Document:

Exhibit 10.1

 

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[****] This symbol identifies certain confidential information contained in this document that has been
omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

 

______________________________________________________________

 

CAF®09b Supply, Patent, Know How
 & Trademark Licence Agreement

 

______________________________________________________________ 

 

DATED 30 NOVEMBER 2020

 

between

 

(1)    Statens Serum
Institut

 

- and -

 

(2)    Evaxion Biotech
A/S

 

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TABLE OF CONTENTS

 

	1.   DEFINITIONS	4
	2.   GRANT OF LICENCE	12
	3.   SUBLICENSING & SUB-CONTRACTING	13
	4.   PROVISION OF KNOW HOW	15
	5.   TECHNOLOGY TRANSFER	15
	6.   PROVISION OF LICENSED ADJUVANT	16
	7.   PAYMENTS	17
	8.   PAYMENT TERMS	21
	9.   RECORDS AND INSPECTIONS	22
	10. REGULATORY	24
	11. NO IMPLIED LICENCES	25
	12. MANAGEMENT OF PATENT RIGHTS	25
	13. INFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS	25
	14. CONFIDENTIALITY	26
	15. WARRANTIES & REPRESENTATIONS	28
	16. LIMITATION OF LIABILITY	30
	17. TERM AND TERMINATION	31
	18. CONSEQUENCES OF EXPIRY OR TERMINATION	32
	19. GENERAL	34
	SCHEDULE 1: LICENSED PATENTS	40
	SCHEDULE 2: LICENSED ADJUVANT & LICENSED KNOW HOW	41
	SCHEDULE 3: PROGRESS REPORT	42
	SCHEDULE 4: SUMMARY TEMPLATE	42
	SCHEDULE 5: EXTENDED LICENSE TRIPARTITE CDA	43
	SCHEDULE 6: CLINICAL TRIAL SUPPLY AGREEMENT	44

 

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THIS
 “CAF®09b SUPPLY, PATENT, KNOW HOW & TRADEMARK LICENSE AGREEMENT” (this “Agreement”) is made on
the 30th of November, 2020 (the “Effective Date”)

 

BETWEEN:

 

		(1)	Statens Serum Institut,
CVR No. DK 4683 7428, a public institute under the Danish Ministry for Health, whose registered office is at Artillerivej
5, DK-2300 Copenhagen S, Denmark (“SSI”); and

 

		(2)	Evaxion Biotech A/S,
CVR No. DK 3176 2863, a company incorporated under the laws of Denmark with its registered office at Bredgade 34E, DK-1260
Copenhagen K, Denmark (“Evaxion”).

 

Each of SSI and Evaxion is sometimes referred
to individually herein as a “Party” and collectively as the “Parties”.

 

RECITALS 

 

		(A)	SSI, being an independent
institute under the auspices of the Ministry of Health concerned with strengthening human health through disease control and research,
has developed a number of proprietary liposomal adjuvant formulations, including the Licensed Adjuvant, as defined below;

 

		(B)	Evaxion is a privately
owned biotechnology company that has developed a proprietary technology platform, PIONEER, for the identification of antigens
and neo-epitopes for vaccines using artificial intelligence, including the identification of DNA sequences encoding mutant tumor
neo-antigens, which sequences may be selected on a patient-by-patient basis (personalized medicine);

 

		(C)	SSI and Evaxion are,
together with Third Parties, as defined below, collaborating on developing an anti-cancer vaccination strategy comprising
design of a Vaccine, as defined below, by application of Evaxion’s proprietary PIONEER platform, which strategy has been
developed with the support of Innovations Fund Denmark under the NeoPepVac project, File# 7051-00010A, (the “Project”);

 

		(D)	Based on the Parties’
background and Project developed foreground technology, SSI is now desirous to accommodate Evaxion’s request for a license
enabling further development and commercialization by Evaxion and/or Third Parties to be contracted by Evaxion, of one or
more anti-cancer Vaccines;

 

		(E)	SSI is currently having Licensed Adjuvant manufactured for development purposes by the Interim
Supplier, as defined below, which SSI intends to cause to carry out, acting for and on behalf of and with SSI, a technology transfer
of the Licensed Adjuvant manufacturing processes to a Commercial Supplier, as defined below;

 

		(F)	SSI is desirous to contract the Commercial Supplier to scale up and transform the Interim Supplier’s
current small scale Licensed Adjuvant manufacturing processes into a commercial scale manufacturing process enabling manufacturing
of Licensed Adjuvant in commercial quantities on basis of Know How Controlled by SSI, enabling a single source Licensed Adjuvant
supply for commercial use directly to Third Parties whereby SSI will be removed from the Licensed Adjuvant supply chain (the “Preferred
Model”), although remain being Know How, as defined below, licensor vis-à-vis the Commercial Supplier and Application
Know How, as defined below, licensor vis-à-vis Evaxion;

 

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		(G)	The Parties acknowledge that SSI’s contracting of a Commercial Supplier, including the associated
Licensed Adjuvant manufacturing technology transfer from SSI to the Commercial Supplier, may be time consuming, implying that the
Parties have agreed for SSI to supply to Evaxion a certain stock of Licensed Adjuvant manufactured or to be manufactured by the
Interim Supplier for Evaxion Vaccine development use; and,

 

		(H)	Were SSI to fail implementing
the Preferred Model, i.e. to fail closing an agreement with a Commercial Supplier as per Recital F above, and only in case of such
failure, SSI shall, to protect Evaxion’s and its Sub-licensees’ interest in receiving the required amounts of Licensed
Adjuvant also beyond the development phase, irrespectively of such failure, grant a license, including Licensed Adjuvant technology
transfer assistance, to Evaxion and its Sub-licensees, (the “Default Model”), enabling Evaxion to appoint a
Licensed Adjuvant manufacturing CMO in lieu of the Commercial Supplier never appointed by SSI, which replacement CMO may then cover
Evaxion’s and its Sub-licensees Licensed Adjuvant needs by carrying out manufacturing activities on basis of Know How vested
in and Controlled by SSI and in turn licensed to Evaxion on a non-exclusive basis.

 

THE PARTIES AGREE AS FOLLOWS:

 

		1.	DEFINITIONS

 

In this Agreement the following words and
expressions have the following meanings:

 

		1.1	“Affiliate” means any entity that directly or indirectly Controls, is Controlled
by, or is under common Control with another entity, for so long as such Control exists;

 

		1.2	“Application Know How” means non-patented information vested in or Controlled
by SSI on the application of Licensed Adjuvant and medicinal products to be administrated together or in combination with Licensed
Adjuvant, as such Application Know How has been set out in Schedule 2, Part B, hereto or as amended by SSI during the Term
hereof;

 

		1.3	"Business Day" means any day other than a Saturday or Sunday on which banking
institutions in the Kingdom of Denmark are open for business;

 

		1.4	“Calendar Year” means a period of four consecutive Quarters ending on 31 December;

 

		1.5	“Combination Product” shall mean a Vaccine sold or co-formulated with one or
more other active pharmaceutical ingredients for prophylactic and/or therapeutic use in the Licensed Field, which other active
pharmaceutical ingredients do not comprise a Vaccine;

 

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		1.6	“Commercial Supplier” means a single SSI contracted Third Party Licensed Adjuvant
manufacturer taking over the manufacturing of Licensed Adjuvant from the Interim Supplier;

 

		1.7	“Control” means:

 

		(i)	in respect of Affiliates: (a) in the case of companies and corporations “Control” and
 “Controlled” means beneficial ownership of more than fifty percent of the voting stock, shares, interest, or equity
in an entity; or (b) in the case of any other legal entity, “Control” and “Controlled” shall exist through
the ability to directly or indirectly control the management and/or business of the legal entity; and

 

		(ii)	in respect of intellectual property and Know How whether owned by or licensed to an entity, the
possession of the legal right and ability to grant the respective licences or sub-licences as provided herein without violating
the terms of any agreement or other arrangement with any Third Party. For clarity, no Party (or Affiliate of a Party, as applicable)
shall be deemed to Control any Know How or intellectual property by virtue of the license grants to that Party from or by the other
Party as set forth in this Agreement;

 

		1.8	“Confidential Information” has the meaning set forth in Clause 14.1;

 

		1.9	“Default Model” means extension of the License as per Clause 2.2 below, whereby
Evaxion – in addition to the License - is being granted the right to manufacture or, via a sub-contractor, have manufactured
Licensed Adjuvant;

 

		1.10	“Disclosing Party” has the meaning set forth in Clause 14.1;

 

		1.11	“Exclusive” means, with respect to exploitation of the License in the Territory,
that only Evaxion, its Affiliates and its Sub-licensees, to the exclusion of SSI and its Affiliates, have the right to exploit
and commercialize Vaccines for prophylactic and/or therapeutic use in the Licensed Field;

 

		1.12	“Extended License” means the License, as defined below, when extended to include
the right for Evaxion or its sub-contractor to manufacture or have manufactured Licensed Adjuvant as per Clause 2.2, were the Default
Model to be implemented;

 

		1.13	“First Commercial Sale” means the first sale, transfer or disposition for value
of a Vaccine in the EU or the USA of a Vaccine having received Product Approval in and for such jurisdiction, provided, that, the
following shall not constitute a First Commercial Sale:

 

		a)	any sale by Evaxion to an Evaxion Affiliate;

 

		b)	any use of a Vaccine in clinical trials, pre-clinical studies or other research or development
activities, or;

 

		c)	the disposal or transfer of Vaccine for a bona fide charitable purpose, including compassionate
use and/or “named patient sales”;

 

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		1.14	“Interim Supplier” means a limited number of specialized work-for-hire SSI engaged
sub-contractors currently manufacturing Licensed Adjuvant in such quantities as SSI may require for development purposes, each
of which sub-contractors are contributing to the Licensed Adjuvant manufacturing process by carrying out individual manufacturing
steps for an on behalf of SSI, which steps SSI intends to transfer to and consolidate in the Commercial Supplier, as defined above;

 

		1.15	“Know How” means 1) Application Know How, and 2) Manufacturing Know How;

 

		1.16	“Licence” means the licence granted under Clause 2.1;

 

		1.17	“Licensed Adjuvant” means SSI’s proprietary cationic adjuvant formulation
referred to as CAF®09b and as described in Schedule 2, Part A;

 

		1.18	“Licensed Field” means the prophylactic and/or therapeutic treatment of any
cancer in humans;

 

		1.19	“Manufacturing Know How” means non-patented information vested in or Controlled
by SSI and relating to the manufacturing of Licensed Adjuvant. In case of implementation of the Default Model, the Manufacturing
Know How required for implementation of the Default Model shall be set out in Schedule 2, Part C;

 

		1.20	“Net Sales” means, with respect to a Vaccine for any period, the total amount
billed or invoiced on sales of such Vaccine or received (only to be included in the calculation once, if both invoiced and received,
irrespective of whether invoiced and received within the same period or in two (2) separate periods) during such period by Evaxion
or its Affiliates to Third Parties in the Territory, less (without duplication) the following normal and customary deductions to
the extent they are effectively paid or incurred or allowed and included on the invoice price:

 

	 	(i)	trade, cash, and quantity
    discounts applied within the ordinary course of business which are actually granted or accrued (and subsequently
    booked);
	 	 	 
	 	(ii)	price reductions or rebates, retroactive or otherwise, imposed by, negotiated with, or otherwise paid to governmental authorities;
	 	 	 
	 	(iii)	taxes on sales (such as sales, value added, or use taxes) to the extent added to the sale price and set forth separately as such in the total amount invoiced;
	 	 	 
	 	(iv)	credits, allowances or refunds granted for billing errors, damaged, outdated, returned, rejected or recalled Vaccine;
	 	 	 
	 	(v)	insurance, customs charges, freight, shipping and other transportation costs incurred in shipping Vaccine, to the extent not reimbursed by a Third Party;

 

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Net Sales shall not include
the value of Vaccine transferred or disposed for charitable, pre-clinical, clinical, regulatory, or governmental purposes (other
than sales that are paid or reimbursed by government payors), unless Evaxion or its Affiliates receive a consideration for such
transfer or disposition, in which case such consideration shall be included subject to the principles set out in this definiton.
Net Sales shall not include sales between Evaxion and its Affiliates.

 

For the purpose
of calculating Net Sales of Vaccines forming part of any Combination Products, where the Vaccine is sold separately in the same
country as the Combination Product, the amount billed, invoiced or received for such Vaccine forming part of a Combination Product
shall be calculated by multiplying the amount billed or invoiced for the Combination Product with the fraction A/(A+B), where A
is the selling price in such country of a Vaccine, when sold separately for the same dosage as contained in the Combination Product,
and B is the selling price in such country of any other active pharmaceutical ingredients in the Combination Product, when sold
separately for the same dosage (or form) as contained in the Combination Product. All selling prices of the elements of such Combination
Product shall be calculated as the average selling price of the said elements during the applicable accounting period for which
the Net Sales are being calculated. In the event that, in any country, no separate sale of either such above-designated Vaccine
(sold separately) or any one or more of the active pharmaceutical ingredients included in such Combination Product are made during
the accounting period in which the sale was made, or if the net selling price for an active ingredient cannot be determined for
an accounting period, Net Sales allocable to the Vaccine in a Combination Product in each such country shall be determined by mutual
agreement reached in good faith by the Parties prior to the end of the accounting period in question based on an equitable method
of determining same that takes into account, on a country-by-country basis, all relevant factors (including variations in potency,
the relative contribution of each active ingredient in the combination, and relative value to the end user of each active ingredient).

 

If non-monetary
consideration is received by Evaxion or its Affiliates for any Vaccine in a given country, Net Sales will be calculated based on
the average price charged for such Vaccine in such country, as applicable, during the preceding royalty period, or in the absence
of such sales, transfers or other distributions, the fair market value of the Vaccine in such country, as applicable, as determined
by the Parties in good faith. If the Parties are unable to reach such an agreement, the Parties shall refer such matter to a jointly
selected Third Party with expertise in the pricing of pharmaceutical products that is not, and has not in the past five (5) years
been, an employee, consultant, legal advisor, officer, director or stockholder of, and does not have any conflict of interest with
respect to, either Party for resolution.

 

Subject to
the above, Net Sales shall be calculated in accordance with GAAP or IFRS accounting standards applied by such party;

 

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		1.21	“Non-Project Vaccine” means a Vaccine targeting patients with other cancers
than melanoma, non-small-cell lung carcinoma, and bladder cancer.

 

		1.22	“Option to License Agreement” means an agreement between Evaxion and a Third
Party pursuant to which the Third Party is granted an option to acquire a Sublicense Agreement upon the fulfilment of one or more
specified conditions, such as, but not limited to, the issue of an option exercise notice.

 

		1.23	“Out-of-Pocket Costs” means expenditures actually defrayed by a Party by payment
to a Third Party (including authorities) for supply of products, rendering of services, filing, prosecution, and maintenance of
the Patent Rights in the Territory, or grant of authorisations by such Third Party, less any subsequent reimbursements received
by the payor;

 

		1.24	“Patent Rights” means the Licensed Adjuvant related patents listed in Schedule
1 as well as derived applications, and patents issued on the basis thereof, and any foreign counterparts thereof Controlled
by SSI or its Affiliates, including all provisional applications, divisions, renewals, continuations, continuations-in-part, extensions,
reissues, re-examinations, substitutions, confirmations, registrations, revalidations, and additions of or to them, as well as
any patent term extension, or like form of protection, whether on file with the appropriate governmental agencies as of the Effective
Date or at any time during the term of this Agreement, all provided that such positions stipulate Licensed Adjuvant related claim(s)
not going beyond the claims made in the Patent Rights listed in Schedule 1;

 

		1.25	“Personnel” means officers, employees, consultants, agents, representatives,
contractors and advisers acting for and on behalf a Party;

 

		1.26	“Phase 1 Clinical Trial” means a clinical trial of a Vaccine candidate in man
that provides for the first use in man of such product with the primary purpose of determining safety and/or clinical pharmacology
of such Vaccine candidate, to the extent such trial is / trials are being executed as per a protocol classifying the trial as a
Phase 1 trial;

 

		1.27	“Phase 2 Clinical Trial” means a study of Vaccine candidate properties in patients
in a particular indication designed to:

 

		(i)	demonstrate clinical efficacy and validity of the therapeutic concept of a Vaccine; and/or,

 

		(ii)	identify the safe and effective dose range of the product for the particular indication; and/or,

 

		(iii)	support further investigation of the safety and efficacy of the product in the particular indication
in a Phase 3 Clinical Trial;

 

to the extent
such trial is/trials are being executed as per a protocol classifying the trial as a Phase 2 trial, incl. 2A and 2B trials;

 

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		1.28	“Phase 3 Clinical Trial” means a study of Vaccine candidate properties in patients
in a particular indication designed to:

 

		(i)	establish that the License Vaccine candidate is safe and efficacious for its intended use; and/or,

 

		(ii)	define warnings, precautions, and adverse reactions that are associated with the use of the Vaccine
candidate in the dosage range to be prescribed; and

 

		(iii)	support Product Approvals for such Vaccine;

 

to the extent
such trial is trials are being executed as per a protocol classifying the trial as a Phase 3 trial;

 

		1.29	”Preferred Model” shall mean a contract complex closed among the Parties and
a Commercial Supplier, and comprising the following elements:

 

		(i)	a license agreement between SSI and a Commercial Supplier being granted the right to manufacture
the Licensed Adjuvant on basis of the Patent Rights and Manufacturing Know How;

 

		(ii)	a license agreement between SSI and a Commercial Supplier being granted a Trademark license authorising
- to the exclusion of SSI and its Affiliates - the Commercial Supplier to exploit and commercialize the Licensed Adjuvant under
the Trademark within a field which at least comprises the Licensed Field;

 

		(iii)	this Agreement as entered into between SSI and Evaxion, with Evaxion being granted the License;

 

		(iv)	a supply agreement between the Commercial Supplier acting as SSI’s sub-contractor for licensee
supply purposes only and Evaxion, as per which contract the Commercial Supplier, in exchange for a payment to be made by Evaxion
or its Sub-licensees, undertakes to supply Licensed Adjuvant to Evaxion or Sub-licensees designated by Evaxion;

 

		1.30	“Product Approval” means, in relation to any particular jurisdiction, any and
all approvals (excluding price and reimbursement approvals), licences, registrations, or authorisations of any country, federal,
supranational, state, or local regulatory agency, department, bureau, or other government entity that are necessary for the manufacture,
use, storage, import, transport, or sale of a Vaccine in such jurisdiction; provided however that Product Approval shall also mean
approval by the competent authority in a given jurisdiction for a Vaccine to be sold without first being approved, e.g. for emergency
stocking, defence or bio terror preparedness purposes, and similar, and irrespective of the clinical development stage reached
for such Vaccine;

 

		1.31	“Project Vaccine” means a Vaccine, the development of which is initiated under
the Project, targeting patients with melanoma, non-small-cell lung carcinoma, or bladder cancer;

 

		1.32	“Quarter” means the respective periods of three consecutive calendar months
ending on March 31, June 30, September 30 and December 31, except that the first Quarter of the Term shall commence on the Effective
Date and end on the day immediately prior to the first to occur of March 31, June 30, September 30 or December 31 after the Effective
Date and the last Quarter shall end on the last day of the Term;

 

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		1.33	“Receiving Party” has the meaning set forth in Clause 14.1;

 

		1.34	“Remaining Payment” has the meaning set forth in Clause 7.5(e);

 

		1.35	“SSI Licensee” has the meaning set forth in Clause 7.5(d);

 

		1.36	“Sub-licence Agreement” means an agreement between Evaxion and a Third Party
that grants to such Third Party the right to develop and/or commercialise a Vaccine within the scope of the License and this Agreement
as further specified in Clause 3. For the avoidance of doubt, an Option to License Agreement is not to be considered a Sub-license
Agreement, whereas a right to develop and/or commercialise a Vaccine within the scope of the License and this Agreement granted
by Evaxion to a Third Party upon the Third Party’s exercise of the option for such right under an Option to License Agreement
shall be regarded a Sub-License Agreement, but only from the date of the granting of such right pursuant to the exercise of the
option, i.e. not the date of the Option to License Agreement;

 

		1.37	“Sub-licence Income” means any and all gross income received by Evaxion or its
Affiliates in consideration for (i) the grant of a Sub-licence Agreement, (ii) the grant of an Option to License Agreement, (iii)
the exploitation by a Third Party of a Sub-license Agreement, or (iv) the grant of letters of intent and any other non-binding
document or arrangement that has as its main object the prospect of the entering into of a Sub-license Agreement or an Option to
License Agreement. Irrespective of the foregoing, and the below, funding granted by non-profit or governmental organisations, including
foundations such as Innovation Fund Denmark, Vaekstfonden, etc., and which do not request any Vaccine, other than for non-commercial
use, or a Sub-license Agreement as a condition for the grant of funding, shall not be considered Sub-license Income. Sub-licence
Income includes, but is not limited to, income received from a Sub-licensee under a Sub-license Agreement or a Third Party under
an Option to License Agreement in the form of upfront payments, milestone payments and royalty payments, and also includes equity,
or other forms of payment received in lieu of cash. Non-cash assets shall be included in the calculation of Sub-license Income
at their market price on the date of receipt and if such market price is not verifiable on the basis of available market information
(e.g. the price of shares in a listed company), the Parties shall in good faith discuss and agree to the applicable market price.
Notwithstanding the former, payments covering Evaxion’s direct costs incurred for research and development activities carried
out by Evaxion on behalf of Sub-licensee in respect of a Vaccine, shall be excluded from the calculation of Sub-license Income
as shall payments effectively made by Evaxion and covering Evaxion’s direct non-reimbursable costs incurred for Patent Right
prosecution and/or enforcement proceedings undertaken by Evaxion on behalf of Sub-licensee in respect of Patent Righs comprised
by the Sub-license Agreement, provided that such costs are solely attributable to maintenance of the Sub-license Income;

 

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		1.38	“Sub-licensee” means any Third Party to whom Evaxion has granted a sub-licence
under the Licence to develop and/or commercialize a Vaccine;

 

		1.39	“Technology Transfer” means transfer by SSI, its Affiliates or designates to
Evaxion of Manufacturing Know How, including such analytical methods and reference standards for Licensed Adjuvant intermediates,
Licensed Adjuvant and impurities, and the most recent Licensed Adjuvant batch records accessible from the Interim Supplier, all
to the extent that SSI deems such documentation to be reasonably necessary for Evaxion to exploit or have exploited the Manufacturing
Know How. Technology Transfer shall further mean transfer by Evaxion or its designated CMO of the aforementioned technology from
an Evaxion CMO to a replacement CMO as per Clause 4.2 below;

 

		1.40	“Term” means the period from the Effective Date to the termination or expiry
of this Agreement;

 

		1.41	“Territory” means worldwide;

 

		1.42	“Third Party” means a legal or natural person, including governmental authorities,
that is not a Party or an Affiliate of a Party to this Agreement;

 

		1.43	“Third Party License” has the meaning set forth in Clause 7.5;

 

		1.44	“Trademark” means CAF®: European Community Trademark Registration No. 1468370,
US Trademark Registration No. 5870687 and CTPO (China) Trademark Registration No. 1468370;

 

		1.45	“Vaccine” means a medicinal product for prophylactic and/or therapeutic use
in the Licensed Field comprising at least one peptide with an amino acid sequence derived from a tumor neoantigen identified by
use of Evaxion’s proprietary neo-antigen identification technology, PIONEER, and administrated together or in combination
with Licensed Adjuvant. A Vaccine may comprise either a Project Vaccine or a Non-Project Vaccine;

 

		1.46	“Vaccine-by-Vaccine” means that calculation of the Term as per Clause 17.1,
ii), expiry, below shall be calculated for each indication that is identified in [****] a obtained. If, for instance, the [****]
issued in the authorises prevention and/or treatment of [****] shall be deemed approved, whereas a [****] authorising prevention
and/or treatment of [****]. This means that, in principle [****], being granted over time. If a [****] is eventually granted on
a [****] designating a given indication, AND rendering a [****], i.e. that the [****] in a manner, which [****], then [****] shall
be deemed developed [****] to achieve[****].

 

		1.47	“Value Added Tax” has the meaning set forth in Clause 6.3.1;

 

[****] This symbol identifies certain confidential
information contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

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		1.48	In this Agreement:

 

1.48.1       
unless the context otherwise requires all references to a particular Clause, paragraph, or Schedule shall be a reference
to that Clause,

paragraph,
or Schedule, in or to this Agreement as it may be amended from time to time pursuant to this Agreement;

 

		1.48.2	the table of contents and headings are inserted for convenience only and shall not affect the interpretation
of any provision of this Agreement;

 

		1.48.3	unless the contrary intention appears, words importing the masculine gender shall include the feminine
and vice versa and words in the singular include the plural and vice versa;

 

		1.48.4	unless the contrary intention appears, words denoting persons shall include any individual, partnership,
company, corporation, joint venture, trust, association, organisation, or other entity, in each case whether or not having separate
legal personality;

 

		1.48.5	reference to the words “include” or “including” are to be construed without
the limitation to the generality of the preceding words; and

 

		1.48.6	reference to any statute or regulation includes any modification or re-enactment of that statute
or regulation.

 

		2.	GRANT OF LICENCE

 

		2.1	Subject to the provisions of this Agreement, SSI hereby grants to Evaxion a royalty-bearing license
under the Patent Rights and the Application Know How (the “License”). As per the License, Evaxion and its Affiliates
may import, have imported, export, have exported, formulate or have formulated, commercialise, market, use, offer for sale, sell,
have sold, supply, or have supplied Vaccines, but not, on a stand alone basis, the Licensed Adjuvant. The License specifically
excludes any manufacturing rights to and Trademark rights for the Licensed Adjuvant, unless the License is extended as per Clause
2.2 below, (in which case it is referred to as the “Extended License”), and further excludes any research and development
in relation to Licensed Adjuvant other than where such research and development is in connection with and for the purpose of research
and development in respect of Vaccine. Evaxion may exploit the License itself and/or by entering into Sub-license Agreements as
per Clause 3 below.

 

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		2.2	Default Model: If SSI fails to close the Preferred Model prior to [****], the License shall
be extended to include a right for Evaxion to manufacture or have manufactured the Licensed Adjuvant under the Manufacturing Know
How and the Patent Rights, and to import, have imported, export, have exported, formulate or have formulated, commercialise, market,
use, offer for sale, sell, have sold, supply, or have supplied Vaccines, but not, on a stand alone basis, the Licensed Adjuvant,
under the Trademark (the “Extended License”), reflecting implementation by the Parties of the Default Model. Schedule
2, Part C shall be updated by the Parties without undue delay with any new Manufacturing Know How used to manufacture Licensed
Adjuvant and becoming vested in or Controlled by the updating Party during the Term. Without limitation to the rights granted in
respect of the License, including the right to sub-license the License in accordance with Clause 3, Evaxion may exploit the Extended
License itself, including by sub-contracting the manufacturing of the Licensed Adjuvant to a Contract Manufacturing Organisation
(“CMO”).

 

		2.3	Exclusivity: The License granted as per Clause 2.1 and, if extended as per Clause 2.2 above,
the Extended License, shall – within the scope of the License or the Extended License as the case may be - be Exclusive,
provided however that SSI reserves the right to, on behalf of itself and/or any other non-profit research institution, including
all Danish public hospitals and clinics, to practice the Patent Rights, the Know How and the Trademark in the Licensed Field for
any non-commercial educational and non-commercial research purposes, including sponsored research and collaborations. This reservation
of rights includes the right to allow public hospitals and clinics to practice the Patent Rights, the Know How and the Trademark
for such purposes. Evaxion, its Affiliates, Sub-licensees and any Third Party deriving rights from Evaxion directly or indirectly
will have no right to enforce the Patent Rights, the Know How or the Trademark against any such institution. However, SSI reserves
no righs, and is granted no rights, in respect of the PIONEER platform under this Agreement. Any use by SSI of the PIONEER platform
will require a separate agreement with Evaxion.

 

		2.4	Third Party Beneficiaries / Estoppel: For the avoidance of doubt and except for the rights
and licenses expressly granted by SSI under this Clause 2, this Agreement does not grant to Evaxion or any other person any right,
title or interest by implication, estoppel or otherwise.

