Document:

EX-10.20

			
	 Confidential Materials omitted and filed separately with the

Securities and Exchange Commission. Double asterisks denote omissions.
		 Exhibit 10.20

	

 EXCLUSIVE LICENSE AGREEMENT 

THIS LICENSE AGREEMENT (the “Agreement”) is entered into by and between THE JOHNS HOPKINS UNIVERSITY, a
Maryland corporation having an address at 3400 N. Charles Street, Baltimore, Maryland 21218-2695 (“JHU”) and TOKAI PHARMACEUTICALS, INC., a Delaware corporation having an address at One Broadway, 14th Floor, Cambridge,
Massachusetts 02142 (“LICENSEE”). 
 RECITALS 

WHEREAS, a valuable invention or inventions listed and described in Exhibit A (“INVENTION”) was/were developed
during the course of research conducted by the inventors listed on Exhibit A (all hereinafter, “INVENTORS”). JHU has acquired through assignment all rights, title and interest of said INVENTORS in said valuable
INVENTION and the related patent rights. JHU desires that the invention be perfected and marketed as soon as possible so that resulting products may be available for public use and benefit. 

WHEREAS, LICENSEE desires to obtain certain rights in such INVENTIONS and related patent rights and know-how as herein
provided, and to commercially develop, manufacture, use and distribute products and processes based upon or embodying said valuable inventions and/or know-how, and JHU desires to grant such rights to LICENSEE on the terms set forth
herein. 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledge, the parties to this Agreement hereby agree as follows: 
  

	1.	DEFINITIONS 

 All references to particular Exhibits, Articles or Paragraphs shall mean
the Exhibits to, and Paragraphs and Articles of, this Agreement, unless otherwise specified. Any reference herein to any defined term shall include both the singular and the plural, whether or not both forms are included in the reference. For the
purposes of this Agreement and the Exhibits hereto, the following words and phrases shall have the following meanings: 
 1.1
“AFFILIATED COMPANY” means any corporation, company, partnership, joint venture or other entity, which controls, is controlled by or is under common control with LICENSEE. For purposes of this Paragraph control shall mean the
direct or indirect ownership of at least fifty percent (50%) of the voting stock or other ownership interest of such entity. 

1.2 “EFFECTIVE DATE” means the date that the last party hereto has executed this Agreement. 

1.3 “EXCLUSIVE LICENSE” means that, subject to specific limitations in this Agreement, and subject to rights retained
by the United States Government, if any, JHU grants to LICENSEE all of JHU’s rights under the LICENSED PATENT(S) in the FIELD OF USE in the LICENSED TERRITORY. Exclusive refers to LICENSED PATENTS
only. KNOW HOW, data and other materials licensed are provided on a non-exclusive basis only. 

1.4 “FIELD OF USE” has the meaning given it in Exhibit A. 

1.5 “FIRST COMMERCIAL SALE” means the first transfer by a LICENSEE, AFFILIATED COMPANY or SUBLICENSEE of a LICENSED
PRODUCT or LICENSED SERVICE for value, but shall not include 

 
a transfer of materials for the purpose of use in a clinical trial, where the consideration received is intended to cover the manufacturing costs of the materials. 

1.6 “IMPROVEMENT” means an invention( a) that is first conceived or reduced to practice on or after the EFFECTIVE
DATE, (b) where an INVENTOR is an inventor as determined under U.S. patent law, and (c) the use or practice of which in the FIELD OF USE would be dominated by one or more claims of the LICENSED PATENTS. 

1.7 “JHU REF. NUMBER” means the JHU Technology Transfer Office case number or numbers, shown on Exhibit A, to
which the TECHNOLOGY licensed pertains. It is used for JHU reference only. The TECHNOLOGY licensed herein is described in this Agreement, and may not include all the technology that may be a part of the JHU reference
number. 
 1.8 “JHU INDEMNITEES” means JHU, The Johns Hopkins Hospital, The Johns Hopkins Health
System Corporation, and their affiliated entities, their present and former trustees, officers, INVENTORS, agents, faculty, employees and students. 

1.9 “KNOW HOW” means non-public information, including but not limited to data, test results, research methodology or
manufacturing techniques created by INVENTORS that is necessary or useful for the effective practice of the LICENSED PATENTS. 

1.10 “LICENSED PATENT” means (a) [**] and the inventions disclosed and claimed therein, (b) any patent or
patent application that claims priority to and is a divisional, continuation, reissue, renewal, reexamination, substitution or extension of any patent application identified in (a); (c) any patents issuing on any patent application identified
in (a) or (b), including any reissues, renewals, reexaminations, substitutions or extensions thereof; (d) any claim of a continuation-in-part application or patent (including any reissues, renewals, reexaminations, substitutions or
extensions thereof) that is entitled to the priority date of, and is directed specifically to subject matter specifically described in, at least one of the patents or patent applications identified in (a), (b), (c); (e) any foreign counterpart
(including PCTs) of any patent or patent application identified in (a), (b), or (c) or of the claims identified in (d); and (f) any supplementary protection certificates, pediatric exclusivity periods, any other patent term extensions and
exclusivity periods and the like of any patents and patent applications identified in (a) through (e). 
 1.11
“LICENSED PRODUCT” shall mean any process or method, material, compositions, drug, or other product, created or developed using TECHNOLOGY, or for which the development, manufacture, use or sale, if done by a third party
without rights under the LICENSED PATENT(S), would constitute an infringement of a VALID CLAIM of LICENSED PATENTS. 

1.12 “LICENSED SERVICE” includes any service or services, including the manufacture of any product or the use of any
product or composition, performed by LICENSEE for any third party using or incorporating the TECHNOLOGY, or which, if done by a third party without rights under the LICENSED PATENT(S), would constitute an infringement of a claim
of LICENSED PATENTS. 
 1.13 “LICENSED TERRITORY” means all of the countries in the world. 

1.14 “NET REVENUES” whether they be NET SALES REVENUES OR NET SERVICE REVENUES shall include everything of value
actually received by LICENSEE, AFFILIATED COMPANIES and 

  
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SUBLICENSEE(S) for the sale, license, lease or other transfer of LICENSED PRODUCTS, or the performance of LICENSED SERVICES. Consideration includes but is not limited to
currency, equity of the purchaser, lessee or other transferee, intangible rights, services and other things of value provided or received as part of the transaction for LICENSED PRODUCTS or LICENSED SERVICES, the fair value of which must be
included to determine NET REVENUES. NET REVENUES may be calculated using the accrual or cash method, but such calculation must be consistent from month to month and year to year, and must be the same method used by LICENSEE for
all similar transactions, or if none, the same method used generally by LICENSEE in reporting its business activity for United States federal tax purposes. 

NET REVENUES may exclude the following items, but only to the extent that they are included in gross revenue, and are separately billed
to purchaser, and paid or remitted by LICENSEE to third parties: 
 (i) import, export, excise and sales taxes, custom duties,
and shipping charges; 
 (ii) costs of packing, insurance covering damage during shipping, and transportation from the place of manufacture
to the customer’s premises or point of installation; and 
 (iii) amounts repaid or credited by reason of rejections, defects, errors,
overbilling, recalls or returns. 
 In the event that a LICENSED PRODUCT or LICENSED SERVICE is sold in a country or other
jurisdiction in the Territory in the form of a combination product/service, NET REVENUES shall be calculated by multiplying NET REVENUES for the combination product/service by the fraction A/(A+B), where A is the invoice price of the
LICENSED PRODUCT or LICENSED SERVICE and B is the invoice price of the other service(s) in the combination product/service if both the LICENSED PRODUCT or LICENSED SERVICE (as applicable) and the other product(s) or service(s) are sold
separately. If either the LICENSED PRODUCT or LICENSED SERVICE (as applicable) or the other product(s) or service(s) in the combination product/service are not sold separately, NET REVENUES shall be calculated by multiplying NET
REVENUES for the combination product/service by the fraction C/(C+D), where C is the value of the LICENSED PRODUCT or LICENSED SERVICE (as applicable) and D is the reasonably estimated value (using accepted industry standards) of the
other product(s) or service(s) in the combination product/service, based at least in part on the value of the other active component or components used in the combination product/service. 

1.15 “NET SALES REVENUES” shall mean NET REVENUES derived from the sale of LICENSED PRODUCTS, where a
sale includes any license of use, lease, sale or other transfer of rights to the LICENSED PRODUCT. 
 1.16 “NET
SERVICE REVENUES” SHALL mean NET REVENUES derived from the sale or performance of LICENSED SERVICES. 

1.17 “PATENT COSTS” means all unreimbursed costs of prosecuting and maintaining any LICENSED PATENT, including
reasonable attorneys’ fees or costs paid or incurred, and expenses paid or incurred for filing, maintenance, annuities, translation, or other costs directly related to the PATENT prosecution and maintenance. 

1.18 “SUBLICENSEE” means any person or entity other than an AFFILIATED COMPANY to which LICENSEE has
granted a sublicense of the TECHNOLOGY under this Agreement, but shall not include any service provider of LICENSEE, an AFFILIATED COMPANY or SUBLICENSEE obtaining an implied 

  
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license under the TECHNOLOGY to perform the contracted services on behalf of LICENSEE, an AFFILIATED COMPANY or SUBLICENSEE. 

1.19 “SUBLICENSING INCOME” means everything of value received by LICENSEE in consideration for any sublicense
which includes rights to the TECHNOLOGY licensed herein. For clarity, and subject in all cases to clause (v) below, SUBLICENSING INCOME is the total amount received, regardless of whether or not the SUBLICENSE includes
intellectual property in addition to the licensed TECHNOLOGY, and includes the sublicense fee, milestone payments, stock or other forms of equity, and the fair value of any services or other compensation received. The following may be
excluded from the gross amount received for the sublicense when calculating SUBLICENSING INCOME: 
 (i) The reasonable cost of
services to be performed thereafter by LICENSEE or an AFFILIATED COMPANY for or on behalf of the SUBLICENSEE if, but only if, those services are specifically described and the cost itemized and stated separately in the
sublicense. Payments on the achievement of results shall be deemed to be milestone payments and are included in SUBLICENSING INCOME. 

(ii) Reimbursement of the amount paid for fees incurred by LICENSEE, such as patent costs, or fees paid to governmental agencies, which
are incurred after the date of the sublicense and are actually paid to third parties by LICENSEE. 
 (iii) Royalty payments on
SUBLICENSEE’S NET REVENUES, which will be paid to JHU on pursuant to and on the terms of this Agreement. 
 (iv) The
amount of any milestone payment made to JHU under this Agreement as a result of activity of LICENSEE or SUBLICENSEE, which results in a milestone payment by the sublicense to LICENSEE under the SUBLICENSE. The difference
between the milestone payment to be paid to JHU and the milestone payment paid to LICENSEE by the sublicensee shall be considered SUBLICENSING INCOME. For clarification, if SUBLICENSEE makes a payment to LICENSEE
as a milestone, and LICENSEE is obligated to make a milestone payment to JHU under this Agreement for that same milestone, that milestone payment amount paid to JHU shall be deducted from the milestone amount paid under the
SUBLICENSE, and the remainder shall be the SUBLICENSING INCOME. 
 (v) The amount received for technology independently
developed by LICENSEE or its AFFILIATED COMPANIES, or technology of third parties licensed or acquired by LICENSEE or its AFFILIATED COMPANIES and included in the SUBLICENSE, including LICENSEE’S patent
rights claiming the composition of galeterone and related methods and formulations, if said amount is separately stated in the sublicense. 
 If the
SUBLICENSE includes the right or obligation of the SUBLICENSEE to purchase equity in LICENSEE at a cost greater than the then current fair market value of the equity, the difference between the fair market value and the amount
paid shall be SUBLICENSING INCOME. 
 1.20 “TECHNOLOGY” means the LICENSED PATENT(S) and KNOW
HOW. 
 1.21 “VALID CLAIM” means those claims of an issued patent in any country that (i) has not
expired; (ii) has not been disclaimed; (iii) has not been revoked, held invalid, or otherwise declared unenforceable or not allowable by a tribunal or patent authority of competent jurisdiction over such

  
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claim in such country from which no further appeal has or may be taken; and (iv) in the case of a pending application, was filed and is being prosecuted in good faith towards
allowance. 
  

