Document:

EX-10.8

 Exhibit 10.8 

NON-EXCLUSIVE LICENSE AGREEMENT 

WITH SUBLICENSING TERMS 

TABLE OF CONTENTS 
  

							
	 Section 1.
	 	 Definitions
	  	 	2	  
			
	 Section 2.
	 	 Grant
	  	 	5	  
			
	 Section 3.
	 	 Consideration
	  	 	8	  
			
	 Section 4.
	 	 Certain Warranties of UABRF and Licensee
	  	 	11	  
			
	 Section 5.
	 	 Record keeping
	  	 	12	  
			
	 Section 6.
	 	 Patent Prosecution and Infringement
	  	 	13	  
			
	 Section 7.
	 	 Term and Termination
	  	 	13	  
			
	 Section 8.
	 	 Assignability
	  	 	15	  
			
	 Section 9.
	 	 US Government Interests
	  	 	15	  
			
	 Section 10.
	 	 Product Liability; Conduct of Business
	  	 	15	  
			
	 Section 11.
	 	 Use of Names
	  	 	16	  
			
	 Section 12.
	 	 Miscellaneous
	  	 	16	  
			
	 Section 13.
	 	 Confidentiality
	  	 	18	  
			
	 Section 14.
	 	 Governmental Markings
	  	 	19	  
			
	 Section 15.
	 	 Export Compliance
	  	 	20	  
			
	 Section 16.
	 	 Notices
	  	 	21	  
			
	 Section 17.
	 	 Contract Formation and Authority
	  	 	21	  
			
	 APPENDIX A
	 		  	 	22	  
			
	 APPENDIX B
	 		  	 	23	  

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 

 This Agreement is made effective the
19th day of January 2006 (hereinafter “Effective Date”) by and between The UAB Research Foundation (hereinafter “UABRF”), a nonstock, nonprofit Alabama
corporation having an office at 701 20th Street South, Birmingham, AL 35294 USA and AGTC (hereinafter “Licensee”), a corporation organized and existing under the laws of
Delaware and having a principal office at 12085 Research Drive, Alachua, Florida 32615. 
 WHEREAS, UABRF owns certain
inventions that are described in the “Licensed Patents” defined below, and UABRF is willing to grant a non-exclusive license to Licensee under the Licensed Patents and Licensee desires such a license; 

Whereas, Licensee is engaged in the development of gene delivery based products. Licensee desires to evaluate and use in its business and
sublicense the inventions contained in the Licensed Patents; 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set
forth below, the parties covenant and agree as follows: 
  

	Section 1.	Definitions 

 “Affiliate” shall mean, with respect to a person or entity, any other
person or entity controlling or controlled by under common control with such person or entity. For the purposes of this definition, the term “control” means possession of the power to direct or cause the direction of management and
policies whether through ownership of voting securities, by contract or otherwise. In the case of a corporation, the direct or indirect ownership of more than fifty percent (50%) of its outstanding voting shares shall in any event be deemed to
confer control, it being understood that the direct or indirect ownership of a lesser percentage of such shares shall not necessarily preclude the existence of control. 

“BLA” shall mean the document(s) filed with any regulatory agency, including but not limited to, the United States Food and Drug
Administration that requests approval to market and/or commercialize in any way a Licensed Product with specific claims and/or indications. Approval of a BLA shall be the date of any written correspondence received from a regulatory agency allowing
for such commercialization. 
 “Combination Product” shall mean a Licensed Product that is sold with another product or component,
including, but not limited to, a drug, biologic, drug delivery approach or medical device (for example, a catheter). 
 “Combination Product Selling
Price” to be used for the purpose of calculating royalties payable with respect to Combination Products must be determined by multiplying the Selling Price of the Combination Product by the percentage value of the Licensed Product
comprising a component contained in the Combination Product, such percentage value being determined by dividing the current market value of the Licensed Product comprising a Component Product by a sum of the separate current market values of each of
the Component Products which are contained in the Combination Product. The current market value of each of the Component Products must be for a quantity comparable to that contained in the Combination Product and of the same class, purity and
potency. When no current market value is available for a Component Product, a reasonable hypothetical market value for such Component Product based upon the 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 2 - 

 
allocation of the same proportions of costs, reasonable overhead and profit (all of which must be determined on the basis of generally accepted accounting principles) as are or should be
allocated to similar Component Products and having an ascertainable market value. Market values will be proposed by the Licensee(s) to UAB, who shall in good faith, determine the final market value hereunder. 

“Consideration Election” shall mean the written choice made by the Licensee or by a Sublicensee of the specific terms of either Consideration
Structure I or Consideration Structure II for each Licensed Product under Section 3. Consideration Election is a permanent decision for a particular Licensed Product, and cannot be changed even in the event of a subsequent Sublicense or related
License being signed including that Licensed Product without the prior written consent of UABRF and adjusting the payments owed under Section 3, as required herein. 

“Contractor” means a third party corporation, person, or entity under written agreement (“Contract”) with Licensee or with a
Sublicensee 
  

	 	a.	who, for non-royalty based payment(s), undertakes on the behalf of Licensee or Sublicense to manufacture products embodying or made in accordance with the Licensed Patents (collectively, “Contract Work”), and

  

	 	b.	which party shall not, after termination of the Contract, receive subsequent rights to the Licensed Patents under this Agreement and 

 

	 	c.	from whom Licensee or Sublicensee receives no payments for entering such Contract 

  

	 	d.	and/or from whom Licensee or Sublicensee receives full ownership to all results, materials, or Licensed Products obtained from the Contract Work. 

“Development Report” shall mean a written account of the status of the Licensed Products under this Agreement having at least the information
specified on Appendix A to this Agreement, and shall be sent to the address specified on Appendix A. 
 “IND” shall mean the document(s)
filed with any regulatory agency, including but not limited to the United States Food and Drug Administration, which sets out the protocol for the initial use of a Licensed Product in human clinical testing. 

“Licensed Field” shall be limited to the field of human gene therapy using recombinant adeno-associated viruses (rAAV) vectors. The Licensed
Field excludes the use of the Licensed Patents to make a combination vector containing viral vectors in addition to rAAV for direct administrations to humans or animals, or the use of the Licensed Patents for ex-vivo gene therapy in which additional
viral vectors to rAAV are incorporated into a human cell and that cell administered as a human or animal therapy. 
 “Licensed Patents”
shall mean the United States patent [**] and any reissues or re-examinations of the patent. 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 3 - 

 “Licensed Product” shall mean any product or part thereof developed by or on behalf of Licensee
which: 
  

	 	a.	is covered or is manufactured in whole or in part by, or relies on in any way, an issued and unexpired claim contained in the Licensed Patents. 

 

	 	b.	and consists of a therapeutic gene construct that is used to treat a disease state (e.g., AIDS), or replace or regulate a specific genetic disorder (e.g., alpha-l-antitrypsin deficiency) in a human. Should associated
expression vectors or other similar elements of the product be changed in the course of development, those changes are not construed for this Agreement as a separate Licensed Product. 

 

	 	c.	and may be in any of the following stages: research, pre-clinical development, in human clinical testing, or being actively sold or otherwise commercialized. 

“Licensed Research Products” shall mean any product or part thereof developed by or on behalf of Licensee which: 

 

	 	a.	is covered or is manufactured in whole or in part by, or relies on in any way, an issued and unexpired claim contained in the Licensed Patents, and 

 

	 	b.	is in research, but prior to the start of formal preclinical studies, the results of which preclinical studies would be filed in an IND, and 

 

	 	c.	may not have a therapeutic gene for which the Licensee or its Sublicensee(s) intends to commercialize, but is being used to test related methods and technologies for recombinant AAV products, or contains a marker or
research tool gene, or which is used for other general research purposes. 

 “Licensed Territory” shall mean the United
States, however, Licensed Products manufactured in whole or in part using the Licensed Patents in the United States, and sold outside the United States will be considered Licensed Products for the purposes of this Agreement. 

“Related recombinant adeno-associated virus (rAAV) technology” is technology owned or controlled by the Licensee to create a therapy using a
therapeutic gene construct. 
 “Selling Price” shall mean, in the case of Licensed Products that are sold or transferred by the Licensee or
its Sublicensees (other than to an Affiliate or Sublicensee), the invoice price of Licensed Products (regardless of uncollectible accounts) less the following: 
  

	 	a.	customary trade, quantity, or cash discounts to non-affiliated customers to the extent actually allowed and taken; 

  

	 	b.	amounts actually repaid or credited by reason of rejection, return, recall, government rebate, or retroactive price reduction to the extent actually allowed and taken; 

 

	 	c.	to the extent separately stated on purchase orders, invoices or other documents of sale, any taxes, duties or other governmental charges levied on the production, sale, transportation, delivery or use of a License
Product which is paid by or on behalf of Licensee; excluding national, state, or local taxes based on income, and 

  

	 	d.	outbound transportation costs to non-Affiliates prepaid or allowed and costs of insurance in transit. 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 4 - 

 The Selling Price for a Licensed Product that is transferred to a third party for promotional purposes without
charge or at a discount shall be the average price of that type of Licensed Product during the applicable calendar quarter. The Selling Price for a Licensed Product that is produced for a third party or sold to a third party under a per sale
contract and/or lump sum contract will be the per sale contract price or the lump sum contract price, as the case may be, or any consideration received for product provided less any of the costs listed in a, b, c and d above. The transfer of any
Licensed Products by the Licensee or one of its Affiliates or Sublicensee (other than a distributor) to an Affiliate of Sublicensee of such transferring party shall not be considered a sale, with the exception of clinical material manufactured on
behalf of an Affiliate or Sublicensee for clinical trials or other research. Clinical trial or commercial material produced by the Licensee for its Sublicensee, as if the Licensee was acting as a contract manufacturing organization, and for which
the Licensee receives payment from the Affiliate or Sublicensee for manufacturing shall be treated as a third party sale. 
 “Sublicense”
means any exchange for value, any transfer of rights to the Licensed Patent for any consideration, including but not limited to cash, promissory notes, equity, upfront payments, milestone payments, royalties, manufacturing contracts, distribution
contracts, sponsored research contracts, any collaborative arrangements, partnerships, or joint ventures, received or entered into by Licensee with respect to any transfer of any right, whether present, future or contingent, to make, manufacture,
use, practice, distribute, or otherwise sell any Licensed Products and Licensed Processes to any third party (hereinafter Sublicensee) a product originally conceived or acquired by the Licensee and that may or may not be in development by the
Licensee. This applies to any agreements the Licensee may have already in effect as of the Effective Date of this Agreement to which a Sublicense will be added, or new agreements effective during the term of this Agreement. 

“UAB” shall mean the Board of Trustees, directors, officers, students, agents, contractors, and employees of the University of Alabama at
Birmingham. 
  

	Section 2.	Grant. 

  

	2.1	License. Subject to the payment of the license fee and royalties provided in Section 3 hereof and the fulfillment of the other terms and conditions of this Agreement, UABRF hereby grants to Licensee a
non-exclusive license, limited to the Licensed Field under the Licensed Patents to make, have made, use, sell, and import Licensed Products. The license granted herein is a non-exclusive license and as such, UABRF reserves the right to license the
Licensed Patents to any third party as well as to itself and to UAB. 

  

	2.2	Sublicense. 

  

	 	a.	 Licensee may grant written, nonexclusive Sublicenses to third parties. Licensee shall have the same responsibility for the activities of any
Sublicensee as if the activities were 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 5 - 

	 	
directly those of Licensee. Notwithstanding any provision herein to the contrary, any Sublicense granted by Licensee shall be subject and subordinate to, and consistent with, the terms and
conditions of this Agreement, and shall provide that any such Sublicensee shall not further Sublicense except on terms consistent with this Section 2.2. Even if Licensee enters into Sublicenses, Licensee remains primarily liable to UABRF for
all of Licensee’s duties and obligations contained herein, and in the event of any act or omission of a Sublicensee that would be a breach of its Sublicense, Licensee shall be liable for the performance of its duties and obligations under this
Agreement in respect of those matters as to which such breach by Sublicensee has occurred. 

  

	 	b.	Each Sublicense will contain a right of termination by Licensee in the event that the Sublicensee breaches the payment obligations affecting UABRF or any other material terms and conditions of the Sublicense that would
constitute a breach of the terms and conditions of this Agreement if such acts were performed by Licensee (a “Sublicensee Breach”). In the event of a Sublicensee Breach, and if after a reasonable opportunity to cure, not greater than 60
days, as provided in any such Sublicensee’s Sublicense, such Sublicensee fails to cure such Sublicensee Breach, then Licensee will terminate the Sublicense unless UABRF agrees in writing that such Sublicense need not be terminated. Such
Sublicensee Breach together with the termination of a Sublicensee’s Sublicense will not affect the term of Licensee’s license hereunder or the Sublicense of any non-breaching Sublicensee. 

 

	 	c.	Each Sublicense will include termination language consistent with Section 7 of this Agreement. 

