such country, the Net Sales attributable to such Combination Product shall
be calculated by multiplying actual Net Sales of such Combination Product by the fraction A/(A+B) where: A is Licensee’s
or its Affiliate’s, as applicable, average wholesale acquisition cost for such Licensed Product(s) sold separately in such
country during the two (2) most recently completed Calendar Halves during which such Licensed Product(s) were sold in such country
and B is Licensee’s or its Affiliate’s average wholesale acquisition cost for the other product(s) and service(s)
included in the Combination Product sold separately in such country during the two (2) most recently completed Calendar Halves
during which such product(s) and service(s) were sold in such country.

 

(Y)
Otherwise, the Net Sales attributable to such Combination Product shall be determined by Licensee in good faith based on the relative
market value of such Licensed Product(s) and the other product(s) and service(s) included in such Combination Product in such
country.

 

1.55
“NMPA” means the National Medical Products Administration of PRC, and local counterparts thereto, including
its Center for Drug Evaluation, and the provincial-level drug regulatory authorities and other lower level drug regulatory authorities,
and any successor agency or authority thereto having substantially the same function.

 

1.56
“Non-Breaching Party” has the meaning set forth in Section 6.2.

 

1.57
“Party” and “Parties” have the meanings set forth in the preamble hereto.

 

1.58
“Payment Records” has the meaning set forth in Section 3.12.

 

1.59
“PRC” means the People’s Republic of China.

 

1.60
“Regulatory Approval” means, with respect to a country or region, any and all approvals, licenses, registrations,
or authorizations of any Regulatory Authority required to commercially distribute, sell, or market a Licensed Product in such
country or region, including, where applicable, (i) pricing or reimbursement approvals, (ii) pre- and post-approval marketing
authorizations (including any prerequisite Manufacturing approval or authorization related thereto), and (iii) approval of Licensed
Product labeling.

 

1.61
“Regulatory Authority” means any governmental authority, including the NMPA or the equivalent regulatory body
in a region other than China Mainland, with responsibility for granting licenses or approvals necessary for the marketing and
sale of biopharmaceutical or medical device products in a country or region.

 

    	7

    	 

    

 

1.62
“Regulatory Documentation” means all (i) applications, registrations, licenses authorizations, and approvals
(including regulatory approvals); (ii) correspondence and reports submitted to or received from Regulatory Authorities (including
minutes and official contact reports relating to any communications with any Regulatory Authority) and all supporting documents
with respect thereto, including all regulatory drug lists, advertising and promotion documents, safety information including adverse
event files, and complaint files; and (iii) clinical data and data contained or relied upon in any of the foregoing, in each case
(i), (ii), and (iii) relating to any Licensed Product.

 

1.63
“Related Manufacturing Costs” has the meaning set forth in Schedule 4.5.

 

1.64
“Remedial Action” has the meaning set forth in Section 4.4(j).

 

1.65
“Required Study” has the meaning set forth in Section 4.4(e).

 

1.66
“Required Study Costs” has the meaning set forth in Section 4.4(e).

 

1.67
“Required Study Notification” has the meaning set forth in Section 4.4(e).

 

1.68
“Royalties” has the meaning set forth in Section 3.1.

 

1.69
“Royalty Term” has the meaning set forth in Section 3.1.

 

1.70
“Satisfactory Quality” has the meaning set forth in Section 4.6(b).

 

1.71
“Sole Inventions” has the meaning set forth in Section 5.1(a).

 

1.72
“Stock Purchase Agreement” means that certain Stock Purchase Agreement, dated as of the date hereof, by and
between Licensor and Licensee.

 

1.73
“Sublicensee” has the meaning set forth in Section 2.5.

 

1.74
“Sublicenses” has the meaning set forth in Section 2.5.

 

1.75
“Sublicensing Revenue” means, with respect to any Licensed Product for any period, [ * ].

 

1.76
“Supplied Product” has the meaning set forth in Schedule 4.5.

 

1.77
“Supplier” has the meaning set forth in Schedule 4.5.

 

    	8

    	 

    

 

1.78
“Terminated Region” has the meaning set forth in Section 6.2.

 

1.79
“Term” has the meaning set forth in Section 6.1.

 

1.80
“Territory” means the following territories: China Mainland, Hong Kong, Macau, Taiwan, Armenia, Azerbaijan,
Bahrain, Bangladesh, Bhutan, Brunei, Burma, Cambodia, East Timor, Georgia, India, Indonesia, Jordan, Kazakhstan, Kuwait, Kyrgyzstan,
Laos, Malaysia, Mongolia, Nepal, Oman, Pakistan, Papua New Guinea, Philippines, Qatar, Saudi Arabia, Singapore, South Korea, Sri
Lanka, Tajikistan, Thailand, Turkmenistan, United Arab Emirates, Uzbekistan and Vietnam (each respectively a “Region”),
provided that the Territory shall exclude the Terminated Regions, if any.

 

1.81
“Third Party” means any entity other than the Parties and their Affiliates.

 

1.82
“Third Party Claims” has the meaning set forth in Section 8.1.

 

1.83
“Third Party License” has the meaning set forth in Section 3.3.

 

1.84
“Third Party Payments” has the meaning set forth in Section 3.3.

 

1.85
“Upstream Agreements” means (a) the Existing Upstream Agreements and (b) any other Contract under which Licensor
or its Affiliates have, as of the Effective Date or at any time during the Term, licensed or otherwise obtained rights from any
Third Party, excluding (subject to Section 2.2) [ * ].

 

1.86
“Upstream Licensors” means the counterparties of Licensor under the Upstream Agreements.

 

1.87
“[ * ] Agreement” means that certain [ * ].

 

1.88
“[ * ] Patents and Know-How” means the [ * ].

 

1.89
“Valid Claim” means a claim of an unexpired issued or granted Licensed Patent, as long as the claim has not
been admitted by Licensor or otherwise caused to be invalid or unenforceable through reissue, disclaimer, or otherwise, or held
invalid or unenforceable by a tribunal or governmental agency of competent jurisdiction from whose judgment no appeal is allowed
or timely taken.

 

    	9

    	 

    

 

	2.	GRANT
    OF LICENSE; SUBLICENSING; DISTRIBUTION 

 

2.1
Grant.

 

(a)
Subject to the terms and conditions of this Agreement, Licensor hereby, on behalf of itself and its Affiliates, grants to Licensee
and its Affiliates an exclusive, royalty-bearing license in or for the Territory, (sublicensable including through multiple tiers),
under the Licensed IP to Develop, Manufacture, or Commercialize, or otherwise Exploit Licensed Products, either alone or as part
of Combination Products or combination therapies, in any and all fields in or for the Territory.

 

(b)
Subject to the terms and conditions of this Agreement, Licensor hereby, on behalf of itself and its Affiliates, grants to Licensee
and its Affiliates an exclusive right of reference in or for the Territory (including the right to grant further rights of reference
through multiple tiers) under the Product Registrations, the Regulatory Documentation, and the Licensor Regulatory Data to Develop,
Manufacture, or Commercialize, or otherwise Exploit Licensed Products, either alone or as part of Combination Products or combination
therapies, in any and all fields in or for the Territory.

 

2.2
[ * ] Agreement. Without limiting Section 7.2(g), the Parties acknowledge that the [ * ] Patents and
Know-How are neither necessary nor reasonably useful for the Development, Manufacturing, or Commercialization, or other Exploitation
of any Licensed Product in or for the Territory [ * ].

 

2.3
Reservation of Rights. All worldwide rights of Licensor in and to the Licensed IP that are not expressly granted to Licensee
by this Agreement are reserved to Licensor. No rights are granted under this Agreement by implication, estoppel or statute. By
way of example and not limitation, Licensor retains the rights to make, have made, use, sell, offer for sale and import Licensed
Products anywhere outside of the Territory.

 

2.4
Bankruptcy and Insolvency. All rights and licenses granted under or pursuant to any section of this Agreement, including
the licenses and rights of reference granted under this Section 2 to Licensed IP, Product Registrations, Regulatory Documentation,
and Licensor Regulatory Data, are and will otherwise be deemed to be for purposes of Section 365(n) of the U.S. Bankruptcy Code
or any analogous provisions in any other country or jurisdiction, licenses of rights to “intellectual property” as
defined in Section 101 of the U.S. Bankruptcy Code. The Parties agree that Licensee, as licensee of such rights under this Agreement,
will retain and may fully exercise all of its rights and elections under the U.S. Bankruptcy Code or any analogous provisions
in any other country or jurisdiction. The Parties further agree that, in the event of the commencement of a bankruptcy proceeding
by or against Licensor or its Affiliates under the U.S. Bankruptcy Code or any analogous provisions in any other country or jurisdiction,
Licensee will be entitled to a complete duplicate of (or complete access to, as Licensee deems appropriate) such intellectual
property and all embodiments of such intellectual property, which, if not already in Licensee’s possession, will be promptly
delivered to it upon Licensee’s written request thereof. Any agreements supplemental hereto will be deemed to be “agreements
supplementary to” this Agreement for purposes of Section 365(n) of the U.S. Bankruptcy Code or any analogous provisions
in any other country or jurisdiction.

 

    	10

    	 

    

 

2.5
Sublicenses. Licensee and its Affiliates shall have the right to grant sublicenses (or further rights of reference), through
multiple tiers, under the licenses and rights of reference granted to Licensee and its Affiliates in Section 2.1, to Third Parties
(such Third Parties, the “Sublicensees”); provided that (i) any such sublicenses or further rights of reference
(the “Sublicenses”) shall be consistent with the terms and conditions of this Agreement, (ii) Licensee shall
remain responsible for the Sublicensees’ compliance with the applicable terms and conditions of this Agreement, and (iii)
Licensee or its applicable Affiliate shall notify Licensor of each Sublicense within thirty (30) days after the execution of such
Sublicense. For the avoidance of doubt, Sublicensees shall not include Distributors, and Sublicenses shall not include any distribution
agreements entered into with such Distributors.

 

2.6
Distributorships. Licensee shall have the right, in its sole discretion, to appoint its Affiliates, and Licensee and its
Affiliates shall have the right to appoint any other Persons, to act as Distributors of the Licensed Products in any or all countries
of the Territory.

 

2.7
Illicit Sales. Licensor agrees that it and its Affiliates will not grant any rights or permissions to any licensees, sublicensees
or distributors to directly or indirectly Commercialize Licensed Products in the Territory. Licensor agrees to (a) include such
restriction in all (sub)licenses granted by Licensor or its Affiliates, and (b) to require all (sub)licensees to include such
restrictions in their (sub)licenses and distribution agreements. Upon notice from Licensee of any unauthorized Commercialization
of Licensed Products in the Territory, Licensor agrees to cooperate with Licensee to determine the source of such violation and
take reasonable corrective action including, if necessary, the enforcement of termination rights concerning the applicable licensee,
sublicensee or distributor.

 

	3.	PAYMENTS
    AND ROYALTIES

 

3.1
Royalties. Subject to the remainder of this Section 3, Licensee shall pay to Licensor a twenty percent (20%) royalty on
Net Sales of Licensed Products in the Territory during the applicable Royalty Term (such royalties, the “Royalties”).
The “Royalty Term” shall commence, on a Licensed Product-by-Licensed Product and Region-by-Region basis, upon
the first commercial sale of the applicable Licensed Product in the applicable Region and shall continue until the later of (a)
the [ * ] anniversary of such first commercial sale or (b) the expiration of the last Valid Claim that covers the sale
of such Licensed Product in such Region.

 

3.2
Crediting of Development Costs. Licensee may credit [ * ] percent ([ * ]%) of any Development Costs incurred
by it or its Affiliates against any payments owed to Licensor hereunder; provided, however, that such credits shall not reduce
the Royalties payable to Licensor hereunder in respect of any Licensed Product for a Calendar Half to less than [ * ] percent
([ * ]%) of the Royalties that would otherwise be payable for such Licensed Product for such Calendar Half pursuant to
this Section 3. In the event that any Development Costs are not fully credited by Licensee in any Calendar Half, the remaining
balance shall be carried forward to subsequent Calendar Halves until exhausted. The Parties agree that Licensor shall have a right
to examine and audit the Development Costs to verify such amounts in accordance with the audit provisions set forth in Section
3.13.

