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Exhibit 4.5  

 
 

REGISTRATION RIGHTS AGREEMENT    
    
    BY AND BETWEEN    
    
    MEDAREX, INC.    
    
    AND    
    
    CELLDEX THERAPEUTICS, INC.    
    
    DATED AS OF APRIL 6,
2004    
    

REGISTRATION RIGHTS AGREEMENT  

        This REGISTRATION RIGHTS AGREEMENT is made and entered into as of April 6, 2004, by and between Medarex, Inc., a New Jersey corporation ("Medarex"),
and Celldex Therapeutics, Inc., a Delaware corporation and a wholly owned subsidiary of Medarex (the "Company"). Certain capitalized terms used herein are defined in Section 1 of this
Agreement. 

RECITALS  

        WHEREAS, the Board of Directors of Medarex has determined that it would be in the best interests of Medarex and its stockholders to separate certain assets and
businesses from Medarex; 

        WHEREAS,
pursuant to resolutions of its Board of Directors adopted on March 5, 2004, the Medarex Board of Directors has approved the contribution of certain assets to the Company; 

        WHEREAS,
the Company intends to file the IPO Registration Statement (as herein defined) with the Securities and Exchange Commission; 

        WHEREAS,
immediately following the consummation of the IPO (as herein defined), Medarex will own a majority of the outstanding shares of the Company's Common Stock (as defined below); 

        WHEREAS,
in connection with the foregoing the Company has agreed to provide the registration rights set forth in this Agreement; 

        NOW,
THEREFORE, in consideration of the premises and the representations, warranties, covenants and agreements herein contained, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereby agree as follows: 

1.    Certain Definitions.    As used in this Agreement, the following terms shall have the meanings ascribed to them below: 

        "Affiliate"
means, with respect to any Person, any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person;
provided that neither the Company nor any Person controlled by the Company shall be deemed to be an Affiliate of any Holder. 

        "Affiliation
Agreement" means that certain Affiliation Agreement of even date herewith between Medarex and the Company. 

        "Business
Day" means any day other than a Saturday, a Sunday, or a day on which banking institutions located in the States of New Jersey or Delaware are authorized or obligated by law or
executive order to close. 

        "Certificate
of Incorporation" means the Certificate of Incorporation of the Company, as amended. 

        "Common
Stock" means the Common Stock, par value $.01 per share, of the Company and any equity securities issued or issuable with respect to the Common Stock in connection with a
reclassification, recapitalization, merger, consolidation or other reorganization. 

        "Common
Stock Equivalents" means any securities convertible into, or exercisable or exchangeable for, shares of Common Stock. 

        "Exchange
Act" means the Securities Exchange Act of 1934, as amended. 

        "Holder"
or "Holders" means Medarex and, subject to Section 4.5(a), any Person who shall hereafter acquire and hold Registrable Securities. 

        "IPO"
means the initial public offering by the Company of shares of its Common Stock as contemplated by the IPO Registration Statement. 

 

        "IPO
Registration Statement" means the Registration Statement on Form S-1 of the Company, to be filed with the SEC, as supplemented and amended from time to time. 

        "Major
Holder" means, with respect to any registration statement, the Holder that, together with its Affiliates, includes the largest number of Registrable Securities covered by that
registration statement. 

        "Person"
means any individual, corporation, limited liability company, limited or general partnership, joint venture, association, joint-stock company, trust, unincorporated organization
or government or any agency or political subdivisions thereof. 

        "Registrable
Securities" means any (a) shares of Common Stock held by Medarex and (b) shares of Common Stock issued or issuable, directly or indirectly, with respect to the
Common Stock referenced in clause (a) above by way of stock dividend, stock split or combination of shares. As to any particular Registrable Securities, such securities shall cease to be
Registrable Securities when (A) a registration statement with respect to the sale of such Registrable Securities shall have become effective under the Securities Act and such Registrable
Securities shall have been disposed of in accordance with such registration statement; (B) such Shares shall have been sold to the public pursuant to Rule 144 under the Securities Act
(or any successor provision); (C) such Registrable Securities shall have been otherwise transferred, new certificates for them not bearing a legend restricting further transfer shall have been
delivered by the Company and subsequent public distribution of them shall not require registration or qualification of them under the Securities Act or any similar state law then in force; and
(D) such Registrable Securities shall have ceased to be outstanding. 

        "SEC"
means the Securities and Exchange Commission. 

        "Securities
Act" means the Securities Act of 1933, as amended. 

        "Service
Agent" means (i) for Medarex, The Corporation Trust Company, with offices on the date hereof at 820 West Tavern Road, West Trenton, County of Mercer, New Jersey
08628; and (ii) for the Company, The Corporation Trust Company, with offices on the date hereof at 1209 Orange Street, Wilmington, County of New Castle, Delaware 19801. 

2.    Registration Rights.    

        2.1.    Demand Registrations.    

        (a)   Subject
to the terms and conditions of this Agreement, at any time and from time to time after the third anniversary of the date hereof, the Holders shall have the right
to require the Company to file a registration statement under the Securities Act covering all or any part of their Registrable Securities on six separate occasions in the aggregate, by delivering a
written request therefor to the Company specifying the number of Registrable Securities to be included in such registration and the intended method of distribution thereof (including, but not limited
to, an underwritten offering). All such requests pursuant to this Section 2.1(a) are referred to herein as "Demand Registration Requests," and the registrations so requested are referred to
herein as "Demand Registrations" (with respect to any Demand Registration, the Holder making such demand for registration being referred to as the
"Initiating Holder"). As promptly as practicable, but no later than 10 days after receipt of a Demand Registration Request, the Company shall give written notice (the "Demand Exercise Notice")
of such Demand Registration Request to all other Holders of record of Registrable Securities. 

        (b)   The
Company, subject to Sections 2.3 and 2.6, shall include in a Demand Registration (x) the Registrable Securities of the Initiating Holder and
(y) the Registrable Securities of any other Holder which shall have made a written request to the Company for inclusion in such registration (which request shall specify the maximum number of
Registrable Securities intended to be disposed of by such Holder) within 20 days after the receipt of the Demand Exercise Notice. 

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        (c)   The
Company shall, as expeditiously as possible, use its reasonable best efforts to (x) effect such registration under the Securities Act (including, without
limitation, by means of a shelf registration pursuant to Rule 415 under the Securities Act if so requested and if the Company is then eligible to use such a registration) of the Registrable
Securities which the Company has been so requested to register, for distribution in accordance with such intended method of distribution, and (y) if requested by Medarex, if Medarex is
participating in such registration, or if requested by the Initiating Holder, if Medarex is not participating in such registration, obtain acceleration of the effective date of the registration
statement relating to such registration. 

        (d)   The
Demand Registration rights granted in Section 2.1(a) to the Holders are subject to the following limitations: (i) with respect to any registration in
respect of a Demand Registration Request initiated by a transferee of Medarex, such registration statement must include shares of Common Stock representing in excess of 20% of the Registrable
Securities then outstanding; (ii) the Company shall not be required to cause a registration pursuant to Section 2.1(a) to be declared effective within a period of 180 days after
the effective date of any registration statement of the Company effected in connection with a Demand Registration Request; and (iii) if the Board of Directors of the Company, in its good faith
judgment, determines that any registration of Registrable Securities should not be made or continued because it would (A) materially interfere with any material financing, acquisition,
corporate reorganization or merger or other transaction involving the Company or any of its subsidiaries; or (B) require under applicable law disclosure of material non-public
information and such disclosure at that time would be materially detrimental to the Company (each, a "Valid Business Reason"), the Company may postpone filing a registration statement relating to a
Demand Registration Request, cause such registration statement to be withdrawn and its effectiveness terminated or may postpone amending or supplementing such registration statement until such valid
Business Reason no longer exists, but in no event for more than three months (such period of postponement or withdrawal, the "Postponement Period"); and the Company shall give written notice of its
determination to postpone or withdraw a registration statement and of the fact that the Valid Business Reason for such postponement or withdrawal no longer exists, in each case, promptly after the
occurrence thereof; provided, however, the Company shall not be permitted to postpone or withdraw a registration statement after the expiration of any Postponement Period until six months after the
expiration of such Postponement Period without the prior written approval of Medarex. 

        (e)   If
the Company shall give any notice of postponement or withdrawal of any registration statement, the Company shall not, during the period of postponement or withdrawal,
register any Common Stock, other than pursuant to a registration statement on Form S-4 or S-8 (or an equivalent registration form then in effect). Each Holder of
Registrable Securities agrees that, upon receipt of any notice from the Company that the Company has determined to withdraw any registration statement pursuant to clause (d)(iii) above, such
Holder will discontinue its disposition of Registrable Securities pursuant to such registration statement and, if so directed by the Company, will deliver to the Company (at the Company's expense) all
copies, other than permanent file copies, then in such Holder's possession of the prospectus covering such Registrable Securities that was in effect at the time of receipt of such notice. If the
Company shall have withdrawn or prematurely terminated a registration statement filed under Section 2.1(a) (whether pursuant to Section 2.1(d)(iii) or as a result of any stop order,
injunction or other order or requirement of the SEC or any other governmental agency or court), the Company shall not be considered to have effected an effective registration for the purposes of this
Agreement (including, without limitation, for purposes of Section 2.1(c) above) until the Company shall have filed a new registration statement covering the Registrable Securities covered by
the withdrawn registration statement and such registration statement shall have been declared effective and shall not have been withdrawn. If the Company shall give any notice of withdrawal or
postponement of a 

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registration
statement, the Company shall, at such time as the Valid Business Reason that caused such withdrawal or postponement no longer exists (but in no event later than three months after the
date of the postponement or withdrawal), use its reasonable best efforts to effect the registration under the Securities Act of the Registrable Securities covered by the withdrawn or postponed
registration statement in accordance with this Section 2.1 (unless the Initiating Holder shall have withdrawn such request, in which case the Company shall not be considered to have effected an
effective registration for the purposes of this Agreement, including, without limitation, for purposes of Section 2.1(c) above). 

        (f)    The
Company, subject to Sections 2.3 and 2.6, may elect to include in any registration statement and offering made pursuant to Section 2.1(a),
(i) authorized but unissued shares of Common Stock or shares of Common Stock held by the Company as treasury shares and (ii) any other shares of Common Stock which are requested to be
included in such registration pursuant to the exercise of piggyback rights granted by the Company after the date hereof which are not inconsistent with the rights granted in, or otherwise conflict
with the terms of, this Agreement ("Additional Piggyback Rights"); provided, however, that such inclusion shall be permitted only to the extent that it is pursuant to and subject to the terms of the
underwriting agreement or arrangements, if any, entered into by the Initiating Holder. 

        (g)   In
connection with any Demand Registration that is an underwritten offering, the Company shall have the right to designate the lead managing underwriter, and subject to
the next sentence, each other managing underwriter for such registration; provided that, if Medarex is participating in the Demand Registration, each such other managing underwriter is reasonably
satisfactory to Medarex, it being understood and agreed that any managing underwriter that participates as a managing underwriter in the IPO shall be satisfactory to Medarex. If Medarex is
participating in the Demand Registration, Medarex shall have the right to designate one managing underwriter other than the lead managing underwriter in any such registration, provided that such
managing underwriter selected by Medarex is
reasonably satisfactory to the Company, it being understood and agreed that any managing underwriter that participates as a managing underwriter in the IPO shall be satisfactory to the Company. 

        2.2.    Piggyback Registrations.    

        (a)   If,
at any time and from time to time after the date hereof, the Company proposes or is required to register any of its equity securities under the Securities Act (other
than pursuant to (i) registrations on such form or similar form(s) solely for registration of securities in connection with an employee benefit plan or dividend reinvestment plan or a merger,
consolidation or other business combination transaction or (ii) a Demand Registration under Section 2.1) on a registration statement on Form S-1,
Form S-2 or Form S-3 (or an equivalent general registration form then in effect), whether or not for its own account, the Company shall give prompt written notice
of its intention to do so to each of the Holders of record of Registrable Securities. Upon the written request (the "Piggyback Request") of any such Holder, made within 20 days following the
receipt of any such written notice (which request shall specify the maximum number of Registrable Securities intended to be disposed of by such Holder and the intended method of distribution thereof),
the Company shall, subject to Sections 2.2(b), 2.3 and 2.6 hereof, use its reasonable best efforts to cause all Registrable Securities covered by Piggyback Requests to be registered under the
Securities Act (with the securities which the Company at the time proposes to register) to permit the sale or other disposition by the Holders (in accordance with the intended method of distribution
thereof) of the Registrable Securities to be so registered. There is no limitation on the number of such piggyback registrations pursuant to the preceding sentence which the Company is obligated to
effect. No registration effected under this Section 2.2(a) shall relieve the Company of its obligations to effect Demand Registrations. 

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        (b)   If,
at any time after giving written notice of its intention to register any equity securities and prior to the effective date of the registration statement filed in
connection with such registration, the Company shall determine for any reason not to register or to delay registration of such equity securities, the Company may, at its election, give written notice
of such determination to all Holders of record of Registrable Securities who made timely Piggyback Requests and (i) in the case of a determination not to register, shall be relieved of its
obligation to register any Registrable Securities in connection with such abandoned registration, without prejudice, however, to the rights of Holders under Section 2.1, and (ii) in the
case of a determination to delay such registration of its equity securities, shall be permitted to delay the registration of such Registrable Securities for the same period as the delay in registering
such other equity securities. 

        (c)   Any
Holder shall have the right to withdraw its Piggyback Request by giving written notice to the Company of its request to withdraw; provided, however, that
(i) such request must be made in writing prior to the earlier of the execution of the underwriting agreement or the execution of the custody agreement with respect to such registration and
(ii) such withdrawal shall be irrevocable and, after
making such withdrawal, a Holder shall no longer have any right to include Registrable Securities in the registration as to which such withdrawal was made. 

        2.3.    Allocation of Securities Included in Registration Statement.    

        (a)   If
any requested registration pursuant to Section 2.1 involves an underwritten offering and the lead managing underwriter of such offering (the "Manager") shall
advise the Company that, in its view, the number of securities requested to be included in such registration by the Holders or any other persons (including those shares of Common Stock requested by
the Company to be included in such registration) exceeds the largest number (the "Section 2.1 Sale Number") that can be sold in an orderly manner in such offering within a price range
acceptable to the Initiating Holder, the Company shall include in such registration: 

          (i)  all
Registrable Securities requested in such registration by Holders of Registrable Securities; provided, however, that, if the number of such Registrable Securities
exceeds the Section 2.1 Sale Number, the number of such Registrable Securities (not to exceed the Section 2.1 Sale Number) to be included in such registration shall be allocated on a pro
rata basis among all Holders requesting that Registrable Securities be included in such registration, based on the number of Registrable Securities then owned by each Holder requesting inclusion in
relation to the number of Registrable Securities owned by all Holders requesting inclusion; 

         (ii)  to
the extent that the number of Registrable Securities to be included by all Holders pursuant to clause (i) of this Section 2.3(a) is less than the
Section 2.1 Sale Number, securities that the Company proposes to register (up to the Section 2.1 Sale Number); and 

        (iii)  to
the extent that the number of Registrable Securities to be included by all Holders and the number of securities to be included by the Company is less than the
Section 2.1 Sale Number, any other securities that the holders thereof propose to register pursuant to the exercise of Additional Piggyback Rights (up to the Section 2.1 Sale Number);
provided that if the number of securities requested to be registered pursuant to the exercise of Additional Piggyback Rights exceeds the amount that may be registered, the number of securities to be
included shall be allocated in the manner provided by the terms of the agreements providing for the Additional Piggyback Rights. 