  

	 	d.	With respect to Sublicenses granted by Licensee under Section 2.2, Licensee shall pay to UABRF [**] of all consideration without limitation, licensee fees, license maintenance fees, milestone payments,
success fees, payments for pre-clinical and clinical material manufactured by the Licensee. The Licensee may exclude from that [**] consideration any research and development payments, including development costs for manufacturing scale-up, paid to
reimburse the documented costs of development. [**]. All payments due with respect to Sublicenses are due to UAB RF within thirty (30) days of the execution date of the sublicense. However, if the Licensee owes the same type of consideration to
a third party for a gene in order to make, use or sell a Licensed Product, that third party sublicensing income amount will be [**] will be paid to UABRF and the remainder retained by the Licensee. In no case, will UABRF receive less than [**] of
the consideration received by Licensee for the Sublicense. For clarity, 

  

	 	i.	the cash value of equity payments made to the Licensee solely in conjunction with a Sublicense is not excluded from this consideration for the Sublicense, unless a portion of that equity payment is designated for use in
research and development, and 

  

	 	ii.	in the case of milestone payments made by a Sublicensee for which milestone payments are due in Section 3, UABRF will receive the milestone due from the Licensee plus [**]. 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 6 - 

	 	iii.	Any materials manufactured by the Licensee for the Sublicensee under a Sublicense agreement will be treated as if the material was made by a Contractor, any payments made for those materials included in the
consideration of the Sublicense. 

  

	 	iv.	[**] 

  

	 	e.	If the Licensee grants a Sublicense 

  

	 	i.	in combination with a sublicense to the Licensee’s Related rAAV Technology, 

  

	 	ii.	is not tied to a gene for which the Licensee has any financial or other interest, and 

  

	 	iii.	is not to a Sublicensee for which there is any other business or collaborative relationship between the Licensee and the Sublicensee, either prior to date of execution of the Sublicense or after the signing of the
Sublicense, beyond a License to Related rAAV Technology, and 

  

	 	iv.	the Licensee does not manufacture materials of any kind using the Licensed Patents for that Sublicensee, and 

  

	 	v.	does not participate in any meaningful way in the further pre-clinical or clinical development or commercialization of the Sublicensee’s Licensed Product 

 

	 	vi.	and is essentially a pass-through of the terms and conditions herein 

 then the [**]
consideration requirement of Section 2.2d will be waived by UABRF. [**] 
  

	 	f.	Sublicenses may be granted to Contractors without consideration due to UABRF only to the extent necessary for such Contractor to perform its obligations with respect to Contract Work solely for the Licensee or for a
Sublicensee, provided however, that all rights under this Section 2 terminate concurrent with termination of the corresponding Contract. 

  

	 	g.	Licensee shall provide UABRF with a copy of each Sublicense within thirty (30) days of the execution of such Sublicense Agreement. UABRF’s receipt of such Sublicense will not constitute a waiver of any of
UABRF’s rights or Licensee’s obligations under this Agreement. Each such Sublicense agreement shall be treated as the Confidential Information of Licensee. 

 

	 	h.	In no event shall Sublicensees have the right to grant any further sublicenses to Licensed Patents without the prior written consent of UABRF, provided, however, that Sublicensees shall have the right to enter Contracts
with Contractors. 

  

	 	i.	 Any Sublicensee shall pay to UABRF the same royalties on Sublicensee’s net sales, milestones, and other payments due under this Agreement as if
they had licensed from UABRF directly as defined herein. Any payments paid by a Sublicensee to UABRF shall 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 7 - 

	 	
completely satisfy Licensee’s requirement to pay such payment to UABRF, and no duplicate royalties or duplicate milestones on Selling Price shall be owed by Licensee to UABRF, with the
exception of the [**] consideration owed under Section 2.2d. 

  

	 	j.	UABRF shall continue to grant Nonexclusive Licenses such that at any point, the Licensee and a potential Sublicensee can determine the appropriate relationship for each Licensed Product or Licensed Research Products.

  

	Section 3.	Consideration. 

  

	3.1	The Consideration Election must be made by the Licensee within thirty (30) days of the Effective Date of this Agreement for any Licensed Product in development by the Licensee as of the Effective Date.

  

	 	a.	For any new Licensed Products that the Licensee initiates after the first thirty (30) days of the Effective Date of this Agreement, Consideration Election must be made by notification in writing to UABRF within
thirty (30) days of the time that Licensee initiates the research or development of that Licensed Product. Any payments due under this Section 3 for any new Licensed Product will considered immediately due. 

 

	 	b.	UABRF, at its sole discretion, reserves the right to require under a Development Report sufficient and reasonable information directly from a Sublicensee prior to the signing of the Sublicense under the terms of
Section 2, including but not limited to scientific data, solely to determine the point in time that a Sublicensee first utilized in whole or in part the Licensed Patents in the research, development, or commercialization of a Licensed Product
or as used in Licensed Research Products. Any information UABRF receives under the preceding sentence is Confidential Information and subject to Section 13. 

  

	3.2	Licensee agrees that it will supply UABRF with a written Development Report on an annual basis (see Appendix A) for all Licensed Products. All development activities and strategies, and all aspects of product design and
decisions to market and the like are entirely at the discretion of Licensee, and Licensee shall rely entirely on its own expertise with respect thereto. UABRF’s review of Licensee’s Development Report is solely to verify the existence of
Licensee’s activities under this License Agreement and to ensure compliance with Licensee’s obligations as set forth herein. 

  

	3.3	Licensee agrees to pay to UABRF a one-time, non-refundable License Issue Fee of [**] within thirty (30) days of the Effective Date. 

 

	3.4	In addition to the Section 3.3 License Issue Fee, Licensee agrees to pay to UABRF as earned royalties a royalty calculated as a percentage of the Selling Price in accordance with the terms and conditions of this
Agreement. The royalty is deemed earned as of the earlier of the date the Licensed Product is actually sold and paid for, the date an invoice is sent by Licensee or its Sublicensee(s), or the date a Licensed Product and/or Licensed Process is
transferred to a third party for any promotional reasons. The amount of the royalty due is: 

  

	 	a.	Under Consideration Structure I: [**] of the Selling Price 

  

	 	b.	Under Consideration Structure II: [**] of the Selling Price 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 8 - 

 For clarity, no royalty shall be due for any Licensed Product manufactured by a Contractor under
Contract. If a Licensee, however, performs commercial contract manufacturing services for its Sublicensee, royalties are due on the cost of the Selling Price of that contract manufactured material. 

 

	3.5	If Licensee owes to one or more third parties royalties or similar payments on sales of Licensed Products, Licensee may offset all such payments made to such third party(ies) against royalties due to Licensor on sales
of Licensed Products, provided that in no event shall the royalties due to Licensor be reduced to less than [**] of the amount of the royalty due in Section 3.4. 

 

	3.6	When Licensed Product is sold as a Combination Product, at no time will running royalties on Combination Products payable to Licensee be less than [**] of the Selling Price of the Licensed Product under
Consideration II, and [**] under Consideration I. 

  

	3.7	If, in order to support underserved markets, the Licensee opts to provide product completely free of charge, the Licensee (or its Sublicensees) can request in writing that UABRF forego royalties on those Licensed
Products. Such requests must include verification that the licensors of any other third-party licenses required to produce, manufacture, distribute, and provide the Licensed Product are also foregoing royalties. UABRF will not unreasonably withhold
its written approval of the elimination of royalties due on these Licensed Products. The Licensee will report the amounts of those Licensed Products manufactured and provided in the Royalty report under Section 3.14. 

 

	3.8	Licensee agrees to pay UABRF an annual minimum royalty payment (“Minimum Royalty”). The Minimum Royalty shall be paid in advance on a quarterly basis for each year in which this Agreement is in effect, and
shall be paid in quarterly installments on December 31, March 31, June 30, and September 30 for the following quarter. Any Minimum Royalty paid in a calendar year will be credited against the earned royalties and
milestones for that calendar year. It is understood that the Minimum Royalties will be applied to earned royalties on a calendar year basis, and that sales of Licensed Products requiring the payment of earned royalties made during a prior or
subsequent calendar year shall have no effect on the annual Minimum Royalty due UABRF for other than the same calendar year in which the royalties were earned. The Minimum Royalty that begins as of the Effective Date of this Agreement are as
follows: 

  

	 	a.	If Consideration Structure I is elected: [**]. 

  

	 	b.	If Consideration Structure II is elected: [**]. 

  

	3.10	Licensee agrees to pay UABRF non-refundable Milestone payments, as follows: 

  

	 	a.	If Consideration Structure I is elected: 

  

	 	(1)	[**] 

  

	 	(2)	[**] 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 9 - 

	 	(3)	[**] 

  

	 	(4)	[**]. 

  

	 	b.	If Consideration Structure II is elected: 

  

	 	(1)	[**] 

  

	 	(2)	[**] 

  

	 	(3)	[**] 

  

	 	(4)	[**] 

 In the case of Milestone Payments that are paid by a Sublicense to Licensee,
Licensee shall pay to UABRF the milestone due under this Section 3.10, and in addition that portion of the Milestone pursuant to Section 2.2. No duplicate milestone payments shall to be due to UABRF. If a Licensee makes a particular
milestone payment for a Licensed Product hereunder, no such milestone payment will be owed for any improvements made to the Licensed Product. 
  

	3.11	If the U.S. Food and Drug Administration (or similar regulatory agency) allows combination or elimination of certain steps in development (i.e., because of population size, a [**]), at UABRF’s sole
discretion, milestones will be combined such that all payments due prior to [**] are paid as if those studies were performed. For clarity, if on [**] if Consideration Structure II is elected, the Licensee performs [**].

  

	3.12	For any License granted after the Effective Date of the first Nonexclusive License to the Licensed Patents, UAB RF reserves the right, at its sole discretion, to require that a new Licensee pay under this
Section 3, minimum royalties and milestones on each Licensed Product from the time at which the Licensed Patents were first applied to the research or development of a Licensed Product. 

 

	3.13	Amounts owed to UABRF under Sections 2 and 3 shall be paid on a quarterly basis after the amount of Minimum Royalties paid is exceeded, with such amounts due and received by UABRF on or before the thirtieth day
following the end of the calendar quarter ending on March 31, June 30, September 30 or December 31 in which such amounts were earned. 

 

	3.14	Except as otherwise directed, all amounts owed to UABRF under this Agreement shall be paid in U.S. dollars to UABRF at the address provided in Section 16. All royalties owed with respect to Selling Prices stated in
currencies other than U.S. dollars shall be converted at the rate shown in the Federal Reserve Noon Valuation—Value of Foreign Currencies on the day preceding the payment. 

 

	 	a.	A full accounting showing how any amounts payable to UABRF under Sections 2 and this Section 3 have been calculated shall be submitted to UABRF on the date of each such payment. Such accounting shall be on a
per-country and per product, product line, model, or trade name basis and shall be summarized on the form shown in Appendix B of this Agreement. In the event no payment is owed to UABRF because the amount of Minimum Royalties paid has not been
exceeded or otherwise, an accounting demonstrating that fact shall be supplied to UABRF. 

  

	 	b.	UABRF is exempt from paying income taxes under U.S. law. Therefore, all payments due under this Agreement shall be made without deduction for taxes, assessments, or other charges of any kind that may be imposed on UABRF
by any government outside of the United States or any political subdivision of such government with respect to any amounts payable to UABRF pursuant to this Agreement. All such taxes, assessments, or other charges shall be assumed by Licensee.

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 10 - 

	3.15	Any payments by the Licensee or its Sublicensee(s) that are not paid on or before the date such payments are due under this Agreement shall bear interest, to the extent permitted by law, at two percentage points above
the Prime Rate of interest as reported in the Wall Street Journal on the date payment is due, with interest calculated based on the number of days that payment is delinquent. However, in no event shall this interest provision be construed as a grant
of permission for any payment delays. 

  

	3.16	Licensed Research Products shall be required to pay [**] per calendar year for all Licensed Research Products being practiced. 

 

	3.17	Should at any point in time prior to or within three years of the start of commercialization, the use of the Licensed Patents for a Licensed Product elected under Consideration Structure II be ended, and a different
technology used in place of the Licensed Patents, the Licensee or its Sublicensee shall notify UABRF in writing, and pay UABRF amounts due as if the Licensee of its Sublicensee had elected Consideration I on that Licensed Product. Such payments will
be made within thirty (30) days of the termination of the use of the Licensed Patents for that particular Licensed Products. 

  

	Section 4.	Certain Warranties of UABRF and Licensee. 

  

	4.1	UABRF warrants that, except as otherwise provided under Section 15 of this Agreement with respect to U.S. Government interests, it is the owner of the Licensed Patents and has the right to grant the non-exclusive
licenses granted to Licensee in this Agreement. However, nothing in this Agreement shall be construed as: 

  

	 	a.	a warranty or representation by UABRF as to the validity or scope of any right included in the Licensed Patents; 

  

	 	b.	a warranty or representation that anything made, used, sold or otherwise disposed of under the license granted in this Agreement will or will not infringe patents of third parties; 

 

	 	c.	an obligation to bring or prosecute actions or suits against third parties for infringement of Licensed Patents; 

  

	 	d.	an obligation to furnish any know-how not provided in Licensed Patents or any services other than those specified in this Agreement; or 

 

	4.2	 UABRF MAKES NO REPRESENTATIONS, EXTENDS NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, AND ASSUMES NO RESPONSIBILITIES WHATSOEVER WITH RESPECT
TO USE, SALE, OR OTHER DISPOSITION BY 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 11 - 

	 	
LICENSEE, ITS SUBLICENSEE(S) OR THEIR VENDEES OR OTHER TRANSFEREES OF PRODUCT INCORPORATING OR MADE BY USE OF INVENTIONS LICENSED UNDER THIS AGREEMENT. 