	2.	GRANT 

 2.1 Grant. Subject to the terms and conditions of this Agreement,
JHU grants LICENSEE and its AFFILIATED COMPANIES an EXCLUSIVE LICENSE under the LICENSED PATENTS and a non-exclusive license under the KNOW-HOW in the FIELD of USE to make, have made, use, sell, offer to
sell and import LICENSED PRODUCTS and perform LICENSED SERVICES in the LICENSED TERRITORY. If any AFFILIATED COMPANY exercises rights under this Agreement, such AFFILIATED COMPANY shall be bound by all terms and
conditions of this Agreement, including but not limited to indemnity and insurance provisions and royalty payments. In addition, LICENSEE shall remain fully liable to JHU for all acts and obligations of AFFILIATED COMPANY such
that acts of the AFFILIATED COMPANY shall be considered acts of the LICENSEE. 
 2.2 Retained Rights.

 2.2.1 JHU Rights. JHU retains the right, on behalf of itself, the INVENTORS and all other non-profit academic or
research institutions to whom JHU extends rights, to practice and use TECHNOLOGY in the FIELD OF USE for any research or non-profit purpose, including, but not limited to sponsored research and collaborations with commercial
entities (including for clinical trials), and assessment of patients at JHHS/JHU institutions (such as via the JHU CUA laboratory). JHU also has the right to publish any information included in the TECHNOLOGY. 

2.2.2 Government Rights. This Agreement is subject to Title 35 Sections 200-204 of the United States Code as implemented in 37 CFR Part
401, as may be amended from time to time. Among other things, these provisions provide the United States Government with certain nonexclusive rights in a LICENSED PATENT if federal funds were used to develop the TECHNOLOGY. They also
impose the obligation that LICENSED PRODUCTS sold or produced in the United States be “manufactured substantially in the United States. LICENSEE will ensure all required obligations of these provisions are met. 

2.2.3 No Implied licenses. The practice of the foregoing retained rights by JHU shall under no circumstances be construed as a
license or ownership interest in, or other right to, any patent rights, know-how or other intellectual property rights of LICENSEE or its AFFILIATED COMPANIES and SUBLICENSEES, including without limitation any intellectual
property rights covering or claiming galeterone or methods of manufacture or use thereof. 
 2.3 Option Grant. JHU will inform
LICENSEE in writing of IMPROVEMENTS. JHU grants to LICENSEE an option to negotiate for an exclusive license in the FIELD OF USE to any and all of JHU’s interests in the IMPROVEMENTS. The parties
agree to negotiate in good faith the commercially reasonable terms and conditions of such an exclusive license, that may arise out of this Agreement. LICENSEE shall exercise its option by notifying JHU in writing of IMPROVEMENTS
which LICENSEE intends to license within [**] days of LICENSEE’s notification by JHU of such IMPROVEMENTS. LICENSEE shall also provide JHU with a diligence plan providing reasonable assurance to
JHU of LICENSEE’S plans and capabilities to develop IMPROVEMENTS into a LICENSED PRODUCT or LICENSED SERVICE in the FIELD OF USE for public use or benefit. The option will be subject to LICENSEE reimbursing
JHU for all unreimbursed costs of preparation, filing, prosecution and maintenance of patent rights incurred during the option and negotiation periods with respect to any IMPROVEMENTS. JHU and LICENSEE will have [**]
months to come to terms after JHU receives notice of LICENSEE’s intent to license any 

  
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IMPROVEMENTS, after which, JHU will be free to license such IMPROVEMENTS to third parties without restriction. Such option will be subject to (i) Section 2.2 above,
and (ii) any third party rights. 
 2.4 Specific Exclusions. JHU does not: 

2.4.1 commit to LICENSEE to bring suit against third parties for infringement, except as described in Article 9; 

2.4.2 agree to furnish to LICENSEE any technology or technological information other than the TECHNOLOGY; or 

2.4.3 agree to provide LICENSEE with any know how, invention, data, results or other assistance in the future unless specifically and
clearly identified in this Agreement. 
 2.5 Transfer of Know-How. Promptly following the EFFECTIVE DATE, JHU, through
the INVENTORS, shall provide LICENSEE with tangible manifestations of the KNOW-HOW in existence as of the EFFECTIVE DATE that may be reasonably requested by LICENSEE, and shall ensure that the INVENTORS will
be reasonably available to LICENSEE during the [**] month period following the EFFECTIVE DATE to respond to questions that LICENSEE may have regarding the use or practice of the KNOW-HOW in the FIELD OF USE. 

 

	3.	SUBLICENSING 

 3.1 Permitted Sublicensing. LICENSEE may grant
sublicenses in the FIELD OF USE in the LICENSED TERRITORY. For clarity, LICENSEE shall be responsible to pay JHU royalties due JHU on sales of LICENSED PRODUCTS and LICENSED SERVICES by a
SUBLICENSEE, to the same extent as if LICENSEE made those sales directly, and whether or not SUBLICENSEE remits required royalty payments to LICENSEE. 

3.2 Sublicense Requirements. Any sublicense agreement executed pursuant to Section 3.1: 

(i) is subject to this Agreement; 

(ii) will not permit a SUBLICENSEE to further sublicense without JHU’s consent; 

(iii) will, as a condition of validity, expressly include the provisions of Articles 7, 8, 10.3 and 12.2 for the benefit of JHU; 

(iv) will, if this Agreement is terminated, require the transfer to JHU of all obligations, including the payment of royalties
specified in the SUBLICENSE, without setoff for debts or obligations of LICENSEE to SUBLICENSEE; and 
 (v) will not be valid
against JHU as to terms, conditions, obligations or limitations that are inconsistent with this Agreement and these sublicensing requirements. 

3.3 Notice and Copy of Sublicense. LICENSEE will notify JHU and within [**] days of execution will submit to
JHU an unredacted copy of each sublicense, the terms of which will not be considered confidential as to JHU, but which terms JHU will treat as LICENSEE’s confidential information. 

3.4 Sublicensing Income. LICENSEE will share with and pay to JHU that portion of SUBLICENSING INCOME as
stated in Exhibit A. 

  
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	4.	DILIGENCE REPORTING AND DEVELOPMENT 

 4.1 Federal Funding. It is the
requirement of federal law, and the obligation of JHU and LICENSEE, that inventions created with federal funding be diligently developed into useful products and services. 

4.2 Milestones. LICENSEE will diligently develop markets for and develop, manufacture, and sell LICENSED PRODUCTS
and LICENSED SERVICES. In addition, LICENSEE will use commercially reasonable efforts to meet the milestones and target dates, if any, shown in Exhibit A, and notify JHU in writing within [**] days after each milestone is
met. 
 4.3 Diligence Report. 

4.3.1 By [**] of each year, LICENSEE will submit a written annual report to JHU covering the preceding calendar year. The report
will follow the Diligence Report Guidelines stated on Exhibit C and shall include information reasonably sufficient to enable JHU to satisfy reporting requirements of the U.S. Government and for JHU to ascertain progress by
LICENSEE toward meeting this Agreement’s diligence requirements. Each report will describe, where relevant: 
 (i) progress by
LICENSEE, AFFILIATED COMPANIES or SUBLICENSEE(S) toward commercialization of LICENSED PRODUCTS or LICENSED SERVICES; 

(ii) any FDA or other governmental filings and/or approvals regarding any LICENSED PRODUCTS or LICENSED SERVICE made or obtained by
LICENSEE, AFFILIATED COMPANY or SUBLICENSEE, the patents or patent applications licensed under this Agreement upon which such product or service is based, and the commercial name of such product or service; 

(iii) a certificate of insurance or other evidence of insurance, as required by this Agreement, or a statement of why such insurance is not
currently required; 
 (iv) identification of all AFFILIATED COMPANIES and SUBLICENSEE(S) which have exercised rights to the
TECHNOLOGY, or a statement that no AFFILIATED COMPANY or SUBLICENSEE has exercised such rights; 
 (v) description of
any diligence milestones achieved during the prior, and identification of any milestones expected to be achieved in the next year; 
 (vi)
description of any sublicenses under the TECHNOLOGY that were entered during the year, with a copy of the sublicense agreement if not previously provided. 

(vii) notification of any change of control, name change or other significant change related to this Agreement or LICENSEE.

 4.3.2 Reports may be submitted electronically to an email address provided on request by JHU. Such reports shall be the
Confidential Information of LICENSEE. 

  
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	5.	FEES, ROYALTIES AND OTHER PAYMENTS 

 5.1 License Fee. LICENSEE shall
pay to JHU the noncreditable, nonrefundable license fee as described in Exhibit A within [**] days of the EFFECTIVE DATE. 

5.2 Patent Costs. Exhibit A includes a summary of unreimbursed PATENT COSTS, and LICENSEE will reimburse
JHU the amount stated in Exhibit A at such time or in such manner as stated in Exhibit A. 
 5.3
Minimum Annual Royalty. 
 5.3.1 LICENSEE will pay JHU a yearly Minimum Annual Royalty (“MAR”)
as described in Exhibit A, which will be paid in advance on or before [**] of each calendar year and which will apply to that calendar year. 

5.3.2 MAR payments are nonrefundable. Earned royalty payments due on NET REVENUES occurring in the year to which the MAR pertains may
be offset against the Minimum Annual Royalty paid for that year, but only for that year, without carry forward or back. 
 5.4
Milestone Payments. LICENSEE will pay JHU milestone payments as stated on Exhibit A. Within [**] days of achieving a milestone set forth on Exhibit A. LICENSEE will report the achievement to JHU, and pay to
JHU the milestone payment required. Milestones achieved should be included in the diligence report described in Section 4.3, even if previously reported. 