 

    	11

    	 

    

 

3.3
Crediting of Third Party Payments. If (a) Licensee reasonably determines that it or its Affiliates cannot fully exercise
the rights granted to them under this Agreement without infringing or misappropriating any Intellectual Property Rights of a Third
Party, (b) Licensee or its Affiliate or any Sublicensee obtains a license to such Intellectual Property Rights from a Third Party
(a “Third Party License”), and (c) Licensee, its Affiliate or any Sublicensee pays a royalty or other payment
under such license with respect to any Licensed Product (such payments, “Third Party Payments”), then [
* ] percent ([ * ]%) of any Third Party Payments paid under such Third Party License by Licensee, its Affiliates or
Sublicensees may be credited against any payments owed to Licensor hereunder with respect to such Licensed Product; provided,
however, that such credits shall not reduce the Royalties payable to Licensor hereunder in respect of such Licensed Product for
a Calendar Half to less than [ * ] percent ([ * ]%) of the Royalties that would otherwise be payable for such Licensed
Product for such Calendar Half pursuant to this Section 3. In the event that any Third Party Payments are not fully credited by
Licensee in any Calendar Half, the remaining balance shall be carried forward to subsequent Calendar Halves until exhausted.

 

3.4
Payment Reduction for Lack of Valid Claim. If, with respect to a Licensed Product, a Region, and a Calendar Half, there
is not a Valid Claim covering the sale of such Licensed Product in such Region at all times during such Calendar Half, then the
payments due to Licensor hereunder in respect of such Licensed Product, Region, and Calendar Half shall be reduced by [ * ]
 percent ([ * ]%).

 

3.5
Payment Reduction for Compulsory License. In the event that a Governmental Authority of competent jurisdiction requires
Licensee or its Affiliate or Sublicensee to grant a compulsory license to a Third Party permitting such Third Party to make and
sell a Licensed Product in a Region, then the payments to be paid to Licensor hereunder in respect of such Licensed Product in
such Region shall be reduced by [ * ] percent ([ * ]%) during the time period when such compulsory license is in
effect.

 

3.6
Minimum Royalty. Notwithstanding anything herein to the contrary, during the Royalty Term for a Licensed Product and a
Region in the Territory, under no circumstances will the Royalties payable to Licensor hereunder in respect of such Licensed Product
and such Region for a Calendar Half be less than [ * ] percent ([ * ]%) of Net Sales of such Licensed Product for
such Region for such Calendar Half, provided that such percentage shall be pro-rated if such Royalty Term ends in such Calendar
Half.

 

    	12

    	 

    

 

3.7
Reporting. Licensee shall submit to Licensor within [ * ] days after the end of each Calendar Half, an accurate,
complete, itemized report setting forth for such year (together with cumulative year over year sales) at least the following information:

 

(a)
the quantity of Net Sales for the applicable Calendar Half on a Region-by-Region basis;

 

(b)
the amount of Royalty due thereon, or, if no Royalties are due to Licensor for any reporting period, a statement that no Royalties
are due;

 

(c)
the type, amount and payee of all Development Costs credited against any payments owed to Licensor hereunder with respect to such
Calendar Half, and any accrued Development Costs which have not yet been so credited; and

 

(d)
the amount and payee of all Third Party Payments credited against any payments owed to Licensor hereunder with respect to such
Calendar Half, and any accrued Third Party Payments which have not yet been so credited.

 

3.8
Payments; Payment Method; Currency Conversion. Together with the Calendar Half-by-Calendar Half report described above,
Licensee shall pay in full all Royalties due for the applicable Calendar Half. For the avoidance of doubt, an example of the Fapiao-related
Royalty calculation is provided in Schedule 3.8. For the further avoidance of doubt, Licensor shall be solely responsible for
payment of any and all amounts due to any Upstream Licensor. All payments to be made hereunder shall be made in U.S. Dollars in
immediately available funds via either a bank wire transfer, an ACH (automated clearing house) mechanism, or any other means of
electronic funds transfer, at Licensee’s election, to a bank account specified by Licensor in a notice at least [ * ]
Business Days before the applicable payment is due. For the purposes of determining the amount of any payments due hereunder
for the relevant Calendar Half, the amount of Net Sales in any foreign currency shall be converted into U.S. Dollars in accordance
with the prevailing rates of exchange for the relevant month for converting such first currency into such other currency used
by Licensee’s internal accounting systems.

 

3.9
Interest on Late Payments. If a Party shall fail to make a timely payment pursuant to the terms of this Agreement, the
other Party shall provide written notice of such failure to the non-paying Party (a “Late Payment Notice”),
and interest shall accrue on the past due amount starting on the date of the Late Payment Notice at the thirty (30) day U.S. Dollar
London Interbank Offered Rate effective for the date that payment was due (as published in the Wall Street Journal), computed
for the actual number of days after the date of the Late Payment Notice that the payment was past due. For avoidance of doubt,
any late payment arising from such payment being blocked or delayed by reason of applicable Law (or application thereof by any
Governmental Authority) in any jurisdiction in the Territory (including in connection with foreign exchange control) shall not
be subject to this Section 3.9.

 

3.10
Taxes. All payments required to be paid to Licensor pursuant to this Agreement shall be made without deduction or withholding
for taxes, except for withholding taxes, value-added taxes and government surcharges attached to the value-added taxes required
to be deducted or withheld by Licensee or its Affiliates under applicable Law on amounts payable to Licensor hereunder; provided,
however, that Licensee or its Affiliates shall provide Licensor with a receipt in respect of any taxes deducted or withheld and
remitted to the applicable Governmental Authority. [ * ]. Licensor alone shall be responsible for paying any and
all taxes (other than withholding taxes, value-added taxes and all government surcharges attached to the value-added taxes deducted
and withheld on Licensor’s behalf by Licensee or its Affiliates in accordance with this Section 3.10) levied on account
of, or measured in whole or in part by reference to, any payments Licensor receives. Without limiting the foregoing, the Parties
agree to reasonably cooperate with one another in availing themselves of the benefit of any tax treaty to minimize any applicable
withholding tax with respect to payments hereunder to the extent permitted under applicable law.

 

    	13

    	 

    

 

3.11
Blocked Payments. Licensee or its Affiliates shall take all actions required by applicable Laws for the purpose of transferring,
or having transferred on its behalf, Royalties or any other payments due to Licensor pursuant to this Agreement, including filing
or registration of this Agreement with the competent Governmental Authority and obtaining any required approval, permit or license
for the payment transfer from the competent Governmental Authority. If by reason of applicable Laws (or the application thereof
by any Governmental Authority) in any Region in the Territory, it becomes impossible or illegal for Licensee or its Affiliates
to transfer, or have transferred on its behalf Royalties or other payments to Licensor, Licensee shall promptly notify Licensor
of the conditions preventing such transfer. To the extent any payments to Licensor cannot be transferred pursuant to the preceding
sentence, such amounts shall be deposited in local currency in the relevant Region to the credit of Licensor in a recognized banking
institution designated by Licensor or, if none is designated by Licensor within a period of [ * ] days upon Licensee’s
notification to Licensor of the conditions preventing the transfer, in a recognized banking institution selected by Licensee or
its Affiliate, as the case may be, and identified in a notice given to Licensor. If so deposited in a foreign country or region,
Licensee shall provide, or cause its Affiliate to provide, reasonable cooperation to Licensor so as to allow Licensor to assume
control over such deposit as promptly as practicable.

 

3.12
Books and Records. Licensee shall keep, and shall require its Affiliates and Sublicensee(s) to keep, complete, accurate
records (together with supporting documentation) of Net Sales, Development Costs, and Third Party Payments under this Agreement,
reasonably appropriate to determine the amount of Royalties and other payments due to Licensor hereunder (collectively “Payment
Records”). Payment Records shall be retained for at least five (5) years following the end of the reporting period to
which they relate.

 

3.13
Audit. Licensor shall have the right, once annually at its own cost and expense, to have an independent, certified public
accounting firm, selected by Licensor and approved by Licensee in its reasonable discretion, review Payment Records in the location(s)
where such records are maintained upon reasonable notice to Licensee (which shall be no less than twenty (20) days’ prior
notice) and during regular business hours and under obligations of strict confidence, for the sole purpose of verifying the basis
and accuracy of payments made under this Section 3 within the lesser of (a) the twenty-four (24) month period preceding the date
of the request for review or (b) the period after Licensor’s most recent audit conducted under this Section 3.13 (or any
other applicable section of this Agreement) (an “Audit”). The report of such Audit shall be limited to a certificate
stating whether any report made or payment submitted by Licensee during such period is accurate or inaccurate and the actual amounts
of Net Sales of Licensed Products, Development Costs, Third Party Payments, and payments and Royalties due, for such period. Licensee
shall receive a copy of each such report concurrently with receipt by Licensor. Should such inspection lead to the discovery of
a discrepancy to Licensor’s detriment, and only to the extent that Licensee agrees with and accepts such conclusion under
the Audit, Licensee shall pay within thirty (30) Business Days after its receipt from the accounting firm of the certificate,
the amount of the discrepancy plus interest calculated in accordance with Section 3.9. If Licensee does not agree with the conclusion
of such report, the matter shall be referred to arbitration in accordance with Section 11.5(b). Licensor shall pay the full cost
of the Audit unless the underpayment discovered by the Audit is greater than [ * ] percent ([ * ]%) of the amount
due for the applicable period covered by the Audit. Any overpayment by Licensee revealed by an Audit shall be fully creditable
against future payments to be made to Licensor hereunder.

 

    	14

    	 

    

 

	4.	DEVELOPMENT
    AND COMMERCIALIZATION; JDC; REGULATORY; SUPPLY; TECHNOLOGY TRANSFER

 

4.1
Licensee Diligence. At all times during the Term, Licensee shall, directly or through its Affiliates or Sublicensees, exercise
commercially reasonable efforts to Develop and Commercialize a Licensed Product in China Mainland. Within ninety (90) days after
the end of each Calendar Year during the Term, Licensee will deliver to Licensor a high-level written report on Licensee’s
progress regarding such Development and Commercialization during such Calendar Year.

 

4.2
Joint Development Committee.

 

(a)
General Provisions. Within sixty (60) days after the Effective Date, the Parties shall establish a joint development committee
(the “Joint Development Committee” or “JDC”) which shall consist of two (2) representatives
from each of the Parties, each with the requisite experience and seniority to enable such individuals to make decisions on behalf
of the Parties with respect to the issues falling within the jurisdiction of the JDC. From time to time, each Party may substitute
one or more of its representatives to the JDC on written notice to the other Party. The chairpersonship shall alternate on an
annual basis between a representative selected by Licensee and a representative selected by Licensor, with Licensee’s representative
serving as chairperson in the first year. The JDC shall: (i) provide a forum for the discussion of the Parties’ Development
activities under this Agreement; (ii) attempt to resolve any dispute relating to the Development of any Licensed Products within
the JDC on an informal basis; and (iii) perform such other functions as expressly set forth in this Agreement or allocated to
it by the Parties’ written agreement.

 

(b)
Meetings and Minutes. The JDC shall meet quarterly or any shorter period of time as otherwise agreed to by the Parties.
The Parties may conduct meetings by means of teleconference, videoconference or other similar communications equipment, or meet
in person at a location designated by Licensee or Licensor, provided that if one Party designated a location for an in-person
meeting, the location for the next in-person meeting shall be designated by the other Party. The location for the first in-person
meeting shall be designated by Licensee. Meetings of the JDC shall be effective only if at least one (1) representative of each
Party is participating. The chairperson of the JDC shall be responsible for calling meetings on no less than fifteen (15) Business
Days’ notice unless exigent circumstances require shorter notice. Each Party shall make all proposals for agenda items at
least five (5) Business Days in advance of the applicable meeting and shall provide all appropriate information with respect to
such proposed items at least two (2) Business Days in advance of the applicable meeting; provided that under exigent circumstances
requiring input by the JDC, a Party may provide its agenda items to the other Party within a shorter period of time in advance
of the meeting or may propose that there not be a specific agenda for a particular meeting, so long as the other Party consents
to such later addition of such agenda items or the absence of a specific agenda for such meeting (which consent shall not be unreasonably
withheld, conditioned or delayed). The chairperson of the JDC shall prepare and circulate for review and approval of the Parties
minutes of each meeting within thirty (30) days after the meeting. The Parties shall agree on the minutes of each meeting promptly,
but in no event later than the next meeting of the JDC.

