Document:

Exclusive Sublicense Agreement

 Exhibit 10.10 
 CONFIDENTIAL TREATMENT REQUESTED. 
 INFORMATION FOR WHICH CONFIDENTIAL
TREATMENT HAS BEEN 
 REQUESTED IS OMITTED AND MARKED WITH “[*******]” OR OTHERWISE 

CLEARLY INDICATED. AN UNREDACTED VERSION OF THIS DOCUMENT HAS 

ALSO BEEN PROVIDED TO THE SECURITIES AND EXCHANGE COMMISSION. 

EXCLUSIVE SUBLICENSE AGREEMENT 
 This Exclusive Sublicense Agreement (hereinafter referred to as this “Agreement”), effective as of this December 12, 2005 (the “Effective Date”), is entered into by and between
Ovamed GbmH & Co KG, a corporation duly incorporated under the laws of Germany and having a principal place of business at Kiebitzhörn 33-35, 22885 Barsbüttel, Germany (“Ovamed”) and Collingwood Pharmaceuticals, Inc., a
corporation duly organized and existing under the laws of the State of Delaware having a principal place of business at 787 Seventh Avenue, 48th Floor, New York, New York 10019 (the “Company”). 

WHEREAS, under the patent policy of The University of Iowa (“UI”), all inventions and technology arising during the
normal course of research and teaching at the UI are assigned and entrusted to the University of Iowa Research Foundation (“URIF”) to obtain patent or other appropriate intellectual property protection and license said technology;

 WHEREAS, UIRF is, therefore, owner by assignment from Joel Weinstock and David Elliott of their entire right, title
and interest in United States Patent 6,764,838 and United States Patent Application Numbers 09/362,598; 10/715,659; 10/779,249; Canada Patent Application Number 2,315,790; Japanese Patent Application Number 2000-526233; Australia Patent Number
740776, all titled “Use of Parasitic Biological Agents for Prevention and Control of Autoimmune Diseases”; 

WHEREAS, Ovamed has entered into an Exclusive License Agreement with URIF under which Ovamed has obtained an exclusive license to
the research, development and commercialization of intellectual property relating to the use of parasitic biological agents for the prevention and control of autoimmune diseases (the “Technology”) as claimed in the Patent Rights (as
defined below) in the Field (as defined below) in the Territory (as defined below) (the “License Agreement”); 

WHEREAS, the Company is interested in obtaining rights to the research, development and commercialization of intellectual property
relating to the Technology as claimed in the Patent Rights (as defined below) in the Field (as defined below) in the Territory (as defined below); 
 WHEREAS, Ovamed is willing to grant such rights to the Company so that the Technology may be developed and the benefits enjoyed by the public; 

 NOW, THEREFORE, it is agreed as follows: 

ARTICLE 1 – DEFINITIONS 
 For the purposes of this Agreement, the following words and phrases shall have the following meanings: 
 1.1 “Affiliate” shall mean, with respect to any Entity (as hereinafter defined), any Entity that directly or indirectly controls, is controlled by, or is under common Control with such
Entity. 
 1.1.1 “Control” shall mean, for this purpose, direct or indirect control of more than fifty percent
(50%) of the voting securities of an Entity or, if such Entity does not have outstanding voting securities, more than 50% of the directorships or similar positions with respect to such Entity. 

1.1.2 “Entity” shall mean any corporation, association, joint venture, partnership, trust, university, business, individual,
government or political subdivision thereof, including an agency, or any other organization that can exercise independent legal standing. 
 1.2 “Field” shall mean the prevention, treatment, cure or diagnosis of human diseases, with the exception of gastroenterology (e.g., inflammatory bowel disease) and hepatology in
Europe. 
 1.3 “Know-how” shall mean all tangible or intangible information (other than those contained in the
Patent Rights) whether patentable or not (but which have not been patented) and physical objects related to the Licensed Product, including but not limited to formulations, biological samples, tissues, animals, organisms, compounds, intermediates,
in vitro, preclinical or clinical design, other proprietary materials, processes, including but not limited to manufacturing processes, data, drawings and sketches and designs owned or controlled by Ovamed or which Ovamed has the right to disclose
and license to the Company. 
 1.4 “Licensed Product(s)” shall mean any product that cannot be manufactured,
used or sold, in whole or in part, without infringing one or more claims under Patent Rights in the country in which the product is made, used, leased, imported, offered for sale or sold. 

1.5 “Licensed Process(es)” shall mean processes which, in the course of being practiced would, in the absence of this
Agreement, infringe one or more claims of the Patent Rights. 
 1.6 “Net Sales” shall mean the total gross
receipts for sales of Licensed Products or practice of Licensed Processes by or on behalf of the Company or its Affiliates or Company Sublicensees (as applicable), whether invoiced or not, less only the sum of the following: (a) usual trade
discounts to customers; (b) sales, tariff duties and/or taxes directly imposed and with reference to particular sales; (c) amounts allowed or credited on returns or rejections; (d) bad debt deductions actually written off during the
accounting period; (e) outbound transportation prepaid or allowed and transportation insurance; (f) sales commissions; and (g) packaging and freight charges. 
 1.6.1 Notwithstanding anything to the contrary in this Article 1.6, Net Sales does not include sales of Licensed Product at or below the fully burdened cost of manufacturing solely for non-profit research
or clinical testing or for indigent or similar public support or compassionate use programs. If (i) the end user is a Company Sublicensee or an Affiliate or (ii) if Licensed Product or Licensed Process is sold for consideration other than
money, then Net Sales shall be calculated based on the final gross selling price of comparable Licensed Products sold in arm’s length transactions by Company to an end user. 

  
 2. 

 1.6.2 For purposes of determining Net Sales, Licensed Product shall be deemed to be sold
when shipped or to be the subject of a sale upon the delivery of Licensed Product to the purchaser or a common carrier at the risk of the purchaser and the transfer of title thereto to the purchaser. 

1.6.3 Sales between or among the Company, Company Sublicensee and their Affiliates shall be excluded from the computation of Net Sales
provided such parties are not the end-user of the products, but sales by such entities to their non-affiliated customers shall be included in such computation. 
 1.7 “Patent Rights” shall mean (a) United States Patent Number 6,764,838 and United States Patent Application Numbers 09/362,598; 10/715,659; 10/779,249; Canada Patent
Application Number 2,315,790; Japanese Patent Application Number 2000-526233; and Australia Patent Number 740776, all entitled “Use of Parasitic Biological Agents for Prevention and Control of Autoimmune Diseases”, patents issuing
thereon or reissues thereof; any and all foreign patents and patent applications corresponding thereto; any divisional, continuation in part, continuation and reexamination applications; and any extensions thereof; (b) any and all US or foreign
patents, patent applications, or other rights issuing from, or filed subsequent to the date of this Agreement, based on or claiming priority to or from the applications and rights listed in 1.1(a); and (c)any foreign counterpart to any of (a or b)
not otherwise listed therein. All such Patent Rights shall be set forth in Appendix A, attached to this Agreement and made part thereof. 
 1.8 Non-Royalty Sublicensing Income (“NRSI”) shall mean any and all consideration received from a Company Sublicensee in consideration for grant of a sublicense under the Patent Rights,
which shall include upfront and milestone payments, but expressly excludes all royalty payments; payments resulting from the sale of one or more Licensed Products; research and development funding; equity exchanges; and investment. 

1.9 Company Sublicensee means any other third party that has entered into a sublicense agreement with the Company to make, have
made, use, have used, lease, offer to sell, sell and/or have sold the Licensed Products and to practice and have practiced the Licensed Processes. 
 1.10 “Territory” shall mean the world, to the extent Ovamed possesses a license to practice the Patent Rights in specific countries and/or territories in the world. 

ARTICLE 2 – GRANT 
 2.1 Ovamed hereby grants to the Company and the Company accepts, subject to the terms and conditions of this Agreement, an exclusive license in the Field to practice under the Patent Rights and to
utilize the Know-how in the Territory, and (a) to make, have made, use, have used, lease, import, offer to sell, sell and/or have sold the Licensed Products and to practice and have practiced the Licensed Processes, to the full end of the term
for which the Patent Rights are granted, unless sooner terminated as hereinafter provided and (b) to sublicense to third parties, in accordance with Article 2.2 below, the rights granted under subsection (a) of this Article 2.1.

  
 3. 

 2.2 In accordance with 2.1 above, Ovamed hereby grants to the Company the right to
grant sublicenses to third parties under the license granted hereunder in the sole discretion of the Company. Upon termination of this Agreement other than by expiration in accordance with paragraph 9.9, any and all sublicenses shall survive such
termination, provided, however, Ovamed shall not be obligated to incur any obligation or duties to any former Company Sublicensee of the Company not already incurred or delegated to the Company by Ovamed in this Agreement. Notwithstanding the
foregoing, if Company believes that Ovamed has terminated this Agreement for the primary purpose of doing business directly with the Company Sublicensee, the termination may be disputed. 