 

		3.	SUBLICENSING & SUB-CONTRACTING

 

		3.1	Evaxion shall, by means of entering into Sub-License Agreements with Third Parties, be entitled
to sub-license its rights under the License granted as per Clause 2.1 above, provided that Evaxion, subject to the Preferred Model
being implemented, must obligate the Third Party Sub-licensee(s) to procure all requirements for the Licensed Adjuvant from the
SSI designated Commercial Supplier manufacturing the Licensed Adjuvant. In addition, any Sub-License Agreement shall implement
the following provisions:

 

	 	(a)	Evaxion shall secure all appropriate covenants, obligations and rights from any
    Sub-licensee, to ensure that any Sub-licence Agreement is consistent with the terms of this Agreement;

 

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	 	(b)	the Sub-License Agreement, and any further sub-license agreement granted, shall automatically terminate upon termination
of this Agreement for any reason;

 

	 	(c)	Evaxion shall provide SSI with summary of each Sub-licence Agreement, and cause any Sub-licensee to provide SSI with a
summary of further sub-license agreements entered into by any Sub-licensee or sub-sub-licensees as per Clause 3.1 (d)
below, which summaries shall be updated to the extent that Sub-license Agreements and/or further sub-license agreements
are subsequently amended or supplemented. The summary shall be provided by Evaxion completing and submitting to SSI the
Summary Template attached hereto as Schedule 4, Sub-license Agreement & sub-license agreement Summary Template.
SSI shall not be obligated to verify that Evaxion as per the summaries has met its obligations as per this Clause 3.1,
until the Parties may have a dispute questioning compliance. Were the Parties to commence dispute resolution as per Clause
19.3 below, Evaxion shall, for the purpose of the hearings and subject to confidentiality as per this Agreement, be obligated
to disclose any Sub-license Agreement and sub-license agreement entered into; and,

 

	 	(d)	Sub-licensees shall have the right to provide further sub-licences to sub-sub-licensees, who shall in turn have the right
to provide further sub-licences through any number of multiple tiers, all subject to each and every sub-license being
made subject to this Clause 3.1 a) through d), and to any Sub-licensee being obligated vis-à-vis SSI as Evaxion
is as per this Agreement, were this Agreement to be terminated and the sub-license upheld by a competent authority or
court irrespectively of 3.1 b) above.

 

		3.2	If the Extended License is granted as per Clause 2.2 above, Evaxion may exploit same by entering
into a single sub-contracting agreement with a single CMO on the following basis:

 

		3.2.1	The CMO must be based in the EEA, the UK, Switzerland or in the USA;

 

		3.2.2	The CMO must be EMA or FDA approved and on a regular basis be subject to inspections by such authorities
for the purpose of confirming that the CMO is capable of applying cGMP standards to its manufacturing operations and that the Licensed
Adjuvant is manufactured to such standard;

 

		3.2.3	The CMO must accept to render the manufacturing services on a work-for-hire basis vesting all Licensed
Adjuvant manufacturing related foreground technology in Evaxion;

 

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3.2.4         
Foreground technology, whether patented and/or comprising non-patented know how, relating to the manufacturing of the Licensed
Adjuvant shall be deemed licensed back (grant back) to SSI on a non-exclusive, fully paid-up, irrevocable and ever-green basis
for use by SSI or its designates for the purpose of developing and commercialising liposomal adjuvant formulations. For the sake
of clarity, NO SUB-LICENSING of rights granted to Evaxion pursuant to Clause 2.2 with regard to the manufacturing of Licensed Adjuvant
shall be deemed authorised, i.e. that manufacturing of Licensed Adjuvant by a Third Party contracted by Evaxion must take place
for and on behalf of Evaxion on terms and conditions securing that no Know How or Licensed Adjuvant related or presumably related
know how is vested in the contractor; and,

 

3.2.5        
Evaxion shall not, unless agreed to by SSI at SSI’s subjective discretion, be entitled to acquire[****]. This limitation
does not prevent[****]. However, if the [****] for manufacture of[****].

 

		4.	PROVISION OF KNOW HOW

 

		4.1	Application Know How: Promptly after the Effective Date, SSI shall transfer to Evaxion all
Application Know How. SSI shall confirm in writing to Evaxion that such transfer is complete after it has delivered to Evaxion
all of such Application Know How. SSI shall reasonably assist Evaxion, at Evaxion’s request, in the use and understanding
of the Application Know How and Licensed Adjuvant, including providing responses to follow-up or ad-hoc queries via email or telephone,
provided, however, that Personnel designated by Evaxion to receive such advice must be fully trained and experienced in the formulation
of adjuvants for vaccine use in humans.

 

		4.2	Manufacturing Know How: Only if the Default Model becomes applicable as per Clause 2.2 above,
SSI shall, [****] the Manufacturing Know How to [****] as per Clause 3.2 above, by means of SSI executing a Technology Transfer
as per Clause 5 below. [****] shall mean that were a further Technology Transfer[****], then Evaxion is authorised to contractually
obligate [****] to carry out such Technology Transfer on Evaxion’s behalf without involving SSI, whether resource wise or
financially, it being noted that SSI by then may no longer possess the required competencies to participate in a Technology Transfer.

 

		5.	TECHNOLOGY TRANSFER

 

		5.1	Execution of the Technology Transfer shall be initiated upon Evaxion, the[****], which shall incorporate
the [****]which 1) Evaxion [****] undertake to keep the Manufacturing Know How in confidence [****], and 2) Evaxion undertakes
[****] with such confidentiality undertaking[****]. SSI confirms advance [****] to this Agreement.

 

		5.2	Upon SSI having received a [****], SSI will, at Evaxion’s request and authorization:

 

[****] This symbol identifies certain confidential
information contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

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		5.2.1	Grant Evaxion [****], provided however that SSI shall only be obligated to execute a [****] access
to Manufacturing Know how on [****]; and,

 

5.2.2         
Carry out the[****]; and,

 

5.2.3          Provide
a reasonable amount of technical support [****].

 

		5.3	Provision of technical support as per Clause 5.2.3 above[****], but will specifically [****] required
for the manufacturing of the Licensed Adjuvant in order to obtain similar yields and quality results as achieved by the [****]
to be supplied as per[****]. Unless otherwise agreed, SSI[****], if applicable, to execute the[****], provided however that the
[****] seeking to meet the objective of the[****].

 

		5.4	[****] (if required), as well as any[****], entrusted to carry out the[****].

 

		5.5	On SSI’s request Evaxion [****], provided however that Evaxion may use [****] and provided
that SSI [****], SSI shall be deemed relieved from [****].

 

		5.6	If a Technology Transfer request [****] as per this Agreement.

 

		6.	PROVISION OF LICENSED ADJUVANT

 

		6.1	Supply of Licensed Adjuvant for Phase 2 Clinical Trials

 

		6.1.1	SSI undertakes to supply or have supplied up to [****] (the “Maximum”) of the [****]
to Evaxion to cover Evaxion’s need for [****] to be used for Evaxion’s [****].

 

		6.1.2	Evaxion must place a binding order for delivery of the [****] (the “Order”) must be
placed, i.e. that[****].

 

		6.1.3	Delivery of the [****]. The Order will be accommodated by SSI delivering the [****]. The first
delivery shall take place [****] of Evaxion having placed the Order and the second delivery [****] as per the Order shall be made
within [****] from the first delivery.

 

		6.1.4	For delivery of the Order Evaxion shall compensate SSI for such [****] which may have been or will
be incurred by SSI for the manufacturing and supply of the[****].

 

		6.1.5	Additional aspects of the delivery of the [****] covering e.g. labelling and logistics, shall be
governed by the Clinical Trial Supply Agreement attached hereto as Schedule 6.

 

		6.2	Supply of Licensed Adjuvant for [****]

 

6.2.1           
Subject to the Preferred Model having been implemented, Evaxion and the SSI designated Commercial Supplier shall

 

[****] This symbol identifies certain
confidential information contained in this document that has been omitted because it is both (i) not material and (ii) would
be competitively harmful if publicly disclosed.

 

negotiate
terms and conditions for the supply by the Commercial Supplier of Licensed Adjuvant as required by Evaxion [****] of the Vaccine.
In the event that Evaxion and the Commercial Supplier are not able to agree to terms and conditions of such supply agreement acceptable
to both parties before[****], Evaxion shall be entitled to terminate this Agreement by a [****] written notice to SSI.

 

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6.2.2          In the event that the Preferred Model has been implemented, but the agreement between SSI and the Commercial Supplier and
manufacturer of the Licensed Adjuvant is subsequently terminated, SSI will inform Evaxion hereof without unreasonable delay and
in good faith work with Evaxion to try to identify a new manufacturer and supplier of the Licensed Adjuvant to meet the needs of
Evaxion.

 

		7.	PAYMENTS
	 	 	 

		7.1	Up-front Fee

 

Evaxion shall
pay to SSI a non-refundable up-front fee comprising Euros fifty-thousand (€50,000) within [****]from the Eff ective Date.

 

		7.2	Royalties

 

On
Net Sales earned by Evaxion and its Affiliates, Evaxion shall pay to SSI a royalty amounting to [****].

 

		7.3	Sub-license Income Sharing

 

		7.3.1	On any Sub-license Income earned by Evaxion, and its Affiliates, whether under a Sub-license Agreement
or otherwise, Evaxion shall pay to SSI a share, whether the Vaccine comprises a Project Vaccine or a Non-Project Vaccine. The size
of the Sub-license Income share due to SSI shall be determined and reflect to which extent Evaxion has invested in carrying out
the Phase 2 and Phase 3 Clinical Trials in respect of Vaccines prior to entering into the Sub-license Income generating agreement
as follows:

 

[****] This symbol identifies certain confidential
information contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

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	Tier	
        Date of Sub-licence Agreement

        with regard to a Vaccine 
	
        Sub-licence 

        Income rate 

	1	The first
                                                                                                                                                               Sub-license Agreement is entered into by Evaxion at any time prior to initiation (first patient-first visit) of a
                                                                                                                                                               Phase 2 Clinical Trial.
	
         

        [****]

	2	
        The
first Sub-license Agreement is entered into by Evaxion at any time i) after the initiation (first patient-first visit)
of a Phase 2 Clinical Trial , but ii) prior to the initiation
(first patient-first visit) of any Phase 3 Clinical Trial.

         
	
         

         

         

        [****]

	3	The
                                                                                                                                                               first Sub-license Agreement is entered into by Evaxion at any time after the initiation (first patient-first visit) of
                                                                                                                                                               a Phase 3 Clinical Trial.
	
        To
        be negotiated in

        good faith by the

        Parties, but in no

        event less than [****]

        or more than[****].

         

        The Parties will,

        within this range,

        negotiate
        the

        percentage rate, if

        Evaxion choses to

        take the Vaccine into

        Phase 3. The

        percentage rate will

        reflect the Evaxion

        investment
        and risk of

        financing the Phase 3

        Clinical Trial.

 

 

		7.3.2	Project Vaccine

 

7.3.2.1
The Sub-license Income rate applicable to Sub-license Income received by Evaxion or its Affiliates in consideration for
the grant of a Sub-licence Agreement with regard to a Project Vaccine and the exploitation by a Third Party of a Sub-license Agreement
with regard to a Project Vaccine shall be determined as per the Clause 7.3.1 table above, when the first Sub-licence Agreement
is executed by Evaxion and its Sub-licensee.

 

7.3.2.2
The Sub-license Income rate applicable to Sub-license Income received by Evaxion or its Affiliates in consideration for

 

[****] This symbol
identifies certain confidential information contained in this document that has been omitted because it is both (i) not material
and (ii) would be competitively harmful if publicly disclosed.

 

the grant
of an Option to License Agreement with regard to a Project Vaccine or the grant of letters of intent and any other non-binding
document or arrangement that has as its main object the prospect of the entering into of a Sub-license Agreement or an Option to
License Agreement with regard to a Project Vaccine, (“Project Vaccine Reservation Payments”), shall be[****].

 

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7.3.2.3
The Sub-license Income rate that is fixed on the basis of the above principles in respect of the Sub-license Income generated in
respect of the first Sub-license Agreement entered into after the Effective Date with regard to a Project Vaccine shall apply for
any subsequent Sub-license Income generated in respect of any subsequent Sub-license Agreement entered into with regard to Project
Vaccine(s) and any subsequent Project Vaccine Reservation Payments, irrespective of whether such subsequent sublicensing (or entering
into of Option to License Agreement or letter of intent, etc.) occurs at a later or earlier stage of development (re the above
tiers) than the stage where the sublicensing under the first Sub-license Agreement occurs. As an example, if the first Sub-licence
Agreement with regard to a given Project Vacccine is entered into at the [****], the Sub-license Income generated in respect of
a subsequent Sub-license Agreement with regard to another Project Vaccine, entered into at Tier 1 stage of development, will also
be fixed at [****], as will any Project Vaccine Reservation Payments (after the granting of such first Sub-license Agreement).

 

7.3.3          
Non-Project Vaccines.

 

7.3.3.1 For
Non-Project Vaccines, the Sub-license Income rate shall be fixed on the basis of the above principles in respect of the Sub-license
Income generated in respect of the first Sub-license Agreement entered into after the Effective Date with regard to a Non-Project
Vaccine and shall apply for any subsequent Sub-license Income generated in respect of any subsequent Sub-license Agreement entered
into with regard to Non-Project Vaccine(s), irrespective of whether such subsequent sublicensing occurs at a later or earlier stage
of development (re the above tiers) than the stage where the sublicensing under the first Sub-license Agreement occurs. As an example,
if the first Sub-licence Agreement with regard to a given Non-Project Vacccine is entered into at the [****], fixing the Sub-license
Income

 

[****] This symbol identifies certain confidential
information contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

rate at [****],
the Sub-license Income generated in respect of a subsequent Sub-license Agreement with regard to another Non-Project Vaccine, entered
into at Tier 1 stage of development, will also be fixed at [****].

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7.3.3.2
The Sub-license Income rate applicable to Sub-license Income received by Evaxion or its Affiliates in consideration for the grant
of an Option to License Agreement with regard to a Non-Project Vaccine or the grant of letters of intent and any other non-binding
document or arrangement that has as its main object the prospect of the entering into of a Sub-license Agreement or an Option to
License Agreement with regard to a Non-Project Vaccine shall be determined on the basis of the principles set out in Clause 7.3.2.1
and 7.3.2.3 above with regard to determining the Sub-license Income rate applicable to Project Vaccine Reservation Payments combined
with the principles set out in Clause 7.3.3.1.

 

		7.4	Development Cost Deduction

 

7.4.1           
In acknowledgement of Evaxion’s contribution to the Vaccine developmentwith regard to Project Vaccines, Evaxion shall
be entitled, as per the principles set out in this Clause 7.4, to deduct [****] that are incurred before closing of the first Sub-license
Agreement with regard to a Project Vaccine, triggering a reduction of SSI’s share of the Sub-license Income as per Clause
7.3 above.

 

		7.4.2	When calculating [****] Income as per Clause 7.3 above, Evaxion may[****], provided that such payments
are [****] prior to the closing of the first Sub-license Agreement. Other payments, i.e. payments received by Evaxion [****].

 

[****].

 

The amount
that Evaxion is entitled to [****] by Evaxion over a period of from grant of a the first Project Vaccine Sub-license Agreement,
provided, however, that the applicable Sub-licence Income rate set forth in Clause 7.3 [****], depending on the Tier applicable,
and as calculated on a [****].

 

For clarity, the foregoing proviso
is a[****].

 

		7.4.3	Respecting the [****], Evaxion may in each year of the [****] period [****] by Evaxion sponsoring[****],
however such [****] not to exceed in aggregate the agreed [****] over the [****] period.

 

[****] This symbol identifies certain confidential
information contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

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		7.4.4	Irrespectively
                                         of the above, if the remaining[****], then Evaxion can[****].

 

		7.4.5	The
                                         amount to be [****] shall be declared at the time the [****] is issued.

 

		7.5	Anti-Stacking,
                                         Prejudicing Third Party Patent Position Deductions

 

If
necessary for Evaxion to obtain a license to any Third Party’s patent rights in order for Evaxion, including via Sub-licensees,
to exploit any Patent Rights and/or Know-How (to the extent Licensed), Evaxion shall inform SSI accordingly and SSI shall, using
reasonable commercial efforts, take out the necessary license or amend the Licensed Know-How as required to eliminate the infringement
and to the benefit of Evaxion, with a right for Evaxion to sub-license in accordance with Clause 3 above, (“Third
Party License”), in accordance with the following principles:

 

		a)	The
                                         negotiations with the Third Party shall be[****].

 

		b)	SSI
                                         shall at [****] of any Third Party License.

 

		c)	Subject
                                         to the [****], SSI shall at [****], including any[****]

 

		d)	SSI’s
                                         [****] by SSI and its Affiliates in respect of the [****] in question under all license
                                         agreements with licensees obtaining rights from SSI under the Third Party License(each
                                         a “SSI Licensee”). If there are no other SSI Licensees than Evaxion, SSI’s
                                         [****].

 

		e)	The
                                         [****] to be made to the Third Party under the Third Party License, [****].

 

		f)	Where
                                         SSI or its Affiliates [****] to any additional Third Party in respect of the rights under
                                         the Third Party License, SSI shall [****] under such sub-license agreement with such
                                         additional SSI Sub-Licensee(s) shall be included in the [****]. Further, Evaxion’s
                                         [****].

 

		g)	Any
                                         and all. SSI can only request [****].

 

		h)	SSI
                                         shall on a [****] provide documentation to Evaxion of the [****] under the Third Party
                                         License, including [****]. Evaxion shall have the right to [****].

 

		8.	PAYMENT
                                         TERMS

 

		8.1	Following
                                         the First Commercial Sale of each Vaccine in each country and

 

[****] This symbol identifies certain
confidential information contained in this document that has been omitted because it is both (i) not material and (ii) would
be competitively harmful if publicly disclosed.during the Term of this Agreement, within [****], Evaxion shall, on a Vaccine-by-Vaccine
and country-by-country basis, provide SSI with a statement for that [****] setting out: (a) the amount of gross sales, deductions
applied, and Net Sales realized during the applicable [****]; (b) a calculation of the amount of royalty payment due in Euros
on such Net Sales for such [****], including the exchange rates used as per Clause 8.4 below; and (c) the amount of withholding
taxes, if any, deducted with respect to such royalties.

 

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		8.2	Following
                                         the grant of a Sub-licence as per Clause 3.1 above, within [****] after the end of each
                                         [****] in which Evaxion receives any Sub-licence Income, Evaxion shall provide SSI with
                                         a statement for that preceding [****] setting out the Sub-licence Income payment due
                                         in Euros for such[****].

 

		8.3	Where
                                         any sum due to be paid to SSI hereunder is
                                         subject to any withholding or similar tax, the Parties shall use reasonable efforts to
                                         do such acts and things and to sign such documents as will enable them to
                                         take advantage of any applicable double taxation agreement or treaty. In the event there
                                         is no applicable double taxation agreement or treaty, or if an applicable double taxation
                                         agreement or treaty reduces but does not eliminate such withholding or similar tax, Evaxion
                                         shall pay such withholding or similar tax to the appropriate government authority, deduct
                                         the amount paid from the amount due SSI and secure and send to SSI the best available
                                         evidence of such payment sufficient to enable SSI to obtain a deduction for such withheld
                                         taxes or obtain a refund thereof.

 

		8.4	If
                                         Vaccine is sold or supplied in a currency other than Euros, the amounts payable to SSI
                                         in respect of such sales under this Agreement shall be first determined in the currency
                                         of the country in which such sales took place and then converted into Euros using the
                                         average ECB Euro foreign exchange reference rate in effect on the day that effective
                                         payment is made to SSI.

 

		9.	RECORDS
                                         AND INSPECTIONS

 

		9.1	Maintenance
                                         of Records

 

Evaxion shall
keep at its normal place of business accurate and up to date records and books of account showing the quantity and description
of all Vaccine sold by Evaxion in each country of the Territory, the corresponding Net Sales, and any and all Sub-license Income
earned by Evaxion or its Affiliates for a period comprising [****] after the end of the [****] in which the Net Sales or the Sub-license
Income are booked. Evaxion shall also keep at its normal place of business accurate and up to

 

[****] This symbol identifies certain
confidential information contained in this document that has been omitted because it is both (i) not material and (ii) would
be competitively harmful if publicly disclosed. date records and books of account showing all external development costs incurred
and deducted in accordance with Clause 7.4. Evaxion shall ensure that such records and books of accounts are sufficient to ascertain
any payments due to SSI as per this Agreement.

 

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		9.2	Inspections

 

Evaxion shall,
subject to appropriate confidentiality obligations being in place, make its records and books available for inspection during
normal business hours at Evaxion’s normal place of business by an independent professional accountant appointed by SSI and
reasonably acceptable to Evaxion for the purpose of verifying the amounts due to SSI under this Agreement and the accuracy of
any statement provided by Evaxion to SSI in relation to Sub-licence Income. Any state authorized public accountant employed by
an audit firm, which has not audited neither SSI nor Evaxion during the preceding ten (10) years or more shall be deemed to be
acceptable to Evaxion, subject to such State Authorized Public Accountant and Audit Firm representing that they are not legally
incapacitated in relation to carrying out the inspection.

 

		9.2.1	SSI
                                         shall be entitled to have inspections carried out pursuant to Clause 9.2 [****] (and
                                         [****] following the termination or expiry of this Agreement) and not more than once
                                         with respect to any[****], unless irregularities are observed or suspected, on giving
                                         Evaxion at least [****] written notice prior to each inspection, unless irregularities
                                         are observed or suspected in which case inspection may be carried out without undue delay.
                                         No inspection may take place more than [****] later than the end of the [****] to which
                                         the inspection relates.

 

		9.2.2	[****]
                                         shall bear the cost of carrying out the inspections referred to in Clause 9.2 unless
                                         there is an error of more than [****] in any [****] statement provided by Evaxion or
                                         if irregularities comprising breaches of the applicable book keeping standards in which
                                         case Evaxion shall reimburse SSI for the amounts charged by the independent professional
                                         accountant in respect of making the relevant inspection. If SSI’s inspection shows
                                         that Evaxion has paid more than the amounts properly due under this Agreement then Evaxion
                                         shall be entitled to deduct such excess from any sums payable to SSI under this Agreement,
                                         except in respect of any inspection made after the expiry of the payment obligations
                                         under this Agreement, or where the repayment exceeds the amounts payable in the next
                                         [****], in which case

 

[****] This symbol identifies certain
confidential information contained in this document that has been omitted because it is both (i) not material and (ii) would
be competitively harmful if publicly disclosed.

 

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SSI shall
repay such excess payments to Evaxion. If SSI’s inspection reveals a deficit then Evaxion shall promptly make good the deficit.
Overpayments or deficits shall be made good irrespective of whether the [****] threshold is reached or not.

 

Evaxion will
cause an independent inspection of [****] Income reported to be conducted at least every [****] as from the first year in which
the annual sales (top line turn over) of Vaccines exceed [****]. The inspections will address, at a minimum, the amounts due to
SSI under this Agreement and the accuracy of any statement provided by Evaxion to SSI in relation to Net Sales and Sub-licence
Income, and whether the amount owed has been paid to SSI and is reflected in the records of Evaxion. Evaxion will submit the independent
professional accountant's report promptly to SSI upon completion. Evaxion will pay for the entire cost of the inspection.

 

		9.3	Diligence
                                         

 

9.3.1         
Evaxion, directly or through its Affiliates or Sub-licensees, will use diligent efforts to develop, manufacture, and sell
Vaccines, provided however that manufacturing of the Licensed Adjuvant shall be subject to the Extended License having been granted.

 

9.3.2         
Evaxion shall provide annually updates during the Term on the progress of developing, manufacturing, and commercializing
Vaccines. Within [****] after the end of each [****], Evaxion shall provide SSI with a written report following the format specified
in Schedule 3 attached hereto.

 

		10.	REGULATORY

 

		10.1	Evaxion
                                         shall have the exclusive right, at its own cost, to file and maintain, in Evaxion’s
                                         name, any regulatory filings and regulatory applications necessary to obtain and maintain
                                         Product Approval for the Vaccine in the Territory. Evaxion may grant the rights set out
                                         in this Clause 10.1 to one or more of its Affiliates or Sub-licensees.

 

		10.2	SSI
                                         will assist Evaxion or its designates in obtaining Vaccine INDs and, eventually, Product
                                         Approval for Vaccines, by [****] to and as required by regulatory authorities, as restricted
                                         files, i.e. non-accessible by [****] , subject to Clause 14 above. Services rendered
                                         by SSI as per this Clause 10.2 shall be rendered to and paid for by Evaxion as per Clauses
                                         5.3 and 5.4 above, as did the regulatory assistance comprise a Technology Transfer.

 

[****] This symbol identifies certain
confidential information contained in this document that has been omitted because it is both (i) not material and (ii) would
be competitively harmful if publicly disclosed.

 

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		11.	NO
                                         IMPLIED LICENCES

 

		11.1	Except
                                         for those rights expressly granted under this Agreement, nothing herein shall be construed
                                         as creating, granting, or conveying to either Party any licence, right, title, or other
                                         interest in or to any intellectual property rights Controlled by the other Party or its
                                         Affiliates, whether by implication or otherwise.

 

		12.	MANAGEMENT
                                         OF PATENT RIGHTS

 

		12.1	Patent
                                         Rights

 

SSI shall
be responsible for, and undertake or cause to be undertaken, the filing, prosecution, and maintenance of the Patent Rights. SSI
shall [****] after the Effective Date. SSI shall provide to Evaxion (or its designated counsel) copies of [****] and SSI shall
keep Evaxion (or its designated counsel) [****] of the Patent Rights.

 

		13.	INFRINGEMENT
                                         OF INTELLECTUAL PROPERTY RIGHTS

 

		13.1	Maintenance

 

[****] is responsible for preparing,
filing, prosecuting, and maintaining the Patent Rights at [****] discretion.

 

		13.2	Infringement
                                         Procedure

 

If Evaxion or SSI learns of
any infringement or suspected infringement of Patent Rights, or if a Third Party files a declaratory judgment action with respect
to any Patent Rights, the Party who learns of the infringement will notify the other Party in writing and will provide the other
Party with any evidence of the infringement available to such Party. [****] will use reasonable efforts to handle the infringement
without litigation. If [****] is not successful in stopping the infringement within [****] after the alleged infringer has been
formally notified of the infringement, SSI and Evaxion will discuss and agree on possible courses of action with the view of protecting
the Vaccine market position in the Territory. In this respect the Parties may also consider data protection and other regulatory
mechanisms potentially protecting Evaxion’s Vaccine Product market position and, hence, rendering the enforcement of the
Patent Rights superfluous.

 

		13.3	Litigation
                                         & Costs

 

[****] is not obligated to
bring an infringement action, but may at its discretion institute and prosecute a suit or defend any declaratory judgment action.
[****] will bear the entire cost of the litigation and will retain the entire amount of any recovery or settlement. [****] may,
for standing purposes, name [****] as a party to any proceedings relating to [****]and

 

[****] This symbol identifies certain
confidential information contained in this document that has been omitted because it is both (i) not material and (ii) would
be competitively harmful if publicly disclosed. will, if [****] decides to institute suit, notify [****] in writing. [****] shall,
to the extent [****] is so named, obtain [****] prior written consent before executing procedural steps implyling risks or costs
to[****].

 

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		13.4	Out-of-Pocket
                                         Costs incurred by [****] assisting [****] in any enforcement proceedings, shall be reimbursed
                                         [****]. For the sake of clarity, [****] shall not be obligated to assist [****]
                                         in enforcement proceedings.

 

		14.	CONFIDENTIALITY

 

In
this Agreement, “Confidential Information” shall mean any and all data, results, Know How, show-how,
software, algorithms, inventions, designs, trade secrets, plans, forecasts, analyses, evaluations, research, technical information,
manufacturing processes, business information, financial information, business plans, strategies, customer lists, marketing plans,
including the existence and the terms of this Agreement, and any other information whether oral, in writing, in electronic form,
or in any other form; and any physical items, compounds, components, samples, or other materials disclosed by one Party or any
of its Affiliates (the “Disclosing Party”) to the other or any of its Affiliates (the “Receiving Party”)
before, on, or after the Effective Date.

 

		14.1	The
                                         Receiving Party agrees to keep confidential all Confidential Information disclosed to
                                         it by the Disclosing Party and any information of any kind whatsoever which may be made
                                         available to such Receiving Party by the Disclosing Party during pre-contractual negotiations
                                         or in connection with the execution of this Agreement. No Receiving Party will publish
                                         or disclose any Confidential Information to any Third Party without the prior written
                                         agreement of the Disclosing Party, except that either Party may disclose such information
                                         to its staff and natural and legal persons in its service as per Clause 14.3, as well
                                         as to its Affiliates, Sub-licensees (this right is only applicable to Evaxion), subcontractors,
                                         and advisors and any staff or natural or legal persons in the service of the former,
                                         provided that such persons are bound by obligations of confidentiality no less onerous
                                         than those set out in this Agreement. Either Party may further disclose Confidential
                                         Information as set out in Clause 14.6.

 

		14.2	Each
                                         Party agrees to ensure that its Personnel observe the provisions of this Clause 14, as
                                         well as any natural or legal person in its service in any capacity whatsoever.

 

		14.3	The
                                         confidentiality obligations imposed pursuant to Clause 14.2 will not apply to information
                                         in respect of which the Receiving Party can prove:

 

[****] This symbol identifies certain
confidential information contained in this document that has been omitted because it is both (i) not material and (ii) would
be competitively harmful if publicly disclosed.