5.5 Earned Royalty. LICENSEE will pay JHU earned royalties, as described in Exhibit A, which shall be paid
quarterly unless a different payment schedule is specifically stated. LICENSEE may deduct from the earned royalty the amount of any MAR paid for the year in which the quarter occurs, until all of the MAR has been deducted from payments due
for that year, after which any earned royalty in excess of the MAR shall be paid to JHU. 
 5.6 Duration of Royalty
Payments. Royalties shall be paid as described in Exhibit A for each LICENSED PRODUCT manufactured or produced or each LICENSED SERVICE performed, on a country-by- country basis, until the
later to occur of: (a) ten (10) years from date of FIRST COMMERCIAL SALE of that particular LICENSED PRODUCT or LICENSED SERVICE in that country and (b) the last to expire patent included within the LICENSED PATENTS
in such country. 
 5.7 Payment for All Activities Performed under this Agreement. If LICENSED PRODUCTS are
made, used, imported, or offered for sale before the date this Agreement terminates, and those LICENSED PRODUCTS are sold after the effective date of termination, LICENSEE will pay JHU the earned royalty based on the NET
REVENUE of those LICENSED PRODUCTS. In addition, use of the TECHNOLOGY by LICENSEE shall be deemed to be use which is licensed under this Agreement, regardless of where performed, whether or not specific LICENSED PATENTS
exist in the location of the activity for which activity a royalty or other payment is due under this Agreement. 
 5.8
Obligation to Pay Royalties and Other Payments. Payments required herein must be paid on the dates or upon the conditions stated, notwithstanding any claims by either LICENSEE or third party challenging the validity of the LICENSED
PATENTS. Payments once made are not refundable even if the LICENSED PATENTS are later determined to be invalid or not applicable to the particular product or service. 

  
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 5.9 Currency. For NET REVENUES in currencies other than U.S. Dollars,
LICENSEE will calculated the royalty in U.S. Dollars quarterly, using the appropriate foreign exchange rate for the currency as quoted by the United States Federal Reserve Bank, for the last business day of each calendar quarter, to apply to
payments earned by activities during that quarter. 
 5.10 Non-U.S. Taxes. If non-U.S. taxes are due on royalty or
other payments, such taxes shall be deemed to be in addition to the payment, and LICENSEE will pay all non-U.S. taxes related to royalty and any other payments under this Agreement. These tax payments are not deductible from any payments due
to JHU. JHU will cooperate with LICENSEE to receive a refund of such taxes to the extent available, and such refund shall be retained by LICENSEE. 

5.11 No requirement of invoice. All payments are due on the due date without invoice or demand for payment by or from JHU.

 5.12 Interest. Payments are considered due on the dates and at the times described in this agreement, and if not so
stated, within [**] days of the date of the event requiring the payment. Payment is made when received by JHU. Payments not received within [**] days of the due date shall, beginning on the due date, bear interest at the rate of [**]% per
annum, whether or not JHU has made a demand for such payment or interest. Acceptance of late payments without interest will not act as a waiver of this provision. 

5.13 Payments and Obligations. All payments and obligations which come due shall be and remain due, and the existence of a
dispute shall not suspend any duties under this License Agreement. 
 5.14 Invoicing by JHU. JHU may submit all
invoices for any payments due in electronic form via e-mail sent to the e-mail address supplied by LICENSEE from time to time. An invoice directed to the last email address provided by LICENSEE to JHU shall be deemed received by
LICENSEE when sent by JHU. 
 5.15 Method of Payment. All payments under this Agreement shall be made in U.S.
Dollars by either check or wire transfer. 
 5.16 Payment Information. Payments shall be made as follows, or as further
notified from time to time by JHU: 
 All check payments from LICENSEE to JHU shall be sent to: 

 

					
	Attention:		Executive Director
			Johns Hopkins Technology Transfer
			The Johns Hopkins University
			100 N. Charles Street
			5th Floor
			Baltimore, MD 21201
			Attn:		A26360

 or such other addresses which JHU may designate in writing from time to time. Checks are to be made payable to the “Johns
Hopkins University”. Wire transfers may be made through: 
  

			
	ACH Info:		[**]

  
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	FED WIRE:		[**]
		
	FED WIRE:		[**]

 Company shall be responsible for any and all costs associated with wire transfers. 

 

	6.	ROYALTY REPORTS AND ACCOUNTING 

 6.1 Quarterly Earned Royalty Payment and
Report. Beginning with the FIRST COMMERCIAL SALE of a LICENSED PRODUCT or LICENSED SERVICE, LICENSEE will thereafter submit to JHU a written report [**] days after the end of each calendar quarter (even if there are no
NET REVENUES during that quarter), along with payment of any earned royalty due. This report will be in the form of Exhibit B and will state the number, description, and aggregate NET REVENUES of LICENSED PRODUCTS and
LICENSED SERVICES for the completed calendar quarter. Such reports must be filed and payments made during any claim against or challenge to the scope or validity of the LICENSED PATENTS. 

6.2 No Refund. In the event that a validity or non-infringement challenge of a LICENSED PATENT is successful, LICENSEE
will have no right to recoup any royalties paid before or during the challenge period. 

  
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 6.3 Termination or Expiration Report. LICENSEE will pay to JHU all
applicable royalties and submit to JHU a written report within [**] days after the license expires or terminates. LICENSEE will continue to submit required earned royalty payments and reports to JHU after the license terminates,
until all LICENSED PRODUCTS made or imported under the license have been sold, and thereafter until the time for paying earned royalties has expired. 

6.4 Accounting. LICENSEE will maintain records showing manufacture, importation, sale, and use of LICENSED PRODUCTS or
performance of LICENSED SERVICES and the revenue received for [**] years from the date of sale of that LICENSED PRODUCT or LICENSED SERVICE. Records will include general ledger records showing cash receipts and expenses, and records
that include production records, customers, invoices, serial numbers and related information in sufficient detail to enable JHU to determine the royalties payable under this Agreement. 

6.5 Audit by JHU. LICENSEE will allow an independent accounting firm designated by JHU to examine
LICENSEE’s records during regular business hours upon [**] days’ prior written notice to LICENSEE for the sole purpose of verifying payments made by LICENSEE under this Agreement. Such inspection may not be made more than
[**]. The costs of such inspection shall be paid by JHU; provided, however, that if the audit reveals an underreporting of earned royalties due JHU of more than [**] percent ([**]%) for the period being audited, LICENSEE will pay the
additional royalties due, and reimburse JHU the reasonable audit costs incurred. 
  

	7.	WARRANTIES, EXCLUSIONS AND NEGATION 

 7.1 JHU Warranty. JHU warrants
and represents that the Inventors listed have provided an invention disclosure to the JHU Office of Technology Transfer (“JHTT”), that the Inventors have assigned such rights as they have in the Inventions to JHU, and that
JHU, as assignee of the Inventions, has filed the patent applications referred to in this Agreement. JHU further warrants and represents that it has the complete right and authority to grant the licenses to LICENSEE hereunder,
and that this Agreement and the exercise by LICENSEE of its rights hereunder does not violate or conflict with an contractual or other right that JHU or its affiliated entities has with a third party. To the best of JHU’s
knowledge, information and belief, the LICENSED PATENT(S) accurately list the inventors of that Patent and JHU has received no claims of a third party to rights in the LICENSED PATENTS other than as may be specifically
stated in this Agreement. JHU does not warrant against presently unknown claims of third parties that may arise after this Agreement. 

7.2 Negation of Warranties. Except as set forth in Section 7.1, JHU provides LICENSEE the rights granted in
this Agreement AS IS and WITH ALL FAULTS. JHU makes no other representations and extends no warranties of any kind, either express or implied. Among other things, JHU disclaims any express or implied warranties of merchantability or
fitness for a particular purpose. 
 7.3 No Representation of LICENSED PATENT. LICENSEE also acknowledges that
JHU does not represent or warrant: 
 (i) the validity or scope of any LICENSED PATENT, or 

(ii) that the exploitation of LICENSED PATENT or TECHNOLOGY will be successful, or 

(iii) except as set forth in Section 7.1,that there are no third party claims or prior filed patents that would affect ownership of the
TECHNOLOGY or freedom to operate. 

  
 11 

 7.4 No other Promises or Warranties. Other than the obligations specifically stated
in this Agreement, JHU makes no promises, express or implied, regarding the TECHNOLOGY. LICENSEE agrees that no representation or statement by any JHU employee shall be deemed to be a statement or representation by
JHU, and that LICENSEE was not induced to enter this Agreement based upon any statement or representation of JHU, or any employee of JHU. JHU is not responsible for any publications, experiments or results reported
by any JHU employee, now or in the future, including any of the INVENTORS and it is the sole responsibility of LICENSEE to evaluate the TECHNOLOGY and the accuracy of any data or results. 

 

	8.	INDEMNITY AND INSURANCE 

 8.1 Application. LICENSEE shall have
exclusive control over the LICENSED PRODUCTS and LICENSED SERVICES provided by LICENSEE, and the risks and costs associated therewith. Therefore, LICENSEE will protect JHU INDEMNITEES from exposure to damages which arise from
the actions of LICENSEE. 
 8.2 Indemnification. LICENSEE, AFFILIATED COMPANY and/or SUBLICENSEE agree
that each shall be responsible for injuries or losses to third parties arising from or related to their own acts or omissions, or caused by or arising from LICENSED PRODUCTS or LICENSED SERVICES, or allegedly arising as a consequence of the
exercise by LICENSEE, AFFILIATED COMPANY or SUBLICENSEE of any rights granted in this Agreement. To that end, LICENSEE, AFFILIATED COMPANY and SUBLICENSEE shall protect JHU INDEMNITEES from any third party claims arising
therefrom, including defending any action brought against JHU INDEMNITEES, with counsel reasonably acceptable to JHU, and indemnifying JHU INDEMNITEES as against any judgments, fees, expenses, or other costs arising from or
incidental to any such lawsuit, claim, demand or other action, whether or not any JHU INDEMNITEE, is named as a party defendant in any such lawsuit and whether or not the JHU INDEMNITEES are alleged to be negligent or otherwise
responsible for any injuries to persons or property. Exercise of the rights granted in this Agreement, by an AFFILIATED COMPANY or an agent or a SUBLICENSEE or a third party on behalf of or for the account of LICENSEE, shall be
considered LICENSEE’s practice of said inventions for purposes of this Paragraph. 
 8.3 Exclusions.

 8.3.1 No indemnification will be provided for claims arising from the practice by a JHU INDEMNITEE of the LICENSED
PATENTS, or exercise of rights retained by JHU under this Agreement, or the practice of the LICENSED PATENTS outside the FIELD OF USE by a third party licensee of JHU. 

8.3.2 No indemnification will be provided for a claim against a JHU INDEMNITEE for injuries allegedly caused solely and directly by
negligent use or administration by a JHU INDEMNITEE of a LICENSED PRODUCT or LICENSED SERVICE, but any products liability or similar claim based upon a LICENSED PRODUCT or LICENSED SERVICE, made by or provided by LICENSEE
or any AFFILIATED COMPANY or SUBLICENSEE will be covered by this indemnification requirement. 
 8.4 Survival after
Termination. The obligation of LICENSEE to defend and indemnify as set out in this Paragraph shall survive the termination of this Agreement, shall continue even after assignment of rights and responsibilities to an AFFILIATED COMPANY
or SUBLICENSEE, and shall not be limited by any other limitation of liability elsewhere in this Agreement. 