        If,
as a result of the proration provisions of this Section 2.3(a), any Holder shall not be entitled to include all Registrable Securities in a registration that such Holder has
requested be included, such Holder may elect to withdraw his request to include Registrable Securities in such registration or may reduce the number requested to be included; provided, however, that
(x) such 

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request
must be made in writing prior to the earlier of the execution of the underwriting agreement or the execution of the custody agreement with respect to such registration and (y) such
withdrawal shall be irrevocable and, after making such withdrawal, a Holder shall no longer have any right to include Registrable Securities in the registration as to which such withdrawal was made. 

        (b)   If
any registration pursuant to Section 2.2 involves an underwritten offering and the Manager shall advise the Company that, in its view, the number of securities
requested to be included in such registration exceeds the number (the "Section 2.2 Sale Number") that can be sold in an orderly manner in such registration within a price range acceptable to
the Company, the Company shall include in such registration: 

          (i)  all
Common Stock or securities convertible into, or exchangeable or exercisable for, Common Stock that the Company proposes to register for its own account (the
"Company Securities"); 

         (ii)  to
the extent that the number of Company Securities is less than the Section 2.2 Sale Number, the remaining shares to be included in such registration (up to the
Section 2.2 Sale Number) shall be allocated on a pro rata basis among all Holders timely making a Piggyback Request, based on the number of Registrable Securities then owned by each Holder
requesting inclusion in relation to the number of Registrable Securities owned by all Holders requesting inclusion; and 

        (iii)  to
the extent the number of Company Securities plus the number of Registrable Securities requested to be included by all Holders is less than the Section 2.2
Sale Number, any other securities that the holders thereof propose to register pursuant to the exercise of Additional Piggyback Rights (up to the Section 2.2 Sale Number); provided that if the
number of securities requested to be registered pursuant to the exercise of Additional Piggyback Rights exceeds the amount that may be registered, the number of securities to be included shall be
allocated in the manner provided by the terms of the agreements providing for the Additional Piggyback Rights. 

        2.4.    Registration Procedures.    If and whenever the Company is required by the provisions of this Agreement to use
its reasonable best efforts to effect or cause the registration of any Registrable Securities under the Securities Act as provided in this Agreement, the Company shall, as expeditiously as possible: 

        (a)   prepare
and file with the SEC a registration statement on an appropriate registration form of the SEC for the disposition of such Registrable Securities in accordance
with the intended method of disposition thereof, which form (i) shall be selected by the Company and (ii) shall, in the case of a shelf registration, be available for the sale of the
Registrable Securities by the selling Holders thereof and such registration statement shall comply as to form in all material respects with the requirements of the applicable form and include all
financial statements required by the SEC to be filed therewith, and the Company shall use its reasonable best efforts to cause such registration statement to become and remain effective for the time
period specified below; provided, however, that before filing a registration statement or prospectus or any amendments or supplements thereto, or comparable statements under securities or blue sky
laws of any jurisdiction, the Company will furnish to one counsel for the Holders participating in the planned registration (selected by Medarex, if Medarex is participating in such registration, or,
if Medarex is not participating in such registration, selected by the Initiating Holder in the case of a registration pursuant to Section 2.1, or selected by the Major Holder, in the case of a
registration pursuant to Section 2.2) and the underwriters, if any, copies of all such documents proposed to be filed (including all exhibits thereto), which documents will be subject to the
reasonable review and reasonable comment of such counsel and the underwriters, and the Company shall not file any 

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registration
statement or amendment thereto or any prospectus or supplement thereto to which the Holders of a majority of the Registrable Securities covered by such registration statement or the
underwriters, if any, shall reasonably object in writing; 

        (b)   prepare
and file with the SEC such amendments and supplements to such, registration statement and the prospectus used in connection therewith as may be necessary to keep
such registration statement effective for such period (which shall not be required to exceed 180 days in the case of a registration pursuant to Section 2.1 or 120 days in the case
of a registration pursuant to Section 2.2) as any seller of Registrable Securities pursuant to such registration statement shall request and to comply with the provisions of the Securities Act
with respect to the sale or other disposition of all Registrable Securities covered by such registration statement in accordance with the intended methods of disposition by the seller or sellers
thereof set forth in such registration statement; 

        (c)   furnish,
without charge, to each seller of such Registrable Securities and each underwriter, if any, of the securities covered by such registration statement such number
of copies of such registration statement, each amendment and supplement thereto (in each case including all exhibits), and the prospectus included in such registration statement (including each
preliminary prospectus) in conformity with the requirements of the Securities Act, and other documents, as such seller and underwriter may reasonably request in order to facilitate the public sale or
other disposition of the Registrable Securities owned by such seller (the Company hereby consenting to the use in accordance with all applicable law of each such registration statement (or amendment
or post-effective amendment thereto) and each such prospectus (or preliminary prospectus or supplement thereto) by each such seller of Registrable Securities and the underwriters, if any,
in connection with the offering and sale of the Registrable Securities covered by such registration statement or prospectus); 

        (d)   use
its reasonable best efforts to register or qualify the Registrable Securities covered by such registration statement under such other securities or "blue sky" laws
of such jurisdictions as any sellers of Registrable Securities or any managing underwriter, if any, shall reasonably request, and do any and all other acts and things which may be reasonably necessary
or advisable to enable such sellers or underwriter, if any, to consummate the disposition of the Registrable Securities in such jurisdictions, except that in no event shall the Company be required to
qualify to do business as a foreign corporation in any jurisdiction where it would not, but for the requirements of this paragraph (d), be required to be so qualified, to subject itself to
taxation in any such jurisdiction or to consent to general service of process in any such jurisdiction; 

        (e)   promptly
notify each Holder selling Registrable Securities covered by such registration statement and each managing underwriter, if any: (i) when the registration
statement, any pre-effective amendment, the prospectus or any prospectus supplement related thereto or post-effective amendment to the registration statement has been filed
and, with respect to the registration statement or any post-effective amendment, when the same has become effective; (ii) of any request by the SEC or state securities authority for
amendments or supplements to the registration statement or the prospectus related thereto or for additional information; (iii) of the issuance by the SEC of any stop order suspending the
effectiveness of the registration statement or the initiation of any proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the
qualification of any Registrable Securities for sale under the securities or blue sky laws of any jurisdiction or the initiation of any proceeding for such purpose; (v) of the existence of any
fact of which the Company becomes aware which results in the registration statement, the prospectus related thereto or any document incorporated therein by reference containing an untrue statement of
a material fact or omitting to state a material fact required to be stated therein or necessary to make any statement therein not misleading; and (vi) if at any time the representations and
warranties contemplated by any underwriting agreement, 

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securities
sale agreement, or other similar agreement, relating to the offering shall cease to be true and correct in all material respects; and, if the notification relates to an event described in
clause (v), the Company shall promptly prepare and furnish to each such seller and each underwriter, if any, a reasonable number of copies of a prospectus supplemented or amended so that, as
thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein in the light of the circumstances under which they were made not misleading; 

        (f)    comply
with all applicable rules and regulations of the SEC, and make generally available to its security holders, as soon as reasonably practicable after the effective
date of the registration statement (and in any event within 17 months thereafter), an earnings statement (which need not be audited) covering the period of at least 12 consecutive months
beginning with the first day of the Company's first calendar quarter after the effective date of the registration statement, which earnings statement shall satisfy the provisions of
Section 11(a) of the Securities Act and Rule 158 thereunder; 

        (g)   use
reasonable efforts to cause all such Registrable Securities covered by such registration statement to be listed on the principal securities exchange on which similar
securities issued by the Company are then listed (if any), if the listing of such Registrable Securities is then permitted under the rules of such exchange (including, for this purpose, the Nasdaq
National Market); 

        (h)   enter
into such customary agreements (including, if applicable, an underwriting agreement) and take such other actions as Medarex, if Medarex is participating in such
registration, or, if Medarex is not participating in such registration, as the Initiating Holder, in the case of a registration pursuant to Section 2.1, or as the Major Holder, in the case of a
registration pursuant to Section 2.2, shall reasonably request in order to expedite or facilitate the disposition of such Registrable Securities. The Holders of the Registrable Securities which
are to be distributed by such underwriters shall be parties to such underwriting agreement and may, at their option, require that the Company make to and for the benefit of such Holders the
representations, warranties and covenants of the Company which are being made to and for the benefit of such underwriters and which are of the type customarily provided to institutional investors in
secondary offerings; 

        (i)    use
its reasonable best efforts to obtain an opinion from the Company's counsel and a "cold comfort" letter from the Company's independent public accountants in
customary form and covering such matters as are customarily covered by such opinions and "cold comfort" letters delivered to underwriters in underwritten public offerings, which opinion and letter
shall be reasonably satisfactory to the underwriter, if any, and to Medarex, if Medarex is participating in such registration, or, if Medarex is not participating in such registration, to the
Initiating Holder, in the case of a registration pursuant to Section 2.1, or to the Major Holder, in the case of a registration pursuant to Section 2.2, and furnish to each Holder
participating in the offering and to each underwriter, if any, a copy of such opinion and letter addressed to such Holder or underwriter; 

        (j)    deliver
promptly to each Holder participating in the offering and each underwriter, if any, copies of all correspondence between the SEC and the Company, its counsel or
auditors and all memoranda relating to discussions with the SEC or its staff with respect to the registration statement, other than those portions of any such memoranda which contain information
subject to attorney-client privilege with respect to the Company, and, upon receipt of such confidentiality agreements as the Company may reasonably request, make reasonably available for inspection
by any seller of such Registrable Securities covered by such registration statement, by any underwriter, if any, participating in any disposition to be effected pursuant to such registration statement
and by 

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any
accountant or other agent retained by any such seller or any such underwriter, all pertinent financial and other records, pertinent corporate documents and properties of the Company, and cause all
of the Company's officers, directors and employees to supply all information reasonably requested by any such seller, underwriter, accountant or agent in connection with such registration statement; 

        (k)   use
its reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of the registration statement; 

        (l)    make
reasonably available its employees and personnel and otherwise provide reasonable assistance to the underwriters (taking into account the needs of the Company's
businesses and the requirements of the marketing process) in the marketing of Registrable Securities in any underwritten offering; 

        (m)  promptly
prior to the filing of any document which is to be incorporated by reference into the registration statement or the prospectus (after the initial filing of such
registration statement), provide copies of such document to counsel (selected pursuant to Section 2.4(a)) for the selling holders of Registrable Securities and to each managing underwriter, if
any, and make the Company's representatives reasonably available for discussion of such document and make such changes in such document concerning the selling holders prior to the filing thereof as
such counsel or underwriters may reasonably request; 

        (n)   furnish
to Medarex, if Medarex is participating in such registration, or, if Medarex is not participating in such registration, to the Initiating Holder, in the case of
a registration pursuant to Section 2.1, or to the Major Holder, in the case of a registration pursuant to Section 2.2, and the managing underwriter, without charge, at least one signed
copy, and to each other Holder participating in the offering, without charge, at least one photocopy of a signed copy, of the registration statement and any post-effective amendments
thereto, including financial statements and schedules, all documents incorporated therein by reference and all exhibits (including those incorporated by reference); 

        (o)   cooperate
with the selling Holders of Registrable Securities and the managing underwriter, if any, to facilitate the timely preparation and delivery of certificates not
bearing any restrictive legends representing the Registrable Securities to be sold, and cause such Registrable Securities to be issued in such denominations and registered in such names in accordance
with the underwriting agreement prior to any sale of Registrable Securities to the underwriters or, if not an underwritten offering, in accordance with the instructions of the selling Holders of
Registrable Securities at least three business days prior to any sale of Registrable Securities and instruct any transfer agent and registrar of Registrable Securities to release any stop transfer
orders in respect thereof; 

        (p)   take
all such other commercially reasonable actions as are necessary or advisable in order to expedite or facilitate the disposition of such Registrable Securities; and 

        (q)   take
no direct or indirect action prohibited by Regulation M under the Exchange Act; provided, however, that to the extent that any prohibition is applicable to
the Company, the Company will take such action as is necessary to make any such prohibition inapplicable. 

        The
Company may require as a condition precedent to the Company's obligations under this Section 2.4 that each seller of Registrable Securities as to which any registration is
being effected furnish the
Company such information regarding such seller and the distribution of such securities as the Company may from time to time reasonably request provided that such information is necessary for the
Company to consummate such registration and shall be used only in connection with such registration. 

9

   
        Each Holder of Registrable Securities agrees that upon receipt of any notice from the Company of the happening of any event of the kind described in clause (v) of
paragraph (e) of this Section 2.4, such Holder will discontinue such Holder's disposition of Registrable Securities pursuant to the registration statement covering such Registrable
Securities until such Holder's receipt of the copies of the supplemented or amended prospectus contemplated by paragraph (e) of this Section 2.4 and, if so directed by the Company, will
deliver to the Company (at the Company's expense) all copies, other than permanent file copies, then in such Holder's possession of the prospectus covering such Registrable Securities that was in
effect at the time of receipt of such notice. In the event the Company shall give any such notice, the applicable period mentioned in paragraph (b) of this Section 2.4 shall be extended
by the number of days during such period from and including the date of the giving of such notice to and including the date when each seller of any Registrable Securities covered by such registration
statement shall have received the copies of the supplemented or amended prospectus contemplated by paragraph (e) of this Section 2.4. 

        2.5.    Registration Expenses.    

        (a)   "Expenses"
shall mean any and all fees and expenses incident to the Company's performance of or compliance with this Article 2, including, without limitation:
(i) SEC, stock exchange or National Association of Securities Dealers, Inc. ("NASD") registration and filing fees and all listing fees and fees with respect to the inclusion of
securities in Nasdaq National Market, (ii) fees and expenses of compliance with state securities or "blue sky" laws and in connection with the preparation of a "blue sky" survey, including
without limitation, reasonable fees and expenses of blue sky counsel, (iii) printing and copying expenses, (iv) messenger and delivery expenses, (v) expenses incurred in
connection with any road show, (vi) fees and disbursements of counsel for the Company, (vii) with respect to each registration, the fees and disbursements of one counsel for the selling
Holder(s) (selected by Medarex, if Medarex is participating in such registration, or, if Medarex is not participating in such registration, selected by the Initiating Holder in the case of a
registration pursuant to Section 2.1, or selected by the Major Holder, in the case of a registration pursuant to Section 2.2), (viii) fees and disbursements of all independent
public accountants (including the expenses of any audit and/or "cold comfort" letter) and fees and expenses of other persons, including special experts, retained by the Company, (ix) fees and
expenses payable to a Qualified Independent Underwriter (as such term is defined in Rule 2720 of the NASD) to the extent a Qualified Independent Underwriter is required and (x) any other
fees and disbursements of underwriters, if any, customarily paid by issuers or sellers of securities (collectively, "Expenses"). 

        (b)   The
Company shall pay all Expenses with respect to any Demand Registration pursuant to Section 2.1 and any piggyback registrations pursuant to Section 2.2. 

        (c)   Notwithstanding
the foregoing, (x) the provisions of this Section 2.5 shall be deemed amended to the extent necessary to cause these expense provisions to
comply with "blue sky" laws of each state in which the offering is made and (y) in connection with any registration hereunder, each Holder of Registrable Securities being registered shall pay
all underwriting discounts and commissions and any transfer taxes, if any, attributable to the sale of such Registrable Securities, pro rata with respect to payments of discounts and commissions in
accordance with the number of shares sold in the offering by such Holder, and (z) the Company shall, in the case of all registrations under this Article 2, be responsible for all its
internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties). 

        2.6.    Certain Limitations on Registration Rights.    In the case of any registration under Section 2.1
pursuant to an underwritten offering, or in the case of a registration under Section 2.2 if the Company has determined to enter into an underwriting agreement in connection therewith, all
securities to be included in such registration shall be subject to an underwriting agreement and no person may 

10

 

participate
in such registration unless such person agrees to sell such Person's securities on the basis provided therein and completes and executes all reasonable questionnaires, and other documents
(including custody agreements and powers of attorney) which must be executed in connection therewith, and provides such other information to the Company or the underwriter as may be necessary to
register such Person's securities. 