2.3 Unless otherwise prohibited by law, Ovamed shall provide Company with and give Company access to the following:
(i) copies of all regulatory submissions, (ii) copies of all patient records, (iii) any communications and the minutes of any meetings with the FDA or other regulatory authority relating to the Licensed Product; (iv) trial master
files relating to any regulatory submission; (v) copies of all case report forms; (vi) all results of clinical trials conducted prior to and as of the Effective Date of this agreement relating to the Licensed Products, including without
limitation, clinical data, hard copy CRFs and reports; patient samples (such as blood samples, microbiology samples, and tissue samples) and access to ()yarned personnel with relevant expertise to explain the foregoing (vii) copies of all
computer data and reports pertaining to clinical trials, (viii) copies of all adverse event reports, (ix) copies of all preclinical evaluations, (x) any clinical trial material that has not expired, (xi) storage of and access
permission to biological samples, (xii) access to physicians, CROs and health care administrators involved in trials; (xiii) copies of an access to records and reports of any CMC related activities; (xiv) all drug manufacture files
along with the right to use manufacturing process and the manufacturing source, (xv) remaining quantities of any API (active pharmaceutical ingredient) and intermediates and (xvi) all other information that Company may reasonably request
regarding clinical trials and regulatory approvals. All costs related to the duplication of such materials will be borne by Company. In addition, Ovamed shall cross-reference or assign all regulatory filings, at Company’s option. From time to
time during the term of this Agreement, at the request of Company, Ovamed shall execute and deliver to Company such documents and take such other action as Company may reasonably request to consummate more effectively the transactions contemplated
hereby. Ovamed shall reasonably cooperate with Company and provide Company with such assistance as reasonably may be requested by Company, including with respect to the transfer of clinical data and filings with the FDA or other regulatory
authorities. 
 ARTICLE 3 – COMMERCIALIZATION 

3.1 The Company shall use all commercially reasonable efforts or shall cause its Affiliates or Company Sublicensees to use
commercially reasonable efforts, to bring a Licensed Product to market through a thorough, vigorous and diligent program for exploitation 

  
 4. 

 
of the Technology as timely and efficiently as possible. Such program shall include the preclinical and clinical development of Licensed Products, including research and development,
manufacturing, laboratory and clinical testing and marketing. The Company shall continue active, diligent marketing efforts for a Licensed Product throughout the term of this Agreement. 

3.2 Following the execution of this Agreement, Ovamed and the Company shall negotiate in good faith the terms of a Manufacturing
and Supply Agreement under which, subject to the terms of such agreement, Ovamed shall supply the Company with Licensed Product in amounts sufficient to satisfy the Company’s clinical and commercial requirements. 

ARTICLE 4 – ROYALTIES AND OTHER CONSIDERATION 
 4.1 Within ninety (90) days after the pre-IND meeting to be held at the United States Food and Drug Administration (“FDA”) on December 13, 2005 (“The pre-IND
Meeting”), the Company shall pay to Ovamed or directly to UIRF (at the Company’s option) the following: 
 4.1.1 a
non-refundable license fee of One Hundred Ten Thousand Dollars ($110,000) upon execution of this Agreement; 
 4.1.2 One Hundred
Percent (100%) of all monies paid by Ovamed to UIRF for costs incurred as of the effective date of the License Agreement relating to the preparation, filing, prosecution and maintenance of the Patent Rights where such costs as of July 20,
2005 were One Hundred Ninety Thousand Six Hundred Thirty Three Dollars and Ninety Three Cents ($190,633.93) plus any costs incurred by UIRF between July 20, 2005 and the Effective Date of this Agreement; 

4.2 The Company agrees to pay to Ovamed or directly to UIRF (at the Company’s option) the royalties set forth below, to the
end of the term of this License Agreement or until this Agreement shall be terminated as hereinafter provided. 
 4.1.1 During
the term of the License Agreement, the Company shall pay Ovamed or directly to UIRF (at the Company’s option) royalties equal to: four percent (4%) of Net Sales by the Company, Affiliates or Company Sublicensees; 

4.1.2 The Company shall also pay to Ovamed thirty percent (30%) of any NRSI received by the Company as a result of the sublicensing
of any of the Patent Rights prior to the pre-IND meeting in the United States or a foreign equivalent; twenty percent (20%) of NRSI subsequent to the pre-IND but prior to commencement of clinical trials; fifteen percent (15%) of NRSI after
commencement of clinical trials, but prior to the completion of enrollment of a phase II clinical trial; and ten percent (10%) of any NRSI subsequent to enrollment of a Phase II clinical trial. 

4.3 As further consideration for the license granted hereunder, the Company will make the following one-time milestone payments
(each a “Milestone Payment”) to Ovamed. 

  
 5. 

 4.3.1 One Million Five Hundred Thousand] Dollars ($1,500,000) upon acceptance by the FDA of
a Company-, Affiliate- or Company Sublicensee- sponsored Investigational New Drug Application (an “IND”) for a Licensed Product; 
 4.3.2 One Million Five Hundred Thousand Dollars ($1,500,000) upon the one year anniversary of the acceptance by the FDA of a Company-, Affiliate- or Company Sublicensee- sponsored IND for a Licensed
Product; 
 4.3.3 Two Hundred Thousand Dollars ($200,000) upon completion by the Company of the issuance of the Company’s
debt or equity securities to qualified investors in exchange for aggregate cash proceeds equal to or in excess of Five Million Dollars ($5,000,000); 
 4.3.4 Six Hundred Thousand Dollars ($600,000) upon the acceptance for review by the FDA of the first Company-, Affiliate- or Company Sublicensee- sponsored New Drug Application (“NDA”) for a
Licensed Product; 
 4.3.5 One Million Seven Hundred Fifty Thousand Dollars ($1,750,000) upon the final approval by the FDA of
the first Company-, Affiliate- or Company Sublicensee-sponsored NDA for a Licensed Product; 
 4.3.6 One Million Two Hundred
Fifty Thousand Dollars ($1,250,000) upon the final approval by the FDA of each subsequent Company-, Affiliate- or Company Sublicensee-sponsored NDA for a Licensed Product having an indication other than the indication on which the milestone of 4.3.5
is based; 
 4.3.7 Two Hundred Thousand Dollars ($200,000) upon the acceptance for review of the first Company-, Affiliate- or
Company Sublicensee- sponsored application for the commercial sale of a Licensed Product in the European Union by the European Agency for Evaluation of Medicinal Products (the “EMEA”) or its successor organization; 

4.3.8 Four Hundred Thousand Dollars ($400,000) upon the final approval by the EMEA or its equivalent of the first Company-, Affiliate- or
Company Sublicensee- sponsored application for the commercial sale of a Licensed Product in the European Union; 
 4.3.9 Four
Hundred Thousand Dollars ($400,000) upon the final approval by the EMEA or its equivalent for each subsequent Company-, Affiliate- or Company Sublicensee-sponsored application for the commercial sale of a Licensed Product having an indication other
than the indication on which the milestone of 4.3.8 is based; 
 4.3.10 Two Hundred Thousand Dollars ($200,000) upon the
acceptance for review of the first Company-, Affiliate- or Company Sublicensee- sponsored application for the commercial sale of a Licensed Product in Japan by the Ministry of Health, Labor, and Welfare or its equivalent (“MHLW”);

 4.3.11 Four Hundred Thousand Dollars ($400,000) upon the final approval of a Company-, Affiliate- or Company Sublicensee-
sponsored application for the commercial sale of a Licensed Product in Japan by MHLW; 

  
 6. 

 4.3.12 Four Hundred Thousand Dollars ($400,000) upon the final approval of each subsequent
Company-, Affiliate- or Company Sublicensee- sponsored application for the commercial sale of a Licensed Product in Japan by MHLW having an indication other than the indication on which the milestone of 4.3.11 is based; 

4.3.13 Two Hundred Thousand Dollars ($200,000) upon the acceptance for review of the first Company-, Affiliate- or Company Sublicensee-
sponsored application for the commercial sale of a Licensed Product in Canada by Health Canada or its equivalent; 
 4.3.14 Four
Hundred Thousand Dollars ($400,000) upon the final approval of a Company-, Affiliate- or Company Sublicensee- sponsored application for the commercial sale of a Licensed Product by Health Canada or its equivalent; 

4.3.15 Three Hundred Fifty Thousand Dollars ($350,000) upon the final approval of each subsequent Company-, Affiliate- or Company
Sublicensee- sponsored application for the commercial sale of a Licensed Product in Canada by Health Canada or its equivalent having an indication other than the indication on which the milestone of 4.3.14 is based; 

4.3.16 One Hundred Fifty Thousand Dollars ($150,000) upon acceptance for review of the first Company-, Affiliate- or Company Sublicensee-
sponsored application for the commercial sale of a Licensed Product in Australia by the Pharmaceutical Benefits Advisory Committee or its equivalent (“PBAC”); 
 4.3.17 Three Hundred Fifty Thousand Dollars ($350,000) upon final approval of a Company-, Affiliate- or Company Sublicensee- sponsored application for the commercial sale of a Licensed Product in
Australia by the PBAC; and; 
 4.3.18 Three Hundred Fifty Thousand Dollars ($350,000) upon final approval of each subsequent
Company-, Affiliate- or Company Sublicensee- sponsored application for the commercial sale of a Licensed Product in Australia by the PBAC having an indication other than the indication on which the milestone of 4.3.17 is based. 