 

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		a)	that
                                         it disclosed it after having obtained the prior written permission of the Disclosing
                                         Party or that it had already been made public by the Disclosing Party;

 

		b)	that
                                         it was in the public domain at the time of communication to the Receiving Party, or that
                                         it came into the public domain after receipt by the Receiving Party of such information
                                         at no fault on the part of the Receiving Party;

 

		c)	that
                                         it was received from a Third Party lawfully;

 

		d)	that,
                                         on the date of its communication by the Disclosing Party, the Receiving Party was already
                                         in possession thereof;

 

		e)	that
                                         it is independently discovered after the date of communication by the Receiving Party
                                         or one of its Affiliates without the application or use of such information; or

 

		f)	that
                                         the Parties agree in writing is not confidential or may be disclosed.

 

		14.4	Either
                                         Party may disclose Confidential Information that would otherwise be subject to the provisions
                                         of this Clause 14 to the extent that it is required to be disclosed by the application
                                         of a mandatory legal or regulatory provision or by the listing rules of an applicable
                                         stock exchange or by the application of a final judgment or an arbitral decision, provided
                                         that to the extent it is legally permitted to do so, the Receiving Party shall:

 

		a)	immediately
                                         notify the Disclosing Party in writing that such disclosure is required and provide the
                                         reasons on which this is based in order to enable the Disclosing Party, if it so wishes,
                                         to seek a protective order or other appropriate remedy; if however the Receiving Party
                                         is unable to provide adequate written notice prior to disclosure, the Receiving Party
                                         shall inform the Disclosing Party immediately after the disclosure of the full circumstances
                                         of the disclosure and the information which has been disclosed; and

 

		b)	only
                                         disclose such Confidential Information to the extent that is legally required.

 

		14.5	Without
                                         limitation to disclosure of Confidential Information pursuant to Clause 14.2 or use of
                                         Confidential Information for the purpose of exploiting its rights under or pursuant to
                                         this Agreement, Either Party, its Affiliates and Sub-licensees may use and disclose Confidential
                                         Information for the purposes of:

 

[****] This symbol identifies certain
confidential information contained in this document that has been omitted because it is both (i) not material and (ii) would
be competitively harmful if publicly disclosed.

 

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		a)	prosecuting or defending litigation
                                         or filing or prosecuting Patent Rights;

 

		b)	regulatory
                                         filings and other filings with governmental authorities necessary for the development
                                         or commercialization of a Vaccine, including as required in connection with any filing,
                                         application, or request for Regulatory Approval; and

 

		c)	financial
                                         discussions with any actual or bona fide potential investor, stockholder, investment
                                         banker, acquirer, merger partner, licensee or sub-licensee, or other potential or actual
                                         partner or their agents; provided that each disclosee must be bound by obligations of
                                         confidentiality and non-use at least as equivalent in scope as and no less restrictive
                                         than those set forth in this Clause 14 prior to any such disclosure.

 

		14.6	The
                                         provisions of this Clause 14 shall commence on the Effective Date and shall continue
                                         during the Term of this Agreement and for ten (10) years after expiry or termination.

 

		15.	WARRANTIES
                                         & REPRESENTATIONS

 

		15.1	Warranties
                                         given by both Parties

 

Each Party
warrants to the other Party that:

 

		15.1.1	it
                                         is duly organised, validly existing, and in good standing as a corporation or other entity
                                         or body as represented herein under the laws and regulations of its jurisdiction of incorporation,
                                         organisation, or chartering;

 

		15.1.2	it
                                         has, and throughout the term of this Agreement shall retain, the full right, power, and
                                         authority to enter into this Agreement and to perform its obligations hereunder;

 

		15.1.3	the
                                         execution of this Agreement by its representative whose signature is set forth at the
                                         end hereof has been duly authorised by all necessary organisational action of the Party;

 

		15.1.4	when
                                         executed and delivered by such Party, this Agreement shall constitute the legal, valid,
                                         and binding obligation of that Party, enforceable against that Party in accordance with
                                         its terms; and

 

		15.1.5	there
                                         exists no commitment or agreement with any Third Party which would interfere with or
                                         preclude the diligent and complete fulfilment of its obligation under this Agreement.

 

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		15.2	Warranties
                                         given by SSI

 

SSI warrants
to Evaxion that:

 

		15.2.1	SSI
                                         has, as of the Effective Date, full ownership, or is in Control, of the entire right,
                                         title, and interest in and to the Patent Rights;

 

		15.2.2	SSI
                                         has, to the best of its knowledge and as of the Effective Date has full ownership, or
                                         is in Control, of the entire right, title, and interest in and to the Licensed Know How;

 

		15.2.3	SSI
                                         has, as of the Effective Date, the full right, power, and authority to grant the Licence;

 

		15.2.4	to
                                         the best of its knowledge and as of the Effective Date, the Patent Rights are all of
                                         the Patent Rights that are necessary for Evaxion's exploitation of the rights granted
                                         pursuant to Clause 2.2;

 

		15.2.5	none
                                         of the Patent Rights have been found to be invalid and SSI is not aware of any information
                                         that would result in their being rendered invalid in any jurisdiction;

 

		15.2.6	SSI
                                         is not aware of any Third Party infringing the Patent Rights; and,

 

		15.2.7	no
                                         written notice has been received by SSI which alleges that the exercise of the Licensed
                                         Rights or use of the Licensed Adjuvant as contemplated by this Agreement infringe the
                                         rights of any Third Party and SSI is not aware of any Third Party’s intellectual
                                         property rights that would be infringed by Evaxion’s exercise of the rights granted
                                         in this Agreement.

 

		15.3	For
                                         clarity, SSI has not made any freedom to operate investigations with respect to use the
                                         Patent Rights.

 

		15.4	Representations
                                         given by Evaxion

 

Evaxion represents
to SSI that:

 

		15.4.1	Evaxion,
                                         as of the Effective Date, to the best of its knowledge and belief is in Control of PIONEER,
                                         a unique proprietary artificial intelligence platform utilizing and integrating the power
                                         of neural networks, big data, and supercomputing enabling identification of targets for
                                         immunotherapies targeting cancer and used for the purpose of the Project;

 

		15.4.2	No
                                         part of any intellectual property rights sustaining operation of the PIONEER platform
                                         has, to the best of Evaxion’s knowledge and belief and as of the Effective Date,
                                         been found to be invalid and Evaxion is not aware of any information that would result
                                         in Evaxion being deprived its right and ability to exploit the PIONEER platform; and,

 

		15.4.3	Evaxion
                                         is, as of the Effective Date, not aware of any Third Party infringing intellectual property
                                         rights sustaining Evaxion’s operation of the PIONEER platform.

 

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		15.5	Exclusion
                                         of Implied Warranties

 

Without prejudice
to the warranties given in this Clause 15, all statements and representations (other than fraudulent misrepresentations) warranties,
terms, and conditions (except for those set out in this Agreement) implied by statute, common law, or otherwise are hereby excluded
to the maximum extent permissible by law.

 

		16.	LIMITATION
                                         OF LIABILITY

 

		16.1	Subject
                                         to the provisions of Clauses 16.3 and 16.6, and the warranties given in Clause 15, SSI
                                         and its Affiliates shall have no liability to Evaxion, its Affiliates or any Sub-licensees,
                                         whether in contract, tort, negligence, or otherwise for any loss or damage arising out
                                         of or in connection with:

 

		a)	any
                                         research, development, manufacture, use, distribution, or supply of the Vaccine by or
                                         on behalf of Evaxion or its Sub-licensees; or

 

		b)	any
                                         possession or use by a Third Party of the Vaccine manufactured or supplied by or on behalf
                                         of Evaxion or its Sub-licensees; or

 

		c)	product
                                         liability related claims or losses for defects in the Licensed Adjuvant, which have been
                                         manufactured by the Commercial Supplier appointed in connection with implementation of
                                         the Preferred Model or a Third Party Evaxion designated CMO following implementation
                                         of the Default Model, unless the Manufacturing Know How applied by the Commercial Supplier
                                         or the Third Party Evaxion designated CMO is proven to have caused the Loss, as defined
                                         below, and is proven defective.

 

		16.2	Each
                                         Party shall indemnify, defend and hold harmless the other Party against (and shall reimburse
                                         the other Party) all liabilities, damages, losses and expenses (including reasonable
                                         attorneys’ fees and expenses of litigation) (“Losses”) incurred by
                                         or imposed upon the Party having incurred a Loss, if such Loss is a result of claims,
                                         suits, actions or demands asserted by Third Parties, or Affiliates seeking recourse,
                                         or judgments obtained by Third Parties or Affiliates seeking recourse, with regard to
                                         or as consequence of (a) the indemnifying Party’s breach of this Agreement, including
                                         any warranties hereunder, or the acts or omissions of any of the indemnifying Party’s
                                         Affiliates or Sub-licensees, or (b) the exploitation of rights granted pursuant to this
                                         Agreement, including, without limitation, intellectual property rights infringement,
                                         personal injury and product liability claims, except in each case to the extent that
                                         such Losses have arisen due to the indemnified Party’s gross negligence or willful
                                         acts or omissions. For the avoidance of doubt, Evaxion shall not be liable to SSI under
                                         this Clause 16.2 with regard to claims that the Patent Rights or Know How, infringe the
                                         rights of any Third Party. For the avoidance of doubt, SSI shall not be liable to Evaxion
                                         under this Clause 16.2 with regard to claims that Foreground Technology granted back
                                         as per Clause 3.2.4 infringe the rights of any Third Party.

 

		16.3	Subject
                                         to Clause 16.2, neither Party shall be liable for any loss of profits or any indirect,
                                         incidental, special, exemplary, punitive, or consequential damages, however caused and
                                         on any theory of liability, whether in contract, tort, negligence, breach of statutory
                                         duty, or otherwise, in connection with or arising out of this Agreement, even if advised
                                         of the possibility of such damages.

 

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		16.4	The total liability of either Party under this Agreement will be capped at [****].

 

		16.5	SSI cannot [****] Evaxion [****] with [****] obligations, see Clause 9.3, if Evaxion [****] that
are required in order for Evaxion to be able [****] obligations and [****] therewith, without such[****], would [****] of the [****]
rights.

 

		16.6	No provision of this Agreement shall operate to:

 

		16.6.1	exclude any provision implied into this Agreement by Danish law and which may not be excluded by
Danish law;

 

		16.6.2	limit or exclude the liability of either Party:

 

		(i)	for its breach of the confidentiality obligations set out in Clause 14; or

 

		(ii)	for any payments properly owing to SSI pursuant to Clause 7; or

 

		16.6.3	limit or exclude any liability, right, or remedy to a greater extent than is permissible under
Danish law in relation to (1) death or personal injury caused by the negligence of a Party to this Agreement or (2) fraudulent
misrepresentation or deceit.

 

		16.7	Evaxion shall effect and maintain at its own expense human clinical trial insurance programs taken
out with investment grade insurers covering Phase 1, 2 and/or 3 Clinical Trials as required, and, no later than when accomplishing
the First Commercial Sale, a general commercial liability insurance, including product liability insurance, deemed adequate to
cover Evaxion’s obligations hereunder and which are consistent with normal business practices of prudent companies similarly
situated during the term of this Agreement and three (3) years thereafter. Evaxion shall provide SSI with written evidence of such
insurance upon request

 

		17.	TERM AND TERMINATION

 

		17.1	This Agreement is in effect for the duration of the Term comprising the period running from the
Effective Date until the earlier of i) the effective date of termination as per Clauses 17.2, 17.3, 17.4 or 17.5, and ii) expiry
after a fixed period of ten (10) years commencing on the first calendar day of the calendar month following the First Commercial
Sale of a Vaccine, calculated on a Vaccine-by-Vaccine basis.

 

		17.2	Termination

 

Either Party
may terminate this Agreement with immediate effect by giving the other Party written notice of termination if:

 

[****] This symbol identifies certain confidential
information contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

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		17.2.1	the other Party commits a material breach of this Agreement, including breach of warranties, which
is not capable of remedy; or,

 

		17.2.2	the other Party commits a material breach of this Agreement which is capable of remedy and, having
been notified of such breach, fails to remedy it within [****] after notification.

 

		17.3	This Agreement may be terminated by either Party with immediate effect by written notice to the
other Party if an order is made or a resolution passed for the winding up of the other Party (other than for the purpose of a solvent
scheme of reconstruction or amalgamation).

 

		17.4	Apart from termination pursuant to Clauses 6.2.1, 17.2 and 17.3, Evaxion may only terminate this
Agreement for the following reasons:

 

		(i)	on the grounds of lack of efficacy of a Vaccine, as a result of which Evaxion determines not to
progress with the development and commercialisation of such Vaccine, and

 

due to safety
concerns, market and/or competitive situation that would prevent commercialisation of a Vaccine. If Evaxion terminates the Agreement
pursuant to this Clause 17.4, it shall do so by providing SSI a [****] written notice of termination.

 

		17.5	SSI may not terminate this Agreement, but in accordance with Clauses 17.2 or 17.3.

 

		18.	CONSEQUENCES OF EXPIRY OR TERMINATION

 

		18.1	On termination (but not expiry) of this Agreement for any reason:

 

		18.1.1	the Licence or, if applicable, the Extended License, shall terminate automatically and rights granted
by SSI pursuant to this Agreement shall terminate as of the effective date of termination;

 

		18.1.2	Evaxion shall pay any outstanding amounts due to SSI as of the effective date of termination, including,
although subject to mitigation, any pre-order committed amounts for supply of the Phase 2 Stock. Where the termination is due to
SSI’s material breach of the Agreement, see Clause 17.2, Evaxion shall be entitled to set-off any loss in such outstanding
amounts due to SSI;

 

		18.1.3	except where the termination is due to SSI’s material breach of the Agreement or the winding-up
of SSI, see Clauses 17.2 and 17.3, Evaxion, its Affiliates and any Sub-licensees shall either, at SSI’s discretion, i) immediately
cease developing, manufacturing and commercializing any Vaccine, which includes ceasing sublicensing Evaxion’s proprietary
PIONEER platform to the extent such sublicensing allow commercialising the

 

[****] This symbol identifies certain confidential
information contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

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Vaccine
(for the avoidance of doubt, other vaccines based on the PIONEER platform - that are not administrated together or in combination
with Licensed Adjuvant - can still be developed, manufactured and commercialised and Evaxion shall not be limited from sublicensing
its rights to the PIONEER platform for such purpose) or, ii) continue paying SSI as per Clause 7 until expiry as per Clause 17.1,
ii) as had the Agreement not been terminated as per Clause 17.1, it being agreed by the Parties that the back-loaded royalty and
Sub-license Income payments called for as per Clause 7 above, comprise the lifetime value of the rights granted by this
Agreement. Where the termination of this Agreement is due to SSI’s material breach of the Agreement or the winding-up of
SSI, see Clauses 17.2 and 17.3, Evaxion shall cease having the rights granted under the License or, if applicable, the Extended
License, as in case of any other termination, but SSI shall in such event not be entitled to request any continued payments as
per Clause 7 above, provided however that payments having fallen due prior to the effective date of termination must still be settled;

 

18.1.4       
if requested by Evaxion, SSI will loyally consider procuring, as soon as reasonably practicable, that any Sub-licensee becomes
a direct licensee of SSI or its designate subject to financial terms similar to the financial terms set forth in this Agreement,
provided however that SSI reserves the right at its subjective discretion not to accept such novation;

 

18.1.5       
each Party shall return to the other all Confidential Information, including any Know How, belonging to the other Party
and any copies thereof, provided that SSI and, if Evaxion immediately ceases developing, manufacturing and commercializing any
Vaccine, Evaxion shall have the right to retain one (1) copy of the Confidential Information in a secure location solely for purposes
of identifying its confidentiality obligations under Clause 14. Such retention may last for the duration of the confidentiality
period set out in Clause 14.7, whereafter it must be returned. Each Party shall provide a signed statement from its duly authorised
officer that the Party’s obligations under this Clause 18.1.5 have been complied with.

 

		18.2	On expiry of this Agreement as per Clause 17.1 with respect to a Vaccine, the Licence or, if applicable,
the Extended License, shall be deemed fully paid up, royalty-free, irrevocable, and perpetual with respect to such a Vaccine in
the Territory, provided, however, that [****] any Patent Rights or Know How or the Trademark and provided that the, if applicable,
Extended License [****], and nothing in this Clause 18.2 shall [****],

 

[****] This symbol identifies certain
confidential information contained in this document that has been omitted because it is both (i) not material and (ii) would
be competitively harmful if publicly disclosed. when
made subject to (i.e. respecting) the rights granted to Evaxion pursuant to the Extended License, as per this Clause 18.2.
For clarity, [****] as per this Clause 18.2.

 

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		18.3	Termination or expiration of this Agreement for any reason shall be without prejudice to (a) the
survival of rights specifically stated in this Agreement to survive; (b) the rights and obligations of the Parties provided in
Clause 3.2.4 (Grant Back), 9 (Records and Inspections), 11 (No Implied Licenses), 14 (Confidentiality), 16 (Limitation of Liability),
18 (Consequences of Expiry or Termination), 19.12 (Law and Venue); and (c) any other rights or remedies provided at law or equity
which either Party may otherwise have.

 

		19.	GENERAL

 

		19.1	Notices

 

Any notice
to be given pursuant to this Agreement shall be in writing in English and shall be delivered as a PDF document attached to an electronic
mail confirmed by registered mail sent to the address of the recipient Party set out below or such other address as a Party may
from time to time designate by written notice to the other Party.

 

	
        Address
        of SSI

         

        Artillerivej
        5

        DK-2300
        Kobenhavn S

        Denmark

         

        For the
        attention of:

        Direktionsekretariatet,

        Virksomhedsjurist,
        e-mail: serum@ssi.dk, with a required copy to Head of Business Development business@ssi.dk
	
        Address
        of Evaxion

         

        Bredgade
        34 E

        DK-1260
        Copenhagen K

        Denmark

         

        For the
        attention of:

        Chief Executive Officer
        e-mail: lsw@evaxion-biotech.com

  

		19.2
	 Any notice given pursuant to Clause
19.1 above shall be deemed to have been received on the earlier of the day of receipt provided receipt occurs on a Business Day
of the recipient Party or otherwise on the next following Business Day of the recipient Party.

 

		19.3	Any notice that is required in this Agreement to be given in writing shall not be effective if
sent only by e-mail.

 

		19.4	Severability

 

If the whole
or any part of this Agreement is or becomes or is declared illegal, invalid, or unenforceable in any jurisdiction for any reason

 

[****] This symbol identifies certain
confidential information contained in this document that has been omitted because it is both (i) not material and (ii) would
be competitively harmful if publicly disclosed. (including both by reason of the provisions of any legislation and also by reason
of any court or competent authority which either has jurisdiction over this Agreement or has jurisdiction over either of the Parties):

 

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19.4.1      
in the case of the illegality, invalidity, or un-enforceability of the whole of this Agreement it shall terminate only in
relation to the jurisdiction in question; or

 

19.4.2      
in the case of the illegality, invalidity, or un-enforceability of part of this Agreement, that part shall be severed from
this Agreement in the jurisdiction in question and that illegality, invalidity, or un-enforceability shall not, subject to Clause
19.5 below, prejudice or affect the remaining parts of this Agreement which shall continue in full force and effect.

 

If,
in the reasonable opinion of a Party, any severance under Clause 19.5 materially affects the commercial basis of this Agreement,
then the Parties shall enter into revised arrangements to eliminate the material effect and result in the same commercial effects
as originally agreed upon.

 

		19.5	Waiver

 

Neither Party
shall be deemed to have waived any of its rights or remedies under this Agreement unless the waiver is expressly made in writing
and signed and delivered by a duly authorised representative of the waiving Party. In particular, no delay or failure of a Party
in exercising or enforcing any of its rights or remedies under this Agreement shall operate as a waiver of those rights or remedies
or preclude or impair the exercise or enforcement of those rights or remedies nor shall any partial exercise or enforcement of
any right or remedy by a Party preclude or impair such Party’s exercise or enforcement of any other right or remedy.

 

		19.6	Entire Agreement and Amendments

 

This Agreement,
including by reference the Recitals hereto, which shall be deemed to have contractual status as were the provisions included in
the Agreement as such, constitutes the entire agreement and understanding of the Parties relating to the subject matter of this
Agreement and supersedes any prior agreement or understanding between the Parties relating to the subject matter of this Agreement.

 

The Parties
acknowledge that in entering into this Agreement they do not rely on any statement, representation (including any negligent misrepresentation
but excluding any fraudulent misrepresentation), warranty, course of dealing, custom, or understanding except for the warranties
expressly set out in this Agreement.

 

No change
shall be made to this Agreement except in writing signed by a duly authorised representative of each Party.

 

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		19.7	Relationship of the Parties

 

Nothing in
this Agreement shall create or imply an agency, partnership, or joint venture between the Parties. Neither Party shall act or describe
itself as the agent of the other Party nor shall either Party have or represent that it has any authority to make commitments on
behalf of the other.

 

		19.8	Assignment 

 

19.8.1      
Evaxion may assign this Agreement in connection with a transaction involving all or substantially all of Evaxion’s
PIONEER and Vaccine related assets, provided that Evaxion’s assignee’s financial standing and technical and scientific
capabilities are not materially inferior to the financial standing, technical, scientific and commercialization capabilities (the
latter in terms of ability and willingness to exploit the License or, if applicable, the Extended License) of Evaxion at the time
of the transaction.

 

19.8.2      
Evaxion may perform any obligations and exercise any right under the License, through any of its Affiliates, subject to
Evaxion standing surety on a no fault basis (strict liability for breach of, inter alia, confidentiality provisions) for the compliance
with this Agreement and performance of this Agreement by such Affiliates. Nothing in this Clause 19.9.2 shall limit SSI’s
right or ability to execute injunction or other legal procedings against such Affiliates. For the avoidance of doubt, Evaxion may
not perform any obligations or exercise any right with regard to the manufacturing of Licensed Adjuvant through any of its Affiliates,
were the Extended License to be granted.

 

19.8.3      
SSI may assign its rights and obligations under this Agreement for the purpose of changing its legal status to accommodate
instructions received from the Danish State regarding SSI’s structure or modus operandi, including an instruction for SSI
to transform into e.g. a limited company in accordance with the Danish Company’s Act.

 

19.8.4       
SSI may perform any obligations and exercise any rights under this Agreement through any of its Affiliates, subject to SSI
standing surety on a no fault basis (strict liability for breach of, inter alia, confidentiality provisions) for the compliance
with this Agreement and performance of this Agreement by such Affiliates. Nothing in this Clause 19.9.4 shall limit Evaxion’s
right or ability to execute injunction or other legal procedings against such Affiliates.

 

		19.8.5	If a Party delegates all or any of its obligations under the License to an Affiliate, the delegating
Party shall:

 

		(i)	remain fully responsible to the other Party for the proper performance of those obligations by
the Affiliate; and

 

		(ii)	be liable to the other Party for any negligent act or omission made by the Affiliate or its Personnel
in relation thereto.

 

		19.8.6	The Parties shall procure that their respective Affiliates comply with the provisions of this Agreement
as if they were Parties to this Agreement, and shall vis-à-vis each other stand surety for any Affiliate performance and
compliance.

 

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		19.9	Publicity & Non-disclosure

 

19.9.1       
Neither of the Parties shall use the name, seal, logo, trade mark, or service mark of the other Party or any of their Affiliates,
or any adaptation thereof (including in any advertising, publicity, or other public statements) without prior written consent obtained
from the other Party, or its Affiliates, as the case may be, except where required by applicable law or regulation. Notwithstanding
the former, i) SSI may require Vaccines to be sold under a legible legend comprising the wording “CAF®09b based Vaccine
Manufactured under license from SSI” or similar to be determined by SSI acting in good faith, and ii) the Parties may
identify each other and the nature of the cooperation in financial reports prepared for the sole purpose of complying with stock
exchange or regulatory requirements, provided that the wording is approved in advance by the Party not issuing the report.

 

19.9.2       
A Party may only release a press release or other public disclosure related to this Agreement if the form and manner of
the press release or other public disclosure has been approved by the other Party prior to such release or disclosure, such approval
not to be unreasonably withheld, conditioned, or delayed. The issuing Party shall be solely responsible for any breaches of pharmaceutical
advertising rules following from publications comprising descriptions or statements regarding the Licensed Adjuvant or Vaccines,
without recourse to the other Party.

 

		19.10	Third Party Rights

 

Nothing in
this Agreement shall confer on any Third Party any rights under, or the right to enforce any provision of, this Agreement.

 

		19.11	Law and Venue

 

The
validity, construction, and performance of this Agreement shall be governed by the laws of Denmark. Any claim, dispute, or controversy
arising out of or related to this Agreement shall be adjudicated pursuant to the laws of Denmark. The Parties agree to the provisions
of Clause 19.12.2 below, providing for the exclusive mechanism for resolution of disputes arising hereunder, except that nothing
in this Agreement shall be deemed as preventing either Party from seeking injunctive relief (or any other provisional remedy) from
any court having jurisdiction over the Parties and the subject matter of the dispute as necessary to protect either Party’s
rights under this Agreement or Confidential Information. Judgment upon the award may be entered in any court having jurisdiction,
or application may be made to such court for judicial acceptance of the award and/or an order of enforcement as the case may be.

 

		19.11.1	In the event of any controversy or claim arising out of or relating to this Agreement, or the rights
or obligations of the Parties hereunder, the Parties shall first try to settle their differences amicably between themselves. Either
Party may initiate such informal dispute resolution by sending written notice of the dispute to the other Party, and within [****]
after such notice, appropriate representatives of the Parties shall meet for attempted resolution by good faith negotiations. If
such representatives are unable to promptly resolve such disputed matter within said [****], either Party may refer the matter
by written notice to the other Party’s Chief Executive Officer, or his/her designee for discussion and resolution. If such
individuals or their designees are unable to resolve such dispute within [****] after such notice, either Party may initiate proceedings
in accordance with the provisions of Clause 19.12.2.

 

The Parties
agree to submit to the exclusive jurisdiction of the Maritime and Commercial High Courts in Copenhagen in relation to any dispute
arising out of, under, or in connection with this Agreement, or - if said court is not competent in relation to the dispute arisen
- the Lyngby City Court as court of first instance.

 

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		19.12	Counterparts

 

		19.12.1	This Agreement may be executed in any number of counterparts, each of which when executed and delivered
shall constitute an original of this Agreement, but all the counterparts shall together constitute the same agreement.

 

		19.12.2	Transmission of an executed counterpart of this Agreement (but for the avoidance of doubt not just
a signature page) by email in PDF format shall take effect as delivery of an executed counterpart of this Agreement. If such method
of delivery is adopted, without prejudice to the validity of the Agreement thus made, each Party shall provide the other with the
original of such counterpart as soon as reasonably possible thereafter.

 

		19.12.3	If this Agreement is executed in counterparts, it shall not be effective unless and until each
Party has executed and delivered a counterpart to each of the other Party.

 

[****] This symbol identifies certain confidential
information contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

---000---

 

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AGREED
by the Parties through their duly authorised representatives on the date written at the start of this Agreement.

 

	
        For and on behalf of

         

        Statens Serum Institut:

         
	
        For and on behalf of

         

        Evaxion Biotech A/S:

         

	
         

         

        Date

         

        ..............................................

         
	
         

         

        Date

         

        ...........................................

         

	
        

        Signed

         

        ..............................................

         
	
        

        Signed

         

        ...........................................

         

	
        Full Name

         

        ..............................................

         
	
        Full Name

         

        ...........................................

         

	Title

                                                                            

                                                                           ..............................................
	Title

                                                                            

                                                                           ...........................................

	 	 
	
         

        Date

         

        ..............................................

         
	
         

        Date

         

        ...........................................

         

	
         

        Signed

         

        ..............................................

         
	
         

        Signed

         

        ...........................................

         

	
        Full Name

         

        ..............................................

         
	
        Full Name

         

        ...........................................

         

	Title

                                                                            

                                                                           ..............................................
	Title

                                                                            

                                                                           ..........................................

 

 

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SCHEDULE
1: LICENSED PATENTS

 

WO2006/002642
“Compositions and methods for stabilizing lipid-based adjuvant formulations using glycolipids”

 

Filing date: 05.07.2005

 

	Country	Application / Patent No.	Status
	AU	2005259685 (B2)	 	Granted
	BR	BRP10512757 (A)	 	Pending
	CA	2572985 (C)	 	Granted
	CN	200580022926.X	CN1980638 (B)	Granted
	EP*	EP2005756461	EP1765289 (B1)	Granted
	 	 	 	 
	*Validated in:	AT/BE/CH/CZ/DE/DK/EE/ES/FI/FR/GB/HU/IE/IT/LI/LT/ NL/PL/PT/RO/SE/SI/SK/TR
	IN	2/DELNP/2007	 	Granted
	JP	2007519615	JP4987704 (B2)	Granted
	KR	1020077002648	KR101275837 (B1)	Granted
	US	 	US7,749,520 (+ PTE: 1119 days)	Granted
	US	 	US8,277,823 (expires 24.09.2025)	Granted
	ZA	 	ZA200701043 (B)	Granted

 

WO2009/003474
 “The use of monomycolyl glycerol (MMG) as an adjuvant”

 

Filing date: 26.06.2008

 

	Country	Application / Patent No.	Status
	AU	AU2008271756 	 	Granted
	BR	PI0811796-9	 	Pending
	CA	CA2691840 	 	Granted
	CN	CN101790384 	200880104594.3	Granted
	EP*	EP2167124	 	Granted
	 	*Validated in: AT/BE/CH/CZ/DE/DK/EE/ES/FI/FR/GB/GR/HR/HU/IE/IT/LT/ LV/NL/PL/PT/RO/SE/SK/SL/TR
	HK	HK1143086	 	Granted
	IL	IL203016	 	Granted
	IN	567/DELNP/2010	 	Granted
	JP	JP5689314 	 	Granted
	KR	KR20100045449	 	Granted
	RU	RU2479317 	 	Granted
	US	US8,563,009	 	Granted

 

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SCHEDULE
2: Licensed ADJUVANT & Licensed Know How

 

Part A – Licensed Adjuvant

 

Cationic Adjuvant Formulation 09b (Licensed
Adjuvant) consisting of [****].