        2.7.    Limitations on Sale or Distribution of Other Securities.    

        (a)   Each
Holder of Registrable Securities agrees that, (i) to the extent requested in writing by a managing underwriter, if any, of any registration effected pursuant
to Section 2.1 or 2.2, not to sell, transfer or otherwise dispose of, including any sale pursuant to Rule 144 under the Securities Act, any Common Stock, or any other equity security of
the Company or any security convertible into or exchangeable or exercisable for any equity security of the Company (other than as part of such underwritten public offering) during the time period
reasonably requested by the managing underwriter, not to exceed 180 days (a "Lock-up"); provided, however, that each Holder shall not be required to be subject to a
Lock-up unless the Company and its executive officers and directors are subject to a substantially similar provision (except that the Company may effect any sale or distribution of any
such securities pursuant to a registration on Form S-4 (if reasonably acceptable to such managing underwriter) or Form S-8, or any successor or similar form which
is then in effect or upon the conversion, exchange or exercise of any then outstanding Common Stock Equivalent). The Company agrees to use its reasonable best efforts to cause each Holder of any
equity security or any security convertible into or exchangeable or exercisable for any equity security of the Company sold or issued by the Company at any time hereafter other than in a public
offering, which Holder owns more than 2% of the outstanding equity securities of the Company (on an as converted basis), to agree to be bound to a substantially similar Lock-up in the
event of an underwritten registration pursuant to Section 2.1 or 2.2. 

        (b)   The
Company hereby agrees that, if it shall previously have received a request for registration (other than a shelf registration) pursuant to Section 2.1 or 2.2,
and if such previous registration shall not have been withdrawn or abandoned, the Company shall not sell, transfer, or otherwise dispose of, any Common Stock, or any other equity security of the
Company or any security convertible into or exchangeable or exercisable for any equity security of the Company (other than as part of such underwritten public offering, common stock issued in
connection with the acquisition of a business or assets, a registration on Form S-4 or Form S-8 or any successor or similar form which is then in effect or upon
the conversion, exchange or exercise of any then outstanding Common Stock Equivalent), until a period of 90 days shall have elapsed from the effective date of such registration or such longer
period (not to exceed 180 days) as each Holder of Registrable Securities is required to agree to pursuant to Section 2.7(a). 

        2.8.    No Required Sale.    Nothing in this Agreement shall be deemed to create an independent obligation on the part
of any Holder to sell any Registrable Securities pursuant to any effective registration statement. 

        2.9.    Indemnification.    

        (a)   In
the event of any registration of any securities of the Company under the Securities Act pursuant to this Article 2, the Company shall, and hereby does,
indemnify and hold harmless, to the fullest extent permitted by law, each Holder of Registrable Securities, its directors, officers, fiduciaries, employees and stockholders or general and limited
partners (and the directors, officers, employees and stockholders thereof), each other Person who participates as an underwriter or a Qualified Independent Underwriter, if any, in the offering or sale
of such securities, each officer, director, employee, stockholder, fiduciary, managing director, agent, affiliates, consultants, representatives, successors, assigns or partner of such underwriter or
Qualified Independent Underwriter, and each other Person, if any, who controls such seller or any such underwriter 

11

 

within
the meaning of the Securities Act, against any and all losses, claims, damages or liabilities, joint or several, actions or proceedings (whether commenced or threatened) and expenses (including
reasonable fees of counsel and any amounts paid in any settlement effected with the Company's consent, which consent shall not be unreasonably withheld or delayed) to which each such indemnified party
may become subject under the Securities Act or otherwise in respect thereof (collectively, "Claims"), insofar as such Claims arise out of or are based upon (i) any untrue statement or alleged
untrue statement of a material fact contained in any registration statement under which such securities were registered under the Securities Act or the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in any
preliminary, final or summary prospectus or any amendment or supplement thereto, together with the documents incorporated by reference therein, or the omission or alleged omission to state therein a
material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or (iii) any
violation by the Company of any federal, state or common law rule or regulation applicable to the Company and relating to action required of or inaction by the Company in connection with any such
registration, and the Company will reimburse any such indemnified party for any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any
such Claim as such expenses are incurred; provided, however, that the Company shall not be liable to any such indemnified party in any such case to the extent such Claim arises out of or is based upon
any untrue statement or alleged untrue statement of a material fact or omission or alleged omission of a material fact made in such registration statement or amendment thereof or supplement thereto or
in any such prospectus or any preliminary, final or summary prospectus in reliance upon and in conformity with written information furnished to the Company by or on behalf of such indemnified party,
any Holder or underwriter specifically for use therein. Such indemnity and reimbursement of expenses shall remain in full force and effect regardless of any investigation made by or on behalf of such
indemnified party and shall survive the transfer of such securities by such seller. 

        (b)   Each
Holder of Registrable Securities that are included in the securities as to which any registration under Section 2.1 or 2.2 is being effected (and, if the
Company requires as a condition to including any Registrable Securities in any registration statement filed in accordance with Section 2.1 or 2.2, any underwriter and Qualified Independent
Underwriter, if any) shall, severally and not jointly, indemnify and hold harmless (in the same manner and to the same extent as set forth in paragraph (a) of this Section 2.9) to the
extent permitted by law the Company, its officers and directors, each Person controlling the Company within the meaning of the Securities Act and all other prospective sellers and their respective
directors, officers, fiduciaries, managing directors, employees, agents, affiliates, consultants, representatives, successors, assigns, general and limited partners, stockholders and respective
controlling Persons with respect to any untrue statement or alleged untrue statement of any material fact in, or omission or alleged omission of any material fact from, such registration statement,
any preliminary, final or summary prospectus contained therein, or any amendment or supplement thereto, if such statement or alleged statement or omission or alleged omission was made in reliance upon
and in conformity with written information furnished to the Company or its representatives by or on behalf of such Holder or underwriter or Qualified Independent Underwriter, if any, specifically for
use therein and reimburse such indemnified party for any legal or other expenses reasonably incurred in connection with investigating or defending any such Claim as such expenses are incurred;
provided, however, that the aggregate amount which any such Holder shall be required to pay pursuant to this Section 2.9(b) and Sections 2.9(c) and (e) shall in no case be greater than
the amount of the net proceeds received by such person upon the sale of the Registrable Securities pursuant to the registration statement giving rise to such claim. Such indemnity and reimbursement of
expenses 

12

 

shall
remain in full force and effect regardless of any investigation made by or on behalf of such indemnified party and shall survive the transfer of such securities by such Holder. 

        (c)   Indemnification
similar to that specified in the preceding paragraphs (a) and (b) of this Section 2.9 (with appropriate modifications) shall be given by
the Company and each seller of Registrable Securities with respect to any required registration or other qualification of securities under any state securities and "blue sky" laws. 

        (d)   Any
person entitled to indemnification under this Agreement shall notify promptly the indemnifying party in writing of the commencement of any action or proceeding with
respect to which a claim for indemnification may be made pursuant to this Section 2.9, but the failure of any indemnified party to provide such notice shall not relieve the indemnifying party
of its obligations under the preceding paragraphs of this Section 2.9, except to the extent the indemnifying party is materially prejudiced thereby and shall not relieve the indemnifying party
from any liability which it may have to any indemnified party otherwise than under this Article 2. In case any action or proceeding is brought against an indemnified party and it shall notify
the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate therein and, unless in the reasonable opinion of outside counsel to the indemnified party a
conflict of interest between such indemnified and indemnifying parties may exist in respect of such claim, to assume the defense thereof jointly with any other indemnifying party similarly notified,
to the extent that it chooses, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party that it so chooses, the
indemnifying party shall not be liable to such indemnified party for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than
reasonable costs of investigation; provided, however, that (i) if the indemnifying party fails to take reasonable steps necessary to defend diligently the action or proceeding within
20 days after receiving notice from such indemnified party that the indemnified party believes it has failed to do so; or (ii) if such indemnified party who is a defendant in any action
or proceeding which is also brought against the indemnifying party reasonably shall have concluded that there may be one or more legal defenses available to such indemnified party which are not
available to the indemnifying party; or (iii) if representation of both parties by the same counsel is otherwise inappropriate under applicable standards of professional conduct, then, in any
such case, the indemnified party shall have the right to assume or continue its own defense as set forth above (but with no more than one firm of counsel (selected by Medarex, if Medarex has
participated in the applicable registration and is an indemnified party, or, if Medarex has not participated in the applicable registration or is not an indemnified party, selected by the Initiating
Holder in the case of a registration pursuant to Section 2.1, or selected by the Major Holder, in the case of a registration pursuant to Section 2.2) for all indemnified parties in each
jurisdiction, except to the extent any indemnified party or parties reasonably shall have concluded that there may be legal defenses available to such party or parties which are not available to the
other indemnified parties or to the extent representation of all indemnified parties by the same counsel is otherwise inappropriate under applicable standards of professional conduct) and the
indemnifying party shall be liable for any expenses therefor. No indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent to
the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party
is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (A) includes an unconditional release of the indemnified party from all liability arising
out of such action or claim and (B) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party. 

13

 

        (e)   If
for any reason the foregoing indemnity is unavailable or is insufficient to hold harmless an indemnified party under Section 2.9(a), (b) or (c), then each
indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of any Claim in such proportion as is appropriate to reflect the relative fault of the
indemnifying party, on the one hand, and the indemnified party, on the other hand, with respect to such offering of securities. The relative fault shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or the indemnified party and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. If, however, the allocation provided in the second preceding sentence is not permitted by
applicable law, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative faults but
also the relative benefits of the indemnifying party and the indemnified party as well as any other relevant equitable considerations. The parties hereto agree that it would not be just and equitable
if contributions pursuant to this Section 2.9(e) were to be determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations
referred to in the preceding sentences of this Section 2.9(e). The amount paid or payable in respect of any Claim shall be deemed to include any legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending any such Claim. No person guilty of fraudulent misrepresentation (within the meaning of Section 11 (f) of the
Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. Notwithstanding anything in this Section 2.9(e) to the contrary, no
indemnifying party (other than the Company) shall be required pursuant to this Section 2.9(e) to contribute any amount in excess of the net proceeds received by such indemnifying party from the
sale of Registrable Securities in the offering to which the losses, claims, damages or liabilities of the indemnified parties relate, less the amount of any indemnification payment made by such
indemnifying party pursuant to Sections 2.9(b) and (c). 

        (f)    The
indemnity agreements contained herein shall be in addition to any other rights to indemnification or contribution which any indemnified party may have pursuant to
law or contract and shall remain operative and in full force and effect regardless of any investigation made or omitted by or on behalf of any indemnified party and shall survive the transfer of the
Registrable Securities by any such party. 

        (g)   The
indemnification and contribution required by this Section 2.9 shall be made by periodic payments of the amount thereof during the course of the investigation
or defense, as and when bills are received or expense, loss, damage or liability is incurred. 

3.    Underwritten Offerings.    

        3.1.    Requested Underwritten Offerings.    If requested by the underwriters for any underwritten offering by the
Holders pursuant to a registration requested under Section 2.1, the Company shall enter into a customary underwriting agreement with the underwriters. Such underwriting agreement shall be
satisfactory in form and substance to the Initiating Holder and shall contain such representations and warranties by, and such other agreements on the part of, the Company and such other terms as are
generally prevailing in agreements of that type, including, without limitation, indemnities and contribution agreements on substantially the same terms as those contained herein. Any Holder
participating in the offering shall be a party to such underwriting agreement and may, at its option, require that any or all of the representations and warranties by, and the other agreements on the
part of, the Company to and for the benefit of such underwriters shall also be made to and for the benefit of such Holder and that any or all of the conditions precedent to the obligations of such
underwriters under such underwriting agreement be conditions precedent to the obligations of such Holder; provided, however, that the Company shall not be required to make any representations or
warranties 

14

 

with
respect to written information specifically provided by a selling Holder for inclusion in the registration statement. Such underwriting agreement shall also contain such representations and
warranties to and for the benefit of the underwriters and the Company by the participating Holders with respect to title and ownership of shares as are customary in agreements of that type. 

        3.2.    Piggyback Underwritten Offerings.    In the case of a registration pursuant to Section 2.2 hereof, if
the Company shall have determined to enter into an underwriting agreement in connection therewith, all of the Holders' Registrable Securities to be included in such registration shall be subject to
such underwriting agreement. Any Holder participating in such registration may, at its option, require that any or all of the representations and warranties by, and the other agreements on the part
of, the Company to and for the benefit of such underwriters shall also be made to and for the benefit of such Holder and that any or all of the conditions precedent to the obligations of such
underwriters under such underwriting agreement be conditions precedent to the obligations of such Holder. Such underwriting agreement shall also contain such representations and warranties by the
participating Holders to and for the benefit of the underwriters and the Company as are customary in agreements of that type, on substantially the same terms as those contained herein. 

4.    General.    

        4.1.    Rule 144.    If the Company shall have filed a registration statement pursuant to the requirements of
Section 12 of the Exchange Act or a registration statement pursuant to the requirements of the Securities Act in respect of the Common Stock or securities of the Company convertible into or
exchangeable or exercisable for Common Stock, the Company covenants that (i) so long as it remains subject to the reporting provisions of the Exchange Act, it will timely file the reports
required to be filed by it under the Securities Act or the Exchange Act (including, but not limited to, the reports under Sections 13 and 15(d) of the Exchange Act referred to in
subparagraph (c)(1) of Rule 144 under the Securities Act), and (ii) will take such further action as any Holder of Registrable Securities may reasonably request, all to the extent
required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the
exemptions provided by (A) Rule 144 under the Securities Act, as such Rule may be amended from time to time, or (B) any similar rule or regulation hereafter adopted by the SEC.
Upon the request of any Holder of Registrable Securities, the Company will deliver to such Holder a written statement as to whether it has complied with such requirements. 

        4.2.    Nominees for Beneficial Owners.    If Registrable Securities are held by a nominee for the beneficial owner
thereof, the beneficial owner thereof may, at its option, be treated as the Holder of such Registrable Securities for purposes of any request or other action by any Holder or Holders of Registrable
Securities pursuant to this Agreement (or any determination of any number or percentage of shares constituting Registrable Securities held by any Holder or Holders of Registrable Securities
contemplated by this Agreement), provided that the Company shall have received assurances reasonably satisfactory to it of such beneficial ownership. 

        4.3.    Amendments and Waivers.    The terms and provisions of this Agreement may be modified or amended, or any of
the provisions hereof waived, temporarily or permanently, pursuant to the written consent of the Company and Medarex (without the consent of the other Holders of Registrable Securities); provided,
however, if Medarex no longer holds any Registrable Securities, the consent of the Holder of a majority of the then outstanding Registrable Securities (and not Medarex) would be required. 

        4.4.    Notices.    Except as otherwise provided in this Agreement, all notices and other communications hereunder
shall be in writing and shall be delivered in person, by telecopy, by express or overnight mail delivered by a nationally recognized air courier (delivery charges prepaid), or by 

15

 

registered
or certified mail (postage prepaid, return receipt requested) to the respective parties as follows: 

	(a)
	If
to Medarex, to: 

Medarex, Inc.

707 State Road

Princeton, NJ 08540

Attention: President 

With
a copy to: 

Medarex, Inc.

707 State Road

Princeton, NJ 09540

Attention: General Counsel 

	(b)
	If
to Celldex, to: 

Celldex
Therapeutics, Inc.

519 Route 173 West

Bloomsbury, NJ 08804

Attention: Vice President and Chief Financial Officer 

or
to such other address as the party to whom notice is given may have previously furnished to the others in writing in the manner set forth above. Any notice or communication delivered in person
shall be deemed effective on delivery or when delivery is refused. Any notice or communication sent by telecopy or by air courier shall be deemed effective on the first Business Day at the place at
which such notice or communication is received following the day on which such notice or communication was sent. 

