Document:

2007 Long-Term Equity Compensation Plan

 Exhibit 4.4 
 AXIS CAPITAL HOLDINGS LIMITED 
 2007 LONG-TERM EQUITY COMPENSATION PLAN 
 As Amended and Restated May 2009 
 SECTION 1. Purpose. The purpose of this AXIS Capital Holdings Limited 2007 Long-Term Equity Compensation Plan is to promote the interests of AXIS Capital Holdings Limited, a company organized and existing under Bermuda law, and
its stockholders by (a) attracting and retaining exceptional directors, officers, employees and consultants (including prospective directors, officers, employees and consultants) of the Company (as defined below) and its Affiliates (as defined
below) and (b) enabling such individuals to participate in the long-term growth and financial success of the Company. 
 SECTION 2.
Definitions. As used herein, the following terms shall have the meanings set forth below: 
 “Affiliate” means
(a) any entity that, directly or indirectly, is controlled by, controls or is under common control with, the Company and (b) any entity in which the Company has a significant equity interest, in either case as determined by the Committee.

 “Award” means any award that is permitted under Section 6 and granted under the Plan. 
 “Award Agreement” means any written agreement, contract or other instrument or document evidencing any Award, which may, but need not,
require execution or acknowledgment by a Participant. 
 “Board” means the Board of Directors of the Company. 
 “Change of Control” shall (a) have the meaning set forth in an Award Agreement or (b) if there is no definition set forth in
an Award Agreement, will be deemed to have occurred as of the first day any of the following events occurs: 
 (i) Any Person is or becomes
the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding voting securities
entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (i), the following acquisitions shall not constitute a
Change in Control: (A) any acquisition directly from the Company, (B) any acquisition by the Company, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Affiliate, or
(D) any acquisition by any entity pursuant to a transaction which complies with clauses (A), (B) and (C) of paragraph (iii) below; 
 (ii) Individuals who, as of the Effective Date, constitute the Board (hereinafter referred to as the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided
however, that any individual becoming a director subsequent to the date herein whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising the
Incumbent Board shall be considered a member of the Incumbent 

  

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Board, excluding any individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the
election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; 
 (iii) Consummation of a reorganization, merger, share exchange, amalgamation, recapitalization, consolidation or similar transaction by and among the Company and another Person, including, for this purpose, a
transaction as a result of which another Person owns the Company or all or substantially all of the Company’s assets, either directly or through one or more subsidiaries (a “Business Combination”), in each case, unless,
following such Business Combination, (A) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Voting Securities immediately prior to such Business Combination
beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors (or equivalent management personnel) of the Person resulting from
such Business Combination or that, as a result of such Business Combination, owns the Company or all or substantially all of the Company’s assets, either directly or through one or more subsidiaries, in substantially the same proportions as
their ownership of the Outstanding Company Voting Securities immediately prior to such Business Combination; (B) no Person (excluding any Person resulting from such Business Combination, or that, as a result of such Business Combination, owns
the Company or all or substantially all of the Company’s assets, either directly or through one or more subsidiaries, or any employee benefit plan (or related trust) of the foregoing) beneficially owns, directly or indirectly, 50% or more of
the then outstanding shares of common stock or the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors (or equivalent management personnel) of the Person resulting from such
Business Combination or that, as a result of such Business Combination, owns the Company or all or substantially all of the Company’s assets, either directly or through one or more subsidiaries, except to the extent that such ownership existed
with respect to the Company prior to the Business Combination; and (C) at least a majority of the members of the board of directors (or equivalent management personnel) of the Person resulting from such Business Combination or that, as a result
of such Business Combination, owns the Company or all or substantially all of the Company’s assets, either directly or through one or more subsidiaries, were members of the Incumbent Board at the time of the execution of the initial agreement,
or of the action of the board, pursuant to which such Business Combination is effected or approved; or 
 (iv) Approval by the shareholders
of the Company of a complete liquidation or dissolution of the Company or the sale or other disposition of all or substantially all of the Company’s assets. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated thereunder. 
 “Committee” means the Compensation Committee of the Board, or such other committee of the Board as may be designated by the Board to administer the Plan. 
  

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 “Company” means AXIS Capital Holdings Limited and any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of AXIS Capital Holdings Limited. 
 “Disability” shall have the meaning ascribed to such term in the employee health care plan maintained by the Company, or if no such plan exists, at the discretion of the Committee. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute thereto. 
 “Exercise Price” means (a) in the case of Options, the price specified in the applicable Award Agreement as the price-per-Share at
which Shares may be purchased pursuant to such Option or (b) in the case of SARs, the price specified in the applicable Award Agreement as the reference price-per-Share used to calculate the amount payable to the Participant. 
 “Fair Market Value” means (a) with respect to any property other than Shares, the fair market value of such property determined by
such methods or procedures as shall be established from time to time by the Committee and (b) with respect to the Shares, as of any date, (i) the closing per share sales price of the Shares (A) as reported by the NYSE for such date or
(B) if the Shares are listed on any other national stock exchange, as reported on the stock exchange composite tape for securities traded on such stock exchange for such date or, with respect to each of clauses (A) and (B), if there were
no sales on such date, on the closest preceding date on which there were sales of Shares or (ii) in the event there shall be no public market for the Shares on such date, the fair market value of the Shares as determined in good faith by the
Committee. 
 “Incentive Stock Option” means an option to purchase Shares from the Company that (a) is granted under
Section 6(b) and (b) is intended to qualify for special Federal income tax treatment pursuant to Sections 421 and 422 of the Code, as now constituted or subsequently amended, or pursuant to a successor provision of the Code, and which
is so designated in the applicable Award Agreement. 
 “IRS” means the Internal Revenue Service or any successor thereto and
includes the staff thereof. 
 “NYSE” means the New York Stock Exchange or any successor thereto. 
 “Non-Employee Director” means a member of the Board who is neither (a) an employee of the Company nor (b) an employee of any
Affiliate. 
 “Nonqualified Stock Option” means an option to purchase Shares from the Company that (a) is granted under
Section 6(b) and (b) is not an Incentive Stock Option. 
 “Option” means an Incentive Stock Option or a
Nonqualified Stock Option or both, as the context requires. 
 “Participant” means any director, officer, employee or
consultant (including any prospective director, officer, employee or consultant) of the Company or its Affiliates who is eligible for an Award under Section 5 and who is selected by the Committee to receive an Award under the Plan or who
receives a Substitute Award pursuant to Section 4(c). 
  

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 “Performance Criteria” means the criterion or criteria that the Committee shall select
for purposes of establishing a Performance Goal for a Performance Period with respect to any Performance Unit under the Plan. 
 “Performance Goal” means, for a Performance Period, the one or more goals established by the Committee for the Performance Period based upon the Performance Criteria. 
 “Performance Period” means the one or more periods of time as the Committee may select over which the attainment of one or more
Performance Goals will be measured for the purpose of determining a Participant’s right to and the payment of a Performance Unit. 
 “Performance Unit” means an Award under Section 6(e) that has a value set by the Committee (or that is determined by reference to a valuation formula specified by the Committee or the Fair Market Value of Shares),
which value may be paid to the Participant by delivery of such property as the Committee shall determine, including without limitation, cash or Shares, or any combination thereof, upon achievement of such Performance Goals during the relevant
Performance Period as the Committee shall establish at the time of such Award or thereafter. 
 “Person” shall have the
meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) thereof. 
 “Plan” means this AXIS Capital Holdings Limited 2007 Long-Term Equity Compensation Plan, as in effect from time to time. 
 “Restricted Share” means a Share delivered under the Plan that is subject to certain transfer restrictions, forfeiture provisions and/or
other terms and conditions specified herein and in the applicable Award Agreement. 
 “Retirement” shall (a) have the
meaning set forth in an Award Agreement or (b) if there is no definition set forth in an Award Agreement, means: 
 (i) for an employee,
such employee’s termination of employment with the Company and its Affiliates but only if either (A) such termination shall have occurred on or after the date on which he or she shall have attained age 60 and prior to such termination such
employee shall have completed 5 years of continuous employment with the Company and its Affiliates or (B) the Committee by affirmative action determines such termination shall constitute a Retirement for purposes of the Plan; and 
 (ii) for a director, such director’s termination of service with the Company and its Affiliates but only if either (A) such termination shall
have occurred on or after the date on which he or she shall have attained age 60 and prior to such termination such director shall have completed 5 years of continuous employment with the Company and its Affiliates or (B) the Board by
affirmative action determines such termination shall constitute a Retirement for purposes of the Plan. 
 Consultants shall not be eligible
for Retirement hereunder. 
 “RSU” means a restricted stock unit Award that is designated as such in the applicable Award
Agreement and that represents an unfunded and unsecured promise to 

  

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deliver Shares, cash, other securities, other Awards or other property in accordance with the terms of the applicable Award Agreement. 
 “Rule 16b-3” means Rule 16b-3 as promulgated and interpreted by the SEC under the Exchange Act or any successor rule or
regulation thereto as in effect from time to time. 
 “SAR” means a stock appreciation right Award that represents an
unfunded and unsecured promise to deliver Shares, cash, other securities, other Awards or other property equal in value to the excess, if any, of the Fair Market Value per Share over the Exercise Price per Share of the SAR, subject to the terms of
the applicable Award Agreement. 
 “SEC” means the Securities and Exchange Commission or any successor thereto and shall
include the staff thereof. 
 “Shares” means shares of common stock of the Company, par value $0.0125 per share, or such
other securities of the Company (a) into which such shares shall be changed by reason of a recapitalization, merger, consolidation, split-up, combination, exchange of shares or other similar transaction or (b) as may be determined by the
Committee pursuant to Section 4(b). 
 “Subsidiary” means any entity in which the Company, directly or indirectly,
possesses 50% or more of the total combined voting power of all classes of its stock. 
 “Substitute Awards” shall have the
meaning specified in Section 4(c). 
 SECTION 3. Administration. (a) Composition of Committee. The Plan shall be
administered by the Committee, which shall be composed of one or more directors, as determined by the Board; provided that, to the extent necessary to comply with the rules of the NYSE and Rule 16b-3 and any other applicable laws or rules,
the Committee shall be composed of two or more directors, all of whom shall be Non-Employee Directors and all of whom shall (i) meet the independence requirements of the NYSE and (ii) qualify as “Non-Employee Directors” under
Rule 16b-3. 
 (b) Authority of Committee. Subject to the terms of the Plan and applicable law, and in addition to other express
powers and authorizations conferred on the Committee by the Plan, the Committee shall have sole and plenary authority to administer the Plan, including, but not limited to, the authority to (i) designate Participants, (ii) determine the
type or types of Awards to be granted to a Participant, (iii) determine the number of Shares to be covered by, or with respect to which payments, rights or other matters are to be calculated in connection with, Awards, (iv) determine the
terms and conditions of any Awards, (v) determine the vesting schedules of Awards and, if certain performance criteria must be attained in order for an Award to vest or be settled or paid, establish such performance criteria and certify
whether, and to what extent, such performance criteria have been attained, (vi) determine whether, to what extent and under what circumstances Awards may be settled or exercised in cash, Shares, other securities, other Awards or other property,
or canceled, forfeited or suspended and the method or methods by which Awards may be settled, exercised, canceled, forfeited or suspended, (vii) determine whether, to what extent and under what circumstances cash, Shares, other securities,
other Awards, other property and other amounts payable with respect to an Award shall be deferred either automatically or at the election of the holder thereof or of the Committee, (viii) interpret, administer, reconcile any inconsistency in,
correct any default 