 

Part B - Application Know How

 

Formulation Vaccines 

 

SSI
has extensive knowledge and formulation expertise for vaccines with the Licensed Adjuvant, as well as clinical and preclinical
experience with Licensed Adjuvant based vaccines. [****]

 

Use of Licensed Adjuvant and vaccines with
Licensed Adjuvant

 

[****]

 

Part C –Manufacturing Know How

 

Manufacturing of Licensed Adjuvant

 

SSI has extensive knowledge and production
expertise for the Licensed Adjuvant.

 

[****]

 

 

[****] This symbol identifies certain confidential
information contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

 

---000---

 

 

 

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SCHEDULE
3: PROGRESS REPORT

 

[****]

 

SCHEDULE
4: SUMMARY TEMPLATE

 

[****]

 

[****] This symbol identifies certain confidential
information contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

 

 

 

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SCHEDULE
5: EXTENDED LICENSE TRIPARTITE CDA

 

 

 

TRIPARTITE CONFIDENTIALITY AGREEMENT

 

[****]

 

[****] This symbol identifies certain confidential
information contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

---000---

 

 

 

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SCHEDULE
6: CLINICAL TRIAL SUPPLY AGREEMENT

 

This Clinical Trial Supply Agreement (the
 “CTSA”) is made and entered into as of the date of last signature of this Agreement (the “Effective Date”)
between

 

		(1)	Statens Serum Institut, CVR No. DK 4683 7428, a public institute under the Danish Ministry
for Health, whose registered office is at Artillerivej 5, DK-2300 Copenhagen S, Denmark (“SSI”); and

		(2)	Evaxion Biotech A/S, CVR No. DK 3176 2863, a company incorporated under the laws of Denmark
with its registered office at Bredgade 34E, DK-1260 Copenhagen K, Denmark (“Evaxion”).

 

SSI and Evaxion may in the following be referred
to individually as a “Party” and collectively as the “Parties”.

 

		RECITALS	

 

		(A)	On the 30th of Novmber, 2020 the Parties have entered into a “CAF®09b Supply,
Patent, Know How & Trademark License Agreement” (the “Agreement”);

 

		(B)	Capitalized words used in this CTSA, but headers, shall have the meaning ascribed to them in the Agreement,
including ascribed by defined term;

 

		(C)	As per the Agreement SSI has undertaken to supply to Evaxion a certain stock of Licensed Adjuvant
manufactured or to be manufactured by an Interim Supplier for Evaxion Vaccine development use; and,

 

		(D)	Evaxion wishes to receive, and SSI undertakes to supply or have supplied, up to an agreed maximum
amount of Licensed Adjuvant to cover Evaxion’s [****] program, which supply shall take place on the terms and conditions
set out in this CTSA.

 

NOW THEREFORE, The Parties for good and
valuable consideration in the form of the exchange of binding covenants below, do now in good faith agree as follows:

 

		1.	Ordering of Licensed Adjuvant 

 

		1.1.	For the purpose of Evaxion carrying out a [****] Program GCP-sponsored by Evaxion or its designate
in the Territory, SSI will supply to Evaxion up to [****] of the Licensed Adjuvant [****] to Evaxion under this CTSA.

 

[****] This symbol identifies certain confidential
information contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

 

 

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		1.2.	The Licensed Adjuvant shall be GMP produced,
tested and released in accordance with Annex 1 and 13 of Ph Eur GMP guidelines by SSI QA, as a manufacturing intermediate, in sterile
capped vials. SSI shall provide Evaxion with a Certificate of Analysis, a Certificate of Compliance and a TSE/BSE statement for
the Licensed Adjuvant delivered. 

 

		1.3.	Evaxion must place a binding order for delivery of the [****] prior to[****] . No more than [****]
order (the “Order”) must be placed, i.e. that [****] of Licensed Adjuvant in excess of the initial Order placed, even
if such initial Order[****].

 

		1.4.	The Order will be accommodated by SSI delivering the stock of the Licensed Adjuvant in[****], the
first delivery not to exceed [****] of the [****].

 

		1.5.	The first delivery shall take place within [****] of Evaxion having placed the Order and the second
delivery comprising the remaining supply to be made to complete the delivery of [****] as per the Order shall be delivered within
[****] from the first delivery.

 

		1.6.	Delivery of the [****] shall take place Ex Works SSI, Artillerivej 5, DK-2300 Copenhagen S (Incoterms
2010) in capped vials, each vial containing an Evaxion specified amount of Licensed Adjuvant.

 

		1.7.	For delivery of the Order Evaxion shall compensate SSI for [****].

 

		1.8.	Apart from the compensation of SSI [****] as specified in Clause 1.7 above, Evaxion shall [****] delivered
pursuant to this CTSA.

 

		1.9.	Labelling: The vials shall be supplied in sealed boxes labelled with ID, batch number and ‘Use-by
Date’ to be updated according to ongoing stability studies at SSI which will continue until the batch is exhausted, but no
more than five (5) years post the date of manufacture.

 

		1.10.	The shelf life of the Licensed Adjuvant delivered under this CTSA will be min. 24 months upon delivery.
SSI shall provide stability data from the ongoing stability study on the Licensed Adjuvant. If stability data justify extension
of the shelf-life, SSI shall provide a QA signed document with extended shelf-life if requested by Evaxion

 

		1.11.	If SSI fails to deliver the full [****] as per this CTSA or the delivered [****] is defective, Evaxion
[****].

 

[****] This symbol identifies certain confidential
information contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

 

 

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		2.	Evaxion Undertakings

 

		2.1	Upon SSI’s delivery of the Licensed Adjuvant to Evaxion, the responsibility for handling of
the Licensed Adjuvant shall pass to and be fully and finally

vested
in Evaxion. Evaxions represents and warrants that the Licensed Adjuvant will only be released and administered to humans in accordance
with all applicable and required clinical trial authorizations having been obtained by Evaxion or its designate.

 

		2.2	Evaxion shall use the Licensed Adjuvant only for the purpose of its Vaccine development program and
undertakes to use or destroy the Licensed Adjuvant before expiry of the Licensed Adjuvant shelf life date. Evaxion shall store
the Licensed Adjuvant in a controlled environment as described by SSI.

 

		2.3	Evaxion warrants that all Vaccine development activities involving the Licensed Adjuvant, including
without limitation any Licensed Adjuvant use and any actions of staff handling Licensed Adjuvant, shall take place in accordance
with a trial protocol approved by the competent authorities, all laws, regulations, rules, guidelines and procedures ensuring the
rights of trial subjects and all other Third Parties involved in the trials, standards of safety, quality assurance, health care,
protection, ethical and professional conduct, hygiene, rights to privacy and informed consent requirements, and other relevant
standards, including generally accepted international standards for Good Clinical Practices (GCP).

 

		2.4	With the exclusion of such liability as vested in SSI pursuant to Clause 4.2 below, Evaxion shall
bear all liability arising from or related to Vaccine development activities, including without limitation any lack of protocol
GCP compliance. Likewise, and with the exclusion of such liability as vested in SSI pursuant to Clause 4.2 below, Evaxion shall
bear any and all liability for any use of the Licensed Adjuvant after delivery by SSI as per this CTSA.

 

		2.5	With the exclusion of such liability as vested in SSI pursuant to Clause 4.2 below, SSI shall have
no liability or responsibility for losses, damages or claims, including without limitation those arising from or related to the
performance of the Vaccine development activities, protocol compliance and use of the Licensed Adjuvant and Evaxion shall hold
SSI harmless against all such losses, damages, claims, costs and fees.

 

		2.6	With the exception of the undertaking of SSI pursuant to Clause 1.1, Evaxion acknowledges that the
Licensed Adjuvant is provided "as is" and without any representation or warranty, express or implied, of merchantability
or fitness for administration together with or by incorporation in a Vaccine. With the exclusion of such liability as vested in
SSI pursuant to Clause 4.2 below, Evaxion accepts responsibility for any damages or injuries resulting from its possession, use
and administration of Licensed Adjuvant and undertakes to take out all required human clinical trial insurance cover programs required
for the conduct to the development activity involving testing of a Vaccine.

 

 

 

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		2.7	Prior to initiating Vaccine development activities, Evaxion shall confirm to SSI that an appropriate
liability insurance program covering the trial subjects has been obtained under conditions and for a duration that are ordinary
and reasonable for similar clinical trials or for the hospital to carry out self-insurance program in accordance with the Rules
for the Hospital and the said national/local (Danish) legislation and / or covered by the rules for the hospital patient insurance
cover in accordance with said national / local (Danish) legislation.

 

		2.8	Evaxion shall maintain control of Licensed Adjuvant supplied by SSI and shall not, without SSI’s
prior written consent, transfer any amount of the Licensed Adjuvant, or any part, portion or derivative thereof, to any Third Party
other than to (a) its employees or any Affiliate directly involved in the Vaccine development program, or (c) clinical research
organization undertaking through a binding, written contract with Evaxion to perform services for Evaxion within the framework
of the Vaccine development program, all of which shall be bound by the confidentiality and restrictions of this CTSA and the Agreement.

 

		2.9	Evaxion shall not reverse engineer or recreate the Licensed Adjuvant. All rights and title to the
Licensed Adjuvant shall belong to SSI, which, without limitation to any rights that Evaxion is entitled to pursuant to the Agreement,
includes the associated Patent Rights, Know-How and Trademark.

 

		2.10	Nothing in this CTSA shall be interpreted as granting any rights to the Licensed Adjuvant that are
not granted as per the Agreement.

 

		2.11	Evaxion will permit SSI to audit compliance with this CTSA. Both Parties will promptly notify each
other of any Regulatory Authority inspection, investigation or inquiry concerning the Vaccine development program, if involving
the Licensed Adjuvant.

 

		3.	Safety Reporting

 

		3.1	Evaxion assumes, to the exclusion of SSI, all regulatory responsibilities relating to the Vaccine
development, including without limitation the handling and processing of i) any serious adverse event reports, ii) expedited reporting
of suspected unexpected serious adverse reactions (SUSARs), and iii) recording of Licensed Adjuvant abnormalities identified via
laboratory analyses. Evaxion undertakes to send a copy of any Licensed Adjuvant related reports submitted to Regulatory Authorities,
incl. Ethics Committees, to SSI by facsimile or e-mail addressed as follows:

 

 

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Statens Serum Institut

Clinical and Non-Clinical Development,
Vaccine Development

Artillerivej 5

DK-2300 Copenhagen S

Denmark

e-mail: clin.pv@ssi.dk

Fax: +45 3268 8247

 

		3.2	Evaxion agrees to send SAE line-listings on a yearly basis to SSI, until all Licensed Adjuvant supplied
under this CTSA has been administered or destroyed and all development activities involving administration of the Licensed Adjuvant
closed out. The first yearly SAE listing is expected one year after the first subject’s first visit.

 

		3.3	Evaxion agrees to send an annual safety report to the Regulatory Authorities and Ethics Committees
in agreement with national legislation with a contemporaneous copy to SSI throughout the clinical trial, and to send to SSI a copy
of the final clinical trial report without undue delay after close-out. The report may only be used by SSI to validate use of the
Licensed Adjuvant as an adjuvant and shall be considered Confidential Information vested in Evaxion.

 

		3.4	Evaxion agrees to notify SSI of any safety concerns and safety information affecting the use of Licensed
Adjuvant no later than two (2) business days after it has come to the awareness of Evaxion. Evaxion agrees to share all Vaccine
safety data that may related to the Licensed Adjuvant with SSI comprising such information which otherwise will be included in
an Investigator’s Brochure, provided however that Evaxion may provide a redacted copy without including proprietary information
relating to the Pioneer Platform. The purpose of this Clause 3 is to ascertain that SSI can comply with its global safety reporting
obligations related to the use of Licensed Adjuvant, including, without limitation, to ascertain whether a given reaction may be
caused by the antigene interacting with the Licensed Adjuvant.

 

		4.	Indemnification and Insurance 

 

		4.1	Evaxion shall, vis-à-vis SSI, retain all GCP-sponsor indemnification and insurance obligations
related to the development of the Vaccine.

 

		4.2	SSI shall have no liability or responsibility for any losses, damages, claims, costs and fees (collectively
 “Losses”) arising from or related to the performance of Vaccine development activities, and Evaxion shall hold SSI
harmless against all such Losses, except to the extent that a Loss (i) comprises personal injury (including death) resulting from
SSI’s negligent acts or omissions or breach of statutory duties or (ii), without limitation to (i), is suffered because the
Licensed Adjuvant supplied under this CTSA is defective/non-compliant (e.g. not manufactured in compliance with applicable law
or not complying to the specifications applicable for the manufacture). SSI shall be liable for Losses suffered as per (i) and/or
(ii), and shall hold Evaxion harmless against all such Losses. For the avoidance of doubt, this CTSA shall not limit SSI’s
liability as set out in Clause 16 of the Agreement.

 

 

 

 

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		4.3	The limitation of liability set out in Clause 16 of the Agreement shall also apply to and limit any
liability of any Party under this CTSA.

 

 

		5.	Assignment & Dispute Resolution

 

		5.1	This CTSA may only be assigned to the extent authorized by the Agreement.

 

		5.2	The dispute resolution provisions of the Agreement shall apply equally to this CTSA.

 

 

		6.	Term & Termination

 

		6.1	This CTSA shall become effective as of the date of the last signature below and shall terminate upon
SSI having delivered the ]*] as per this CTSA and the Agreement.

 

 

 

 

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IN WITNESS WHEREOF, The Parties have caused
this Agreement to be accepted and executed by their duly authorized representatives as of the date first written above.

 

	
        For and on behalf of

         

        Statens Serum Institut:

         
	
        For and on behalf of

         

        Evaxion Biotech A/S:

         

	
         

         

        Date

         

        ..............................................

         
	
         

         

        Date

         

        ...........................................

         

	
        

        Signed

         

        ..............................................

         
	
        

        Signed

         

        ...........................................

         

	
        Full Name

         

        ..............................................

         
	
        Full Name

         

        ...........................................

         

	Title

                                                                            

                                                                           ..............................................
	Title

                                                                            

                                                                           ...........................................

	 	 
	
         

        Date

         

        ..............................................

         
	
         

        Date

         

        ...........................................

         

	
         

        Signed

         

        ..............................................

         
	
         

        Signed

         

        ...........................................

         

	
        Full Name

         

        ..............................................

         
	
        Full Name

         

        ...........................................

         

	Title

                                                                            

                                                                           ..............................................
	Title

                                                                            

                                                                           ..........................................

 

 

 

    Page 50 of 50Exhibit
10.2

 

[****]
This symbol identifies certain confidential information contained in this document that has been omitted because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed.

 

Contract
number (FI No): [****]

 

Serapis
No: [****]

 

EVAXION
BIOTECH (IDFF)

 

Finance
Contract

 

between
the

 

European
Investment Bank

 

and

 

Evaxion
Biotech A/S

 

Luxembourg/Copenhagen
6 August 2020

 

EXECUTION
VERSION

 

    	 	 	 

     

    

 

	Article
    1	8
	1.1      Interpretation	8
	Article
    2	16
	2.1      Amount
    of Credit	16
	2.2      Disbursement
    procedure	16
	2.2.1   Tranches	16
	2.2.2   Disbursement
    Offer	16
	2.2.3   Disbursement
    Acceptance	17
	2.3      Disbursement
    Account	17
	2.4      Currency
    of disbursement	17
	2.5      Conditions
    of Disbursement	17
	2.5.1   Initial
    Documentary Conditions Precedent	17
	2.5.2   All
    Tranches – Documentary Conditions Precedent	17
	2.5.3   All
    Tranches – Other Conditions	18
	2.5.4   Tranche
    A – Additional Conditions Precedent	18
	2.5.5   Tranche
    B – Additional Conditions Precedent	18
	2.5.6   Tranche
    C – Additional Conditions Precedent	18
	2.6      Cancellation	19
	2.7      Fee
    for cancellation of an Accepted Tranche	19
	2.8      Cancellation
    after expiry of the Credit	19
	2.9      Drop
    Dead Fee	20
	2.10    Sums
    due under Article 2	20
	Article
    3	20
	3.1      Amount
    of Loan	20
	3.2      Currency
    of repayment, interest and other charges	20
	3.3      Confirmation
    by the Bank	20
	Article
    4	20
	4.1      Fixed
    Rate Tranches	20
	4.2      Payment
    in Kind (PIK) Interest	20
	4.3      Warrants	21
	4.4      Interest
    on overdue sums	21
	Article
    5	21
	5.1      Normal
    repayment	21
	5.1.1   Single
    instalment – Tranche A and Tranche B	21
	5.1.2   Repayment
    by instalments – Tranche C	21
	5.2      Voluntary
    prepayment	22
	5.2.1   Prepayment
    option	22
	5.2.2   Prepayment
    Fee	22
	5.2.3   Prepayment
    mechanics	22
	5.3      Compulsory
    prepayment	22
	5.3.1   Cost
    Reduction	22
	5.3.2   Change
    Events	22
	5.3.3   Illegality	23
	5.3.4   Disposals	23
	5.3.5   Pari
    Passu to Non-EIB Financing	23
	5.3.6   Prepayment
    Fee	23
	5.3.7   Prepayment
    mechanics	23
	5.4      General	23

 

    	 	 	2

     

    

 

	Article
    6	24
	6.1        Day
    count convention	24
	6.2        Time
    and place of payment	24
	6.3        No
    set-off by the Borrower	24
	6.4        Disruption
    to Payment Systems	24
	6.5        Application
    of sums received	25
	6.5.1     General	25
	6.5.2     Partial
    payments	25
	6.5.3     Allocation
    of sums related to Tranches	25
	Article
    7	25
	Article
    8	26
	8.1        Taxes,
    duties and fees	26
	8.2        Other
    charges	26
	8.3        Increased
    costs, indemnity and set-off	26
	Article
    9	27
	9.1        Right
    to demand repayment	27
	9.2        Other
    rights at law	28
	9.3        Prepayment
    Fee	28
	9.4        Non-Waiver	28
	Article
    10	28
	10.1      Governing
    Law	28
	10.2      Jurisdiction	29
	10.3      Place
    of performance	29
	10.4      Evidence
    of sums due	29
	10.5      Entire
    Agreement	29
	10.6      Invalidity	29
	10.7      Amendments	29
	10.8      Counterparts	29
	10.9      Assignment
    and transfer by the Bank	29
	Article
    11	30
	11.1      Notices	30
	11.1.1   Form
    of notice	30
	11.1.2   Addresses	31
	11.1.3   Demand
    after notice to remedy	31
	11.2      English
    language	31
	Schedule
    A	33
	Investment
    Specification and Reporting	33

 

    	 	 	3

     

    

 

	A.1       Technical
    Description	33
	A.2       Information
    Duties	33
	3.          Information
    on the end of works and first year of operation	33
	Schedule
    B	35
	Definitions
    of EURIBOR	35
	Schedule
    C	36
	Form
    of Disbursement Offer/Acceptance	36
	Schedule
    D	38
	Form
    of Drawdown Certificate	38
	Schedule
    E	39
	Form
    of Compliance Certificate	39
	Schedule
    F	40
	Part
    A – Initial Documentary Conditions Precedent	40
	Part
    B – Guarantor Conditions Precedent	41
	Schedule
    G	43
	Representations
    and Warranties	43
	1.          Authorisations
    and Binding Obligations	43
	2.          No
    default or other adverse event	43
	3.          No
    proceedings	43
	4.          Security	43
	5.          Ranking	44
	6.          Anti-Corruption	44
	7.          Accounting
    and Tax	44
	8.          Information
    provided	44
	9.          Exclusion
    criteria	45
	10.        No
    indebtedness	45
	11.        No
    Immunity	45
	12.        Pensions	46
	13.        Good
    title to assets	46
	14.        Governing
    law and enforcement	46
	Schedule
    H	47
	General
    Undertakings	47
	1.          Use
    of Loan	47
	2.          Completion
    of Investment	47
	3.          Procurement
    procedure	47
	4.          Compliance
    with laws	47
	5.          Sanctions	47
	6.          Data
    Protection	47
	7.          Environment	47
	8.          Integrity	48

 

    	 	 	4

     

    

 

	9.         Disposal
    of assets	48
	10.       Maintenance
    of assets	49
	11.       Insurances	49
	12.       Change
    in business	49
	13.       Merger	49
	14.       Books
    and records	49
	15.       Ownership	49
	16.       Acquisitions	50
	17.       Indebtedness	51
	18.       Guarantees	51
	19.       Hedging	52
	20.       Restrictions
    on distributions	52
	21.       Restrictions
    on loans	52
	22.       Restrictions
    on intercompany loans	52
	23.       Intellectual
    Property Rights	53
	24.       Maintenance
    of Status	53
	25.       Negative
    pledge	53
	26.       Other
    Undertakings	54
	27.       Clauses
    by inclusion (most favoured nation)	54
	28.       Succession
    plan	54
	29.       Pari
    passu ranking	54
	Schedule
    I	55
	Information
    and Visits	55
	1.         Information
    concerning the Investment	55
	2.         Information
    concerning the Borrower	56
	3.         Visits
    by the Bank	56
	4.         Disclosure
    and publication	57
	5.         Confidential
    information	57

 

    	 	 	5

     

    

 

THIS
CONTRACT IS MADE ON 6 AUGUST 2020 BETWEEN:

 

	The
    European Investment Bank having its seat at 100 blvd Konrad Adenauer, Luxembourg, L-2950 Luxembourg, represented by _______________________	 	(the
    "Bank")
	 	 	 
	and
	 	 
	 	 	 
	Evaxion
    Biotech A/S (company registration number (CVR) 31762863), a public limited liability company incorporated in Denmark, having
    its registered office at Bredgade 34 E, DK-1260 Copenhagen, Denmark., represented by Lars Staal Wegner and Niels Iversen Møller	 	(the
    "Borrower")

 

    	 	 	6

     

    

 

WHEREAS:

 

		(A)	The
                                         Borrower has stated that it is undertaking a research and development project relating
                                         to the development of the AI technology platform for drug discovery and to the development
                                         activities carried out by the Borrower for assets targeting infectious diseases in Denmark
                                         as more particularly described in the technical description (the "Technical Description")
                                         set out in Schedule A (Investment Specification and Reporting) (the "Investment").
                                         The total cost of the Investment, as estimated by the Bank, is EUR [****].

 

		(B)	The
                                         Bank, considering that the financing of the Investment falls within the scope of its
                                         functions, agreed to provide the Borrower with a credit in an amount of EUR 20,000,000
                                         (twenty million euro) under this Finance Contract (the "Contract") to
                                         finance the Investment; provided that the amount of the loan hereunder shall not,
                                         in any case, exceed 50% (fifty per cent.) of the cost of the Investment.

 

		(C)	The
                                         Credit falls under a joint initiative between the Bank and the European Commission, which
                                         is intended as a new Bank financing instrument, to finance inter
                                         alia research projects and research infrastructure under the Horizon 2020
                                         framework programme of the European Union for Research and Technological Development
                                         (2014-2020).

 

		(D)	The
                                         statute of the Bank provides that the Bank shall ensure that its funds are used as rationally
                                         as possible in the interests of the European Union; and, accordingly, the terms and conditions
                                         of the Bank's loan operations must be consistent with relevant policies of the European
                                         Union.

 

		(E)	The
                                         Bank considers that access to information plays an essential role in the reduction of
                                         environmental and social risks, including human rights violations, linked to the projects
                                         it finances and has therefore established its transparency policy, the purpose of which
                                         is to enhance the accountability of the Bank’s group towards its stakeholders and
                                         the citizens of the European Union in general.

 

		(F)	The
                                         processing of personal data shall be carried out by the Bank in accordance with applicable
                                         EU Law on the protection of individuals with regard to the processing of personal data
                                         by the European Union institutions and bodies and on the free movement of such data.

 

		(G)	The
                                         Bank supports the implementation of international and EU standards in the field of anti-money
                                         laundering and countering the financing of terrorism and promotes tax good governance
                                         standards. It has established policies and procedures to avoid the risk of misuse of
                                         its funds for purposes which are illegal or abusive in relation to applicable laws. The
                                         EIB Group statement on tax fraud, tax evasion, tax avoidance, aggressive tax planning,
                                         money laundering and financing of terrorism is available on the Bank’s website
                                         and offers further guidance to EIB contracting counterparties.

 

[****]
This symbol identifies certain confidential information contained in this document that has been omitted because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed.

 

    	 	 	7

     

    

 

It
is hereby agreed as follows:

 

ARTICLE 1

 

Interpretation
and definitions

 

		1.1	Interpretation

 

In
this Contract:

 

		(a)	references
                                         to Articles, Recitals, Schedules and Paragraphs are, save if explicitly stipulated otherwise,
                                         references respectively to articles of, and recitals, schedules and paragraphs of schedules
                                         to, this Contract. All Recitals and Schedules form part of this Contract. Articles, Schedules
                                         and Paragraphs headings are for ease of reference only;

 

		(b)	references
                                         to “law" or “laws” mean (a) any applicable law and any applicable
                                         treaty, constitution, statute, legislation, decree, normative act, rule, regulation,
                                         judgement, order, writ, injunction, determination, award or other legislative or administrative
                                         measure or judicial or arbitral decision in any jurisdiction which is binding or applicable
                                         case law, and (b) EU Law;

 

		(c)	references
                                         to "applicable law", "applicable laws" or "applicable jurisdiction"
                                         means (a) a law or jurisdiction applicable to the Borrower or any other Obligor (as the
                                         context requires), its rights and/or obligations (in each case arising out of or in connection
                                         with the Finance Documents), its capacity and/or assets and/or the Investment; and/or,
                                         as applicable, (b) a law or jurisdiction (including in each case the Bank’s Statute)
                                         applicable to the Bank, its rights, obligations, capacity and/or assets;

 

		(d)	references
                                         to a provision of law are references to that provision as amended or re-enacted;

 

		(e)	references
                                         to any Finance Document or any other agreement or instrument are references to that Finance
                                         Document or other agreement or instrument as amended, novated, supplemented, extended
                                         or restated;

 

		(f)	references
                                         to "acting in concert" means acting
                                         together pursuant to an agreement or understanding (whether formal or informal);

 

		(g)	references
                                         to "assets" include present and future properties, revenues and rights of every
                                         description;

 

		(h)	references
                                         to "guarantee" mean (other than in a Guarantee Agreement) any guarantee, letter
                                         of credit, bond, indemnity or similar assurance against loss, or any obligation, direct
                                         or indirect, actual or contingent, to purchase or assume any indebtedness of any person
                                         or to make an investment in or loan to any person or to purchase assets of any person
                                         where, in each case, such obligation is assumed in order to maintain or assist the ability
                                         of such person to meet its indebtedness;

 

		(i)	references
                                         to "indebtedness" include any obligation (whether incurred as principal or
                                         as surety) for the payment or repayment of money, whether present or future, actual or
                                         contingent;

 

		(j)	references
                                         to a "person" include any individual, firm, company, corporation, government,
                                         state or agency of a state or any association, trust, joint venture, consortium, partnership
                                         or other entity (whether or not having separate legal personality);

 

		(k)	references
                                         to a document in "agreed form" is a document which is previously agreed in
                                         writing by or on behalf of the Borrower and the Bank or, if not so agreed, is in the
                                         form specified by the Bank;

 

    	 	 	8

     

    

 

		(l)	where
                                         it relates to an Obligor which is incorporated in Denmark, a reference to:

 

		(i)	a
                                         "winding up", "administration" or "dissolution" includes
                                         konkurs and rekonstruktion;

 

		(ii)	a
                                         "receiver" or "administrator" includes a kurator and a rekonstruktør;

 

		(iii)	"negligently"
                                         means simpel uagtsomhed or any other category of liability whatsoever;

 

		(i)	"merger"
                                         includes fusion; and

 

		(ii)	"demerger"
                                         includes spaltning.

 

		(m)	words
                                         and expressions in plural shall include singular and vice versa;

 

		(n)	a
                                         Default (other than an Event of Default) is "continuing" if it has not been
                                         remedied or waived and an Event of Default is "continuing" if it has not been
                                         waived;

 

		(o)	a
                                         time of day is a reference to Luxembourg time, unless otherwise specified; and

 

		(p)	terms
                                         defined in the GDPR (as defined below), including the terms “controller”,
                                         “data subject”, “personal data”, “processing”, and
                                         “processor”, have the same meanings when used in Recital (F) or Schedule
                                         H6 of this Contract.