        4.5.    Miscellaneous.    

        (a)   This
Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and the respective successors, personal representatives and
assigns of the parties hereto, whether so expressed or not. If any Person shall acquire Registrable Securities from any Holder, in any manner, whether by operation of law or otherwise, such transferee
shall promptly notify the Company and such Registrable Securities acquired from such Holder shall be held subject to all of the terms of this Agreement, and by taking and holding such Registrable
Securities such Person shall be entitled to receive the benefits of and be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement. If the
Company shall so request, any such successor or assign shall agree in writing to acquire and hold the Registrable Securities acquired from such Holder subject to all of the terms hereof. If any Holder
shall acquire additional Registrable Securities, such Registrable Securities shall be subject to all of the terms, and entitled to all the benefits, of this Agreement. 

        (b)   This
Agreement (with the documents referred to herein or delivered pursuant hereto) together with the Affiliation Agreement embodies the entire agreement and
understanding between the parties hereto and supersedes all prior agreements and understandings relating to the subject matter hereof. 

        (c)   The
headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. All section references are to this
Agreement unless otherwise expressly provided. 

        (d)   This
Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. 

16

 

        (e)   Any
term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms or
provisions of this Agreement in any other jurisdiction. 

        (f)    The
parties hereto acknowledge that there would be no adequate remedy at law if any party fails to perform any of its obligations hereunder, and accordingly agree that
each party, in addition to any other remedy to which it may be entitled at law or in equity, shall be entitled to injunctive relief, including specific performance, to enforce such obligations without
the posting of any bond, and, if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties hereto shall raise the defense that there is an adequate
remedy at law. 

        (g)   Each
party hereto shall do and perform or cause to be done and performed all such further acts and things and shall execute and deliver all such other agreements,
certificates, instruments, and documents as any other party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the
transactions contemplated hereby. 

        4.6.    No Inconsistent Agreements.    Without the prior written consent of Medarex, if Medarex holds Registrable
Securities, or the consent of the Holder of a majority of the then outstanding Registrable Securities, if Medarex no longer holds any Registrable Securities, neither the Company nor any Holder will,
on or after the date of this Agreement, enter into any agreement with respect to its securities which is inconsistent with the rights granted in this Agreement or otherwise conflicts with the
provisions hereof. The Company further agrees that if any other registration rights agreement entered into after the date of this Agreement with respect to any of its securities contains terms which
are more favorable to, or less restrictive on, the other party thereto than the terms and conditions contained in this Agreement are (insofar as they are applicable) to Medarex and its transferees,
then the terms and conditions of this Agreement shall immediately be deemed to have been amended without further action by the Company or any of the holders of Registrable Securities so that Medarex
and its transferees shall be entitled to the benefit of any such more favorable or less restrictive terms or conditions. 

        4.7.    Effective Time and Termination.    This Agreement shall become effective upon the time of purchase of the Firm
Shares, as defined in the Underwriting Agreement, by and among the Company and the underwriters named therein relating to the IPO and shall terminate upon the earlier to occur of (a) seven
(7) years after the date hereof, and (b) the date the number of Registrable Securities then outstanding first represents less than 20% of the number of shares of Common Stock of the
Company outstanding on the date hereof. 

        4.8.    Governing Law.    This Agreement shall be governed by and construed in accordance with the laws of the State
of Delaware (without giving effect to the conflict of laws principals thereof) as to all matters, including matters of validity, construction, effect, performance and remedies. 

17

 

        IN
WITNESS WHEREOF, the parties hereto have duly executed this agreement as of the date first above written. 

	 	 	CELLDEX THERAPEUTICS, INC.
	
 	
 	

By:	
 	

 
	 	 	 	 	/s/  ANTHONY S. MARUCCI      
 Anthony S. Marucci

Vice President and Chief Financial Officer
	
 	
 	

MEDAREX, INC.
	
 	
 	

By:	
 	

 
	 	 	 	 	/s/  W. BRADFORD MIDDLEKAUFF      
 W. Bradford Middlekauff

Senior Vice President, General Counsel and Secretary

18

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REGISTRATION RIGHTS AGREEMENT BY AND BETWEEN MEDAREX, INC. AND CELLDEX THERAPEUTICS, INC. DATED AS OF APRIL 6, 2004QuickLinks
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Exhibit 10.1  

CONFIDENTIAL  

  
 

    ASSIGNMENT AND LICENSE AGREEMENT    
    

        THIS ASSIGNMENT AND LICENSE AGREEMENT (the "Agreement") is made
and entered into effective as of April 6, 2004 (the "Effective Date"), by and between CELLDEX THERAPEUTICS, INC., having principal offices
at 519 Route 173 W, Bloomsbury, New Jersey 08804 ("Celldex"), MEDAREX, INC., having principal offices at 707 State Road,
Princeton, New Jersey 08540-1437 ("MI"), and GENPHARM INTERNATIONAL, INC., a wholly-owned subsidiary of MI having principal offices
at 521 Cottonwood Drive, Milpitas, California 95035 ("GPI" and together with MI, "Medarex"). Celldex and
Medarex each may be referred to herein individually as a "Party," or collectively as the "Parties." 

        WHEREAS, Medarex owns or otherwise controls certain technology, including certain patents and know-how, relating to the use of
antibodies in connection with the research and development of vaccines; 

        WHEREAS, Medarex has determined that this technology and the associated business opportunities are outside of Medarex's core business and,
accordingly, can best be exploited through a separate corporate entity; 

        WHEREAS, Medarex has caused Celldex to be incorporated for this purpose; 

        WHEREAS, Medarex wishes to assign certain of the above-mentioned technology and certain agreements and materials to Celldex and to grant
certain licenses to Celldex under certain other of the above-mentioned technology on the terms and conditions set forth herein; and 

        WHEREAS, Celldex wishes to have such technology, agreements and materials assigned to it and to have the licenses granted to it by Medarex
under such other technology on the terms and conditions set forth herein; 

        NOW, THEREFORE, in consideration of the foregoing premises and the mutual promises and covenants contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows: 

ARTICLE 1  

 DEFINITIONS  

        1.1    "Additional Mice" shall mean (a) the mice developed by Kirin
Brewery Company, Ltd. ("Kirin") using certain transchromosomal technology and licensed to Medarex pursuant to the Collaboration and License
Agreement between Medarex and Kirin, dated September 4, 2002 (the "Kirin Agreement"), and (b) the mice developed through the crossbreeding
of the HuMAb Mice with the mice described in clause (a) of this Section 1.1 and licensed to Medarex pursuant to the Kirin Agreement. 

        1.2    "Affiliate" shall mean any Person that, directly or indirectly, through
one or more intermediaries, controls, is controlled by, or is under common control with another Person. For purposes of this definition only, "control"
and, with correlative meanings, the terms "controlled by" and "under common control with" shall mean
(a) the possession, directly or indirectly, of the power to direct the management or policies of a Person, whether through the ownership of voting securities or by contract relating to voting
rights or corporate governance, or (b) the ownership, directly or indirectly, of at least fifty percent (50%) of the voting securities or other ownership interest of a Person. For purposes of
this Agreement, neither Medarex, Celldex, nor Genmab A/S shall be deemed 

1

 

to
be an Affiliate of the other(s); but for avoidance of doubt, MI and GPI shall be deemed to be Affiliates of each other. 

        1.3    "Antibody Material" shall mean, with respect to a particular Licensed
Antibody or Anti-Mannose Receptor HuMAb Antibody, (a) the nucleic acids (including DNA, RNA, and complementary and reverse complementary nucleic acids thereto, whether intact or a
fragment) that code specifically for such Licensed Antibody or Anti-Mannose Receptor HuMAb Antibody (or active fragments thereof) and do not code for multiple antibodies, or (b) a
host cell (other than a host cell obtained directly from the HuMAb Mice, or parts of such mice) into which the nucleic acids described in clause (a) of this Section 1.3 are introduced or
are otherwise present, which cell is capable of expressing such Licensed Antibody or Anti-Mannose Receptor HuMAb Antibody. 

        1.4    "Antibody Targeting Technology" shall mean (a) those Patents set
forth on Appendix B attached hereto (the "Antibody Targeting Patents"), together with any Patents
arising during the Term covering Antibody Targeting Know-How, and (b) all Know-How Controlled by Medarex as of the Effective Date related primarily to the Antibody
Targeting Technology Field or necessary or reasonably useful to utilize the Antibody Targeting Patents existing as of the Effective Date (the "Antibody Targeting
Know-How"). 

        1.5    "Antibody Targeting Technology Field" shall mean the use of an antibody,
or fragment thereof, whereby the antibody or fragment serves as a targeting means with respect to an Antigen-Presenting Cell for the purpose of modulating an immune response in any of the following
manners: (a) an antibody or fragment chemically attached or genetically fused to an antigen (including an antigen that is an antibody, or fragment thereof, that encodes an idiotype antigen),
whereby the antibody, or fragment thereof, serves as a targeting means for delivering such antigen to an Antigen-Presenting Cell for the purpose of eliciting an immune response, (b) an antibody
or fragment chemically attached or genetically fused to a toxin or radionuclide, whereby the antibody, or fragment thereof, serves as a targeting means for delivering such toxin or radionuclide to an
Antigen-Presenting Cell for the purpose of decreasing, down-regulating or eliminating the activity of such Antigen-Presenting Cell, (c) an antibody or fragment chemically attached
or genetically fused to a cytokine, adjuvant, or other immuno-modulatory compound, whereby the antibody, or fragment thereof, serves as a targeting means for delivering such compound to an
Antigen-Presenting Cell for the purpose of modulating the activity of such Antigen-Presenting Cell, and (d) an antibody, or fragment thereof, alone, whereby the antibody or fragment binds to a
particular antigen on the surface of an Antigen-Presenting Cell and through such binding modulates the activity of such Antigen-Presenting Cell. For the avoidance of doubt,
"Antibody Targeting Technology Field" shall not include the use of a first antibody, or fragment thereof, chemically attached or genetically fused to a
second antibody, or fragment thereof (except for a second antibody, or fragment thereof, that encodes an idiotype antigen), whereby the first antibody, or fragment thereof, serves as a targeting
antibody to an Antigen-Presenting Cell and the second antibody, or fragment thereof, attaches to an antigen, for the purpose of eliciting an immune response. Further, with respect to Licensed Products
comprising the Murine Anti-CD64 Antibody(ies), "Antibody Targeting Technology Field" shall not include Licensed Products for diagnostic use,
unless so agreed by the Parties in writing following request by Celldex to obtain such rights and Medarex's confirmation that no Third Party retains blocking rights pursuant to an agreement with
Medarex in effect as of the time of such request. 

        1.6    "Antigen-Presenting Cell" shall mean professional antigen-presenting
cells that (i) present antigens in the groove of major histocompatibility complex molecules to T cells and (ii) have necessary co-stimulatory molecules to induce T cell
activation; provided, however, that for the
purpose of clauses (b) and (d) of Section 1.5, Antigen Presenting Cells shall in no event include B lymphocytes. For the avoidance of doubt, Celldex may not engage in the uses of an
antibody, or fragment thereto, described in such clauses (b) and (d) with respect to B lymphocytes. 

2

 

        1.7    "Anti-Mannose Product" shall mean any pharmaceutical
composition or formulation incorporating an Anti-Mannose Receptor HuMAb Antibody. 

        1.8    "Anti-Mannose Receptor HuMAb Antibody" shall mean
(a) the fully human antibody known as [*****], (b) any fully human antibody(ies) raised in those HuMAb Mice set forth under the heading
[*****] on Appendix D and that are [*****] and included herein pursuant to Section 2.2.2,
(c) any Research Antibody that is [*****] and included herein pursuant to Section 3.3.1.2, and (d) any Improvements to any of the foregoing. 

        1.9    "Assigned Contracts" shall have the meaning set forth in
Section 2.1.7. 

        1.10    "Assumed Liabilities" shall have the meaning set forth in
Section 2.3.1. 

        1.11    "Biological Materials" shall mean those tissues, cells, cell lines,
organisms, blood samples, genetic material, and other biological substances and materials (a) set forth in Appendix C attached hereto,
with respect to the Licensed Antibodies, the Anti-Mannose Receptor HuMAb Antibody and the Research Antibodies, including the Antibody Materials with respect thereto, in each case that are
within Medarex's possession or control as of the Effective Date or (b) identified by Celldex and notified to Medarex pursuant to Section 2.7 and mutually agreed by the Parties, pursuant
to such Section 2.7, for inclusion in Biological Materials. For the avoidance of doubt, to the extent that any Biological Materials constitute Mice Materials for which the transfer by Medarex
is prohibited by the Cross License Agreement, usage thereof by Celldex shall be as provided in Section 2.4. 

        1.12    "Calendar Quarter" shall mean each three-month period commencing
January 1, April 1, July 1 or October 1 during the Term. 

        1.13    "Confidential Information" shall mean, subject to the provisions of
Article 5 hereof, any information, whether in oral, written, graphic, electronic or tangible form, disclosed by one Party to the other Party hereunder. 

        1.14    "Control" shall mean, with respect to any Know-How, Patent
or other intellectual property right, possession of the right, and whether by ownership, license or otherwise, to assign, or grant a license, sublicense or other right to or under, such
Know-How, Patent or right as provided for herein without violating the terms of any agreement or other arrangement with any Third Party. 

        1.15    "Cross License Agreement" shall mean that certain Cross License
Agreement dated March 26, 1997 by and between, on the one hand, GPI and, on the other hand, Cell Genesys, Inc., Abgenix, Inc., Xenotech, L.P. and Japan Tobacco Inc. 

        1.16    "First Commercial Sale" shall mean, with respect to each Royalty-Bearing
Product in each country, the first bona fide commercial sale by Celldex, its Affiliates or Sublicensees of such Royalty-Bearing Product following marketing approval in such country;  provided, that where
such first commercial sale has occurred in a country for which government pricing or government reimbursement approval is needed
for widespread commercial sale (for clarification, the Parties acknowledge that no such approval is currently required in the United States), then such sales shall not be deemed a First Commercial
Sale until such pricing or reimbursement approval has been obtained. 

        1.17    "GAAP" shall mean U.S. generally accepted accounting principles,
consistently applied. 

        1.18    "HuMAb Mouse®" shall mean any of Medarex's immunizable
transgenic mice containing unrearranged human immunoglobulin heavy and light chain transgenes, each inserted into mouse chromosomes, but excluding the Additional Mice. "HuMAb
Mice®" shall mean more than one HuMAb Mouse. 

*****REPRESENTS
CONFIDENTIAL PORTION WHICH HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED
PORTIONS. 

3

 

        1.19    "HuMAb Technology" shall mean (a) all Patents Controlled by
Medarex, whether existing as of the Effective Date or arising during the Term, that claim an invention which is necessary or reasonably useful for the use of the HuMAb Mice to create antibodies in
order to develop, make, have made, import, have imported, use, offer for sale and sell a Licensed Antibody or Anti-Mannose Receptor HuMAb Antibody or Licensed Product or
Anti-Mannose Product, including any Patents constituting any patented HuMAb Know-How (the "HuMAb Patents"), and (b) any
Know-How Controlled by Medarex necessary or reasonably useful to use the HuMAb Mice or for the exercise of the HuMAb Patents existing as of the Effective Date (the
"HuMAb Know-How"). For the avoidance of doubt, "HuMAb Technology" does not include:
(w) any claims within Patents of Medarex that claim processes, compositions or technology to facilitate the manufacturing, purification, evaluation, characterization, stability assessment,
vialing and distribution, and release of an antibody product; (x) any claims within Patents of Medarex that claim (i) a specific composition of matter of a specific antigen,
(ii) an amino acid sequence of a specific antigen or (iii) a polynucleotide sequence of a specific antigen; (y) any claims within Patents of Medarex that claim (i) a
specific composition of matter of a specific antibody other than a Licensed Antibody or Anti-Mannose Receptor HuMAb Antibody, (ii) an amino acid sequence of a specific antibody
other than a Licensed Antibody or Anti-Mannose Receptor HuMAb Antibody or (iii) a polynucleotide sequence encoding a specific antibody other than a Licensed Antibody or
Anti-Mannose Receptor HuMAb Antibody; and (z) any Exploitation of (x) or (y). For purposes of this Section 1.19,
"Exploitation" shall mean to make, have made, import, use, sell, offer for sale, or otherwise dispose of, including all discovery research, development,
registration, modification, enhancement, improvement, manufacture, storage, formulation, exportation, transportation, distribution, promotion and marketing activities related thereto. 