  

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in and supply any omission in, the Plan and any instrument or agreement relating to, or Award made under, the Plan, (ix) establish, amend, suspend or
waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan, (x) accelerate the vesting or exercisability of, payment for or lapse of restrictions on, Awards, (xi) amend
an outstanding Award or grant a replacement Award for an Award previously granted under the Plan if, in its sole discretion, the Committee determines that (A) the tax consequences of such Award to the Company or the Participant differ from
those consequences that were expected to occur on the date the Award was granted or (B) clarifications or interpretations of, or changes to, tax law or regulations permit Awards to be granted that have more favorable tax consequences than
initially anticipated and (xii) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan. 
 (c) Committee Decisions. Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations and other decisions
under or with respect to the Plan or any Award shall be within the sole and plenary discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon all persons, including the Company, any Affiliate, any
Participant, any holder or beneficiary of any Award and any stockholder. 
 (d) Indemnification. No member of the Board, the Committee
or any employee of the Company (each such person, a “Covered Person”) shall be liable for any action taken or omitted to be taken or any determination made in good faith with respect to the Plan or any Award hereunder. Each Covered Person
shall be indemnified and held harmless by the Company against and from (i) any loss, cost, liability or expense (including attorneys’ fees) that may be imposed upon or incurred by such Covered Person in connection with or resulting from
any action, suit or proceeding to which such Covered Person may be a party or in which such Covered Person may be involved by reason of any action taken or omitted to be taken under the Plan or any Award Agreement and (ii) any and all amounts
paid by such Covered Person, with the Company’s approval, in settlement thereof, or paid by such Covered Person in satisfaction of any judgment in any such action, suit or proceeding against such Covered Person; provided that the Company shall
have the right, at its own expense, to assume and defend any such action, suit or proceeding, and, once the Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of the
Company’s choice. The foregoing right of indemnification shall not be available to a Covered Person to the extent that a court of competent jurisdiction in a final judgment or other final adjudication, in either case not subject to further
appeal, determines that the acts or omissions of such Covered Person giving rise to the indemnification claim resulted from such Covered Person’s bad faith, fraud or willful criminal act or omission or that such right of indemnification is
otherwise prohibited by law or by the Company’s Memorandum of Association or Bye-Laws. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which Covered Persons may be entitled under the
Company’s Memorandum of Association or Bye-Laws, as a matter of law, or otherwise, or any other power that the Company may have to indemnify such persons or hold them harmless. 
 (e) Delegation of Authority to Senior Officers. The Committee may delegate, on such terms and conditions as it determines in its sole and plenary
discretion, to one or 

  

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more senior officers of the Company the authority to make grants of Awards to officers (other than officers subject to Section 16 of the Exchange Act),
employees and consultants of the Company and its Affiliates (including any prospective officer, employee or consultant) and all necessary and appropriate decisions and determinations with respect thereto; provided, however, that the cash settlement
of Awards may only be permitted with the express written consent of the Committee. 
 (f) Awards to Non-Employee Directors.
Notwithstanding anything to the contrary contained herein, the Compensation Committee may, in its sole and plenary discretion, at any time and from time to time, grant Awards to Non-Employee Directors. 
 SECTION 4. Shares Available for Awards. (a) Shares Available. Subject to adjustment as provided in Section 4(b), the aggregate number
of Shares that may be delivered pursuant to Awards granted under the Plan shall be 9,000,000. The maximum number of Shares that may be delivered pursuant to Incentive Stock Options granted under the Plan shall be 9,000,000 (“Plan Shares”).
If, after the effective date of the Plan, any Award granted under the Plan is forfeited, or otherwise expires, terminates or is canceled without the delivery of Shares, then the Shares covered by such forfeited, expired, terminated or canceled Award
shall again become available to be delivered pursuant to Awards under the Plan. If Shares issued upon exercise, vesting or settlement of an Award, or Shares owned by a Participant (which are not subject to any pledge or other security interest), are
surrendered or tendered to the Company in payment of the Exercise Price of an Award or any taxes required to be withheld in respect of an Award, in each case, in accordance with the terms and conditions of the Plan and any applicable Award
Agreement, such surrendered or tendered Shares shall again become available to be delivered pursuant to Awards under the Plan; provided, however, that in no event shall such Shares increase the number of Shares that may be delivered
pursuant to Incentive Stock Options granted under the Plan. Notwithstanding any provision of the Plan to the contrary, the aggregate number of Shares subject to Awards (i) granted in the form of “other equity-based or equity-related
Awards” pursuant to Section 6(a)(vi) and (ii) with respect to which restrictions may be waived or lapsed pursuant to Section 7(b), other than in connection with a Change of Control or in the case of the death, Disability or
Retirement of a Participant, shall not exceed 10% of the Plan Shares. 
 (b) Adjustments for Changes in Capitalization and Similar
Events. (i) In the event of any extraordinary dividend or other extraordinary distribution (whether in the form of cash, Shares, other securities or other property), recapitalization, stock split, reverse stock split, split-up or spin-off, the
Committee shall, in order to preserve the value of the Award and in the manner determined by the Committee, adjust any or all of (A) the number of Shares or other securities of the Company (or number and kind of other securities or property)
with respect to which Awards may be granted, including (1) the aggregate number of Shares that may be delivered pursuant to Awards granted under the Plan (including pursuant to Incentive Stock Options), as provided in Section 4(a) and
(2) the maximum number of Shares or other securities of the Company (or number and kind of other securities or property) with respect to which Awards may be granted to any Participant in any fiscal year of the Company and (B) the terms of
any outstanding Award, including (1) the number of Shares or other securities of the Company (or number and kind of other securities or property) subject to outstanding Awards or to 

  

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which outstanding Awards relate and (2) the Exercise Price, if applicable, with respect to any Award. 
 (ii) In the event that the Committee determines that any reorganization, merger, consolidation, combination, repurchase or exchange of Shares or other
securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of the Company, or other similar corporate transaction or event affects the Shares such that an adjustment is determined by the Committee in its
discretion to be appropriate or desirable, then the Committee may (A) in such manner as it may deem equitable or desirable, adjust any or all of (1) the number of Shares or other securities of the Company (or number and kind of other
securities or property) with respect to which Awards may be granted, including (X) the aggregate number of Shares that may be delivered pursuant to Awards granted under the Plan, as provided in Section 4(a) and (Y) the maximum number
of Shares or other securities of the Company (or number and kind of other securities or property) with respect to which Awards may be granted to any Participant in any fiscal year of the Company and (2) the terms of any outstanding Award,
including (X) the number of Shares or other securities of the Company (or number and kind of other securities or property) subject to outstanding Awards or to which outstanding Awards relate and (Y) the Exercise Price, if applicable, with
respect to any Award, (B) if deemed appropriate or desirable by the Committee, make provision for a cash payment to the holder of an outstanding Award in consideration for the cancellation of such Award, including, in the case of an outstanding
Option or SAR, a cash payment to the holder of such Option or SAR in consideration for the cancellation of such Option or SAR in an amount equal to the excess, if any, of the Fair Market Value (as of a date specified by the Committee) of the Shares
subject to such Option or SAR over the aggregate Exercise Price of such Option or SAR and (C) if deemed appropriate or desirable by the Committee, cancel and terminate any Option or SAR having a per Share Exercise Price equal to, or in excess
of, the Fair Market Value of a Share subject to such Option or SAR without any payment or consideration therefor. 
 (c) Substitute
Awards. Awards may, in the discretion of the Committee, be granted under the Plan in assumption of, or in substitution for, outstanding awards previously granted by the Company or any of its Affiliates or a company acquired by the Company or any
of its Affiliates or with which the Company or any of its Affiliates combines (such Awards, “Substitute Awards”). The number of Shares underlying any Substitute Awards shall be counted against the aggregate number of Shares available for
Awards under the Plan; provided, however, that Substitute Awards issued in connection with the assumption of, or in substitution for, outstanding awards previously granted by an entity that is acquired by the Company or any of its Affiliates or with
which the Company or any of its Affiliates combines shall not be counted against the aggregate number of Shares available for Awards under the Plan; provided further, however, that Substitute Awards issued in connection with the assumption of, or in
substitution for, outstanding stock options intended to qualify for special tax treatment under Sections 421 and 422 of the Code that were previously granted by an entity that is acquired by the Company or any of its Affiliates or with which the
Company or any of its Affiliates combines shall be counted against the aggregate number of Shares available for Incentive Stock Options under the Plan. Notwithstanding anything in this Section 4(c) to the contrary, Substitute Awards shall not
be granted to the extent that such grant would result 

  

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in an assumption of, or substitution for, an outstanding Option or SAR previously granted by the Company or any of its Affiliates, that would have the effect
of reducing the Exercise Price of such outstanding Option or SAR. 
 (d) Sources of Shares Deliverable Under Awards. Any Shares
delivered pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares or of treasury Shares. 
 SECTION 5.
Eligibility. Any director, officer, employee or consultant (including any prospective director, officer, employee or consultant) of the Company or any of its Affiliates shall be eligible to be designated a Participant. 
 SECTION 6. Awards. (a) Types of Awards. Awards may be made under the Plan in the form of (i) Options, (ii) SARs,
(iii) Restricted Shares, (iv) RSUs, (v) Performance Units and (vi) other equity-based or equity-related Awards that the Committee determines are consistent with the purpose of the Plan and the interests of the Company. Awards may
be granted in tandem with other Awards. No Incentive Stock Option (other than an Incentive Stock Option that may be assumed or issued by the Company in connection with a transaction to which Section 424(a) of the Code applies) may be
granted to a person who is ineligible to receive an Incentive Stock Option under the Code. 
 (b) Options. (i) Grant.
Subject to the provisions of the Plan, the Committee shall have sole and plenary authority to determine the Participants to whom Options shall be granted, the number of Shares to be covered by each Option, whether the Option will be an Incentive
Stock Option or a Nonqualified Stock Option and the conditions and limitations applicable to the vesting and exercise of the Option. In the case of Incentive Stock Options, the terms and conditions of such grants shall be subject to and comply with
such rules as may be prescribed by Section 422 of the Code and any regulations related thereto, as may be amended from time to time. All Options granted under the Plan shall be Nonqualified Stock Options unless the applicable Award
Agreement expressly states that the Option is intended to be an Incentive Stock Option. If an Option is intended to be an Incentive Stock Option, and if for any reason such Option (or any portion thereof) shall not qualify as an Incentive Stock
Option, then, to the extent of such nonqualification, such Option (or portion thereof) shall be regarded as a Nonqualified Stock Option appropriately granted under the Plan; provided that such Option (or portion thereof) otherwise complies with the
Plan’s requirements relating to Nonqualified Stock Options. 
 (ii) Exercise Price. The Exercise Price of each Share covered by
an Option shall be not less than 100% of the Fair Market Value of such Share (determined as of the date the Option is granted); provided, however, that in the case of an Incentive Stock Option granted to an employee who, at the time of
the grant of such Option, owns stock representing more than 10% of the voting power of all classes of stock of the Company or any Affiliate, the per Share Exercise Price shall be no less than 110% of the Fair Market Value per Share on the date of
the grant. 
 (iii) Vesting and Exercise. Each Option shall be vested and exercisable at such times, in such manner and subject to
such terms and conditions as the Committee may, in its sole and plenary discretion, specify in the applicable Award Agreement or thereafter. 
  