 

	4.3	Licensee represents and warrants to UABRF that all corporate action on the part of Licensee, its officers, directors and stockholders necessary for (i) the authorization, execution and delivery of this Agreement
and (ii) the performance of all obligations of Licensee hereunder has been taken and this Agreement constitutes the legal and binding obligation of Licensee, enforceable against Licensee in accordance with its terms. The execution of this
Agreement and the performance of the transactions contemplated by this Agreement by Licensee does and will not conflict with or result in a breach of any of the terms, conditions or provisions of, or constitute a default under, or require a consent
under it organizational documents (as amended or restated to date) or any agreement or other instrument to which Licensee is a party or by which it or any of its property is bound. 

 

	Section 5.	Record keeping. 

  

	5.1	Licensee and its Sublicensee(s) shall keep books and records sufficient to verify the accuracy and completeness of Licensee’s and its Sublicensee(s)’s accounting referred to above, including without limitation
inventory, purchase and invoice records, manufacturing records, sales analysis, general ledgers, financial statements, and tax returns relating to the Licensed Products. Such books and records shall be preserved for a period not less than six years
after they are created, both during and after the term of this Agreement. 

  

	5.2	Licensee and its Sublicensee(s) shall take all steps reasonably necessary so that UABRF may, at its own expense, within thirty (30) days of its request, review and copy appropriate information of the books and
records relating to the Licensed Products at a single U.S. location to verify the accuracy of Licensee’s and its Sublicensee(s)’s accounting. Such review may be performed by any authorized employee of UABRF as well as by any attorney or
registered CPA designated by UABRF, upon reasonable notice and during regular business hours, but such review may be conducted no more than once per calendar year. 

 

	5.3	If a royalty payment deficiency is determined, Licensee, or as applicable, and its Sublicensee(s) shall pay the undisputed royalty deficiency outstanding within thirty (30) days of receiving written notice thereof,
plus interest on undisputed outstanding amounts as described in Section 3.5.1. 

  

	5.4	If a royalty payment deficiency for a calendar year exceeds [**] of the royalties paid for that year, then Licensee and its Sublicensee(s) shall be responsible for paying UABRF’s reasonable out-of-pocket expenses
incurred with respect to such review. 

  

	5.5	Any disputed royalty payments shall be considered a breach of this Agreement, and will be managed under Section 7. Should these undisputed amounts be resolved in UABRF’s favor, any amounts due must be paid
within 30 days, including interest calculated at a rate of the prevailing U.S. prime interest rate plus two percent (2%) as reported in the Wall Street Journal on the date at which the payment is determined to be due. 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 12 - 

	Section 6.	Patent Prosecution and Infringement 

  

	6.1	UABRF shall be responsible for the prosecution and maintenance of the Licensed Patents using counsel of its choice. UABRF shall provide Licensee with copies of relevant documentation so that Licensee may be informed and
apprised of the continuing prosecution of Licensed Patents. Licensee shall have the right to comment on such continuing prosecution, and such comments shall not be unreasonably denied for inclusion in UABRF prosecution and maintenance. Licensee
agrees to keep such patent information Confidential. 

  

	6.2	UABRF shall retain full ownership and title to the Licensed Patents. 

  

	6.3	UABRF intends to protect Licensed Patents against infringers or otherwise act to eliminate infringement when, in UABRF’s sole judgment, such action may be reasonably necessary, proper, and justified.

  

	6.4	In the event that Licensee learns of infringement of potential commercial significance of any patent licensed under this Agreement, it will provide UABRF with (i) written notice of such infringement, and
(ii) any evidence of such infringement available to it (the “Infringement Notice”). Any Infringement Notice will be considered Confidential Information as described herein. UABRF shall have the right to terminate this Agreement
immediately if the Licensee notifies a third party of infringement or puts such third party on notice of the existence of any Patent Rights without first obtaining the written consent of UABRF. Both UABRF and Licensee, and as applicable, its
Sublicensee(s) will use their best efforts to reasonably cooperate with each other to terminate such infringement without litigation. 

  

	6.5	The Licensee retains the right to bring suit against an infringer for infringement of its own patents that may be Sublicensed with the Licensed Patents (“Related Suit”). Should Licensee request that UABRF be
named as a party in a Related Suit, or should Licensee seek inclusion of the Licensed Patents under a Related Suit, Licensee must obtain prior written consent of UABRF. All costs for UABRF’s participation in a Related Suit will be borne by the
Licensee. 

  

	6.6	Any agreement made by Licensee for purposes of settling litigation in a Related Suit or other dispute that includes a Sublicense shall comply with the requirements of this Agreement. 

 

	Section 7.	Term and Termination. 

  

	7.1	The term of this License shall begin on the Effective Date of this Agreement and continue until no Licensed Patent remains an enforceable patent, or unless terminated earlier as provided herein. 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 13 - 

	7.2	Licensee may terminate this Agreement at any time by giving at least sixty (60) days written and unambiguous notice of such termination to UABRF. Such notice shall be accompanied by a statement of the reasons for
termination. 

  

	7.3	If Licensee at any time defaults in the timely payment of any monies due to UABRF or the timely submission to UABRF of any Development Report, or commits any breach of any representation, warranty or other covenant
herein contained, and Licensee fails to remedy any such breach or default within ninety (90) days after written notice thereof by UABRF, UABRF may, at its option, terminate this Agreement by giving thirty (30) days notice of termination to
Licensee. 

  

	7.4	UABRF may terminate this Agreement upon the occurrence of the third separate default by Licensee within any consecutive two-year period for failure to pay Royalties or Other Payments under Section 3 when due by
giving sixty (60) days notice of termination to Licensee. 

  

	7.5	To the extent permitted by law, if Licensee shall become insolvent or shall suspend business without a successor or shall file a voluntary petition or answer admitting the jurisdiction of the court and the material
allegations thereof or shall consent to an involuntary petition pursuant to or purporting to be pursuant to any reorganization or insolvency law of any jurisdiction or shall make an assignment for the benefit of creditors, or shall apply for or
consent to the appointment of a receiver or trustee of a substantial part of its property, and such proceedings are not dismissed within one-hundred and twenty (120) days of filing, then, to the extent permitted by law, UABRF may thereafter
immediately terminate this Agreement by giving written notice of termination to Licensee. This Agreement and all of each party’s right, obligations, and licenses hereunder shall terminate upon receipt of such notice, except with respect to all
accrued and unpaid fees under Section 3, if applicable, incurred prior to the date of termination and except as provided in Section 7.7 herein. Licensee shall notify UABRF in writing within forty-five (45) days after the filing of any
petition, answer, consent, assignment, application or other document evidencing the conditions set forth in herein. 

  

	7.6	Upon the termination of this Agreement, Licensee shall remain obligated to provide an accounting for and to pay royalties earned up to the date of the termination. 

 

	7.7	If this Agreement is terminated for any reason: 

  

	 	a.	except in the case of termination under Section 7.1, Licensee will immediately cease use of the Licensed Patents, except as permitted in [c] below; 

 

	 	b.	nothing in this Agreement will be construed to release either party from any obligation that matured prior to the effective date of termination; and 

 

	 	c.	after the effective date of termination, Licensee and Sublicensees may sell all Licensed Product(s) and parts thereof that it has on hand at the effective date of termination; provided, however, that the
Royalty and Other Payment of Section 3 obligations under this Agreement and any Sublicensee Agreements will continue until all Licensed Product(s) have been sold. 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 14 - 

	 	d.	the applicable provisions of Sections 10, (Product Liability; Conduct of Business), 11 (Use of Name), 12 (Miscellaneous), 13 (Confidentiality), and 15 (Export Compliance) will survive any termination or expiration
of this Agreement. 

  

	 	e.	all Sublicenses upon Termination will be assigned to UABRF, and all Sublicensees notified as such in writing by the Licensee. UABRF will have no greater duties or lesser rights under such Sublicenses than UABRF has
under this Agreement. In the event of said termination, UABRF, at its sole discretion, can modify the terms of the Sublicenses to ensure that any terms of this Agreement not explicitly included in the Sublicenses continuing are modified accordingly.
Sublicensee termination following assignment to UABRF shall be managed by the terms of the assigned agreements. 

  

	Section 8.	Assignability. 

 This Agreement may not be transferred or assigned by Licensee except with the prior
written consent of UABRF provided, however, that the Licensee may transfer and assign this Agreement without consent of UABRF in connection with a merger, acquisition, consolidation, reorganization, or sale of substantially all assets of the
Licensee pertaining to this Agreement. 
  

	Section 9.	US Government Interests. 

 It is understood that the United States Government (through any of its
agencies or otherwise) has funded research, [**], during the course of or under which any of the inventions of the Licensed Patents were conceived or made. The United States Government is entitled, as a right, under the provisions of
35 U.S.C. §202-212 and applicable regulations of Title 37 of the Code of Federal Regulations, to a nonexclusive, nontransferable, irrevocable, paid-up license to practice or have practiced the inventions of such Licensed Patents for
governmental purposes. Any license granted to Licensee in this Agreement shall be subject to such right. 
  

	Section 10.	Product Liability; Conduct of Business. 

  

	10.1	 Licensee and its Sublicensee(s) shall, at all times during the term of this Agreement and thereafter, indemnify, defend and hold UABRF and UAB and the
inventors of the Licensed Patents (each an “Indemnified Party”) harmless against all claims and expenses, including legal expenses and reasonable attorneys fees, arising out of the death of or injury to any person or persons or out of any
damage to property and against any other claim, proceeding, demand, expense and liability of any kind whatsoever (other than patent infringement claims) resulting from the production, manufacture, sale, use, lease, consumption or advertisement of
Licensed Products arising from any right or obligation of Licensee or any Sublicensee hereunder or for Licensee or any Sublicensee(s) breach of terms and conditions herein or of any Sublicense, except to the extent that such claims are due to the
gross negligence or willful misconduct of an Indemnified Party. Notwithstanding the above, UABRF at all times reserves the right to retain counsel of its own to defend UABRF’s, UAB’s, and the inventors’ interests. UABRF agrees to
promptly notify Licensee in writing of any such claim and Licensee shall manage and control, at its own expense, the defense of such claim and its settlement. Licensee agrees not to settle any such claim against UABRF without UABRF’s written
consent where 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 15 - 

	 	
such settlement would include any admission of liability on the part of UABRF, where the settlement would impose any restriction on the conduct by UABRF of any of its activities, or where the
settlement would not include an unconditional release of UABRF from all liability for claims that are the subject matter of such claim. 

  

	10.2	Licensee warrants that it will acquire and maintain liability insurance coverage appropriate to the risk involved in developing and marketing the Licensed Products subject to this Agreement, and that such insurance
coverage lists UABRF, UAB, and the inventors of the Licensed Patents as additional insureds. Within sixty (60) days after the execution of this Agreement, and annually thereafter, Licensee will present evidence to UABRF, that the appropriate
coverage has been obtained and is being maintained with UABRF, UAB, and its inventors listed as additional insureds. In addition, Licensee shall provide UABRF with written notice within thirty (30) days of any material change in or cancellation
of the insurance coverage. 

  

	10.3	Licensee will maintain such commercial general liability insurance beyond the expiration or termination of this Agreement during (i) the period that any Licensed Products developed pursuant to this Agreement are
being commercially distributed or Sold by Licensee, or any Sublicensee; and (ii) for five (5) years after such period. 

  

	10.4	Coverage must be maintained with a reputable and financially secure insurance carrier, with ratings of at least A- as rated by AM Best. Insurance will be written to cover claims incurred, discovered, manifested or made
during or after the expiration of this Agreement. All insurance of Licensee will be primary coverage; insurance of UABRF and UAB will be excess and noncontributory. 

 

	Section 11.	Use of Names. 

  

	11.1	Licensee and its Sublicensee(s) shall not use UABRF’s name, the name of any inventor of Licensed Patents governed by this Agreement, or the name of UAB in any sales promotion, advertising, or any other form of
publicity without the prior written approval of UABRF, except as required by law. 

  

	11.2	Should the Licensee be required by regulatory or legal requirements to disclose the existence of this Agreement, any of the terms herein, or the names of the UABRF or UAB, UABRF shall have thirty (30) days to
review (i) redaction of terms, including but not limited to royalty rates, and milestone or other payments, and (ii) the manner in which the names of UABRF or UAB are used. 

 

	Section 12.	Miscellaneous. 

  

	12.1	 This Agreement shall be construed in accordance with the internal laws of the State of Alabama. If any provisions of this Agreement are or shall come
into conflict with the laws or regulations of any jurisdiction or any governmental entity having jurisdiction over the parties or this Agreement or held invalid or unenforceable for any reason, those provisions shall be deemed automatically deleted,
if such deletion is allowed by relevant law, and the remaining terms and conditions of this Agreement shall remain in full force and effect. If such a deletion is not so allowed or if such a deletion leaves terms thereby

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 16 - 

	 	
made clearly illogical or inappropriate in effect, the parties agree to substitute new terms as similar in effect to the present terms of this Agreement as may be allowed under the applicable
laws and regulations. Any written consent required under this Agreement shall not be unreasonably delayed or withheld. 