        1.20    "Humanized Anti-CD64 Antibody" shall mean that certain
humanized antibody currently covered by [*****] and identified as H22 and any Improvements thereto made by or on behalf of Celldex or its Affiliates or Sublicensees. 

        1.21    "Hybridoma Cell Lines" shall mean (a) those cell lines set forth
on Appendix D attached hereto, (b) each other cell line related to any Anti-Mannose Receptor HuMAb Antibody assigned to
Celldex hereunder and (c) each other cell line related to any Research Antibody licensed to Celldex hereunder. 

        1.22    "Improvement" shall mean any modification to an antibody, compound,
product or technology, including any antibody, antibody fragment, peptide mimetic or other composition of matter that is derived from an antibody or information relating to such antibody (including
its sequence, structure or antigen interaction), or any discovery, device, process or formulation related to such antibody, compound, product or technology, whether or not patented or patentable,
including any enhancement in the efficiency, operation, manufacture, ingredients, preparation, presentation, formulation, means of delivery, packaging or dosage of an antibody, compound, product or
technology, any discovery or development of any new or expanded indications or applications for an antibody, compound, product or technology, or any discovery or development that improves the
stability, safety or efficacy of an antibody, compound, product or technology. 

        1.23    "Know-How" shall mean all confidential, proprietary and
unpatented technical, biological, chemical, pharmacological, toxicological, clinical, assay, scientific and other
know-how and information, trade secrets, knowledge, technology, means, methods, processes, practices, formulae, instructions, skills, techniques, procedures, experiences, ideas, technical
assistance, designs, drawings, assembly procedures, computer programs, apparatuses, specifications, data, results and other materials, including high-throughput screening, gene expression,
genomics, proteomics and other drug discovery and development technology, pre-clinical and clinical trial results, manufacturing procedures, test procedures and purification and isolation
techniques, whether to the foregoing or otherwise, and other 

*****REPRESENTS
CONFIDENTIAL PORTION WHICH HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED
PORTIONS. 

4

 

discoveries,
developments, inventions and other intellectual property, in each case whether in written, electronic or any other form now known or hereafter developed, and including any Improvements to
the foregoing. 

        1.24    "Liabilities" shall mean any and all liabilities of any nature, whether
known or unknown, asserted or unasserted, absolute or contingent, accrued or unaccrued, liquidated or unliquidated, or due or to become due. 

        1.25    "Licensed Antibody" shall mean a Licensed Royalty-Bearing Antibody or a
Licensed Royalty-Free Antibody. A "Licensed Royalty-Bearing Antibody" shall mean any Research Antibody (other than any Research Antibody
directed against a mannose receptor target) determined to be available pursuant to Section 3.3.1.3. A "Licensed Royalty-Free
Antibody" shall mean any Murine Anti-CD64 Antibody and any Humanized Anti-CD64 Antibody. 

        1.26    "Licensed Product" shall mean a Licensed Royalty-Bearing Product or a
Licensed Royalty-Free Product. "Licensed Royalty-Bearing Product" shall mean any pharmaceutical composition or formulation incorporating one
or more Licensed Royalty-Bearing Antibodies. "Licensed Royalty-Free Product" shall mean any pharmaceutical composition or formulation
incorporating one or more Licensed Royalty-Free Antibodies. 

        1.27    "MDX-1307" shall mean the antibody-antigen fusion protein
comprised of the Anti-Mannose Receptor HuMAb Antibody (B11) coupled by recombinant DNA technology via its heavy chain to hCG-â for which Medarex has filed an
Investigational New Drug Application. 

        1.28    "Medarex Technology" shall mean (a) those Patents set forth on  Appendix A attached hereto, together with any Patents arising during the Term covering Medarex Know-How
("Medarex Patents"), and (b) any Know-How Controlled by Medarex as of the Effective Date that is necessary or reasonably useful to
utilize the Medarex Patents or to produce the Licensed Products ("Medarex Know-How"). 

        1.29    "Mice Materials" shall mean the HuMAb Mice and the Additional Mice, any
parts or derivatives of such mice, including Hybridoma Cell Lines, hybridomas, cells, genetic material, including nucleotide sequences (e.g., DNA, RNA, and complementary and reverse complementary
nucleotide sequences thereto, whether coding or non-coding) with respect to the expression of an antibody or fragment thereof, and any replicates or modifications thereof or Improvements
thereto (e.g., additions, deletions or substitutions of nucleotides therein), or other biological materials derived directly or indirectly from the HuMAb Mice or the Additional Mice, but excluding any
Licensed Antibodies and Anti-Mannose Receptor HuMAb Antibodies, and Antibody Materials related thereto. 

        1.30    "Murine Anti-CD64 Antibody" shall mean those certain mouse
antibodies currently covered by [*****], and identified as M22, M32.2 and 197, and any Improvements thereto made by or on behalf of Celldex or its Affiliates or Sublicensees. 

        1.31    "Net Sales" shall mean the following, calculated in accordance with
GAAP: [*****] 

*****REPRESENTS
CONFIDENTIAL PORTION WHICH HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED
PORTIONS. 

5

 

        [*****]    

        1.32    "Patent" shall mean all United States and foreign patents and patent
applications, including any continuations, continuations-in-part, divisions, provisionals, substitutions or the like, any patent 

*****REPRESENTS
CONFIDENTIAL PORTION WHICH HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED
PORTIONS. 

6

 

issued
with respect to any such patent applications, any reissue, reexamination, renewal, extension or the like (including any supplementary protection certificate) of any such patent, and any
confirmation patent or registration patent or patent of addition based on any such patent, including, as applicable, portions thereof or individual claims therein. 

        1.33    "Person" shall mean an individual, sole proprietorship, partnership,
limited partnership, limited liability partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture or other similar
entity or organization, including a government or political subdivision, department or agency of a government. 

        1.34    "Research Antibodies" shall mean (a) fully human antibody(ies)
raised in the HuMAb Mice [*****] and (b) fully human antibody(ies) raised in those HuMAb Mice set forth [*****] on  Appendix D and that are [*****] and included herein pursuant to
Section 3.3.1.3 and (c) any Improvements to
any of the foregoing. 

        1.35    "Research Patent" shall mean that certain Patent set forth on
Appendix A [*****] 

        1.36    "Royalty-Bearing Product" shall mean a Licensed Royalty-Bearing Product
or an Anti-Mannose Product. 

        1.37    "Sublicensee" shall mean a Third Party to whom Celldex or its Affiliate
has granted a sublicense to develop, make, have made, import, use, sell, offer for sale or otherwise exploit Licensed Products. 

        1.38    "Third Party" shall mean any Person other than Medarex, Celldex or their
respective Affiliates. 

        1.39    "Valid Claim" shall mean any claim of an issued patent included in a
granted and unexpired Medarex Patent, Antibody Targeting Patent or HuMAb Patent that (a) has not been revoked or held unenforceable or invalid by a decision of a court or other governmental
agency of competent jurisdiction, which decision is unappealable or unappealed within the time allowed for appeal, and (b) has not been abandoned, disclaimed, denied or admitted to be invalid
or unenforceable through reissue or disclaimer or otherwise. 

ARTICLE 2  

 ASSIGNMENT  

        2.1    Medarex Assignment.    Medarex hereby irrevocably, perpetually
and forever assigns and conveys to Celldex, and Celldex hereby accepts and assumes, Medarex's (and its Affiliates') entire right, title and interest in and to each of the following (subject to
additions or deletions pursuant to Section 2.7, the "Assigned Assets"): 

        2.1.1    Antibody Targeting Patents; 

        2.1.2    Antibody Targeting Know-How; 

        2.1.3    Anti-Mannose Receptor HuMAb Antibodies; 

        2.1.4    subject to Section 2.2.3, the Investigational New Drug Application # 11,508 and related governmental
filings, and the right to make any future or foreign related filing on MDX-1307 (the "MDX-1307 IND"); 

*****REPRESENTS
CONFIDENTIAL PORTION WHICH HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED
PORTIONS. 

7

  

        2.1.5    all quantities of Biological Materials, including those in the possession or control of counterparties to Assigned
Contracts; 

        2.1.6    all clinical inventories of MDX-1307 in the possession or control of Medarex as of the Effective Date; and 

        2.1.7    the agreements set forth on Schedule 2.1.7 (collectively, the
"Assigned Contracts"), true and correct copies of which have previously been provided to Celldex. 

        2.2    Cooperation.    

        2.2.1    Consents.    Notwithstanding anything to the contrary
contained in this Agreement, if the assignment and conveyance or attempted assignment and conveyance to Celldex of any of the Assigned Assets requires any authorizations, approvals, consents or
waivers from a Third Party or governmental or regulatory authority and such authorizations, approvals, consents or waivers shall not have been obtained prior to the Effective Date, then Medarex shall
take such reasonable actions as are reasonably necessary to obtain such authorizations, approvals, consents or waivers as promptly as practicable following the Effective Date and to provide to
Celldex, pending the receipt thereof, the benefit of such Assigned Assets, as the case may be; provided, that Celldex shall cooperate with Medarex as
reasonably requested by Medarex to assist in such efforts to obtain such authorizations, approvals, consents or waivers. With respect to any Assigned Contracts, Medarex shall not be required to pay
any consideration not provided for in such Assigned Contract to obtain such authorization, approval, consent or waiver, and the Parties agree that Medarex's obligation pursuant to this
Section 2.2.1 to take "such reasonable actions as are reasonably necessary" shall not otherwise be deemed to require any payment of money or other consideration by Medarex to any Third Party.
To the extent that Celldex is provided the benefits pursuant to this Section 2.2.1 of any Assigned Contract, Celldex shall (x) perform for the benefit of the Third Parties thereto the
obligations of Medarex or any Affiliate of Medarex thereunder, including any payments to be made thereunder and (y) shall satisfy any related obligations and Liabilities with respect to such
Assigned Contract that, but for the lack of an authorization, approval, consent or waiver to assign such obligations or Liabilities to Celldex, would be Assumed Liabilities (as defined in
Section 2.3.1 below). If authorization, approval, consent or waiver for the assignment or conveyance of any such asset not assigned or conveyed at the Effective Date is subsequently obtained,
Medarex shall assign and convey such asset to Celldex at no additional cost to Celldex. 

        2.2.2    Identification of Anti-Mannose Receptor HuMAb Antibodies (other than
B11).    The Parties further acknowledge that work is ongoing as of the date hereof in respect of the Anti-Mannose Receptor HuMAb Antibodies. As such, the
Parties agree that, in respect of any fully human antibody(ies) raised in the HuMAb Mice against the mannose receptor antigen that have been produced [*****], Celldex may,
following the Effective Date, [*****]. Upon such [*****] each such antibody shall be deemed an Anti-Mannose Receptor HuMAb Antibody. 

        2.2.3    Transfer of IND.    Medarex and Celldex shall cooperate to
make all required regulatory filings to transfer the MDX-1307 IND to Celldex. Such cooperation shall include agreement in respect of the timing of such transfer, it being acknowledged
that, as of the Effective Date, Celldex may not be in a position to assume the management of the MDX-1307 IND. Until such time as the MDX-1307 IND is transferred to Celldex,
Medarex shall hold the MDX-1307 IND in trust for Celldex, and Celldex and Medarex may agree that Medarex perform certain regulatory responsibilities relating to the MDX-1307
IND under that certain Master Services Agreement being executed by the Parties contemporaneously herewith. 

*****REPRESENTS
CONFIDENTIAL PORTION WHICH HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED
PORTIONS. 

8

 

        2.3    Assumed Liabilities, Retained Liabilities and Taxes.    

        2.3.1    Assumed Liabilities; Retained Liabilities.    Celldex shall,
and does hereby agree to, assume, satisfy, perform, pay and discharge (a) all Liabilities and obligations that Celldex has expressly assumed or agreed to assume or perform under this Agreement,
(b) all Liabilities and obligations under or pursuant to the Assigned Contracts attributable to the exercise of rights thereunder by Celldex after the Effective Date, and (c) all
Liabilities and obligations that arise out of or are related to the use or ownership of Biological Materials by Celldex after the Effective Date (collectively, the "Assumed
Liabilities"). All Liabilities and obligations (x) under or pursuant to the Assigned Contracts relating to periods prior to the Effective Date or (y) relating to
the use or ownership of Biological Materials by Medarex prior to the Effective Date shall be retained by Medarex (collectively, the "Retained
Liabilities"). 

        2.3.2    Taxes.    Celldex shall be solely responsible for all sales,
use, transfer, value added, gross receipts and other similar taxes, if any, arising out of the Assumed Liabilities. Medarex shall be solely responsible for all sales, use, transfer, value added, gross
receipts and other similar taxes, if any, arising out of the Retained Liabilities. The Parties shall share equally all sales, use, transfer, value added, gross receipts and other similar taxes, if
any, arising out of the assignment and conveyance by Medarex and its Affiliates of the Assigned Assets to Celldex pursuant to this Agreement; it being acknowledged and specifically agreed, however,
that Celldex shall have no responsibility for, and Medarex shall be solely responsible for, any tax payable on any income or gain of Medarex or its Affiliates arising from the assignment and
conveyance of the Assigned Assets. 

        2.4    Transfer of Existing Quantities of Biological
Materials.    Within ten (10) business days after written notice by Celldex to Medarex that Celldex has obtained appropriate facilities and can take possession
of the Biological Materials (such written notice to be provided by Celldex to Medarex not more than one hundred eighty (180) days after the Effective Date, with consent to any request by
Celldex for an extension of such 180-day time period not to be unreasonably withheld by Medarex, provided that Celldex shall not request any extensions for a total of longer than two
(2) years after the Effective Date), Medarex shall provide to Celldex all quantities of Biological Materials identified as of the Effective Date;  provided, that physical possession of those
quantities of the Humanized Anti-CD64 Antibody that have been provided to Third Parties pursuant
to certain of the Assigned Contracts shall remain with such Third Parties; To the extent that any Biological Materials constitute Mice Materials for which the transfer of title by Medarex is
prohibited by the Cross License Agreement, Medarex shall retain ownership but provide to Celldex full and complete access thereto and usage thereof. 

        2.5    Information Disclosure and Document Transfer.    

        2.5.1    Within ten (10) business days after the Effective Date, Celldex shall provide to Medarex a schedule, to be
attached hereto as Schedule 2.5.1, of the laboratory notebooks, reports and other written materials relating solely to any of the Antibody
Targeting Technology, the Anti-Mannose Receptor HuMAb Antibodies, the Biological Materials and/or the Licensed Antibodies that Celldex wishes to obtain complete copies of from Medarex.
Medarex shall consider the contents of such Schedule 2.5.1 in good faith and if Medarex agrees that the contents of such schedule do relate
solely to the aforementioned materials, Medarex shall, without additional compensation and at Medarex's sole expense, deliver to Celldex copies of such materials. In the event that Medarex does not
agree with respect to any of the items on such Schedule 2.5.1, Medarex shall so notify Celldex and the Parties shall discuss in good faith an
appropriate resolution to such disagreement. Notwithstanding the foregoing, Medarex agrees that where a dispute is as to whether a requested item relates "solely" to the aforementioned materials,
Medarex shall be entitled to withhold during such good faith negotiations only those materials the 

9

 

relationship
of which are in dispute. Where the Parties are not able to agree, the provisions of Section 10.4 shall apply. 