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 Except as otherwise specified by the Committee in the applicable Award Agreement, an Option may only be exercised to the
extent that it has already vested at the time of exercise. Except as otherwise specified by the Committee in the Award Agreement, Options shall become vested and exercisable with respect to one-third of the Shares subject to such Options on each of
the first three anniversaries of the date of grant. An Option shall be deemed to be exercised when written or electronic notice of such exercise has been given to the Company in accordance with the terms of the Award by the person entitled to
exercise the Award and full payment pursuant to Sectiong 6(b)(iv) for the Shares with respect to which the Award is exercised has been received by the Company. Exercise of an Option in any manner shall result in a decrease in the number of
Shares that thereafter may be available for sale under the Option and, except as expressly set forth in Section 4(c), in the number of Shares that may be available for purposes of the Plan, by the number of Shares as to which the Option is
exercised. The Committee may impose such conditions with respect to the exercise of Options, including, without limitation, any conditions relating to the application of Federal or state securities laws, as it may deem necessary or advisable.

 (iv) Payment. (A) No Shares shall be delivered pursuant to any exercise of an Option until payment in full of the
aggregate Exercise Price therefor is received by the Company, and the Participant has paid to the Company an amount equal to any Federal, state, local and foreign income and employment taxes required to be withheld. Such payments may be made in cash
(or its equivalent) or, in the Committee’s sole and plenary discretion, any other manner, including (1) by exchanging Shares owned by the Participant (which are not the subject of any pledge or other security interest) or (2) if there
shall be a public market for the Shares at such time, subject to such rules as may be established by the Committee, through delivery of irrevocable instructions to a broker to sell the Shares otherwise deliverable upon the exercise of the
Option and to deliver promptly to the Company an amount equal to the aggregate Exercise Price, or by a combination of the foregoing; provided that the combined value of all cash and cash equivalents and the Fair Market Value of any such
Shares so tendered to the Company as of the date of such tender is at least equal to such aggregate Exercise Price and the amount of any Federal, state, local or foreign income or employment taxes required to be withheld. 
 (B) Wherever in the Plan or any Award Agreement a Participant is permitted to pay the Exercise Price of an Option or taxes relating to the exercise of an
Option by delivering Shares, the Participant may, subject to procedures satisfactory to the Committee, satisfy such delivery requirement by presenting proof of beneficial ownership of such Shares, in which case the Company shall treat the Option as
exercised without further payment and shall withhold such number of Shares from the Shares acquired by the exercise of the Option. 
 (v)
Expiration. Each Option shall expire at the time or times, and on the other terms and conditions, set forth in the applicable Award Agreement, except that no Option may be exercisable after the tenth anniversary of the date the Option is
granted. 
 (c) SARs. (i) Grant. Subject to the provisions of the Plan, the Committee shall have sole and plenary
authority to determine the Participants to whom SARs shall be granted, the number of Shares to be covered by each SAR, the Exercise Price thereof and 

  

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the conditions and limitations applicable to the exercise thereof. SARs may be granted in tandem with another Award, in addition to another Award or
freestanding and unrelated to another Award. SARs granted in tandem with, or in addition to, an Award may be granted either at the same time as the Award or at a later time. 
 (ii) Exercise Price. The Exercise Price of each Share covered by a SAR shall be not less than 100% of the Fair Market Value of such Share
(determined as of the date the SAR is granted). 
 (iii) Exercise. A SAR shall entitle the Participant to receive an amount equal to
the excess, if any, of the Fair Market Value of a Share on the date of exercise of the SAR over the Exercise Price thereof. The Committee shall determine, in its sole and plenary discretion, whether a SAR shall be settled in cash, Shares, other
securities, other Awards, other property or a combination of any of the foregoing. 
 (iv) Other Terms and Conditions. Subject to the
terms of the Plan and any applicable Award Agreement, the Committee shall determine, at or after the grant of a SAR, the vesting criteria, term, methods of exercise, methods and form of settlement and any other terms and conditions of any SAR. Any
such determination by the Committee may be changed by the Committee from time to time and may govern the exercise of SARs granted or exercised thereafter. The Committee may impose such conditions or restrictions on the exercise of any SAR as it
shall deem appropriate or desirable. 
 (v) Expiration. Each SAR shall expire at the time or times, and on the other terms and
conditions, set forth in the applicable Award Agreement, except that no SAR may be exercisable after the tenth anniversary of the date the SAR is granted. 
 (d) Restricted Shares and RSUs. (i) Grant. Subject to the provisions of the Plan, the Committee shall have sole and plenary authority to determine the Participants to whom Restricted Shares and RSUs
shall be granted, the number of Restricted Shares and RSUs to be granted to each Participant, the duration of the period during which, and the conditions, if any, under which, the Restricted Shares and RSUs may vest or may be forfeited to the
Company (the “Period of Restriction”) and the other terms and conditions of such Awards. Subject to Section 3, no grant of Restricted Shares or RSUs shall become vested with respect to all the Restricted Shares or RSUs subject to such
grant over a period that is shorter than three years after the date of grant; provided that Restricted Shares or RSUs that are subject to performance-based vesting criteria, may become vested with respect to all the Restricted Shares or RSUs
covered by the applicable grant over a period that is not shorter than one year after the date of grant. 
 (ii) Transfer
Restrictions. Restricted Shares and RSUs may not be sold, assigned, transferred, pledged or otherwise encumbered except as provided in the Plan or as may be provided in the applicable Award Agreement; provided, however, that prior
to vesting, Restricted Shares and RSUs may not be transferred. Certificates issued in respect of Restricted Shares shall be registered in the name of the Participant and deposited by such Participant, together with a stock power endorsed in blank,
with the Company or such other custodian as may be designated by the Committee or the Company, and shall be held by the Company or other custodian, as applicable, until such time as the restrictions applicable to such Restricted Shares lapse. Upon
the lapse of the restrictions applicable to 

  

 11 

 
such Restricted Shares, the Company or other custodian, as applicable, shall deliver such certificates to the Participant or the Participant’s legal
representative. 
 (iii) Payment/Lapse of Restrictions. Each RSU shall be granted with respect to one Share or shall have a value
equal to the Fair Market Value of one Share. RSUs shall be paid in cash, Shares, other securities, other Awards or other property, as determined in the sole and plenary discretion of the Committee, upon the lapse of restrictions applicable thereto,
or otherwise in accordance with the applicable Award Agreement. 
 (iv) Dividends and Other Distributions. During the Period of
Restriction, Participants holding Restricted Shares or RSUs granted hereunder may, as determined by the Committee or specified in the applicable Award Agreement, be paid or credited with (A) regular dividends paid with respect to the Shares
underlying the Restricted Shares while they are so held or (B) regular dividends paid with respect to the number of Shares equivalent to the number of RSUs while they are so held. Such dividends may, as determined by the Committee or specified
in the applicable Award Agreement, be credited with interest from the date of the dividends through the date of payment. The Committee may also apply any restrictions to the dividends that the Committee deems appropriate and as are set forth in the
Award Agreement. 
 (e) Performance Units. (i) Grant. Subject to the provisions of the Plan, the Committee shall have sole
and plenary authority to determine the Participants to whom Performance Units shall be granted and the terms and conditions thereof. 
 (ii)
Value of Performance Units. Each Performance Unit shall have an initial value that is established by the Committee at the time of grant. The Committee shall set Performance Goals in its discretion which, depending on the extent to which they
are met during a Performance Period, will determine the number and value of Performance Units that will be paid out to the Participant. 
 (iii) Earning of Performance Units. Subject to the provisions of the Plan, after the applicable Performance Period has ended, the holder of Performance Units shall be entitled to receive a payout of the number and value of
Performance Units earned by the Participant over the Performance Period, to be determined by the Committee, in its sole and plenary discretion, as a function of the extent to which the corresponding Performance Goals have been achieved. 

(iv) Form and Timing of Payment of Performance Units. Subject to the provisions of the Plan, the Committee, in its sole and plenary
discretion, may pay earned Performance Units in the form of cash or in Shares (or in a combination thereof) that has an aggregate Fair Market Value equal to the value of the earned Performance Units at the close of the applicable Performance Period.
Such Shares may be granted subject to any restrictions in the applicable Award Agreement deemed appropriate by the Committee. The determination of the Committee with respect to the form and timing of payout of such Awards shall be set forth in the
applicable Award Agreement. 
 (f) Other Stock-Based Awards. Subject to the provisions of the Plan, the Committee shall have the sole
and plenary authority to grant to Participants other equity-based or equity-related Awards (including, but not limited to, fully-vested Shares) in such amounts and subject to such terms and conditions as the Committee shall determine. 
  

 12 

 (g) Dividend Equivalents. In the sole and plenary discretion of the Committee, an Award, other
than an Option or SAR, may provide the Participant with dividends or dividend equivalents, payable in cash, Shares, other securities, other Awards or other property, on a current or deferred basis, on such terms and conditions as may be determined
by the Committee in its sole and plenary discretion, including, without limitation, payment directly to the Participant, withholding of such amounts by the Company subject to vesting of the Award or reinvestment in additional Shares, Restricted
Shares or other Awards. 
 SECTION 7. Amendment and Termination. (a) Amendments to the Plan. Subject to any
applicable law or government regulation, to any requirement that must be satisfied if the Plan is intended to be a shareholder approved plan for purposes of the rules of the NYSE or any successor exchange or quotation system on which the Shares
may be listed or quoted, the Plan may be amended, modified or terminated by the Board without the approval of the stockholders of the Company except that stockholder approval shall be required for any amendment that would (i) increase the
maximum number of Shares for which Awards may be granted under the Plan or increase the maximum number of Shares that may be delivered pursuant to Incentive Stock Options granted under the Plan; provided, however, that any adjustment
under Section 4(b) shall not constitute an increase for purposes of this Section 7(a), (ii) change the class of employees or other individuals eligible to participate in the Plan, or (iii) materially amend the Plan. No
modification, amendment or termination of the Plan may, without the consent of the Participant to whom any Award shall theretofor have been granted, materially and adversely affect the rights of such Participant (or his or her transferee) under such
Award, unless otherwise provided by the Committee in the applicable Award Agreement. 
 (b) Amendments to Awards. The Committee may
waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate any Award theretofor granted, prospectively or retroactively; provided, however, that, except as set forth in the Plan, unless otherwise
provided by the Committee in the applicable Award Agreement, any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and adversely impair the rights of any Participant or any holder or
beneficiary of any Award theretofor granted shall not to that extent be effective without the consent of the impaired Participant, holder or beneficiary. 
 (c) Adjustment of Awards Upon the Occurrence of Certain Unusual or Nonrecurring Events. The Committee is hereby authorized to make adjustments in the terms and conditions of, and the criteria included in,
Awards in recognition of unusual or nonrecurring events (including, without limitation, the events described in Section 4(b) or the occurrence of a Change of Control) affecting the Company, any Affiliate, or the financial statements of the
Company or any Affiliate, or of changes in applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange, accounting principles or law (i) whenever the Committee, in its sole and plenary
discretion, determines that such adjustments are appropriate or desirable, including, without limitation, providing for a substitution or assumption of Awards, accelerating the exercisability of, lapse of restrictions on, or termination of, Awards
or providing for a period of time for exercise prior to the occurrence of such event, (ii) if deemed appropriate or desirable by the Committee, in its sole and plenary discretion, by 