 

Definitions

 

In
this Contract:

 

"Accepted
Tranche" means a Tranche in respect of a Disbursement Offer which has been duly accepted by the Borrower in accordance
with its terms on or before the Disbursement Acceptance Deadline.

 

"Authorisation"
means an authorisation, permit, consent, approval, resolution, licence, exemption, filing, notarisation or registration.

 

"Authorised
Signatory" means a person authorised to sign individually or jointly (as the case may be) Disbursement Acceptances on
behalf of the Borrower and named in the most recent List of Authorised Signatories and Accounts received by the Bank prior to
the receipt of the relevant Disbursement Acceptance.

 

"Business
Day" means a day (other than a Saturday or Sunday) on which the Bank and commercial banks are open for general business
in Luxembourg and Copenhagen (Denmark).

 

“Cancellation
Fee” means, in relation to the cancellation of an Accepted Tranche by the Borrower, under sub-paragraph (a) of Article 2.7
(Fee for cancellation of an Accepted Tranche), or in relation to an amount cancelled by the Bank under sub-paragraphs (b)
or (c) of Article 2.7 (Fee for cancellation of an Accepted Tranche), a fee of 6% (six hundred basis points) of the
cancelled amount.

 

"Change
in the Beneficial Ownership" means a change in the ultimate ownership or control of the Borrower according to the definition
of "beneficial owner" set out in article 3(6) of Directive 2015/849 of the European Parliament and of the Council
of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing,
as amended, supplemented or restated.

 

"Change-of-Control
Event" means:

 

		(a)	any
                                         person or group of persons acting in concert (other than Andreas Holm Mattsson and Niels
                                         Iversen Møller) gains Control of the Borrower or of any entity directly or ultimately
                                         Controlling the Borrower; or

 

		(b)	Andreas
                                         Holm Mattsson and Niels Iversen Møller together cease to own and control directly
                                         or indirectly more than [****] of the voting rights or economic interest of the Borrower
                                         or be the beneficial owners directly or indirectly through wholly owned subsidiaries
                                         of more than [****] of the issued share capital of the Borrower.

 

[****]
This symbol identifies certain confidential information contained in this document that has been omitted because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed.

 

    	 	 	9

     

    

 

"Change-of-Law
Event" means the enactment, promulgation, execution or ratification of or any change in or amendment to any law, rule
or regulation (or in the application or official interpretation of any law, rule or regulation) that occurs after the date of
this Contract and which, in the reasonable opinion of the Bank, would materially impair an Obligor's ability to perform its obligations
under the Finance Documents.

 

"Compliance
Certificate" means a certificate substantially in the form set out in Schedule E (Form of Compliance Certificate).

 

"Contract
Number" shall mean the Bank generated number identifying this Contract and indicated on the cover page of this Contract
after the letters "FI N°".

 

"Control"
means with respect to a given entity, (i) owning, directly or indirectly, more than 50% (fifty per cent.) of the shares of that
entity; (ii) the power to cast, or control the casting of, votes corresponding to more than 50% (fifty per cent.) of the issued
voting share capital of that entity; (iii) the power to appoint or remove all, or the majority, of the directors or other equivalent
officers of that entity; or (iv) the power to give directions with respect to the operating and financial policies of that entity
with which the directors or other equivalent officers of such entity are obliged to comply, whether through the ownership of voting
capital, by contract or otherwise, and “Controlling” and “Controlled” have corresponding
meanings.

 

"Credit"
has the meaning given to it in Article 2.1 (Amount of Credit).

 

"Criminal
Offence" means any of the following criminal offences as applicable: tax crimes (as referred to in the directive (EU)
2015/849 of 20 May 2015), fraud, corruption, coercion, collusion, obstruction, money laundering, financing of terrorism or any
illegal activity that may affect the financial interests of the EU, according to applicable laws.

 

"Default"
means an Event of Default or any event or circumstance specified in Article 9 (Events of Default) which would (with the
expiry of a grace period, the giving of notice, the making of any determination under this Contract or any combination of any
of the foregoing) be an Event of Default.

 

"Disbursement
Acceptance" means a copy of the Disbursement Offer duly countersigned by the Borrower.

 

"Disbursement
Acceptance Deadline" means the date and time of expiry of a Disbursement Offer as specified therein.

 

"Disbursement
Account" means, in respect of each Tranche, the bank account set out in the most recent List of Authorised Signatories
and Accounts.

 

"Disbursement
Date" means the date on which disbursement of a Tranche is made by the Bank.

 

"Disbursement
Offer" means a letter substantially in the form set out in Schedule C (Form of Disbursement Offer/Acceptance).

 

"Dispute"
has the meaning given to it in Article 10.2 (Jurisdiction).

 

"Disruption
Event" means either or both of:

 

		(a)	a
                                         material disruption to those payment or communications systems or to those financial
                                         markets which are, in each case, required to operate in order for payments to be made
                                         in connection with the Finance Documents; or

 

		(b)	the
                                         occurrence of any other event which results in a disruption (of a technical or systems-related
                                         nature) to the treasury or payments operations of either the Bank or the Borrower, preventing
                                         that party from:

 

		(i)	performing
                                         its payment obligations under the Finance Documents; or

 

		(ii)	communicating
                                         with other parties in accordance with the terms of the Finance Documents,

 

and
which disruption (in either such case as per Paragraph (a) or (b) above) is not caused by, and is beyond the control of, the party
whose operations are disrupted.

 

    	 	 	10

     

    

 

 

"Drop Dead Fee"
has the meaning given to it in Article 2.9 (Drop Dead Fee).

 

"EBITDA" means,
in respect of any Relevant Period, the consolidated operating profit of the Group before taxation (excluding the results from discontinued
operations):

 

		(a)	before deducting any interest, commission, fees, discounts, prepayment fees, premiums or charges
and other finance payments whether paid, payable or capitalised by any Group Company (calculated on a consolidated basis) in respect
of that Relevant Period;

 

		(b)	not including any accrued interest owing to any Group Company;

 

		(c)	after adding back any amount attributable to the amortisation or depreciation of assets of members
of the Group;

 

		(d)	before taking into account any Exceptional Items;

 

		(e)	after deducting the amount of any profit (or adding back the amount of any loss) of any Group Company
which is attributable to minority interests;

 

		(f)	plus or minus the Group's share of the profits or losses (after finance costs and tax) of entities
which are not Group Companies;

 

		(g)	before taking into account any unrealised gains or losses on any financial instrument (other than
any derivative instrument which is accounted for on a hedge accounting basis);

 

		(h)	before taking into account any pension items; and

 

		(i)	before taking into account any gain arising from an upward revaluation of any asset,

 

in each case, to the extent
added, deducted or taken into account, as the case may be, for the purposes of determining operating profits of the Group before
taxation.

 

"Environment"
means the following, insofar as they affect human health or social well-being:

 

		(a)	fauna and flora;

 

		(b)	soil, water, air, climate and the landscape; and

 

		(c)	cultural heritage and the built environment,

 

and includes, without limitation,
occupational and community health and safety.

 

"Environmental
Approval" means any Authorisation required by Environmental Law.

 

"Environmental
Claim" means any claim, proceeding, formal notice or investigation by any person in respect of any Environmental
Law.

 

"Environmental
Law" means EU Law including principles and standards, and national laws and regulations, of which a principal objective
is the preservation, protection or improvement of the Environment.

 

"EU Directives"
means the directives of the European Union.

 

"EU
Law" means the acquis communautaire of the European Union as expressed
through the Treaties of the European Union, the regulations, the EU Directives, delegated acts, implementing acts, and the case
law of the Court of Justice of the European Union.

 

"EUR"
or "euro" means the lawful currency of the Member
States of the European Union which adopt or have adopted it as their currency in accordance with the relevant provisions of the
Treaty on European Union and the Treaty on the Functioning of the European Union or their succeeding treaties.

 

"EURIBOR"
has the meaning given to it in Schedule B (Definition
of EURIBOR).

 

"Event
of Default" means any of the circumstances, events or occurrences specified in Article 9 (Events
of Default).

 

"Exceptional Items"
means any material items of an unusual or non-recurring nature which represent gains or losses including those arising on:

 

    11

     

    

 

		(a)	the restructuring of the activities of an entity and reversals of any provisions for the cost of
restructuring;

 

		(b)	disposals, revaluations, write downs or impairment of non-current assets or any reversal of any
write down or impairment;

 

		(c)	disposals of assets associated with discontinued operations; and

 

		(d)	any other examples of “exceptional items” (as such term has the meaning attributed
to it in IFRS).

 

"Fee
Letter" means the letter from the Bank to the Borrower dated 8 May 2020.

 

"Final
Availability Date" means the day falling 36 months after the date of this Contract.

 

"Finance
Documents" means this Contract, any Guarantee Agreement, the Warrant Agreement, the Fee Letter and any other document
designated as a “Finance Document” by the Borrower and the Bank.

 

"Finance
Lease" means any lease or hire purchase contract which would, in accordance with IFRS in force prior to 1 January
2019, be treated as a finance or capital lease.

 

"Fixed
Rate" means:

 

		(a)	for Tranche A, 3% (three hundred basis points) per annum;

 

		(b)	for Tranche B, 3% (three hundred basis points) per annum; and

 

		(c)	for Tranche C, 5% (five hundred basis points) per annum.

 

"Fixed
Rate Tranche" means each of Tranche A, Tranche B and Tranche C.

 

"GAAP"
means generally accepted accounting principles in Denmark, including IFRS.

 

"GDPR" means General Data Protection
Regulation (EU) 2016/679.

 

"Group"
means the Group Companies, taken together as a whole.

 

"Group
Company" means the Borrower and its Subsidiaries.

 

"Guarantee
Agreement" means a guarantee and indemnity agreement in form and substance satisfactory to the Bank entered into
or to be entered into by a Guarantor as guarantor and the Bank as beneficiary.

 

"Guarantor"
means each Material Subsidiary which enters into a Guarantee Agreement in accordance with sub-paragraph (b) of Paragraph 18 (Guarantees)
of Schedule H (General Undertakings).

 

"Horizon
2020 Legal Basis" means the Regulation 1291/2013 of the European Parliament and of the Council of 11 December 2013
establishing Horizon 2020 and Council Decision of 3 December 2013 establishing the specific programme implementing Horizon 2020.

 

"IFRS"
means international accounting standards within the meaning of IAS Regulation 1606/2002 to the extent applicable to the relevant
financial statements.

 

"Indebtedness"
means any:

 

		(a)	obligations for borrowed money and debit balances at banks or other financial institutions;

 

		(b)	indebtedness under any acceptance credit;

 

		(c)	indebtedness under any bond, debenture, note or similar instrument;

 

		(d)	instrument under any bill of exchange;

 

		(e)	indebtedness in respect of any interest rate or currency swap or forward currency sale or purchase
or other form of interest or currency hedging transaction (including without limit caps, collars and floors);

 

		(f)	indebtedness under any Finance Lease;

 

		(g)	indebtedness (actual or contingent) under any guarantee, bond security, indemnity or other agreement;

 

    12

     

    

 

		(h)	indebtedness (actual or contingent) under any instrument entered into for the purpose of raising
finance;

 

		(i)	indebtedness in respect of a liability to reimburse a purchaser of any receivables sold or discounted
in the event that any amount of those receivables is not paid;

 

		(j)	indebtedness arising under a securitisation; or

 

		(k)	other transaction which has the commercial effect of borrowing.

 

"Intellectual
Property Rights" means intellectual property of every designation (including, without limitation, patents, utility
patents, copyrights, design rights, trademarks, service marks, business names, inventions and know how) (which may now or in the
future subsist) whether capable of registration or not, and the benefit of all applications and rights to use such assets of each
Group Company (which may now or in the future subsist).

 

"Investment"
has the meaning given to that term in Recital (A).

 

"Lead
Organisation" means the European Union, the United Nations and international standard setting organisations including
the International Monetary Fund, the Financial Stability Board, the Financial Action Task Force, the Organisation for Economic
Cooperation and Development and the Global Forum on Transparency and Exchange of Information for Tax Purposes and any successor
organisations.

 

"List
of Authorised Signatories and Accounts" means a list, in form and substance satisfactory to the Bank, signed by
an authorised signatory of the Borrower setting out: (i) the Authorised Signatories, accompanied by evidence of signing authority
of the persons named on the list (by way of board resolutions; or the articles of association and an online up-to-date transcript
from the Danish Business Authority in respect of the Borrower; or a power of attorney) and specifying if they have individual or
joint signing authority, (ii) the specimen signatures of the Authorised Signatories, and (iii) the bank account(s) to which disbursements
may be made under this Contract (specified by IBAN code if the country is included in the IBAN Registry published by SWIFT, or
in the appropriate account format in line with the local banking practice), BIC/SWIFT code of the bank and the name of the bank
account(s) beneficiary.

 

"Loan"
means the aggregate of the amounts disbursed from time to time by the Bank under this Contract.

 

"Loan
Outstanding" means the aggregate of the amounts disbursed from time to time by the Bank under this Contract that
remains outstanding.

 

"Material
Adverse Change" means, any event or change of condition, which, in the reasonable opinion of the Bank, has a material
adverse effect on:

 

		(a)	the ability of any Obligor to perform its respective obligations under the Finance Documents;

 

		(b)	the business, operations, assets, property, condition (financial or otherwise) or prospects of
any Obligor or the Group as a whole; or

 

		(c)	the legality, validity or enforceability of, or the effectiveness or ranking of, or the value of
any Security granted to the Bank, or the rights or remedies of the Bank under the Finance Documents.

 

"Material
Subsidiary" means any Subsidiary from time to time, whose gross revenues, total assets or EBITDA represents not
less than 5 % of (i) the consolidated gross revenues of the Group or, (ii) the Total Assets, or, (iii) as the case may be, the
consolidated EBITDA of the Group, as calculated based on the then latest consolidated audited accounts of the Group, provided that
if a Subsidiary is acquired after the end of the financial period to which the latest consolidated audited accounts relate, those
accounts shall be adjusted as if that Subsidiary had been shown in them by reference to its then latest consolidated audited accounts.

 

"Maturity
Date" means, for each Tranche, the last or sole Repayment Date of that Tranche as specified in the relevant Disbursement
Offer, being 6 (six) years from the Disbursement Date of the relevant Tranche.

 

    13

     

    

 

"Non-EIB
Financing" includes any loan (save for the Loan and any other direct loans from the Bank to the Borrower (or any
other Group Company) or the Guarantor), credit bond or other form of financial indebtedness or any obligation for the payment or
repayment of money originally granted to the Borrower (or any other Group Company) or the Guarantor) for a term of more than 3
(three) years.

 

"Obligor"
means the Borrower and any Guarantor.

 

"Payment
Date" means the annual dates specified in the Disbursement Offer until and including the Maturity Date, save that,
in case any such date is not a Relevant Business Day, it means the following Relevant Business Day, without adjustment to the interest
due under Article 4.1 (Fixed Rate Tranches) except for those cases where a payment is made as a single instalment in accordance
with Article 5.1.1 (Single instalment – Tranche A and Tranche B), and to the final interest payment only, when it
shall mean the preceding Relevant Business Day, with adjustment to the interest due under Article 4.1 (Fixed Rate Tranches).

 

"Permitted
Guarantees" means each and every guarantee permitted in accordance with Paragraph 18 (Guarantees) of
Schedule H (General Undertakings).

 

"Permitted
Hedging" has the meaning given to such term in Paragraph 19 (Hedging) of Schedule H (General Undertakings).

 

"Permitted
Indebtedness" means Indebtedness of the Borrower and/or any Group Company which is permitted in accordance with
Paragraph 17 (Indebtedness) of Schedule H (General Undertakings).

 

"Permitted
Security" means Security of the Borrower and/or any Group Company which is permitted in accordance with sub-paragraph
(c) of Paragraph 25 (Negative pledge) of Schedule H (General Undertakings).

 

"PIK
Interest Rate" means:

 

		(a)	for Tranche A, 4% (four hundred basis points);

 

		(b)	for Tranche B, 3% (three hundred basis points); and

 

		(c)	for Tranche C, 0% (no basis points).

 

"Prepayment
Amount" means the amount of a Tranche to be prepaid by the Borrower in accordance with Articles 5.2 (Voluntary
prepayment), 5.3 (Compulsory prepayment)
or 9.1 (Right to demand repayment).

 

"Prepayment
Date" means the date on which the Borrower proposes or is requested by the Bank, as applicable, to effect prepayment
of a Prepayment Amount.

 

"Prepayment
Event" means any of the events described in Article 5.3 (Compulsory
Prepayment).

 

"Prepayment
Fee" means, in relation to a Prepayment Amount in respect of a Tranche, a fee as follows:

 

		(a)	a fee o f[****] of the Prepayment Amount if the Prepayment Date is after the relevant Disbursement
Date but before or on the 1st anniversary of such Disbursement Date;

 

		(b)	a fee of [****] of the Prepayment Amount if the Prepayment Date is after the 1st anniversary of
such Disbursement Date but before or on the 2nd anniversary of such Disbursement Date;

 

		(c)	a fee of [****] of the Prepayment Amount if the Prepayment Date is after the 2nd anniversary of
such Disbursement Date but before the Maturity Date,

 

with such fee being payable
on the applicable Prepayment Date.

 

"Prepayment
Notice" means a written notice from the Bank to the Borrower in accordance with Article 5.2.3 (Prepayment
mechanics).

 

[****] This symbol identifies certain confidential information
contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

    14

     

    

 

"Prepayment
Request" means a written request from the Borrower to the Bank to prepay all or part of the Loan Outstanding, in
accordance with Article 5.2.1 (Prepayment option).

 

"Relevant
Business Day" means a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer payment
system which utilises a single shared platform and which was launched on 19 November 2007 (TARGET2) is open for the settlement
of payments in EUR.

 

"Relevant Period"
means each period of 12 (twelve) months ending on or about the last day of each financial year and each period of 12 (twelve) months
ending on or about the last day of each financial quarter.

 

"Repayment
Date" shall mean each Payment Date specified in the Disbursement Offer for the repayment of a Tranche in accordance
with Article 5.1 (Normal repayment).

 

"Repeating
Representations" means each of the representations set out in Schedule G (Representations
and Warranties) other than those Paragraphs thereof which are identified with the words "(Non-repeating)"
at the end of the Paragraphs.

 

"Security"
means any mortgage, pledge, lien, charge, assignment, hypothecation, or other security interest securing any obligation of any
person or any other agreement or arrangement having a similar effect.

 

"Senior
Management Change" means that any Senior Management Personnel has ceased to be actively involved in the management
of the Borrower without the Bank having given its prior written consent to such a change.

 

"Senior
Management Personnel" means each of Lars Staal, CEO; Thomas Bogenrieder, CMO; and Tom Wylonis, Chairman of the
Board.

 

"Subsidiary"
means an entity of which the Borrower has direct or indirect control or owns directly or indirectly more than 50% (fifty per cent)
of the voting capital or similar right of ownership and 'control' for this purpose means the power to direct the management and
the policies of the entity, whether through the ownership of voting capital, by contract or otherwise.

 

"Tax"
means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable
in connection with any failure to pay or any delay in paying any of the same).

 

"Technical
Description" has the meaning given to it in Recital (A).

 

"Total Assets"
means the total consolidated assets of the Group, as shown in the Borrower’s latest consolidated financial statements, as
at the end of any Relevant Period.

 

"Tranche"
means each disbursement made or to be made under this Contract consisting of Tranche A, Tranche B and Tranche C. In the event that
no Disbursement Acceptance has been received, Tranche shall mean a Tranche as offered under Article 2.2.2 (Disbursement
Offer).

 

"Tranche A"
means the first Tranche in the amount set out in paragraph (a) of Article 2.2.1 (Tranches), in relation to which a pro
rata share of the Warrants are granted to the bank in accordance with the Warrant Agreement, a Fixed Rate shall be paid in
accordance with Article 4.1 (Fixed Rate Tranches) and a PIK Interest Rate shall be paid in accordance with Article 4.2 (Payment
in Kind (PIK) Interest).

 

"Tranche B"
means the second Tranche in the amount set out in paragraph (b) of Article 2.2.1 (Tranches), in relation to which a pro
rata share of the Warrants are granted to the bank in accordance with the Warrant Agreement and a Fixed Rate shall be paid
in accordance with Article 4.1 (Fixed Rate Tranches) and a PIK Interest Rate shall be paid in accordance with Article 4.2
(Payment in Kind (PIK) Interest).

 

"Tranche C"
means the third Tranche in the amount set out in paragraph (c) of Article 2.2.1 (Tranches), in relation to which a pro
rata share of the Warrants are granted to the bank in accordance with the Warrant Agreement and a Fixed Rate shall be paid
in accordance with Article 4.1 (Fixed Rate Tranches).

 

    15

     

    

 

"Voluntary
Non-EIB Prepayment" means a voluntary prepayment by any Group Company or the Guarantor (for the avoidance of doubt,
prepayment shall include a repurchase, redemption or cancellation where applicable) of a part or the whole of any Non-EIB Financing
where:

 

		(a)	such prepayment is not made within a revolving credit facility (save for the cancellation of the
revolving credit facility); or

 

		(b)	such prepayment is not made out of the proceeds of a loan or other indebtedness having a term at
least equal to the unexpired term of the Non-EIB Financing prepaid.

 

"Warrant
Agreement" means a warrant agreement on terms satisfactory to the Bank to be entered into between the Borrower,
certain shareholders of the Borrower and the Bank, pursuant to which warrants over shares in the Borrower corresponding to 6% (six
per cent.) of the fully diluted share capital of the Borrower (at the time of signing this Contract) are to be granted free of
charge and fully vested to the Bank pro rata with the disbursement of each Tranche in accordance with Clause 1.3 therein,
whereby the Bank at any time is entitled to subscribe for shares in the Borrower by cash contribution on terms satisfactory to
the Bank to be set out in the warrant terms attached as schedule 1.1 thereto.

 

"Warrants"
has the meaning giving to it in the Warrant Agreement.

 

 

Article
2 

 

Credit and Disbursements

 

		2.1	Amount of Credit

 

By this Contract, the Bank establishes
in favour of the Borrower, and the Borrower accepts, a credit in an amount of EUR 20,000,000 (twenty million euro) for the financing
of the Investment to be divided into Tranche A, Tranche B and Tranche C (the "Credit").

 

		2.2	Disbursement procedure

 

		2.2.1	Tranches

 

The Bank shall disburse the
Credit in Euros in 3 (three) Tranches, as set out below:

 

		(a)	Tranche A, in an amount of EUR 7,000,000 (seven million euro);

 

		(b)	Tranche B, in an amount of EUR 6,000,000 (six million euro); and

 

		(c)	Tranche C, in an amount of EUR 7,000,000 (seven million euro).

 

Each Tranche can only be drawn
in full.

 

		2.2.2	Disbursement Offer

 

Upon request by the Borrower
and subject to Article 2.5 (Conditions of Disbursement), provided that no event mentioned in sub-paragraph (b) of Article 2.6
(Cancellation) has occurred and is continuing, the Bank shall send to the Borrower a Disbursement Offer for the disbursement
of a Tranche. The latest time for receipt by the Borrower of a Disbursement Offer is 10 (ten) days before the Final Availability
Date. The Disbursement Offer shall specify:

 

		(a)	the Tranche to be disbursed;

 

		(b)	the amount of the Tranche;

 

		(c)	the Disbursement Date, which shall be a Relevant Business Day, falling at least 10 (ten) days after
the date of the Disbursement Offer and on or before the Final Availability Date;

 

		(d)	the interest rate basis of the Tranche, namely:

 

		(i)	the Fixed Rate applicable to such Tranche;

 

		(ii)	the PIK Interest Rate applicable to such Tranche (in respect of Tranche A and Tranche B); and

 

    16

     

    

 

		(iii)	the Payment Dates and interest periods;

 

		(e)	the terms and frequency for repayment of principal (bullet in respect of Tranche A and Tranche
B and annual instalments in respect of Tranche C);

 

		(f)	first Repayment Date and the Maturity Date;

 

		(g)	the Disbursement Acceptance Deadline; and

 

		(h)	the relevant number of Warrants to be granted in relation to the Tranche.

 

		2.2.3	Disbursement Acceptance

 

		(a)	The Borrower may accept a Disbursement Offer by delivering a Disbursement Acceptance to the Bank
no later than the Disbursement Acceptance Deadline. The Disbursement Acceptance shall be signed by an Authorised Signatory with
individual representation rights or 2 (two) or more Authorised Signatories with joint representation right and shall specify the
Disbursement Account to which disbursement of the Tranche should be made in accordance with Article 2.3 (Disbursement
Account) and as set out in the most recent List of Authorised Signatories and Accounts.

 

		(b)	If a Disbursement Offer is duly accepted by the Borrower in accordance with its terms on or before
the Disbursement Acceptance Deadline, and provided the conditions in Article 2.5.3 (All Tranches – Other Conditions)
are met, the Bank shall make the Accepted Tranche available to the Borrower in accordance with the relevant Disbursement Offer
and subject to the terms and conditions of this Contract.

 

		(c)	The Borrower shall be deemed to have refused any Disbursement Offer which has not been duly accepted
in accordance with its terms on or before the Disbursement Acceptance Deadline, in which case the Tranche shall not be made available
to the Borrower by the Bank, and the Credit shall not be affected.

 

		2.3	Disbursement Account

 

		(a)	Disbursement shall be made to the Disbursement Account specified in the relevant Disbursement Acceptance,
provided that such Disbursement Account is acceptable to the Bank in accordance with Paragraph (d) of Article 6.2 (Time and
place of payment).

 

		(b)	Only one Disbursement Account may be specified for each Tranche.

 

		2.4	Currency of disbursement

 

The Bank shall disburse each
Tranche in EUR.

 

		2.5	Conditions of Disbursement

 

		2.5.1	Initial Documentary Conditions Precedent

 

Subject to Article 2.5.2 (All
Tranches – Documentary Conditions Precedent) below, no Disbursement Offer will be provided by the Bank under this Contract
unless the Bank has confirmed that it has received all of the documents and other evidence listed in Part A of Schedule F (Initial
Documentary Conditions Precedent) in form and substance satisfactory to it.

 

		2.5.2	All Tranches – Documentary Conditions Precedent

 

Subject to Article 2.5.1 (Initial
Documentary Conditions Precedent) above, no Disbursement Offer, including the first Disbursement Offer, will be provided by
the Bank under this Contract unless the Bank has confirmed that it has received, in form and substance satisfactory to it:

 

		(a)	a certificate from the Borrower in the form of Schedule D (Form of Drawdown Certificate),
signed by an authorised signatory of the Borrower and dated no earlier than the date falling 14 (fourteen) days before the Disbursement
Date;

 

[****] This symbol identifies certain confidential information
contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

    17

     

    

 

		(b)	[****]

 

		(c)	A certificate of the Borrower signed by two of its directors (one of whom shall be the chief financial
officer) which confirms that the Borrower has sufficient resources to pay its debts as they fall due for a period of at least [****]
months from the Disbursement Date not taking into account the disbursement of the proposed Tranche, together with an up-to-date
transcript from the Danish Business Authority in respect of the Borrower showing the status of the Borrower registered as "normal"
with no adverse registrations against it.

 

		2.5.3	All Tranches – Other Conditions

 

The Bank will only be obliged
to make any Accepted Tranche available to the Borrower if on the Disbursement Date for the proposed Tranche:

 

		(a)	the Repeating Representations are correct in all respects;

 

		(b)	no Default is continuing; and

 

		(c)	no event or circumstance has occurred and is continuing which constitutes or would with the expiry
of a grace period and/or the giving of notice under this Contract constitute a Prepayment Event other than pursuant to Article 5.3.1
(Cost Reduction),

 

or would, in each case, result
from the disbursement of the proposed Tranche.

 

		2.5.4	Tranche A – Additional Conditions Precedent

 

Without prejudice to the generality
of Articles 2.5.1 (Initial Documentary Conditions Precedent) to 2.5.3 (All Tranches – Other Conditions), no
Disbursement Offer will be provided by the Bank under this Contract in respect of Tranche A unless the Bank has confirmed that
it has received in form and substance satisfactory to it:

 

		(a)	evidence that the Borrower has received, by way of equity capital increase, gross proceeds in the
aggregate amount of at least EUR 5,000,000 (or its equivalent), paid-in in full and duly registered with the Danish Business Authority.