        2.5.2    Within ten (10) business days after the Effective Date, Celldex shall provide to Medarex a schedule, to be
attached hereto as Schedule 2.5.2, of the laboratory notebooks, reports and other written materials relating to both (x) any of the
Antibody Targeting Technology, the Anti-Mannose Receptor HuMAb Antibodies, the Biological Materials and/or the Licensed Antibodies, and (y) any other Medarex projects. Medarex shall
consider the contents of such Schedule 2.5.2 in good faith and if Medarex agrees that the contents of such schedule do relate to any of the
Antibody Targeting Technology, the Anti-Mannose Receptor HuMAb Antibodies, the Biological Materials and/or the Licensed Antibodies, Medarex shall, without additional compensation and at
Medarex's sole expense, deliver to Celldex copies of such materials in redacted form. In the event that Medarex does not agree with respect to any of the items on such  Schedule 2.5.2, Medarex shall
so notify Celldex and the Parties shall discuss in good faith an appropriate resolution to such disagreement. Where
the Parties are not able to agree, the provisions of Section 10.4 shall apply. 

        2.5.3    Medarex shall provide Celldex with access, during normal business hours, on each day of the ten (10)-day
periods described in Sections 2.5.1 and 2.5.2, to such of the offices and records of Medarex and its Affiliates as may be reasonably necessary to permit Celldex to prepare  Schedule 2.5.1 and
Schedule 2.5.2. 

        2.5.4    Medarex shall maintain the original unredacted versions of all of the laboratory notebooks and other written materials
set forth on Schedule 2.5.1 and Schedule 2.5.2 in secure storage either at the Medarex
facility or another secure site until the third anniversary of the Effective Date; provided, that, in the case of the foregoing Sections 2.5.1
and 2.5.2, if after the third anniversary Medarex does not wish to maintain secure storage of such original laboratory notebooks or other written materials, then it shall so notify Celldex, and
Celldex may (but shall not be obligated to) request that Medarex, at Medarex's choice and at Celldex's cost, either (x) maintain such original laboratory notebooks or other written materials in
such secure storage facilities or (y) transfer such original laboratory notebooks or other written materials to Celldex. In the event that Celldex provides Medarex with written notice that it
requires copies of any redacted portion of any original laboratory notebooks or other written materials held by Medarex for purposes of Patent-related activities, including, Patent prosecution,
maintenance, enforcement, conduct of interferences or defense with respect to the Antibody Targeting Patents, or other legal activities, Medarex will make such redacted portion available for
inspection for the sole purpose for which such materials are requested; provided, that (A) the inspection is an in camera inspection by a judge,
government official or independent Third Party, or is pursuant to an appropriate protective order or confidentiality agreement governing the confidentiality of such materials, in each case which, in
Medarex's sole opinion and discretion, would not impair Medarex's rights in the confidential information contained therein that is unrelated to the any of the Antibody Targeting Technology, the
Anti-Mannose Receptor HuMAb Antibodies, the Biological Materials and/or the Licensed Antibodies, and (B) such inspection be on such other terms so as not to violate the terms of any
agreement between Medarex and a Third Party. 

        2.5.5    The Parties acknowledge and agree that the materials provided to Celldex pursuant to this Section 2.5 are
provided by Medarex "as is" and that Medarex makes no representations or warranties of any kind, either express or implied, with respect to such materials including warranties of merchantability or
fitness for a particular purpose, or that the use of such materials will not infringe any Patent, copyright, trademark or other proprietary rights;  provided, that the foregoing shall in no way limit
Medarex's representations and warranties set forth in Section 9.3. 

10

 

        2.6    Technical Assistance.    Medarex shall cooperate with any and
all reasonable requests for assistance from Celldex regarding the materials, information and documents transferred to Celldex pursuant to Sections 2.2.3, 2.4 and 2.5 for two (2) years following
the Effective Date. Celldex shall pay Medarex for such cooperation and activities with respect thereto at the hourly rate (including a reasonable allocation for payroll taxes, health insurance, and
other standard fringe benefits) of the Medarex employee performing such activities plus an additional ten percent (10%) surcharge with respect to such hourly rate. Such cooperation shall include
making Medarex's employees available upon reasonable notice during normal business hours at Medarex's place of business or other mutually agreed location to consult with Celldex on issues arising with
respect to such materials, information and documents. Medarex will use its reasonable efforts to arrange for consultants and other scientific staff to be available to consult with Celldex at such
consultants' then current hourly rates, to be paid by Celldex. 

        2.7    Further Assurances with Respect to the Celldex Focus
Area.    The Parties agree that, as of the Effective Date, Celldex is focused on the research, development and commercialization of (i) therapeutic vaccines
that modulate a patient's natural immune response to tumor or disease related proteins, by delivering such proteins directly to dendritic cells or macrophages and (ii) immunomodulatory products
that modulate the activities of dendritic cells and macrophages for the treatment of autoimmune diseases, infectious diseases or cancer (the "Celldex Focus
Area"). The Parties acknowledge that this Agreement, including the list and details of the Assigned Assets and the Schedules hereto, is a good faith effort by the Parties under
the circumstances to identify, as of the Effective Date, all items and rights to be assigned or licensed to Celldex by Medarex hereunder with respect to the Celldex Focus Area, but that such effort
may be incomplete or may be over-inclusive or under-inclusive with respect to such assignments and licenses. In the event that, at any time and from time to time during the
twenty-four (24) month period after the Effective Date, (a) Celldex in good faith identifies additional items (including Biological Materials) or rights within the Celldex
Focus Area that were owned or controlled by Medarex as of the Effective Date and that Celldex believes should have been assigned, licensed or physically transferred to Celldex by Medarex pursuant to
this Agreement but which were not so assigned, licensed or physically transferred, or (b) Medarex determines in good faith that it requires items or rights outside the Celldex Focus Area, which
items or rights were assigned, exclusively licensed or physically transferred (and, in the case of physical transfer, no original or copy remains with Medarex from which Medarex can produce
duplicates) to Celldex pursuant to this Agreement, then, in the case of either (a) or (b), the applicable Party shall notify the other Party in writing with respect to the relevant items or rights,
providing in such notice a detailed explanation and the requested resolution with respect to such items or rights. Thereafter, the Parties shall negotiate in good faith an appropriate outcome with
respect to the identified items or rights; provided, that in any event any return or grant back to Medarex by Celldex must first be approved by Celldex's Conflict of Interest Committee (or such other
committee as is comprised solely of independent directors); and provided, further, that in the event
that the Parties are unable to agree upon such appropriate outcome, then the non-requesting Party shall have the right to make the final determination with respect to the resolution of
such request. For avoidance of doubt, the definition and use of the term "Celldex Focus Area" is strictly for purposes of this Section 2.7 and shall not be deemed to limit in any way any grant
hereunder or any ability of Celldex to engage in its business after the Effective Date. 

ARTICLE 3  

 LICENSES TO CELLDEX; RETAINED RIGHTS.  

        3.1    Licensed Products.    

        3.1.1    Subject to the terms and conditions of this Agreement, Medarex hereby grants to Celldex an exclusive, worldwide,
royalty-free (with respect to Medarex) license, with the right to 

11

 

sublicense
as provided in Section 3.8.1, under the Medarex Technology to research, develop, make, have made, use, sell, offer for sale and import Licensed Royalty-Free Products
solely in the Antibody Targeting Technology Field. The Parties acknowledge and agree that (i) the license granted pursuant to this Section 3.1.1 is granted solely under the Medarex
Technology and (ii) Celldex has sole responsibility to obtain from Third Parties any rights that it may require with respect to the Patents and other intellectual property that covers the
Licensed Royalty-Free Antibodies and the process by which such Licensed Royalty-Free Antibodies were created. 

        3.1.2    Subject to the terms and conditions of this Agreement, Medarex hereby grants to Celldex an exclusive, worldwide,
royalty-bearing (as set forth in Article 4) license, with the right to sublicense as provided in Section 3.8.1, under the HuMAb Technology and the Medarex Technology to research,
develop, make, have made, use, sell, offer for sale and import (a) Licensed Royalty-Bearing Products solely in the Antibody Targeting Technology Field and (b) Anti-Mannose
Products. 

        3.2    Hybridoma Cell Lines; Research License.    

        3.2.1    Medarex hereby grants to Celldex an exclusive, worldwide, royalty-free license, with the right to
sublicense as provided in Section 3.8.1, under the HuMAb Technology to research, make,
have made, transfer physical possession of (but not to sell, lease, offer to sell or lease, or otherwise transfer title to) the Hybridoma Cell Lines. 

        3.2.2    Medarex hereby grants to Celldex a non-exclusive, worldwide, royalty-free license, with the
right to sublicense as provided in Section 3.8.1, under the Research Patent to conduct research. 

        3.3    Research Antibodies.    

        3.3.1.1    License.    Subject to the terms and conditions of this
Agreement, Medarex hereby grants to Celldex an exclusive, worldwide, royalty-free license, without the right to sublicense, under the HuMAb Technology and the Medarex Technology to use the
Research Antibodies for the sole purpose of determining the antigen with respect to which each Research Antibody was raised. The process by which Celldex will make such determination shall be as set
forth on Appendix E. 

        3.3.1.2    Mannose Antigen Determination.    In the event that Celldex
determines pursuant to the process set forth on Appendix E that the antigen against which a Research Antibody was raised is the mannose receptor
antigen, such antibody shall no longer be deemed a Research Antibody, but, subject to Section 3.4, shall be deemed an Anti-Mannose Receptor Antibody. 

        3.3.1.3    Other Antigen Determination.    In the event that Celldex
determines pursuant to the process set forth on Appendix E the antigen against which a Research Antibody was raised (each, a
"Research Antibody Target") and such Research Antibody Target is not the mannose receptor antigen, Celldex shall have the right to request that Medarex
determine availability of an antibody-exclusive commercial license pursuant to Section 3.4. In the event that (i) such license is available with respect to such Research Antibody and
(ii) the right to use the applicable Research Antibody Target with the HuMAb Technology does not conflict with any right previously granted by Medarex, then Medarex does hereby grant to
Celldex, subject to the terms and conditions of this Agreement, an antibody-exclusive, antigen-nonexclusive, worldwide, royalty-bearing (as set forth in Article 4) license, with the right to
sublicense as provided in Section 3.8, under HuMAb Technology and the Medarex Technology to make, have made, use, sell, offer for sale and import Licensed Products comprising such Research
Antibody in the Antibody Targeting Technology Field. 

        3.4    HuMAb Technology License Availability.    In the event Celldex
desires to obtain an assignment of a given Anti-Mannose Receptor HuMAb Antibody pursuant to Section 2.2.2 or 3.3.1.2 or a license to a given Research Antibody pursuant to
Section 3.3.1.3, Celldex shall provide Medarex with 

12

 

a
detailed written description of [*****] and such other information as Medarex may reasonably request. Within thirty (30) days of receipt of all such information,
Medarex shall determine whether or not it can effect such assignment or license. Medarex shall not be obligated to effect a requested assignment or license only if, at the time the assignment or
license is requested by Celldex, Medarex is (i) already conducting an internal program with respect to such antigen or antibody (either alone or with a collaborator), (ii) in discussions
with a Third Party in good faith to obtain or grant exclusive rights to such antigen or antibody, or (iii) legally prohibited from granting such assignment or license, whether pursuant to a
Third Party agreement or otherwise. 

        3.5    Covenant Not to License or Use; Medarex Option.    

        3.5.1    Notwithstanding anything to the contrary in this Agreement and notwithstanding any rights Medarex may have to do so,
[*****] Medarex has granted a license to Celldex with respect to such Research Antibody pursuant to Section 3.3.1.3, Medarex agrees that it will not thereafter license
to any Third Party, use or permit any of its Affiliates to use such Research Antibody outside the Antibody Targeting Technology Field (it being understood that Celldex has exclusive rights thereto in
the Antibody Targeting Technology Field). 

        3.5.2    In the event that a claim issues in [*****], including any divisionals, continuations,
continuation-in-parts, reissues and/or reexaminations of the foregoing, and/or any foreign counterpart applications of the foregoing, (the "Option
Patents"), then Celldex shall promptly thereafter notify Medarex of such claim issuance, including a copy of the issued claim and any file history relating thereto. Any claim
issuing from the Option Patents, whether composition or method, which is not specifically and solely directed to (i) the mannose receptor, including claims reciting mannose receptor
antibody(ies), fragments and sequences, or (ii) an antibody, or fragment thereof, whereby the antibody or fragment serves as a targeting means with respect to an Antigen-Presenting Cell for the
purpose of modulating an immune response in the manner described in clause (a) or (c) of Section 1.5, shall be deemed to be an "Option
Claim". Celldex hereby grants to Medarex an option to obtain a worldwide, non-exclusive, royalty-free, fully paid up license, with the right to
sublicense, under the Option Patents to research, develop, make, use, sell, offer for sale, and import any product falling under an Option Claim, other than a product described by clause (i) or
(ii) above. If Medarex elects, in its sole discretion, to exercise such option, Medarex shall notify Celldex of such election and upon the providing of such notice, Celldex shall automatically be
deemed to grant such license to Medarex. Notwithstanding the foregoing, Medarex may not exercise an option, and shall not be entitled to a license hereunder, with respect to a claim in the Option
Patents to the extent such claim is a composition of matter claim that specifically and solely claims the amino acid sequence of a single specific antibody. 

        3.6    Future Medarex Antigens.    In the event that, before the third
anniversary of the Effective Date, Medarex in-licenses rights with respect to antigens, which in-license expressly states and includes "vaccine rights", then within thirty
(30) days of in-licensing such rights, Medarex shall provide written notice to Celldex of such event unless Medarex is prohibited from providing such notice and, unless Medarex is
prohibited from doing so, and, if mutually agreed to by the Parties in accordance with the provisions of this Section 3.6, Medarex shall grant rights within the Antibody Targeting Technology
Field to Celldex with respect to such antigens, pursuant to the terms of any Third Party agreement under which Medarex has licensed such rights. Within fifteen (15) days of receiving such
notice, Celldex shall provide written notice to Medarex whether it desires to negotiate with respect to such rights within the Antibody Targeting Technology Field. In the event that Celldex does so
desire, the Parties 

*****REPRESENTS
CONFIDENTIAL PORTION WHICH HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED
PORTIONS. 

13

 

thereafter
shall negotiate in good faith the terms pursuant to which Medarex may grant an exclusive or non-exclusive, royalty-bearing license to Celldex with respect to the applicable
antigen in the Antibody Targeting Technology Field. 

        3.7    Existing Grants; No Other Rights.    

        3.7.1    Celldex acknowledges and agrees that, pursuant to the terms of the Cross License Agreement, Medarex has granted a
non-exclusive license under certain Medarex patents to develop and commercialize antibody products with respect to antigens, which antibody product(s) could comprise the same antibody(ies)
as a Licensed Antibody(ies) hereunder. 

        3.7.2    Other than the rights expressly granted under this Agreement, Celldex and its Affiliates shall have no other right,
express or implied, under the HuMAb Technology, the Medarex Patents, or any other technology Controlled by Medarex, and Medarex shall retain for itself all such rights. 

        3.8    Sublicenses.    

        3.8.1    Subject to Section 3.8.2, Celldex may grant sublicenses under the licenses granted to Celldex in
Sections 3.1, 3.2 and 3.3 to the extent necessary to research, develop, make, have made, use, sell, offer for sale or import Licensed Royalty-Free Products and Royalty-Bearing
Products; provided, that within ten (10) days of the date any such sublicense is executed, Celldex shall provide Medarex with at least the
following information with respect to each such Sublicensee: (a) the identity of the Sublicensee, (b) a description of the Licensed Royalty-Free Products and Royalty-Bearing
Product and the rights being granted to the Sublicensee, and (c) the territory in which the Licensed Royalty-Free Products and Royalty-Bearing Product will be sold. Each sublicense
granted by Celldex shall be consistent with and subject to all the terms and conditions of this Agreement. Celldex shall remain responsible to Medarex for the compliance of each such Sublicensee with
the applicable financial, confidentiality and other obligations due under this Agreement; provided, that with respect to obligations of confidentiality
and indemnification, Celldex shall use commercially reasonable efforts to have such Sublicensee and Medarex enter into a direct mutual obligation. 