  

	12.2	Licensee shall insure that it and its Sublicensee(s) apply patent markings that meet all requirements of U.S. law, 35 U.S.C. §287, with respect to all Licensed Products subject to this Agreement. LICENSEE agrees to
mark the Licensed Products sold in the United States with all applicable United States patent numbers. All Licensed Products shipped to or sold in other countries shall be marked in such manner as to conform with the patent laws and practice of the
country of manufacture or sale. 

  

	12.3	This Agreement constitutes the full understanding between the parties with reference to the subject matter hereof, and no statements or agreements by or between the parties made prior to or at the signing hereof,
whether orally or in writing, shall vary or modify the written terms of this Agreement. Neither party shall claim any amendment, modification, or release from any provisions of this Agreement by mutual agreement, acknowledgment, or otherwise, unless
such mutual agreement is in writing, signed by the other party, and specifically states that it is an amendment to this Agreement. 

  

	12.4	In the event Licensee contests the validity of any Licensed Patents, Licensee shall continue to pay royalties with respect to that patent as if such contest were not underway until the patent is adjudicated invalid or
unenforceable by a court of last resort. 

  

	12.5	Except as provided herein for Sublicenses, Licensee shall not encumber or otherwise grant a security interest in any of the rights granted hereunder to any third party. 

 

	12.6	Nothing contained herein shall be interpreted as creating any relationship between the parties hereto except as specifically set forth herein and it is understood and agreed that the parties hereto are and shall remain
independent contractors, that neither party hereto shall be considered the agent, partner, or joint venturer of the other for any purpose and that neither party shall be responsible for or have any liability for the acts, actions, or failures to act
of the other party. Nothing in this Agreement or the performance of the parties under this Agreement shall constitute (or be deemed to constitute in law or in equity) a partnership, agency, distributorship, fiduciary, employment or joint venture
relationship between the parties. The parties are not affiliated and neither has any right or authority to bind the other in any way. 

  

	12.7	This Agreement may be amended, supplemented or otherwise modified only by means of a written instrument signed by both parties. None of the terms of this Agreement can be waived except by the written consent of the
party waiving compliance. 

  

	12.8	Neither party will be responsible for delays resulting from causes beyond the reasonable control of such party, including without limitation fire, explosion, flood, war, strike, or riot, provided that the nonperforming
party uses commercially reasonable efforts to avoid or remove such causes of nonperformance and continues performance under this Agreement with reasonable dispatch whenever such causes are removed. 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 17 - 

	12.9	Subject to Section 12.11, neither party will be liable to each other for any loss profit, expectation, punitive or other indirect, special, consequential, or other damages whatsoever, in connection with any claim
arising out of or related to this Agreement whether grounded in tort (including negligence), strict liability, contract, or otherwise. 

  

	12.10	Licensee will at all times comply, through insurance or self-insurance, with all statutory workers’ compensation and employers’ liability requirements covering all employees with respect to activities
performed under this Agreement. 

  

	12.11	If UABRF amends, supplements, or modifies any third party Non-Exclusive Licenses to the Licensed Patents, then UABRF shall notify the Licensee of such amendments in writing. UABRF shall offer such fully amended
agreement to the Licensee in its totality. Licensee shall have the right, but not the obligation, to execute said amended Agreement in its totality. With respect to any financial obligations of Licensee under the amended Agreement, Licensee shall be
obligated to pay to UABRF the amount, if any, that would have been due to UABRF under the financial terms of the amended Agreement retroactively as of the effective date of the original agreement. 

 

	Section 13.	Confidentiality. 

  

	13.1	Any disclosure of Confidential Information is made in the strictest confidence. Each party will make all reasonable efforts to ensure the protection, confidentiality and security of any Confidential Information in its
possession, such efforts to be no less than the degree of care employed by such party to preserve and safeguard its own confidential information. Except as provided herein, Confidential Information will be transmitted in writing and clearly marked
“Confidential”, “Proprietary” or similarly, or if disclosed orally will be reduced to writing by the disclosing party, clearly marked “Confidential,” “Proprietary” or similarly, and transmitted to the
receiving party in accordance with Section 16 (Notices) within thirty (30) days of oral disclosure. Disclosures by the Inventors to Licensee may be oral in nature, and not subject to the thirty (30) day written requirement. The
reports, plans, and other correspondence provided pursuant to this Agreement shall be treated as Licensee’s Confidential Information, and will be marked as such by the Licensee. The provisions of this Section 13 shall not apply to any
Confidential Information which: 

  

	 	a.	was known or used by the receiving party prior to its date of disclosure to the receiving party; 

  

	 	b.	either before or after the date of the disclosure to the receiving party, is lawfully disclosed to the receiving party by sources other than the disclosing party rightfully in possession of the Confidential Information;

  

	 	c.	either before or after the date of the disclosure to the receiving party, becomes published or generally known to the public through no fault on the party of the receiving party; 

 

	 	d.	is independently developed by or for the receiving party without reference to or reliance upon the Confidential Information; or 

  

	 	e.	is required to be disclosed by the receiving party to comply with applicable laws or government regulations, provided that the receiving party provides prior written notice of such disclosure to the disclosing party and
takes reasonable and lawful actions to avoid and/or minimize the degree of such disclosure. 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 18 - 

	13.2	Each party to this Agreement may disclose the Confidential Information of the other to its own employees as necessary to fulfill its obligations or to exercise its rights under this Agreement; provided,
however, that such employees will have agreed to be bound by the terms of this Agreement or have entered into an agreement of similar scope and obligations to protect the Confidential Information of such party or of third parties in such
party’s possession. In no event will either party disclose Confidential Information of the other party to third parties without the written consent of the other party; provided, however, that Licensee may disclose Confidential
Information of UABRF to its consultants, other non-employees retained because of their standing and expertise in the area, and customers or potential customers; and to other parties in connection with a potential business transaction or relationship
(e.g., sublicense, merger, acquisition, investment,) provided further, that such consultant, non-employee, customers or potential customers, or other entities have executed a written non-disclosure and non-use agreement containing terms and
conditions at least as strict as those contained in this Agreement. 

  

	13.3	Except as provided herein, either party will use any Confidential Information of the other (or of Sublicensees) for any reason other than in connection with such party’s practice or exercise of the rights or
obligations under this Agreement without the prior written consent of the other party. 

  

	13.4	Subject to the exceptions listed below, the parties’ obligations under this Section 13 will survive termination of this Agreement for a period of five (5) years. 

 

	13.5	Each party’s obligation of confidence hereunder will be fulfilled by using at least the same degree of care with the Confidential Information as such party uses to protect its own confidential information.

  

	13.6	The placement of a copyright notice on any Confidential Information will not be construed to mean that such information has been published and will not release a party from its obligation of confidentiality hereunder.

  

	13.7	The terms of this Agreement shall be treated as the Confidential Information of both UABRF and the Licensee [and Sublicensee(s)]. 

  

	Section 14.	Governmental Markings. 

  

	14.1	 Licensee must legibly mark all products, where feasible, sold under this Agreement with patent notice appropriate under Title 35, United States Code,
including an obligation that Licensed Products sold or produced in the United States be “manufactured substantially in the United States.” Licensee will take all reasonable action necessary on its part as licensee to enable UABRF to
satisfy its obligations to the U.S. Government under Title 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 19 - 

	 	
35. If Licensee reasonably desires an exception to the government requirement of substantial manufacture in the United States then UABRF shall reasonably cooperate with Licensee in obtaining such
exception. 

  

	14.2	Licensee will be responsible for obtaining all necessary governmental approvals for the development, production, distribution, sale, and use of any Licensed Products, at Licensee’s expense, including, without
limitation, any safety studies. Licensee will have sole responsibility for any warning labels, packaging and instructions as to the use, and for the quality control for any Licensed Products. 

 

	14.3	Licensee agrees to register this Agreement with any governmental agency that requires such registration; and Licensee will pay all costs and legal fees in connection with such registration. Licensee will assure that all
foreign laws affecting this Agreement or the sale of Licensed Products are fully satisfied. Licensee will notify UABRF no fewer than thirty (30) days prior to any such registration, such that UABRF, at its sole discretion, can redact terms
where possible from this Agreement prior to its registration, as permitted by law. 

  

	Section 15.	Export Compliance. 

 Licensee understands that the Arms Export Control Act (AECA), including its
implementing International Traffic In Arms Regulations (ITAR) and the Export Administration Act (EAA), including its Export Administration Regulations (EAR), are some (but not all) of the laws and regulations that comprise the U.S. export laws and
regulations. Licensee further understands that the U.S. export laws and regulations include (but are not limited to): (1) ITAR and EAR product/service/data-specific requirements; (2) ITAR and EAR ultimate destination-specific requirements;
(3) ITAR and EAR end user-specific requirements; (4) ITAR and EAR end use-specific requirements; (5) Foreign Corrupt Practices Act; and (6) anti-boycott laws and regulations. Licensee will comply with all then-current applicable
export laws and regulations of the U.S. Government (and other applicable U.S. laws and regulations) pertaining to the Licensed Patents and Licensed Products (including any associated products, items, articles, computer software, media, services,
technical data, and other information). Licensee certifies that it will not, directly or indirectly, export (including any deemed export), nor re-export (including any deemed re-export) the Licensed Patents (including any associated products, items,
articles, computer software, media, services, technical data, and other information) in violation of U.S. export laws and regulations or other applicable U.S. laws and regulations. Licensee will include an appropriate provision in its agreements
with its authorized Sublicensees to assure that these parties comply with all then-current applicable U.S. export laws and regulations and other applicable U.S. laws and regulations. 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 20 - 

	Section 16.	Notices. 

 Any notice required to be given pursuant to the provisions of this Agreement shall be in
writing and shall be deemed to have been given at the earlier of the time when actually received as a consequence of any effective method of delivery, including but not limited to hand delivery, transmission by telecopier, addressed to the party for
whom intended at the address below or at such changed address as the party shall have specified by written notice, provided that any notice of change of address shall be effective only upon actual receipt. 

 

			
		    	The UAB Research Foundation
		    	Attn: Chief Executive Office
		    	AB 1120G
		    	1530 3rd Avenue South
		    	Birmingham, AL 35294
	Licensee	    	Chief Executive Officer
		    	AGTC
		    	12085 Research Drive, Suite 110
		    	Alachua, FL 32615

  

	Section 17.	Contract Formation and Authority. 

  

	17.1	No agreement between the parties shall exist unless the duly authorized representative of Licensee and the Chief Executive Officer of UABRF have signed this document within thirty (30) days of the Effective Date
written on the first page of this Agreement. 

  

	17.2	UABRF and Licensee hereby warrant and represent that the persons signing this Agreement have authority to execute this Agreement on behalf of the party for whom they have signed. 

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement on the dates indicated below. 

 

							
	The UAB RESEARCH FOUNDATION	 		 	
			
	 /s/ Illegible
	 		 	Date: 12/23, 2005
			
	Chief Executive Officer	 		 	
			
	LICENSEE	 		 	
			
	 /s/ Susan B. Washer
	 		 	Date: 1/12/06, 2005
				
	Name and Office:	 	 Susan B. Washer, President & CEO
	 		 	

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 21 - 

 APPENDIX A 

DEVELOPMENT REPORT 
  

			
	Date:	 	  

		
	Licensee	 	  

  

									
	 No.
	  	 Name of

Licensed

Product
	  	 Gene targeted for

delivery
 and disease
state
	  	 Stage of research/

development
	  	 Anticipated next milestone

and approximate date

	1	  		  		  		  	
	2	  		  		  		  	
	3	  		  		  		  	
	4	  		  		  		  	
	...	  		  		  		  	

  

			
	For Each Sublicensee:
		
	Sublicensee Name:	 	  

  

									
	 No.
	  	 Name of

Licensed

Product
	  	 Gene targeted for

delivery
 and disease
state
	  	 Stage of research/

development
	  	 Anticipated next milestone

and approximate date

	1	  		  		  		  	
	2	  		  		  		  	
	3	  		  		  		  	
	4	  		  		  		  	
	...	  		  		  		  	

 PLEASE SEND DEVELOPMENT REPORTS TO: 

The UAB Research Foundation 

Attn.: Chief Executive Officer 

AB 1120G 
 1530 3rd Avenue South 
 Birmingham, AL 35294 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 22 - 

 APPENDIX B 

UABRF ROYALTY REPORT 
  

									
	Licensee:	 	  
	    	Agreement No.:	  	  
	 	

									
					
	Inventor:	 	  
	  	IPD #s:	  	  
	 	

											
						
	Period Covered:	 	From:	 	   /    / 2005    
	 	Through:	 	   /    / 2005
	 	

									
					
	Prepared By:	 	  
	 		 	Date:	 	  

					
	Approved By:	 	  
	 		 	Date:	 	  

 If license covers several major product lines, please prepare a separate report 

for each line. Then combine all product lines into a summary report. 
  