 

    	15

    	 

    

 

(c)
Procedural Rules. The JDC shall have the right to adopt such standing rules as shall be necessary for its work, to the
extent that such rules are not inconsistent with this Agreement. A quorum of the JDC shall exist whenever there is present at
a meeting at least one (1) representative appointed by each Party. Representatives of the Parties on the JDC may attend a meeting
either in person or by telephone, video conference or similar means in which each participant can hear what is said by, and be
heard by, the other participants. Representation by proxy shall be allowed. Subject to Sections 4.2(d) and 4.2(e), the JDC shall
take action by consensus of the representatives present at a meeting at which a quorum exists, with each Party having a single
vote irrespective of the number of representatives of such Party in attendance, or by a written resolution signed by at least
one (1) representative appointed by each Party. Other employees or consultants of a Party who are not representatives of the Parties
on the JDC may attend meetings of the JDC; provided, however, that such attendees (i) shall not vote or otherwise participate
in the decision-making process of the JDC and (ii) are bound by obligations of confidentiality and non-disclosure at least as
protective of the other Party as those set forth in Section 9.

 

(d)
Limitations on Authority. Without limitation to the foregoing, the Parties hereby agree that matters explicitly reserved
to the consent, approval or other decision-making authority of one or both Parties, as expressly provided in this Agreement, are
outside the jurisdiction and authority of the JDC, including (i) amendment, modification or waiver of compliance with this Agreement,
(which may only be amended or modified as provided in Section 11.7 or compliance with which may only be waived as provided in
Section 11.3); (ii) such other matters as are reserved to the consent, approval, agreement or other decision-making authority
of either or both Parties in this Agreement that are not required by this Agreement to be considered by the JDC prior to the exercise
of such consent, approval or other decision-making authority; and (iii) any determination as to whether a Party is in breach of
this Agreement.

 

(e)
Final Decisionmaking Authority. Licensee shall have final decision-making authority on the JDC with respect to any matter
under the jurisdiction of the JDC that relates to Development, Manufacturing, or Commercialization, or other Exploitation of any
Licensed Product in or for the Territory or that otherwise relates to the Territory, without resort to any dispute resolution
mechanism; provided, however, that any corresponding decision that relates to patient or product safety and would
have a material adverse impact on the Development, Manufacturing, or Commercialization, or other Exploitation of the Licensed
Products outside the Territory shall require a consensus of the JDC, provided further that, if such consensus is
not achieved within ten (10) Business Days after the JDC initially considers such corresponding decision, then either Party shall
have the right to invoke the dispute resolution process set forth in Section 11.5(a). Licensor shall have final decision-making
authority on the JDC with respect to any other matters under the jurisdiction of the JDC, without resort to any dispute resolution
mechanism. Neither Party shall exercise its final decision-making authority to (1) require acts or omissions by or on behalf of
the other Party in violation of applicable Law or (2) materially increase the other Party’s obligations under this Agreement.

 

    	16

    	 

    

 

4.3
Licensed Product Branding.

 

(a)
Licensee will have the right to brand the Licensed Products in the Territory using trademarks, logos, and trade names as deemed
appropriate for the Licensed Product in Licensee’s sole discretion (the “Licensee Marks”). Licensee will
own all rights in the Licensee Marks and will register and maintain the Licensee Marks in the Territory as it determines to be
reasonably necessary, at Licensee’s cost and expense.

 

(b)
To the extent that Licensee elects to use a Licensor Mark in connection with the Commercialization of a Licensed Product, the
Parties agree to cooperate in good faith in the determination of the placement, size, typeface and color of such Licensor Mark.
Any use of a Licensor Mark must be reviewed in advance and approved by Licensor, which approval will not be unreasonably withheld,
conditioned or delayed, so long as such use is consistent with the mode and manner used by Licensor in displaying Licensor Marks
on its own products. Licensor shall have the right to inspect and audit, from time to time, any Licensed Products Commercialized
by Licensee using a Licensor Mark, and all packaging, product inserts and marketing materials therefor, in order to monitor and
ensure the quality of all products and services being marketed with or bearing any Licensor Mark.

 

(c)
Licensee shall not use the Licensor Marks other than as permitted hereunder. Licensee shall not incorporate any of the Licensor
Marks in Licensee’s corporate or any business name in any manner whatsoever. Licensee shall not use any of the Licensor
Marks as a stand-alone, second-level domain (for example, www.[].cn) nor as part of any social media identifier (by way of example
and not limitation, a Twitter ID or Twitter screenname, any hashtag or any social media handle). Licensee shall not adopt, register
or attempt to register any trademark which is the same as or confusingly similar to a Licensor Mark. Licensee shall not use any
of the Licensor Marks in any manner that would constitute an endorsement of any product or services other than the Licensed Product(s).
Licensee shall not make or authorize any Commercialization, direct or indirect, of any of the Licensor Marks outside the Territory
and will not knowingly sell the Licensed Product(s) to Persons who intend or are likely to resell them in conjunction with any
of the Licensor Marks in any country outside the Territory. Licensee agrees that in using the Licensor Marks, it will in no way
represent that it has any rights, title, or interest in or to the Licensor Marks other than those rights expressly granted under
the terms of this Agreement.

 

    	17

    	 

    

 

4.4
Regulatory.

 

(a)
Regulatory Data. To the extent required by Licensee to obtain or maintain any Regulatory Approval in or for the Territory
and to the extent otherwise reasonably requested by Licensee in connection therewith, Licensor shall, to the extent permitted
by applicable Law, provide to Licensee copies of or access to all non-clinical data and clinical data, IND packages and other
information, results, and analyses that are generated at any time, that pertain to any Development or Commercialization activities
in respect of any Licensed Product, and that are controlled by Licensor or any of its Affiliates or its or their licensees or
sublicensees or can be obtained by them with reasonable effort (collectively, “Licensor Regulatory Data”).
All Licensor Regulatory Data in existence as of the Effective Date will be provided to Licensee within thirty (30) days of the
Effective Date. To the extent required by Licensor to obtain or maintain any regulatory approval outside the Territory and to
the extent otherwise reasonably requested by Licensor in connection therewith, Licensee shall, to the extent permitted by applicable
Law, provide to Licensor copies of or access to all non-clinical data and clinical data, IND packages and other information, results,
and analyses that are generated at any time, that pertain to any Development or Commercialization activities in respect of any
Licensed Product, and that are controlled by Licensee or any of its Affiliates or its or their licensees or sublicensees or can
be obtained by them with reasonable effort (collectively, “Licensee Regulatory Data”), provided that, if applicable,
the Licensee Regulatory Data may be redacted of any regulatory data or other information if obtaining permission to export or
otherwise remove such data or information from Mainland China would, in Licensee’s reasonable opinion, be unreasonably costly.
Without limiting the foregoing, each Party shall, in a timely and responsive manner consistent with the requirements of applicable
Regulatory Authorities, provide to the other Party, in such form and format as may be mutually agreed, (x) copies of all correspondence
to or from any Regulatory Authority that relates to the Licensed Products, and (y) all Regulatory Documentation then in such Party’s
possession or later received by it, its Affiliates or its or their licensees or sublicensees, provided that, if applicable, any
such correspondence or Regulatory Documentation to be provided by Licensee may be redacted of any regulatory data or other information
if obtaining permission to export or otherwise remove such data or information from Mainland China would, in Licensee’s
reasonable opinion, be unreasonably costly. Each Party agrees to respond to all requests from Regulatory Authorities in respect
of the Licensed Products by the required deadline, or if there is no required deadline, then within fifteen (15) days or within
such other timeframe as may be mutually agreed with the other Party. For the avoidance of doubt, all information and documentation
provided by a Party to the other Party pursuant to this Section 4.4(a) shall be treated by such other Party as such Party’s
Confidential Information.

 

(b)
Licensee Responsibility and Ownership; Licensor Cooperation. Licensee shall be responsible, at Licensee’s own cost
and expense, for preparing, submitting and maintaining regulatory filings and other submissions, and obtaining Regulatory Approvals
in or for the Territory, in its name in each case, and for conducting communications with the Regulatory Authorities, for the
Licensed Products in or for the Territory. All corresponding Regulatory Documentation and Regulatory Approvals shall be owned
by, and shall be the sole property and held in the name of, Licensee or its designee. Licensor will work collaboratively with
Licensee, at Licensee’s expense (but subject to credit as provided in Section 3.2) and upon the request of Licensee, to
provide reasonable support to Licensee in connection with regulatory filings required to obtain and maintain Regulatory Approvals
in or for the Territory and to Commercialize the Licensed Products, which support may include providing devices and materials
for clinical trial purposes, attending meetings with Regulatory Authorities, conducting additional studies and research, assisting
and requiring its manufacturers to comply with Regulatory Authority on-site inspections, and providing expert assistance and input
in the Regulatory Documentation and Regulatory Approval process. Licensor shall, upon Licensee’s request, cooperate and
work in good faith with Licensee to plan future global registration studies in such a manner so as to facilitate the registration
of the Licensed Products in or for the Territory.

 

    	18

    	 

    

 

(c)
Communications and Filings with Regulatory Authorities. To the extent permitted under applicable Law, each Party shall
provide the other Party with copies of material submissions to or communications with a Regulatory Authority (in the original
language) relating to any Licensed Product a reasonable amount of time prior to the anticipated date for the submission or communication
to allow the other Party a reasonable opportunity to review and comment on submission or communication, and in such event each
Party shall consider all comments and proposed revisions from the other Party in good faith in connection with effecting such
submission or communication, provided that if such Regulatory Authority is the NMPA, then such copies may be redacted of any regulatory
data or other information if obtaining permission to export or otherwise remove such data or information from Mainland China would,
in Licensee’s reasonable opinion, be unreasonably costly. In the event that an exigent action prevents a Party from allowing
the other Party the time set forth above, the such first Party shall make all efforts to provide the other Party with as much
time as possible to review and comment as the timeline permits. Each Party shall consult with the other Party regarding, and keep
the other Party informed of, the status of the preparation of all material submissions and communications it has with the applicable
Regulatory Authorities relating to each Licensed Product in their respective territories.

 

(d)
No Harmful Actions. If either Party believes that the other Party is taking or intends to take any action with respect
to a Licensed Product that could have a material adverse impact upon the Regulatory Approval of any Licensed Product in or for
the Territory (if such Party is Licensee) or outside the Territory (if such Party is Licensor), then such Party shall have the
right to bring the matter to the attention of the other Party and the Parties shall discuss in good faith to resolve such concern.
Without limiting the foregoing, unless the Parties otherwise agree: (i) Licensee shall not communicate with any Regulatory Authority
having jurisdiction only outside the Territory with respect to a Licensed Product, unless so ordered by such Regulatory Authority,
in which case Licensee shall immediately notify Licensor of such order; (ii) Licensee shall not submit any regulatory filings
or seek Regulatory Approvals for any Licensed Product outside the Territory (unless such regulatory filings or Regulatory Approvals
are also for the Territory); (iii) Licensor shall not communicate with any Regulatory Authority having jurisdiction only in or
for the Territory with respect to a Licensed Product, unless so ordered by such Regulatory Authority, in which case Licensor shall
immediately notify Licensee of such order, and (iv) Licensor shall not submit any regulatory filings or seek Regulatory Approvals
for any Licensed Products in or for the Territory. Licensor shall provide Licensee with any information that reasonably could
have an adverse effect on the Development or Commercialization of the Licensed Products in or for the Territory, prior to making
such information public.

 

(e)
Required Studies. At any time during the Term, if any Regulatory Authority requires additional clinical studies in connection
with obtaining or maintaining Regulatory Approval for any Licensed Product in or for the Territory (each a “Required
Study”), then Licensee shall notify Licensor of the need for and scope of such Required Study together with an estimated
budget and timing for performing the Required Study (“Required Study Notification”). Licensor shall, in a timely
and responsive manner consistent with the requirements of applicable Regulatory Authorities, provide Licensee with any comments
or questions concerning the Required Study. Licensee shall have the right to proceed with the Required Study as outlined in the
Required Study Notification and shall account for all internal and Third Party costs directly related to the performance of the
Required Study, which costs shall be accounted for in accordance with Licensee’s accounting practices, standards and procedures
(“Required Study Costs”). Licensee shall pay for all Required Study Costs at the time necessary for completion
of the Required Study.