  
 12 

 8.5 Rights and Obligations of JHU. JHU shall provide LICENSEE with
prompt notice of any claims covered by LICENSEE’s obligation to indemnify, and will provide reasonable cooperation to LICENSEE in LICENSEE’s investigation and defense of such claims. JHU shall have the right to
participate in such defense with counsel of its choice and at JHU’s own expense. JHU shall have the right to approve the settlement of any claim hereunder that imposes any liability or obligation on JHU, or affects the
LICENSED PATENTS, other than the payment of money damages paid by the LICENSEE. 
 8.6 Insurance. Prior to
initial human testing or FIRST COMMERCIAL SALE of any LICENSED PRODUCT or LICENSED SERVICE, LICENSEE will establish and maintain Comprehensive General Liability Insurance, including Product Liability Insurance, with a reputable and
financially secure insurance carrier acceptable to JHU to cover any liability of LICENSEE and JHU to third parties related to any LICENSED PRODUCT or LICENSED SERVICE, or otherwise arising from the activities of
LICENSEE, any AFFILIATED COMPANY or SUBLICENSEE. The LICENSEE or the acquired insurance will provide minimum limits of liability of $[**] per claim and $[**] in aggregate and will include all JHU INDEMNITEES as additional
insureds. LICENSEE will furnish a Certificate of Insurance or other evidence of compliance upon reasonable request. All insurance of LICENSEE will be primary coverage; other insurance of JHU and JHU INDEMNITEES will be
excess and noncontributory. 
  

	9.	PATENT PROSECUTION, MAINTENANCE, & INFRINGEMENT 

 9.1
Prosecution & Maintenance. 
 9.1.1 Filing and Prosecution. JHU, at LICENSEE’s expense, shall
file, prosecute and maintain all patents and patent applications specified under LICENSED PATENTS. Title to all such patents and patent applications shall reside in JHU. JHU shall have final decision authority over all patent
matter. JHU shall (a) request its patent counsel to timely copy LICENSEE on all official actions and written correspondence with any patent office, and (b) allow LICENSEE an opportunity to comment and advise JHU
on all matters relating to the prosecution and maintenance of the LICENSED PATENTS. JHU will consider any of LICENSEE’s comments and advice in good faith. 

9.1.2 Responsibility of Licensee. LICENSEE shall be responsible for assuring that LICENSED PATENTS desired by
LICENSEE are protected to the extent and in the areas desired by LICENSEE, including assuring timely review of patents drafted or filed, timely filing as necessary and payment of required costs. 

9.1.3 Election Not to File in Certain Jurisdictions. By concurrent written notification to JHU and its patent counsel at least
[**] days in advance (or later at JHU’s discretion) of any filing or response deadline, or fee due date, LICENSEE may elect not to have a patent application filed in any particular country or not to pay expenses associated with
prosecuting or maintaining any patent application or patent, provided that LICENSEE pays for all costs incurred up to JHU’s receipt of such notification. Failure to provide such notification will be considered by JHU to be
LICENSEE’s authorization to proceed at LICENSEE’s expense. Upon such notification, JHU may file, prosecute, and/or maintain such patent applications or patent at its own expense and for its own benefit, and any rights
or license granted hereunder held by LICENSEE, AFFILIATED COMPANIES or SUBLICENSEE(S) relating to the LICENSED PATENTS which comprise the subject of such patent applications or patent and/or apply to the particular country, shall
terminate, and thereafter reside solely in JHU. 

  
 13 

 9.2 Notification of Infringement by Third Party. Each party will notify the other
promptly in writing when any infringement by another is uncovered or suspected. 
 9.3 Suit for Infringement. 

9.3.1 LICENSEE shall have the first right to enforce the LICENSED PATENTS in the FIELD OF USE against any infringement or
alleged infringement thereof, and shall at all times keep JHU informed as to the status thereof. This right to sue for infringement shall not be used in an arbitrary or capricious manner. Before LICENSEE commences an action with
respect to any infringement of such patents, LICENSEE shall give careful consideration to the views of JHU and to potential effects on the public interest in making its decision whether or not to sue. Thereafter, LICENSEE may,
at its own expense, institute suit against any such infringer or alleged infringer and control and defend such suit in a manner consistent with the terms and provisions hereof. 

9.3.2 No settlement, consent judgment or other voluntary final disposition of the suit may be concluded without the prior written consent of
JHU, which consent shall not be unreasonably withheld or delayed. JHU shall reasonably cooperate in any such litigation at LICENSEE’s expense, including being named as a party plaintiff in such action to the extent
required. 
 9.3.3 If LICENSEE elects not to enforce any patent within the LICENSED PATENTS, it shall so notify JHU
promptly in writing and JHU may, in its sole judgment and at its own expense, take steps to enforce any patent and control, settle, and defend such suit in a manner consistent with the terms and provisions hereof, and recover, for its own
account, any damages, awards or settlements resulting therefrom. 
 9.4 Patent Invalidity Suit. LICENSEE shall defend at
LICENSEE’s expense a declaratory judgment or other action brought by a third party naming LICENSEE or JHU as a defendant and alleging invalidity of any of the LICENSED PATENTS. JHU in its discretion may elect to take
over the sole defense of the action at its own expense, in which case LICENSEE shall cooperate fully with JHU in connection with any such action. 

9.5 Recovery. LICENSEE shall pay to JHU [**] percent ([**]%) of any monetary award, settlement or recovery, net of all
reasonable attorneys’ fees and out-of-pocket costs and expenses incurred by LICENSEE in connection with each suit or settlement. If the cost and expenses exceed the recovery no additional amount shall be paid to JHU. 

 

	10.	HANDLING AND RESOLUTION OF DISPUTES. 

 10.1 Governing Law. This Agreement
shall be construed, and legal relations between the parties hereto shall be determined, in accordance with the laws of the State of Maryland applicable to contracts executed and wholly to be performed within the State of Maryland without giving
effect to the principles of conflicts of laws. Any disputes between the parties to the Agreement including the applicability or validity of any LICENSED PATENTS may be brought in the state or federal courts located in Baltimore, Maryland.
Both parties agree to waive their right to a jury trial and to consent to jurisdiction in such courts. 
 10.2 Resolution. The
parties shall attempt to resolve all disputes through informal means. This may include mediation, arbitration, or any other procedures upon which the parties agree. Each 

  
 14 

 
party agrees that, prior to resorting to litigation, it will confer with other party to determine whether other procedures that are less expensive or less time consuming can be adopted to resolve
the dispute. 
 10.3 Challenges to LICENSED PATENTS, Scope and Applicability – Requirements During and After Challenge of LICENSED
PATENTS by LICENSEE. The provisions of this Paragraph 10.3 shall be included in any SUBLICENSE and pertain also to actions by a SUBLICENSEE. If LICENSEE, Affiliate or SUBLICENSEE brings an action against
JHU challenging the validity or scope of the LICENSED PATENTS, or applicability of the LICENSED PATENTS to a LICENSED PRODUCT or LICENSED SERVICE the following shall apply. 

10.3.1 Actions by a SUBLICENSEE shall be attributed to LICENSEE unless LICENSEE demonstrates that the action was taken
independent of any influence by LICENSEE, and LICENSEE fully cooperates in defending the action, including affirming the validity of the LICENSED PATENTS challenged. 

10.3.2 If such action determines that at least one claim of a patent challenged by LICENSEE, AFFILIATED COMPANY or SUBLICENSEE is valid
and, if applicable, but for this Agreement, infringed by a LICENSED PRODUCT or LICENSED SERVICE, the party challenging will thereafter, except as to PATENT COSTS, [**]. For clarity, this shall apply to [**], except incurred PATENT
COSTS which will be paid as otherwise agreed. 
 10.3.3 If such action determines that at least one claim of a patent challenged by
LICENSEE, AFFILIATED COMPANY or SUBLICENSEE is valid and, if applicable, but for this Agreement, infringed by a LICENSED PRODUCT or LICENSED SERVICE, the LICENSEE, AFFILIATED COMPANY or SUBLICENSEE challenging will [**]. 

10.3.4 During the course of such challenge, all payments otherwise required by this Agreement shall be paid as and when due, to the same
extent as if there were no challenge to the LICENSED PATENTS, and LICENSEE, AFFILIATED COMPANY or SUBLICENSEE will have no right to recoup any payments, including royalties, which become due before or during the challenge. 

10.3.5 LICENSEE, AFFILIATED COMPANY or SUBLICENSEE shall not pay royalties into any escrow or other similar account, but shall make all
payments to JHU as due and when due, unless LICENSEE or SUBLICENSEE has prior to the payment becoming due, voluntarily and completely terminated this Agreement. Timely and complete payment and full compliance by LICENSEE,
Affiliate and SUBLICENSEE with all terms of this Agreement shall be a condition precedent to bringing and maintaining the legal action challenging the LICENSED PATENTS. 

10.3.6 No less than [**] months prior to bringing an action seeking to invalidate or limit a LICENSED PATENT, LICENSEE or AFFILIATED COMPANY
will provide written notice of the expected challenge to JHU which shall include a clear statement of the factual and legal basis for the challenge, and an identification of all prior art and other matter believed to invalidate any claim on the
LICENSED PATENTS or which supports the claim that the LICENSED PATENT does not apply to the LICENSED PRODUCT or LICENSED SERVICE. 

  
 15 

	11.	TERM AND TERMINATION 

 11.1 Term. The term of this Agreement shall commence on the
EFFECTIVE DATE and shall continue, in each country, until the date of expiration of the last to expire patent included within LICENSED PATENTS in that country or if no patents issue then for a term of ten (10) years from the
FIRST COMMERCIAL SALE in such country. 
 11.2 Termination by Licensee. LICENSEE may terminate this Agreement by giving
JHU written notice at least 90 days in advance of the proposed effective date of termination selected by LICENSEE. LICENSEE shall pay all sums due under this Agreement, including MARs, earned royalties, milestone payments or
PATENT COSTS which are incurred or are or become due prior to the effective date of termination. In addition, LICENSEE shall also be obligated to pay any PATENT COSTS which are required to be incurred to preserve the patent
prior to the effective date of termination. Termination will not preclude JHU from enforcing its right to collect from LICENSEE amounts accrued and payable prior to the effective date of termination. 

11.3 Termination by JHU. 

11.3.1 JHU may terminate this Agreement if LICENSEE fails to perform or otherwise materially breaches any of its material
obligations hereunder, or of any related agreement including a sponsored research agreement if, following the giving of notice by JHU of its intent to terminate and stating the grounds therefor, LICENSEE has not cured the failure or breach within
[**] days. If LICENSEE is diligently and in good faith attempting to cure the default, LICENSEE may request, and JHU shall grant an additional [**] days to cure the default. JHU may also terminate this Agreement if LICENSEE
voluntarily or involuntarily enters bankruptcy or receivership proceedings. 
 11.3.2 Failure to Meet a Required Diligence
Milestone. If this Agreement provides for diligence milestones which must be accomplished by specified dates or within specified periods of time, LICENSEE may cure any default for failure to meet a required diligence milestone in
accordance with this subsection. 
 (i) LICENSEE must be diligently pursuing the milestone and provides JHU a reasonable
explanation of the reasons for such failure and (b) a reasonable, detailed, written plan for promptly achieving a reasonable extended and/or amended milestone. If LICENSEE so notifies JHU and provides JHU with the foregoing
explanation and plan, both of which are acceptable to JHU in its reasonable discretion, then the applicable diligence milestone will be amended in writing to incorporate the extended and/or amended milestone set forth in the plan presented by
LICENSEE. 
 (ii) JHU may not withhold its approval to any extended and/or amended milestone if the explanation provided by
LICENSEE demonstrates to JHU’s reasonable satisfaction that (A) the existence of technical difficulties or delays in preclinical or clinical studies ( e.g., negative toxicological or pharmacological test results or an adverse
clinical event) or regulatory processes that LICENSEE, its AFFILIATED COMPANIES and/or SUBLICENSEES could not have reasonably avoided; (B) the issuance of an injunction or the grant of other equitable relief by a court of
competent jurisdiction preventing LICENSEE, its AFFILIATED COMPANIES and/or SUBLICENSEES from practicing an invention under the LICENSED PATENTS; or (C) a failure to achieve, or a material delay in achieving, marketing
approval for galeterone, a LICENSED PRODUCT or LICENSED SERVICE. 