					
	Report Type:	  	   Single Product Line Report:
	  	  

					
		
		  	Multiproduct Summary Report. Page 1 of              Pages
		
		  	Product Line Detail. Line:              Trade name:
                                        
Page:             

  

			
	Report Currency: U. S. Dollars         Other	 	  

  

													
	 	  	Gross
Sales	  	* Less:
Allowances	  	Net
Sales	  	Royalty
Rate	  	Period Royalty Amount
	 Country
	  	  	  	  	  	This Year	  	Last Year
	 U.S.A
	  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 TOTAL:
	  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  

 Total Royalty:
                                        
  Conversion Rate:                Royalty in U.S. Dollars: $         

The following royalty forecast is non-binding and for UABRF’s internal planning purposes only: 

Royalty Forecast Under This Agreement: Next Quarter:      Q2:      Q3:     
Q4:      

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 23 -EX-10.9

 Exhibit 10.9 

STANDARD EXCLUSIVE LICENSE AGREEMENT 

WITH KNOW HOW - Agreement No: A11361 

PROMOTER TECHNOLOGY LICENSE 

TABLE OF CONTENTS 
  

					
		  	 Section 1 Definitions
	  	
		  	 Section 2 Grant
	  	
		  	 Section 3 Due Diligence
	  	
		  	 Section 4 Payments
	  	
		  	 Section 5 Certain Warranties and Disclaimers of UFRF

		  	 Section 6 Record Keeping
	  	
		  	 Section 7 Patent Prosecution
	  	
		  	 Section 8 Infringement and Invalidity
	  	
		  	 Section 9 Term and Termination
	  	
		  	 Section 10 Assignability
	  	
		  	 Section 11 Dispute Resolution Procedures
	  	
		  	 Section 12 Product Liability; Conduct of Business

		  	 Section 13 Use of Names
	  	
		  	 Section 14 Miscellaneous
	  	
		  	 Section 15 Notices
	  	
		  	 Section 16 Contract Formation and Authority

		  	 Section 17 United States Government Interests

		  	 Section 18 Confidentiality
	  	
		  	 Section 19 University Rules and Regulations
	  	
		
		  	 Schedule 1 - Patents and Patent Applications

		  	 Appendix A - Development Plan
	  	
		  	 Appendix B - Development Report
	  	
		  	 Appendix C - UFRF Royalty Report
	  	
		  	 Appendix D - Milestones
	  	

 This Agreement is made effective the 18th day of September, 2012, (the “Effective Date”) by and
between the University of Florida Research Foundation, Inc. (hereinafter called “UFRF”), a nonstock, nonprofit Florida corporation, and Applied Genetic Technologies Corporation (hereinafter called “Licensee”), a small entity
corporation organized and existing under the laws of Delaware; 
 WHEREAS, UFRF owns certain inventions that are described in the
“Licensed Patents” defined below, and UFRF is willing to grant a license to Licensee under any one or all of the Licensed Patents and Licensee desires a license under all of them; 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 1 - 

 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below, the
parties covenant and agree as follows: 
  

	Section 1	Definitions 

  

	 	1.1	“Licensed Patents” means all of the following UFRF intellectual property: 

  

	 	1.1.1	the patent(s)/patent application(s) identified on Schedule 1 hereto; 

  

	 	1.1.2	any and all United States and foreign patent applications claiming priority to any of the patent(s) and patent application(s) identified on Schedule 1, and 

 

	 	1.1.3	any and all patents issuing from the patent applications identified in Section 1.1.1 and 1.1.2, including, but not limited to, letters patents, patents of addition, divisionals, reissues, re-examinations,
extensions, restorations, and supplementary protection certificates; 

 all to the extent owned or controlled by the
University of Florida. 
  

	 	1.2	“Licensed Product” and “Licensed Process” means: 

  

	 	1.2.1	In the case of a Licensed Product, any product or part thereof, on a country-by-country basis, developed by or on behalf of Licensee, that: 

 

	 	(a)	is covered in whole or in part by an issued, unexpired claim or a pending claim contained in the Licensed Patents, in any country in which such product is made, used or sold; or 

 

	 	(b)	is manufactured by using a process which is covered in whole or in part by an issued, unexpired claim or a pending claim contained in the Licensed Patents, in any country in which any such process is used or in which
any such product is used or sold; 

  

	 	(c)	incorporates, utilizes, or was developed utilizing Know-How or which is manufactured using Know-How; 

  

	 	1.2.2	In the case of a Licensed Process, any process, on a country-by-country basis: 

  

	 	(a)	which is covered in whole or in part by an issued, unexpired claim or a pending claim contained in the Licensed Patents in any country in which such process is practiced. 

 

	 	(b)	which incorporates, utilizes, or was developed utilizing, Know-How 

  

	 	1.3	“Net Sales” means the total dollar amount invoiced on sales of Licensed Products and/or Licensed Processes by licensee, sublicensee or affiliates. Total amount invoiced may include only promotional discounts
allowed in amounts customary in the trade. 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 2 - 

	 	1.4	“Affiliate” means: (a) any person or entity which controls at least fifty percent (50%) of the equity or voting stock of the Licensee (b) any person or entity fifty percent (50%) of whose
equity or voting stock is owned or controlled by the Licensee or (c) any person or entity of which at least fifty percent (50%) of the equity or voting stock is owned or controlled by the same person or entity owning or controlling at
least fifty percent (50%) of Licensee. 

  

	 	1.5	“Patent Challenge” means a challenge to the validity, patentability, enforceability and/or non-infringement of any of the Licensed Patents or otherwise opposing any of the Licensed Patents. 

 

	 	1.6	“Sublicense” means, directly or indirectly, to sublicense, grant any other right with respect to, or agree not to assert, any right licensed to Licensee under this Agreement. 

 

	 	1.7	“Sublicensee” means any third party to whom Licensee grants a Sublicense. 

  

	 	1.8	“Development Plan” means a written report summarizing the development activities that are to be undertaken by the Licensee to bring Licensed Products and/or Licensed Processes to the market. The Development
Plan is attached as Appendix A. 

  

	 	1.9	“Development Report” means a written account of Licensee’s progress under the Development Plan having at least the information specified on Appendix B to this Agreement, and shall he sent to the address
specified on Appendix B. 

  

	 	1.10	“Licensed Field” shall be limited to the field of Ophthalmology. 

  

	 	1.11	“Licensed Territory” shall be worldwide. 

  

	 	1.12	“Investigator” means [**] while employed by the University of Florida. 

  

	 	1.13	“Know-How” means unpatented, technology and/or information that was developed by the Investigator, including without limitation methods, processes, techniques, compounds, cell lines, materials, sequences,
drawings, indications, data, results of tests, or studies, plans, and expertise, whether patentable or not, which relates specifically to the Licensed Patents and existing on the date hereof, only to the extent wholly owned and controlled by UFRF,
and is necessary to exercise the Licensed Patents, except that, Know-How shall not include the Licensed Patents. 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 3 - 

	Section 2	Grant 

  

	 	2.1	License 

  

	 	2.1.1	License under Licensed Patents 

 Subject to the terms of this Agreement, UFRF hereby grants to
Licensee a royalty-bearing, exclusive license, limited to the Licensed Field and the Licensed Territory, under the Licensed Patents to make, have made, develop, use, lease, import, export, offer to sell, sell and have sold Licensed Products and
Licensed Processes. UFRF reserves to itself and the University of Florida the right under the Licensed Patents to make, have made, develop, import and use Licensed Products and Licensed Processes solely for their internal, research, clinical
(including, but not limited to patient care at Shands Teaching Hospital and University of Florida patient care facilities) and educational purposes. In addition, UFRF reserves to itself, as well as to the University of Florida and to all non-profit
research institutions, the right to use materials that might be covered under Licensed Patents solely for their internal research, educational, and clinical purposes and to meet all applicable governmental requirements governing the ability to
transfer materials. 
  

	 	2.1.2	License under Licensed Know-How 

 Subject to the terms of this Agreement, UFRF hereby grants to
Licensee a royalty-bearing, non-exclusive license, limited to the Licensed Field and the Licensed Territory, under the Know-How to make, have made, develop, use, lease, import, export, offer to sell, sell and have sold Licensed Products and Licensed
Processes. 
 UFRF shall deliver the Know-How to Licensee promptly following execution of this Agreement in a manner and form as mutually
agreed between the parties. UFRF and Licensee acknowledge and agree that all direct derivatives and modifications to the promoter gene sequence as provided by UFRF created by Licensee shall be the properly of UFRF and shall be considered Know-How;
provided, however that all other materials, substances, modifications, cell lines, derivations, progeny created, developed or produced by Licensee as a result of Licensee’s research or use of the Know-How shall be the property of Licensee,
including the intellectual property rights associated therewith. 
  

	 	2.2	Sublicense 

  

	 	2.2.1	 Licensee may grant written Sublicenses to third parties. However, Licensee shall notify UFRF of the initiation of license negotiations with all
potential Sublicensees. Any agreement granting a Sublicense shall state that the Sublicense is subject to the terms and conditions of this Agreement and to the termination of this Agreement. Licensee shall have

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 4 - 

	 	
the same responsibility for the activities of any Sublicensee or Affiliate as if the activities were directly those of Licensee. Licensee shall also include provisions in all sublicenses to
provide that in the event that Sublicensee brings a Patent Challenge against UFRF or assists another party in bringing a Patent Challenge against UFRF (except as required under a court order or subpoena) then Licensee may terminate the Sublicense
within thirty (30) days. 

  

	 	2.2.2	In respect to Sublicenses granted by Licensee under 2.2.1 above, Licensee shall pay to UFRF an amount equal to what Licensee would have been required to pay to UFRF had Licensee sold the amount of Licensed Products or
Licensed Processes sold by such Sublicensee. In addition, if Licensee receives any fees, minimum royalties, or other payments in consideration for any rights granted under a Sublicense, and such payments are not based directly upon the amount or
value of Licensed Processes sold by the Sublicensee, then Licensee shall pay UFRF [**] of such payments within thirty (30) days of receipt of any such fees from Sublicensee; provided, however, that Licensee shall not be obligated to make
payment under this Section with respect to (a) amounts paid to Licensee to reimburse Licensee for patent costs paid by Licensee pursuant to Section 7; (b) equity investments in Licensee by a sublicensee up to the amount of the fair
market value of the equity purchased on the date of the investment; and (c) reimbursement received by Licensee for actual future research and development costs for research or development to be performed by Licensee (together with
subcontractors if applicable) and such cost designated for the development of a Licensed Product or Licensed Process. Licensee shall not receive from Sublicensees anything of value in lieu of cash payments in consideration for any Sublicense under
this Agreement without the express prior written permission of UFRF. 

 If Licensee or any of its Affiliates brings a Patent
Challenge against UFRF, or (ii) Licensee or any of its Affiliates assists another party in bringing a Patent Challenge against UFRF (except as required under it court order or subpoena), and (iii) UFRF does not choose to exercise its
rights to terminate this Agreement pursuant to Section 9.3 then, in the event that such a Patent Challenge is successful, Licensee will have no right to recoup any consideration, including royalties, paid during the period of challenge. In the
event that a Patent Challenge is unsuccessful, Licensee shall reimburse UFRF for all reasonable legal fees and expenses incurred in its defense against the Patent Challenge. 
  

	 	2.2.3	Licensee shall provide UFRF with a final unredacted copy of each sublicense agreement and any agreement which transfers intellectual property rights granted hereunder, within thirty (30) days after the execution of
the sublicense agreement and further agrees to forward to UFRF annually a copy of such reports received by Licensee from its Sublicensees pertinent to the payments under said sublicense agreements. 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 5 - 

	 	2.2.4	In the event that UFRF notifies Licensee in writing of a third party’s interest in a market or territory which Licensee is not addressing or intending to address, as evidenced by diligent developmental plan
provided to UFRF after thirty (30) days of UFRF notification to Licensee of the third party interest, at the time of receipt of the notice and at UFRF’s request, Licensee shall enter into good faith discussions with such third party with
respect to a Sublicense. 

  

	Section 3	Due Diligence 

  

	 	3.1	Development 

  

	 	3.1.1	Licensee agrees to and warrants that: 

  

	 	(a)	it has, or will obtain, the expertise necessity to independently evaluate the inventions of the Licensed Patents; 

  

	 	(b)	it will establish and actively and diligently pursue the Development Plan (see Appendix A) to the end that the inventions of the Licensed Patents will be utilized to provide Licensed Products and/or Licensed Processes
for sale in the retail market within the Licensed Field; 

  

	 	(c)	it will diligently develop markets for Licensed Products and Licensed Processes; and 

  

	 	(d)	until the date of first commercial sale of Licensed Products or Licensed Processes, it will supply UFRF with a written Development Report annually fifteen (15) days after the end of the calendar year (see Appendix
B). 

 UFRF’s review of Licensee’s Development Plan and Development Report is solely to verify the existence of
Licensee’s commitment to development activity and to ensure compliance with Licensee’s obligations to commercialize the inventions of the Licensed Patents, as set forth above. 

 

	 	3.1.2	Licensee agrees that [**] shall occur on or before [**] of this Agreement or UFRF shall have the right to terminate the Agreement pursuant to Section 9.3 hereto. In addition, Licensee will meet the
milestones shown in Appendix D or UFRF shall have the right to terminate the Agreement pursuant to Section 9.3. Licensee will notify UFRF in writing as each milestone is met. 

 

	 	3.2	 Upon written request by Licensee to negotiate extensions of the date of first commercial sale or any milestones or due dates set forth in Appendix D,
such 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 6 - 

	 	
request to be received by UFRF no less than ninety (90) days prior to any of the due dates subject of such request, set forth in this Section 3.1.3, such request fully describing
Licensee’s diligent efforts to achieve the milestone required to be met by such due date, UFRF shall consider in good faith such requests. Upon granting such request, UFRF and Licensee shall negotiate such extensions in good faith.