 

    	19

    	 

    

 

(f)
Licensor Initiated Modifications. Licensee’s prior written consent shall be required for any material modifications
to Licensed Products or components thereof, or to the Manufacturing processes (including the Manufacturing Processes), packaging,
labeling, or package inserts for the foregoing, as applicable, that may be initiated by Licensor or its Affiliates or Third Party
contractors and that may reasonably have an impact on Licensee’s performance or rights under this Agreement or on Licensee’s
ability to maintain any Regulatory Approval in or for the Territory.

 

(g)
Registrations and Recordals. Licensor shall, at its own expense, promptly provide Licensee with all necessary assistance
and documents required for all government approvals, registrations and recordals required or advisable under any applicable Laws
in the Territory to enable the Parties to exercise, enforce and enjoy all of the rights and obligations contained hereunder, including
any approval, registration or recordal required under the PRC technology import and export laws and the PRC patent laws. Each
Party shall be responsible for its own legal and other external costs in connection with any such filing, registration or notification.
In furtherance of the obligations set forth in this Section 4.4(g), the Parties shall execute no later than three (3) months after
the Effective Date a short form agreement for recordal with the State Intellectual Property Office of China that is in customary
form, is consistent with the terms of this Agreement, and is as required by applicable Law.

 

(h)
Pharmacovigilance and Post-Market Surveillance Agreement; Global Safety Database. Following the Effective Date and no later
than sixty (60) days prior to the enrollment of the first patient in any clinical trial for any Licensed Product by Licensee or
any of its Affiliates or Sublicensees in or for the Territory, the Parties shall enter into a separate written pharmacovigilance
agreement providing details related to managing and reporting adverse events, adverse drug experiences and similar events or experiences
in respect of the Licensed Products (including those of such events or experiences as occur during clinical studies) and other
safety and reporting practices and procedures in respect of the Licensed Products in compliance with all applicable Law. Licensor
shall establish, hold and maintain the global safety database for the Licensed Products. Each Party shall provide the other Party
with information in such Party’s possession or control as necessary for such other Party to comply with its pharmacovigilance
or other post-market regulatory responsibilities in respect of the Licensed Products, including, as applicable, any adverse events,
adverse drug experiences or similar events or experiences (including those events or experiences that are required to be reported
to the FDA under 21 C.F.R. 312.32 or 314.80 or to foreign Regulatory Authorities under corresponding applicable Law outside the
United States) from pre-clinical or clinical laboratory, animal toxicology and pharmacology studies, clinical studies, and commercial
experiences with the Licensed Products, in each case, in the form reasonably requested by such other Party, subject to Section
9, where applicable.

 

    	20

    	 

    

 

(i)
Notification of Threatened Action. Each Party shall immediately notify the other Party of any information it receives regarding
any threatened or pending action, inspection or communication by any Regulatory Authority, which may materially affect the safety
or efficacy claims of any Licensed Product or the continued marketing of any Licensed Product in any country. Upon receipt of
such information, the Parties shall consult with each other in an effort to arrive at a mutually acceptable procedure for taking
appropriate action. Without limiting the foregoing, in respect of any inspection of any facility of Licensor or its Affiliates
or Third Party contractors in which any Licensed Product is or has been Manufactured, Licensor shall notify Licensee promptly
(and in any event, within a maximum of twenty-four (24) hours) upon learning of such inspection, and, without limiting Section
4.4(c), shall promptly (and in any event, within a maximum of forty-eight (48) hours) supply Licensee with a copy of any correspondence,
notice, or other documentation received or prepared by Licensor or its Affiliates or Third Party contractors that relates to such
inspection, including any Form 483, inspection report (e.g., EIR), or warning letter. Licensor shall, and shall cause its Affiliates
to, and shall use best efforts to cause its Third Party contractors to, permit Licensee to send representatives to any such facility
to participate in any portion of such inspection.

 

(j)
Remedial Actions. Each Party shall notify the other immediately, and promptly confirm such notice in writing, if it obtains
information indicating that any Licensed Product may be subject to any recall, corrective action or other regulatory action by
any Governmental Authority (a “Remedial Action”). The Parties shall assist each other in gathering and evaluating
such information as is necessary to determine the necessity of conducting a Remedial Action. Licensee shall have sole discretion,
except as required by applicable Law, with respect to any matters relating to any Remedial Action in or for the Territory, including
the decision to commence such Remedial Action and the control over such Remedial Action, and Licensor shall, and shall cause its
Affiliates to, cooperate fully with Licensee’s reasonable requests in respect of such matters. Unless otherwise provided
in any applicable supply agreement between the Parties or their Affiliates, and subject to Section 8.2, the costs and expenses
of any Remedial Action in or for the Territory shall be borne solely by Licensee, and the costs and expenses of any Remedial Action
outside the Territory shall be borne solely by Licensor. Each Party shall maintain, and shall ensure that its Affiliates and sublicensees
shall maintain, adequate records to permit the Parties to trace the manufacture, distribution and use of the Licensed Product
in their respective territories.

 

4.5
Licensed Product Supply. On Licensee’s request in respect of a Licensed Product or component thereof, Licensor agrees
to negotiate in good faith to enter into a separate mutually agreed supply agreement for such Licensed Product or component with
Licensee generally consistent with the terms set forth in the supply agreement term sheet attached hereto as Schedule 4.5. Without
limiting the foregoing, Licensor agrees that Licensee may enter into contracts directly with Licensor’s Third Party manufacturers
of the Licensed Products or components thereof, and, upon Licensee’s request and at Licensee’s direction, Licensor
will use best efforts to assist Licensee in executing such contracts.

 

4.6
Technology Transfer.

 

(a)
Promptly following the Effective Date, and with the objective of completing such transition within the six (6) month period immediately
following the Effective Date (and in any case as quickly as possible), Licensor shall, at its cost, use best efforts to provide
Licensee assistance in transitioning the Licensed Technology (except for the Manufacturing Processes) to Licensee. Licensor shall
use best efforts to cooperate during the Term with Licensee’s requests in connection with such transfer. Such assistance
shall include providing Licensee with reasonable amounts of consultation regarding the so transferred Licensed Technology.

 

    	21

    	 

    

 

(b)
Promptly following the Effective Date, Licensor shall use best efforts to (i) commence, and cause its Third Party manufacturers
to commence, a full transfer to Licensee of all Licensed Technology relating to the then-current processes for the Manufacture
of the Licensed Products, including bench-scale production and pilot scale production (the “Manufacturing Processes”),
and (ii) provide assistance to, and cause its Third Party manufacturers to assist, Licensee in support of the implementation of
the Manufacturing Processes to achieve quality for the then-current Licensed Products that is reasonably satisfactory to Licensee
and that is sufficient to meet all applicable regulatory requirements in the Territory (the “Satisfactory Quality”)
(such transfer and implementation, the “Manufacturing Technology Transfer”). During the Term, Licensor shall
use best efforts to provide, and to cause its Third Party manufacturers to provide, such assistance in connection with the Manufacturing
Technology Transfer as may be requested by Licensee.

 

(c)
Licensor shall be responsible for all full-time equivalent (FTE) costs for its employees, and for all costs and expenses of Third
Party manufacturer assistance provided in the US arising from or in connection with the Manufacturing Technology Transfer. Licensee
shall be responsible for the reasonable costs and expenses of accommodations for Licensor’s employees in the Territory,
and of travel between the US and the Territory, incurred in furtherance of the Manufacturing Technology Transfer, and Licensee
shall be responsible for all costs and expenses of Licensee employees or any Third Party manufacturer employees for purposes of
implementing the Manufacturing Technology Transfer in the Territory, but only, in the case of Licensor’s employees and Third
Party manufacturer employees, to the extent that such individuals are requested by Licensee to travel to the Territory to provide
assistance.

 

(d)
If the Manufacturing Technology Transfer for a Licensed Product is not successfully completed within a time period that is reasonably
satisfactory to Licensee, then Licensee, at its sole expense, shall be permitted to send its personnel to Licensor’s or
its Third Party manufacturers’ facilities to manufacture such Licensed Product at a quality that is at least as good as
the applicable Satisfactory Quality.

 

(e)
If Licensor makes any invention, discovery, or improvement related to the Manufacturing of a Licensed Product or component thereof,
then Licensor shall promptly disclose such invention, discovery, or improvement to Licensee, and shall, at Licensee’s request,
transfer to Licensee the technology with respect to such invention, discovery, or improvement in substantially the same manner
as provided in this Section 4.6.

 

	5.	INTELLECTUAL
    PROPERTY

 

5.1
Ownership of Inventions.

 

(a)
Sole Inventions. Each Party shall exclusively own all inventions made solely by or on behalf of such Party or its Affiliates
in connection with this Agreement (“Sole Inventions”). Sole Inventions made solely by or on behalf of Licensee
or its Affiliates are referred to herein as “Licensee Sole Inventions”. Sole Inventions made solely by or on
behalf of Licensor or its Affiliates are referred to herein as “Licensor Sole Inventions”.

 

    	22

    	 

    

 

(b)
Joint Inventions. The Parties shall jointly own all inventions made in connection with this Agreement jointly by employees,
agents or consultants of Licensee or its Affiliates, on the one hand, and employees, agents or consultants of Licensor or its
Affiliates, on the other hand, on the basis of each Party having an undivided interest in the whole (“Joint Inventions”).

 

(c)
Inventorship. For purposes of determining whether an invention is a Licensee Sole Invention, a Licensor Sole Invention,
or a Joint Invention, questions of inventorship shall be resolved in accordance with the applicable patent Laws in the jurisdiction
where the invention is conceived and reduced to practice, provided that for any invention the conception or reduction to practice
of which occurred in more than one jurisdiction, questions of inventorship shall be resolved in accordance with U.S. patent Laws.

 

5.2
Prosecution and Maintenance of Patents.

 

(a)
Prosecution of Licensor Patents. Licensor shall have the first right, but not the obligation, to obtain, prosecute and
maintain the Licensor Patents outside the Territory. Licensee shall have the first right, but not the obligation, to obtain, prosecute
and maintain the Licensor Patents in the Territory. Licensor and Licensee shall cooperate in connection with the continued prosecution
and maintenance by the applicable Party of the Licensor Patents, provided that the prosecuting Party shall have final decision
making authority with respect to any and all Licensor Patents that such Party is then prosecuting. Each Party will bear its own
out-of-pocket costs and expenses incurred to obtain, prosecute and maintain the Licensor Patents. If Licensor files a new patent
application anywhere in the world from which a Licensor Patent in the Territory could claim priority, then within sixty (60) days
of such filing, Licensor shall notify Licensee and provide Licensee with a copy of such filings. Licensor shall notify Licensee
at least ninety (90) days prior to the earliest deadline for entering into national phase with respect to any Patent Cooperation
Treaty (PCT) application included in the Licensor Patents. No later than thirty (30) days prior to the earliest deadline to enter
into the national phase, Licensee shall provide Licensor with a list of Regions within the Territory in which Licensee would like
Licensor to file. Licensor shall file international patent applications, or designate for national filing and file, in such Regions
as may be requested by Licensee. Licensee shall pay all costs and expenses associated with the filing and prosecution of such
applications in such Regions. Each Party shall keep the other Party fully informed of all steps taken by or on behalf of such
Party with regard to the preparation, filing, prosecution, and maintenance of each Licensor Patent, including by providing the
other Party with a copy of all material communications to and from any patent authority regarding such Licensor Patent, and by
providing the other Party drafts of any filings or responses to be made to such patent authority sufficiently in advance of submitting
such filings or responses so as to allow for a reasonable opportunity for the other Party to review and comment thereon. Each
Party shall consider all such comments of the other Party and shall use reasonable efforts to incorporate such comments. Neither
Party shall abandon any Licensor Patent that it is then prosecuting without at least ninety (90) days’ prior notice to the
other Party. If the prosecuting Party decides to abandon any Licensor Patent that it is then prosecuting (an “Abandoned
Licensor Patent”), then the other Party shall, at its sole expense, have the option to continue to prosecute and maintain
the Abandoned Licensor Patent in such other Party’s own name by providing a written notice to such prosecuting Party. In
such event, such prosecuting Party shall promptly provide such other Party with the appropriate documents to continue to prosecute
or maintain such Abandoned Licensor Patent in such other Party’s name. If such other Party is Licensee, then Licensor shall
and hereby does assign such Abandoned Licensor Patent to Licensee, and such Abandoned Licensor Patent shall be deemed to be a
Licensee Patent for all purposes hereunder. Notwithstanding the foregoing, Licensor’s obligations and Licensee’s rights
pursuant to this Section 5.2(a) are in all cases subject to Licensor’s obligations under the Existing Upstream Agreements.