  
 16 

 (iii) If the explanation and plan provided by LICENSEE are not reasonably acceptable to
JHU, then LICENSEE may extend the milestone for up to an additional [**] months by paying [**] of the milestone payment associated with the milestone. 

11.4 Survival of Sublicenses. Upon termination of this Agreement for any reason, any SUBLICENSEE shall become a direct licensee
of JHU under the terms of this Agreement, provided that JHU’s obligations to SUBLICENSEE(S) are no greater than JHU’s obligations to LICENSEE hereunder. 

 

	12.	MISCELLANEOUS PROVISIONS. 

 12.1 Confidentiality. 

12.1.1 As used in this Agreement, the term “Confidential Information” means any technical or business information furnished by
LICENSEE to JHTI in connection with this Agreement which is (a) disclosed in writing or other tangible form and is labeled or identified as “CONFIDENTIAL” at the time of disclosure or, by written notice to JHU, within
[**] days following disclosure; (b) disclosed verbally and reduced to writing or other tangible form and similarly labeled, within [**] days of verbal disclosure. It is understood and agreed that reports provided to JHU pursuant to
paragraphs 4.3 and 6.1are Confidential Information hereunder. 
 12.1.2 JHU shall and shall cause its employees, faculty, staff,
students, trustees and advisors engaged in the performance of this Agreement to: (a) employ all reasonable and diligent efforts to maintain all Confidential Information in strict confidence, except that JHU may disclose or permit the
disclosure of any Confidential Information to its employees who are obligated to maintain the confidential nature of such Confidential Information and who need to know such Confidential Information to perform this Agreement; (b) use all
Confidential Information solely for purposes of performing this Agreement; and (c) reproduce the Confidential Information only to the extent necessary to perform this Agreement, with all such reproductions being considered Confidential
Information. 
 12.1.3 The obligations of JHU under Paragraph 12.1.2 shall not apply to Confidential Information to the extent that
JHU can demonstrate that such applicable Confidential Information: (a) was in the public domain prior to the time of its disclosure under this Agreement; (b) entered the public domain after the time of its disclosure under this
Agreement through means other than an unauthorized disclosure resulting from an act or omission by JHU; (c) is or was disclosed to JHU at any time, whether prior to or after the time of its disclosure under this Agreement, by a
third party having no fiduciary obligation of confidentiality with respect to such Confidential Information; (d) is or was developed by or for JHU without reference to information provided by LICENSEE or (e) is required to be
disclosed to comply with applicable laws or regulations, or with a court or administrative order, provided that LICENSEE receives prior written notice of such disclosure and the opportunity to assess the need to disclose and/or limit the
scope of disclosure, and that JHU takes all reasonable and lawful actions at LICENSEE’s request and expense to obtain confidential treatment for such disclosure and, if possible, to minimize the extent of such disclosure. 

12.2 Patent Marking. LICENSEE agrees that all LICENSED PRODUCT(S) sold by LICENSEE, AFFILIATED COMPANIES and
SUBLICENSEE(S) will be marked with the number of the applicable patent(s) licensed hereunder in accordance with, and to the extent required by, each country’s patent laws. 

12.3 Use of Name. LICENSEE, AFFILIATED COMPANIES and SUBLICENSEE(S) shall not use the name of The Johns Hopkins
University or The Johns Hopkins Health System or any of its constituent parts, such as the Johns Hopkins Hospital, Johns Hopkins Medicine or any contraction thereof or the name of 

  
 17 

 
Inventors in any advertising, promotional literature, web sites, electronic media applications, sales literature, fundraising documents, or press releases and other print or electronic
communications without prior written consent from an authorized representative of JHU. LICENSEE, AFFILIATED COMPANIES and SUBLICENSEE(S) shall allow at least [**] business days’ notice of any proposed public disclosure for
JHU’s review and comment or to provide written consent, unless a shorter period is required in order for LICENSEE to comply with its disclosure obligations under federal and state securities laws. Such request shall be made
through JHTI. 
 12.4 No Partnership. Nothing in this Agreement shall be construed to create any agency, employment,
partnership, joint venture or similar relationship between the parties other than that of a licensor/licensee. Neither party shall have any right or authority whatsoever to incur any liability or obligation (express or implied) or otherwise act in
any manner in the name or on the behalf of the other, or to make any promise, warranty or representation binding on the other. 
 12.5
Notice of Claim. Each party shall give the other or its representative immediate notice of any suit or action filed, or prompt notice of any claim made, against them arising out of the performance of this Agreement or arising out of
the practice of the inventions licensed hereunder. 
 12.6 Assignment. 

12.6.1 Permitted Assignment by Licensee. LICENSEE may assign this Agreement as part of a sale or merger, regardless of whether
such a sale occurs through an asset sale, stock sale, merger or other combination, if the sale or merger is of LICENSEE’s entire business. 

12.6.2 Any Other Assignment by Licensee. Any other attempt to assign this Agreement by LICENSEE is null and void in the
absence of JHU’s written permission. 
 12.6.3 Conditions of Assignment. For any assignment, the following
conditions must be met: 
 (i) LICENSEE must give JHU written notice of the assignment once complete, including the new
assignee’s contact information; and 
 (ii) the new assignee must agree in writing to JHU to be bound by this Agreement. 

12.6.4 Assignment Payment to JHU. Where the assignment is the result of complete sale or merger of LICENSEE, then
LICENSEE (or its assignee) shall pay to JHU an assignment fee set forth in Exhibit A. For all other assignments, the assignment shall be treated in the same manner as a sublicense, such that assignment income shall be treated as
SUBLICENSING INCOME. 
 12.6.5 After the Assignment. Upon a permitted complete assignment of this Agreement,
LICENSEE will be released from further obligations under this Agreement, except for those sections that survive termination, and the term “LICENSEE” in this Agreement will thereafter mean the assignee. 

12.7 Notice. Except for those communications which specifically under this Agreement may be sent via e-mail or other electronic
communication (such as notification of PATENT COSTS incurred and due, and other routine communications), all notices, requests or communication required or permitted to be given by either party hereunder shall be given by registered mail or
certified mail, return receipt 

  
 18 

 
requested, or sent by overnight courier, such as Federal Express, to the other party at its respective address set forth below or to such other address as one party shall give notice of to the
other from time to time hereunder. Notices shall be deemed effective when received. 
  

					
	If to LICENSEE:		One Broadway, 14th Floor
			Cambridge, MA 02142
			Attn:		Chief Operating Officer
			jmcbride@tokaipharma.com
		
	If to JHU:		Executive Director
			Johns Hopkins Technology Transfer
			100 N. Charles Street, 5th Floor
			Baltimore, MD 21201
			RE:		Agreement No. A26360

 Communications requiring a prompt response should also be sent via email to [**] 

12.8 Compliance with All Laws. In all activities undertaken pursuant to this Agreement, both JHU and LICENSEE covenant
and agree that each will in all material respects comply with such Federal, state and local laws and statutes, as may be in effect at the time of performance and all valid rules, regulations and orders thereof regulating such activities. 

12.9 Successors and Assigns. Other than as specifically stated herein, neither this Agreement nor any of the rights or obligations
created herein, except for the right to receive any remuneration hereunder, may be assigned by either party, in whole or in part, without the prior written consent of the other party. This Agreement shall bind and inure to the benefit of the
successors and permitted assigns of the parties hereto. 
 12.10 No Waivers; Severability. No waiver of any breach of this Agreement
shall constitute a waiver of any other breach of the same or other provision of this Agreement, and no waiver shall be effective unless made in writing and signed by the party waiving. Any provision hereof prohibited by or unenforceable under any
applicable law of any jurisdiction shall as to such jurisdiction be deemed ineffective and deleted herefrom without affecting any other provision of this Agreement. It is the desire of the parties hereto that this Agreement be enforced to the
maximum extent permitted by law, and should any provision contained herein be held by any governmental agency or court of competent jurisdiction to be void, illegal and unenforceable, the parties shall negotiate in good faith for a substitute term
or provision which carries out the original intent of the parties. 
 12.11 Entire Agreement; Amendment. LICENSEE and
JHU acknowledge that they have read this entire Agreement and that this Agreement, including the attached Exhibits constitutes the entire understanding and contract between the parties hereto and supersedes any and all prior or
contemporaneous oral or written communications with respect to the subject matter hereof, all of which communications are merged herein. It is expressly understood and agreed that: (i) there being no expectations to the contrary between the
parties hereto, no usage of trade, verbal agreement or another regular practice or method dealing within any industry or between the parties hereto shall be used to modify, interpret, supplement or alter in any manner the express terms of this
Agreement; and (ii) this Agreement shall not be modified, amended or in any way altered except by an instrument in writing signed by both of the parties hereto. 

  
 19 

 12.12 Binding Agreement. Exchange of this Agreement in draft or final form between the
parties shall not be considered a binding offer, and this Agreement shall not be deemed final or binding on either party until the final Agreement has been signed by both parties. 

12.13 Delays or Omissions. Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing to
any party hereto, shall impair any such right, power or remedy to such party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or in any similar breach or default be deemed a waiver of any other
breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions
or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not
alternative. 
 12.14 Survival. All representations, warranties, covenants and agreements made herein and which by their express
terms or by implication are to be performed or continue to apply after the execution and/or termination hereof, or are prospective in nature, shall survive such execution and/or termination, as the case may be. In addition, the following shall
explicitly and specifically survive any termination or expiration: 
 (i) LICENSEE’s obligation to make payments to JHU,
accrued or accruable during the License, including earned royalties, sublicensing payments, reimbursement of PATENT COSTS, late payments and interest; 

(ii) any claim of LICENSEE or JHU, accrued or to accrue, because of any breach or default by the other party; and 

(iii) the provisions of Articles 7, 8 and Paragraphs 11.4, 12.1 and 12.13. 

12.15 No Third Party Beneficiaries. Nothing in this Agreement shall be construed as giving any person, firm, corporation or other
entity, other than the parties hereto and their successors and permitted assigns, any right, remedy or claim under or in respect of this Agreement or any provision hereof. 

12.16 Headings. Article headings are for convenient reference and not a part of this Agreement. All Exhibits are incorporated herein by
this reference. 
 12.17 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original and
all of which when taken together shall be deemed but one instrument. 
 [signature page follows] 

  
 20 

 IN WITNESS WHEREOF, this Agreement shall take effect as of the EFFECTIVE DATE when it has
been executed below by the duly authorized representatives of the parties. 
  

											
	THE JOHNS HOPKINS UNIVERSITY				TOKAI PHARMACEUTICALS, INC.
			