  

 13 

 
providing for a cash payment to the holder of an Award in consideration for the cancellation of such Award, including, in the case of an outstanding Option
or SAR, a cash payment to the holder of such Option or SAR in consideration for the cancellation of such Option or SAR in an amount equal to the excess, if any, of the Fair Market Value (as of a date specified by the Committee) of the Shares subject
to such Option or SAR over the aggregate Exercise Price of such Option or SAR and (iii) if deemed appropriate or desirable by the Committee, in its sole and plenary discretion, by canceling and terminating any Option or SAR having a per Share
Exercise Price equal to, or in excess of, the Fair Market Value of a Share subject to such Option or SAR without any payment or consideration therefor. 
 SECTION 8. Change of Control. Unless otherwise provided in the applicable Award Agreement or any other agreement between the applicable Participant and the Company, in the event of a Change of
Control after the date of the adoption of the Plan, unless provision is made in connection with the Change of Control for (a) assumption of Awards previously granted or (b) substitution for such Awards of new awards covering stock of a
successor corporation or its “parent corporation” (as defined in Section 424(e) of the Code) or “subsidiary corporation” (as defined in Section 424(f) of the Code) with appropriate adjustments as to the number
and kinds of shares and the Exercise Prices, if applicable, (i) any outstanding Options or SARs then held by Participants that are unexercisable or otherwise unvested shall automatically be deemed exercisable or otherwise vested, as the case
may be, as of immediately prior to such Change of Control, (ii) all Performance Units shall be paid out as if the date of the Change of Control were the last day of the applicable Performance Period and “target performance levels” had
been attained and (iii) all other outstanding Awards (including Restricted Shares and RSUs) then held by Participants that are unexercisable, unvested or still subject to restrictions or forfeiture, shall automatically be deemed exercisable and
vested and all restrictions and forfeiture provisions related thereto shall lapse as of immediately prior to such Change of Control. 
 SECTION 9. General Provisions. (a) Nontransferability. During the Participant’s lifetime, each Award (and any rights and obligations thereunder) shall be exercisable only by the Participant, or, if
permissible under applicable law, by the Participant’s legal guardian or representative, and no Award (or any rights and obligations thereunder) may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a
Participant otherwise than by will or by the laws of descent and distribution, and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate;
provided that (i) the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance and (ii) the Board or the Committee may permit further transferability, on a
general or specific basis, and may impose conditions and limitations on any permitted transferability; provided, however, that Awards cannot be transferred for consideration; provided further, however, that Incentive
Stock Options granted under the Plan shall not be transferable in any way that would violate Section 1.422-2(a)(2) of the Treasury Regulations. All terms and conditions of the Plan and all Award Agreements shall be binding upon any
permitted successors and assigns. 
  

 14 

 (b) No Rights to Awards. No Participant or other Person shall have any claim to be granted any
Award, and there is no obligation for uniformity of treatment of Participants or holders or beneficiaries of Awards. The terms and conditions of Awards and the Committee’s determinations and interpretations with respect thereto need not be the
same with respect to each Participant and may be made selectively among Participants, whether or not such Participants are similarly situated. 
 (c) Share Certificates. All certificates for Shares or other securities of the Company or any Affiliate delivered under the Plan pursuant to any Award or the exercise thereof shall be subject to such stop transfer orders and other
restrictions as the Committee may deem advisable under the Plan, the applicable Award Agreement or the rules, regulations and other requirements of the SEC, NYSE or any other stock exchange or quotation system upon which such Shares or other
securities are then listed or reported and any applicable Federal or state laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 
 (d) Withholding. (i) Authority to Withhold. A Participant may be required to pay to the Company or any Affiliate, and the Company or
any Affiliate shall have the right and is hereby authorized to withhold from any Award, from any payment due or transfer made under any Award or under the Plan or from any compensation or other amount owing to a Participant, the amount (in cash,
Shares, other securities, other Awards or other property) of any applicable withholding taxes in respect of an Award, its exercise or any payment or transfer under an Award or under the Plan and to take such other action as may be necessary in the
opinion of the Committee or the Company to satisfy all obligations for the payment of such taxes. 
 (ii) Alternative Ways to Satisfy
Withholding Liability. Without limiting the generality of clause (i) above, a Participant may satisfy, in whole or in part, the foregoing withholding liability by delivery of Shares owned by the Participant (which are not subject to
any pledge or other security interest and which have been owned by the Participant for at least six months) having a Fair Market Value equal to such withholding liability or, at the discretion of the Company, by having the Company withhold from
the number of Shares otherwise issuable pursuant to the exercise of the Option or SAR, or the lapse of the restrictions on any other Awards (in the case of SARs and other Awards, if such SARs and other Awards are settled in Shares), a number of
Shares having a Fair Market Value equal to such withholding liability. 
 (e) Section 409A of the Code. Participants are solely
responsible and liable for the satisfaction of all taxes and penalties that may arise in connection with Awards (including any taxes arising under Section 409A of the Code), and the Company shall not have any obligation to indemnify or
otherwise hold any participant harmless from any or all of such taxes. The Committee shall have the discretion to organize any deferral program, to require deferral election forms, and to grant or to unilaterally modify any Award in a manner that
(i) conforms with the requirements of Section 409A of the Code, (ii) voids any Participant election to the extent it would violate Section 409A of the Code and (iii) for any distribution event or election that could be
expected to violate Section 409A of the Code, make the distribution only upon the earliest of the first to occur of a “permissible distribution event” within the meaning of Section 409A of the Code, or a 

  

 15 

 
distribution event that the participant elects in accordance with Section 409A of the Code. The Committee shall have the sole discretion to interpret
the requirements of the Code, including Section 409A, for purposes of the Plan and all Awards. 
 (f) Award Agreements. Each
Award hereunder shall be evidenced by an Award Agreement, which shall be delivered to the Participant and shall specify the terms and conditions of the Award and any rules applicable thereto, including, but not limited to, the effect on such
Award of the death, disability or termination of employment or service of a Participant and the effect, if any, of such other events as may be determined by the Committee. 
 (g) No Limit on Other Compensation Arrangements. Nothing contained in the Plan shall prevent the Company or any Affiliate from adopting or
continuing in effect other compensation arrangements, which may, but need not, provide for the grant of options, restricted stock, shares and other types of equity-based awards (subject to stockholder approval if such approval is required), and such
arrangements may be either generally applicable or applicable only in specific cases. 
 (h) No Right to Employment. The grant of an
Award shall not be construed as giving a Participant the right to be retained as a director, officer, employee or consultant of or to the Company or any Affiliate, nor shall it be construed as giving a Participant any rights to continued service on
the Board. Further, the Company or an Affiliate may at any time dismiss a Participant from employment or discontinue any directorship or consulting relationship, free from any liability or any claim under the Plan, unless otherwise expressly
provided in the Plan or in any Award Agreement. 
 (i) No Rights as Stockholder. No Participant or holder or beneficiary of any Award
shall have any rights as a stockholder with respect to any Shares to be distributed under the Plan until he or she has become the holder of such Shares. Notwithstanding the foregoing, in connection with each grant of Restricted Shares, except as
provided in the applicable Award Agreement, the Participant shall be entitled to the rights of a stockholder (including the right to vote and receive dividends) in respect of such Restricted Shares. Except as otherwise provided in Section 4(b),
Section 7(c) or the applicable Award Agreement, no adjustments shall be made for dividends or distributions on (whether ordinary or extraordinary, and whether in cash, Shares, other securities or other property), or other events relating
to, Shares subject to an Award for which the record date is prior to the date such Shares are delivered. 
 (j) Governing Law. The
validity, construction and effect of the Plan and any rules and regulations relating to the Plan and any Award Agreement shall be determined in accordance with the laws of Bermuda, without giving effect to the conflict of laws provisions
thereof. 
 (k) Severability. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal or
unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if
it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be construed or deemed stricken as to such jurisdiction, Person or 

  

 16 

 
Award and the remainder of the Plan and any such Award shall remain in full force and effect. 
 (l) Other Laws. The Committee may refuse to issue or transfer any Shares or other consideration under an Award if, acting in its sole and plenary
discretion, it determines that the issuance or transfer of such Shares or such other consideration might violate any applicable law or regulation or entitle the Company to recover the same under Section 16(b) of the Exchange Act, and any
payment tendered to the Company by a Participant, other holder or beneficiary in connection with the exercise of such Award shall be promptly refunded to the relevant Participant, holder or beneficiary. Without limiting the generality of the
foregoing, no Award granted hereunder shall be construed as an offer to sell securities of the Company, and no such offer shall be outstanding, unless and until the Committee in its sole and plenary discretion has determined that any such offer, if
made, would be in compliance with all applicable requirements of the U.S. Federal and any other applicable securities laws. 
 (m) No
Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate, on one hand, and a Participant or any other
Person, on the other hand. To the extent that any Person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company or
such Affiliate. 
 (n) No Fractional Shares. No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and
the Committee shall determine whether cash, other securities or other property shall be paid or transferred in lieu of any fractional Shares or whether such fractional Shares or any rights thereto shall be canceled, terminated or otherwise
eliminated. 
 (o) Requirement of Consent and Notification of Election Under Section 83(b) of the Code or Similar Provision.
No election under Section 83(b) of the Code (to include in gross income in the year of transfer the amounts specified in Section 83(b) of the Code) or under a similar provision of law (whether United States, United Kingdom or
otherwise) may be made unless expressly permitted by the terms of the applicable Award Agreement or by action of the Committee in writing prior to the making of such election. If an Award recipient, in connection with the acquisition of Shares under
the Plan or otherwise, is expressly permitted under the terms of the applicable Award Agreement or by such Committee action to make such an election and the Participant makes the election, the Participant shall notify the Committee of such election
within ten days of filing notice of the election with the IRS or other governmental authority, in addition to any filing and notification required pursuant to regulations issued under Section 83(b) of the Code or other applicable
provision. 
 (p) Requirement of Notification Upon Disqualifying Disposition Under Section 421(b) of the Code. If any
Participant shall make any disposition of Shares delivered pursuant to the exercise of an Incentive Stock Option under the circumstances described in Section 421(b) of the Code (relating to certain disqualifying dispositions) or any
successor provision of the Code, such Participant shall notify the Company of such disposition within ten days of such disposition. 
  

 17 

 (q) Headings. Headings are given to the Sections and subsections of the Plan solely as a
convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof. 
 SECTION 10. Term of the Plan. (a) Effective Date. The Plan shall be effective as of the date of its adoption by the Board
and approval by the Company’s stockholders; provided, however, that no Incentive Stock Options may be granted under the Plan unless it is approved by the Company’s stockholders within twelve (12) months before or after
the date the Plan is adopted by the Board. 
 (b) Expiration Date. No Award shall be granted under the Plan after the tenth
anniversary of the date the Plan is approved under Section 10(a). Unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award granted hereunder may, and the authority of the Board or the Committee to amend,
alter, adjust, suspend, discontinue or terminate any such Award or to waive any conditions or rights under any such Award shall, nevertheless continue thereafter. 
  