 

    	23

    	 

    

 

(b)
Prosecution of Licensee Patents and Joint Patents. Licensee has the sole right, but not the responsibility, to obtain,
prosecute and maintain the Licensee Patents and Joint Patents worldwide at its sole cost and expense.

 

5.3
Third Party Infringement.

 

(a)
Notice. Each Party shall promptly report in writing to the other Party during the Term any known or suspected (i) infringement
of any of the Licensor Patents or Joint Patents, or (ii) unauthorized use or misappropriation of any of the Licensor Know-How
or Joint Inventions, in the case of either clause (i) or clause (ii), that could reasonably be expected to impact the (A) Development,
Manufacture, or Commercialization, or other Exploitation of any Licensed Product in or for the Territory by or on behalf of Licensee
or its Affiliates, or (B) scope of the rights licensed to Licensee under Section 2.1 (an “Infringement Claim”),
of which such Party becomes aware, and shall provide the other Party with all available evidence supporting such Infringement
Claim.

 

(b)
Enforcement Rights. Licensee shall have the sole right, but not the obligation, to initiate a suit, or take other appropriate
action that it believes is reasonably required to protect (i.e., prevent or abate actual or threatened infringement or misappropriation
of) or otherwise enforce the Licensor Patents, Licensor Know-How, Joint Patents, or Joint Inventions with respect to an Infringement
Claim. Any such suit by Licensee shall be brought either in the name of Licensor or its Affiliate, the name of Licensee or its
Affiliate, or jointly by Licensee, Licensor and their respective Affiliates, as may be required by the law of the forum. For this
purpose, Licensor shall execute such legal papers and cooperate in the prosecution of such suit as may be reasonably requested
by Licensee; provided that Licensee shall promptly reimburse all out-of-pocket expenses (including reasonable counsel fees and
expenses) actually incurred by Licensor in connection with such cooperation. For clarity, as between Licensor and Licensee, (i)
Licensor shall have the sole right, but not the obligation, to protect Licensor Patents or Licensor Know-How against any suspected
misappropriation or infringement that does not constitute an Infringement Claim and (ii) the Parties shall jointly determine by
mutual agreement whether and how to protect Joint Patents or Joint Inventions against any suspected misappropriation or infringement
that does not constitute an Infringement Claim, and the provisions of this Section 5 shall not apply with respect thereto.

 

(c)
Conduct of Certain Actions; Costs. Licensee shall have the sole and exclusive right to select counsel for, and otherwise
control, any suit initiated by it pursuant to Section 5.3(b) and will pay its own costs and expenses in connection with such suit.

 

(d)
Recoveries. Any damages, settlements, accounts of profits, or other financial compensation recovered from a Third Party
by the Party that assumes control over enforcing any Infringement Claim shall be allocated first to reimburse each Party’s
out-of-pocket costs and expenses in connection with such enforcement and then [ * ].

 

    	24

    	 

    

 

5.4
Patent Invalidity Claim. Each of the Parties shall promptly notify the other in the event of any legal or administrative
action by any Third Party against a Licensor Patent or a Joint Patent in the Territory of which it becomes aware, including any
nullity, revocation, reexamination or compulsory license proceeding. Licensee shall have the first right, but not the obligation,
to defend against any such action involving a Licensor Patent in its own name, and the costs of any such defense shall be at Licensee’s
expense. Licensee shall have the sole right, but not the obligation, to defend against any such action involving a Joint Patent
in its own name, and the costs of any such defense shall be at Licensee’s expense. Licensor, upon request of Licensee, agrees
to join in any such action and to cooperate reasonably with Licensee; provided that Licensee shall promptly reimburse all out-of-pocket
expenses (including reasonable counsel fees and expenses) actually incurred by Licensor in connection with such cooperation. If
Licensee does not defend against any such action involving a Licensor Patent, then Licensor shall have the right, but not the
obligation, to defend such action and any such defense shall be at Licensor’s expense. Licensee, upon request of Licensor,
agrees to join in any such action and to cooperate reasonably with Licensor, provided that Licensor shall promptly reimburse all
out-of-pocket expenses (including reasonable counsel fees and expenses) actually incurred by Licensee in connection with such
cooperation.

 

5.5
Claimed Infringement. Each of the Parties shall promptly notify the other in the event a Party becomes aware that the Development,
Manufacture, or Commercialization, or other Exploitation of any Licensed Product in or for the Territory infringes or misappropriates
the Intellectual Property Rights of any Third Party, and shall promptly provide the other Party with any notice it receives or
has received from a Third Party related to such suspected infringement or misappropriation. Licensee shall have the sole right,
but not the obligation, to defend and control the defense of any such claim, suit, or proceeding at its own expense (but subject
to credit as provided in Section 3.3), using counsel of its own choice. Licensor may participate in any such claim, suit, or proceeding
with counsel of its choice at its own expense. Without limitation of the foregoing, if Licensee finds it necessary or desirable
to join Licensor as a party to any such action, Licensor shall execute all papers and perform such acts as shall be reasonably
required; provided that Licensee shall promptly reimburse all out-of-pocket expenses (including reasonable counsel fees and expenses)
actually incurred by Licensor in connection with such joinder. Each Party shall keep the other Party reasonably informed of all
material developments in connection with any such claim, suit, or proceeding. Any recoveries by Licensee in connection with defending
any Third Party infringement claim under this Section 5.5 shall be allocated first to reimburse each Party’s out-of-pocket
costs and expenses in connection with such defense (except to the extent that the applicable costs and expenses were previously
reimbursed by Licensee to Licensor pursuant to this Section 5.5) and then [ * ].

 

5.6
Patent Term Extensions. Licensee shall have the exclusive right (but not the obligation) to seek patent term extensions
or supplemental patent protection, if available, including supplementary protection certificates, in any Region in the Territory
in relation to the Licensed Products at Licensee’s expense. Upon Licensee’s request, Licensor and Licensee shall cooperate
in connection with all such activities, and Licensee, its agents and attorneys will give due consideration to all timely suggestions
and comments of Licensor regarding any such activities; provided that all final decisions shall be made by Licensee.

 

    	25

    	 

    

 

5.7
Patent Marking. Licensee shall comply with the patent marking statutes in each Region in the Territory in which the Licensed
Product is sold by Licensee or its Affiliates or Sublicensees.

 

	6.	TERM
    AND TERMINATION

 

6.1
The term (“Term”) of this Agreement shall be effective from the first to occur of (a) the Closing Date or (b)
the termination of the Stock Purchase Agreement by Licensor other than pursuant to Section 10.1(a)(iv)(ii) of the Stock Purchase
Agreement (the “Effective Date”). The Term of the Agreement shall, except to the extent sooner terminated by
a Party pursuant to this Section 6, continue thereafter without expiration.

 

6.2
Termination for Material Breach. If either Party (the “Non-Breaching Party”) believes that the other
Party (the “Breaching Party”) has materially breached one or more of its material obligations under this Agreement
(a “Material Breach”), then the Non-Breaching Party may give the Breaching Party notice of such Material Breach
(a “Material Breach Notice”) specifying the nature of the breach. If the Breaching Party does not dispute that
it has committed a Material Breach, then, if the Breaching Party fails to cure such breach, or fails to take steps as would be
considered reasonable to effectively cure such breach, within [ * ] days after receipt of the Material Breach Notice, the
Non-Breaching Party may terminate this Agreement upon written notice to the Breaching Party. If the Breaching Party disputes that
it has committed a Material Breach, the dispute shall be resolved pursuant to Section 11.5. If, as a result of the application
of such dispute resolution procedures, the Breaching Party is determined to have committed a Material Breach (an “Adverse
Ruling”), then, if the Breaching Party fails to complete the actions specified by the Adverse Ruling to cure such breach
within [ * ] days after such ruling or such longer period as specified in the Adverse Ruling, the Non-Breaching Party may
terminate this Agreement upon written notice to the Breaching Party. The right of either Party to terminate this Agreement as
set forth in this Section 6.2 shall not be affected in any way by its waiver of, or failure to take action with respect to, any
previous default. Notwithstanding anything to the contrary in this Section 6.2, if a Material Breach pertains only to facts relating
to one or more Regions, then, pursuant to this Section 6.2, the Non-Breaching Party shall have a right to terminate this Agreement
only with respect to such Region(s). The Region(s) with respect to which the Non-Breaching Party exercises its termination right
pursuant this Section 6.2 are referred to as the “Terminated Region.”

 

6.3
Termination for Convenience. Licensee may terminate this Agreement in its entirety for any reason or no reason upon [
* ] days’ prior written notice to Licensor.

 

    	26

    	 

    

 

6.4
Termination for Insolvency. This Agreement may be terminated by a Party upon written notice to the other Party (a) if the
other Party shall make an assignment for the benefit of its creditors, file a petition in bankruptcy, petition or apply to any
tribunal for the appointment of a custodian, receiver or trustee for it or a substantial part of its assets, or shall commence
any proceeding under any bankruptcy, reorganization, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction,
whether now or hereafter in effect; (b) if there shall have been filed against the other Party any such bona fide petition
or application, or any such proceeding shall have been commenced against it, in which an order for relief is entered or that remains
undismissed or unstayed for a period of [ * ] days or more; (c) if the other Party by any act or omission shall indicate
its consent to, approval of or acquiescence in any such petition, application or proceeding or order for relief or the appointment
of a custodian, receiver or trustee for it or any substantial part of its assets, or shall suffer any such custodianship, receivership
or trusteeship to continue undischarged or unstayed for a period of [ * ] days or more; or (d) anything analogous to any
of the foregoing occurs in any applicable jurisdiction. Termination pursuant to this Section 6.4 shall be effective upon the date
specified in such notice.

 

6.5
Effect of Termination.

 

(a)
Termination by Licensor for Breach or Insolvency or by Licensee for Convenience. If this Agreement is terminated by Licensor
under Sections 6.2 or 6.4 or by Licensee under Section 6.3, then, with respect to each Terminated Region only (in the case of
termination pursuant to Section 6.2) or with respect to the Territory (in the case of termination other than pursuant to Section
6.2):

 

(i)
All rights and licenses granted by either Party hereunder shall terminate;

 

(ii)
Such termination shall not terminate any Sublicense, provided that (1) the applicable Sublicensee is not in breach of any provision
of this Agreement or such Sublicense and (2) such Sublicensee shall perform all obligations of Licensee under this Agreement that
are applicable to the sublicensed rights; and

 

(iii)
To the extent permitted by applicable Law, Licensee will assign and transfer to Licensor all Regulatory Documentation and Regulatory
Approvals solely relating to the Licensed Products in or for the Terminated Regions, including related correspondence with Regulatory
Authorities, and provide copies thereof, and Licensee will grant Licensor a non-exclusive right of reference under all other Regulatory
Documentation and Regulatory Approvals, if any, that relate to the Licensed Products in or for the Terminated Regions, including
related correspondence with Regulatory Authorities, and provide copies thereof; provided, that, in each case, Licensee (A) shall
be entitled to redact or withhold such information that is proprietary to Licensee and (B) shall not be required to transfer or
assign, as applicable, to Licensor any raw data or other Confidential Information of Licensee; provided, however, that any such
redaction or withholding of information does not prevent Licensor from operating under such Regulatory Approvals or making use
of such Regulatory Documentation; provided further that all Confidential Information of Licensee that may remain in any such returned
information to Licensor shall be subject to the confidentiality provisions set forth in this Agreement.