4.4 No multiple royalties shall be payable because the use, lease or sale of any Licensed Product or Licensed Process is, or shall
be, covered by more than one valid and unexpired claim contained in the Patent Rights. 
 4.5 In the event that a
Licensed Product or Licensed Process is sold in the form of a combination product/process containing one or more products or technologies which are themselves not a Licensed Product or Licensed Process, the Net Sales for such combination
product/process shall be calculated by multiplying the sales price of such combination product by the fraction A/(A+B) where A is the invoice price of the Licensed Product/Licensed Process or the Fair Market Value of the Licensed Product/Licensed
Process if sold to an Affiliate and B is the total invoice price of the other products or technologies or the Fair Market Value of the other products or technologies if purchased from an Affiliate. 

4.6 Royalty payments shall be paid in United States dollars at such place as Ovamed may reasonably designate consistent with the
laws and regulations controlling in the United States and if applicable in any foreign country. Any taxes which the Company, its Affiliate or 

  
 7. 

 
any Company Sublicensee shall be required by law to withhold on remittance of the royalty payments shall be deducted from such royalty payment to Ovamed. The Company shall furnish Ovamed with the
original copies of all official receipts for such taxes. If any currency conversion shall be required in connection with the payment of royalties hereunder, such conversion shall be made by using the exchange rate prevailing at Citibank, N.A. in New
York, New York on the last business day of the calendar quarterly reporting period to which such royalty payments relate. 

4.7 Royalties payable to Ovamed shall be paid semi-annually on or before June 30 and December 31 of each calendar year.
Each such payment shall be for unpaid royalties which accrued within or prior to the Company’s two most recently completed fiscal quarters. 
 4.8 Commencing on the fourth anniversary of the execution date of this Agreement, the Company shall remit to Ovamed or to UIRF (at the Company’s option) an annual license maintenance fee
payment of Two Hundred Fifty Thousand Dollars ($250,000). Notwithstanding the limitations of this Article 4.8, annual license maintenance fees paid hereunder shall be reduced by the total amount of any milestones and royalties accrued to the
Company, an Affiliate or a Company Sublicensee solely during the relevant agreement year but shall not be reduced by (a) any royalties accruing in any other agreement year or (b) contract research funding payable to the University of Iowa
or UIRF pursuant to the terms of any research or development agreement. 
 4.9 No payment obligations shall be due with
respect to any sale or sublicense covering any Licensed Product in a country if there are no issued Patent Rights underlying such Licensed Product in such country. 
 4.10 To the extent that the Company, its Affiliate, or its Company Sublicensee is required (i) in its sole discretion after appropriate legal analysis, or (ii) by order or judgment of any
court in any jurisdiction, to obtain a license from a third party in order to practice the rights purported to be granted to the Company by Ovamed hereunder under Patent Rights in such jurisdiction, then up to [*******] percent
([*******]%) of the royalties payable under such license in such jurisdiction may be deducted from royalties otherwise payable to Ovamed hereunder, provided that in no event shall the aggregate royalties payable to Ovamed in any semi-annual
period in such jurisdiction be reduced by more than [*******] percent ([*******]%) as a result of any such deduction, provided further that any excess deduction remaining as a result of such limitation may be carried forward to
subsequent periods. 
 4.11 Should the Company fail to make any payments due to Ovamed pursuant to Articles 4.1, 4.2,
4.3, 4.8 and 6.1 of this Agreement, Paramount Biosciences, LLC (“Paramount”) shall make such payments to Ovamed on the Company’s behalf (such payments may be made directly to UIRF, at the Company’s option). In return for
such payments, Paramount will receive promissory notes from the Company in amounts equal to those amounts remitted by Paramount to Ovamed (or UIRF as applicable) pursuant to the preceding sentence (the “Notes”) that will accrue
interest at [*******] percent ([*******]%) per annum, compounded [*******], and [*******] percent ([*******]%) upon default. The Notes will become due and payable in [*******] months from the date of payment
by Paramount of the applicable fund to Ovamed (or UIRF as applicable). The Notes will also convert into shares of [*******], at Paramount’s option, at a per share price representing a [*******] Dollars

  
 8. 

 
($[*******]) valuation of the Company, should the Company fail to repay any outstanding Note when due. Paramount’s obligation to Ovamed and the Company under this Article 4.11 shall
terminate upon such time as the Company has received in excess of [*******] Dollars ($[*******]) in gross proceeds as a result of the sale of its equity securities. 

ARTICLE 5 – REPORTS AND RECORDS 
 5.1 The Company shall report to Ovamed the date of first sale of Licensed Products (or results of Licensed Processes) in each country within thirty (30) days of occurrence. 

5.2 The Company agrees to submit to Ovamed within [*******] days after the calendar quarters ending
March 31, June 30, September 30, and December 31, reports setting forth for the preceding three (3) month period at least the following information: 

(i) the number of the Licensed Products sold by the Company, its Affiliates and its Company Sublicensees in each country; 

(ii) total billings for such Licensed Products; 
 (iii) an accounting for all Licensed Processes used or sold; 
 (iv) deductions
applicable to determine the Net Sales thereof; 
 (v) the amount of royalty due thereon; 

and with each such royalty report to pay the amount of royalty due. Such report shall be certified as correct by an officer of the Company and shall
include a detailed listing of all deductions from royalties as specified herein. If no royalties are due to Ovamed for any reporting period, the written report shall so state. All such reports shall be maintained in confidence under Article 15 of
this Agreement. 
 ARTICLE 6 – FILING, PROSECUTION AND MAINTENANCE 

6.1 Pursuant to Article 4.1.2, the Company shall reimburse Ovamed or may reimburse UIRF directly (at the Company’s option)
for all reasonable expenses Ovamed has paid to UIRF under the License Agreement in connection with the preparation, filing, prosecution and maintenance of Patent Rights and the Company shall reimburse Ovamed for monies Ovamed has paid to UIRF under
the License Agreement for all such future expenses upon receipt of invoices from Ovamed and/or UIRF. It is understood that UIRF shall take responsibility for the preparation, filing, prosecution and maintenance of any and all patent applications and
patents included in Patent Rights. 
 6.2 Ovamed and the Company shall cooperate fully in the preparation, filing,
prosecution and maintenance of Patent Rights and of all patents and patent applications licensed to the Company hereunder, executing all papers and instruments or causing members of UIRF to execute such papers and instruments as to enable UIRF to
apply for, to prosecute and to maintain 

  
 9. 

 
patent applications and patents in UIRF’s name in any country. Each party shall provide to the other prompt notice as to all matters which come to its attention and which may affect the
preparation, filing, prosecution or maintenance of any such patent applications or patents. 
 6.3 If the Company elects
to no longer pay the expenses of a patent application or patent included with Patent Rights, the Company shall notify Ovamed not less than sixty (60) days prior to such action and shall thereby surrender its rights and extinguish its
obligations under such patent or patent application. 
 6.4 Notwithstanding anything to the contrary herein, Ovamed
and/or UIRF will provide the Company with ample time in which to review and comment on any communication for which submission to any patent office is intended, including but not limited to responses to official actions, amendments, affidavits,
declarations and patent applications. In no event shall Ovamed provide the Company with less than seven (7) business days in which to review an intended patent office submission prior to such submission. Ovamed shall use best efforts, and shall
cause UIRF to use best efforts, to accommodate the Company’s requests to (a) enter and/or amend a claim in a pending patent application under the Patent Rights or (b) file additional patent applications as reasonably needed to advance
the purposes of this Agreement or to protect the rights and licenses granted hereunder. Ovamed further agrees to cause UIRF to retain patent counsel to prosecute and maintain the Patent Rights that is reasonably acceptable to the Company with
respect to quality of work and responsiveness. Within [*******] days of the Effective Date of this Agreement, Ovamed and the Company shall develop, in good faith, a budget for controlling all costs associated with the preparation, filing,
prosecution and maintenance of the Patent Rights. Ovamed and/or UIRF shall obtain the Company’s prior written consent for any such costs that exceed the budget by more than [*******] percent ([*******]%). 

6.5 Notwithstanding anything to the contrary herein, Ovamed shall cause UIRF to authorize UIRF’s patent counsel to
communicate directly with the Company on the same basis that said patent counsel communicates with UIRF with respect to the prosecution of Patent Rights.  
 ARTICLE 7 – MARKING 
 7.1 If a licensed patent has been
or is subsequently issued to UIRF covering any feature or features of the Licensed Products, the Company agrees to mark each and every package or container in which the Licensed Products are used or sold by or for the Company with marking complying
with the provisions of Title 35, U.S. Code, Section 287, if required, or any future equivalent provisions of the United States relating to the marking of patented devices, or with marking complying with the law of the country where the Licensed
Products are shipped, used or sold. 
 ARTICLE 8 – INFRINGEMENT 

8.1 The Parties shall promptly provide written notice to each other of any alleged infringement or any challenge or threatened
challenge to the validity, enforceability or priority of any of the Patent Rights, and provide each other with any available evidence of such infringement, challenge or threatened challenge by a third party of the Patent Rights and provide such
other party with any available evidence of such infringement. 

  
 10.