	 /s/ Jill E. Uhl
				 /s/ John McBride

	Name:		Jill E. Uhl				Name:		John McBride
	Title:		Interim Executive Director				Title:		COO
	Date:		9 Jan 2015				Date:		December 23, 2014

  
 21 

 EXHIBIT A 

LICENSE DEAL SHEET 

PATENTS, FEES, ROYALTIES, SUBLICENSING PAYMENTS AND OTHER TERMS 

SPECIFIC TO THE LICENSE 
  

	1.	INVENTIONS and INVENTORS: 

 [**]. 

 

	2.	Unreimbursed Patent Costs: Estimated to be $[**]. Exact amount will be calculated and billed after execution of this Agreement. 

LICENSEE will reimburse half of the unreimbursed PATENT COSTS within [**] days of the EFFECTIVE DATE. The remainder of
unreimbursed PATENT COSTS shall be paid in [**] equal quarterly installments until fully paid. 
 If JHU grants additional
commercial licenses under the LICENSED PATENTS outside the FIELD OF USE for consideration after the EFFECTIVE DATE, JHU shall notify LICENSEE thereof in writing and, from and after the effective date of any such
license, LICENSEE’s obligation to reimburse JHU for any PATENT COSTS shall be reduced on a pro rata basis based on the number of additional commercial licensees of JHU. Any PATENT COSTS paid to
JHU prior to the effective date of any such commercial license will be credited against future payments to JHU, if any such future payments to JHU are pending, on a pro rata basis. 

 

	3.	Field of Use: companion diagnostic for Galeterone (excluding commercial sale as research reagent). 

  

	4.	Major Market: U.S., France, Germany, Italy, Spain, U.K., Japan, Canada 

  

	5.	License Fee: The license fee due under Paragraph 5.1 is seventy-five thousand dollars ($75,000). 

  

	6.	Minimum Annual Royalties: The MARs described under Paragraph 5.3 are: 

  

	 	•	 	[**] 

  

	 	•	 	[**] 

  

	 	•	 	[**] 

  

	 	•	 	[**] 

  

	 	•	 	$30,000 [**] 

  
 22 

	7.	Royalties: The earned royalty rate payable under Paragraph 5.5 is [**] percent ([**]%) of NET REVENUE. 

Should LICENSEE, any AFFILIATED COMPANY or SUBLICENSEE be required to pay running royalties to a third party in order to make,
have made, use, sell, offer for sale or import a particular LICENSED PRODUCT or LICENSED SERVICE (an “Other Royalty”), then LICENSEE shall be entitled to credit [**] percent ([**]%) of such Other Royalties
against the running royalty due to JHU, provided that the running royalties shall not be reduced below [**] percent ([**]%) of those that would otherwise be due JHU for that LICENSED PRODUCT or LICENSED SERVICE. 

Notwithstanding the foregoing, the earned royalty rate under Paragraph 5.5 shall be [**] percent ([**]%) of NET REVENUE in any country
for any LICENSED PRODUCT and LICENSED SERVICE not covered by an issued patent within LICENSED PATENTS in the country of sale. 
  

	8.	Milestone Payments. The milestone payments under Paragraph 5.4 are as follows: 

 [**]

  

	9.	Diligence Milestones. The following milestones shall be achieved no later than the date shown. 

[**] 
  

	10.	Sublicensing Income. LICENSEE shall pay to JHU twenty percent (20%) of all SUBLICENSING INCOME. 

  
 23 

 Where multiple technologies or licenses are included on one SUBLICENSE, where the amount
attributed to each is not specifically stated in the SUBLICENSE, the amount attributable to each shall be deemed to apply equally to each technology or license that is included in the SUBLICENSE. Where reasonable to do so, LICENSEE
may request another application of the SUBLICENSING INCOME, by providing a written request and analysis to JHTI of the basis for LICENSEE’s request, but in no circumstance shall less than [**]% of the SUBLICENSING INCOME
be applied to the TECHNOLOGY licensed by this Agreement. 
  

	11.	Assignment Payment to JHU. If an assignment of this Agreement under Section 12.6.4 is the result of complete sale or merger of LICENSEE, then LICENSEE (or its assignee) shall pay to JHU an
assignment fee equal to the greater of: 

 [**]. 

  
 24 

 EXHIBIT B 

QUARTERLY SALES & ROYALTY REPORT 

FOR LICENSE AGREEMENT BETWEEN 
  

 
 AND 

THE JOHNS HOPKINS UNIVERSITY 

DATED                      

 

											
	JHU Reference Number(s)	 	  
	 		 	  

					
	PERIOD:         From	 	  
	 		 	To	 	  

				
	TOTAL ROYALTIES DUE FOR THIS PERIOD $         	 		 		 	

  

													
	PRODUCT
ID	 	PRODUCT
NAME	 	*JHU
REFERENCE	 	1st
COMMERCIAL
SALE
DATE	 	TOTAL
NET
SALES/
SERVICES	 	ROYALTY
RATE	 	AMOUNT
DUE
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	

  

	*	Please provide the JHU Reference Number or Patent Reference 

 This report format is to be used to report
quarterly royalty statements to JHU. It should be placed on LICENSEE letterhead and accompany any royalty payments due for the reporting period. After the first sale on which royalties accrue, this report shall be submitted even if no
sales are reported. 

  
 25 

 EXHIBIT C 

DILIGENCE AND ANNUAL 

REPORT GUIDELINES 
 FOR
LICENSE AGREEMENT BETWEEN 
  
  

AND 
 THE JOHNS HOPKINS
UNIVERSITY 
 DATED
                     
  

											
	JHU Reference Number(s)		  
				  

					
	PERIOD:         From		  
				To		  

 A. Progress by LICENSEE, AFFILIATED COMPANIES or SUBLICENSEE(S) toward commercialization of LICENSED
PRODUCTS or LICENSED SERVICES: 
 B. Notice of all FDA or other governmental filings and/or approvals regarding any LICENSED
PRODUCT or LICENSED SERVICE made or obtained by LICENSEE, AFFILIATED COMPANY or SUBLICENSEE, the patents or patent applications licensed under this Agreement upon which such product or service is based, and the commercial name of
such product or service: 
 C. A Certificate of Insurance or other evidence of insurance 

             is required and is attached. 

             is not required. Reason:
                                         

D. AFFILIATED COMPANIES and SUBLICENSEES which have exercised rights to the TECHNOLOGY: 

             NONE 

             List attached with description of rights exercised. 

E. Diligence and other milestones achieved: 
 F. Diligence and
other milestones expected to be achieved this year: 
 G. Sublicense(s) entered during the year: 

            NONE 

Identification of SUBLICENSEE’s (copy of the SUBLICENSE attached, if not previously provided) 

H. Change of control, name change or other significant change related to this Agreement or LICENSEE: 

            NONE 

Details: 

  
 26Exhibit 10-BBal

Rabbi Trust Agreement

This rabbi trust agreement is based on the IRS model rabbi trust provisions contained in Revenue Procedure 92-64.  Provisions from the IRS model rabbi trust have been selected which are frequently chosen by many if not most of Wells Fargo rabbi trust clients.  Additional provisions have been added to reflect Wells Fargo operating procedures and administrative requirements.  A Company should carefully review the trust agreement with its legal counsel to determine if it is appropriate for its particular situation.  Wells Fargo does not provide legal advice and makes no representations concerning the tax consequences of a Company’s execution of this Agreement.

TABLE OF CONTENTS

Page

Article I.    Establishment of Trust    1

Article II.    Payments to Plan Participants and Their Beneficiaries      2

		
	Article III.
	Trustee Responsibility Regarding Payments to Trust Beneficiary When 

Company is Insolvent      3

Article IV.    Payments to Company      4

Article V.    Investment Authority      4

Article VI.    Disposition of Income      7

Article VII.    Accounting by Trustee      7

Article VIII.    Responsibility of Trustee      7

Article IX.    Compensation and Expenses of Trustee      8

Article X.    Resignation and Removal of Trustee      8

Article XI.    Appointment of Successor      9

Article XII.    Amendment or Termination      9

Article XIII.    Miscellaneous    9

Tech Data Deferred Compensation Plan
TRUST AGREEMENT

This Agreement, made and entered into as of February 1, 2015 by and between Tech Data Corporation (the “Company”) and WELLS FARGO BANK, N.A., (the "Trustee"),

WITNESSETH:

WHEREAS, Company has adopted the non-qualified deferred compensation Plan(s) titled Tech Data Deferred Compensation Plan (the “Plan”);

WHEREAS, Company has incurred or expects to incur liability under the terms of such Plan with respect to the individuals participating in such Plan; and 

WHEREAS, Company wishes to establish or has established a trust (hereinafter called "Trust") and wishes to contribute to the Trust assets that shall be held therein, subject to the claims of Company's creditors in the event of Company’s Insolvency, as herein defined, until paid to Plan participants and their beneficiaries in such manner and at such times as specified in the Plan(s);

WHEREAS, it is the intention of the parties that this Trust shall constitute an unfunded arrangement and shall not affect the status of the Plan(s) as an unfunded plan maintained for the purpose of providing deferred compensation for a select group of management or highly compensated employees for purposes of Title I of the Employee Retirement Income Security Act of 1974;

WHEREAS, it is the intention of Company to make contributions to the Trust to provide itself with a source of funds to assist it in the meeting of its liabilities under the Plan(s);

NOW, THEREFORE, the parties do hereby establish the Trust and agree that the Trust shall be comprised, held and disposed of as follows:

ARTICLE I
ESTABLISHMENT OF TRUST

Section 1.1    Company hereby deposits with Trustee in trust $0, which shall become the principal of the Trust, along with assets transferred from the prior trustee, if any, all to be held, administered and disposed of by Trustee as provided in this Trust Agreement.

Section 1.2    The Trust hereby established shall be irrevocable by Company.

Section 1.3    The Trust is intended to be a grantor trust, of which Company is the grantor, within the meaning of subpart E, part 1, subchapter J, chapter 1, subtitle A of the Internal Revenue Code of 1986, as amended, and shall be construed accordingly.  However, Trustee does not warrant and shall not be liable for any tax consequences associated with the Trust or participation in the Plan.

Section 1.4    The principal of the Trust and any earnings thereon shall be held separate and apart from other funds of Company and shall be used exclusively for the uses and purposes of Plan participants and general creditors as herein set forth.  Plan participants and their beneficiaries shall have no preferred claim on, or any beneficial ownership interest in, any assets of the Trust.  Any rights created under the Plan(s) and this Trust Agreement shall be mere unsecured contractual rights of Plan participants and their beneficiaries against Company.  Any assets held by the Trust will be subject to the claims of Company's general creditors under federal and state law in the event of Insolvency, as defined in Section 3.1 herein.

Section 1.5    Company, in its sole discretion, may at any time, or from time to time, make additional deposits of cash or other property acceptable to the Trustee in trust with Trustee to augment the principal to be held, administered and disposed of by Trustee as provided in this Trust Agreement.  Neither Trustee nor any Plan participant or beneficiary shall have any right to compel such additional deposits.

Section 1.6    The Trustee agrees to accept contributions that are paid to it by the Company in accordance with the terms of this Trust Agreement.  Such contributions shall be in cash or in such other form that may be acceptable to the Trustee.  The Trustee shall have no duty to determine or collect contributions under the Plan(s) and shall have no responsibility for any property until it is received and accepted by the Trustee.  The Company shall have the sole duty and responsibility for the determination of the accuracy or sufficiency of the contributions to be made under the Plan(s), the transmittal of the same to the Trustee and compliance with any statute, regulation or rule applicable to contributions.