 

    	27

    	 

    

 

(b)
Consequences of Termination by Licensee for Other Causes. If Licensee has a right to terminate this Agreement under Sections
6.2 or 6.4, then Licensee may, in its sole discretion, with respect to each Region, as applicable, or with respect to the Territory,
elect by notice to Licensor for either ((i) or (ii), but not both) of the following consequences to apply:

 

(i)
this Agreement shall remain in effect, except that the Royalties due hereunder in respect of the applicable Region(s) or the Territory,
as applicable, following the effective date of such termination shall be reduced by [ * ] percent ([ * ]%); for
clarity, Licensor shall continue to be obligated to cure any Material Breach and perform its obligations under this Agreement;
or

 

(ii)
 this Agreement shall terminate, and:

 

	 	(1)
    	for
    clarity, all rights and licenses granted by either Party hereunder shall terminate;
	 	 	 
	 	(2)	Licensee
    shall have the right to promptly wind down all clinical trials then being conducted with respect to any Licensed Products
    in or for the Terminated Regions or in or for the Territory, as applicable, and will take all reasonable steps necessary to
    minimize liability and harm to patients in this process;
	 	 	 
	 	(3)	if
    this Agreement has expired or terminated with respect to the entire Territory, then each Party shall cease using and return
    all copies of Confidential Information of the other Party with respect to Licensed Products that is in the possession or control
    of itself or any of its Affiliates or any of its or their (sub)licensees;

 

6.6
Accrued Rights and Obligations. Termination or expiration of this Agreement for any reason shall not release either Party
from any liability that, at the time of such termination or expiration, has already accrued or that is attributable to a period
prior to such termination or expiration nor preclude either Party from pursuing any right or remedy it may have hereunder or at
law or in equity with respect to any breach of this Agreement.

 

6.7
Survival. The rights and obligations set forth in this Agreement shall extend beyond the Term or termination of this Agreement
only to the extent expressly provided for in this Agreement. Without limiting the generality of the foregoing, it is agreed that
the provisions of this Section 6.7, and of Sections 1 (to the extent the definitions in such Section are necessary to construe
the other surviving provisions of this Agreement), 2.3, 2.4, 3 (solely with respect to Net Sales made, Royalties or other payments
accrued, Development Costs incurred, or Third Party Payments paid, in each case, during the Term), 4.3(a) (solely with respect
to ownership of Licensee Marks), 4.4(b) (solely with respect to ownership of Regulatory Documentation and Regulatory Approvals),
4.4(j) (solely with respect to Licensed Products sold during the Term), 5.1, 6.5, 6.6, 8, 9 (for the period specified in Section
9.5), and 11, shall survive expiration or termination of this Agreement for any reason.

 

    	28

    	 

    

 

	7.	REPRESENTATIONS
    AND WARRANTIES

 

7.1
Mutual Representations and Warranties.

 

(a)
Good Standing. Each Party represents and warrants to the other Party that it is a corporation duly organized, validly existing
and in good standing under the laws of the jurisdiction of its formation, and has all necessary corporate powers to own, use and
transfer its properties and assets, and to carry on its business as now owned and operated.

 

(b)
No Conflicts. Each Party represents and warrants to the other that (i) the entering into by such Party of this Agreement
and the performance and consummation by such Party of the matters contemplated hereby does not and shall not violate any (1) agreement
with or obligation to (whether express, implied or by operation of law) any other Person to which such Party is a party or subject
or (2) rights of any other Person (including Intellectual Property Rights), and (ii) this Agreement is binding upon such Party
pursuant to the laws of such Party’s domicile.

 

(c)
Authorization. Each of Licensor and Licensee has the corporate power and authority to execute and deliver this Agreement
and to perform its obligations hereunder. The execution, delivery and performance of this Agreement has been duly and validly
authorized and approved by all necessary corporate action on the part of each of Licensor and Licensee. Assuming due authorization,
execution and delivery on the part of each Party, this Agreement constitutes a legal, valid and binding obligation of each such
Party, enforceable against such Party in accordance with its terms.

 

7.2
Representations and Warranties of Licensor. Licensor represents and warrants to Licensee the following as of the Effective
Date (except for any representations and warranties that are expressly stated to have been made as of a specified date, which
shall have been true and correct as of such specified date):

 

(a)
Sections 3.12 (Compliance with Laws, Permits and Court Orders), 3.15 (Intellectual Property), and 3.23 (Regulatory Matters) of
the Stock Purchase Agreement are hereby incorporated by reference as though set forth herein, mutatis mutandis.

 

(b)
Licensor is entitled to grant to Licensee the licenses herein and for the purposes set forth herein including the Development,
Manufacture, or Commercialization, or other Exploitation of the Licensed Products and without any known conflict with, or infringement
of, the rights of others, including prior employees or consultants, or academic or medical institutions with which Licensor or
its Affiliates or (sub)licensees may be affiliated now or may have been affiliated in the past. Without limiting the foregoing,
Licensor has not assigned, transferred, licensed, conveyed or otherwise encumbered its right, title and interest in the Licensed
IP or Licensed Products in a manner that conflicts with any rights or licenses granted to Licensee hereunder.

 

(c)
To Licensor’s knowledge, the exercise of the licenses and rights granted hereunder to Licensee under the Licensed IP will
not infringe on any rights of any Third Party.

 

(d)
There are no claims, judgments, or settlements against, or amounts with respect thereto, owed by Licensor or any of its Affiliates
relating to the Licensed IP.

 

    	29

    	 

    

 

(e)
To Licensor’s Knowledge, each of the Patents in the Territory in the Licensed IP properly identifies each and every inventor
of the claims thereof as determined in accordance with the applicable Laws of the jurisdiction in which such Patent is issued
(or, if the such Patent is an application, in which such application is pending). To Licensor’s Knowledge, each Person who
has or has had any rights in or to any Patent in the Territory in the Licensed IP has assigned and has executed an agreement assigning
its entire right, title, and interest in and to such Patent to Licensor. To Licensor’s Knowledge, no current officer, employee,
agent, or consultant of Licensor is in violation of any term of any assignment or other agreement regarding the protection of
the Patents in the Territory in the Licensed IP.

 

(f)
Other than the Existing Upstream Agreements, there is no agreement between Licensor or its Affiliates with any other Third Party
pursuant to which Licensor or any of its Affiliates obtains any license to Licensed IP. Licensor and its Affiliates are in material
compliance with each Upstream Agreement, and to Licensor’s Knowledge, no Third Party that is a party to any Upstream Agreement
has materially breached or is in default of any Upstream Agreement. No written notice of default or termination has been received
or given under any Upstream Agreement, and to its Knowledge, there is no act or omission by Licensor or its Affiliates that would
provide a right to terminate any Upstream Agreement.

 

(g)
The [ * ] Patents and Know-How are neither necessary nor reasonably useful for the Development, Manufacturing, or Commercialization,
or other Exploitation of any Licensed Product in or for the Territory.

 

(h)
The Licensed Products, as well as any Know-How in the Licensed IP, do not require a license or other authorization for export
to China under any Export Controls and Economic Sanctions Laws, and Licensor does not produce, design, test, manufacture, fabricate,
or develop a “critical technology,” as that term is defined in 31 C.F.R. 801.204 and, therefore, is not a “pilot
program U.S. business,” as that term is defined in 31 C.F.R. 801.213. Without limiting the foregoing, the transaction contemplated
in this Agreement is not subject to the jurisdiction of CFIUS or any CFIUS Requirement.

 

(i)
To the Knowledge of Licensor, the representations and warranties of Licensor in this Agreement, and the information, documents
and materials furnished by or on behalf of Licensor to Licensee in connection with Licensee’s period of diligence prior
to the Effective Date, do not, taken as a whole, (i) contain any untrue statement of a material fact, or (ii) omit to state any
material fact necessary to make the statements or facts contained therein, in light of the circumstances under which they were
made, not misleading.

 

	8.	INDEMNIFICATION;
    LIMITATION OF LIABILITY

 

8.1
Indemnification by Licensee. Licensee agrees to defend, indemnify and hold Licensor and its Affiliates and its and their
officers, directors, employees, agents, successors and assigns harmless from and against any and all claims, demands, actions,
causes of action, judgments, losses, damages, costs and expenses (including attorneys’ and expert witness fees and expenses)
(collectively “Losses”) to the extent resulting from any claim, action, suit, proceeding, liability or obligation
asserted by a Third Party (collectively, “Third Party Claims”) arising out of, relating to or resulting from:

 

(a)
any breach of any representation, warranty, covenant or agreement made by Licensee in this Agreement;

 

    	30

    	 

    

 

(b)
the gross negligence or willful misconduct of Licensee in connection with Licensee’s performance of this Agreement; or

 

(c)
the Development, Manufacture, or Commercialization, or other Exploitation of Licensed Products by Licensee, its Affiliates, or
Sublicensees.

 

8.2
Indemnification by Licensor. Licensor agrees to defend, indemnify and hold Licensee and its Affiliates and its and their
officers, directors, employees, agents, successors and assigns harmless from and against any and all Losses to the extent resulting
from any Third Party Claim arising out of or relating to or resulting from:

 

(a)
any breach of any representation, warranty, covenant or agreement made by Licensor in this Agreement;

 

(b)
the gross negligence or willful misconduct of Licensor in connection with Licensor’s performance of this Agreement; or

 

(c)
the Development, Manufacture, or Commercialization, or other Exploitation of Licensed Products by Licensor, its Affiliates, or
its or their (sub)licensees.

 

8.3
Indemnification Procedures.

 

(a)
Notice of Claim. All indemnification claims in respect of a Party, its Affiliates or its or their (sub)licensees or their
respective directors, officers, employees and agents shall be made solely by such Party to this Agreement (the “Indemnified
Party”). The Indemnified Party shall give the indemnifying Party prompt written notice (an “Indemnification
Claim Notice”) of any Losses or discovery of fact upon which such Indemnified Party intends to base a request for indemnification
under this Section 8; provided that no failure or delay in providing such notice shall relieve the indemnifying Party of any liability
it may have to the Indemnified Party, except to the extent that such failure or delay materially prejudices the indemnifying Party
with respect to such claim. Each Indemnification Claim Notice must contain a description of the claim and the nature and amount
of such Loss (to the extent that the nature and amount of such Loss is known at such time). The Indemnified Party shall furnish
promptly to the indemnifying Party copies of all papers and official documents received in respect of any Losses and Third Party
Claims.

 

(b)
Control of Defense. The indemnifying Party shall have the right to assume the defense of any Third Party Claim by giving
written notice to the Indemnified Party within thirty (30) days after the indemnifying Party’s receipt of an Indemnification
Claim Notice. The assumption of the defense of a Third Party Claim by the indemnifying Party shall not be construed as an acknowledgment
that the indemnifying Party is liable to indemnify the Indemnified Party in respect of the Third Party Claim, nor shall it constitute
a waiver by the indemnifying Party of any defenses it may assert against the Indemnified Party’s claim for indemnification.
Upon assuming the defense of a Third Party Claim, the indemnifying Party may appoint as lead counsel in the defense of the Third
Party Claim any legal counsel selected by the indemnifying Party. In the event the indemnifying Party assumes the defense of a
Third Party Claim, the Indemnified Party shall immediately deliver to the indemnifying Party all original notices and documents
(including court papers) received by the Indemnified Party in connection with the Third Party Claim. Should the indemnifying Party
assume the defense of a Third Party Claim, except as provided in Section 8.3(c), the indemnifying Party shall not be liable to
the Indemnified Party for any legal expenses subsequently incurred by such Indemnified Party in connection with the analysis,
defense or settlement of the Third Party Claim unless specifically requested in writing by the indemnifying Party.

 

    	31

    	 

    

 

(c)
Right to Participate in Defense. Any Indemnified Party shall be entitled to participate in the defense of such Third Party
Claim and to employ counsel of its choice for such purpose; provided, however, that such employment shall be at the Indemnified
Party’s sole cost and expense unless (i) the employment thereof has been specifically authorized by the indemnifying Party
in writing (in which case, the defense shall be controlled as provided in Section 8.3(b)), (ii) the indemnifying Party has failed
to assume the defense and employ counsel in accordance with Section 8.3(b) (in which case the Indemnified Party shall control
the defense), or (iii) the interests of the indemnitee and the indemnifying Party with respect to such Third Party Claim are sufficiently
adverse to prohibit the representation by the same counsel of both Parties under applicable Law, ethical rules or equitable principles
(in which case, the Indemnified Party shall control its defense).