 

		2.5.5	Tranche B – Additional Conditions Precedent

 

Without prejudice to the generality
of Articles 2.5.1 (Initial Documentary Conditions Precedent) to 2.5.3 (All Tranches – Other Conditions), no
Disbursement Offer will be provided by the Bank under this Contract in respect of Tranche B unless the Bank has confirmed that
it has received in form and substance satisfactory to it or is satisfied with (as applicable):

 

		(a)	Tranche A has been disbursed;

 

		(b)	evidence that the Borrower has received, by way of equity capital increase, grants or non-dilutive financing, gross proceeds
in the aggregate amount of at least EUR 10,000,000 (or its equivalent), subject to the condition that grants and non-dilutive financing
will not exceed EUR 8,000,000 (or its equivalent);

 

		(c)	evidence that EVX01 has started Phase II or EVX02 has started Phase I/II; and

 

		(d)	evidence that an infectious disease program (EVXB1or EVXB2) has started Phase I.

 

		2.5.6	Tranche C – Additional Conditions Precedent

 

Without prejudice to the generality
of Articles 2.5.1 (Initial Documentary Conditions Precedent) to 2.5.3 (All Tranches – Other Conditions), no
Disbursement Offer will be provided by the Bank under this Contract in respect of Tranche C unless the Bank has confirmed that
it has received in form and substance satisfactory to it or is satisfied with (as applicable):

 

		(a)	each of Tranche A and Tranche B has been disbursed;

 

[****] This symbol identifies certain confidential information
contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

    18

     

    

 

		(b)	evidence that the Borrower has received, by way of equity capital increase, grants, non-dilutive financing or licensing agreement,
gross proceeds in the aggregate amount of at least EUR 25,000,000 (or its equivalent), subject to the condition that grants and
non-dilutive financing under sub-paragraph (b) of Article 2.5.5 (Tranche B – Additional Conditions Precedent) above
and this sub-paragraph (b) will not exceed in aggregate EUR 8,000,000 (or its equivalent);

 

		(c)	evidence that at least two of EVXB1, EVXB2 or other infectious disease related program have started
Phase I; and

 

		(d)	evidence that the Borrower has spent EUR 20,000,000 on infectious disease programs.

 

		2.6	Cancellation

 

		(a)	The Borrower may send a written notice to the Bank requesting the cancellation of the undisbursed
portion of the Credit. The written notice:

 

		(i)	must specify whether the Borrower would like to cancel the undisbursed portion of the Credit in
whole or in part and, if in part, the amount of the Credit the Borrower would like to cancel; and

 

		(ii)	must not relate to an Accepted Tranche which has a Disbursement Date falling within 5 (five) Business
Days of the date of the written notice.

 

Upon receipt of such written
notice, the Bank shall cancel the requested undisbursed portion of the Credit with immediate effect.

 

		(b)	At any time upon the occurrence of the following events, the Bank may notify the Borrower in writing
that the undisbursed portion of the Credit shall be cancelled in whole or in part:

 

		(i)	a Prepayment Event, which for the avoidance of doubt and only in case of event pursuant to Article
5.3.1 (Cost reduction), by an amount equal to the amount by which it is entitled to cancel the Credit;

 

		(ii)	an Event of Default; or

 

		(iii)	an event or circumstance which would with the passage of time or giving of notice under this Contract
constitute a Prepayment Event other than pursuant to Article 5.3.1 (Cost
reduction) or an Event of Default.

 

On the date of such written
notification the relevant undisbursed portion of the Credit shall be cancelled with immediate effect.

 

		2.7	Fee for cancellation of an Accepted Tranche

 

		(a)	If pursuant to sub-paragraph (a) of Article 2.6 (Cancellation) the Borrower cancels
an Accepted Tranche, the Borrower shall pay to the Bank the Cancellation Fee.

 

		(b)	If pursuant to sub-paragraph (b) of Article 2.6 (Cancellation) the Bank cancels all or part
of an Accepted Tranche, the Borrower shall pay to the Bank the Cancellation Fee.

 

		(c)	If an Accepted Tranche is not disbursed on the Disbursement Date because the conditions precedent
set out in Article 2.5.3 (All Tranches –
Other Conditions) are not satisfied on such date, such Tranche shall be cancelled and the Borrower shall pay to the
Bank the relevant Cancellation Fee.

 

		2.8	Cancellation after expiry of the Credit

 

On the day following the Final
Availability Date, and unless otherwise specifically agreed to in writing by the Bank, any part of the Credit in respect of which
no Disbursement Acceptance has been received in accordance with Article 2.2.3 (Disbursement Acceptance) shall be automatically
cancelled, without any notice being served by the Bank to the Borrower.

 

    19

     

    

 

		2.9	Drop Dead Fee

 

If no Disbursement is made within
12 (twelve) months of the date of this Contract, a drop dead fee of 1% (100 basis points) of the Credit (the "Drop Dead
Fee") shall be payable by the Borrower to the Bank within 15 (fifteen) days of the Borrower's receipt of the Bank's demand
or within any longer period specified in the Bank's demand.

 

		2.10	Sums due under Article 2

 

Sums due under Article 2.6
(Cancellation) shall be payable in
EUR. Sums due under Article 2.6 (Cancellation)
shall be payable within [****] days of the Borrower's receipt of the Bank's demand or within any longer period specified in the
Bank's demand.

 

Article
3 

 

The Loan

 

		3.1	Amount of Loan

 

The Loan shall comprise the
aggregate amount of Tranches disbursed by the Bank under the Credit.

 

		3.2	Currency of repayment, interest and other charges

 

		(a)	Interest, repayments and other charges payable in respect of each Tranche shall be made by the
Borrower in EUR.

 

		(b)	Any other payment shall be made in the currency specified by the Bank having regard to the currency
of the expenditure to be reimbursed by means of that payment.

 

		3.3	Confirmation by the Bank

 

The Bank shall deliver to the
Borrower the amortisation table referred to in Article 5.1.2, if any, showing in accordance with the provisions of this Contract
the Disbursement Date, the currency, the amount disbursed, the repayment terms and the interest rate for the Tranche C, not later
than 10 (ten) calendar days after the Disbursement Date for such Tranche.

 

Article
4 

 

Interest

 

		4.1	Fixed Rate Tranches

 

The Borrower shall pay interest
on the outstanding balance of each Tranche A, Tranche B and Tranche C at the respective Fixed Rate annually in arrears on the relevant
Payment Dates specified in the Disbursement Offer, and calculated on the basis of Article 6.1 (Day
count convention). If the period from the Disbursement Date to the first Payment Date is 15 (fifteen) days or less then
the payment of interest accrued during such period shall be postponed to the following Payment Date.

 

		4.2	Payment in Kind (PIK) Interest

 

In addition to interest payable
pursuant to Article 4.1 (Fixed Rate Tranches) above, interest shall accrue on the outstanding balance of each of Tranche
A and Tranche B at the respective PIK Interest Rate, and be calculated on the basis of Article 6.1 (Day
count convention). Such interest shall be capitalised annually and added to the outstanding principal amount of the
Loan. Any such accrued interest shall, after being so capitalised, be treated as part of the

 

[****] This symbol identifies certain confidential information
contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

    20

     

    

 

 

principal amount of that Loan,
shall bear all interest in accordance with this Article 4 (Interest) and shall be payable on the Maturity Date of such Tranche
or, where a Tranche is prepaid, on the Prepayment Date.

 

	4.3	[****] 

 

	4.4	Interest on overdue sums

 

Without prejudice to Article
9 (Events of default) and by way of exception to Article 4.1 (Fixed Rate Tranches), if the Borrower fails to
pay any amount payable by it under the Finance Documents on its due date, interest shall accrue on any such overdue amount from
the due date to the date of actual payment at an annual rate equal to:

 

		(a)	for overdue sums related to a Tranche, the higher of (a) the applicable Fixed Rate and PIK Interest
Rate plus 2% (200 basis points) or (b) EURIBOR plus 2% (200 basis points);

 

		(b)	for overdue sums other than under sub-paragraph (a) of this Article 4.4 (Interest on overdue
sums) above, EURIBOR plus 2% (200 basis points),

 

and shall be payable in accordance
with the demand of the Bank. For the purpose of determining EURIBOR in relation to this Article 4.4 (Interest on overdue
sums), the relevant periods within the meaning of Schedule B (Definition of EURIBOR) shall be successive periods of
one month commencing on the due date.

 

If the overdue sum is in a currency
other than the currency of the Loan, the relevant interbank rate that is generally retained by the Bank for transactions in that
currency plus 2% (200 basis points) shall apply, calculated in accordance with the market practice for such rate.

 

 Article 5 

 

Repayment

 

	5.1	Normal repayment

 

	5.1.1	Single instalment – Tranche A and Tranche B

 

The Borrower shall repay each
of Tranche A and Tranche B, together with all other amounts outstanding under this Contract in relation to that Tranche, in a single
instalment on the Maturity Date of that Tranche.

 

	5.1.2	Repayment by instalments – Tranche C

 

		(a)	The Borrower shall repay Tranche C by annual equal instalments of principal together with all other
amounts outstanding under this Contract in relation to Tranche C on the Repayment Dates specified in the relevant Disbursement
Offer in accordance with the terms of the amortisation table delivered pursuant to Article 3.3 (Confirmation by the Bank).

 

		(b)	The amortisation table shall be drawn up on the basis that:

 

		(i)	repayment shall be made annually by equal instalments of principal;

 

		(ii)	the first Repayment Date of the Tranche C shall fall not earlier than 30 (thirty) days from the
Disbursement Date and not later than 2 (two) years from the Disbursement Date of the Tranche C; and

 

		(iii)	the last Repayment Date of the Tranche C shall fall not earlier than 4 (four) years and not later
than 6 (six) years from the Disbursement Date.

 

[****] This symbol identifies certain confidential information
contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

    21

     

    

 

	5.2	Voluntary prepayment

 

	5.2.1	Prepayment option

 

		(a)	Subject to Articles 5.2.2 (Prepayment Fee) and 5.4 (General),
the Borrower may prepay all or part of any Tranche, together with accrued interest (including any interest under Article 4.2 (Payment
in Kind (PIK) Interest)), any Prepayment Fee and indemnities if any, upon giving a Prepayment Request with at
least [****] prior notice specifying:

 

		(i)	the Prepayment Amount;

 

		(ii)	the Prepayment Date;

 

		(iii)	if applicable, the choice of application method of the Prepayment Amount in line with sub-paragraph
(a)(i) of Article 6.5.3 (Allocation of sums related to Tranches); and

 

		(iv)	the Contract Number.

 

		(b)	The Prepayment Request shall be irrevocable.

 

	5.2.2	Prepayment Fee

 

If the Borrower prepays a Tranche,
the Borrower shall pay the relevant Prepayment Fee on the Prepayment Date.

 

	5.2.3	Prepayment mechanics

 

Upon presentation by the Borrower
to the Bank of a Prepayment Request, the Bank shall issue a Prepayment Notice to the Borrower, not later than [****] days prior
to the Prepayment Date. The Prepayment Notice shall specify the Prepayment Amount, the accrued interest due thereon, the Prepayment
Fee and the method of application of the Prepayment Amount. If the Prepayment Notice specifies Prepayment Fee, it shall also specify
the deadline by which the Borrower may accept the Prepayment Notice, and the Borrower must accept the Prepayment Notice no later
than such deadline as a condition to prepayment.

 

The Borrower shall make a prepayment
in accordance with the Prepayment Notice and shall accompany the prepayment by the payment of accrued interest (including any interest
under Article 4.2 (Payment in Kind (PIK)
Interest)) and Prepayment Fee or indemnity, if any, due on the Prepayment Amount, as specified in the Prepayment Notice, and shall
identify the Contract Number in the prepayment transfer.

 

	5.3	Compulsory prepayment

 

	5.3.1	Cost Reduction

 

If the total cost of the Investment
at completion by the final date specified in the Technical Description falls below the figure stated in Recital (A) so that
the amount of the Credit exceeds 50% (fifty per cent.) of such total cost, the Bank may forthwith, by notice to the Borrower, cancel
the undisbursed portion of the Credit and/or demand prepayment of the Loan Outstanding up to the amount by which the Credit exceeds
50% (fifty per cent.) of the total cost of the Investment.

 

	5.3.2	Change Events

 

The Borrower shall promptly
inform the Bank if:

 

		(a)	a Change-of-Control Event has occurred or is likely to occur in respect of itself or a Guarantor;

 

		(b)	there is or is likely to be an enactment, promulgation, execution or ratification of or any change
in or amendment to any law, rule or regulation (or in the application or official interpretation of any law, rule or regulation)
that occurs or is likely to occur after the date of this Contract and which, in the opinion of the Borrower, would impair an
Obligor's ability to perform its obligations under the Finance Documents; or

 

[****] This symbol identifies certain confidential
information contained in this document that has been omitted because it is both (i) not material and (ii) would be
competitively harmful if publicly disclosed. 

 

    22

     

    

 

		(c)	a Senior Management Change has occurred or is likely to occur.

 

In such case, or if the Bank
has reasonable cause to believe that a Change-of-Control Event, a Change-of-Law Event or a Senior Management Change has occurred
or is likely to occur, the Borrower shall, on request of the Bank, consult with the Bank as to the impact of such event. If 30
(thirty) days have passed since the date of such request and the Bank is of the reasonable opinion that the effects of such event
cannot be mitigated to its satisfaction, or in any event if a Change-of-Control Event, Change-of-Law Event or Senior Management
Change has actually occurred, the Bank may by notice to the Borrower, cancel the undisbursed portion of the Credit and/or demand
prepayment of the Loan Outstanding, together with accrued interest and all other amounts accrued or outstanding under this Contract.

 

	5.3.3	Illegality

 

If it becomes unlawful in any
applicable jurisdiction for the Bank to perform any of its obligations as contemplated in this Contract or to fund or maintain
the Loan, the Bank shall promptly notify the Borrower and may immediately cancel the undisbursed portion of the Credit and/or demand
prepayment of the Loan Outstanding, together with accrued interest and all other amounts accrued or outstanding under this Contract.

 

	5.3.4	Disposals

 

If the Borrower disposes of
assets forming part of the Investment or shares in subsidiaries holding assets forming part of the Investment, without the approval
of the Bank, the Borrower shall apply all proceeds of such disposal to prepay the Loan Outstanding (in part or in whole), together
with accrued interest, promptly following receipt of such proceeds in accordance with sub-paragraph (b) of Paragraph 9 (Disposal
of assets) of Schedule H (General Undertakings).

 

	5.3.5	Pari Passu to Non-EIB Financing

 

If:

 

		(a)	a Voluntary Non-EIB Prepayment has occurred; or

 

		(b)	(i) a Voluntary Non-EIB Prepayment is likely to occur and (ii) the Bank has requested a consultation
in respect of such Voluntary Non-EIB Prepayment and at least 30 (thirty) days have passed since the date of such request,

 

the Bank may, by notice to the
Borrower, cancel the undisbursed portion of the Credit and demand prepayment of the Loan Outstanding, together with accrued interest
and all other amounts accrued or outstanding under this Contract, provided that proportion of the Loan that the Bank may require
to be prepaid shall be the same as the proportion that the prepaid amount of the Non-EIB Financing bears to the aggregate amount
of all Non-EIB Financing.

 

	5.3.6	Prepayment Fee

 

In the case of a Prepayment
Event in relation to a Tranche, the Borrower shall pay the relevant Prepayment Fee.

 

	5.3.7	Prepayment mechanics

 

Any sum demanded by the Bank
pursuant to Articles 5.3.1 (Cost Reduction) to 5.3.3 (Illegality) shall be paid on the date indicated by the Bank
in its notice of demand, such date being a date falling not less than 30 (thirty) days from the date of the demand (or, if earlier,
the last day of any applicable grace period permitted by law in respect of the event in Article 5.3.3 (Illegality)).

 

	5.4	General

 

		(a)	A repaid or prepaid amount may not be reborrowed.

 

    23

     

    

 

		(b)	If the Borrower prepays a Tranche on a date other than a relevant Payment Date, or if the Bank
exceptionally accepts, solely upon the Bank’s discretion, a Prepayment Request with prior notice of less than 30 (thirty)
calendar days, the Borrower shall pay to the Bank an administrative fee in such an amount as the Bank shall notify to the Borrower.

 

 Article 6 

 

Payments

 

	6.1	Day count convention

 

Any amount due under this Contract
and calculated in respect of a fraction of a year shall be determined based on a year of 360 (three hundred and sixty) days and
a month of 30 (thirty) days.

 

	6.2	Time and place of payment

 

		(a)	If neither this Contract nor the Bank's demand specifies a due date, all sums other than sums of
interest, indemnity and principal are payable within 15 (fifteen) days of the Borrower's receipt of the Bank's demand.

 

		(b)	Each sum payable by the Borrower under this Contract shall be paid to the following account:

 

	 	 	Bank:                                      [****]
	 	 	City:
	 	 	Account number:
	 	 	SWIFT Code/BIC:
	 	 	Remark:

 

or such
other account notified by the Bank to the Borrower from time to time.

 

		(c)	The Borrower shall provide the Contract Number as a reference for each payment made under this
Contract.

 

		(d)	Any disbursements by and payments to the Bank under this Contract shall be made using account(s)
acceptable to the Bank. Any account in the name of the Borrower held with a duly authorised financial institution in the jurisdiction
where the Borrower is incorporated or where the Investment is undertaken is deemed acceptable to the Bank.

 

	6.3	No set-off by the Borrower

 

All payments to be made by the
Borrower under this Contract shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.

 

	6.4	Disruption to Payment Systems

 

If either the Bank determines
(in its discretion) that a Disruption Event has occurred or the Bank is notified by the Borrower that a Disruption Event has occurred:

 

		(a)	the Bank may, and shall if requested to do so by the Borrower, consult with the Borrower with a
view to agreeing with the Borrower such changes to the operation or administration of the Finance Documents as the Bank may deem
necessary in the circumstances;

 

		(b)	the Bank shall not be obliged to consult with the Borrower in relation to any changes mentioned
in sub-paragraph (a) of this Article 6.4 (Disruption to Payment Systems)

 

[****] This symbol identifies certain confidential information
contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

    24

     

    

 

above if, in its opinion, it
is not practicable to do so in the circumstances and, in any event, shall have no obligation to agree to such changes; and

 

		(c)	the Bank shall not be liable for any damages, costs or losses whatsoever arising as a result of
a Disruption Event or for taking or not taking any action pursuant to or in connection with this Article 6.4 (Disruption
to Payment Systems).

 

	6.5	Application of sums received

 

	6.5.1	General

 

Sums received by the Bank from
the Borrower shall only discharge its payment obligations under the Finance Documents if and when received in accordance with the
terms of the Finance Documents.

 

	6.5.2	Partial payments

 

If the Bank receives a payment
that is insufficient to discharge all the amounts then due and payable by the Borrower under the Finance Documents, the Bank shall
apply that payment in or towards payment of:

 

		(a)	first, any unpaid fees, costs, indemnities and expenses due under the Finance Documents;

 

		(b)	secondly, any accrued interest due but unpaid under this Contract;

 

		(c)	thirdly, any principal due but unpaid under this Contract; and

 

		(d)	fourthly, any other sum due but unpaid under the Finance Documents.

 

		6.5.3	Allocation of sums related to Tranches

 

		(a)	In case of:

 

		(i)	a partial voluntary prepayment of a Tranche that is subject to a repayment in several instalments,
the Prepayment Amount shall be applied pro rata to each outstanding instalment, or, at the request of the Borrower, in inverse
order of maturity; and

 

		(ii)	a partial compulsory prepayment of a Tranche that is subject to a repayment in several instalments,
the amount prepaid shall be applied in reduction of the outstanding instalments in inverse order of maturity.

 

		(b)	Sums received by the Bank following a demand under Article 9.1 (Right to demand repayment)
and applied to a Tranche, shall reduce the outstanding instalments in inverse order of maturity. The Bank may apply sums received
between Tranches at its discretion.

 

		(c)	In case of receipt of sums which cannot be identified as applicable to a specific Tranche, and
on which there is no agreement between the Bank and the Borrower on their application, the Bank may apply these between Tranches
at its discretion.

 

 Article 7 

 

Borrower undertakings and representations

 

		(a)	The Borrower makes the representations and warranties set out in Schedule G (Representations
and Warranties) to the Bank on the date of this Contract in respect of itself and, where applicable, the other Obligors.

 

		(b)	The Repeating Representations are deemed to be made by the Borrower (in respect of itself and,
where applicable, the other Obligors) on the date of each Disbursement Acceptance, each Disbursement Date and each Payment Date
by reference to the facts and circumstances then existing.

 

    25

     

    

 

		(c)	The undertakings in Schedule H (General
Undertakings) and Schedule I (Information
and Visits) remain in force from the date of this Contract for so long as any amount is outstanding under the Finance
Documents or the Credit is available.

 

 Article 8 

 

Charges and expenses

 

		8.1	Taxes, duties and fees

 

		(a)	The Borrower shall pay all Taxes, duties, fees (including legal fees) and other impositions of
whatsoever nature, including stamp duty and registration fees, arising out of the execution or implementation of each Finance Document
or any related document and in the creation, perfection, registration or enforcement of any security for the Loan to the extent
applicable.

 

		(b)	The Borrower shall pay all principal, interest, indemnities and other amounts due under the Finance
Documents gross without any withholding or deduction of any national or local impositions whatsoever, provided that if the Borrower
is required by law or an agreement with a governmental authority or otherwise to make any such withholding or deduction, it will
gross up the payment to the Bank so that after withholding or deduction, the net amount received by the Bank is equivalent to the
sum due.

 

		8.2	Other charges

 

The Borrower shall bear all
charges and expenses, including professional, banking or exchange charges incurred by the Bank in connection with the preparation,
execution, implementation, enforcement, preservation of any rights under and termination of the Finance Documents (including, but
not limited to, any Guarantee Agreement entered into pursuant to Paragraph 18 (Guarantees) of Schedule H (General Undertakings))
or any related document, any amendment, supplement, consent or waiver in respect of the Finance Documents or any related document,
and in the amendment, creation, management, enforcement and realisation of any security for the Loan.

 

		8.3	Increased costs, indemnity and set-off

 

		(a)	The Borrower shall pay to the Bank any costs or expenses incurred or suffered by the Bank as a
consequence of the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation
or compliance with any law or regulation which occurs after the date of this Contract, in accordance with or as a result of which
(i) the Bank is obliged to incur additional costs in order to fund or perform its obligations under this Contract, or (ii) any
amount owed to the Bank under this Contract or the financial income resulting from the granting of the Credit or the Loan by the
Bank to the Borrower is reduced or eliminated, except to the extent any such costs or expense are attributable to the wilful breach
by the Bank of any law or regulation.

 

		(b)	Without prejudice to any other rights of the Bank under this Contract or under any applicable law,
the Borrower shall indemnify and hold the Bank harmless from and against any loss incurred as a result of any full or partial discharge
that takes place in a manner other than as expressly set out in this Contract.

 

		(c)	The Bank may set off any matured obligation due from the Borrower under each Finance Document (to
the extent beneficially owned by the Bank) against any obligation (whether or not matured) owed by the Bank to the Borrower regardless
of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Bank
may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. If either
obligation is unliquidated or unascertained, the Bank may set off in an amount estimated by it in good faith to be the amount of
that obligation.

 

    26

     

    

 

 Article 9

  

Events of default

 

		9.1	Right to demand repayment

 

The Bank may demand (in writing)
without prior notice or any judicial or extra judicial step immediate repayment by the Borrower of all or part of the Loan Outstanding
(as requested by the Bank), together with accrued interest, any Prepayment Fee and all other accrued or outstanding amounts under
this Contract, if:

 

		(a)	any amount payable pursuant to any Finance Document is not paid on the due date at the place and
in the currency in which it is expressed to be payable, unless (i) its failure to pay is caused by an administrative or technical
error or a Disruption Event and (ii) payment is made within [****] Business Days of its due date;

 

		(b)	any information or document given to the Bank by or on behalf of any Obligor or any representation,
warranty or statement made or deemed to be made by the Borrower in any Finance Document, pursuant to any Finance Document or for
the purposes of entering into any Finance Document is or proves to have been incorrect, incomplete or misleading in any material
respect;

 

		(c)	following any default of any Obligor in relation to any loan, or any obligation arising out of
any financial transaction, other than the Loan,

 

		(i)	such Obligor is required or is capable of being required or will, following expiry of any applicable
contractual grace period, be required or be capable of being required to prepay, discharge, close out or terminate ahead of maturity
such other loan or obligation; or

 

		(ii)	any financial commitment for such other loan or obligation is cancelled or suspended; and

 

		(iii)	such other loans or obligations or commitments falling under sub-paragraphs (i) and/or (ii)
above are in an aggregate principal amount in excess of EUR 100,000 euro or its equivalent in any other currency or currencies;

 

		(d)	any Obligor is unable to pay its debts as they fall due, or suspends its debts, or makes or seeks
to make a composition with its creditors including a moratorium, or commences negotiations with one or more of its creditors with
a view to rescheduling any of its financial indebtedness;

 

		(e)	any corporate action, legal proceedings or other procedure or step is taken in relation to the
suspension of payments, a moratorium of any indebtedness, dissolution, administration or reorganisation (by way of voluntary arrangement,
scheme of arrangement or otherwise) or an order is made or an effective resolution is passed for the winding up of any Obligor,
or if any Obligor takes steps towards a substantial reduction in its capital, is declared insolvent or ceases or resolves to cease
to carry on the whole or any substantial part of its business or activities or any situation similar to any of the above occurs
under any applicable law;

 

		(f)	an encumbrancer takes possession of, or a receiver, liquidator, administrator, administrative receiver
or similar officer is appointed, whether by a court of competent jurisdiction or by any competent administrative authority or by
any person, of or over, any part of the business or assets of any Obligor or any property forming part of the Investment;

 

		(g)	any Obligor defaults in the performance of any obligation in respect of any other loan granted
by the Bank or financial instrument entered into with the Bank;

 

		(h)	any Obligor defaults in the performance of any obligation in respect of any other loan made to
it from the resources of the Bank or the European Union;

 

[****] This symbol identifies certain confidential information
contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

    27

     

    

 

		(i)	any distress, execution, sequestration or other process is levied or enforced upon the assets or
property of any Obligor or any property forming part of the Investment and is not discharged or stayed within [****] days;

 

		(j)	a Material Adverse Change occurs, as compared with the position at the date of this Contract;

 

		(k)	it is or becomes unlawful for any Obligor to perform any of its obligations under the Finance Documents,
any obligation or obligations of any Obligor under any Finance Document are not or cease to be legal, valid, binding or enforceable
and the cessation individually or cumulatively adversely affects the interest of the Bank under the Finance Documents, or any Finance
Document is not or cease to be effective in accordance with its terms or is alleged by any Obligor to be ineffective in accordance
with its terms;

 

		(l)	the auditor of the Borrower qualifies the audited annual financial statements of the Borrower on
grounds of the Group being unable to continue its business as going concern or in a manner which would result in a Material Adverse
Change or would reasonably be expected to result in a Material Adverse Change;

 

		(m)	any material change occur to any aspect of the Investment which, in the reasonable opinion of the
Bank, adversely affects the interest of the Bank under the Finance Documents, or the Borrower fails to comply with any of its obligation
in respect of the Investment set out in this Contract; or

 

		(n)	any Obligor fails to comply with any other provision under the Finance Documents (including, without
limitation, each of the undertakings in Schedule H (General Undertakings) and Schedule I (Information and Visits)),
unless the non-compliance or circumstance giving rise to the non-compliance is capable of remedy and is remedied within 20 (twenty)
Business Days from the earlier of the Borrower becoming aware of the non-compliance and a notice served by the Bank on the Borrower.

 

		9.2	Other rights at law

 

Article 9.1 (Right
to demand repayment) shall not restrict any other right of the Bank at law to require prepayment of the Loan Outstanding.

 

		9.3	Prepayment Fee

 

In case of demand under Article 9.1
(Right to demand repayment), the Borrower shall pay the Bank the amount demanded together with the relevant Prepayment Fee.

 

		9.4	Non-Waiver

 

No failure or delay or single
or partial exercise by the Bank in exercising any of its rights or remedies under this Contract shall be construed as a waiver
of such right or remedy. The rights and remedies provided in this Contract are cumulative and not exclusive of any rights or remedies
provided by law.

 

 Article 10 

 

Law and jurisdiction, miscellaneous

 

		10.1	Governing Law

 

This Contract and any non-contractual
obligations arising out of or in connection with it shall be governed by Danish law, without regard to its choice of law provisions.

 

[****] This symbol identifies certain confidential information
contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

    28

     

    

 

Jurisdiction

 

		(a)	The Courts of Denmark have exclusive jurisdiction to settle any dispute (a "Dispute")
arising out of or in connection with this Contract (including a dispute regarding the existence, validity or termination of this
Contract or the consequences of its nullity) or any non-contractual obligation arising out of or in connection with this Contract.

 

		(b)	The parties agree that the Courts of Denmark are the most appropriate and convenient courts to
settle Disputes between them and, accordingly, that they will not argue to the contrary.

 

		(c)	This Article 10.2 (Jurisdiction) is for the benefit of the Bank only. As a result and
notwithstanding sub-paragraph (a) above, it does not prevent the Bank from taking proceedings relating to a Dispute in any other
courts with jurisdiction. To the extent allowed by law, the Bank may take concurrent proceedings in any number of jurisdictions.