  

	 	3.3	University of Florida policies may require approval of clinical trials at the University of Florida and involving technology invented at the University. Accordingly, Licensee will notify UFRF prior to commencing any
clinical trials at the University of Florida or its affiliated medical facilities. 

  

	Section 4	Payments 

  

	 	4.1	License Issue Fee 

 Licensee agrees to pay to UFRF a license issue fee of [**], within
thirty (30) days of the Effective Date. 
  

	 	4.2	Royalty 

 Royalty on Licensed Patents: Licensee agrees to pay to UFRF as earned royalties a
royalty calculated as a percentage of Net Sales. The royalty is deemed earned as of the earlier of the date the Licensed Product and/or Licensed Process is actually sold and paid for, the date an invoice is sent by Licensee or its Sublicensee(s), or
the date a Licensed Product and/or Licensed Process is transferred to a third party for any promotional reasons. Licensee shall pay to UFRF royalties as follows: 

(i) [**] for Net Sales of Licensed Products, for each Licensed Product, on a country-by-country basis, that is (a) covered in
whole or in part by an issued, unexpired claim or a pending claim contained in the Licensed Patents, in the country in which such Licensed Product is made, imported, exported, used or sold or (b) is manufactured using a Licensed Process which
is covered in whole or in part by an issued, unexpired claim or a pending claim contained in the Licensed Patents, in the country in which such Licensed Process is used. For clarification, only one royalty shall be due with respect to the same unit
of Licensed Product. 
 (ii) [**] for Net Sales of Licensed Processes, for each Licensed Process, on a country-by-country basis, that
is covered in whole or in part by an issued, unexpired claim or a pending claim contained in the Licensed Patents in the country in which such process is practiced. 

(iii) [**] or Net Sales of Licensed Products, for each product, on a country-by-country basis, that is sold during a period of
regulatory exclusivity for such product in the country in which such product is sold. 
 (iv) [**] for Net Sales of all other
Licensed Products and Licensed Processes. 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 7 - 

 (v) In the event that licenses from third parties are required by Licensee in order to make,
have made, use, sell, offer to sell or import any particular Licensed Product or Licensed Process, then the earned royalty which Licensee is obligated to pay UFRF under this Section 4.3 shall be reduced by [**] for each one dollar
($1.00) in royalties which Licensee is pays to third parties under such licenses, further provided, however that the royalties payable to UFRF under this Section 4.3 shall not be reduced to less than [**] of the applicable Net Sales.

 (vi) If a Licensed Product or Licensed Process is covered under another patent of UFRF, the rights to which have been licensed to the
Licensee by UFRF under any other license agreement and which license agreement calls for the payment of royalties, duplicate royalties for the sales of such Licensed Products or Licensed Process shall not be owed to UFRF by Licensee. Under such
circumstances, the royalty calculation shall be made only once, even though the sale of the Licensed Product or Licensed Process may fall under more than one patent and more than one license agreement. If a Licensed Product or Licensed Process is
covered under another patent of UFRF, the rights to which have been licensed to Licensee by UFRF, Licensee shall pay only the greatest of the applicable royalty rates. 

Royalties are payable for the longer of [**]. Royalties are payable based on the highest applicable rate calculated per this section
and such royalties based on Licensed Patents and Know-How shall not be additive. 
 Amounts owing to UFRF under Sections 4.3 shall be paid
on a quarterly basis after the amount of minimum royalties paid is exceeded, with such amounts due and received by UFRF on or before the thirtieth (30th) day following the end of the calendar quarter ending on
March 31, June 30, September 30 or December 31 in which such amounts were earned. 
  

	 	4.3	Minimum Royalty 

 Licensee agrees to pay UFRF minimum royalty payments, as follows: 

 

			
	 Payment
	  	 Year

	[**]	  	[**]

 and every year thereafter, for the life of this Agreement. 

The minimum royalty shall be paid in advance on a quarterly basis on March 31, June 30, September 30, and
December 31 for the following quarters, for each year in which this Agreement is in effect. The first minimum royalty payment shall be due on December 31st, 2012 and shall be in the
amount of [**]. Any minimum royalty paid in a calendar year will be credited against the earned royalties for that calendar year. It is understood that the minimum royalties will be applied to earned royalties on a calendar year basis, and
that sales of Licensed Products and/or Licensed Processes requiring the payment of earned royalties made during a prior or subsequent calendar year shall have no effect on the annual minimum royalty due UFRF for other than the same calendar year in
which the royalties were earned. 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 8 - 

	 	4.4	Milestone Payments 

 Licensee agrees to pay UFRF milestone payments within thirty
(30) days of the first achievement of such milestone, as follows: 
  

			
	 Payment
	  	 Event

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

 If a Licensed Product or Licensed Process is covered under another patent of UFRF, the rights to which have
been licensed to Licensee by UFRF and which license agreement calls for milestone payments for the same milestone event to be paid to UFRF as set forth above, duplicative milestone payments shall not be owed to UFRF by Licensee with respect to a
given Licensed Product or Licensed Process. Under such circumstances, the milestone payments shall be made only once, even though the development milestone may apply to more than one license. The greater of the applicable milestone shall be paid.

  

	 	4.5	Sublicense Fees 

 Licensee shall pay sublicense fees to UFRF per Section 2.2.2 of this
Agreement within thirty days (30) of the receipt of any such fees from Sublicensee. 
  

	 	4.6	Accounting for Payments 

  

	 	4.6.1	Any amounts which remain unpaid after the date they are due to UFRF under this Section 4, Section 7, Section 2 or any other section of this Agreement shall accrue interest from the due date at the rate
equal to the lesser of (i) one and one-half percent (1.5%) per month or (ii) the maximum amount allowed under applicable law. However, in no event shall this interest provision be construed as a grant of permission for any payment
delays. Licensee shall also be responsible for repayment to UFRF of any attorney, collection agency, or other out-of-pocket UFRF expenses required to collect overdue payments due from this Section 4, Section 7, Section 2 or any other
applicable section of this Agreement. 

  

	 	4.6.2	Except as otherwise directed, all amounts owing to UFRF under this Agreement shall be paid in U.S. dollars to UFRF at the following address: 

University of Florida Research Foundation, Inc. 

223 Grinter Hall 
 PO Box 115500

 Gainesville, Florida 32611-5500 

Attention: Business Manager 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 9 - 

 All monies owing stated in currencies other than U.S. dollars shall be converted at the rate
shown in the Federal Reserve Noon Valuation-Value of Foreign Currencies on the day preceding the payment due date. 
 A certified full
accounting statement showing how any amounts payable to UFRF under Section 4.2 have been calculated shall be submitted to UFRF on the date of each such payment. Such accounting statements shall contain a written representation signed by an
executive officer of Licensee that states that the statements are true, accurate, and fairly represent all amounts payable to UFRF pursuant to this Agreement. Such accounting shall be on a per-country and product line, model or trade name basis and
shall be summarized on the form shown in Appendix C — UFRF Royalty Report of this Agreement. 
 In the event no payment is owed to UFRF
because the amount of minimum royalties paid has not been exceeded or otherwise, an accounting demonstrating that fact shall be supplied to UFRF. 

UFRF is exempt from paying income taxes under U.S. law. Therefore, all payments due under this Agreement shall be made without deduction for
taxes, assessments, or other charges of any kind which may be imposed on UFRF by any government outside of the United States or any political subdivision of such government with respect to any amounts payable to UFRF pursuant to this Agreement. All
such taxes, assessments, or other charges shall be assumed by Licensee. 
  

	Section 5	Certain Warranties and Disclaimers of UFRF 

  

	 	5.1	UFRF warrants that, except as otherwise provided under Section 17.1 of this Agreement with respect to U.S. Government interests, it is the owner of the Licensed Patents or otherwise has the right to grant the
licenses granted to Licensee in this Agreement. However, nothing in this Agreement shall be construed as: 

  

	 	5.1.1	a warranty or representation by UFRF as to the validity or scope of any right included in the Licensed Patents; 

  

	 	5.1.2	a warranty or representation that anything made, used, sold or otherwise disposed of under the license granted in this Agreement will or will not infringe patents of third parties; 

 

	 	5.1.3	an obligation to bring or prosecute actions or suits against third parties for infringement of Licensed Patents; 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 10 - 

	 	5.1.4	an obligation to furnish any services other than those specified in this Agreement; or 

  

	 	5.1.5	a warranty or representation by UFRF that it will not grant licenses to others to make, use or sell products not covered by the claims of the Licensed Patents which may be similar and/or compete with products made or
said by Licensee. 

  

	 	5.2	EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, UFRF MAKES NO REPRESENTATIONS AND EXTENDS NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, AND VALIDITY OF PATENT RIGHTS CLAIMS, ISSUED OR PENDING. UFRF ASSUMES NO RESPONSIBILITIES WHATSOEVER WITH RESPECT TO USE, SALE, OR OTHER DISPOSITION BY LICENSEE, ITS SUBLICENSEE(S), OR THEIR VENDEES OR OTHER
TRANSFEREES OF PRODUCT INCORPORATING OR MADE BY USE OF INVENTIONS LICENSED UNDER THIS AGREEMENT. 

  

	Section 6	Record Keeping 

  

	 	6.1	Licensee and its Sublicensee(s) shall keep books and records sufficient to verify the accuracy and completeness of Licensee’s and its Sublicensee(s)’s accounting referred to above, including without
limitation, inventory, purchase and invoice records, manufacturing records, sales analysis, general ledgers, financial statements, and tax returns relating to the Licensed Products and/or Licensed Processes. Such books and records shall be preserved
for a period not less than six years after they are created or as required by federal law, both during and after the term of this Agreement. 

  

	 	6.2	Licensee and its Sublicensee shall take all steps necessary so that UFRF may, within thirty (30) days of its written request, audit, review and/or copy all of the books and records at a single U.S. location to
verify the accuracy of Licensee’s and its Sublicensee(s)’s accounting. Such review may be performed by any authorized employees of UFRF as well as by any attorneys and/or accountants designated by UFRF, upon reasonable notice and during
regular business hours. If a deficiency with regard to any payment hereunder is determined, Licensee and its Sublicensee(s) shall pay the deficiency within thirty (30) days of receiving notice thereof along with applicable interest as described
in Section 4.6.1. If a royalty payment deficiency for a calendar year exceeds [**] of the royalties paid for that year, then Licensee and its Sublicensees shall be responsible for paying UFRF’s out-of-pocket expenses incurred with respect
to such review. 

  

	 	6.3	 At any time during the term of this agreement, UFRF may request in writing that Licensee verify the calculation of any past payments owed to UFRF
through the 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 11 - 

	 	
means of a self-audit. Within ninety (90) days of the request, Licensee shall complete a self-audit of its books and records to verify the accuracy and completeness of the payments owed.
Within thirty (30) days of the completion of the self-audit, Licensee shall submit to UFRF a report detailing the findings of the self-audit and the manner in which it was conducted in order to verify the accuracy and completeness of the
payments owed. If Licensee has determined through its self-audit that there is any payment deficiency, Licensee shall pay UFRF the deficiency along with applicable interest under Section 4.6.1 with the submission of the self-audit report to
UFRF. 

  

	Section 7	Patent Prosecution 

  

	 	7.1	UFRF shall prosecute and maintain the Licensed Patents using counsel of its choice. UFRF shall provide Licensee with copies of all documents sent to and received from the United States Patent and Trademark Office and
foreign patent offices relating to Licensed Patents. Licensee agrees to keep such information confidential. 

  

	 	7.2	Licensee shall pay to UFRF the sum of [**], within thirty (30) days of the Effective Date to reimburse any and all expenses associated with preparation, filing, prosecution, issuance, maintenance, defense, and
reporting of the Licensed Patents incurred prior to the Effective Date. 

  

	 	7.3	Licensee shall be responsible for and pay [**] incurred by UFRF related to the preparation, filing, prosecution (including interferences (as approved by Licensee, such approval not to be unreasonably withheld and
provided that Licensee shall have ten (10) business days following UFRF’s notice of its intent to file an interference in which to notify UFRF if it does not approve such filing. In the event that Licensee does not respond to the approval
request within the ten (10 days) of such request, permission will be deemed given by Licensee and the Licensee shall be responsible for the costs)), issuance, maintenance, defense (including oppositions) and reporting of the Licensed Patents
subsequent to and separate of those expenses cited in Section 7.2 within thirty (30) days of receipt of an invoice from UFRF. It shall be the responsibility of Licensee to keep UFRF fully apprised of the “small entity” status of
Licensee and all Sublicensees with respect to the U.S. patent laws and with respect to the patent laws of any other countries, if applicable, and to inform UFRF of any changes in writing of such status, within thirty (30) days of any such
change. In the case of foreign patent protection, if Licensee gives sixty (60) days’ notice that it intends to decline to reimburse UFRF for patent expenses for any Licensed Patent in any particular country, then the license granted
hereunder respecting such Licensed Patent in such country shall terminate after such sixty (60) days and Licensee relinquishes the right to commercialize Licensed Products in the specified country. 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 12 - 

	Section 8	Infringement and Invalidity 

  

	 	8.1	Licensee shall inform UFRF promptly in writing of any alleged infringement of the Licensed Patents by a third party and of any available evidence thereof, 

 

	 	8.2	During the term of this Agreement, UFRF shall have the right, but shall not be obligated, to prosecute at its own expense any such infringements of the Licensed Patents. If UFRF prosecutes any such infringement,
Licensee agrees that UFRF may include Licensee as a co-plaintiff in any such suit, without expense to Licensee. 