 18License and Sublicense Agreement, dated October 28, 2003

 Exhibit 10.1 
 LICENSE AND SUBLICENSE AGREEMENT 
 by and between 
 CPEC L.L.C. and 
 ARCA
DISCOVERY, INC. 

 LICENSE AGREEMENT (this “Agreement”) effective as of October 28, 2003 (“Effective
Date”), by and between CPEC, L.L.C., a Delaware limited liability company (“CPEC”) having an office at 99 Hayden Avenue, Suite 200, Lexington, MA 02421 (“CPEC”) and ARCA Discovery, Inc., a corporation organized and existing
under the laws of the State of Colorado and having its principal office at 12635 East Montview Boulevard, Suite 100, Aurora, CO 80010 (“ARCA”). 
 WITNESSETH: 
 WHEREAS, CPEC is the owner or licensee of the CPEC Intellectual Property, as defined
herein and; 
 WHEREAS, ARCA desires to obtain exclusive license rights under the CPEC Intellectual Property, and CPEC desires to grant such
license to ARCA, upon the terms and conditions set forth herein; and 
 NOW, THEREFORE, in consideration of the foregoing premises and the
mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 
 Article I 
 DEFINITIONS 
 Unless specifically set forth to the contrary herein, the following terms, where used in the singular or plural, shall have the respective meanings set
forth below: 
  

	1.1.	“Affiliate” shall mean (i) any corporation or business entity of which more than fifty percent (50%) of the securities or other ownership interests
representing the equity, the voting stock or general partnership interest are owned, controlled or held, directly or indirectly, by a Party; (ii) any corporation or business entity which, directly or indirectly, owns, controls or holds more
than fifty percent (50%) (or the maximum ownership interest permitted by law) of the securities or other ownership interests representing the equity, voting stock or general partnership interest of a Party or (iii) any corporation or
business entity of which a Party has the right to acquire, directly or indirectly, at least fifty percent (50%) of the securities or other ownership interests representing the equity, voting stock or general partnership interest thereof.

  

	1.2.	“BMS Intellectual Property” means any Patent Assets and Know-How included in the CPEC Intellectual Property that arise from CPEC’s rights under the BMS License
and are subject to the BMS License. 

  

	1.3.	“BMS License” means the Agreement dated as of December 6, 1991, as amended, between Bristol-Myers Squibb Company (“BMS”) and Cardiovascular
Pharmacology and Engineering Consultants, Inc., a predecessor-in-interest of CPEC, a copy of which is attached as Exhibit 1.3. 

	1.4.	“BMS Option” shall have the same meaning as such term is defined in the BMS License. 

  

	1.5.	“Calendar Quarter” shall mean the respective periods of three (3) consecutive calendar months ending on
March 31, June 30, September 30 and December 31. 

  

	1.6.	“Calendar Year” shall mean each successive period of twelve (12) months commencing on January 1 and ending on December 31. 

 

	1.7.	“Centralized Procedure” shall mean the European Union Centralized Procedure for marketing authorization in accordance with Council Regulation no. 2309/93 of
July 22, 1993 or any successor regulations. 

  

	1.8.	“Compound” shall mean the chemical compound known as “Bucindolol” or Benzonitrile, 2-[2-hydroxy-3-[[2-(1H-indol-3-yl)-1,1-dimethylethyl]amino]propoxy]-,
monohydrochloride. 

  

	1.9.	“CPEC/Incara” Agreement” shall mean the Assignment and Termination Agreement by and between CPEC and Incara Pharmaceuticals Corporation (“Incara”),
effective as of the effective Date. 

  

	1.10. 	“CPEC Intellectual Property” shall mean the Patent Assets and CPEC Know-How. 

  

	1.11. 	“CPEC Know-How” shall mean any and all information and materials, including but not limited to, discoveries, improvements, information, processes, formulae, data,
inventions, invention disclosures, know-how and trade secrets, patentable or otherwise, that relate to Compound or Product, including without limitation, all chemical, pharmaceutical, toxicological, biochemical, and biological, technical and
nontechnical data, and information relating to the results of tests, assays, methods, and processes, and specifications and/or other documents containing information and related data, and any preclinical, clinical, assay control, manufacturing,
regulatory, and any other data or information used or useful for the development, manufacturing and/or regulatory approval of Compound or Product that are owned or controlled by CPEC and as to which CPEC has the right to license or sublicense to
another party including any data included in or generated as a result of or under an IND. 

  

	1.12. 	“End of Phase 2 Meeting” shall mean the first end of Phase 2 meeting with the FDA, as defined in 21 CFR Section 312.47, intended to determine the safety of
proceeding to Phase 3, evaluate the Phase 3 plan and protocols and identify any additional information necessary to support an NDA for Product. 

  

	1.13. 	“Europe” shall mean any of the United Kingdom, France, Germany, Spain or Italy. 

  

	1.14. 	“FDA” shall mean the United States Food and Drug Administration and any successor agency having substantially the same functions, and any corresponding or successor
regulatory authority in Europe or having jurisdiction over the Centralized Procedure if the context so indicates. 

	1.15. 	“Field” shall mean all human and animal health uses and indications, whether therapeutic or diagnostic. 

  

	1.16. 	“First Commercial Sale” shall mean the first sale of Product in any country by ARCA, its Affiliate or its sublicensee(s), for end use or consumption, after all
required Regulatory Approvals have been granted by the governing health authority of such country. 

  

	1.17. 	“GAAP” shall mean generally accepted accounting principles in the United States. 

  

	1.18. 	“IND” shall mean an investigational new drug application and any amendments thereto relating to the use of Compound or Product in the United States or the
equivalent application in any other regulatory jurisdiction in the Territory, the filing of which is necessary to commence clinical testing of pharmaceutical products in humans. 

  

	1.19. 	“NDA” shall mean a new drug application filed with the FDA for marketing authorization of a Product in the United States, or a corresponding submission in Europe or
under the Centralized Procedure or with the Japanese Ministry of Health, Labour and Welfare if the context so indicates, and any amendments and supplements thereto. 

  

	1.20. 	“Net Sales” shall mean the [ * ] for commercial [ * ], commencing upon the date of First Commercial Sale, [ * ]

 (i) [ * ] 
 (ii) [ * ] 
 (iii) [ * ] 
 (iv) [ * ] 
 (v) [ * ] 
 (vi) [ * ] 
 Sales or other
transfers between ARCA and its Affiliates shall be [ * ] of Net Sales and [ * ] 
  

	1.21. 	“Party” shall mean CPEC or ARCA. 

  

	1.22. 	“Patent Assets” shall mean the United States patents and patent applications which as of the Effective Date are owned by CPEC or to which CPEC has rights from a
Third Party, and relate to Compound or Product, including but not limited to methods of their development, manufacture, or use, or otherwise relate to CPEC Know-How, including all 

  

	[*]	Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities and Exchange Act of 1934, as amended. 

	 	certificates of invention and applications for certificates of invention, substitutions, divisions, continuations, continuations-in-part, patents issuing thereon or reissues or
reexaminations thereof and any and all foreign patents and patent applications corresponding thereto, supplementary protection certificates or the like of any such patents and current and future patent applications, including but not limited to any
counterparts thereof which have been or may be filed in other countries. 

  

	1.23. 	“Product” shall mean any product in final form for commercial sale by prescription, over-the-counter, or by any other method (or, where the context so indicates,
the product being tested in clinical trials), which contains Compound as the therapeutically active ingredient in all dosage forms and package configurations. 

  

	1.24. 	“Proprietary Information” shall mean any and all scientific, clinical, regulatory, marketing, financial and commercial information or data, whether communicated in
writing, orally or by any other means, which is owned and under the protection of one Party and is being provided by that Party to the other Party in connection with this Agreement. 

  

	1.25. 	“Regulatory Approval” shall mean all approvals (including pricing approvals where required), product and/or establishment licenses, registrations or authorizations
of all regional, federal, state or local regulatory agencies, necessary for the manufacture and sale of Product in a regulatory jurisdiction. 

  

	1.26. 	“Royalty Year” shall mean, (i) for the year in which the First Commercial Sale occurs, the 12 month period commencing with first day of the month in which the
date of First Commercial Sale occurs and (ii) for each subsequent year, each successive twelve (12) month period. 

  

	1.27. 	“SEC” shall mean the United States Securities and Exchange Commission or any successor agency. 

  

	1.28. 	“Territory” shall mean all of the countries in the world. 

  

	1.29. 	“Third Party(ies)” shall mean a person or entity who or which is neither a Party nor an Affiliate of a Party. 

 Article II 
 LICENSE; SUBLICENSES 

 

	2.1.	License Grant. In consideration of and subject to the terms and conditions of this Agreement, CPEC hereby grants to ARCA an exclusive (even as to CPEC) (i) sublicense in
the Territory under the BMS Intellectual Property to develop, make, have made, use, import, offer for sale, market, commercialize, distribute and sell and otherwise dispose of Compound and Product in the Territory for use in the Field and
(ii) license in the Territory under the CPEC Intellectual Property (other than the BMS Intellectual Property), to develop, make, have made, use, import, offer for sale, market, commercialize, distribute and sell and otherwise dispose of
Compound and Product in the Territory for use in the Field. The sublicense hereunder is intended to convey to ARCA all of CPEC’s rights as licensee under the BMS License. 

	2.2.	Sublicenses. ARCA shall have the right to grant sublicenses in the Field to Affiliates or to any Third Party to develop, make, have made, use, import, offer for sale, market,
commercialize, distribute and sell and otherwise dispose of Compound or Product in the Territory, with the prior written consent of CPEC which consent shall not be unreasonably withheld. 

 Article III 
 DEVELOPMENT AND COMMERCIALIZATION

  

	3.1.	Exchange of Information. As soon as reasonably practicable after the Effective Date, CPEC shall disclose to ARCA all CPEC Intellectual Property not previously available or
made available to ARCA, including copies of all patent files in CPEC’s possession or control, and shall also provide to ARCA all correspondence in CPEC’s possession or control relating to the BMS License. ARCA shall pay or reimburse CPEC
for all reasonable costs associated with the transfer to ARCA of any data, including any regulatory filings (including the IND), or any other information or filings. 

  

	3.2.	Diligence; Development and Commercialization. 

  

	 	3.2.1 	ARCA shall use commercially reasonable efforts to develop and commercialize Product. As used herein, “commercially reasonable efforts” shall mean efforts and resources
normally used by a pharmaceutical company for a product to which it has rights similar to those granted hereunder, which is of similar market potential at a similar stage in its development or product life, taking into account issues of safety and
efficacy, product profile, the competitiveness of the marketplace, the proprietary position of the compound or product, the regulatory and reimbursement structure involved, the profitability of the applicable products, and other relevant factors.

  

	 	3.2.2 	In addition to the diligence obligations set forth in Section 3.2.1 above, ARCA shall also: 

  

	 	(a)	[ * ] within [ * ] of the Effective Date; and 

  

	 	(b)	Receive an Institutional Review Board (“IRB”) approval of the protocol for a Phase 3 clinical trial with Product (after an End of Phase 2 Meeting) in patients with
congestive heart failure within [ * ] after the Effective Date and commence such Phase 3 clinical trial within [ * ] after such IRB approval, and have raised sufficient financing to complete such trial prior to its commencement.

  

	[*]	Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities and Exchange Act of 1934, as amended. 