 

		10.2	Place of performance

 

Unless otherwise specifically
agreed by the Bank in writing, the place of performance under this Contract shall be the seat of the Bank.

 

		10.3	Evidence of sums due

 

In any legal action arising
out of this Contract the certificate of the Bank as to any amount or rate due to the Bank under this Contract shall, in the absence
of manifest error, be prima facie evidence of such amount or rate.

 

		10.4	Entire Agreement

 

This Contract constitutes the
entire agreement between the Bank and the Borrower in relation to the provision of the Credit hereunder, and supersedes any previous
agreement, whether express or implied, on the same matter.

 

		10.5	Invalidity

 

If at any time any term of this
Contract is or becomes illegal, invalid or unenforceable in any respect, or this Contract is or becomes ineffective in any respect,
under the laws of any jurisdiction, such illegality, invalidity, unenforceability or ineffectiveness shall not affect:

 

		(a)	the legality, validity or enforceability in that jurisdiction of any other term of this Contract
or the effectiveness in any other respect of this Contract in that jurisdiction; or

 

		(b)	the legality, validity or enforceability in other jurisdictions of that or any other term of this
Contract or the effectiveness of this Contract under the laws of such other jurisdictions.

 

		10.6	Amendments

 

Any amendment to this Contract
shall be made in writing and shall be signed by the parties hereto.

 

		10.7	Counterparts

 

This Contract may be executed
in any number of counterparts, all of which taken together shall constitute one and the same instrument. Each counterpart is an
original, but all counterparts shall together constitute one and the same instrument.

 

		10.8	Assignment and transfer by the Bank

 

		(a)	Subject to sub-paragraph (b) of this Article 10.9 (Assignment and transfer by the Bank),
the consent of the Borrower is required for an assignment or transfer (by way of novation, sub-participation or otherwise) by the
Bank of all or part of its rights, benefits or obligations under the Finance Documents, unless the assignment or transfer:

 

    29

     

    

 

		(i)	is to a Bank Affiliate; or

		(ii)	is made at a time when an Event of Default has occurred and is continuing; or

		(iii)	is made in respect of a sub-participation or securitisation (or similar transaction of broadly
equivalent economic effect) where the Bank remains the lender of record of the Loan.

 

		(b)	The consent of the Borrower to an assignment or transfer must not be unreasonably withheld or delayed.
The Borrower will be deemed to have given its consent (5) five Business Days after the Bank has requested it unless consent is
expressly refused by the Borrower within that time.

 

		(c)	The Borrower undertakes that it shall, and the Borrower shall ensure that each Group Company will,
execute such documents, and carry out any other measures, reasonably required to effect an assignment or transfer.

 

		(d)	The Bank shall have the right to disclose all information relating to or concerning the Borrower,
the Group, the Finance Documents and the Loan in connection with or in contemplation of any such assignment or transfer.

  

For the purpose of this Article
10.9 (Assignment and transfer by the Bank):

 

“Affiliate”
means any entity directly or indirectly Controlling, Controlled by or under common Control with the Bank.

 

“Bank
Affiliate” means an Affiliate of the Bank.

 

 Article 11 

 

Final Articles

 

		11.1	Notices

 

		11.1.1	Form of notice

 

		(a)	Any notice or other communication given under this Contract must be in writing and, unless otherwise
stated, may be made by letter and electronic mail.

 

		(b)	Notices and other communications for which fixed periods are laid down in this Contract or which
themselves fix periods binding on the addressee, may be made by hand delivery, registered letter or by electronic mail. Such notices
and communications shall be deemed to have been received by the other party:

 

		(i)	on the date of delivery in relation to a hand-delivered or registered letter;

 

		(ii)	in the case of any electronic mail, when received in legible form;

 

and, if sent by the Borrower
to Bank, only if it is addressed in such a manner as the Bank shall specify for this purpose.

 

		(c)	Any notice provided by the Borrower to the Bank by electronic mail shall:

 

		(i)	mention the Contract Number in the subject line; and

 

		(ii)	be in the form of a non-editable electronic image (pdf, tif or other common non-editable file format
agreed between the parties) of the notice signed by one or more authorised signatories of the Borrower as appropriate, attached
to the electronic mail.

 

		(d)	Notices issued by the Borrower pursuant to any provision of this Contract shall, where required
by the Bank, be delivered to the Bank together with satisfactory evidence of the authority of the person or persons authorised
to sign such notice on behalf of the Borrower and the authenticated specimen signature of such person or persons, unless covered
by the then current List of Authorised Signatories and Accounts.

 

    30

     

    

 

 

		(e)	Without affecting the validity of electronic mail or communication made in accordance with this
Article 11.1 (Notices), the following notices, communications and documents shall also be sent by registered letter
to the relevant party at the latest on the immediately following Business Day:

 

		(i)	Disbursement Acceptance;

 

		(ii)	any notices and communication in respect of the cancellation of a disbursement of any Tranche,
Prepayment Request, Prepayment Notice, Event of Default, any demand for prepayment, and

 

		(iii)	any other notice, communication or document required by the Bank.

 

		(f)	The parties agree that any above communication (including via electronic mail) is an accepted form
of communication, shall constitute admissible evidence in court and shall have the same evidential value as an agreement under
hand.

 

		11.1.2	Addresses

 

The address and electronic mail
address (and the department or officer, if any, for whose attention the communication is to be made) of each party for any communication
to be made or document to be delivered under or in connection with this Contract is:

 

	For the Bank	
        Attention[****]

        100 boulevard Konrad Adenauer

        L-2950 Luxembourg

        Email address: [****]

	
         

        For the Borrower
	
         

        Attention: Chief Business Officer

        Evaxion

        Bredgade 34E 3. sal

        1260 Copenhagen K

        Denmark

        Email address [****]

         

		

                                                     11.1.3
	Demand after notice to remedy

 

The Bank and the Borrower shall
promptly notify the other party in writing of any change in their respective communication details.

 

		11.2	English language

 

		(a)	Any notice or communication given under or in connection with this Contract must be in English.

 

		(b)	All other documents provided under or in connection with this Contract must be:

 

		(i)	in English; or

 

		(ii)	if not in English, and if so required by the Bank, accompanied by a certified English translation
and, in this case, the English translation will prevail.

 

    31 

     

    

 

IN
WITNESS WHEREOF the parties hereto have caused this Contract to be executed in 2 (two) originals in the English language.

 

At Luxembourg/Copenhagen, this
6 August 2020

 

	Signed for and on behalf of  

 EUROPEAN INVESTMENT BANK  	 	Signed for and on behalf of   

EVAXION BIOTECH A/S  
	 	 	 
		 	                                                                                                     
	Name: 	 	Name: 
	Capacity:	 	Capacity:
	 	 	 
	 	 	 
	Name: 	 	Name:
	Capacity:	 	Capacity:
	 	 	 

 

    32 

     

    

 

 Schedule A 

 

Investment
Specification and Reporting

 

 A.1 Technical Description

 

[****].

 

 A.2 Information Duties

 

		1.	Dispatch of information: designation of the person responsible

 

The information below has to be sent to the Bank under the responsibility
of:

 

	 	Financial and Technical Contact
	Company	Evaxion Biotech A/S
	Contact person	Niels Iversen Moeller
	Function / Department	Chief Business Officer
	Address	Bredgade 34E, 1260 Copenhagen K Denmark
	Phone	+45 27116227
	Email	nim@evaxion-biotech.com

 

The above-mentioned contact person(s) is
(are) the responsible contact(s) for the time being. The Borrower shall inform the Bank immediately in case of any change.

 

		2.	Information on the project’s implementation

 

The Borrower shall deliver to the Bank
the following information on project progress during implementation at the latest within 30 (thirty) days after the end of each
financial half-year (as indicated below).

 

[****]

 

	 	 	 
	           

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 
	 	 

 

		3.	Information on the end of works and first year of operation

 

[****] This symbol identifies certain confidential information
contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

    33 

     

    

 

The Borrower shall deliver to the Bank
the following information on project completion and initial operation at the latest by the deadline indicated below.

 

[****]

 

 

[****] This symbol identifies certain confidential information
contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

    34 

     

    

 

 Schedule B

 

Definitions
of EURIBOR

 

"EURIBOR"
means:

 

[****]

 

 

[****] This symbol identifies certain confidential information
contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

    35 

     

    

 

 Schedule C 

 

Form
of Disbursement Offer/Acceptance

 

To:       Evaxion Biotech A/S

 

From:   European Investment
Bank

 

Date:    [*** insert date ***]

 

		Subject:	Disbursement Offer/Acceptance for the Finance Contract between European Investment Bank and
Evaxion Biotech A/S dated [*** insert date of signature ***] 2020 (the "Finance
Contract")

 

Contract
Number [****]

 

Serapis
Number [****]

 

 

Dear Sirs,

 

We refer to the Finance Contract.
Terms defined in the Finance Contract have the same meaning when used in this letter.

 

Following your request for a
Disbursement Offer from the Bank, in accordance with Article 2.2.2 (Disbursement Offer) of the Finance Contract, we
hereby offer to make available to you the following Tranche:

 

		(a)	Tranche [A/B/C]

 

		(b)	Amount to be disbursed:

 

		(c)	Disbursement Date:

 

		(d)	The Fixed Rate applicable to such Tranche:

 

		(e)	PIK Interest Rate (in respect of Tranche A and Tranche B):

 

		(f)	Payment Dates and interest periods:

 

		(g)	Terms and frequency for repayment of principal (bullet in respect of Tranche A and Tranche B and
annual amortising in respect of Tranche C):

 

		(h)	First Repayment Date and Maturity Date:

 

		(i)	Number of Warrants to be granted in relation to the Tranche:

 

To make the Tranche available
subject to the terms and conditions of the Finance Contract, the Bank must receive a Disbursement Acceptance in the form of a copy
of this Disbursement Offer duly signed on your behalf, to the following electronic mail [l]
no later than the Disbursement Acceptance Deadline of [time],
Luxembourg time, on [date].

 

The Disbursement Acceptance
below must be signed by an Authorised Signatory and must be fully completed as indicated, to include the details of the Disbursement
Account.

 

If not duly accepted by the
above stated time, the offer contained in this document shall be deemed to have been refused and shall automatically lapse.

 

If you do accept the Tranche
as described in this Disbursement Offer, all the related terms and conditions of the Finance Contract shall apply, in particular,
the provisions of Article 2.5 (Conditions of Disbursement).

 

Yours faithfully,

 

EUROPEAN INVESTMENT BANK

 

[****] This symbol identifies certain confidential information
contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

    36 

     

    

 

We hereby accept the above Disbursement
Offer for and on behalf of the Borrower:

 

__________________________________________

 

Date:

 

	 	Account to be credited:	 
	 	Account N°: 	 
	 	Account Holder/Beneficiary:	 
	 	(please, provide IBAN format if the country is included in IBAN Registry published by SWIFT, otherwise an appropriate format in line with the local banking practice should be provided)
	 	Bank name, identification code (BIC) and address:	 
	 	Payment details to be provided:	 
	 	Please transmit information relevant to:	 
	 	Name(s) of the Borrower's Authorised Signatory(ies):	 
	 	 
	 	 	 
	 	Signature(s) of the Borrower’s Authorised Signatory(ies):	 

 

IMPORTANT NOTICE TO THE BORROWER:

 

BY COUNTERSIGNING ABOVE YOU CONFIRM
THAT THE LIST OF AUTHORISED SIGNATORIES AND ACCOUNTS PROVIDED TO THE BANK WAS DULY UPDATED PRIOR TO THE PRESENTATION OF THE ABOVE
DISBURSEMENT OFFER BY THE BANK. 

 

IN THE EVENT THAT ANY SIGNATORIES OR
ACCOUNTS APPEARING IN THIS DISBURSEMENT ACCEPTANCE ARE NOT INCLUDED IN THE LATEST LIST OF AUTHORISED SIGNATORIES AND ACCOUNTS RECEIVED
BY THE BANK, THE ABOVE DISBURSEMENT OFFER SHALL BE DEEMED AS NOT HAVING BEEN MADE.

 

 

    37 

     

    

 

 Schedule D 

 

Form
of Drawdown Certificate

 

To:       European Investment Bank

 

From:   Evaxion Biotech A/S

 

Date:

 

		Subject:	Finance Contract between European Investment Bank and Evaxion Biotech A/S dated [*** insert
date of signature ***] 2020 (the "Finance Contract")

 

Contract
Number [****]

 

Serapis Number
[****]

 

 

Dear Sirs,

 

Terms defined in the Finance
Contract have the same meaning when used in this letter.

 

For the purposes of Article 2.5
(Conditions of Disbursement) of the Finance Contract we hereby certify to you as follows:

 

		(a)	no Prepayment Event has occurred and is continuing;

 

		(b)	no security of the type prohibited under Paragraph 25 (Negative pledge) of Schedule
H (General Undertakings) has been created or is in existence;

 

		(c)	there has been no material change to any aspect of the Investment or in respect of which we are
obliged to report under the Finance Contract, save as previously communicated by us;

 

		(d)	no Default, Event of Default or a Prepayment Event other than pursuant to Article 5.3.1 (Cost
Reduction) of the Finance Contract has occurred or is continuing, or would, in each case, result from the disbursement
of the proposed Tranche;

 

		(e)	no litigation, arbitration administrative proceedings or investigation is current or to our knowledge
and belief (having made due and careful enquiry) is threatened or pending before any court, arbitral body or agency which has resulted
or if adversely determined is reasonably likely to result in a Material Adverse Change, nor is there subsisting against us or any
of our subsidiaries any unsatisfied judgement or award;

 

		(f)	the Repeating Representations are correct in all respects;

 

		(g)	no Material Adverse Change has occurred, as compared with the situation at the date of the Finance
Contract; and

 

		(h)	the borrowing of the Credit, or any part thereof, by the Borrower is within the corporate powers
of the Borrower.

 

Yours faithfully,

 

For and on behalf of Evaxion
Biotech A/S

 

Date:

 

[****] This symbol identifies certain confidential information
contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

    38 

     

    

 

 Schedule E 

 

Form
of Compliance Certificate

 

To:       European Investment Bank

 

From:   Evaxion Biotech A/S

 

Date:

 

		Subject:	Finance Contract between European Investment Bank and Evaxion Biotech A/S dated [*** insert
date of signature ***] 2020 (the "Finance Contract")

 

Contract
Number [****]

 

Serapis Number
[****]

 

 

Dear Sirs,

 

We refer to the Finance Contract.
This is a Compliance Certificate. Terms defined in the Finance Contract have the same meaning when used in this Compliance Certificate.

 

We hereby confirm:

 

		(a)	[insert information regarding asset disposal];

 

		(b)	[no security of the type prohibited under Paragraph 25 (Negative pledge) of Schedule
H (General Undertakings) has been created or is in existence;]

 

		(c)	[no Default, Event of Default or a Prepayment Event other than pursuant to Article 5.3.1 (Cost
Reduction) of the Finance Contract has occurred or is continuing.] [If
this statement cannot be made, this certificate should identify any potential event of default that is continuing and the steps,
if any, being taken to remedy it].

 

Yours faithfully,

 

For and on behalf of Evaxion
Biotech A/S

 

	[director]	[director]

 

[****] This symbol identifies certain confidential information
contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

    39 

     

    

 

 

 Schedule F 

 

Part
A – Initial Documentary Conditions Precedent

 

		(a)	The following duly executed Finance Documents:

 

		(i)	this Contract; and

 

		(ii)	the Warrant Agreement.

 

		(b)	A copy of the constitutional documents (being the articles of association of any Obligor incorporated
in Denmark) of each Obligor.

 

		(c)	A copy of a complete and up-to-date transcript from the Danish Business Authority of each Obligor
incorporated in Denmark dated no earlier than the date falling 14 (fourteen) days before the first Disbursement Date.

 

		(d)	A copy of the resolution of the competent body (board of directors (in relation to the Borrower
or another Obligor incorporated in Denmark) or general meeting of shareholders) of each Obligor duly:

 

		(i)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it
is a party and resolving that it execute, deliver and perform the Finance Documents to which it is a party;

 

		(ii)	authorising the relevant signatories to execute the Finance Documents to which it is a party; and

 

		(iii)	authorising the relevant signatories, on its behalf, to sign and/or dispatch all documents and
notices (including, if relevant, any Disbursement Acceptance) to be signed and/or despatched by it under or in connection with
the Finance Documents to which it is a party.

 

		(e)	The List of Authorised Signatories and Accounts.

 

		(f)	A structure chart showing the Group certified as being complete and correct by an authorised signatory
of the Borrower dated no earlier than the date falling 14 (fourteen) days before the first Disbursement Date.

 

		(g)	A certificate of an authorised signatory of each Obligor certifying that each copy document relating
to it specified in this Part A of Schedule F (Initial Documentary Conditions Precedent) is correct, complete and in full
force and effect as at a date no earlier than the date falling [****] days before the Disbursement Date.

 

		(h)	A legal opinion in a form acceptable to the Bank of Accura Advokatpartnerselskab, legal adviser
to the Bank, addressed to the Bank as to Danish law on the legality, validity and enforceability of this Contract.

 

		(i)	A legal opinion in a form acceptable to the Bank of Mazanti-Andersen Korsø Jensen Advokatpartnerselskab,
the legal adviser to the Borrower (or any other reputable Danish law firm representing the Borrower from time to time), addressed
to the Bank, and dated no earlier than the date falling [****] days before the Disbursement Date relating to (i) the authority
and capacity of the Borrower; (ii) the authority and capacity of the shareholders of the Borrower incorporated in Denmark and which
enters into the Warrant Agreement; and (iii) legality, validity and enforceability of the Warrant Agreement:

 

		(i)	which includes a search on bankruptcy and restructuring proceedings, including a no bankruptcy
certificate (in Danish: konkursfrihedsbevis) from the relevant Probate Court, on the Borrower conducted on the date of such
legal opinion; and

 

[****] This symbol identifies certain confidential information
contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

    40

     

    

 

		(ii)	on the due incorporation and valid existence of each Obligor, the authority and capacity of each
Obligor to enter into the Finance Documents and perform its obligations thereunder, the due execution of each Obligor of the Finance
Documents, non-conflict with constitutional documents and on laws applicable to companies generally in Denmark, pari passu ranking,
no consents, registrations or filings are required and no stamp duty is to be paid in respect of the Finance Documents (other than
registrations made with the Danish Business Authority under the Warrant Agreement), all corporate and other action required to
be taken has indeed been taken, no tax deduction or withholding, the due execution of the Finance Documents, choice of law and
enforceability of judgments and that the Obligor is not entitled to claim immunity.

 

		(j)	In respect of each shareholder of the Borrower incorporated in a jurisdiction other than Denmark and which enters into the
Warrant Agreement, a legal opinion addressed to the Bank as to the law of the jurisdiction of such shareholder's incorporation
relating to the authorisation and capacity of such shareholder and in a form acceptable to the Bank.

 

		(k)	The latest audited financial statements of the Obligors.

 

		(l)	Evidence of payment of all the fees and expenses as required under the Finance Documents.

 

		(m)	All necessary consents of shareholders with respect to the entering into of the Warrant Agreement
and the due registration of the Warrant Agreement with the Danish Business Authority.

 

		(n)	Any such information and evidence requested by the Bank concerning the compliance with the due diligence requirements of the
Bank including but not limited to “Know your customer” (KYC) or similar identification procedures.

 

		(o)	A copy of any other document, authorisation, opinion or assurance which the Bank has notified the
Borrower is necessary or desirable in connection with the entry into and performance of, and the transactions contemplated by,
the Finance Documents or the validity and enforceability of the same.

 

Part
B – Guarantor Conditions Precedent

 

		(a)	A duly executed Guarantee Agreement.

 

		(b)	A copy of the constitutional documents (being the articles of association of a Guarantor incorporated
in Denmark) of the Guarantor.

 

		(c)	A copy of a complete and up-to-date transcript from the Danish Business Authority of the Guarantor
incorporated in Denmark dated the date of execution of the Guarantee Agreement.

 

		(d)	A copy of the resolution of the competent body (board of directors (in relation to a Guarantor
incorporated in Denmark) or general meeting of shareholders) of the Guarantor duly:

 

		(i)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it
is a party and resolving that it execute, deliver and perform the Finance Documents to which it is a party;

 

		(ii)	authorising the relevant signatories to execute the Finance Documents to which it is a party; and

 

		(iii)	authorising the relevant signatories, on its behalf, to sign and/or dispatch all documents and
notices to be signed and/or despatched by it under or in connection with the Finance Documents to which it is a party.

 

		(e)	A structure chart showing the Group certified as being complete and correct by an authorised signatory
of the Borrower dated no earlier than the date falling 14 (fourteen) days before the execution of the Guarantee Agreement.

 

    41

     

    

 

		(f)	A certificate of an authorised signatory of the Guarantor certifying that each copy document relating
to it specified in this Part B of Schedule F (Initial Documentary Conditions Precedent) is correct, complete and in full
force and effect as at a date no earlier than the date of execution of the Guarantee Agreement.

 

		(g)	Evidence that the Guarantor has obtained all necessary Authorisations required in connection with
such Guarantee Agreement.

 

		(h)	A legal opinion, in form and substance satisfactory to the Bank, of a reputable law firm in the
jurisdiction of incorporation of such Guarantor, addressed to the Bank on the valid existence of such Guarantor, the authority
and capacity of such Guarantor to enter into the Guarantee Agreement and on the due execution and choice of law of the Guarantee
Agreement.

 

		(i)	Any such information and evidence requested by the Bank concerning the compliance with the due diligence requirements of the
Bank including but not limited to “Know your customer” (KYC) or similar identification procedures.

 

		(j)	A copy of any other document, authorisation, opinion or assurance which the Bank has notified the
Borrower is necessary or desirable in connection with the entry into and performance of, and the transactions contemplated by,
the Finance Documents or the validity and enforceability of the same.

 

    42

     

    

 

 Schedule G 

 

Representations
and Warranties

 

		1.	Authorisations and Binding Obligations

 

		(a)	Each Obligor is duly incorporated and validly existing as a company with limited liability under
the laws of its jurisdiction of incorporation.

 

		(b)	Each Obligor has the power to carry on its business as it is now being conducted and to own its
property and other assets, and to execute, deliver and perform its obligations under the Finance Documents.

 

		(c)	Each Obligor has obtained all necessary Authorisations in connection with the execution, delivery
and performance of the Finance Documents and in order to lawfully comply with its obligations thereunder, and in respect of the
Investment, and all such Authorisations are in full force and effect and admissible in evidence.

 

		(d)	The execution and delivery of, the performance of each Obligor’s obligations under and compliance
with the provisions of the Finance Documents do not and will not contravene or conflict with:

 

		(i)	any applicable law, statute, rule or regulation, or any judgement, decree or permit to which it
is subject;

 

		(ii)	any agreement or other instrument binding upon it which might reasonably be expected to have a
material adverse effect on its ability to perform its obligations under the Finance Documents; or

 

		(iii)	any provision of its constitutional documents.

 

		(e)	The obligations expressed to be assumed by each Obligor in each Finance Document to which it is
a party are legal, valid, binding and enforceable obligations.

 

		2.	No default or other adverse event

 

		(a)	There has been no Material Adverse Change since 30 June 2020. (Non-repeating)

 

		(b)	No event or circumstance which constitutes an Event of Default has occurred and is continuing unremedied
or unwaived.

 

		3.	No proceedings

 

		(a)	No litigation, arbitration, administrative proceedings or investigation is current or to its knowledge
and belief (having made due and careful enquiry) is threatened or pending before any court, arbitral body or agency which has resulted
or if adversely determined is reasonably likely to result in a Material Adverse Change, nor is there subsisting against it or any
of its Subsidiaries any unsatisfied judgement or award.

 

		(b)	To the best of its knowledge and belief (having made due and careful enquiry) no material Environmental
Claim has been commenced or is threatened against any Obligor.

 

		(c)	As at the date of this Contract, no Obligor has taken any action to commence proceedings for, nor
have any other steps been taken or legal proceedings commenced or, so far as the Borrower is aware, threatened against any Obligor
for its insolvency, winding up or dissolution, or for any Obligor to enter into any arrangement or compositions for the benefit
of creditors, or for the appointment of an administrator, receiver, administrative receiver, examiner, trustee or similar officer.

 

		4.	Security

 

At the date of this Contract,
no Security exists over the assets of any Group Company and is not subject to any prior ranking other than Permitted Security.

 

    43

     

    

 

		5.	Ranking

 

		(a)	Its payment obligations under this Contract rank not less than pari
passu in right of payment with all other present and future unsecured and unsubordinated obligations under any of its
debt instruments except for obligations mandatorily preferred by law applying to companies generally.

 

		(b)	No financial covenants have been concluded with any other creditor of any Obligor.

 

		(c)	No Voluntary Non-EIB Prepayment has occurred.

 

		6.	Anti-Corruption

 

		(a)	Each Obligor is in compliance with all applicable European Union and national legislation, including
any applicable anti-corruption legislation.

 

		(b)	To the best of its knowledge, no funds invested in the Investment by any Obligor or by its controlling
entities or any other Group Company are of illicit origin, including products of money laundering or linked to the financing of
terrorism.

 

		(c)	No Obligor is engaged in any Criminal Activities and to the best of the Borrower’s knowledge
and belief no Criminal Activities have occurred in connection with the Investment. (Non-repeating)

 

		7.	Accounting and Tax

 

		(a)	The latest available consolidated and unconsolidated audited accounts of the Borrower and the other
Obligors have been prepared on a basis consistent with previous years and have been approved by its auditors as representing a
true and fair view of the results of its operations for that year and accurately disclose or reserve against all the liabilities
(actual or contingent) of the Borrower and the other Obligors, as relevant.

 

		(b)	The accounting reference date of the Borrower is 31 December.

 

		(c)	No Obligor is required to make any deduction for or on account of any Tax from any payment it may
make under the Finance Documents. (Non-repeating)

 

		(d)	All Tax returns required to have been filed by each Obligor or on its behalf under any applicable
law have been filed when due and contain the information required by applicable law to be contained in them.

 

		(e)	Each Obligor has paid when due all Taxes payable by it under applicable law except to the extent
that it is contesting payment in good faith and by appropriate means.

 

		(f)	Each Obligor is resident for Tax purposes only in the jurisdiction of incorporation.

 

		(g)	With respect to Taxes which have not fallen due or which it is contesting, each Obligor is maintaining
reserves adequate for their payment and in accordance, where applicable, with GAAP.

 

		(h)	Except for the Warrant Agreement under which certain registrations are required with the Danish
Business Authority which will be made promptly at the times set out in the Warrant Agreement, under the laws of the jurisdiction
of incorporation of each Obligor, it is not necessary that the Finance Documents be filed, recorded or enrolled with any court
or other authority or that any stamp, registration or similar tax or fee be paid on or in relation to the Finance Documents, or
the transactions contemplated by the Finance Documents. (Non-repeating)

 

		8.	Information provided

 

		(a)	Any factual information provided by any Group Company for the purposes of entering into this Contract
and any related documentation was true and accurate in all material respects as at the date it was provided or as at the date (if
any) at which it is stated and continues to be true and accurate in all material respect as at the date of this Contract.

 

    44

     

    

 

		(b)	The Group structure chart is true, complete and accurate in all material respects and represents
the complete corporate structure of the Group as at the date of this Contract, and other than as set out therein the Borrower owns
no other equity and/or shares in any other business entity. (Non-repeating)

 

		9.	Exclusion criteria

 

At the date
of this Contract,

 

		(a)	the Borrower is not bankrupt, is not subject to insolvency, is not being wound up, is not having
its affairs administered by a liquidator or by the courts, is not in an arrangement with creditors, is not having its business
activities suspended, or is not in any analogous situation arising from a similar procedure provided for in national legislation
or regulations;

 

		(b)	in the past five years, the Borrower has not been the subject of a final judgment or final administrative
decision for being in breach of its obligations relating to the payment of taxes or social security contributions in accordance
with the applicable law and where such obligations remain unpaid unless a binding arrangement has been established for payment
thereof;

 

		(c)	in the past five years, the Borrower or persons having powers of representation, decision-making
or control over it have not been convicted of an offence concerning their professional conduct by a final judgment, which would
affect their ability to implement a Financial Instrument and which is for one of the following reasons:

 

		(i)	negligently providing misleading information that may have a material influence or fraudulently
misrepresenting information required for the verification of the absence of grounds for exclusion or the fulfilment of selection
criteria or in the performance of a contract or an agreement;

 

		(ii)	entering into agreements with other persons aimed at distorting competition;

 

		(iii)	attempting to unduly influence the decision-making process of the contracting authority during
the award procedure;

 

		(iv)	attempting to obtain confidential information that may confer upon it undue advantages in the award
procedure;

 

		(d)	in the past five years, the Borrower or persons having powers of representation, decision-making
or control over it have not been the subject of a final judgment for:

 

		(i)	fraud;

 

		(ii)	corruption;

 

		(iii)	participation in a criminal organisation;

 

		(iv)	money laundering or terrorist financing;

 

		(v)	terrorist offences or offences linked to terrorist activities, or inciting, aiding, abetting or
attempting to commit such offences;

 

		(vi)	child labour and other forms of trafficking in human beings;

 

		(e)	as of the date of this declaration, the Borrower is not subject to a decision on exclusion contained
in the published early detection and exclusion system database set up and operated by the European Commission.