  

	 	8.3	If within six (6) months after having been notified of any alleged infringement, UFRF shall have been unsuccessful in persuading the alleged infringer to desist and shall not have brought an infringement action
against the alleged infringer, or if UFRF shall notify Licensee at any time prior thereto of its intention not to bring suit against the alleged infringer, then, and in those events only, Licensee shall have the right, but shall not be obligated, to
prosecute at its own expense any infringement of the Licensed Patents, and Licensee may, for such purposes, use the name of UFRF as party plaintiff. No settlement, consent judgment or other voluntary final disposition of the suit may be entered into
without the consent of UFRF, which consent shall not be unreasonably withheld. Licensee shall indemnify UFRF against any order for costs that may be made against UFRF in such proceedings. 

 

	 	8.4	In the event that a declaratory judgment action is brought against UFRF or Licensee by a third party alleging invalidity, unpatentability, unenforceability, or non-infringement of the Licensed Patents, UFRF, at its
option, shall have the right within twenty (20) days after commencement of such action to take over the sole defense of the action at its own expense. If UFRF does not exercise this right, and assuming that Licensee is the sole licensee of the
Licensed Patents, Licensee shall be responsible for the sole defense of the action at Licensee’s sole expense, subject to Sections 8.5 and 8.6. 

  

	 	8.5	In the event that Licensee shall undertake the enforcement by litigation and/or defense of the Licensed Patents by litigation, UFRF shall have the right, but not the obligation, to voluntarily join such litigation,
represented by its own counsel at its own expense. In the event that Licensee shall undertake the enforcement by litigation and/or defense of the Licensed Patents by litigation, any recovery of damages by Licensee for any such suit shall be applied
first in satisfaction of any unreimbursed expenses and legal fees of Licensee relating to the suit, and next toward reimbursement of UFRF for any legal fees, and unreimbursed expenses. The balance remaining from any such recovery shall be
[**]. 

  

	 	8.6	In any suit in which either party is involved to enforce or defend the Licensed Patents pursuant to this Agreement, the other party hereto shall, at the request and expense of the party initiating such suit, cooperate
in all respects and, to the extent possible, have its employees testify when requested and make available relevant records, papers, information, samples, specimens, and the like. 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 13 - 

	 	8.7	In the event Licensee contests the validity of any Licensed Patents, unless and until this Agreement terminates or expires, Licensee shall continue to pay royalties and make other payments pursuant to this Agreement
with respect to that patent as if such contest were not underway until the patent is adjudicated invalid or unenforceable by a court of last resort. 

  

	Section 9	Term and Termination 

  

	 	9.1	The term of this license shall begin on the Effective Date of this Agreement and continue until the later of the date that no Licensed Patent remains an enforceable patent and the date on which Licensee’s
obligation to pay royalties expires pursuant to Section 4.3 above. 

  

	 	9.2	Licensee may terminate this Agreement at any time by giving at least sixty (60) days written notice of such termination to UFRF. Such a notice shall he accompanied by a statement of the reasons for termination.

  

	 	9.3	UFRF may terminate this Agreement by giving Licensee at least sixty (60) days written notice if Licensee: 

  

	 	9.3.1	is delinquent on any report or payment 

  

	 	9.3.2	is not diligently developing and commercializing Licensed Products and Licensed Processes 

  

	 	9.3.3	is in breach of any provision of this Agreement 

  

	 	9.3.4	provides any false report 

  

	 	9.3.5	goes into bankruptcy, liquidation or has a receiver appointed to control any assets 

  

	 	9.3.6	violates any laws or regulations of applicable government entities; or 

  

	 	9.3.7	shall cease to canny on its business pertaining to Licensed Patents. 

  

	 	9.3.8	If Licensee or any of its Affiliates brings a Patent Challenge against UFRF, or assists others in bringing a Patent Challenge against UFRF (except as required under a court order or subpoena), then UFRF may immediately
terminate this Agreement and/or the license granted hereunder. If a Sublicensee brings a Patent Challenge or assists another party in bringing a Patent Challenge (except as required under a court order or subpoena), then UFRF may send a written
demand to Licensee to terminate such sublicense. If Licensee fails to so terminate such sublicense within sixty (60) days after UFRF’s demand, UFRF may immediately terminate this Agreement and/or the license granted hereunder.

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 14 - 

	 	9.3.9	if payments of earned royalties under Section 4.2 once begun ceases for more than two (2) calendar quarters. 

Termination under this Section 9.3 will take effect sixty (60) days after written notice by UFRF unless Licensee remedies the
problem in that sixty (60) day period. 
  

	 	9.4	UFRF may immediately terminate this Agreement upon the occurrence of the second separate default by Licensee within any consecutive three-year period for failure to pay royalties, patent or any other expenses when due.

  

	 	9.5	Upon the termination of this Agreement for any reason, nothing herein shall be construed to release either party from any obligation that matured prior to the effective date of such termination. Licensee shall remain
obligated to provide an accounting for and to pay royalties earned to the date of termination, and any minimum royalties shall be prorated as of the date of termination by the number of days elapsed in the applicable calendar year. Licensee may,
however, after the effective date of such termination, sell all Licensed Products, and complete Licensed Products in the process of manufacture at the time of such termination and sell the same, provided that Licensee shall remain obligated to
provide an accounting for and to pay running royalties thereon. 

  

	Section 10	Assignability 

  

	 	10.1	This Agreement may not be transferred or assigned by Licensee except with the prior written consent of UFRF, which shall not be unreasonably withheld; and provided that Licensee may assign any of its rights under this
Agreement in any country to any Affiliates and may delegate its obligations under this Agreement in any country to any Affiliates; provided, however, that such assignment shall not relieve Licensee of its responsibilities for performance of its
obligations under this Agreement. Licensee may assign all of its rights and obligations under this Agreement in connection with a merger or similar reorganization or the sale of all or substantially all of the assets and or stock of the Licensee.
This Agreement shall survive any such merger or reorganization of Licensee within, into, or such sale of assets and/or stock to, another party, and no consent for such merger, reorganization or sale shall be required hereunder. Licensee shall
provide UFRF written notice of assignment within thirty (30) days of the effective date of such assignment. Any attempted assignment in contravention of this Section 10.1 shall be null and void and shall constitute a material breach of
this Agreement. 

  

	 	10.2	The new assignee shall assume all responsibilities under this Agreement and must agree in writing to UFRF to be bound by this Agreement. 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 15 - 

	Section 11	Dispute Resolution Procedures 

  

	 	11.1	Mandatory Procedures 

 In the event either party intends to file a lawsuit against the other
with respect to any matter in connection with this Agreement, compliance with the procedures set forth in this Section shall be a condition precedent to the filing of such lawsuit, other than for injunctive relief. Either party may terminate this
Agreement as provided in this Agreement without following the procedures set forth in this section. 
  

	 	11.1.1	When a party intends to invoke the procedures set forth in this section, written notice shall be provided to the other party. Within thirty (30) days of the date of such notice, the parties agree that
representatives designated by the parties shall meet at mutually agreeable times and engage in good faith negotiations at a mutually convenient location to resolve such dispute. 

 

	 	11.1.2	If the parties fail to meet within the time period set forth in Section 11.1.1 above or if either party subsequently determines that negotiations between the representatives of the parties are at an impasse, the
party declaring that the negotiations are at an impasse shall give notice to the other party stating with particularity the issues that remain in dispute. 

  

	 	11.1.3	Not more than fifteen (15) days after the giving of such notice of issues, each party shall deliver to the other party a list of the names and addresses of at least three individuals, any one of whom would be
acceptable as a neutral advisor in the dispute (the “Neutral Advisor”) to the party delivering the list. Any individual proposed as a Neutral Advisor shall have experience in determining, mediating, evaluating, or trying intellectual
property litigation and shall not be affiliated with the party that is proposing such individual. 

  

	 	11.1.4	Within ten (10) days after delivery of such lists, the parties shall agree on a Neutral Advisor. If they are unable to so agree within that time, within five (5) days, they shall each select one individual
from the lists. Within five (5) days, the individuals so selected shall meet and appoint a third individual from the lists to serve as the Neutral Advisor. Within thirty (30) days after the selection of a Neutral Advisor:

  

	 	(a)	The parties shall each provide a written statement of the issues in dispute to the Neutral Advisor. 

  

	 	(b)	 The parties shall meet with the Neutral Advisor in Gainesville, Florida on a date and time established by the Neutral Advisor. The meeting must be
attended by persons authorized to make final decisions on behalf of each party with respect to the dispute. At the meeting, each party shall make a presentation with respect to its position concerning the dispute. The Neutral Advisor will then
discuss the issues separately with each party and attempt to resolve all issues in the dispute. At the meeting, the parties will enter into 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 16 - 

	 	
a written settlement agreement with respect to all issues that are resolved. Such settlement agreement shall be final and binding with respect to such resolved issues and may not be the subject
of any lawsuit between the parties, other than a suit for enforcement of the settlement agreement. 

  

	 	11.1.5	The expenses of the neutral advisor shall be shared by the parties equally. All other out-of-pocket costs and expenses for the alternative dispute resolution procedure required under this Section shall be paid by the
party incurring the same. 

  

	 	11.1.6	Positions taken and statements made during this alternative dispute resolution procedure shall be deemed settlement negotiations and shall not be admissible for any purpose in any subsequent proceeding.

  

	 	11.2	Failure to Resolve Dispute 

 If any issue is not resolved at the meeting with the Neutral
Advisor, either party may file appropriate administrative or judicial proceedings with respect to the issue that remains in dispute. No new issues may be included in the lawsuit without the mandatory procedures set forth in this section having first
been followed. 
  

	 	11.3	Survival. 

 The provisions of this Section shall survive termination of this Agreement. 

 

	Section 12	Product Liability; Conduct of Business 

  

	 	12.1	Licensee and its Sublicensee(s) shall, at all times during the term of this Agreement and thereafter, indemnify, defend and hold UFRF, the Florida Board of Governors, the University of Florida Board of Trustees, the
University of Florida, and each of their directors, officers, employees, and agents, and the inventors of the Licensed Patents, regardless of whether such inventors are employed by the University of Florida at the time of the claim, harmless against
all claims and expenses, including legal expenses and reasonable attorneys’ fees, whether arising from a third party claim or resulting from UFRF’s enforcing this indemnification clause against Licensee, arising out of the death of or
injury to any person or persons or out of any damage to property and against any other claim, proceeding, demand, expense and liability of any kind whatsoever resulting from the development, production, manufacture, sale, use, lease, consumption,
marketing, or advertisement of Licensed Products or Licensed Process(es) or arising from any right or obligation of Licensee hereunder. Notwithstanding the above, UFRF at all times reserves the right to retain counsel of its own to defend
UFRF’s, the Florida Board of Governors’, the University of Florida Board of Trustees’, the University of Florida’s, and the inventor’s interests. 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 17 - 

	 	12.2	Licensee warrants that it now maintains and will continue to maintain liability insurance coverage appropriate to the risk involved in development, producing, manufacturing, clinical trials, selling, marketing, using,
leasing, consuming, or advertising the products subject to this Agreement and that such insurance coverage lists UFRF, the Florida Board of Governors, the University of Florida Board of Trustees, the University of Florida, and the inventors of the
Licensed Patents as additional insureds. Within ninety (90) days after the execution of this Agreement and thereafter annually between January 1 and January 31 of each year, Licensee will present evidence to UFRF that the coverage is
being maintained with UFRF, the University of Florida, and its inventors listed as additional insureds. In addition, Licensee shall provide UFRF with at least thirty (30) days prior written notice of any change in or cancellation of the
insurance coverage. 

  

	Section 13	Use of Names 

 Licensee and its Sublicensee(s) shall not use the names of UFRF,
or of the University of Florida, nor of any of either institution’s employees, agents, or affiliates, nor the name of any inventor of Licensed Patents, nor any adaptation of such names, in any promotional, advertising or marketing materials or
any other similar form of publicity, or to suggest any endorsement by such entities or individuals, without the prior written approval of UFRF in each case. 
  

	Section 14	Miscellaneous 

  

	 	14.1	This Agreement shall be construed in accordance with the internal laws of the State of Florida. 

  

	 	14.2	The parties hereto are independent contractors and not joint venturers or partners. 

  

	 	14.3	Licensee shall ensure that it applies patent markings that meet all requirements of U.S. law, 35 U.S.C. §287, with respect to all Licensed Products subject to this Agreement. 

 

	 	14.4	This Agreement constitutes the full understanding between the parties with reference to the subject matter hereof, and no statements or agreements by or between the parties, whether orally or in writing, shall vary or
modify the written terms of this Agreement. Neither party shall claim any amendment, modification, or release from any provisions of this Agreement by mutual agreement, acknowledgment, or otherwise, unless such mutual agreement is in writing, signed
by the other party, and specifically states that it is an amendment to this Agreement. 

  

	 	14.5	Licensee shall not encumber or otherwise grant a security interest in any of the rights granted hereunder to any third party. 