 

(d)
Settlement. With respect to any Losses relating solely to the payment of money damages in connection with a Third Party
Claim and that shall not result in the applicable indemnitee(s) becoming subject to injunctive or other relief or otherwise adversely
affecting the business of the Indemnified Party in any manner, the indemnifying Party shall have the sole right to consent to
the entry of any judgment, enter into any settlement or otherwise dispose of such Loss, on such terms as the indemnifying Party,
in its sole discretion, shall deem appropriate. With respect to all other Losses in connection with Third Party Claims, where
the indemnifying Party has assumed the defense of the Third Party Claim in accordance with Section 8.3(b), the indemnifying Party
shall have authority to consent to the entry of any judgment, enter into any settlement or otherwise dispose of such Loss; provided
it obtains the prior written consent of the Indemnified Party (which consent shall not be unreasonably withheld, conditioned or
delayed). If the indemnifying Party does not assume and conduct the defense of a Third Party Claim as provided above, the Indemnified
Party may defend against such Third Party Claim; provided that the Indemnified Party shall not settle any Third Party Claim without
the prior written consent of the indemnifying Party (which consent shall not be unreasonably withheld, conditioned or delayed).

 

(e)
Cooperation. Regardless of whether the indemnifying Party chooses to defend or prosecute any Third Party Claim, the Indemnified
Party shall, and shall cause each indemnitee to, cooperate in the defense or prosecution thereof and shall furnish such records,
information and testimony, provide such witnesses and attend such conferences, discovery proceedings, hearings, trials and appeals
as may be reasonably requested in connection therewith. Such cooperation shall include access during normal business hours afforded
to the indemnifying Party to and reasonable retention by the Indemnified Party of, records and information that are reasonably
relevant to such Third Party Claim and making Indemnified Parties and other employees and agents available on a mutually convenient
basis to provide additional information and explanation of any material provided hereunder and the indemnifying Party shall reimburse
the Indemnified Party for all its, its Affiliates’ and its and their (sub)licensees’ or their respective directors’,
officers’, employees’ and agents’, as applicable, reasonable and verifiable out-of-pocket expenses in connection
therewith.

 

    	32

    	 

    

 

(f)
Expenses. Except as provided above, the costs and expenses, including fees and disbursements of counsel, incurred by the
Indemnified Party and its Affiliates and its or their (sub)licensees and their respective directors, officers, employees and agents,
as applicable, in connection with any claim shall be reimbursed on a Calendar Half basis by the indemnifying Party, without prejudice
to the indemnifying Party’s right to contest the Indemnified Party’s right to indemnification and subject to refund
in the event the indemnifying Party is ultimately held not to be obligated to indemnify the Indemnified Party.

 

8.4
Insurance Recovery. Any indemnification hereunder shall be made net of any insurance proceeds actually recovered by the
Indemnified Party from unaffiliated Third Parties; provided, however, that if, following the payment to the Indemnified Party
of any amount under this Section 8, such Indemnified Party recovers any such insurance proceeds in respect of the claim for which
such indemnification payment was made, the Indemnified Party shall promptly pay an amount equal to the amount of such proceeds
(but not exceeding the amount of such net indemnification payment) to the indemnifying Party.

 

8.5
Exclusive Remedy. The Parties agree and acknowledge that the provisions of this Section 8 represent the Indemnified Party’s
exclusive recourse with respect to any Losses for which indemnification is provided to the Indemnified Party under this Section
8.

 

8.6
LIMITATION OF LIABILITY. EXCEPT WITH RESPECT TO EACH PARTY’S INDEMNIFICATION OBLIGATIONS RESULTING FROM THIRD PARTY
CLAIMS OR A BREACH BY EITHER PARTY OF SECTION 9 (CONFIDENTIALITY) UNDER THIS AGREEMENT, IN NO EVENT SHALL EITHER PARTY BE LIABLE
TO THE OTHER PARTY FOR ANY INDIRECT, SPECIAL, CONSEQUENTIAL, INCIDENTAL OR PUNITIVE DAMAGES ARISING FROM THIS AGREEMENT, INCLUDING
LOST PROFITS OR LOSS OF DATA, REGARDLESS OF WHETHER SUCH PARTY HAS BEEN ADVISED BEFOREHAND OF THE POSSIBILITY OF SUCH DAMAGES,
PROVIDED THAT NOTHING IN THIS AGREEMENT SHALL LIMIT OR EXCLUDE ANY PARTY’S LIABILITY FOR DEATH OR PERSONAL INJURY CAUSED
BY NEGLIGENCE, FRAUDULENT MISREPRESENTATION OR ANYTHING ELSE FOR WHICH IT CANNOT BY LAW LIMIT OR EXCLUDE ITS LIABILITY. EACH PARTY
HEREBY ACKNOWLEDGES THAT THE FOREGOING LIMITATIONS ARE AN INTEGRAL TERM OF THIS AGREEMENT AND THAT THE OTHER PARTY WOULD NOT ENTER
INTO THIS AGREEMENT WITHOUT SUCH LIMITATIONS.

 

	9.	CONFIDENTIALITY

 

9.1
Definition of Confidential Information. The Parties acknowledge that, prior to and during the Term, the Parties may disclose
to one another scientific, technical, trade secret, business, or other information which is treated by the disclosing Party as
confidential or proprietary, including unpublished patent applications and technical information (“Confidential Information”).
Both Parties agree that in order to ensure that each Party understands which information is deemed to be confidential, all Confidential
Information will be in written form and clearly marked as “Confidential,” and if the Confidential Information is initially
disclosed in oral or some other non-written form, it will be confirmed and summarized in writing and clearly marked as “Confidential”
within thirty (30) days of disclosure. The receiving Party shall hold such Confidential Information in confidence and shall treat
such information in the same manner as it treats its own confidential information but with not less than with a reasonable degree
of care. The Confidential Information provided to the receiving Party will remain the property of the disclosing Party, and will
be disclosed or used only as necessary or reasonably useful for the performance of this Agreement or the exercise of rights or
licenses granted hereunder.

 

    	33

    	 

    

 

9.2
Exclusions. Confidential Information does not include information that (a) was known to the receiving Party prior to receipt
from the disclosing Party as evidenced by the receiving Party’s records; (b) is or becomes part of the public domain through
no breach of this Agreement by the receiving Party; (c) is lawfully received by the receiving Party from a Third Party that is
not bound by any obligations of confidentiality with respect to such information; or (d) comprises identical subject matter to
that which had been originally and independently developed by or for the receiving Party without knowledge or use of any Confidential
Information as evidenced by written records.

 

9.3
Permitted Disclosures. Notwithstanding the foregoing, the receiving Party may disclose the Confidential Information of
the disclosing Party (a) as and to the extent required by the order of any Governmental Authority of competent jurisdiction; provided
that the receiving Party shall, to the extent permitted by applicable Law, use reasonable efforts to notify the disclosing Party
of such proposed disclosure in such a manner and on such a schedule as will afford the disclosing Party a reasonable opportunity
to seek a protective order or similar restriction on disclosure of the disclosing Party’s Confidential Information proposed
to be disclosed by the receiving Party, (b) as required by applicable Law or the rules of a stock exchange on which its securities
are listed (or to which an application for listing has been submitted) to make a disclosure that describes or refers to the terms
and conditions of this Agreement or any related agreements between the Parties, (c) to the extent that such disclosure is made
to Regulatory Authorities as deemed reasonably necessary by the receiving Party in connection with any filing, application, or
request for Regulatory Approval, response to any requests or inquiries from a Regulatory Authority, or other communication with
a Regulatory Authority, and (d) to prospective acquirers, lenders, investors, collaboration partners, and (sub)licensees that
agree to be bound by non-use and non-disclosure obligations in respect of such Confidential Information.

 

9.4
Press Releases and Other Announcements. Notwithstanding anything to the contrary in this Agreement, neither Party shall
issue a press release or otherwise make a public announcement concerning the subject matter of this Agreement without the prior
review and written approval of the text of any such press release or other public announcement by the other Party. The non-disclosing
Party shall not unreasonably withhold or delay such review and approval.

 

9.5
Duration. Except as otherwise provided herein, the restrictions and covenants set forth in this Section 9 shall survive
until the [ * ] year anniversary of the date that this Agreement is terminated or expires; provided, however, that with
respect to Confidential Information that constitutes a trade secret under applicable Law, the receiving Party’s obligations
pursuant to this Section 9 shall survive so long as such Confidential Information remains a trade secret under applicable Law.

 

    	34

    	 

    

 

	10.	ADDITIONAL
    COVENANTS

 

10.1
Additional Undertakings. From and after the Effective Date of this Agreement and throughout the Term:

 

(a)
Licensor and Licensee shall comply, and cause their respective Affiliates and subcontractors to comply, and use commercially reasonable
efforts to cause their Third Party manufacturers to comply, with all applicable Laws and all applicable current good manufacturing
practices, good clinical practices, and good laboratory practices (or similar standards) in their conduct of the Development,
Manufacturing, or Commercialization, or other Exploitation of the Licensed Products.

 

(b)
Licensor shall not grant to any Third Party any rights that would be inconsistent with Licensee’s rights hereunder.

 

(c)
Licensor shall not assign, transfer, convey or otherwise encumber its right, title or interest in the Licensed IP in a manner
that conflicts with or is adverse to any rights granted to Licensee hereunder. Without limiting the foregoing, to the extent that
an Existing Upstream Agreement contains any provisions that are in conflict with the provisions of this Agreement, Licensor shall
use best efforts to promptly enter into an amendment with the applicable Upstream Licensor to resolve such conflicting provisions
in such Existing Upstream Agreement.

 

(d)
Each Party shall notify the other Party in writing immediately if such Party or its Affiliates or any Person that is performing
activities on its or their behalf hereunder is debarred or is the subject of a conviction described in §335a (a) or (b) of
the Generic Drug Enforcement Act of 1992, or if any action, suit, claim, investigation or legal or administrative proceeding is
pending or, to the best of such Party’s or its Affiliates’ knowledge, is threatened, relating to the debarment or
conviction of such Party or its Affiliates or any Person performing activities on its or their behalf hereunder.

 

(e)
Licensor shall maintain each Upstream Agreement in full force and effect and shall not terminate, amend, waive or otherwise modify
(or consent to any of the foregoing) its rights under any Upstream Agreement in any manner that diminishes the rights or licenses
granted to Licensee or increases or generates any new obligation (including any payment obligation) under any Upstream Agreement
that would apply to Licensee, without Licensee’s express written consent.

 

(f)
If there is any notice given by an Upstream Licensor of breach of any Upstream Agreement by Licensor, Licensor shall promptly
notify Licensee in writing, and shall use its best efforts to cure such breach or resolve any dispute related thereto with the
Upstream Licensor in a manner that does not affect Licensee’s rights and licenses granted herein. If Licensor fails to cure
such breach, Licensee shall have the right, but not the obligation, to cure such breach on behalf of Licensor and to offset any
reasonable amounts incurred or paid by Licensee in connection with the cure of such breach against any amounts otherwise payable
to Licensor under this Agreement. If any Upstream Agreement is terminated due to Licensor’s breach despite Licensor’s
efforts to cure, Licensor shall use commercially reasonable efforts to cause Licensee to become a licensee under such Upstream
Agreement in a manner that does not materially diminish the rights or licenses granted to Licensee or increase or generate any
new obligation on Licensee under this Agreement or such Upstream Agreement. In the event of any notice of breach of any Upstream
Agreement by the applicable Upstream Licensor in a manner that will or is likely to materially adversely affect Licensee’s
rights or obligations under this Agreement, Licensor shall immediately notify Licensee in writing, and shall take such actions
as reasonably requested by Licensee to enforce such Upstream Agreement.

 

    	35

    	 

    

 

(g)
Subject to Section 2.2, Licensor will not provide any Know-How obtained under [ * ] to Licensee or its Affiliates (including
pursuant to Section 4.6), and Licensor will not incorporate any such Know-How into the Licensed IP or Licensed Products.

 

(h)
Licensor will not incorporate into Licensed IP or Licensed Products any Know-How or product that requires a license or other authorization
for export to China under any Export Controls and Economic Sanctions Laws. In the event that, after the Effective Date, Licensor
or Licensee is informed by any Governmental Authority or reasonably determines that any Licensed IP or Licensed Product, or the
transaction contemplated in this Agreement, becomes subject to a control pursuant to the Export Controls and Economic Sanctions
Laws that requires a license or other authorization for export to China or the transaction becomes subject to a CFIUS Requirement,
the applicable Party shall promptly notify the other Party to the extent permitted by applicable Law, and Licensor shall promptly
make all filings with, deliver all applications, notifications and submissions to, and obtain all necessary licenses, certificates
and approvals from the U.S. Commerce Department, CFIUS or any other applicable Governmental Authority, as applicable.