 8.2 During the term of this Agreement, the Company shall have the right, but not the
obligation, to institute such action as it deems appropriate at its own expense and utilizing counsel of its choice, to terminate the infringement of, and/or challenge to, the Patent Rights in the Territory in the Field through negotiation,
litigation and/or alternative dispute resolution means, provided that the Company shall not act in any arbitrary or capricious manner and shall not act in contravention or breach of the licenses granted to the Company hereunder. Ovamed shall
reasonably cooperate in any such action, and shall cause UIRF to reasonably cooperate in any such action in accordance with the terms of the License Agreement. Pursuant to the License Agreement, UIRF may join the Company as a party in any such suit
(and will join at Ovamed’s request), provided that the Company and/or Ovamed pay all of UIRF’s reasonable out-of-pocket expenses. Any recovery of damages pursuant to this Article 8.2 shall be retained entirely by the Company and allocated
pursuant to 8.4 below. 
 8.3 In the event that a claim or suit is asserted or brought against the Company alleging that
the manufacture or sale of any Licensed Product or Licensed Process by the Company, an Affiliate, or Company Sublicensee, or the use of such Licensed Product or Licensed Process by any customer of any of the foregoing, infringes proprietary rights
of a third party, the Company shall give written notice thereof to Ovamed. The Company may, in its sole discretion, modify such Licensed Product or such Licensed Process to avoid such infringement and/or may settle on terms that it deems advisable
in its sole discretion, subject to paragraph 8.2. Otherwise, the Company shall have the right, but not the obligation, to defend any such claim or suit. In the event the Company elects not to defend such suit, Ovamed shall have the right, but not
the obligation to do so at its sole expense. 
 8.4 Any recovery of damages by the Company, in any such suit under
Article 8.2 and 8.3, shall be applied first in satisfaction of any unreimbursed expenses and legal fees of the Company relating to the suit. The balance remaining from such suit shall be allocated accordingly: (a) amounts relating to lost sales
shall be allocated in their entirety to the Company, provided however, that Company shall pay Ovamed royalties due for such lost sales pursuant to Article 4 of this Agreement; and (b) any amounts remaining after the allocation of amounts
pursuant to 8.4(a) shall be divided equally between the Company and Ovamed. 
 8.5 The Company may credit the cost of any
litigation costs incurred by the Company in any country in the Territory pursuant to this Article 8 including all amounts paid in judgment or settlement of litigation within the scope of this Article 8 against royalties or other fees thereafter
payable to Ovamed hereunder for such country. If the costs of such litigation in such country exceeds the royalties payable to Ovamed in any year in which such costs are incurred then the amount of such costs, expenses and amounts paid in judgment
or settlement, in excess of the royalties payable shall be carried over and credited against royalty payments in future years for such country. 
 8.6 If within [*******] months after receiving notice of any alleged infringement of the Patent Rights, the Company shall have been unsuccessful in persuading the alleged infringer to desist, or
shall not have brought and shall not be diligently prosecuting an infringement action, or 

  
 11.

 
if the Company shall notify Ovamed, at any time prior thereto, of its intention not to bring suit against the alleged infringer, then, and in those events only, the Company shall have the right,
but not the obligation, to prosecute, at its own expense and utilizing counsel of its choice, any infringement of the Patent Rights, and the Company may, for such purposes, join Ovamed and/or IMF as a party plaintiff. The total cost of any such
infringement action commenced solely by Ovamed shall be borne by Ovamed and Ovamed shall keep any recovery or damages for infringement or otherwise derived therefrom and such shall not be applicable to any royalty obligation of the Company.

 8.7 In any suit to enforce and/or defend the Patent Rights pursuant to this Agreement, the party not in control of
such suit shall, at the request and expense of the controlling patty, cooperate in all respects and, to the extent possible, have its employees testify when requested and make available relevant records, papers, information, samples, specimens, and
the like. 
 8.8 If the Company, its Affiliate or Company Sublicensee elects to commence an action as described above,
the Company may reduce, by up to [*******] percent ([*******]%), the royalty due to Ovamed earned under the patent subject to suit by [*******] percent ([*******]%) of the amount of the expenses and costs of such action, including attorney fees. In
the event that such [*******] percent ([*******]%) of such expenses and costs exceed the amount of royalties withheld by the Company for any calendar year, the Company may to that extent reduce the royalties due to Ovamed from the Company in
succeeding calendar years, but never by more than [*******] percent ([*******]%) of the royalty due in any one year. 

ARTICLE 9 – TERMINATION OF AGREEMENT 
 9.1 Upon any termination of this Agreement, and except as provided herein to the contrary, all rights and obligations of the Parties hereunder shall cease, except as follows: 

 

	(a)	Ovamed’s right to receive or recover and the Company’s obligation to pay royalties accrued or accruable for payment at the time of any termination;

  

	(b)	Ovamed’s obligation to maintain records and the Company’s right to conduct a final audit as provided in Article 5 of this Agreement; and

  

	(c)	Any cause of action or claim of by either party, accrued or to accrue because of any breach or default by the Company. 

9.2 In the event the Company fails to make payments due hereunder which is not subject to a bona fide good faith dispute, Ovamed
shall provide the Company with [*******] days written notice of such failure. The Company shall then have [*******] days from the date of such written notice in which to make the payment due. If payments are not so made within the time limit, Ovamed
may immediately terminate this Agreement by written notice. 
 9.3 In the event that the Company shall be in default in
the performance of any material obligations under this Agreement (other than as provided in 9.2 above which shall take precedence over any other default), and if the default has not been remedied within [*******] days after the date of notice in
writing of such default, Ovamed may terminate this Agreement immediately by written notice. 

  
 12.

 9.4 If the Company shall become bankrupt, or shall file a petition in bankruptcy and
such petition is not dismissed within [*******] days after it has been filed, or if the business of the Company shall be placed in the hands of a receiver, assignee or trustee for the benefit of creditors, whether by the voluntary act of the Company
or otherwise, this Agreement shall automatically terminate. 
 9.5 In the event that this Agreement is terminated due to
the Company’s breach, Company Sublicensee shall have at least [*******] days in which to bring this Agreement back into good standing. Should the nature of the activity associated with bringing this Agreement back into good standing reasonably
require more than [*******] days, then Ovamed shall grant Company Sublicensee additional time in which to bring this Agreement back into good standing. 
 9.6 The Company shall have the right to terminate this Agreement by giving thirty (30) days advance written notice to Ovamed to that effect. Upon termination, a final report shall be submitted and
any royalty payments and unreimbursed patent expenses due to Ovamed become immediately payable. 
 9.7 The Company shall
have the right during a period of six (6) months following the effective date of such termination to sell or otherwise dispose of the Licensed Product existing at the time of such termination, and shall make a final report and payment of all
royalties related thereto within sixty (60) days following the end of such period or the date of the final disposition of such inventory, whichever first occurs, 
 9.8 Upon termination of this Agreement for any reason, nothing herein shall be construed to release either party from any obligation that matured prior to the effective date of such termination or
obligations under Articles 4, 5, 12 and 16, for the exception of obligations under Articles 4.1.1 and 4.1.2. Ovamed hereby acknowledges and agrees that, should the Company terminate this Agreement within [*******] days after The pre-IND Meeting,
then the Company shall have no obligation to pay any amounts pursuant to Articles 4.1.1 and 4.1.2. The Company and/or any Company Sublicensee thereof may, however, after the effective date of such termination and continuing for a period not to
exceed [*******] months thereafter, sell all completed Licensed Products, and any Licensed Products in the process of manufacture at the time of such termination, and sell the same, provided that the Company shall pay or cause to be paid to Ovamed
the royalties thereon as required by Article 4 of this Agreement and shall submit the reports required by Article 5 hereof on the sales of Licensed Products. 
 9.9 If not terminated sooner, this Agreement shall terminate on the date of the last to expire valid claim contained in the Patent Rights in accordance with Section 2.1. 

9.10 Force Majeure: Neither party is responsible for delays resulting from causes beyond its reasonable control, including without
limitation fire, explosion, flood, war, strike, or riot, provided that the non-performing party uses commercially reasonable efforts to avoid or remove those causes of nonperformance and continues performance under this Agreement with reasonable
dispatch whenever the causes are removed. 

  
 13.

 ARTICLE 10 – ASSIGNMENT 

10.1 This Agreement and the rights and duties appertaining hereto may not be assigned by either party without first obtaining the
written consent of the other which consent shall not be unreasonably withheld. Any such purported assignment, without the written consent of the other party, shall be null and of no effect. Notwithstanding the foregoing, the Company may assign this
Agreement without the consent of Ovamed (i) to a purchaser, merging or consolidating corporation, or acquirer of substantially all of the Company’s assets or business and/or pursuant to any reorganization qualifying under section 368 of
the Internal Revenue Code of 1986 as amended, as may be in effect at such time, or (ii) to an Affiliate. 
 ARTICLE 11
– LIMITATION OF LIABILITY, INDEMNITY 
 EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, OVAMED MAKES NO
REPRESENTATIONS AND EXTENDS NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND VALIDITY OF PATENTED RIGHTS CLAIMS, ISSUED OR PENDING. 