 

		10.	No indebtedness

 

No Obligor has Indebtedness
outstanding other than Permitted Indebtedness. (Non-repeating).

 

		11.	No Immunity

 

No Obligor, nor any of its assets,
is entitled to immunity from suit, execution, attachment or other legal process.

 

    45

     

    

 

		12.	Pensions

 

The pension schemes for the
time being operated by the Obligors (if any) are funded in accordance with their rules and to the extent required by law or otherwise
comply with the requirements of any law applicable in the jurisdiction in which the relevant pension scheme is maintained.

 

		13.	Good title to assets

 

Each Obligor and each of its
Subsidiaries has, in all material respect, a good, valid and marketable title to, or valid leases or licences of, and all appropriate
Authorisations to use, the assets necessary to carry on its business as presently conducted.

 

		14.	Governing law and enforcement

 

		(a)	The choice of governing law of the Finance Documents will be recognised and enforced in its jurisdiction
of incorporation or establishment.

 

		(b)	Any judgment obtained in relation to a Finance Document in the jurisdiction of the governing law
of that Finance Document will be recognised and enforced in its jurisdiction of incorporation or establishment.

 

    46

     

    

 

 Schedule H 

 

General
Undertakings

 

		1.	Use of Loan

 

The Borrower shall use all amounts
borrowed by it under the Loan to carry out the Investment.

 

		2.	Completion of Investment

 

The Borrower shall or shall
procure that the Investment is carried out in accordance with the Technical Description as may be modified from time to time with
the approval of the Bank, and complete it by the final date specified therein.

 

		3.	Procurement procedure

 

The Borrower shall secure goods
and services for the Investment (a) in so far as they apply to it or to the Investment, in accordance with EU Law in general and
in particular with the relevant EU Directives, and (b) in so far as EU Directives do not apply, by procurement procedures which,
to the satisfaction of the Bank, respect the criteria of economy and efficiency and, in case of public contracts, the principles
of transparency, equal treatment and non-discrimination on the basis of nationality.

 

		4.	Compliance with laws

 

Each Obligor shall comply in
all respects with all laws and regulations to which it or the Investment is subject.

 

		5.	Sanctions

 

The Borrower shall ensure that
all amounts borrowed by it under this Contract are not made available to, or for the benefit of, persons or entities designated
by restrictive measures adopted pursuant to Article 215 of the Treaty on the Functioning of the European Union.

 

		6.	Data Protection

 

		(a)	Before disclosing any personal data (other than mere contact information relating to the Borrower’s
personnel involved in the management of this Contract (“Contact Data”)) to the Bank in connection with this Contract,
the Borrower shall ensure that each data subject of such personal data:

 

		(i)	has been informed of the disclosure to the Bank (including the categories of personal data to be
disclosed); and

 

		(ii)	has been advised on the information contained in (or has been provided with an appropriate link
to) the Bank’s privacy statement in relation to its lending and investment activities set out from time to time at https://www.eib.org/en/privacy/lending
(or such other address as the Bank may notify to the Borrower in writing from time to time).

 

		(b)	When disclosing information (other than Contact Data) to the Bank in connection with this Contract,
the Borrower shall redact or otherwise amend that information (as necessary) so that it does not contain any personal data, except
where this Contract specifically requires, or the Bank specifically requests in writing, to disclose such information in the form
of personal data.

 

		7.	Environment

 

The Borrower shall:

 

		(i)	implement and operate the Investment in compliance with Environmental Law;

 

    47

     

    

 

		(ii)	obtain, maintain and comply with requisite Environmental Approvals for the Investment,

 

and
upon becoming aware of any breach of this Paragraph 7 (Environment):

 

		(i)	the Borrower shall promptly notify the Bank;

 

		(ii)	the Borrower and the Bank will consult for up to 15 (fifteen) Business Days from the date of notification
with a view to agreeing the manner in which the breach should be rectified; and

 

		(iii)	the Borrower shall remedy the breach within 30 (thirty) Business Days of the end of the consultation
period.

 

		8.	Integrity

 

The Borrower shall take, within
a reasonable timeframe, appropriate measures in respect of any member of its management bodies who has been convicted by a final
and irrevocable court ruling of a Criminal Offence perpetrated in the course of the exercise of his/her professional duties, in
order to ensure that such member is excluded from any Borrower's activity in relation to the Loan or the Investment.

 

		9.	Disposal of assets

 

		(a)	Except as provided below, the Borrower shall not, and shall procure that no Group Company shall,
either in a single transaction or in a series of transactions whether related or not and whether voluntarily or involuntarily dispose
of all or any part of any Group Company's business, undertaking or assets (including any shares or security of any entity or a
business or undertaking, or any interest in any of them).

 

		(b)	Sub-paragraph (a) above does not apply to any such disposal:

 

		(i)	made with the prior written consent of the Bank;

 

		(ii)	made on arm's length terms in the ordinary course of business of a Group Company;

 

		(iii)	made on arm's length terms and at fair market value for cash, which is reinvested in assets of
comparable or superior type, value and quality;

 

		(iv)	made on arm's length terms in exchange for other assets comparable or superior as to type, value
and quality;

 

		(v)	by one Obligor to another Obligor;

 

		(vi)	by a Group Company which is not an Obligor to an Obligor;

 

		(vii)	constituted by a licence of Intellectual Property Rights on arm's length terms in the ordinary
course of business;

 

		(viii)	made in relation to non-material assets which have depreciated to less than [****] of their initial
value or which are obsolete;

 

		(ix)	excluding any disposal otherwise permitted under (ii) to (viii) above, disposals where the higher
of the market value or consideration receivable for such disposals does not exceed (x) [****] of Total Assets during any financial
year, and (y) [****] of Total Assets during the term of the Credit; or

 

		(x)	arising as a result of Permitted Security,

 

provided, in each case, that
the disposal is not of assets forming part of the Investment or shares in subsidiaries holding assets forming part of the Investment,
which may not be disposed of unless either (a) the Borrower consults the Bank in relation to such disposal, and the Bank approves
the disposal, or (b) the proceeds of the disposal are applied to prepay the Bank in accordance with Article 5.3.4 (Disposals).

 

[****] This symbol identifies certain confidential information
contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

    48

     

    

 

For the purposes of this Paragraph
9 (Disposal of assets), "dispose" and "disposal" includes any act effecting sale, transfer, lease or
other disposal.

 

		10.	Maintenance of assets

 

The Borrower shall maintain,
repair, overhaul and renew all assets required in relation to the Investment as required to keep such assets in good working order.

 

		11.	Insurances

 

The Borrower shall, and shall
procure that each Group Company shall, maintain insurances on and in relation to its business and assets with reputable underwriters
or insurance companies against those risks and to the extent as is usual for companies carrying on the same or substantially similar
business.

 

		12.	Change in business

 

The Borrower shall procure that
no substantial change is made to the general nature of the business of the Borrower or the Group as a whole from that carried on
at the date of this Contract.

 

		13.	Merger

 

The Borrower shall not, and
shall procure that no Group Company shall, enter into any amalgamation, demerger, merger or corporate reconstruction unless:

 

		(a)	with the prior written consent of the Bank; or

 

		(b)	such amalgamation, demerger, merger or corporate reconstruction does not result in a Material Adverse
Change and is on a solvent basis, and provided that:

 

		(i)	only Group Companies are involved;

 

		(ii)	the resulting entity will not be incorporated or located in a country which is in a jurisdiction
that is blacklisted by any Lead Organisation in connection with activities such as money laundering, financing of terrorism, tax
fraud and tax evasion or harmful tax practices as such blacklist may be amended from time to time; and

 

		(iii)	if the Borrower is involved, (i) the rights and obligations of the Borrower under this Contract
will remain with the Borrower, (ii) the surviving entity will be the Borrower and the statutory seat of the Borrower would not
as a result of such merger be transferred to a different jurisdiction, (iii) the merger will not have an effect on the validity,
legality or enforceability of the Borrower's obligations under this Contract; and (iv) all of the business and assets of the Borrower
are retained by it.

 

		14.	Books and records

 

Each Obligor shall ensure that
it has kept and will continue to keep proper books and records of account, in which full and correct entries shall be made of all
financial transactions and its assets and business, including expenditures in connection with the Investment, in accordance with
GAAP as in effect from time to time for a period of five (5) years following the last repayment of the Credit under this Contract.

 

		15.	Ownership

 

		(a)	The Borrower shall maintain not less than 51% (fifty one per cent.) of the share capital, directly
or indirectly, of each of its Material Subsidiaries, unless a prior written consent of the Bank is received by the Borrower.

 

		(b)	The Borrower shall in aggregate maintain not less than 100% (one hundred per cent.) of the share
capital, directly or indirectly, of each Guarantor, unless:

 

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		(i)	the percentage of the share capital of the relevant Guarantor or Material Subsidiary at the date
of this Contract or at the date it becomes Guarantor is lower than 100% (one hundred per cent.), in which case the Borrower shall
maintain at least the same percentage of share capital; or

 

		(ii)	prior written consent of the Bank is received by the Borrower.

 

		(c)	The Borrower shall immediately notify the Bank in the event of a new entity becoming a Subsidiary
of the Borrower through any means, including but not limited to acquisition, creation and spin-off.

 

		(d)	The undertakings in sub-paragraphs (a), (b) and (c) above shall be calculated in accordance with
GAAP as applied by the Borrower on the date of this Contract and as GAAP is amended from time to time and tested annually.

 

		16.	Acquisitions

 

The Borrower shall not, and
shall procure that no Group Company shall, invest in or acquire any entity or a business going concern or an undertaking (whether
whole or substantially the whole of the assets or business), or any division or operating unit thereof, or any shares or securities
of any entity or a business or undertaking (or in each case, any interest in any of them) (or agree to any of the foregoing), save
for an acquisition or investment:

 

		(a)	with the prior written consent of the Bank;

 

		(b)	by one Obligor of an asset sold, leased, transferred or otherwise disposed of by another Obligor;

 

		(c)	by a Group Company of all the shares or other ownership interests in any limited liability company
or corporation, limited liability partnership or any equivalent company, provided that:

 

		(i)	such entity has not yet commenced commercial operations;

 

		(ii)	such entity is incorporated in a country that is a member of either or both of the European Union
or the Organisation of Economic Co-Operation and Development; and

 

		(iii)	no Event of Default is continuing on the date the relevant acquisition agreement is entered into
or would occur as a result of the acquisition; or

 

		(d)	of shares or other ownership interests in any limited liability company or corporation, limited
liability partnership or any equivalent company, the consideration for which does not exceed an aggregate amount of (x) EUR [****]
([****] euro) during any financial year, and (y) EUR [****] ([****] euro) during the term of the Credit, provided that:

 

		(i)	no Event of Default is continuing on the date the relevant acquisition agreement is entered into
or would occur as a result of the acquisition;

 

		(ii)	the acquired entity is engaged in a business similar or complementary to the business carried on
by the Group as at the date of this Contract;

 

		(iii)	the acquired entity is not incorporated or located in a jurisdiction that is blacklisted by any
Lead Organisation in connection with activities such as money laundering, financing of terrorism, tax fraud and tax evasion or
harmful tax practices as such blacklist may be amended from time to time;

 

		(iv)	in respect of any acquisition where the consideration exceeds EUR [****] ([****] euro), legal and
financial due diligence reports (including customary reliance letters in favour of the Bank) and a business plan (in the form of
the most recent budget adjusted for
the expected effects of the acquisition) in respect of the [****] next following financial years and any other due diligence reports
received in connection with the acquisition (if any) are provided to the Bank; and

 

[****] This symbol identifies certain confidential information
contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

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		(v)	the Borrower provides a Compliance Certificate for the [****] month financial periods immediately
following the acquisition, updated on a pro forma basis as if the acquisition has occurred.

 

		17.	Indebtedness

 

The Borrower shall not, and
shall procure that no other Group Company shall, incur any Indebtedness, save for Indebtedness incurred:

 

		(a)	with the prior written consent of the Bank;

 

		(b)	under this Contract;

 

		(c)	under any Finance Lease if the aggregate liability in respect of the equipment leased does not
at any time exceed EUR [****] ([****] euro) (or its equivalent) in aggregate for the Group at any time;

 

		(d)	owing by an Obligor to another Obligor;

 

		(e)	under Permitted Hedging;

 

		(f)	in respect of a Permitted Guarantee; or

 

		(g)	not permitted by the preceding sub-paragraphs and the outstanding amount of which does not exceed
EUR [****] ([****] euro) (or its equivalent) in aggregate for the Group at any time.

 

		18.	Guarantees

 

		(a)	The Borrower shall not, and shall procure that no other Group Company shall, issue or allow to
remain outstanding any guarantees in respect of any liability or obligation of any person save for:

 

		(i)	with the prior written consent of the Bank;

 

		(ii)	any guarantee under any Finance Document; or

 

		(iii)	guarantees issued in the ordinary course of trade by any Group Company under or in connection with:

 

		(1)	any negotiable instruments;

 

		(2)	in connection with any performance bond;

 

		(3)	in connection with any Permitted Indebtedness; or

 

		(4)	issued by one Obligor to another Obligor.

 

		(b)	The Borrower shall procure that, as soon as any Group Company becomes a Material Subsidiary (as
identified in any accounts delivered to the Bank from time to time pursuant to Paragraph 2 (Information concerning the Borrower)
of Schedule I (Information and Visits), that Group Company shall promptly notify the Bank and on the Bank’s request
enter into a Guarantee Agreement and provide the Bank with all of the documents and other evidence listed in Part B of Schedule
F (Guarantor Conditions Precedent)
in form and substance satisfactory to the Bank as soon as possible and no later than [****] days after the Bank's request.

 

[****] This symbol identifies certain confidential information
contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

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		19.	Hedging

 

The Borrower shall not, and
shall procure that no other Group Company shall, enter into any derivative transaction other than Permitted Hedging, where "Permitted
Hedging" means:

 

		(a)	any derivative transaction entered into by a Group Company with the prior written consent of the
Bank;

 

		(b)	any derivative transaction by a Group Company to hedge actual or projected exposure arising in
the ordinary course of trading and not for speculative purposes; and

 

		(c)	any derivative instrument of a Group Company which is accounted for on a hedge accounting basis
but is not entered into for speculative purposes.

 

		20.	Restrictions on distributions

 

The Borrower shall not, and
shall procure that no other Group Company shall, declare or distribute dividends (whether in cash or in kind), or return or purchase
shares, save for:

 

		(a)	with the prior written consent of the Bank;

 

		(b)	payments to a Group Company as a result of a solvent liquidation or reorganisation of a Group Company
which is not an Obligor;

 

		(c)	any dividend payments made to Borrower by any subsidiary of the Borrower;

 

		21.	Restrictions on loans

 

The Borrower shall not, and
shall ensure that no other member of the Group will, be a creditor in respect of any Indebtedness, save for:

 

		(a)	any trade credit extended by any member of the Group to its customers on normal commercial terms
and in the ordinary course of its trading activities with a maximum duration of [****] days;

 

		(b)	any loan made by one member of the Group (other than an Obligor) to another member of the Group,
which to the extent made to an Obligor is fully subordinated to any indebtedness owed by the Obligors to the Bank in respect of
ranking, payment and enforcement pursuant to a subordination letter to the satisfaction of the Bank;

 

		(c)	any loan made by one Obligor to another Obligor;

 

		(d)	any loan made by one Obligor to a member of the Group which is not an Obligor so long as the aggregate
amount of Indebtedness under such loans does not exceed EUR [****] (or its equivalent) at any time;

 

		(e)	any pension liabilities incurred in the ordinary course of business;

 

		(f)	any loan made by a shareholder of the Borrower directly or indirectly to the Borrower, which is
fully subordinated to any indebtedness owed by the Obligors to the Bank in respect of ranking, payment and enforcement pursuant
to a subordination letter to the satisfaction of the Bank; or

 

		(g)	any other Indebtedness or loan advanced to or made available by any member of the Group with the
prior written consent of the Bank.

 

		22.	Restrictions on intercompany loans

 

The Borrower shall not, and
shall procure that no other Group Company shall, make any payment in respect of any intercompany loan, save for:

 

		(a)	with the prior written consent of the Bank;

 

[****] This symbol identifies certain confidential information
contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

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		(b)	where the lender of the intercompany loan is the Borrower or an Obligor; or

 

		(c)	the payments to a Group Company as a result of a solvent liquidation or reorganisation of a Group
Company which is not an Obligor.

 

		23.	Intellectual Property Rights

 

The Borrower shall, and shall
procure that each other Group Company shall, (i) obtain, safeguard and maintain its rights with respect to the Intellectual Property
Rights required for the implementation of the Investment in accordance with this Contract, including complying with all material
contractual provisions and that the implementation of the Investment in accordance with this Contract will not result in the infringement
of the rights of any person with regard to the Intellectual Property Rights and (ii) ensure that any Intellectual Property Rights
required for the implementation of the Investment will be owned by or licensed to the Borrower, and where such Intellectual Property
Rights which are owned by a Group Company are capable of registration, are registered to such party.

 

		24.	Maintenance of Status

 

The Borrower shall, and shall
procure that each other Group Company shall, remain duly incorporated and validly existing as a corporate entity with limited liability
under the jurisdiction in which it is incorporated and that it will have no centre of main interests, permanent establishment or
place of business outside the jurisdiction in which it is incorporated, and that it will continue to have the power to carry on
its business as it is now being conducted and continue to own its property and other assets.

 

		25.	Negative pledge

 

		(a)	The Borrower shall not, and shall procure that no other Group Company shall, create or permit to
subsist any Security over any of its assets.

 

		(b)	For the purposes of this Paragraph 25 (Negative pledge), the term Security shall also
include any arrangement or transaction on assets or receivables or money (such as the sale, transfer or other disposal of assets
on terms whereby they are or may be leased to or re-acquired by any Group Company, the sale, transfer or other disposal of any
receivables on recourse terms or any arrangement under which money or the benefit of a bank account or other account may be applied
or set off or any preferential arrangement having a similar effect) in circumstances where the arrangement or transaction is entered
into primarily as a method of raising credit or of financing the acquisition of an asset.

 

		(c)	Sub-paragraph (a) above does not apply to any Security, listed below:

 

		(i)	any netting or set-off arrangement entered into by any Group Company in the ordinary course of
its banking arrangements for the purpose of netting debit and credit balances;

 

		(ii)	any payment or close out netting or set-off arrangement pursuant to any Permitted Hedging, but
excluding any Security under a credit support arrangement in relation to a hedging transaction;

 

		(iii)	any lien arising by operation of law and in the ordinary course of trading;

 

		(iv)	any Security over or affecting any asset acquired by Group Company after the date of this Contract
if:

 

		(1)	the Security was not created in contemplation of the acquisition of that asset by a Group Company;

 

		(2)	the principal amount secured has not been increased in contemplation of or since the acquisition
of that asset by a Group Company; and

 

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		(3)	the Security is removed or discharged within [****] months of the date of acquisition of such asset;

 

		(v)	any Security over or affecting any asset of any company which becomes a Group Company after the
date of this Contract, where the Security is created prior to the date on which that company becomes a Group Company, if:

 

		(1)	the Security was not created in contemplation of the acquisition of that company;

 

		(2)	the principal amount secured has not increased in contemplation of or since the acquisition of
that company; and

 

		(3)	the Security is removed or discharged within [****] months of that company becoming a Group Company;

 

		(vi)	any Security entered into pursuant to this Contract;

 

		(vii)	any Security arising under any retention of title, hire purchase or conditional sale arrangement
or arrangements having similar effect in respect of goods supplied to a Group Company in the ordinary course of trading and on
the supplier's standard or usual terms and not arising as a result of any default or omission by any Group Company; or

 

		(viii)	any Security securing indebtedness the principal amount of which (when aggregated with the principal
amount of any other indebtedness which has the benefit of Security given by a Group Company other than any permitted under sub-paragraphs
(i) to (vii) above) does not exceed EUR [****] (or its equivalent at any time).

 

		26.	Other Undertakings

 

The Borrower shall take note
of the Bank’s group statement on tax fraud, tax evasion, tax avoidance, aggressive tax planning, money laundering and financing
of terrorism (as published on the Bank’s website and as may be amended from time to time).

 

		27.	Clauses by inclusion (most favoured nation)

 

If the Borrower or any other
member of the Group concludes with any other financial creditor a financing agreement that includes a loss-of-rating clause or
a covenant or other provision regarding its financial ratios, if applicable, that is not provided for in this Contract or is more
favourable to the relevant financial creditor than any equivalent provision of this Contract is to the Bank, the Borrower shall
promptly inform the Bank and shall provide a copy of the more favourable provision to the Bank. The Bank may request that the Borrower
promptly executes an agreement to amend this Contract so as to provide for an equivalent provision in favour of the Bank.

 

		28.	[****] 

 

		29.	Pari passu ranking

 

Each Obligor shall ensure that
its payment obligations under the Finance Documents rank at least pari passu with the claims of all its other unsecured
and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally.

 

[****] This symbol identifies certain confidential information
contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

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 Schedule I 

 

Information
and Visits

 

		1.	Information concerning the Investment

 

		(a)	The Borrower shall deliver to the Bank:

 

		(i)	the information in content and in form, and at the times, specified in Part A.2 (Information
Duties) of Schedule A (Investment Specification and Reporting) or otherwise as agreed from time to time by the parties
to this Contract;

 

		(ii)	any such information or further document concerning the Investment as the Bank may reasonably require
to comply with its obligations under the H2020 Legal Basis; and

 

		(iii)	any such information or further document concerning the financing, procurement, implementation,
operation and environmental matters of or for the Investment as the Bank may reasonably require within a reasonable time;

 

provided
always that if such information or document is not delivered to the Bank on time, and the Borrower does not rectify
the omission within a reasonable time set by the Bank in writing, the Bank may remedy the deficiency, to the extent feasible, by
employing its own staff or a consultant or any other third party, at the Borrower's expense and the Borrower shall provide such
persons with all assistance necessary for the purpose.

 

		(b)	The Borrower shall submit for the approval of the Bank without delay any material changes to the
Investment, also taking into account the disclosures made to the Bank in connection with the Investment prior to the signing of
this Contract, in respect of, inter alia, the total cost, plans, timetable or to the expenditure programme or financing plan for
the Investment.

 

		(c)	The Borrower shall promptly inform the Bank of:

 

		(i)	any action initiated or any objection raised by any third party or any genuine complaint received
by the Borrower or any material Environmental Claim that is to its knowledge commenced, pending or threatened against it with regard
to environmental or other matters affecting the Investment;

 

		(ii)	any fact or event known to the Borrower, which may substantially prejudice or affect the Borrower's
ability to execute the Investment;

 

		(iii)	a genuine allegation, complaint or information with regard to Criminal Offences related to the
Loan and/or the Investment;

 

		(iv)	any non-compliance by it with any applicable Environmental Law; and

 

		(v)	any suspension, revocation or modification of any Environmental Approval,

 

and set
out the action to be taken with respect to such matters;

 

		(d)	If the total cost of the Investment exceeds the estimated figure set out in Recital (A), the Borrower
shall notify the Bank without delay and shall inform the Bank of its plans to fund the increased costs.

 

		(e)	The Borrower shall, and shall procure that each other Group Company shall, promptly inform the
Bank if at any time it becomes aware of the illicit origin (including products of money laundering or linked to the financing of
terrorism) of any funds invested in the Investment by the Borrower or another Group Company.

 

		(f)	The Borrower shall provide to the Bank, if so requested:

 

		(i)	a certificate of its insurers showing that all assets required in order to carry out the Investment
are insured with reputable underwriters or insurance companies against those risks and to the extent as is usual for companies
carrying on the same or substantially similar business; and

 

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		(ii)	annually, a list of policies in force covering any aspect of the Investment, together with confirmation
of payment of the current premiums.

 

		2.	Information concerning the Borrower

 

		(a)	The Borrower shall deliver to the Bank:

 

		(i)	as soon as they become available but in any event within [****] days after the end of each of its
financial years its audited consolidated and unconsolidated annual report, balance sheet, cash flow statement, profit and loss
account and auditors report for that financial year together with a Compliance Certificate signed by one or more authorised signatories
of the Borrower as appropriate and the unconsolidated financial statements (audited, if available) of each Obligor for such financial
year;

 

		(ii)	as soon as they become available but in any event within [****] days after the end of each of the
relevant accounting periods its interim consolidated and unconsolidated semi-annual report, balance sheet, profit and loss account
and cash flow statement for the first half-year of each of its financial years together with a Compliance Certificate signed by
[****] authorised signatories of the Borrower as appropriate;

 

		(iii)	such further information, evidence or document concerning its general financial situation or such
certificates of compliance with the undertakings of Article 7 (Borrower
undertakings and representations), when requested and within a reasonable time; and

 

		(iv)	any such information or further document concerning the compliance with the due diligence requirements
of the Bank including but not limited to “Know your customer” (KYC) or similar identification procedures, when requested
and within a reasonable time;

 

		(v)	from time to time, such further information, evidence or document concerning the factual information
or documents provided to the Bank for the purposes of entering into this Contract, when requested and within a reasonable time;

 

		(b)	The Borrower shall inform the Bank immediately of:

 

		(i)	any Default or Event of Default having occurred or being threatened or anticipated;

 

		(ii)	to the extent permitted by law, any material litigation, arbitration, administrative proceedings
or investigation carried out by a court, administration or similar public authority, which, to the best of its knowledge and belief
is current, threatened or pending:

 

		(1)	against the Borrower or its controlling entities or members of the Borrower's management bodies
in connection with Criminal Offences related to the Loan or the Investment; or

 

		(2)	which might if adversely determined result in a Material Adverse Change;

 

		(iii)	any measure taken by the Borrower pursuant to Paragraph 8 (Integrity) of Schedule H
(General Undertakings);

 

		(iv)	any Change in the Beneficial Ownership of the Borrower; and

 

		(v)	any Voluntary Non-EIB Prepayment that has occurred or is likely to occur.

 

		3.	Visits by the Bank

 

		(a)	Each Obligor shall allow the Bank and, when either required by the relevant mandatory provisions
of EU law or pursuant to the H2020 Legal Basis, as applicable, the European Court of Auditors, the Commission,
the European Anti-Fraud Office, and the European Public Prosecutor’s Office, as well as persons designated by the foregoing:

 

[****] This symbol identifies certain confidential information
contained in this document that has been omitted because it is both (i) not material and (ii) would be competitively
harmful if publicly disclosed.

 

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		(i)	to visit the sites, installations and works comprising the Investment;

 

		(ii)	to interview representatives of each Obligor, and not obstruct contacts with any other person involved
in or affected by the Investment; and

 

		(iii)	to conduct such investigations, inspections, on the spot audits and checks as they may wish and
review the Obligors’ books and records in relation to the execution of the Investment and to be able to take copies of related
documents to the extent not prohibited by the law.

 

		(b)	Each Obligor shall provide the Bank, or ensure that the Bank is provided, with all necessary assistance
for the purposes described in this Paragraph 3 (Visits by the Bank).

 

		(c)	In the case of a genuine allegation, complaint or information with regard to a Criminal Offence
related to the Loan and/or the Investment, the Borrower shall consult with the Bank in good faith regarding appropriate actions.
In particular, if it is proven that a third party committed a Criminal Offence in connection with the Loan and/or the Investment
with the result that the Loan was misapplied, the Bank may, without prejudice to the other provisions of this Contract, inform
the Borrower if, in its reasonable view, the Borrower should take appropriate recovery measures against such third party. In any
such case, the Borrower shall in good faith consider the Bank’s views and keep the Bank informed.

 

		4.	Disclosure and publication

 

		(a)	The Borrower acknowledges and agrees that:

 

		(i)	the Bank may be obliged to disclose and communicate information relating to the Borrower and the
Investment to any competent institution or body of the European Union in accordance with the relevant mandatory provisions of European
Union law or pursuant to the Horizon 2020 Legal Basis; and

 

		(ii)	the Bank may publish in its website or produce press releases containing information related to
the financing provided pursuant to this Contract, including the name, address and country of establishment of the Borrower, and
the type of financial support received under this Contract.

 

		(b)	If requested by the Bank, the Borrower undertakes to refer to this financing and other Bank financings
in its public communications, if appropriate, during the availability period, and in connection with any drawdowns, and communications
on major corporate events.

 

		5.	Confidential information

 

To the extent the Borrower becomes
listed on a regulated market and only on and from such time, where the Borrower provides information to the Bank in connection
with this Contract, it shall clearly indicate whether or not such information is already public, and if it is confidential the
Borrower shall ensure the public publication of such information at the same time, or immediately after, it is shared with the
Bank. The Borrower will not share any inside information with the Bank before it is published to the market and shall notify the
Bank as to whether such information constitutes inside information (for the purposes of the EU Market Abuse Regulation) at the
time it is shared.

 

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