	3.3.	Regulatory Matters. 

 (a) ARCA shall own, control,
retain primary legal responsibility and shall pay all costs for the preparation, filing and prosecution of all filings and regulatory applications required to obtain authorization to commercially develop, sell and use Product in the Territory. ARCA
shall promptly notify CPEC upon the receipt of Regulatory Approvals and of the date of First Commercial Sale. 
 (b) CPEC shall transfer to
ARCA, at ARCA’s expense, as soon as practicable after the Effective Date, any IND or other regulatory filings relating to Compound or Product owned or controlled by CPEC. If requested by ARCA, CPEC will permit ARCA to cross reference any active
Drug Master File relating to Compound or Product. 
  

	3.4.	Trademark. ARCA shall select, own and maintain trademarks for Product in the Territory. 

  

	3.5.	BMS License. CPEC will take no action to cause termination of, or otherwise impair CPEC’s rights under the BMS License and shall reasonably cooperate (at ARCA’s
request and at no cost to CPEC) to protect ARCA’s sublicense under the BMS License, provided, however, that CPEC shall not be required to incur any obligations under the BMS License. 

 Article IV 
 CONFIDENTIALITY AND PUBLICITY

  

	4.1.	Non-Disclosure and Non-Use Obligations. All Proprietary Information disclosed by one Party to the other Party hereunder shall be maintained in confidence and shall not be
disclosed to any Third Party or used for any purpose except as expressly permitted herein without the prior written consent of the Party that disclosed the Proprietary Information to the other Party during the term of this Agreement and for a period
of five years thereafter. The foregoing non-disclosure and non-use obligations shall not apply to the extent that such Proprietary Information: 

  

	 	(a)	is known by the receiving Party at the time of its receipt, and not through a prior disclosure by the disclosing Party, as documented by business records; 

 

	 	(b)	is or becomes properly in the public domain or knowledge; 

  

	 	(c)	is subsequently disclosed to a receiving Party by a Third Party who may lawfully do so and is not under an obligation of confidentiality to the disclosing Party; or

  

	 	(d)	is developed by the receiving Party independently of Proprietary Information received from the other Party, as documented by research and development records.

	4.2.	Permitted Disclosure of Proprietary Information. Notwithstanding Section 4.1, a Party receiving Proprietary Information of another Party may disclose such Proprietary
Information: 

  

	 	(a)	to governmental or other regulatory agencies in order to obtain patents pursuant to this Agreement, or to gain approval to conduct clinical trials or to market Product, but such
disclosure may be only to the extent reasonably necessary to obtain such patents or authorizations; 

  

	 	(b)	by each of ARCA or CPEC to its respective agents, consultants, Affiliates, ARCA sublicensees and/or other Third Parties for the research and development, manufacturing and/or
marketing of the Compound and/or Product (or for such parties to determine their interests in performing such activities) on the condition that such Third Parties agree to be bound by the confidentiality obligations consistent with this Agreement;
or 

  

	 	(c)	if required to be disclosed by law or court order, provided that notice is promptly delivered to the non-disclosing Party in order to provide an opportunity to challenge or limit
the disclosure obligations; provided, however, without limiting any of the foregoing, it is understood that the Parties or their Affiliates may make disclosure of this Agreement and the terms hereof in any filings required by the SEC, may file this
Agreement as an exhibit to any filing with the SEC and may distribute any such filing in the ordinary course of its business, provided, however, that to the maximum extent allowable by SEC rules and regulations (as interpreted by SEC staff), the
Parties shall be obligated to maintain the confidentiality obligations set forth herein and shall redact any confidential information set forth in such filings; and further provided that the Parties shall reasonably agree on the timing and content
of any disclosure of this Agreement or its terms (other than disclosure required by law), and shall in any case give notice prior to such disclosure. 

 Notwithstanding the above, ARCA shall also have the right to publish the results of clinical trials, and other Proprietary Information concerning the Compound and the Product, for the purpose of marketing and promoting the Compound and the
Product, provided, however, that any issues relating to patent protection, including the filing of a patent application if applicable, shall be resolved prior to any such results being submitted for publication. 
 Article V 
 PAYMENTS; ROYALTIES AND REPORTS

  

	 	5.1.	Milestone Payments. Subject to the terms and conditions contained in this Agreement, and in consideration of the rights granted by CPEC hereunder, ARCA shall pay CPEC the
following milestone payments, contingent upon occurrence of the specified event for Product: 

 (a) US $2,500,000 upon the
submission of an NDA with the FDA; 

 (b) US $500,000 upon [ * ]; 
 (c) US $500,000 upon [ * ]; 
 (d)
US $5,500,000 upon obtaining Regulatory Approval for marketing in the United States by the FDA; 
 (e) US $2,500,000 upon [ * ];
and 
 (f) US $1,500,000 upon [ * ]. 
 ARCA shall notify CPEC in writing within ten (10) days after the achievement of each milestone and such notice shall be accompanied by the appropriate milestone payment. 
  

	5.2.	Royalties. 

 5.2.1. Royalties Payable By ARCA.

 (i) Subject to the terms and conditions of this Agreement, and in further consideration of the rights granted by CPEC
hereunder, ARCA shall pay to CPEC royalties in the applicable percentage set forth below for Net Sales in each Royalty Year of Products by ARCA, its Affiliates or sublicensees: 
  

				
	 Annual Net Sales:
	  	Royalty Rate:	 
	Up to the first [ * ]:	  	8	%
	Over [ * ] but less than [ * ]:	  	10	%
	Over [ * ] but less than [ * ]:	  	15	%
	Over [ * ]:	  	20	%

 (ii) Royalties on Net Sales at the rates set forth above shall accrue as of the
date of First Commercial Sale of Product in the applicable country and shall continue and accrue on Net Sales in such country until the later of (a) 10 years from First Commercial Sale of Product or (b) termination of ARCA’s
commercial exclusivity in that country. 
 (iii) The payment of royalties set forth above shall be subject to the following
conditions: 
 (a) only one payment shall be due with respect to the same unit of Product; 
  

	[*]	Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities and Exchange Act of 1934, as amended. 

 (b) no royalties shall accrue on the disposition of Product by ARCA, Affiliates or sublicensees as
samples (promotion or otherwise) or as donations (for example, to non-profit institutions or government agencies) or to clinical trials; and 
 (c) ARCA shall be responsible for payment of and shall pay (i) any royalties or other obligations owed by ARCA to any Third Party in connection with Compound or Product or relating to the Patent Assets, and (ii) to CPEC, the
royalty owed by CPEC to BMS under the BMS License; provided, that ARCA’s obligation with respect to the BMS royalty shall be satisfied by payment of such royalty to CPEC at the same time and under the same procedure as royalties are paid
hereunder. 
 (d) Subject to the last sentence of this Subsection 5.2.1(iii)(d), in the event that Incara notifies ARCA in writing that CPEC
is in breach of the CPEC/Incara Agreement as a result of CPEC’s failure to pay the royalty payable to Incara thereunder (the “Incara Royalty”), and specifies the amount of the unpaid Incara Royalty, ARCA shall be entitled (but shall
have no obligation) within sixty (60) days after such notice from Incara, to (i) cure such breach by CPEC by paying such unpaid Incara Royalty and (ii) if it cures such breach, assume CPEC’s rights and obligations under and
pursuant to the terms and conditions of the CPEC/Incara Agreement, provided that ARCA shall enter into a written agreement with Incara to such effect and shall have a good faith expectation that it has the intention and capability to perform such
obligations, all in accordance with the terms of the Side Agreement entered into as of the Effective Date by and among CPEC, ARCA and Incara. Any such royalties paid directly by ARCA to Incara shall be credited or offset against the royalties paid
or payable from ARCA to CPEC hereunder, and the accuracy of such credits or offsets shall be subject to Section 5.4 of this Agreement. In the event that ARCA shall assume CPEC’s rights and obligations under the CPEC/Incara Agreement, CPEC
shall have no further obligations to Incara with respect to such agreement. ARCA shall not have the right to cure any CPEC breach of the CPEC/Incara Agreement or to assume CPEC’s obligations thereunder if ARCA is in breach of this Agreement or
if ARCA has otherwise improperly caused the breach of the CPEC/Incara Agreement. 
 5.2.2. Affiliate Sales. In the event that ARCA
transfers Compound (for conversion to Product) or Product to one of its Affiliates, there shall be no royalty due at the time of transfer. Subsequent sales of Product by the Affiliate to end users such as patients, hospitals, medical institutions,
health plans or funds, wholesalers (which are not sublicensees), pharmacies or other retailers, shall be reported as Net Sales hereunder by ARCA. 
 5.2.3. Combination Product. Notwithstanding the provisions of Section 5.3.1, in the event a Product is sold as a combination product with other biologically active components, Net Sales, for purposes of royalty payments on the
combination product, shall be calculated by [ * ]. If no such separate sales are made by ARCA or its Affiliates, Net Sales for royalty determination shall be calculated by [ * ]. 
  

	[*]	Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule
24b-2 of the Securities and Exchange Act of 1934, as amended. 

	 5.3.
	 Reports; Payment of Royalty. During the term of the Agreement for so long as royalty or other payments are due,
ARCA shall furnish to CPEC a quarterly written report for the Calendar Quarter showing the Net Sales of all Products subject to royalty payments sold by ARCA and its Affiliates during the reporting period, the countries in which such Net Sales
occurred, the royalties or other payments payable to CPEC under this Agreement and, in the case of sales outside the United States, the calculation of the conversion to United States dollars. Reports shall be due on the forty-fifth (45th) day following the close of each Calendar Quarter. Royalties or other payments shown to have accrued by each royalty report, if any, shall be due and
payable on the date such report is due. ARCA shall keep complete and accurate records in sufficient detail to enable the royalties or other payments hereunder to be determined. 

  

	5.4.	Audits. Upon the written request of CPEC and not more than once in each Calendar Year, ARCA shall permit an independent certified public accounting firm selected by CPEC and
reasonably acceptable to ARCA to have access during normal business hours, upon ten-days notice to ARCA, to such of the records of ARCA as may be reasonably necessary to verify the accuracy of the royalty reports hereunder for any Royalty Year
ending not more than twenty-four (24) months prior to the date of such request (provided that such accounting firm first agrees to a nondisclosure agreement acceptable to ARCA). The accounting firm shall disclose to CPEC only whether the
royalty reports are correct or incorrect and the specific details concerning any discrepancies. 

 5.4.1. If such accounting
firm concludes that additional royalties were owed during such Royalty Year, ARCA shall pay the additional royalties within thirty (30) days of the date CPEC delivers to ARCA such accounting firm’s written report so concluding. In the
event such accounting firm concludes that amounts were overpaid by ARCA during such period, CPEC shall repay ARCA the amount of such overpayment within thirty (30) days of the date CPEC receives such accounting firm’s written report so
concluding. The fees charged by such accounting firm shall be paid by CPEC; provided, however, that if an error in favor of CPEC of more than the greater of (i) $100,000 or (ii) five percent (5%) of the royalties due
hereunder for the period being reviewed is discovered, then the fees and expenses of the accounting firm shall be paid by ARCA. 
 5.4.2. Upon
the expiration of twenty-four (24) months following the end of any Royalty Year the calculation of royalties payable with respect to such year shall be binding and conclusive upon CPEC, and ARCA shall be released from any liability or
accountability with respect to royalties for such year. 
  

 5.4.3. CPEC shall treat all financial information subject to review under this Section 5.5 in
accordance with the confidentiality provisions of this Agreement. 
  