  

	 	14.6	 Licensee acknowledges that it is subject to and agrees to abide by the United States laws and regulations (including the Export Administration Act of
1979 and 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 18 - 

	 	
Arms Export Control Act) controlling the export of technical data, computer software, laboratory prototypes, biological material, and other commodities. The transfer of such items may require a
license from the cognizant agency of the U.S Government or written assurances by Licensee that it shall not export such items to certain foreign countries and/or foreign persons without prior approval of such agency. UFRF neither represents that a
license is or is not required or that, if required, it shall be issued. 

  

	 	14.7	Licensee is responsible for any and all wire/bank fees associated with all payments due to UFRF pursuant to this agreement. 

  

	 	14.8	Survival 

 The provisions of this Section shall survive termination of this Agreement. Upon
termination of the Agreement for any reason, the following sections of the License Agreement will remain in force as non-cancelable obligations: 
  

					
	•	    	Section 6	    	Record Keeping
			
	•	    	Section 9	    	Requirement to pay royalties on sale of Licensed Products made, and in process, at the time of License Agreement termination
			
	•	    	Section 12	    	Product Liability; Conduct of Business
			
	•	    	Section 13	    	Use of Names
			
	•	    	Section 18	    	Confidentiality

  

	Section 15	Notices 

 Any notice required to be given pursuant to the provisions of this
Agreement shall be in writing and shall be deemed to have been given 
  

	 	•	 	when delivered personally, or 

  

	 	•	 	if sent by facsimile transmission, when receipt thereof is acknowledged at the facsimile number of the recipient as set forth below, or 

 

	 	•	 	the second day following the day on which the notice has been delivered prepaid to a courier service, or 

  

	 	•	 	five (5) business days following deposit in the U.S. mail if sent certified mail, (return receipt acknowledgement is not required to certify delivery). 

 

	 	15.1	If to the University of Florida Research Foundation, Inc.: 

 President 

University of Florida Research Foundation, Inc. 

223 Grinter Hall 
 University of
Florida 
 Post Office Box 115500 

Gainesville, FL 32611-5500 

Facsimile Number: 352-846-0505 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 19 - 

 with a copy to: 

Office of Technology Licensing 

Attn: Director 
 747 SW Second
Avenue 
 University of Florida 

Post Office Box 115575 

Gainesville, Florida 32611-5575 

Facsimile Number: 352-392-6600 
  

	 	15.2	If to Licensee: 

 Sue Washer, CEO 

Applied Genetic Technologies Corporation 

11801 Research Drive, Suite D 

Alachua, FL 32615 
 Facsimile
Number 386-462-0875 
 With a copy to 

Fred Hutchison 
 Hutchison Law
Group 
 5410 Trinity Road 

Suite 400 
 Raleigh, North
Carolina 27607 
  

	Section 16	Contract Formation and Authority 

 The submission of this Agreement does not
constitute an offer, and this document shall become effective and binding only upon the execution by duly authorized representatives of both Licensee and UFRF. Copies of this Agreement that have not been executed and delivered by both UFRF and
Licensee shall not serve as a memorandum or other writing evidencing an agreement between the parties. This Agreement shall automatically terminate and be of no further force and effect, without the requirement of any notice from UFRF to Licensee,
if UFRF does not receive the License Issue Fee or certificates representing shares issued to UFRF pursuant to this Agreement, as applicable, within thirty (30) days of the Effective Date. 

 

	 	16.1	UFRF and Licensee hereby warrant and represent that the persons signing this Agreement have authority to execute this Agreement on behalf of the party for whom they have signed. 

 

	 	16.2	Force Majeure 

 No default, delay, or failure to perform on the part of Licensee or UFRF shall
be considered a default, delay or failure to perform otherwise chargeable hereunder, if such default, delay or failure to perform is due to causes beyond either party’s reasonable control including, but not limited to: strikes, lockouts, or
inactions of 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 20 - 

 
governmental authorities, epidemics, war, embargoes, fire, earthquake, hurricane, flood, acts of God, or default of common carrier. In the event of such default, delay or failure to perform, any
date or times by which either party is otherwise scheduled to perform shall be extended automatically for a period of time equal in duration to the time lost by reason of the excused default, delay or failure to perform. 

 

	Section 17	United States Government Interests 

  

	 	17.1	It is understood that the United States Government (through any of its agencies or otherwise) has funded research, [**], during the course of or under which any of the inventions of the Licensed Patents were conceived
or made. The United States Government is entitled, as a right, under the provisions of 35 U.S.C. §202-212 and applicable regulations of Title 37 of the Code of Federal Regulations, to a non-exclusive, nontransferable, irrevocable, paid-up
license to practice or have practiced the inventions of such Licensed Patents for governmental purposes. Any license granted to Licensee in this Agreement shall be subject to such right. 

 

	 	17.2	Licensee agrees that for Licensed Products covered by the Licensed Patents that are subject to the non-exclusive royalty-free license to the United States Government, said Licensed Products will be manufactured
substantially in the United States. Licensee further agrees that it shall abide by all the requirements and limitations of U.S. Code, Title 35, Chapter 18, and implementing regulations thereof, for all patent applications and patents invented in
whole or in pact with federal money. 

  

	Section 18	Confidentiality 

  

	 	18.1	 Each Party shall maintain all information of the other Party which is treated by such other Party as proprietary or confidential (referred to herein
as “Confidential Information”) in confidence, and shall not disclose, divulge or otherwise communicate such confidential information to others, or use it for any purpose, except pursuant to, and in order to carry out, the terms and
objectives of this Agreement, and each party hereby agrees to exercise every reasonable precaution to prevent and restrain the unauthorized disclosure of such confidential information by any of its Affiliates, directors, officers, employees,
consultants, subcontractors, Sublicensees or agents. Licensee’s Confidential Information includes but is not limited to the Development Plan, Development Reports and all other financial, research, development or business reports, strategies and
agreements, including Sublicenses, of Licensee. The parties agree to keep the terms of this Agreement confidential, provided that each party may disclose this Agreement to their authorized agents and investors who are bound by similar
confidentiality provisions. Notwithstanding the foregoing, Confidential Information of a party shall not include information which: (a) was lawfully known by the receiving party prior to disclosure of such information by the disclosing party to
the receiving party; (b) was or becomes generally available in 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 21 - 

	 	
the public domain, without the fault of the receiving party; (c) is subsequently disclosed to the receiving party by a third party having a lawful right to make such disclosure; (d) is
required by law, rule, regulation or legal process to be disclosed, provided that the receiving party making such disclosure shall take all reasonable steps to restrict and maintain to the extent possible confidentiality of such disclosure and shall
provide reasonable notice to the other party to allow such party the opportunity to oppose the required disclosure; or (e) has been independently developed by employees or others on behalf of the receiving party without access to or use of
disclosing party’s information as demonstrated by written record. Each party’s obligations under this Section 18 shall extend for a period of five (5) years from termination or expiration of this Agreement. 

 

	Section 19	University Rules and Regulations 

  

	 	19.1	Licensee understands and agrees that University of Florida personnel who are engaged by Licensee, whether as consultants, employees or otherwise, or who possess a material financial interest in Licensee, are subject to
the University of Florida’s rule regarding outside activities and financial interests set forth in Florida Administrative Code Rule 6C1-1.011, the University of Florida’s Intellectual Property Policy, and a monitoring plan which addresses
conflicts of interests associated therewith. Any term or condition of an agreement between Licensee and such University of Florida personnel which seeks to vary or override such personnel’s obligations to the University of Florida may not be
enforced against such personnel, the University of Florida or UFRF, without the express written consent of an individual authorized to vary or waive such obligations on behalf of the University of Florida and UFRF. Furthermore, should an interest of
Licensee conflict with the interest of the University of Florida, University of Florida personnel are obligated to resolve such conflicts according to the guidelines and policies set forth by the University of Florida. 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 22 - 

 IN WITNESS WHEREOF, the patties hereto have duly executed this Agreement on the dates indicated below. 

 

							
	UNIVERSITY OF FLORIDA RESEARCH FOUNDATION, INC.
				
	 /s/ David L. Day
	 		 	Date:	 	9/14, 2012
	David L. Day	 		 		 	
	Director of Technology Licensing	 		 		 	

  

									
	 LICENSEE
 APPLIED GENETIC
TECHNOLOGIES CORPORATION

					
	By:	 	 /s/ Susan B. Washer
	 		 	Date:	 	9/18, 2012
	Susan B. Washer, President and CEO	 		 		 	

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 23 - 

 Schedule 1 - Patents and Patent Applications 

[**] 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 24 - 

 Appendix A - Development Plan 

A Development Plan of the scope outlined below shall be submitted to UFRF by Licensee prior to the execution of this agreement. In general, the plan should
provide UFRF with a summary overview of the activities that Licensee believes are necessary to bring products to the marketplace. 
  

	I.	Development Program 

  

	 	A.	Development activities to be undertaken 

 [**] 

 

	II.	Governmental Approval 

 [**] 

 

	III.	Proposed Market Approach 

 [**] 

 

	IV	Competitive Information 

 [**] 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 

 Appendix B - Development Report 

When appropriate, indicate estimated start date and finish date for activities. 
  

	I.	Date Development Plan initiated and Time Period Covered by this Report. 

  

	II.	Development Report (4-8 paragraphs). 

  

	 	A.	Activities completed since last report including the object and parameters of the development, when initiated, when completed and the results. 

 

	 	B.	Activities currently under investigation, i.e., ongoing activities including object and parameters of such activities, when initiated, and projected date of completion. 

 

	III.	Future Development Activities (4-8 paragraphs). 

  

	 	A.	Activities to be undertaken before next report including, but not limited to, the type and object of any studies conducted and their projected starting and completion dates. 

 

	 	B.	Estimated total development time remaining before a product will be commercialized. 

  

	 	C.	Date by which manufacture of a commercial product is expected to begin (include specifics of planned manufacturing of product, i.e., build facility or outsource manufacturing). 

 

	IV.	Changes to Initial Development Plan (2-4 paragraphs). 

  

	 	A.	Reasons for change. 

  

	 	B.	Variables that may cause additional changes. 

  

	V.	Items to be Provided if Applicable: 

  

	 	A.	Information relating to Licensed Products or Licensed Processes that has become publicly available, e.g., published articles, competing products, patents, etc. 

 

	 	B.	Development work being performed by third parties, other than Licensee, to include name of third party, reasons for use of third party, planned future uses of third parties including reasons why and type of work.

  

	 	C.	Update of competitive information trends in industry, government compliance (if applicable) and market plan. 

  

	 	D.	Information and copies of relevant materials evidencing the status of any patent applications or other protection relating to Licensed Products, or Licensed Processes or the Licensed Patents. 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 

	 	E.	One year before commencement of manufacturing or commercial production, Licensee will in include in the Development Report specifics of planned manufacturing or production. 

PLEASE SEND DEVELOPMENT REPORTS TO: 
 University of Florida
Research Foundation, Inc. 
 Attn: Director 
 The Innovation Hub

 747 SW Second Avenue 
 P,O. Box 115575 

Gainesville, FL 32611-5575 
 Facsimile: 352-392-6600 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 
 - 2 - 

 Appendix C - UFRF Royalty Report 

 

					
	Company Name:	  	  
	  	

 If multiple license agreements are required to generate this product, indicate what percentage of the royalty is attributable
to each agreement. 
  

											
	UFRF Agreement No.:	 	  
	 		 	Percentage:	 	  
	 	
	UFRF Agreement No.:	 	  
	 		 	Percentage:	 	  
	 	
	Period Covered: From:	 	  
	 		 	Through:	 	  
	 	

  

											
	Prepared By:	 	  
	 		 	Date:	 	  
	 	

									
	Print Preparer Name:	 		 		 		 	

  

									
	Preparer Email Address:	  	  
	 		  	Phone No.:	  	  

					
	Approved By:	  	  
	 		  	Date:	  	  

		  	(Requires Executive Officer Signature)	 		  		  	

 Print Officer Name: 
 If license
covers multiple product lines, please prepare a separate spreadsheet for each product line, and a summary report for all products combined. 
 The
spreadsheet should include the following information: 
  

	 	•	 	Product Name 

  

	 	•	 	Country(ies) of Sales (List each country. If royalties vary by country, provide a breakdown of specified information for each country.) 

 

	 	•	 	Unit Sales 

  

	 	•	 	Gross Sales 

  

	 	•	 	Less Allowances (On a separate page, please indicate the reasons for returns or other adjustments if significant.) 

  

	 	•	 	Net Sales 

  

	 	•	 	Royalty Rate (Please note any unusual occurrences that affected royalty amounts during this period. To assist UFRF’s forecasting, please comment on any market variables that would impact future royalties).

  

	 	•	 	Total Royalty due this period 

  

	 	•	 	Total Royalty paid last period 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS. 

 Appendix D - Milestones 

 

	1.	Licensee has already provided UFRF a preliminary Development Plan. Within six months of execution of this license, Licensee will provide UFRF a detailed document covering Licensee’s plans as to projected product
development, markets and sales forecasts, manufacturing and operations, and financial forecasts (“Business Plan”). UFRF will treat this Business Plan as confidential information and to protect it as UFRF would its own confidential
information. 

 [**] 

  
 CONFIDENTIAL MATERIALS
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. DOUBLE ASTERISKS [**] DENOTE OMISSIONS.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00225-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00225-of-00352.parquet"}]]