ARTICLE 12 – INDEMNIFICATION & INSURANCE 

12.1 The Company agrees to defend, indemnify and hold Ovamed harmless from and against all liability, demands, damages, including
without limitation, expenses or losses including death, personal injury, illness or property damage arising directly or indirectly: (a) out of use by the Company or its transferees of inventions licensed or information furnished under this
Agreement or (b) out of any use, sale or other disposition by the Company or its transferees of Patent Rights, Licensed Products or Licensed Processes, in each case which are not the result of Licensor’s breach of any representation or
warranty, negligence or willful misconduct. 
 12.2 Beginning at the time as any such product, process or service is
being commercially distributed or sold (other than for the purpose of obtaining regulatory approvals) by the Company its Affiliate, or a Company Sublicensee, the Company shall, at its sole cost and expense procure and maintain comprehensive general
liability insurance in amounts not less than $[*******] per incident and $[*******] annual aggregate and naming UIRF as an additional insured. During clinical trials of any such product, process or service the Company shall, at its sole cost and
expense, procure and maintain comprehensive general liability insurance in such equal or lesser amounts as required by the License Agreement, naming UIRF as an additional insured. Such comprehensive general liability insurance shall provide
(i) product liability coverage and (ii) liability coverage consistent with the Company’s indemnification obligations under this Agreement. If the Company elects to self-insure all or part of the limits described above (including
deductibles or retentions which are in excess of $[*******] annual aggregate) such self-insurance program must be acceptable to UIRF. The minimum amounts of insurance coverage required shall not be construed to create a limit of the Company’s
liability with respect to its indemnification under this Agreement. 

  
 14.

 12.3 The Company shall provide Ovamed and/or UIRF (at the Company’s option) with
written evidence of such insurance upon request of Ovamed. The Company shall provide Ovamed and/or UIRF (at the Company’s option) with written notice at least [*******] days prior to the cancellation, non-renewal or material change in such
insurance; if the Company does not obtain replacement insurance providing comparable coverage within such [*******] day period, the Company shall have the right to terminate this Agreement effective at the end of such [*******] day period upon
written notice. 
 12.4 The Company shall maintain such comprehensive general liability insurance beyond the expiration
or termination of this Agreement during (i) the period that any product, process, or service, relating to, or developed pursuant to, this Agreement is being commercially distributed or sold by the Company, its Affiliate or a Company
Sublicensee, and (ii) a reasonable period after the period referred to in (i) above which in no event shall be less than [*******] years. 
 ARTICLE 13 – PAYMENT OF FEES AND EXPENSES 
 Each of the Company
and Ovamed shall be responsible for their own expenses relating to the preparation and consummation of this Agreement and the agreements and transactions contemplated hereby. 
 ARTICLE 14 – USE OF NAMES AND PUBLICATION 
 14.1 Nothing
contained in this Agreement shall be construed as granting any right to the Company or its Affiliates to use in advertising, publicity, or other promotional activities any name, trade name, trademark, or other designation of Ovamed or any of its
units (including contraction, abbreviation or simulation of any of the foregoing) without the prior, written consent of Ovamed; provided, however, that Ovamed acknowledges and agrees that the Company may use the name of Ovamed in various documents
used by the Company for capital raising and financing without such prior written consent and where the use of such names may be required by law. 
 14.2 Nothing herein shall be deemed to establish a relationship of principal and agent between Ovamed and the Company, nor any of their agents or employees for any purpose whatsoever. 

14.3 In the event that Ovamed desires to publish or disclose, by written, oral or other presentation, Patent Rights, Know-how, or
any material information related thereto then Ovamed shall notify the Company and in writing by facsimile where confirmed by the receiving party, and/or by certified or registered mail (return receipt requested) of their intention at least [*******]
days prior to any speech, lecture or other oral presentation and at least [*******] days before any written or other publication or disclosure. Ovamed shall include with such notice a description of any proposed oral presentation or, in any proposed
written or other disclosure, a current draft of such proposed disclosure or abstract. The Company may request that Ovamed, no later than [*******] days following the receipt of such notice, delay such presentation, publication or disclosure for up
to an additional [*******] days in order to enable the Company 

  
 15.

 
to file, or have filed on their behalf, a patent application, copyright or other appropriate form of intellectual property protection related to the information to be disclosed or request that
Ovamed do so. Upon receipt of such request to delay such presentation, publication or disclosure, Ovamed shall arrange for a delay of such presentation, publication or disclosure until such time as the Company or Ovamed have filed, or had filed on
its behalf, such patent application, copyright or other appropriate form of intellectual property protection in form and in substance reasonably satisfactory to the Company and Ovamed. If Ovamed does not receive any request from the Company to delay
such presentation, publication or disclosure, Ovamed may submit such material for presentation, publication or other form of disclosure. 
 ARTICLE 15 – PAYMENTS, NOTICES AND OTHER COMMUNICATIONS 
 Any
payment, notice or other communication required or permitted to be given pursuant to this Agreement shall be in writing and sent by certified first class mail, postage prepaid, by hand delivery or by facsimile if confirmed in writing, in each case
effective upon receipt, at the addresses below or as otherwise designated by written notice given to the other party: 
 In the
case of Ovamed: 
 Ovamed GbmH & Co KG 
 Attention: Mr. Detlev Goj, General Manager 
 Kiebitzhörn 33-35, 22885

 Barsbüttel, Germany 
 Tel: 49-40-67105710 
 In the case of the Company: 

Collingwood Pharmaceuticals, Inc. 
 787 Seventh Avenue, 48th Floor 
 New York, NY 10036 

Attn: President 

Tel: (212) 554-4300 
 Fax: (212) 554-4490 
 16. CONFIDENTIALITY 

16.1 Any proprietary or confidential information exchanged under this agreement (including, but not limited to, information
relating to the Patent Rights and royalty reports submitted pursuant to Article 5) constitute the “Confidential Information.” The Company and Ovamed agree that they will not use the Confidential Information for any purpose unrelated to
this Agreement, and will hold it in confidence during the term of this Agreement and for a period of [*******] years after the termination or expiration date of this Agreement. The parties shall exercise with respect to such the Confidential
Information the same degree of care as the parties exercise with respect to their own confidential or proprietary information of a similar nature, and shall not disclose it or permit its disclosure to any third party (except to those of its
employees, consultants, or agents who are bound by the same obligation of confidentiality as the parties bound by pursuant to this Agreement). However, such undertaking of confidentiality by the parties shall not apply to any information or data
which: 
 16.1.1 The receiving party receives at any time from a third-party lawfully in possession of same and having the right
to disclose same; 

  
 16.

 16.1.2 Is, as of the date of this Agreement, in the public domain, or subsequently enters
the public domain through no fault of the receiving party; 
 16.1.3 Is independently developed by the receiving party as
demonstrated by written evidence without reference to information disclosed by the disclosing party; 
 16.1.4 Is disclosed
pursuant to the prior written approval of the disclosing party; and 
 16.1.5 Is required to be disclosed pursuant to law or
legal process (including, without limitation, to a governmental authority) provided, in the case of disclosure pursuant to legal process, reasonable notice of the impending disclosure is provided to the disclosing party and the disclosing party has
agreed to such disclosure in writing or has exhausted its right to contest such disclosure. 
 ARTICLE 17 –
REPRESENTATIONS AND WARRANTIES 
 17.1 Ovamed represents and warrants that: 

17.1.1 Ovamed has all right and interest in and to the Patent Rights and Know-how, including the exclusive right and interest thereto,
free and clear of all liens, charges, encumbrances or other restrictions or limitations of any kind whatsoever. 
 17.1.2 There
are no licenses, options, restrictions, liens, rights of third parties, disputes, royalty obligations, proceedings or claims relating to, affecting, or limiting Ovamed’s rights or the rights of the Company under this Agreement, or which may
lead to a claim of infringement or invalidity regarding, any part or all of the Patent Rights or Know-how or their use. 

17.1.3 There is no claim, pending or threatened, of infringement, interference or invalidity regarding any part or all of the Patent
Rights or Know-how or their use. 
 17.1.4 The patent applications and patents itemized on Exhibit A set forth all of the
patents and patent applications relating to or useful for practicing the Technology in the Field of Use owned by or licensed by Ovamed on the Effective Date. 
 17.1.5 There are no inventors of Patent Rights other than those listed as inventors on Exhibit A. 
 17.1.6 The Patent Rights and Know-how were not supported in whole or part by funding or grants by any federal or state agency. 
 17.1.7 Ovamed has provided the Company with copies of all documents reflecting support or funding for all or part of the research leading to Patent Rights and Know-how, and has listed all such funding
agencies on Exhibit B. 

  
 17.

 ARTICLE 18 – MISCELLANEOUS PROVISIONS 

18.1 This Agreement shall be construed, governed, interpreted and applied in accordance with the Republic of Germany, without
regard to principles of conflicts of laws. 
 18.2 The parties hereto acknowledge that this Agreement, including the
Appendices and documents incorporated by reference, sets forth the entire agreement and understanding of the parties hereto as to the subject matter hereof, and shall not be subject to any change of modification except by the execution of a written
instrument subscribed to by the parties hereto and shall supersede all previous communications, representations or understandings, either oral or written, between the parties relating to the subject matter hereof. 

18.3 The provisions of this Agreement are severable, and in the event that any provision of this Agreement shall be determined to
be invalid or unenforceable under any controlling body of law, such invalidity or unenforceability shall not in any way affect the validity or enforceability of the remaining provisions hereof. 