	5.5.	Payment Exchange Rate. All payments to CPEC under this Agreement shall be made in United States dollars. In the case of sales outside the United States, the rate of exchange
to be used in computing Net Sales shall be calculated monthly in accordance with GAAP and based on the conversion rates published in the Wall Street Journal, Eastern edition (if available). 

  

	5.6.	Tax Withholding. If laws, rules or regulations require withholding of income taxes or other taxes imposed upon payments set forth in this Article V, CPEC shall provide ARCA,
prior to any such payment, once each Royalty Year or more frequently if required, with all forms or documentation required by any applicable taxation laws, treaties or agreements to such withholding or as necessary to claim a benefit thereunder
(including, but not limited to Form W-8BEN or any successor forms) and ARCA shall make such withholding payments as required and subtract such withholding payments from the payments set forth in this Article V. ARCA will use commercially reasonable
efforts consistent with its usual business practices and cooperate with CPEC to ensure that any withholding taxes imposed are reduced as far as possible under the provisions of the current or any future taxation treaties or agreements between
foreign countries. 

  

	5.7.	Exchange Controls. Notwithstanding any other provision of this Agreement, if at any time legal restrictions prevent the prompt remittance of part or all of the royalties with
respect to Net Sales in any country, payment shall be made through such lawful means or methods as ARCA may determine. If the royalty rate specified in this Agreement should exceed the permissible rate established in any country, the royalty rate
for sales in such country shall be adjusted to the highest legally permissible or government-approved rate. 

 Article VI

 REPRESENTATIONS AND WARRANTIES 
  

	6.1.	CPEC Representations and Warranties. CPEC represents and warrants to ARCA that as of the Effective Date: 

  

	 	(a)	this Agreement has been duly executed and delivered by CPEC and constitutes legal, valid, and binding obligations enforceable against CPEC in accordance with its terms, except as
enforceability is limited by (A) any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditor’s rights generally, or (B) general principles of equity, whether considered in a proceeding in equity
or at law; 

  

	 	(b)	no approval, authorization, consent, or other order or action of or filing with any court, administrative agency or other governmental authority is required for the execution and
delivery by CPEC of this Agreement or the consummation by CPEC of the transactions contemplated hereby; 

	 	(c)	CPEC has the full corporate power and authority to enter into and deliver this Agreement, to perform and to grant the licenses granted under Article II hereof and to consummate the
transactions contemplated hereby; all corporate acts and other proceedings required to be taken to authorize such execution, delivery, and consummation have been duly and properly taken and obtained; and 

  

	 	(d)	CPEC owns or possesses an exclusive license in and to the CPEC Intellectual Property and has the right to grant the licenses granted in this Agreement. CPEC has not previously
assigned, and shall not assign, transfer, convey or otherwise encumber its right, title and interest in the CPEC Intellectual Property or enter into any agreement with any Third Party which is in conflict with the rights granted to ARCA pursuant to
this Agreement. The BMS License is in full force and effect, CPEC is in compliance in all material respects with the BMS License and, to CPEC’s knowledge, no defaults have occurred and no notices of defaults have been received under the BMS
License. The BMS Option has terminated and BMS has consented to the license grant in Article II. 

  

	6.2.	ARCA Representations and Warranties. ARCA represents and warrants to CPEC that as of the Effective Date: 

  

	 	(a)	this Agreement has been duly executed and delivered by ARCA and constitutes legal, valid, and binding obligations enforceable against ARCA in accordance with its terms, except as
enforceability is limited by (A) any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditor’s rights generally, or (B) general principles of equity, whether considered in a proceeding in equity
or at law; 

  

	 	(b)	it has full corporate power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby. All corporate acts and other proceedings
required to be taken to authorize such execution, delivery, and consummation have been duly and properly taken and obtained; and 

  

	 	(c)	no approval, authorization, consent, or other order or action of or filing with any court, administrative agency or other governmental authority is required for the execution and
delivery by it of this Agreement or the consummation by it of the transactions contemplated hereby. 

 Article VII 
 PATENT MATTERS 
  

	7.1.	Filing, Prosecution and Maintenance of Patent Applications or Patents. ARCA shall have the first right to file, prosecute and maintain the Patent Assets in CPEC’s name
and shall be responsible for the payment of all patent prosecution and maintenance costs, subject to the next sentence. Upon ARCA’s request, CPEC shall reasonably cooperate in the filing, prosecution or maintenance of any patent application or
patent included in the Patent Assets. If ARCA elects not to file, prosecute or maintain a patent application or patent included in the Patent Assets in any particular country, it shall provide CPEC with written advance notice sufficient to avoid any
loss or forfeiture, and CPEC shall have the right, but not the obligation, at its sole expense, to file, prosecute or maintain such patent application or patent in such country in CPEC’s name. If CPEC elects to file, prosecute or maintain such
patent application or patent then, at CPEC’s option, either (a) such patent or patent application in such country shall no longer be deemed a Patent Asset under this Agreement or (b) ARCA shall reimburse CPEC for all fees, costs and
expenses incurred by CPEC in filing, prosecuting or maintaining such patent application or patent upon invoice therefor. 

  

	7.2.	Patent Office and Court Proceedings. Each Party shall inform the other Party of any request for, filing, or declaration of any proceeding before a patent office seeking to
protest, oppose, cancel, reexamine, declare an interference proceeding, initiate a conflicts proceeding, or analogous process involving a patent application or patent included in the Patent Assets, or of the filing of an action in a court of
competent jurisdiction seeking a judgment that a patent included in the Patent Assets is either invalid or unenforceable or both. Each Party thereafter shall cooperate fully with the other with respect to any such patent office or court proceeding.
Each Party will provide the other with any information or assistance that is reasonable. 

  

	7.3.	Enforcement and Defense. 

 (a) Each Party shall
promptly give the other Party notice of any infringement in the Territory of any patent application or patent included in the Patent Assets that comes to such Party’s attention. The Parties will thereafter consult and cooperate fully to
determine a course of action, including, without limitation, the commencement of legal action by any Party. However, ARCA shall have the first right to initiate and prosecute such legal action at its own expense and in the name of CPEC and ARCA, or
to control the defense of any declaratory judgment action relating to Patent Assets. ARCA shall promptly inform CPEC if ARCA elects not to exercise such first right, and CPEC thereafter shall have the right either to initiate and prosecute such
action or to control the defense of such declaratory judgment action in the name of CPEC and, if necessary, ARCA. In no event shall CPEC be obligated to enforce or defend any of the Patent Assets. 
 (b) If ARCA elects not to initiate and prosecute an infringement or defend a declaratory judgment action in any country in the Territory as provided in
Subsection 7.3(a), and CPEC elects to do so, the cost of any agreed-upon course of action, including the costs of any legal action commenced or any declaratory judgment action defended, shall be borne solely by CPEC. 

 (c) For any such legal action or defense, in the event that any Party is unable to initiate, prosecute,
or defend such action solely in its own name, the other Party will join such action voluntarily and will execute all documents necessary for the Party to prosecute, defend and maintain such action. In connection with any such action, the Parties
will cooperate fully and will provide each other with any information or assistance that either reasonably may request. 
 (d) Any recovery
obtained by ARCA or CPEC shall be shared as follows: 
  

	 	(i)	the Party that initiated and prosecuted, or maintained the defense of, the action shall recoup all of its costs and expenses (including attorneys’ fees) incurred in connection
with the action, whether the recovery is by settlement or otherwise; 

  

	 	(ii)	the other Party then shall, to the extent possible, recover its costs and expenses (including attorneys’ fees) incurred in connection with the action; 

 

	 	(iii)	if CPEC initiated and prosecuted, or maintained the defense of, the action, the amount of any recovery remaining then shall be retained by CPEC; and 

  

	 	(iv)	if ARCA initiated and prosecuted, or maintained the defense of, the action, the amount of any recovery remaining shall be retained by ARCA, except that CPEC shall receive a portion
equivalent to the royalties it would have received in accordance with the terms of this Agreement if the infringing sales were deemed Net Sales but limited to not more than 20% of any such remaining recovery. 

  

	7.4.	Patent Term Extensions or Restorations and Supplemental Protection Certificates. The Parties shall cooperate with each other in obtaining patent term extensions or
restorations or supplemental protection certificates or their equivalents in any country in the Territory where applicable and where desired by ARCA. If elections with respect to obtaining such extension or supplemental protection certificates are
to be made, ARCA shall have the right to make the election and CPEC shall abide by such election. CPEC shall notify ARCA of (a) the issuance of each U.S. patent included within the Patent Assets, giving the date of issue and patent number for
each such patent, and (b) each notice pertaining to any patent included within the Patent Assets pursuant to the United States Drug Price Competition and Patent Term Restoration Act of 1984 (hereinafter called the “ 1984 Act”),
including notices pursuant to §§ 101 and 103 of the 1984 Act from persons who have filed an abbreviated NDA (“ANDA”). Such notices shall be given promptly, but in any event within five (5) calendar days of each such
patent’s date of issue or receipt of each such notice pursuant to the Act, whichever is applicable. CPEC shall notify ARCA of each filing for patent term extension or restoration under the 1984 Act, any allegations of failure to show due
diligence and all awards of patent term restoration (extensions) with respect to the Patent Assets. 

 Article VIII 
 TERM AND TERMINATION 
  

	8.1.	Term and Expiration. This Agreement shall be effective as of the Effective Date and unless terminated earlier pursuant to Section 8.2 below, the term of this Agreement
shall continue in effect on a country-by-country basis until the expiration of the royalty obligations contained in this Agreement (as provided for in Section 5.3.1 (ii)), at which time the Agreement shall automatically terminate in such
country. 

  

	8.2.	Termination. 

 8.2.1. Termination for Cause.
Either Party may terminate this Agreement by notice to the other Party at any time during the term of this Agreement as follows: 
 (a) if the
other Party is in breach of any material obligation hereunder by causes and reasons within its control, or has breached, in any material respect, any representations or warranties set forth in Article VI, and has not cured such breach within ninety
(90) days after notice requesting cure of the breach, provided, however, that if the breach is not capable of being cured within ninety (90) days of such written notice, the Agreement may not be terminated sooner than one hundred twenty
(120) days of such written notice so long as the breaching Party commences and is taking commercially reasonable actions to cure such breach as promptly as practicable; 
 (b) upon the filing or institution of bankruptcy, reorganization, liquidation or receivership proceedings, or upon an assignment of a substantial portion
of the assets for the benefit of creditors by the other Party; provided, however, in the case of any involuntary bankruptcy, reorganization, liquidation, receivership or assignment proceeding such right to terminate shall only become
effective if the Party consents to the involuntary proceeding or such proceeding is not dismissed within ninety (90) days after the filing thereof; or 
 (c) by ARCA, (i) if ARCA reasonably concludes, based on clinical trial results, that a significant safety or efficacy issue exists relating to Product, or (ii) if ARCA’s sublicense under the BMS License
is impaired in any material respect by any action of CPEC or any successor in interest to CPEC. 
 8.2.2. Licensee Rights Not
Affected. 
 (a) All rights and licenses granted pursuant to this Agreement are, and shall otherwise be deemed to be, for purposes of
Section 365(n) of 11 U.S.C. §101 et seq. (the “Bankruptcy Code”), licenses of rights to “intellectual property” as defined under Section 101(35A) of the Bankruptcy Code. The Parties agree that ARCA and CPEC shall
retain and may fully exercise all of their respective rights, remedies and elections under the Bankruptcy Code. 