        3.8.2    The Parties recognize that, pursuant to the Cross License Agreement, Medarex may not grant Celldex the right to
directly grant sublicenses under certain HuMAb Technology that is covered by the Cross License Agreement to sell, lease, and offer for sale or lease Royalty-Bearing Products. So long as such
provisions are in effect, if Celldex grants or desires to grant a sublicense to a particular Sublicensee under the HuMAb Technology pursuant to Sections 3.1, 3.2 or 3.3 to sell, lease, and
offer for sale or lease a particular Royalty-Bearing Product, then Medarex shall enter into an agreement with such Sublicensee which grants a direct license to such Sublicensee under such of the HuMAb
Technology that is covered by the Cross License Agreement to sell, lease, and offer for sale or lease such Royalty-Bearing Product on the same terms and conditions as the sublicense granted by or
desired to be granted by Celldex to such Sublicensee ("Direct Sublicense Agreement"); provided, that
each such Direct Sublicense Agreement granted by Medarex shall: (a) be consistent with all the terms and conditions of this Agreement, (b) provide that all performance obligations of
such Sublicensee, including with respect to development and commercialization of Royalty-Bearing Products and payment of amounts owing under the sublicense granted to such Sublicensee by Celldex,
shall be owed to Celldex and not to Medarex, (c) not conflict with any of the rights granted under this Agreement, (d) provide that Celldex is a third party beneficiary under such Direct
Sublicense Agreement, with the right, at Celldex's expense, to enforce the terms and conditions of such Direct Sublicense Agreement against such Sublicensee, including the right to collect all monies
due to Celldex from such Sublicensee under such Direct Sublicense Agreement, and (e) be subject to Celldex's approval, such approval not to be unreasonably withheld. Further, it is understood
and agreed by Celldex that, in such sublicense granted by Celldex to such Sublicensee, Celldex shall make the rights related to such certain 

14

 

HuMAb
Technology granted by Medarex to Celldex subject to such direct license granted by Medarex to such Sublicensee, to the extent necessary such that the rights granted by Medarex to Celldex
hereunder shall not be in conflict with the rights granted to such Sublicensee by Medarex under this Section 3.8.2. 

ARTICLE 4

FINANCIAL PROVISIONS  

        4.1    Payments to Medarex.    

        4.1.1    Royalty Obligation.    Subject to Section 4.2, with
respect to each Royalty-Bearing Product, Celldex shall pay to Medarex a royalty on annual (based on a calendar year) aggregate worldwide Net Sales of Royalty-Bearing Products on a Royalty-Bearing
Product-by-Royalty-Bearing Product basis as follows: 

	 
	 	Annual Net Sales per

Royalty-Bearing Product
	 	Royalty Rate

	Portion of Annual Net Sales	 	í*****]	 	 
	Portion of Annual Net Sales	 	[*****]	 	 

        4.1.2    Third Party Payments.    Celldex shall be responsible for the
payment of any royalties, license fees and milestone and other payments due to (i) upstream licensors of Medarex, to the extent such obligation is disclosed to Celldex in a Third Party
agreement provided by Medarex to Celldex on or before or within thirty (30) days after the Effective Date, and (ii) Third Parties under license agreements for intellectual property
licensed to Celldex by a Third Party, in the case of either clause (i) or clause (ii) under a sublicense or license that is required to make, have made, use, sell, offer for sale and
import Licensed Products or Anti-Mannose Products; provided, however, that Medarex shall be solely responsible for any payments and
royalties owed to the Medical Research Council, with respect to Royalty-Bearing Products, pursuant to that certain License Agreement dated as of October 1, 1993, as amended on August 12,
1994 and on April 19, 2002, by and among the Medical Research Council Institute of Animal Physiology and Genetics Research of Babraham Hall, Marianne Bruggemann and GPI (the
"MRC Agreement"). 

        4.2    Royalty Rates and Term.    

        4.2.1    Royalty Term for Licensed Royalty-Bearing Products.    With
respect to the royalty rates for Licensed Royalty-Bearing Products, the Parties acknowledge and agree that the Patent rights and Know-How licensed pursuant to this Agreement justify
royalty rates of differing amounts with respect to sales of such Licensed Royalty-Bearing Products, which rates could be applied separately to Licensed Royalty-Bearing Products involving the exercise
of such Patent rights and/or the incorporation of such Know-How, and that if such royalties were calculated separately, royalties relating to Patent rights and royalties relating to
Know-How would last for different terms. The Parties have determined in light of such considerations and for reasons of convenience that blended royalty rates for the Patent rights and the
Know-How licensed hereunder will apply during a single royalty term (which blended royalty rates would be advantageous to both Parties). Consequently, the Parties have agreed to adopt the
royalty rates set forth in Section 4.1.1 hereof with respect to such products. The royalties due pursuant to Section 4.1.1 shall be payable on a
country-by-country and Licensed Royalty-Bearing Product-by-Licensed Royalty-Bearing Product basis until the date which is the later of: (a) the
expiration of the last to expire of the Valid Claims under the HuMAb Patents and the Medarex Patents, as applicable, covering the Licensed Royalty-Bearing Product in each country of sale of such
Licensed Royalty-Bearing Product (such expiration to occur only after expiration of extensions of any nature to such Patents which may be obtained under applicable statutes or regulations in the
respective countries, such as the Drug Price 

*****REPRESENTS
CONFIDENTIAL PORTION WHICH HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED
PORTIONS. 

15

 

Competition
and Patent Term Restoration Act of 1984 in the U.S.A. and similar Patent extension laws in other countries) to the extent that the sale of such Licensed Royalty-Bearing Product would, but
for such license, infringe such Valid Claim, and (b) the tenth anniversary of the First Commercial Sale of such Licensed Royalty-Bearing Product in such country. Upon expiration of the royalty
term with respect to a Licensed Royalty-Bearing Product in a country (other than as a result of the early termination of this Agreement), and payment to Medarex of all amounts due under this Agreement
with respect to such Licensed Royalty-Bearing Product in such country, the applicable grants under Article 3 with respect to such Licensed Royalty-Bearing Product in such country shall become
non-exclusive and fully paid-up. 

        4.2.2    Royalty Term for Anti-Mannose Products.    In
consideration for the transfer of the Anti-Mannose Receptor HuMAb Antibodies to Celldex by Medarex as part of the Assigned Assets, the Parties have agreed to adopt the royalty rates set
forth in Section 4.1.1 hereof with
respect to the Anti-Mannose Products. The royalties due pursuant to Section 4.1.1 shall be payable on a country-by-country and Anti-Mannose
Product-by-Anti-Mannose Product basis until the date which is the later of: (a) the expiration of the last to expire of the Valid Claims under the HuMAb
Patents and the Antibody Targeting Patents, as applicable, covering the Anti-Mannose Product in each country of sale of such Anti-Mannose Product (such expiration to occur only
after expiration of extensions of any nature to such Patents which may be obtained under applicable statutes or regulations in the respective countries, such as the Drug Price Competition and Patent
Term Restoration Act of 1984 in the U.S.A. and similar Patent extension laws in other countries) to the extent that the sale of such Anti-Mannose Product would, but for such license,
infringe such Valid Claim, and (b) the tenth anniversary of the First Commercial Sale of such Anti-Mannose Product in such country. Upon expiration of the royalty term with respect
to an Anti-Mannose Product in a country (other than as a result of the early termination of this Agreement), and payment to Medarex of all amounts due under this Agreement with respect to
such Anti-Mannose Product in such country, no further royalties or payments of any kind with respect to such Anti-Mannose Product shall be due hereunder. 

        4.2.3    Pending Patent Applications.    The Parties acknowledge that
Medarex has filed, and during the Term might file additional, applications for patents that, upon issuance, would constitute a Medarex Patent, Antibody Targeting Patent or HuMAb Patent. In respect of
any such application that was prosecuted in good faith and for which a patent issues during the Term, the claims included in such issued patent (a "Subject
Patent") shall, to the extent otherwise meeting the criteria set forth in the definition of Valid Claim, be deemed "Valid
Claims" for purposes of computing royalties hereunder, commencing on the date of issuance of the Subject Patent. In addition, where Celldex would have owed additional royalties
to Medarex hereunder for the period commencing on the filing date to which the application for a Subject Patent was entitled and ending on the date of issuance of the Subject Patent had the claims
included in such Subject Patent been deemed Valid Claims from such filing date, then any such additional royalties shall be due retroactively from Celldex to Medarex in respect of such claims. Medarex
shall promptly notify Celldex of the issuance of any Subject Patent, and Celldex shall calculate and pay within ninety (90) days following such notice any retroactive royalties payable under
this Section 4.2.3 in respect of such Subject Patent, such payment to include interest at the then-current rate for a one-year U.S. Treasury Bill. 

        4.3    Royalty Payments.    Running royalties due pursuant to
Section 4.1.1 shall be payable on a quarterly basis, within forty-five (45) days after the end of each Calendar Quarter, based upon the Net Sales during such Calendar
Quarter, commencing with the Calendar Quarter in which the first sale of a Royalty-Bearing Product is made. Royalties shall be calculated in accordance with GAAP and with the terms of this
Article 4. Only one royalty payment will be due on Net Sales of a given Royalty-Bearing Product even though the manufacture, sale or use of such Royalty-Bearing Product may be covered by more
than one intellectual property right in a country or more than one Valid Claim, or may use both Patents and Know-How. 

16

   
        4.4    Royalty Statements.    Celldex shall deliver to
Medarex within
forty-five (45) days after the end of each Calendar Quarter in which Royalty-Bearing Products, for which Celldex owes a royalty hereunder, are sold, a detailed statement showing
(a) Net Sales of each such Royalty-Bearing Product on a country-by-country basis during the applicable Calendar Quarter, and (b) the amount and calculation of
royalties due on such Net Sales. 

        4.5    Payment Method.    All amounts due by Celldex hereunder shall
be paid in U.S. dollars by wire transfer in immediately available funds to an account designated by Medarex. Any payments or portions thereof due hereunder which are not paid on the date such payments
are due under this Agreement and not subject to good faith dispute, shall bear interest at a rate equal to the lesser of the prime rate as published in The Wall Street Journal, Eastern Edition, on the
first day of each calendar quarter in which such payments are overdue, plus one and one half (1.5) percentage points, or the maximum rate permitted by law, calculated on the number of days such
payment is delinquent. 

        4.6    Currency; Foreign Payments.    If any currency conversion shall
be required in connection with any payment hereunder, such conversion shall be made by using the exchange rate for the purchase of U.S. dollars as published in The Wall Street Journal, Eastern
Edition, on the last business day of the calendar quarter to which such royalty payments relate. 

        4.7    Taxes.    All royalty amounts required to be paid to Medarex
pursuant to this Agreement may be paid with deduction for withholding for or on account of any taxes (other than taxes imposed on or measured by net income) or similar governmental charge imposed by a
jurisdiction other than the United States ("Withholding Taxes"). At Medarex's request, Celldex shall provide Medarex a certificate evidencing payment of
any Withholding Taxes hereunder and shall reasonably assist Medarex to obtain the benefit of any applicable tax treaty. 

        4.8    Records Retention; Audit.    

        4.8.1    Record Retention.    Celldex shall maintain (and shall ensure
that its Affiliates and Sublicensees shall maintain) complete and accurate books, records and accounts that fairly reflect their respective Net Sales of Licensed Products in sufficient detail to
confirm the accuracy of any payments required hereunder and in accordance with GAAP, which books, records and accounts shall be retained by Celldex (and such Affiliates and Sublicensees) until the
later of (a) three (3) years after the end of the period to which such books, records and accounts pertain, and (b) the expiration of the applicable tax statute of limitations (or
any extensions thereof), or for such longer period as may be required by applicable law. 

        4.8.2    Audit.    Medarex shall have the right to have an independent
certified public accounting firm, reasonably acceptable to Celldex, have access during normal business hours, and upon reasonable prior written notice, to such of the records of Celldex (and its
Affiliates and Sublicensees) as may be reasonably necessary to verify the accuracy of such Net Sales for any Calendar Quarter ending not more than thirty-six (36) months prior to
the date of such request; provided, that Medarex shall not have the right to conduct more than one such audit in any twelve (12)-month period nor to
audit any particular Calendar Quarter more than one time. The accounting firm shall disclose to each Party whether such Net Sales are correct or incorrect and the specific details concerning any
discrepancies. No other information shall be provided to Medarex. Medarex shall bear the cost of such audit unless the audit reveals a variance of more than five percent (5%) from the reported results
for the entire period audited, in which case Celldex shall bear the cost of the audit. The results of such accounting firm shall be final, absent manifest error. 

        4.8.3    Payment of Additional Royalties; Credit.    If, based on the
results of such audit, additional payments are owed by Celldex under this Agreement, Celldex shall make such additional payments within forty-five (45) days after the date on which
such accounting firm's 

17

 

written
report is delivered to Celldex. If such audit shows that Celldex has overpaid royalties to Medarex, then Celldex shall have the right to credit such amounts from Medarex. 

        4.9    Confidentiality.    Medarex shall treat all information subject
to review under Section 4.8, but not the reported results of such review, as Celldex's Confidential Information protected in accordance with the confidentiality provisions of Article 5.
Medarex shall cause its accounting firm to enter into with Celldex a confidentiality agreement reasonably acceptable to Celldex obligating such firm to maintain all such financial information in
confidence pursuant to such confidentiality agreement. 

        4.10    Reports to Medarex.    During the Term, Celldex shall keep
Medarex informed of its development and commercialization activities subject to this Agreement with respect to Royalty-Bearing Products, including the filing of an IND or the initiation of a clinical
trial, and on January 31 of each year shall provide Medarex with a reasonably detailed written summary of such events and activities in the preceding year. 

        4.11    [*****]    All royalties
[*****] during the period in which a [*****] 

ARTICLE 5  

 CONFIDENTIALITY  

        5.1    Confidential Information.    Except as expressly provided
herein, the Parties agree that for the Term and for five (5) years thereafter, the receiving Party shall keep completely confidential and shall not publish or otherwise disclose and shall not
use for any purpose except as expressly provided in Section 5.2 any Confidential Information of the other Party, except to the extent that it can be established by the receiving Party by
competent proof that such Confidential Information: 

        5.1.1    was already known to the receiving Party, other than under an obligation of confidentiality, at the time of disclosure; 

        5.1.2    was generally available to the public or otherwise part of the public domain at the time of its disclosure to the
receiving Party; 

        5.1.3    became generally available to the public or otherwise part of the public domain after its disclosure and other than
through any act or omission of the receiving Party in breach of this Agreement; 

        5.1.4    was independently developed by the receiving Party as demonstrated by documented evidence prepared contemporaneously
with such independent development; or 

        5.1.5    was subsequently lawfully disclosed, other than under an obligation of confidentiality, to the receiving Party by a
Person other than a Party hereto. 