ARTICLE II
PAYMENTS TO PLAN PARTICIPANTS AND THEIR BENEFICIARIES

Section 2.1    Company shall deliver to Trustee a schedule (the "Payment Schedule") that indicates the amounts payable in respect of each Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Plan(s)), and the time of commencement for payment of such amounts.  

Please select either (a) or (b) to complete this section 2.1:

		
	[X]
	(a) The Trustee shall remit such payment to Company and Company shall make such payments to the Plan participants and beneficiaries.  Company shall make provision for the reporting and withholding of any federal, state or local taxes that may be required to be withheld with respect to the payment of benefits pursuant to the terms of the Plan(s) and shall pay amounts withheld to the appropriate taxing authorities. Company shall indemnify and hold harmless the Trustee from any and all liability to which the Trustee may become subject due to Company’s failure to properly withhold and/or remit amounts due or to pay benefits to participants in connection with the Trust.

Or

		
	[  ]
	(b) The Trustee shall make payments to the Plan Participants and their beneficiaries in accordance with such Payment Schedule.  The Trustee shall make provision for the reporting and withholding of federal and state taxes (other than FICA, FUTA or local taxes) that may be required to be withheld with respect to the payment of benefits pursuant to the terms of the Plan(s) and shall pay amounts withheld to the appropriate taxing authorities.  Notwithstanding the foregoing, the Company may direct the Trustee with respect to the state and federal income tax withholding on such payments, and must direct the Trustee if any tax withholding is required on a payment subject to state/local income taxes in a state/locality other than the state/locality in which the participant currently resides (“Non-resident taxes”).  If applicable, Company shall direct the Trustee to remit any FICA, FUTA or local taxes with respect to the benefit payments to Company and Company shall have the responsibility for determining, reporting and paying the FICA, FUTA or local taxes to the appropriate taxing authorities. Company will indemnify and hold harmless the Trustee from any and all liability to which the Trustee may become subject due to Company’s failure to properly withhold and remit FICA, FUTA or local taxes in connection with payments from the Trust, or for failure to direct the Trustee regarding withholding on any payment subject to Non-resident taxes.

Section 2.2    The entitlement of a Plan participant or his or her beneficiaries to benefits under the Plan(s) shall be determined by Company or such party as it shall designate under the Plan(s), and any claim for such benefits shall be considered and reviewed under the procedures set out in the Plan(s).

Section 2.3    Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan(s), and may request reimbursement for such payments upon presentation of appropriate evidence of payment to Trustee.  Company shall notify Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries.  In addition, if the principal of the Trust and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plan(s), Company shall make the balance of each such payment as it falls due.  Trustee shall notify Company where principal and earnings are not sufficient.  Trustee shall not be liable for the inadequacy of the Trust to pay all amounts due under the Plan.

ARTICLE III
TRUSTEE RESPONSIBILITY REGARDING PAYMENTS TO TRUST BENEFICIARY WHEN COMPANY IS INSOLVENT

Section 3.1    Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent.  Company shall be considered "Insolvent" for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code or any comparable state or federal regulatory law.

Section 3.2    At all times during the continuance of this Trust, as provided in Section 1.4 hereof, the principal and income of the Trust shall be subject to claims of general creditors of Company under federal and state law as set forth below.

(1)    The Board of Directors and the Chief Executive Officer (or if there is no Chief Executive Officer, the highest ranking officer) of Company shall have the duty to inform Trustee in writing of Company's Insolvency.  If a person claiming to be a creditor of Company alleges in writing to Trustee that Company has become Insolvent, Trustee shall determine whether Company is Insolvent and, pending such determination, Trustee shall discontinue payment of benefits to Plan participants or their beneficiaries.  

(2)    Unless Trustee has actual knowledge of Company's Insolvency, or has received notice from Company or a person claiming to be a creditor alleging that Company is Insolvent, Trustee shall have no duty to inquire whether Company is Insolvent.  Trustee may in all events rely on such evidence concerning Company's solvency as may be furnished to Trustee and that provides Trustee with a reasonable basis for making a determination concerning Company's solvency.

(3)    If at any time Trustee has determined that Company is Insolvent, Trustee shall discontinue payments to Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of Company's general creditors.  Nothing in this Trust Agreement shall in any way diminish any rights of the Plan participants or their beneficiaries to pursue their rights as general creditors of Company with respect to benefits due under the Plan(s) or otherwise.

(4)    Trustee shall resume the payment of benefits to Plan participants or their beneficiaries in accordance with Article II of this Trust Agreement only after Trustee has been directed that Company is not Insolvent (or is no longer Insolvent). Trustee may in all events rely on such evidence concerning Company’s solvency (or Insolvency) as may be furnished to Trustee and that provides Trustee with a reasonable basis for making a determination concerning Company’s solvency.

Section 3.3    Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to Section 3.2 hereof and subsequently resumes such payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plan(s) for the period of such discontinuance, less the aggregate amount of any payments made to Plan participants or their beneficiaries by Company in lieu of the payments provided for hereunder during any such period of discontinuance.

ARTICLE IV
PAYMENTS TO COMPANY

Except as provided in Articles II and III hereof, Company shall have no right or power to direct Trustee to return to Company or to divert to others any of the Trust assets before all payment of benefits have been made to Plan participants and their beneficiaries pursuant to the terms of the Plan(s).  
The Company shall have the right and power to direct the Trustee to return to the Company or a Related Employer or to divert to others any portion of the Trust assets to the extent the value of such Trust assets is in excess of the value of the participants’ Accounts (as defined in the Plan) as of the date of any valuation of the participants’ Accounts under the Plan.

ARTICLE V
INVESTMENT AUTHORITY

Section 5.1    Except as provided below, Company shall have the sole power and responsibility for the management, disposition, and investment of the Trust assets, and Trustee shall comply with written directions from Company or its designated agent, which may include a recordkeeper for the Plan.  Trustee shall have no duty or responsibility to review, initiate action, or make recommendations regarding the investment of Trust assets and shall retain such assets until directed in writing to dispose of them.  Prior to issuing any such directions, Company shall certify to Trustee the person(s) at Company or its agent who have the authority to issue such directions.

Section 5.2    In the administration of the Trust, Trustee shall have the following powers; however, all powers regarding the investment of the Trust shall be exercised solely pursuant to direction of Company or its delegated agent or, if applicable, an Investment Manager, unless Trustee has been properly delegated investment authority pursuant to section 5.4 below:

(1)    To hold assets of any kind, including shares of any registered investment company, whether or not Trustee or any of its affiliates provides investment advice or other services to such company and receives compensation for the services provided;

(2)    To sell, exchange, assign, transfer, and convey any security or property held in the Trust, at public or private sale, at such time and price and upon such terms and conditions (including credit) as directed;

(3)    To invest and reinvest assets of the Trust (including accumulated income) as directed;

(4)    To vote, tender, or exercise any right appurtenant to any stock or securities held in the Trust, as directed;

(5)    To consent to and participate in any plan for the liquidation, reorganization, consolidation, merger or any similar action of any corporation, any security of which is held in the Trust, as directed;

(6)    To sell or exercise any "rights" issued on any securities held in the Trust, as directed;

(7)    To cause all or any part of the assets of the Trust to be held in the name of Trustee (which in such instance need not disclose its fiduciary capacity) or, as permitted by laws, in the name of any nominee, and to acquire for the Trust any investment in bearer form, but the books and records of the Trust shall at all times show that all such investments are part of the Trust and Trustee shall hold evidence of title to all such investments;

(8)    To make such distributions in accordance with the provisions of this Trust Agreement;

(9)    To hold a portion of the Trust for the ordinary administration and for the disbursement of funds in cash, without liability for interest thereon for such period of time as necessary, notwithstanding that Trustee or an affiliate of Trustee may benefit directly or indirectly from such uninvested amounts.  It is acknowledged that Trustee’s handling of such amounts is consistent with usual and customary banking and fiduciary practices, and any earnings realized by Trustee or its affiliates will be compensation for its bank services in addition to its regular fees; and

(10)To invest in deposit products of Trustee or its affiliates, or other bank or similar financial institution, subject to the rules and regulations governing such deposits, and without regard to the amount of such deposit, as directed;

(11)To invest in securities (including stock and the rights to acquire stock) or obligations issued by the Company or an Employer as that term is defined in the Plan(s);

(12)To appoint custodians, subcustodians, or subtrustees, domestic or foreign (including affiliates of the Trustee), as to part or all of the Trust; provided that the Trustee shall not be liable for the acts or omissions of any subcustodian appointed under this Section;

(13)To determine, as of the last day of each Plan Year and on such additional dates as designated by the Plan, the fair market value of the assets of the Trust Fund which are publicly traded, as defined in Treas. Reg. §54.4975-7(b)(iv).  The Trustee is directed to reflect Plan assets received through an in-kind transfer from a prior trustee in the Trust records of the Plan at the cost basis provided by the prior trustee and market value as of the date of transfer.  The Trustee may rely on valuations provided to it from investment funds without undertaking an independent valuation of such funds.  The Plan Administrator shall have the sole fiduciary responsibility to value all other Trust assets, including employer securities, which are not publicly traded as defined above.  The Plan Administrator shall be responsible for hiring an independent appraiser to assist it in its valuation responsibilities to the extent required by law or the Plan, deemed prudent by the Plan Administrator.  The Plan Administrator shall provide to the Trustee for the preparation of any trust reports the value of any assets over which it has valuation responsibility along with any additional information as requested.  The Plan Administrator may have a third party recordkeeper act as its agent to inform the trustee of the value of any asset over which it has valuation responsibility.  Any valuation made by the Trustee or Plan Administrator in good faith shall be binding and conclusive upon all parties to the Plan and this Trust Agreement and upon all persons interested or who may become interested, directly, or indirectly, in the Trust hereby created.  

Section 5.3    From time to time the Company may appoint one or more investment managers who shall have investment management and control over all or a portion of the assets of the Trust ("Investment Managers").  The Company shall notify the Trustee in writing of the appointment of the Investment Manager.  In the event more than one Investment Manager is appointed, the Company shall determine which assets shall be subject to management and control by each Investment Manager and shall also determine the proportion in which funds withdrawn or disbursed shall be charged against the assets subject to each Investment Manager's management and control.  Such Investment Manager shall direct Trustee as to the investment of assets and any voting, tendering, and other appurtenant rights of all securities held in the portion of the Trust over which the Investment Manager is appointed.  Trustee shall have no duty or responsibility to review, initiate action, or make recommendations regarding the investment of the Trust assets and shall retain such assets until directed in writing to dispose of them.

Section 5.4    Company may delegate to Trustee the responsibility to manage all or a portion of the Trust if Trustee agrees to do so in writing.  Upon written acceptance of that delegation, Trustee shall have full power and authority to invest and reinvest the Trust in investments as provided herein, subject to any investment guidelines provided by Company.