18.4 The failure of either party to assert a right hereunder or to insist upon compliance with any term or condition of this
Agreement shall not constitute a waiver of that right or excuse a similar subsequent failure to perform any such term or condition by the other party. Any waiver of any rights or failure to act in a specific instance relates only to that instance
and is not an agreement to waive any rights or fail to act in any other instance. 
 18.5 The headings of the several
articles are inserted for convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 
 18.6 This Agreement will not be binding upon the parties until it has been signed below on behalf of each party, in which event, it shall be effective as of the date recited on page one. As of the
Effective Date, this Agreement is binding upon and inures to the benefit of the parties and their respective permitted successors and assigns. 
 18.7 Each party hereto shall be excused from any breach of this Agreement which is proximately caused by governmental regulation, act of war, strike, act of God or other similar circumstance
normally deemed outside the control of the parties. 

  
 18.

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement by proper persons
thereunto duly authorized. 
  

									
	Collingwood Pharmaceuticals, Inc.	 		 	OVAMED GbmH & Co KG
					
	By:	 	 /s/ J. Jay Lobell
	 		 	By:	 	 /s/ Detlev Goj

									
			
	Name: J. Jay Lobell	 		 	Name: Detlev Goj
			
	Title: President	 		 	Title: Chief Executive Officer
			
	Date: December 12, 2005	 		 	Date: December 12, 2005

 Agreed as to Article 4.11: 
 Paramount Biosciences, LLC 
  

			
	By:	 	 /s/ Lindsay A. Rosenwald,
M.D.

			
	
	Name: Lindsay A. Rosenwald, M.D.
	
	Title: Managing Member
	
	Date: December 12, 2005

 Acknowledged 

University of Iowa Research Foundation 
  

			
	By:	 	 /s/ Pamela K. York

			
	
	Name: Pamela K. York
	
	Title: Executive Director
	
	Date: December 12, 2005

 [EXECUTION PAGE TO THE EXCLUSIVE SUBLICENSE AGREEMENT DATED DECEMBER     , 2005]

  
 19.

 Appendix A 
 The following comprise PATENT RIGHTS: 
 United States Patent Number 6,764,838 

United States Patent Application Numbers 09/362,598; 10/715,659; 10/779,249 
 Canada Patent Application Number 2,315,790 
 Japanese Patent Application Number 2000-526233

 Australia Patent Number 740776 

  
 20.

 Appendix B 
 National Institutes of Health / DHHS grant Identification Numbers [*******] 

  
 21.Agreement to License by and between NAI and Compound Solutions, Inc.

 Exhibit 10.31 
 AGREEMENT TO LICENSE 
 This Agreement to License
(“Agreement”) is made and entered into effective as of July 1, 2011 (“Effective Date”), by and between Natural Alternatives International, Inc., a Delaware corporation (“NAI”), and Compound
Solutions, Inc., a California corporation (“CSI”). 
 RECITALS 

A. NAI is the owner of (i) certain Patent Rights (as hereinafter defined), and (ii) certain registered
trademarks related to the mark “Carnosyn®” (as further described herein below and collectively, the
“Trademark Rights”). 
 B. CSI is in the business of raw material sourcing and sales, including the sourcing
and sale to third parties of certain raw materials set forth in Exhibit A attached hereto that are necessary for the design, research, development and formulation of Licensed Products (the “Raw Materials”). 

C. CSI desires NAI grant to third parties who purchase the Raw Materials from CSI a license of certain of its Patent Rights and a license
to use its Trademark Rights, and NAI desires to grant such licenses in accordance with the terms and conditions of this Agreement. 
 Incorporating the foregoing recitals and in consideration of the mutual covenants and agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 
 AGREEMENT 

 

	1.	DEFINITIONS. 

 1.1
“Field of Use” means dietary supplements and other foods for human performance nutrition. For avoidance of doubt, the Field of Use does not include the use of the Raw Materials and/or Patent Rights to treat dogs, horses and/or camels, or
for any human medical related use, or for use in any product of any kind for which claims are made or that is otherwise marketed in any way as to suggest sustained or time release of the Raw Material, such claims being expressly prohibited.

 1.2 “Licensed Products” means any products incorporating or made from the Raw Materials or any material, substance,
organism, component or product derived or developed from or based upon the Raw Materials and covered in whole or in part by any of the claims of the Patent Rights, and does not include any products incorporating or made from the Raw Material or any
material, substance, organism, component or product derived or developed from or based upon the Raw Material wherein the Raw Material is obtained from a source other than CSI. 
 1.3 “Patent Rights” means NAI’s rights in information, discoveries, concepts, techniques, designs, processes, technology and inventions claimed in the following United States patents, any
reissues, reexaminations, or extensions, continuations, continuations-in-part, or divisionals of any of the following United States patents, and any international counterparts of 

  
 1 

 
the following United States patents, including the inventions and discoveries described, covered and claimed therein: 
 (a) U.S. Pat. No. 5,965,596 filed August 12, 1997, entitled “Methods and Compositions for Increasing the Anaerobic Working Capacity in Tissues;” 

(b) U.S. Pat. No. 6,172,098 filed May 25, 1999, entitled “Methods and Compositions for Increasing the Anaerobic Working
Capacity in Tissues;” 
 (c) U.S. Pat. No. 6,426,361 filed January 9, 2001, entitled “Methods and
Compositions for Increasing the Anaerobic Working Capacity in Tissues;” 
 (d) U.S. Pat. No. 6,680,294 filed
July 30, 2002, entitled “Methods and Compositions for Increasing the Anaerobic Working Capacity in Tissues;” 

(e) U.S. Pat. No. 7,504,376 filed November 18, 2003, entitled “Methods and Compositions for Increasing the Anaerobic
Working Capacity in Tissues;” and 
 (f) U.S. Pat. No. 7,825,084 filed August 29, 2008, entitled “Methods
and Compositions for Increasing the Anaerobic Working Capacity in Tissues.” 
 1.4 “Trademark Rights” means
NAI’s rights as the owner of the following registered trademarks: 
 (a) CARNOSYN (standard character mark), Registration
No. 3,146,289; 
 (b) CARNOSYN CARNOSINE SYNTHESIZER (standard character mark), Registration No. 3,121,544; and

 (c) CARNOSYN CARNOSINE SYNTHESIZER & Design, Registration No. 3,091,092. 

 

	2.	LICENSE. 

 2.1
Subject to the terms and conditions of this Agreement, NAI hereby agrees to grant to the customers of CSI who purchase the Raw Materials from CSI a worldwide, non-exclusive, non-transferable, non-assignable, non-sublicenseable, royalty-free
(i) license of NAI’s rights under the Patent Rights to manufacture, offer for sale, and/or sell Licensed Products within the Field of Use (the “Patent License”), and (ii) license to use and reproduce the trademarks
comprising the Trademark Rights solely to advertise, market, and promote the Licensed Products within the Field of Use (the “Trademark License”). The term of such Patent License and Trademark License shall automatically expire upon the
expiration of NAI’s Patent Rights and/or Trademark Rights, as applicable, or the use, manufacture or sale of the Licensed Products using Raw Material purchased from CSI is complete, whichever is sooner. 

2.2 CSI agrees to provide to each of its customers that purchases Raw Materials from CSI a copy of the License Agreement with each
separate purchase of Raw Materials, in the form set forth in Exhibit B attached hereto (the “License Agreement”), which License Agreement may 

  
 2 

 
not be altered, amended, or modified except with the express written consent of an authorized officer of NAI. No Patent License or Trademark License shall be granted or deemed to have been
granted to any customer of CSI that does not receive and accept the License Agreement and, except as expressly provided in this Section 2, nothing contained in this Agreement is intended to confer by implication, estoppel, or otherwise, upon
CSI or any customer of CSI a license or rights in any intellectual property or other rights of NAI. 
  

	3.	RESERVATION OF RIGHTS. 

 3.1 CSI acknowledges and agrees that during the term of this Agreement, NAI and its affiliates will continue to design, develop, manufacture, sell, and distribute products using the Patent Rights and
Trademark Rights and NAI may grant licenses of its rights under the Patent Rights and Trademark Rights to manufacture, offer for sale and/or sell products to third parties who are not customers of CSI and/or who did not purchase Raw Materials from
CSI. Nothing in this Agreement shall be interpreted to limit in any manner or to any extent NAI’s rights and ability to act in accordance with the foregoing and NAI hereby expressly reserves such rights. 

3.2 CSI acknowledges and agrees the Patent Rights and the Trademark Rights are and will remain the sole and exclusive property of NAI,
subject to the rights of any other licensees, and that NAI is the owner of all proprietary rights and intellectual property rights associated therewith including without limitation all trademarks, trade dress, trade names, logos, domain names and
service marks, together with all translations, adaptations, derivations and combinations, including all associated goodwill, and all applications, registrations, reservations and renewals in connection therewith, whether or not registered for the
Patent Rights or the Trademark Rights. Except as otherwise permitted herein, CSI will not take any action inconsistent with NAI’s ownership of and rights under the Patent Rights and Trademark Rights. CSI will not contest or aid others in
contesting the validity, enforceability or NAI’s ownership of and/or rights in the Patent Rights and Trademark Rights. 
  