 (b) The Parties further agree that, in the event of the commencement of a bankruptcy proceeding by or
against CPEC under the Bankruptcy Code, ARCA shall be entitled to all applicable rights under Section 365 (including Section 365 (n)) of the Bankruptcy Code. Upon rejection of this Agreement by CPEC or a trustee in bankruptcy for CPEC,
pursuant to Section 365(n), ARCA may elect (i) to treat this Agreement as terminated by such rejection or (ii) to retain its rights (including any right to enforce any exclusivity provision of this Agreement) to intellectual property
(including any embodiment of such intellectual property) under this Agreement and under any agreement supplementary to this Agreement for the duration of this Agreement and any period for which this Agreement could have been extended by CPEC. Upon
written request to the trustee in bankruptcy or CPEC, the trustee or CPEC, as applicable, shall (A) provide to ARCA any intellectual property (including such embodiment) held by the trustee or CPEC and shall provide to ARCA a complete duplicate
of (or complete access to, as appropriate) any such intellectual property and all embodiments of such intellectual property and (B) not interfere with the rights of ARCA to such intellectual property as provided in this Agreement or any
agreement supplementary to this Agreement, including any right to obtain such intellectual property (or such embodiment or duplicates thereof) from a third party. 
 (c) In the event ARCA is a debtor in a bankruptcy proceeding, whether voluntary or involuntary, all rights and licenses granted pursuant to this Agreement are, and shall otherwise be deemed to be, for purposes of
Section 365 of the Bankruptcy Code, executory contracts (subject to the Bankruptcy Court’s approval). The Parties agree that applicable law does not excuse CPEC from accepting performance by, or rendering performance under this Agreement
and all rights and licenses granted hereunder to, a person or entity other than ARCA. 
  

	8.3.	Effect of Expiration or Termination. 

 (a) Except as
set forth in this Agreement, in the event of termination of this Agreement, the rights and obligations hereunder, excluding any payment obligation that has accrued as of the termination date and excluding rights and obligations relating to
confidentiality, shall terminate immediately, except that ARCA and its Affiliates and sublicensees shall have the right to sell or otherwise dispose of the stock of any Product subject to this Agreement then on hand or in process of manufacture.
Expiration or termination of this Agreement shall not relieve the Parties of any obligation accruing prior to such expiration or termination. In addition to any other provisions of this Agreement which by their terms continue after the expiration of
this Agreement, the provisions of Article IV shall survive the expiration or termination of this Agreement and shall continue in effect for five (5) years from the date of expiration or termination. In addition, any other provision required to
interpret and enforce the Parties’ rights and obligations under this Agreement shall also survive, but only to the extent required for the full observation and performance of this Agreement. Any expiration or early termination of this Agreement
shall be without prejudice to the rights of any Party against the other accrued or accruing under this Agreement prior to termination. Except as expressly set forth herein, the rights to terminate as set forth herein shall be in addition to all
other rights and remedies available under this Agreement, at law, or in equity, or otherwise. 

 (b) Upon termination of this Agreement by CPEC pursuant to Section 8.2.1(a) or by ARCA pursuant to
Section 8.2.1(c), ARCA shall return to CPEC all CPEC Intellectual Property provided to ARCA prior to such termination and, if requested to do so by CPEC (except if such termination is pursuant to Section 8.2.1 (c) (ii)), shall provide
an exclusive license to CPEC for all know-how and intellectual property relating to Compound or Product that was developed by ARCA during the Term of this Agreement and as to which ARCA has the right to license, provided that ARCA shall retain the
rights for such intellectual property for any fields and uses that do not involve the Compound or Product. 
 Article IX 
 MISCELLANEOUS 
  

	9.1	Force Majeure. Neither Party shall be held liable or responsible to the other Party nor be deemed to have defaulted under or breached the Agreement for failure or delay in
fulfilling or performing any term of the Agreement during the period of time when such failure or delay is caused by or results from causes beyond the reasonable control of the affected Party including, but not limited to, fire, flood, embargo, war,
acts of war (whether war be declared or not), insurrection, riot, civil commotion, strike, lockout or other labor disturbance, act of God or act, omission or delay in acting by any governmental authority or the other Party. The affected Party shall
notify the other Party of such force majeure circumstances as soon as reasonably practicable. 

  

	9.2	Assignment. The Agreement may not be assigned or otherwise transferred without the prior written consent of the other Party; provided, however, that either Party may assign
this Agreement without consent of the other Party to an Affiliate or in connection with the transfer or sale of its business or all or substantially all of its assets related to Compound or Product or in the event of a merger, consolidation, change
in control or similar corporate transaction. Any permitted assignee shall assume all obligations of its assignor under this Agreement. 

  

	9.3	Severability. In the event that any of the provisions contained in this Agreement are held invalid, illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby, unless the absence of the invalidated provision(s) adversely affect the substantive rights of the Parties. In such event, the Parties
shall replace the invalid, illegal or unenforceable provision(s) with valid, legal and enforceable provision(s) which, insofar as practical, implement the purposes of this Agreement. 

  

	9.4	Notices. All notices or other communications which are required or permitted hereunder shall be in writing and sufficient if delivered personally, sent by facsimile (and
promptly confirmed by personal delivery, registered or certified mail or overnight courier), sent by nationally-recognized overnight courier or sent by registered or certified mail, postage prepaid, return receipt requested, addressed as follows:

 if to ARCA to: 
 ARCA Discovery, Inc. 
 12635 East Montview Boulevard 
 Suite 100 
 Aurora, CO 80010 
 Attention: President 
 Fax No.: 303-315-5082 

 if to CPEC to: 
 CPEC LLC 
 99 Hayden Avenue 
 Suite 200 
 Lexington, MA 02421 
 Attention: Chief Executive Officer 
 Fax
No.: 781-862-3859 
 or to such other address as the Party to whom notice is to be given may have furnished to the other Parties in writing in accordance
herewith. Any such communication shall be deemed to have been given when delivered if personally delivered or sent by facsimile on a Business Day, upon confirmed delivery by nationally-recognized overnight courier if so delivered and on the third
Business Day following the date of mailing if sent by registered or certified mail. 
  

	9.5.	Applicable Law and Dispute Resolution. The Agreement shall be governed by and construed in accordance with the laws of the United States of America and State of New York
without reference to any rules of conflict of laws. 

 (a) The Parties agree to attempt initially to solve all claims, disputes,
or controversies arising under, out of, or in connection with this Agreement (a “Dispute”) by conducting good faith negotiations. Any Disputes which cannot be resolved by good faith negotiation within twenty (20) Business Days, shall
be referred, by written notice from either Party to the other, to the Chief Executive Officer or President of each Party. Such officers shall negotiate in good faith to achieve a resolution of the Dispute referred to them within twenty
(20) business days after such notice is received by the Party to whom the notice was sent. If the officers are unable to settle the Dispute between themselves within twenty (20) business days, they shall so report to the Parties in
writing. The Dispute shall then be referred to mediation as set forth in the following Subsection 9.5 (b). 
 (b) Upon the Parties receiving
the officers’ report that the Dispute referred to them pursuant to Subsection 9.5 (a) has not been resolved, the Dispute shall be referred to mediation by written notice from either Party to the other. The mediation shall be conducted
pursuant to the American Arbitration Association (“AAA”) procedures. The place of the mediation shall be New York, New York. If the Parties have not reached a settlement within twenty (20) business days of the date of the notice of
mediation, the Dispute shall be referred to arbitration pursuant to Subsection 9.5 (c) below. 

 (c) If after the procedures set forth in Subsections 9.5 (a) and (b) above, the Dispute has not
been resolved, a Party shall decide to institute arbitration proceedings, it shall give written notice to that effect to the other Party. The Parties shall refrain from instituting the arbitration proceedings for a period of sixty (60) days
following such notice. During such period, the Parties shall continue to make good faith efforts to amicably resolve the dispute without arbitration. If the Parties have not reached a settlement during that period the arbitration proceedings shall
go forward and be governed by the AAA rules then in force. Each such arbitration shall be conducted by a panel of three arbitrators having experience in the pharmaceutical industry: one arbitrator shall be appointed by each of CPEC and ARCA and the
third arbitrator, who shall be the Chairman of the tribunal, shall be appointed by the two Party-appointed arbitrators. Any such arbitration shall be held in New York, New York, USA. 
 The arbitrators shall have the authority to grant specific performance. Judgment upon the award so rendered may be entered in any court having jurisdiction or application may be made to such court for judicial
acceptance of any award and an order of enforcement, as the case may be. In no event shall a demand for arbitration be made after the date when institution of a legal or equitable proceeding based on such claim, dispute or other matter in question
would be barred by the applicable statute of limitations. Each Party shall bear its own costs and expenses incurred in connection with any arbitration proceeding and the Parties shall equally share the cost of the mediation and arbitration levied by
the AAA. 
 Any mediation or arbitration proceeding entered into pursuant to this Section 9.5 shall be conducted in the English language. Subject to the
foregoing, for purposes of this Agreement, each Party consents, for itself and its Affiliates, to the jurisdiction of the courts of the State of New York, county of New York and the U.S. District Court for the Southern District of New York.

  

	9.6.	Entire Agreement. This Agreement, including the exhibits and schedules hereto, contains the entire understanding of the Parties with respect to the subject matter hereof and
supersedes all previous writings and understandings. This Agreement may be amended, or any term hereof modified, only by a written instrument duly executed by all Parties hereto. 

  

	9.7.	Independent Contractors. It is expressly agreed that the Parties shall be independent contractors and that the relationship between the Parties shall not constitute a
partnership, joint venture or agency. Neither Party shall have the authority to make any statements, representations or commitments of any kind, or to take any action, which shall be binding on the other Party, without the prior consent of such
other Party. 

  

	9.8.	Waiver. The waiver by a Party hereto of any right hereunder or the failure to perform or of a breach by another Party shall not be deemed a waiver of any other right
hereunder or of any other breach or failure by said other Party whether of a similar nature or otherwise. 

	9.9.	Headings. The captions to the several Articles and Sections hereof are not a part of the Agreement, but are merely guides or labels to assist in locating and reading the
several Articles and Sections hereof. 

  

	9.10.	Counterparts. The Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument. 

  

	9.11.	Use of Names. Except as otherwise provided in this Agreement, neither Party shall use the name of the other Party in relation to this transaction in any public announcement,
press release or other public document without the consent of such other Party, which consent shall not be unreasonably withheld or delayed; provided, however, that either Party may use the name of the other Party in any document required to be
filed to obtain Regulatory Approval or to comply with applicable laws, rules or regulations. 

  

	9.12.	LIMITATION OF LIABILITY. NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL OR INDIRECT DAMAGES ARISING OUT OF THIS AGREEMENT, HOWEVER
CAUSED, UNDER ANY THEORY OF LIABILITY. 

 [Remainder of page intentionally left blank] 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date. 
  

					
	CPEC L.L.C.
		
	By:	 	/s/ G L Cooper
		 	Name:	 	G L Cooper
		 	Title:	 	President
	
	ARCA DISCOVERY, INC.
		
	By:	 	/s/ Michael R. Bristow
		 	Name:	 	Michael R. Bristow
		 	Title:	 	President

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