            Section 5.5    The Trustee shall have no responsibility to notify the Company of any calls for redemption which do not appear in Standard New York Financial Publications, unless the Trustee actually receives written notice of such call for redemption.  The Trustee shall promptly notify the Company of each written notice actually received by the Trustee in the ordinary course of its custodial business hereunder concerning any default of payment in connection with securities held hereunder, call for redemption, exchange offer, tender offer, rights offering, subscription rights, conversion or similar rights, merger, consolidation, reorganization, reclassification or recapitalization, or similar event or proceeding affecting the property held in the Trust, and shall take such action in respect thereto as may be directed in writing by the Company.

Section 5.6    All solicitation fees payable to the Trustee as agent in connection with tender offers or any of the aforementioned proceedings that would not otherwise be payable to the Company will be retained by the Trustee.

Section 5.7    Should any securities held in any depository be called for partial redemption by the issuer of such securities, the Trustee is authorized in the Trustee’s sole discretion to allot the called portion to the respective holders in any manner deemed to be fair and equitable in the Trustee’s judgment.  Securities called for partial redemption must be in the Trust pursuant to an actual rather than provisional credit.

ARTICLE VI
DISPOSITION OF INCOME

During the term of this Trust, all income received by the Trust, net of expenses and taxes, shall be accumulated and reinvested.

ARTICLE VII
ACCOUNTING BY TRUSTEE

Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such specific records as shall be agreed upon in writing between Company and Trustee.  Within 60 days following the close of each calendar year and within 60  days after the removal or resignation of Trustee, Trustee shall deliver to Company a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal or resignation, setting forth all investments, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in the Trust at the end of such year or as of the date of such removal or resignation, as the case may be. Trustee’s accounting, if not objected to within 60 days of it being furnished to Company, shall be deemed accepted by Company.

ARTICLE VIII
RESPONSIBILITY OF TRUSTEE

Section 8.1    Trustee shall act with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims; provided, however, that Trustee shall incur no liability to any person for any action taken pursuant to a direction, request or approval given by Company, and Company shall indemnify and hold harmless the Trustee, its officers, employees, and agents from and against all liabilities, losses, and claims (including reasonable attorney’s fees and costs of defense) for actions taken or omitted by Trustee in accordance with the terms of this Trust.  In the event of a dispute between Company and a party, Trustee may apply to a court of competent jurisdiction to resolve the dispute.

Section 8.2    If Trustee undertakes or defends any litigation arising in connection with this Trust, Company agrees to indemnify Trustee against Trustee's costs, expenses and liabilities (including, without limitation, attorneys' fees and expenses) relating thereto and to be primarily liable for such payments.  If Company does not pay such costs, expenses and liabilities in a reasonably timely manner, Trustee may obtain payment from the Trust.

Section 8.3    As directed by the Company, the trustee may consult with legal counsel (who may also be counsel for Company generally) with respect to any of its duties or obligations hereunder, and Trustee may hire agents, accountants, actuaries, investment advisors, financial consultants or other professionals to assist it in performing any of its duties or obligations hereunder and may rely on any determinations made by such agents and information provided to it by the Company.  Company shall pay the expenses for services by such individuals or entities, and if the Company does not pay such expenses in a reasonably timely manner, Trustee may obtain payment from the Trust. 

Section 8.4    Trustee shall have, without exclusion, all powers conferred on Trustees by applicable law, unless expressly provided otherwise herein; provided, however, that if an insurance policy is held as an asset of the Trust, Trustee shall have no power to name a beneficiary of the policy other than the Trust, to assign the policy (as distinct from conversion of the policy to a different form) other than to a successor Trustee, or to loan to any person the proceeds of any borrowing against such policy.  The Trustee shall not be liable for the failure or omission of any insurance company for any reason to pay any benefits or furnish any services under the policies or contracts.  Company shall have the sole responsibility to determine whether any insured under any insurance policy held in the Trust is deceased.

Section 8.5    Notwithstanding any powers granted to Trustee pursuant to this Trust Agreement or to applicable law, Trustee shall not have any power that could give this Trust the objective of carrying on a business and dividing the gains therefrom, within the meaning of section 301.7701‐2 of the Procedure and Administrative Regulations promulgated pursuant to the Internal Revenue Code.

Section 8.6    The duties of the Trustee shall be limited to the assets held in the Trust, and the Trustee shall have no duties with respect to assets held by any other person including, without limitation, any other Trustee for the Plan(s).  The Company hereby agrees that the Trustee shall not serve as, and shall not be deemed to be, a co-trustee under any circumstances.  The Company may request the Trustee to perform a recordkeeping service with respect to property held by others and not otherwise subject to the terms of this Trust Agreement.  To the extent the Trustee shall agree to perform this service, its sole responsibility shall be to accurately reflect information on its books which it has received from an authorized party of the custodian of such property.

ARTICLE IX
COMPENSATION AND EXPENSES OF TRUSTEE

Trustee shall be entitled to reasonable compensation for the services it renders under this Trust.  Company shall pay all Trustee's fees and expenses.  If not so paid within a reasonable time, the fees and expenses, including, but not limited to, those expenses referenced in Article VIII above, shall be paid from the Trust.

ARTICLE X
RESIGNATION AND REMOVAL OF TRUSTEE

Section 10.1    Trustee may resign at any time by written notice to Company, which shall be effective 60 days after receipt of such notice unless Company and Trustee agree otherwise.

Section 10.2   Trustee may be removed by Company on 30 days notice or upon shorter notice accepted by Trustee.

Section 10.3    Upon resignation or removal of Trustee and appointment of a successor Trustee, all assets shall subsequently be transferred to the successor Trustee.  The transfer shall be completed within 30 days after receipt of all information reasonably required by Trustee to transfer assets to the successor Trustee, unless Company extends the time limit.

Section 10.4    If Trustee resigns or is removed, a successor shall be appointed, in accordance with Article XI hereof, by the effective date of resignation or removal under sections 10.1 and 10.2 of this article.  If no such appointment has been made, Trustee may apply to a court of competent jurisdiction for appointment of a successor or for instructions.  All expenses of Trustee in connection with the proceeding shall be allowed as administrative expenses of the Trust.

ARTICLE XI
APPOINTMENT OF SUCCESSOR

Section 11.1    If Trustee resigns or is removed in accordance with Section 10.1 or 10.2 hereof, Company may appoint any third party, such as a bank trust department or other party that may be granted corporate trustee powers under state law, as a successor to replace Trustee upon resignation or removal.  The appointment shall be effective when accepted in writing by the new Trustee, who shall have all of the rights and powers of the former Trustee, including ownership rights in the Trust assets.  The former Trustee shall execute any instrument necessary or reasonably requested by Company or the successor Trustee to evidence the transfer.

Section 11.2    The successor Trustee need not examine the records and acts of any prior Trustee and may retain or dispose of existing Trust assets, subject to Articles VII and VIII hereof.  The successor Trustee shall not be responsible for and Company shall indemnify and defend the successor Trustee from any claim or liability resulting from any action or inaction of any prior Trustee or from any other past event, or any condition existing at the time it becomes successor Trustee.

ARTICLE XII
AMENDMENT OR TERMINATION

Section 12.1    This Trust Agreement may be amended by a written instrument executed by Trustee and Company.  Notwithstanding the foregoing, no such amendment shall make the Trust revocable after it has become irrevocable in accordance with Section 1.2 hereof.

Section 12.2    The Trust shall not terminate until the date on which Plan participants and their beneficiaries are no longer entitled to benefits pursuant to the terms of the Plan(s).  Upon termination of the Trust, any assets remaining in the Trust shall be returned to Company.

Section 12.3    Upon written approval of participants or beneficiaries entitled to payment of benefits pursuant to the terms of the Plan(s), Company may terminate this Trust prior to the time all benefit payments under the Plan(s) have been made.  All assets in the Trust at termination shall be returned to Company.

ARTICLE XIII
MISCELLANEOUS

Section 13.1    Any provision of this Trust Agreement prohibited by law shall be ineffective to the extent of any such prohibition, without invalidating the remaining provisions hereof.

Section 13.2    Benefits payable to Plan participants and their beneficiaries under this Trust Agreement may not be anticipated, assigned (either at law or in equity), alienated, pledged, encumbered or subjected to attachment, garnishment, levy, execution or other legal or equitable process.

Section 13.3    This Trust Agreement shall be governed by and construed in accordance with the laws of the State of  North Carolina.

Section 13.4    If a provision of this agreement requires that a communication or document be provided to the Trustee in writing or written form, that requirement may also be satisfied by a facsimile transmission, electronic mail or other electronic transmission of text (including electronic records attached thereto), if the Trustee reasonably believes such communication or document has been signed, sent or presented (as applicable) by any person or entity authorized to act on behalf of the Employer or Plan Administrator.   If this agreement requires that a communication or document be signed, an electronic signature satisfies that requirement.   Any electronic mail or other electronic transmission of text will be deemed signed by the sender if the sender’s name or electronic address appears as part of, or is transmitted with, the electronic record.  The Trustee will not incur any liability to anyone resulting from actions taken in good faith reliance on such communication or document.   Nor shall the Trustee incur any liability in executing instructions from any person or entity authorized to act on behalf of the Employer or Plan Administrator prior to receipt by it of notice of the revocation of the written authority of such person or entity.
    
Section 13.5    Trustee shall be entitled to rely on any information furnished to it by Company or any other party from whom Trustee is entitled to any information.  If any provision of this Trust conflicts with any provision of the Plan, the provisions of this Trust shall control.

Section 13.6    If at any time the Plan fails to meet the requirements of the Internal Revenue Code section 409A, the Company shall determine, withhold, report and remit all taxes thereunder, as applicable.

Section 13.7    Neither the Company nor the Trustee may assign this Trust Agreement without the prior written consent of the other, except that the Trustee may assign its rights and delegate its duties hereunder to any corporation or entity which directly or indirectly is controlled by, or is under common control with, the Trustee.  This Trust Agreement shall be binding upon, and inure to the benefit of, the Company and the Trustee and their respective successors and permitted assigns.  Any entity which shall by merger, consolidation, purchase, or otherwise, succeed to substantially all the trust business of the Trustee shall, upon each succession and without any appointment or other action by the Company be and become successor Trustee hereunder, upon notification to the Company.

Section 13.8    The Trustee reserves the right to seek a judicial or administrative determination as to its proper course of action under this Trust Agreement.  Nothing contained herein will be construed or interpreted to deny the Trustee or the Company the right to have the Trustee’s account judicially determined.  To the extent permitted by law, only the Trustee and the Company shall be necessary parties in any application to the courts for an interpretation of this Trust Agreement or for an accounting by the Trustee, and no Participant under the Plan(s) or other person having an interest in the Trust shall be entitled to any notice or service of process.  Any final judgment entered in such an action or proceeding shall, to the extent permitted by law, be conclusive upon all persons.

Section 13.9    The Company and the Trustee hereby each represent and warrant to the other that it has full authority to enter into this Trust Agreement upon the terms and conditions hereof and that the individual executing this Trust Agreement on its behalf has the requisite authority to bind the Company or the Trustee to this Trust Agreement.

IN WITNESS WHEREOF, Company and Trustee have caused this Agreement to be executed by individuals thereunto duly authorized as of the day and year first above written.

Tech Data Corporation                WELLS FARGO BANK, N.A., Trustee
	
		
	

By  /s/ Scott Walker

Its VP, Treasurer

And /s/ Jeff Howells

Its CFO
	

By /s/ Mary Lou Scribner

 Its Vice President

And /s/ Donna C. Balaguer

 Its Vice President

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