	4.	FEES. 

 4.1 In
consideration of NAI’s agreement to grant licenses to use the Patent Rights and Trademark Rights pursuant to the terms of this Agreement, CSI agrees to pay to NAI, in United States dollars, the fees and amounts set forth on Schedule 1 attached
hereto (the “License Fees”). 
 4.2 The License Fees must be paid to NAI within thirty (30) days after the
end of the calendar quarter in which such License Fees are earned. CSI shall submit to NAI with its payment of the License Fees a quarterly report summarizing total sales of Raw Materials to third parties during the immediately preceding calendar
quarter. The report shall be in form and content as agreed to by the parties. 
 4.3 If any License Fees to be paid by CSI to
NAI under this Agreement become delinquent, the delinquent amount shall bear interest until paid in full with such interest. The interest will be compounded annually and will accrue at the lesser of (i) the highest annual rate allowed under
applicable law at the time the outstanding amount becomes delinquent, or (ii) 0.0005 multiplied by the outstanding amount per day of delinquency. 

  
 3 

 4.4 CSI agrees to keep and maintain accurate and adequately detailed accounting records,
including copies of all purchase orders, for all sales of Raw Materials sold to third parties. Such accounting records shall be kept for a minimum of three (3) years following the end of the calendar quarter in which such sales were made.
During the term of this Agreement and for one year thereafter, copies of all purchase orders for the sale of Raw Materials to third parties shall be made available to NAI upon request and NAI or its agents shall otherwise have the right, upon
reasonable prior notice and during ordinary business hours, to inspect the relevant accounting records of CSI to verify the accuracy of the License Fees paid or payable to NAI. Any such inspection shall be conducted so as to not unreasonably
interfere with CSI’s normal business activities. 
 4.5 CSI agrees to take commercially reasonable actions to promote,
market and sell the Raw Materials. 
  

	5.	PROSECUTION AND ENFORCEMENT OF LICENSED RIGHTS. 

 5.1 NAI will have sole control over, but, subject to Section 5.2, no obligations to CSI with respect to, the filing, prosecution, and maintenance (collectively, the “Prosecution”) of
the Patent Rights and the Trademark Rights. CSI will not have any right to participate in the Prosecution of any Patent Rights and/or Trademark Rights. 
 5.2 During the term of this Agreement, NAI agrees to use commercially reasonable efforts to maintain and protect the Patent Rights and Trademark Rights, to make any necessary filings, and to pay any
necessary fees or other amounts due with respect thereto. 
 5.3 During the term of this Agreement, CSI agrees to promptly
notify NAI in writing upon becoming aware of any known or suspected infringement or other improper use of any Patent Rights or Trademark Rights. Such notice will include the identity of the third party or parties known or suspected to have infringed
the Patent Rights and/or Trademark Rights and any available information that is relevant to such infringement. NAI shall have sole control over enforcement and defense of all Patent Rights and Trademark Rights. CSI shall not take any action to
notify a known or suspected infringing party but shall use best efforts and cooperate with NAI, at NAI’s request, in litigating, settling or otherwise terminating any such infringement of the Patent Rights and/or Trademark Rights. NAI shall be
entitled to any and all damages awarded as a result of or agreed to in a monetary settlement of any such claim of infringement. 
  

	6.	REPRESENTATIONS AND WARRANTIES OF CSI. 

 6.1 CSI represents and warrants that all Raw Materials provided to customers of CSI that receive a Patent License shall be of the best quality and pure and free from adulteration within the guidelines of
the Food, Drug and Cosmetic Act of the United States as amended. 
 6.2 CSI further represents, warrants and guarantees that at
the time of delivery of the Raw Materials to its customers the Raw Materials will, when delivered, conform to the description on the face of the purchase order relating to such Raw Materials, and be free of defects in materials and workmanship and
further, that the Raw Materials and the import, sale, marketing and distribution of such Raw Materials by CSI will comply with all applicable 

  
 4 

 
international, federal and state laws governing and/or related thereto as in effect from time to time. 
 6.3 CSI represents and warrants that it has the full right, power and authority to enter into this Agreement, to perform its obligations and duties under this Agreement, and that the performance of such
obligations and duties does not and will not conflict with or result in a breach of any other agreements of CSI or any judgment, order or decree by which CSI is bound. 
  

	7.	REPRESENTATIONS AND WARRANTIES OF NAI. 

 7.1 NAI represents and warrants to CSI that is has full right, power and authority to license the Patent Rights and the Trademark Rights as provided in this Agreement. NAI further represents and warrants
to CSI that it has the full right, power and authority to enter into this Agreement, to perform its obligations and duties under this Agreement, and that the performance of such obligations and duties does not and will not conflict with or result in
a breach of any judgment, order or decree by which NAI is bound. 
 7.2 THE EXPRESS WARRANTIES SET FORTH IN SECTION 7.1 ARE THE
ONLY WARRANTIES MADE BY NAI IN CONNECTION WITH THIS AGREEMENT AND ARE IN LIEU OF ALL OTHER WARRANTIES, EXPRESS, IMPLIED OR STATUTORY. 
 7.3 Without limiting the generality of Section 7.2, nothing in this Agreement shall be construed as giving rise to: 
 (a) a warranty or representation by NAI as to the validity, enforceability, or scope of any right included in the Patent Rights or Trademark Rights; 

(b) a warranty or representation by NAI that any Licensed Products made or sold under any license or sublicense granted in accordance
with this Agreement will not infringe, directly or indirectly, any patent or other intellectual property rights of any third party under the laws of the United States or any other jurisdiction; or 

(c) an obligation to furnish any know-how not provided in the Patent Rights or Trademark Rights or any services other than those
expressly specified in this Agreement. 
  

	8.	INDEMNITY; LIMITATION ON LIABILITY. 

 8.1 CSI will defend, indemnify and hold NAI, its subsidiaries and affiliates and their respective officers, directors, agents and employees harmless from and against any and all claims, losses,
liabilities, damages, costs and expenses (including reasonable attorneys’ fees) directly or indirectly arising from or relating to (i) any breach of this Agreement by CSI, including any breach of the representations and warranties made by
CSI, (ii) any intentional or negligent acts or omissions by CSI, its employees or agents, (iii) any activities of CSI relating to, concerning, or based on the import, distribution, sale, marketing or marking of the Raw Materials, or
(iv) any claims or causes of action relating to product liability or for injury to property or person arising from any defects in the Raw Materials. 

  
 5 

 8.2 NAI will use reasonable efforts to notify CSI promptly of any claim for which NAI
believes it is entitled to indemnification under this Section 8 and which NAI desires CSI to defend. However, NAI’s failure to provide such notice or delay in providing such notice will relieve CSI of its obligations under this
Section 8 only if and to the extent such delay or failure materially prejudices CSI’s ability to defend such claim. NAI will have the right to participate in the defense of such claim with its own counsel. No settlement of a claim will be
binding on NAI without NAI’s prior written consent. 
 8.3 In no event shall NAI be liable for any indirect, special,
incidental or consequential damages (including, without limitation, damages for loss of profits or expected savings or other economic losses, or for injury to persons or property) arising out of or in connection with this Agreement or its subject
matter regardless of whether NAI knows or should know of the possibility of such damages. NAI’s aggregate liability for all damages of any kind relating to this Agreement or its subject matter shall not exceed the amount of License Fees paid by
CSI to NAI under this Agreement. The foregoing exclusions and limitations shall apply to all claims and actions of any kind, whether based on contract, tort (including but not limited to negligence), or any other grounds. 

 

	9.	INSURANCE. 

9.1 CSI shall, at its sole cost and expense, procure and maintain comprehensive or commercial general liability insurance in amounts not
less than $2,000,000 per incident and $3,000,000 annual aggregate naming NAI as an additional insured. Such general liability insurance shall provide product liability coverage and broad form contractual liability coverage with a minimum of
$3,000,000 of product liability insurance. Copies of insurance certificates evidencing such insurance shall be provided to NAI upon request. 
  

	10.	TERM AND TERMINATION. 

 10.1 The term of this Agreement shall begin on the Effective Date and, unless sooner terminated as provided herein, shall continue until March 31, 2014 unless ninety (90) days prior to such
expiration the parties mutually agree to a written extension of this Agreement. 
 10.2 NAI and CSI acknowledge and agree that
prior to the Effective Date and from on or about March 2, 2011, they had an understanding covering the subject matter of this Agreement, which understanding was as set forth in that certain Agreement to Sublicense by and between NAI and CSI
effective as of March 3, 2009 (the “Prior Agreement”). The Prior Agreement terminated in accordance with its terms on March 2, 2011. NAI and CSI expressly agree that any sales by CSI of Raw Materials that but for the
termination of the Prior Agreement would have been covered by, subject to and/or otherwise made pursuant to the Prior Agreement shall be considered to have been made under the Prior Agreement and subject to the terms and conditions thereof.