 

(i)
Licensor will not assign, transfer, license, convey or otherwise encumber its right, title and interest in the Licensed IP or
the Licensed Products in a manner that conflicts with or burdens any rights granted to Licensee hereunder.

 

10.2
Compliance with Law. Each of Licensor and Licensee warrants that all use by it of the Licensed IP and Licensed Products
will comply with applicable Law. Each of Licensor and Licensee warrants that all Licensed Products made, have made, sold and imported
by it or on its behalf shall comply with all legal standards and requirements applicable to it, including all applicable Laws
pertaining to environmental matters, in the conduct of their business and the manufacture or assembly of products.

 

	11.	MISCELLANEOUS

 

11.1
Notices. Section 11.3 (Notices) of the Stock Purchase Agreement is hereby incorporated by reference as though set forth
herein, mutatis mutandis.

 

11.2
Assignment. Neither Party shall assign any of its rights or delegate any of its obligations hereunder without the prior
written consent of the other Party; provided, however, that either Party may assign its rights or delegate its obligations, in
whole or in part, without such consent (but with written notice to the other Party, to be provided not more than thirty (30) days’
following such assignment or delegation), to (a) one or more of its Affiliates; (b) an entity that acquires all or substantially
all of the business or assets of such Party to which this Agreement pertains; or (c) an entity that acquires all or substantially
all of the business or assets of such Party associated with a specific Licensed Product; in each case whether by merger, reorganization,
acquisition, sale, or otherwise. The assigning Party will remain responsible for the performance by its assignee of any obligation
hereunder so assigned. Any purported assignment or transfer in violation of this Section 11.2 will be void and of no force and
effect.

 

    	36

    	 

    

 

11.3
Waiver. Section 11.10 (Waiver) of the Stock Purchase Agreement is hereby incorporated by reference as though set forth
herein, mutatis mutandis.

 

11.4
Governing Law and Venue. The construction, interpretation and performance of this Agreement shall be governed by and construed
in accordance with the internal laws of the Hong Kong Special Administrative Region, without regard to its rules or procedures
involving conflicts of laws.

 

11.5
Dispute Resolution.

 

(a)
Dispute Resolution. Subject to Section 4.2(e), in the event of a dispute arising out of or relating to this Agreement,
either Party may provide written notice of the dispute to the other, in which event the dispute shall be referred to the senior
executives of each Party for attempted resolution by good faith negotiations within forty-five (45) days after such notice is
received. In the event the senior executives do not resolve such dispute within the allotted forty-five (45) days, either Party
may, after the expiration of the forty-five (45) day period, seek to resolve the dispute through arbitration in accordance with
Section 11.5(b).

 

(b)
Claims.

 

(i)
Arbitration. Any claim, dispute, or controversy of whatever nature arising between the Parties out of or relating to this
Agreement that is not resolved under Section 11.5(a) within the required forty-five (45) day time period, including any action
or claim based on tort, contract, or statute (including any claims of breach or violation of statutory or common law protections
from discrimination, harassment and hostile working environment), or concerning the interpretation, effect, termination, validity,
performance or breach of this Agreement (“Claim”), shall be resolved by final and binding arbitration before
a panel of three (3) experts with relevant industry experience (the “Arbitrators”). Each of Licensor and Licensee
shall designate, in the notice of arbitration and the answer to the notice of arbitration, respectively, one Arbitrator each.
If either Party fails to designate an arbitrator, the Administrator (as defined below) shall appoint the Arbitrator. The presiding
Arbitrator shall be chosen promptly by mutual agreement of the two Arbitrators appointed by the Parties, but in no event later
than thirty (30) days after the date that the last of such Arbitrators was appointed. Failing such appointment within thirty (30)
days, the Administrator shall appoint the presiding Arbitrator. The arbitration shall be administered by the Hong Kong International
Arbitration Centre (the “Administrator”) in accordance with the Hong Kong International Arbitration Centre
Administered Arbitration Rules in force when the notice of arbitration is submitted. The law of this arbitration clause shall
be Hong Kong law. The place of arbitration shall be Hong Kong. The arbitration proceedings shall be conducted in English.

 

    	37

    	 

    

 

(ii)
Arbitrators’ Award. The Arbitrators shall endeavor, within three (3) months after the conclusion of the arbitration
hearing, to 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
binding, and judgment may be entered upon it in accordance with applicable Law in any court of competent jurisdiction. The Arbitrators
shall be authorized to award compensatory damages, but shall not be authorized to reform, modify or materially change this Agreement
or any other agreements contemplated hereunder.

 

(iii)
Compliance with this Agreement. Unless the Parties otherwise agree in writing, during the period of time that any arbitration
proceeding is pending under this Agreement, the Parties shall continue to comply with all those terms and provisions of this Agreement
that are not the subject of the pending arbitration proceeding.

 

(iv)
Injunctive or Other Equity Relief. Nothing contained in this Agreement shall deny any Party the right to seek injunctive
or other equitable relief from a court of competent jurisdiction in the context of a bona fide emergency or prospective irreparable
harm, and such an action may be filed and maintained notwithstanding any ongoing arbitration proceeding.

 

(v)
Confidentiality. All arbitration proceedings and decisions of the Arbitrators under this Section 11.5(b) shall be deemed
the Confidential Information of both Parties.

 

11.6
Entire Agreement. Section 11.8(a) of the Stock Purchase Agreement is hereby incorporated by reference as though set forth
herein, mutatis mutandis.

 

11.7
Amendments. This Agreement may not be modified or amended except in a writing signed by a duly authorized officer or representative
of each Party.

 

11.8
Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable under any present or future
law and if the rights or obligations of either Party under this Agreement will not be materially and adversely affected thereby,
(a) such provision shall be fully severable, (b) this Agreement shall be construed and enforced as if such illegal, invalid or
unenforceable provision had never comprised a part hereof, (c) the remaining provisions of this Agreement shall remain in full
force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom, and
(d) in lieu of such illegal, invalid or unenforceable provision, there shall be added automatically as a part of this Agreement
a legal, valid and enforceable provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible
and reasonably acceptable to the Parties. To the fullest extent permitted by applicable Law, each Party hereby waives any provision
of law that would render any provision hereof illegal, invalid or unenforceable in any respect.

 

11.9
Relationship Of The Parties. It is expressly agreed that Licensor, on the one hand, and Licensee, on the other hand, shall
be independent contractors and that the relationship between the Parties shall not constitute a partnership, joint venture or
agency. Neither Licensor, on the one hand, nor Licensee, on the other hand, shall have the authority to make any statements, representations
or commitments of any kind or to take any action that will be binding on the other Party without the prior written consent of
the other Party to do so. All individuals employed by a Party shall be employees of such Party and not of the other Party and
all costs and obligations incurred by reason of any such employment shall be for the account and expense of such first Party.

 

    	38

    	 

    

 

11.10
No Benefit To Others. Section 11.5 (No Benefit to Others) of the Stock Purchase Agreement is hereby incorporated by reference
as though set forth herein, mutatis mutandis.

 

11.11
Headings And Gender; Construction; Interpretation. Section 11.6 (Headings and Gender; Construction; Interpretation) of
the Stock Purchase Agreement is hereby incorporated by reference as though set forth herein, mutatis mutandis.

 

11.12
Counterparts. Section 11.7 (Counterparts) of the Stock Purchase Agreement is hereby incorporated by reference as though
set forth herein, mutatis mutandis.

 

11.13
Effect of Termination or Expiration of Stock Purchase Agreement. For the avoidance of doubt, the provisions (including
representations and warranties) incorporated herein by reference from the Stock Purchase Agreement shall, to the extent incorporated
herein, survive any termination or expiration of the Stock Purchase Agreement.

 

[Signature
Page Follows]

 

    	39

    	 

    

 

IN
WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the date first above written.

 

	 	ONCOSEC
    MEDICAL INCORPORATED
	 	 	 
	 	By:	/s/
    Daniel J. O’Connor
	 	Name:
    	Daniel
    J. O’Connor
	 	Title:
    	Chief
    Executive Officer and President
	 	 	 
	 	GRAND
    DECADE DEVELOPMENTS LIMITED 
	 	 	 
	 	By:	/s/
    Zhou Chao
	 	Name:
    	Zhou
    Chao
	 	Title:	Authorized
    Representative

 

Signature
Page to License Agreement

 

    	 

    	 

    

 

SCHEDULE
3.8

 

Fapiao-related
Royalty Calculation Example

 

[
* ]

 

    	 

    	 

    

 

SCHEDULE
4.5

 

Supply
Agreement Term Sheet

 

	Product
    Supply	The
    Supply Agreement will set forth the terms and conditions pursuant to which, during the term of the Supply Agreement, Licensor
    will supply to Licensee or its designee and Licensee will purchase from Licensor Licensed Product or a component thereof (the
    “Supplied Product”) requested by Licensee or its designee for the Exploitation of the applicable Licensed
    Product in or for the Territory. 
	 	 
	Supply
    Price	The
                                         price for each Supplied Product will be the actual, documented out-of-pocket cost plus
                                         Related Manufacturing Costs for any Supplied Product that Licensor pays to its Third
                                         Party suppliers (each a “Supplier”) [ * ]. Licensor shall use
                                         its best efforts to minimize the out-of-pocket costs it pays to any Suppliers for the
                                         Supplied Product. The Licensor shall provide supporting documentation which details the
                                         Related Manufacturing Costs including a cost accounting of allocated amounts as requested
                                         by the Licensee.

         

        “Related
        Manufacturing Costs” means only those allocated costs that the Licensor actually and directly incurs in connection
        with the manufacturing, in whole or in part, of a Supplied Product on behalf of Licensee. These costs may include taxes,
        shipping, warehousing, allocation of capital investment, and allocation of Licensor human and other resources to the extent
        reasonably allocable to the manufacture, analysis, testing, management or distribution of the Supplied Product. All Related
        Manufacturing Costs charged to Licensee shall be in proportion to the volume of Supplied Product actually purchased by
        Licensee and under no circumstances will such Related Manufacturing Costs allocate or charge to Licensee any costs not
        directly incurred by Licensor in connection with the manufacture of Supplied Product solely for Licensee.

	 	 
	Delivery	Licensor
    shall deliver Supplied Products ordered by Licensee [ * ] (Incoterms 2010) at a destination specified by Licensee or
    its designee, in a packaging configuration agreed upfront between the Parties.
	 	 
	Supply
    Capacity	Licensor
    shall use commercially reasonable efforts to ensure that Licensor or its Suppliers will have sufficient manufacturing capacity
    to meet Licensee’s needs of Supplied Products. 

 

    	 

    	 

    

 

	Supplier
    Warranty	Licensor
    will provide customary warranties in respect of the Supplied Product.
	 	 
	Audit	Licensor
    shall allow, and shall cause its Suppliers to allow, the applicable Regulatory Authorities to conduct audits with respect
    to Supplied Product, and Licensee shall have the right to participate in such audits to the extent permitted by applicable
    Law. At Licensee’s election, Licensor will further allow a fully independent Third Party private auditor hired by Licensee
    and paid for by Licensee to audit Licensor and its Suppliers and to provide to Licensee a certificate or other documentation
    attesting to compliance with all applicable Laws or industry best practices, subject to reasonable confidentiality restrictions
    required by the Suppliers.
	 	 
	Supply
    Shortage/Supply Failure	In
    the event of any supply shortage of the Supplied Product or any component thereof, Licensor shall, and shall use commercially
    reasonable efforts to cause its Suppliers to, supply Licensee’s needs [
    * ].
	 	 
	Modifications	Licensee’s
    prior written consent shall be required for any material modifications to the Supplied Product that may be initiated by Licensor.
	 	 
	Return
    and recall 	Licensor
                                         shall immediately notify Licensee of any incident that may require a recall of the Supplied
                                         Product or any other applicable Licensed Product.

         

        Licensee
        shall also have the right to immediately recall the Supplied Product or any other applicable Licensed Product if ordered
        by any Governmental Authority.

	 	 
	Governing
    Law; Arbitration	The
    Supply Agreement will contain the same governing law and dispute resolution provisions as in the Agreement, except that disputes
    regarding conformity of Supplied Product will be finally resolved by an independent laboratory.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}]]