 10.3 Either party may terminate this Agreement prior to the end of the term stated in Section 10.1 after notice to the
other party but only if such other party materially fails to comply with any term or covenant in this Agreement and such failure continues for more than thirty (30) days after written notice of such breach from the non-breaching party;
provided, however that if 

  
 6 

 
such failure cannot be reasonably cured within thirty (30) days the non-breaching party may terminate this Agreement if the breaching party fails to commence such cure within thirty
(30) days and fails to thereafter diligently prosecute such cure to completion. 
 10.4 Upon termination of this Agreement,
Sections 1, 3.2, 4.4, 6, 7, 8, 10.4, 11 and 12 will survive. 
  

	11.	CONFIDENTIAL INFORMATION AND NON-DISCLOSURE. 

 11.1 Each party shall be prohibited from disclosing or appropriating to its own use, or to the use of any third party, any proprietary, secret, or confidential information of the other party. Examples of
confidential information that may be disclosed by one party to the other party include but are not limited to: information pertaining to products, product development, research, marketing information, promotional or advertising strategies,
processes, future projects, intellectual property, and any information that is not in the public domain or is not readily available to the public. This confidentiality obligation shall not apply to: (i) information which at the time of the
disclosure is in the public domain; (ii) information which, after disclosure, becomes part of the public knowledge by publication, or otherwise, except by breach of this Agreement; (iii) information that was in the possession of either
party at the time of disclosure by the other party; (iv) information that was received by either party from third parties, provided such information was not obtained by said third parties, directly or indirectly, from either party on a
confidential basis, or (v) information that is required to be disclosed by law, provided that the disclosing party promptly notifies the other party and cooperates reasonably with the other party’s efforts to contest or limit the scope of
such order. This confidentiality obligation shall exist at all times this Agreement is in force and for a period of three (3) years following termination or expiration of this Agreement. 

11.2 CSI acknowledges that NAI may be required to disclose this Agreement in its filings made with the United States Securities and
Exchange Commission and in connection with any legal proceedings and consents to such disclosure. 
  

	12.	GENERAL. 

 12.1
Assignment. This Agreement may not be assigned by either party to any other entity or person without the prior written consent of the other party. Subject to the foregoing, this Agreement shall inure to the benefit of and be binding upon all
of the parties to this Agreement and their respective successors and permitted assigns. 
 12.2 Entire Agreement. This
Agreement and any attachments, schedules and/or exhibits hereto constitute the entire agreement between the parties hereto with respect to the subject matter hereof. This Agreement supersedes and replaces all prior or contemporaneous understandings,
negotiations, commitments, writings and agreements between the parties hereto, whether written or oral, express or implied, with respect to its subject matter. Each party to this Agreement acknowledges that no representations, warranties,
inducements, promises or agreements, oral or otherwise, have been made by any party, or anyone acting on behalf of any party, which are not embodied herein. 

  
 7 

 12.3 Severability. If any provision of this Agreement is held invalid, illegal or
unenforceable for any reason by any court of competent jurisdiction (or, if applicable, an arbitrator), the remaining provisions of this Agreement shall not be affected and shall remain in full force and effect, and this Agreement shall be construed
as if such invalid, illegal or unenforceable provision had not been contained in this Agreement. Any provision of this Agreement held invalid, illegal or unenforceable only in part or degree shall remain in full force and effect to the extent not
held invalid, illegal or unenforceable. 
 12.4 No Implied Waivers; Amendment. No waiver of any term, provision or
condition of this Agreement in any one or more instances, shall be deemed to be, or be construed as, a further or continuing waiver of any such term, provision or condition or as a waiver of any other term, provision or condition of this Agreement.
No amendment or modification of the terms or conditions of this Agreement shall be valid unless in writing and signed by the both parties. 
 12.5 Attorneys’ Fees. If any arbitration or legal proceeding is brought for the enforcement of this Agreement, or because of an alleged breach, default or misrepresentation in connection with
any provision of this Agreement or other dispute concerning this Agreement, the successful or prevailing party shall be entitled to recover reasonable attorneys’ fees incurred in connection with such arbitration or legal proceeding. The term
“prevailing party” shall mean the party that is entitled to recover its costs in the proceeding under applicable law, or the party designated as such by the court or the arbitrators. 

12.6 Arbitration. Any dispute, controversy or claim arising from, out of or in connection with or relating to this Agreement or
any breach or alleged breach of this Agreement, will upon the request of any party involved be submitted to any private arbitration service utilizing former judges as mediators and approved by the parties. The dispute once submitted shall be settled
by binding arbitration conducted in San Diego, California (or at any other place or under any other form of arbitration mutually acceptable to parties involved). The single arbitrator shall follow and apply the federal rules of evidence and the
applicable local federal rules governing discovery in the arbitration. Any award rendered shall be final, binding and conclusive upon the parties and shall be non-appealable, and a judgment thereon may be entered in the highest state or federal
court of the forum having jurisdiction. Subject to Section 12.5, the expenses of the arbitration shall be borne equally by the parties to the arbitration provided that each party shall pay for and bear the cost of its own experts, evidence and
attorneys’ fees, except that in the discretion of the arbitrator, any award may include the costs, fees and expenses of a party’s attorney. 
 12.7 Governing Law. The laws of the state of California (without giving effect to its conflicts of laws principles) govern all matters arising out of or relating to this Agreement and all of the
transactions it contemplates, including without limitation, its validity, interpretation, construction, performance, and enforcement. Any action or proceeding arising out of or relating to this Agreement or arising out of or in any manner relating
to the relationship between the parties shall only be brought in the state or federal courts in the County of San Diego, California, and each of the parties hereto submits to the personal jurisdiction of such court (and of the appropriate appellate
courts wherever located) in any such action or proceeding, and selects the courts in the County of San Diego, California for proper venue in any such action or proceeding. 

  
 8 

 12.8 Counterparts. This Agreement may be executed in counterparts, each of which
shall be deemed an original and all of which, when taken together, shall be deemed to constitute one and the same instrument. The exchange of copies of this Agreement and of signature pages by facsimile transmission or other electronic means shall
constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes. Signatures of the parties transmitted by facsimile or other electronic means shall be deemed to be
their original signatures for all purposes. 
 12.9 Construction. The captions and headings contained in this Agreement
are for convenience of reference only, and shall not be deemed to define or limit the provisions hereof. Each party acknowledges that such party, after negotiation, has reviewed and revised this Agreement. The terms of this Agreement shall be fairly
construed and the usual rule of construction, to the effect that any ambiguities herein should be resolved against the drafting party, shall not be employed in the interpretation of this Agreement or any amendments, modifications or exhibits hereto
or thereto. 
 12.10 Relationship of the Parties. The terms and provisions of this Agreement shall not in any respect be
construed to constitute NAI or CSI as the agent, employee, partner or joint venturer of the other. All persons employed by any party in connection with this Agreement shall be the employees or agents of that party and under no circumstances shall a
party’s employees or agents be deemed to be employees or agents of any other party. In the event any parties utilize common vendors or contractors, each party utilizing such common vendor or contractor will maintain such a relationship and any
obligations, agreements and accounts with such common vendor or contractor separate and distinct from any other party’s. Nothing contained in this Agreement shall be deemed to confer any right or benefit on any person who is not a party to this
Agreement. 
 12.11 Further Assurances. The parties agree (i) to furnish upon request to each other such further
information, (ii) to execute and deliver to each other such other documents, and (iii) to do such other acts and things, all as the other party may reasonably request for the purpose of carrying out the intent of this Agreement.

 12.12 Publicity. Subject to Section 11.2, the parties agree that no press release, or public announcement of this
Agreement or concerning the activities and transactions contemplated herein shall be issued without the prior written consent of both parties to the content of such release or public announcement, except as may be required by law. 

12.13 Notice. All notices, consents, waivers and other communications required or permitted under this Agreement must be in
writing and will be deemed to have been given by a party (a) when delivered by hand; (b) one day after deposit with a nationally recognized overnight courier service; or (c) five days after deposit in the United States mail, if sent
by certified mail, return receipt requested; in each case costs prepaid and to the following addresses and marked to the attention of the person (by name or title) designated below (or to such other address or person as a party may designate by
notice to the other parties). 

  
 9 

			
	 If to NAI:
	  	 If to CSI:

		
	 Natural Alternatives International Inc.
	  	 Compound Solutions, Inc.

	 1185 Linda Vista Drive
	  	 2215 Auto Park Way

	 San Marcos, CA 92078
	  	 Escondido, CA 92029

	 Attn: Chief Executive Officer
	  	 Attn: Chief Executive Officer

	 Telephone: (760) 736-7742
	  	 Telephone: (760) 739-9881

 [Signatures on following page.] 

  
 10 

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

			
	NAI	 	 
		
	Natural Alternatives International, Inc.,	 	
	a Delaware corporation	 	
		
	 /s/ Mark A. LeDoux
	 	
	Mark A. LeDoux, Chief Executive Officer	 	
		
	CSI	 	
		
	Compound Solutions, Inc.,	 	
	a California corporation	 	
		
	 /s/ Matthew Titlow
	 	
	Signature	 	
		
	Printed Name: Matthew Titlow	 	
		
	Title:                CEO	 	

 Signature Page to Agreement to License 

 EXHIBIT A 

Raw Materials 
  

	1.	Beta-alanine 

 Exhibit A

 EXHIBIT B 

Form of License Agreement 
 (attached) 
 Exhibit B 

 SCHEDULE 1 

License Fees 
 (attached) 
 Schedule 1

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