        5.2    Permitted Use and Disclosures.    Each Party hereto may use or
disclose information disclosed to it by the other Party to the extent such use or disclosure is reasonably necessary in complying with applicable governmental regulations or otherwise submitting
information to tax or other governmental authorities, conducting clinical trials, or making a permitted sublicense or otherwise exercising its rights hereunder;  provided, that if a Party is required to
make any such disclosure of the other Party's Confidential Information, other than pursuant to a
confidentiality agreement, it shall (a) give reasonable advance notice to the latter Party of such disclosure, (b) if such advance notice is not possible, provide notice of such
disclosure immediately thereafter, (c) to the extent possible, minimize the extent of such disclosure, and (d) save to the extent inappropriate in the case of patent applications, use
all reasonable efforts to secure confidential treatment of such information 

*****REPRESENTS
CONFIDENTIAL PORTION WHICH HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED
PORTIONS. 

18

 

prior
to its disclosure (whether through protective orders or otherwise), it being understood that any information so disclosed shall otherwise remain subject to the limitations on use and disclosure
hereunder. 

        5.3    Public Disclosure.    Except as otherwise required by law, rule
or regulation, neither Party shall issue a press release or make any other public disclosure of this Agreement or the terms hereof without the prior written approval of the other Party of such press
release or public disclosure and the content thereof; provided, that the Parties agree that disclosures of information for which consent has been
previously obtained and of information of a similar nature to that which has been previously disclosed publicly with respect to this Agreement, each shall not require advance approval; and  provided,
further, that, with prior notice to Celldex, Medarex may make a public disclosure with respect
to the specific stage of development of each Licensed Product as stated in the contents of the report provided to Medarex by Celldex pursuant to Section 4.10. Each Party shall submit any press
release or public disclosure requiring the other Party's approval to the other Party, and the receiving Party shall have three (3) business days to review and approve any such press release or
public disclosure, which approval shall not be unreasonably withheld. If the receiving Party does not respond in writing within such three (3) business day period, the press release or public
disclosure shall be deemed approved. In addition, if a public disclosure is required by law, rule or regulation, including in a filing with the Securities and Exchange Commission, other than a filing
on Form 10K or Form 10Q, the disclosing Party shall provide copies of the disclosure reasonably in advance of such filing or other disclosure for the nondisclosing Party's prior review
and comment and the Parties shall thereafter mutually agree upon the extent and nature of any such disclosures, such agreement not to be unreasonably withheld. 

        5.4    Use of Name.    Each Party may use the name, insignia, symbol,
trademark, trade name or logotype of the other Party only (a) in connection with announcements and other permitted disclosures relating to this Agreement and the activities contemplated hereby,
including public disclosures by Medarex pursuant to Section 5.3, (b) in public disclosures regarding the equity interest that Medarex has in Celldex, (c) as required by applicable
law, and (d) otherwise as agreed in writing by such other Party. 

        5.5    Confidential Terms.    Except as expressly provided herein,
each Party agrees not to disclose this Agreement or any terms hereof to any Third Party without the consent of the other Party; except that such consent shall not be required for disclosure to actual
or prospective investors or to a Party's accountants, attorneys and other professional advisors. In addition, the terms of this Agreement may be disclosed pursuant to confidentiality obligations at
least as strict as are set forth herein, to actual or potential Sublicensees and actual or potential acquirors or acquirees. 

        5.6    Publications.    Subject to any Third Party rights existing as
of the Effective Date, Medarex shall submit to Celldex for review and approval all proposed academic, scientific and medical publications and public presentations relating to any Licensed Product or
Anti-Mannose Product containing HuMAb Technology or Medarex Technology for review in connection with preservation of Patent rights and trade secrets and/or to determine whether
Confidential Information should be modified or deleted from the proposed publication or public presentation. Written copies of such proposed publications and presentations shall be submitted to
Celldex no later than sixty (60) days before submission for publication or presentation and Celldex shall provide its comments with respect to such publications and presentations within thirty
(30) days of its receipt of such written copy. The review period may be extended for an additional thirty (30) days if Celldex can demonstrate a reasonable need for such extension
including the preparation and filing of patent applications. By written agreement, this period may be further extended. Medarex will comply with standard academic practice regarding authorship of
scientific publications and recognition of contribution of other Persons in any publications relating to any Licensed Product or Anti-Mannose Product. 

19

 

ARTICLE 6  

 INTELLECTUAL PROPERTY; REGULATORY  

        6.1    Intellectual Property Ownership.    

        6.1.1    Ownership of Technology.    Subject to this
Section 6.1, each Party shall own and retain all right, title and interest in and to any and all intellectual property generated by or on behalf of such Party in the exercise of a right granted
to such Party hereunder. 

        6.1.2    Ownership of Medarex Patents and Antibody Targeting
Patents.    As between the Parties, Medarex shall own and retain all right, title and interest in and to all Medarex Patents, and Celldex shall own
and retain all right, title and interest in and to all Antibody Targeting Patents, in each case together with the Know-How disclosed or claimed therein. 

        6.1.3    Ownership of HuMAb Technology.    

        6.1.3.1    As between the Parties, Medarex shall own and retain all right, title and interest in and to all HuMAb Technology,
including the HuMAb Mice. 

        6.1.3.2    Celldex acknowledges and agrees that (a) except as set forth in Sections 3.1.2, 3.2.1, 3.3.1.1 and
3.3.1.3,, there are no licenses granted to Celldex under this Agreement with respect to the HuMAb Technology, (b) Celldex has no right under this Agreement to use for any purpose any Mice
Materials other than (i) the Antibody Materials included in the Biological Materials and (ii) any Improvements thereto made by or on behalf of Celldex or its Affiliates or Sublicensees,
in each case ((i) and (ii)) solely in accordance the license grants set forth in Sections 3.1.2, 3.2.1, 3.3.1.1 and 3.3.1.3, and (c) except as expressly provided in clause (b),
Celldex has no right to discover, develop or otherwise make Improvements with respect to HuMAb Mice or the HuMAb Technology. Accordingly, neither Celldex nor any of its Affiliates, successors, or
permitted assignees, or their licensees or Sublicensees, will engage, directly or indirectly, in activities designed to, or otherwise undertake or attempt, either on behalf of itself or another, to
discover, develop or make any Improvements that relate to the HuMAb Mice or HuMAb Technology. 

        6.1.3.3    In light of the foregoing, Medarex shall own and retain all right, title and interest in and to all HuMAb Technology,
including any and all Improvements with respect to HuMAb Technology that are conceived, discovered, developed or otherwise made, as necessary to establish authorship, inventorship or ownership under
applicable law, by or on behalf of Celldex, its Affiliates, its successors or permitted assignees, or their licensees or Sublicensees, whether or not patented or patentable, and any and all Patent and
other intellectual property rights with respect thereto. Accordingly, Celldex shall promptly disclose to Medarex in writing, the conception or reduction to practice, or the discovery, development or
making of any HuMAb Technology and shall, and does hereby, assign, and shall cause its Affiliates, successors, and permitted assignees, and their licensees and Sublicensees, to so assign, to Medarex,
without additional compensation, all of their respective rights, title and interests in and to any such Improvements. 

        6.2    Medarex Patents and HuMAb Technology Patents.    Medarex shall
have the first right, at its expense, to prepare, file, prosecute and maintain the Medarex Patents and the sole right, at its expense, to prepare, file, prosecute and maintain the HuMAb Patents, and
in each case to conduct any interferences, reexaminations, reissues, oppositions, or request for Patent term extensions relating thereto. Medarex shall consult with Celldex, and consider in good faith
Celldex's comments, regarding all such activities with respect to the preparation, filing, prosecution and maintenance of the Medarex Patents and shall share with Celldex any correspondence and
communications with the Patent authorities relating to such Patents. In the event that (a) Medarex declines to file or, having filed, declines to further prosecute and maintain any Medarex
Patent, and (b) (i) no Third Party having rights 

20

 

to
file, prosecute or maintain such Medarex Patent pursuant to an agreement between such Person and Medarex elects to so file, prosecute or maintain such Medarex Patent or (ii) any Third Party
having rights to file, prosecute or maintain such Medarex Patent pursuant to an agreement between such Person and Medarex, having elected to so file, prosecute or maintain such Medarex Patent, fails
to actively and diligently pursue the same, then Medarex shall provide Celldex notice thereof prior to the expiration of any deadline relating to such activities, but in any event at least thirty
(30) days prior notice, Celldex shall have the right, but not the obligation, to file, prosecute and maintain such Medarex Patent and to conduct any interferences, reexaminations, reissues,
oppositions, or request for Patent term extension relating thereto, in each case at Celldex's expense, using counsel of its choice. 

        6.3    Antibody Targeting Patents.    Celldex shall have the sole
right, at its expense, to prepare, file, prosecute and maintain the Antibody Targeting Patents, and to conduct any interferences, reexaminations, reissues, oppositions, or request for patent term
extension relating thereto. Celldex shall own and retain all right, title and interest in and to all Antibody Targeting Technology, including any and all Improvements with respect thereto, that are
conceived, discovered, developed or otherwise made by or on behalf of Medarex, its Affiliates, its successors or permitted assignees, or their licensees or Sublicensees, whether or not patented or
patentable, and any and all Patent and other intellectual property rights with respect thereto. Accordingly, Medarex shall promptly disclose to Celldex in writing, the conception or reduction to
practice, or the discovery, development or making of any Antibody Targeting Technology and shall, and does hereby, assign, and shall cause its Affiliates, successors, and permitted assignees, and
their licensees and Sublicensees, to so assign, to Celldex, without additional compensation, all of their respective rights, title and interests in and to any such Improvements. 

        6.4    Third Party Litigation.    In the event that a Third Party
institutes a Patent infringement suit (including any suit alleging the invalidity or unenforceability of the Patents) against either Party or its respective Affiliates, licensees or permitted
Sublicensees during the Term, alleging that any activities hereunder, infringes one or more Patents, or other intellectual property rights held by such Third Party (an
"Infringement Suit"), the Parties shall cooperate with one another in defending such suit; provided,
that the Party responsible for directing and controlling the Infringement Suit (as provided hereinafter) shall reimburse the other Party for all reasonable costs and expenses incurred in rendering
such cooperation, including reasonable attorneys' fees. Medarex shall direct and control, at its sole cost and expense, any Infringement Suit with respect to the HuMAb Technology and the Medarex
Patents (including with respect to any inventions claimed or described therein). Celldex shall direct and control, at its sole cost and expense, any Infringement Suit with respect to the Antibody
Targeting Patents (including with respect to any inventions claimed or described therein). 

        6.5    Enforcement.    

        6.5.1    Rights and Procedures.    If Medarex or Celldex determines
that any of the HuMAb Technology, the Medarex Patents or the Antibody Targeting Patents are being infringed by a Third Party's activities and that such infringement could affect the exercise by the
Parties of their respective rights and obligations under this Agreement, it shall promptly notify the other Party in writing and provide such other Party with any evidence of such infringement that is
reasonably available. Promptly after the receipt of such written notice, the Parties shall meet and discuss in good faith the removal of such infringement. Medarex shall have the sole right, but not
the obligation, to pursue such Third Party with respect to infringement of the HuMAb Technology and the Medarex Patents. Celldex shall have the sole right, but not the obligation, to pursue such Third
Party with respect to the Antibody Targeting Patents. In either case, the pursuing Party shall consider in good faith any comments from the other Party and shall keep the other Party reasonably
informed of any steps taken to remove such infringement. 

        6.5.2    Cooperation.    The Party not enforcing the applicable
technology or Patents pursuant to Section 6.5.1 shall provide reasonable assistance to the other Party, at such other Party's expense, 

21

 

including
providing access to relevant documents and other evidence, making its employees available at reasonable business hours, and joining the action to the extent necessary to allow the enforcing
Party to maintain the action. 

        6.5.3    Recovery.    Any amounts recovered by a Party pursuant to
Section 6.5.1, whether by settlement or judgment, shall be used to reimburse the Parties for their reasonable costs and expenses in making such recovery (which amounts shall be allocated pro
rata if insufficient to cover the totality of such expenses), with any remainder being retained by the Party that has exercised its right to bring the enforcement action or, if such enforcement action
is jointly funded, such remainder shall be shared by the Parties based on their economic interests in the recovery. 

        6.6    Regulatory Issues.    Celldex shall have sole control over all
regulatory matters, including interfacing, corresponding and meeting with any regulatory authority, relating to the development and commercialization of Anti-Mannose Products and Licensed
Products. In connection with such products, at Celldex's reasonable request, (a) Medarex will provide appropriate rights of reference to Medarex filings with respect to regulatory submissions,
and (b) at Medarex's sole discretion and at Celldex's expense, Medarex will assist with regulatory submissions, review and approvals. 

ARTICLE 7  

 TERM AND TERMINATION  

        7.1    Term.    The term of this Agreement (the
"Term") shall commence upon the Effective Date and shall continue in effect until the expiration of Celldex's obligation to make any royalty payments
under this Agreement, at which time the licenses granted to Celldex hereunder shall (if they have not theretofore become so under Section 4.2) become fully paid-up and irrevocable. 

        7.2    Breach.    Any failure by a Party to comply with any of its
obligations contained herein shall entitle the Party not in breach to give to the Party in breach notice specifying the nature of the breach, requiring the breaching Party to make good or otherwise
cure such breach. If such breach is not cured within thirty (30) days after the receipt of such notice (or, if such breach cannot be cured within such thirty (30)-day period, if the
Party in breach does not commence actions to cure such breach within such period and thereafter diligently continue such actions or if such breach is not otherwise cured within ninety (90) days
after the receipt of such notice), the Party not in breach shall then be entitled to pursue the rights and remedies available to it by law or in equity. 

        7.3    Accrued Rights; Surviving Obligations.    

        7.3.1    Accrued Rights.    Expiration of this Agreement shall be
without prejudice to any rights that shall have accrued to the benefit of a Party prior to such expiration. Such expiration shall not relieve a Party from obligations that are expressly indicated to
survive the expiration of this Agreement. 

        7.3.2    Survival.    Articles 2, 4 (with respect to the last
sentence of 4.2.1 and to obligations arising prior to expiration or termination), 5 (in accordance with its terms), 6, 7, 8, 9 and 10, and Sections 3.3.1.2, 3.5.2 and 3.6 (in accordance with
its terms) shall survive the expiration or earlier termination of this Agreement. 

ARTICLE 8  

 INDEMNIFICATION  

        8.1    Indemnification of Medarex.    Celldex shall indemnify Medarex,
its Affiliates and their respective directors, officers, employees and agents, and defend and save each of them harmless, from and against any and all losses, damages, liabilities, costs and expenses
(including reasonable attorneys' fees and expenses) in connection with any and all liability, suits, investigations, claims or demands 

22

 

(collectively,
"Losses") arising from or occurring as a result of (a) any breach by Celldex of its representations, warranties, covenants or
obligations under this Agreement, (b) the failure of Celldex to assume, pay, perform and discharge any Assumed Liabilities, including any breach after the Effective Date of the Assigned
Contracts, or (c) the exercise of rights granted by or on behalf of Medarex under this Agreement, including any infringement or Third Party personal injury or damage to tangible personal
property resulting, in the case of each clause (a), (b) and (c) by or on behalf of Celldex or its Affiliates or Sublicensees. The foregoing obligation to indemnify, defend and save harmless
shall not apply to the extent of any Losses for which Medarex has an obligation to indemnify Celldex pursuant to Section 8.2. For any such Losses as to which each Party has an indemnification
obligation pursuant to the first sentences of Sections 8.1 and 8.2, each Party shall indemnify the other to the extent of the indemnifying Party's respective fault (a Party's fault being
defined by those categories for which it must indemnify the other Party pursuant to the first sentence of Section 8.1 or 8.2) for the Losses. 

        8.2    Indemnification of Celldex.    Medarex shall indemnify Celldex
and its Affiliates, directors, officers, employees and agents, and defend and save each of them harmless, from and against any and all Losses arising from or occurring as a result of (a) any
breach by Medarex of its representations, warranties, covenants and obligations under this Agreement, (b) the failure of Medarex to assume, pay, perform and discharge any Retained Liabilities,
including any breach prior to the Effective Date of the Assigned Contracts, or (c) the exercise of rights retained by or on behalf of Medarex under this Agreement in respect of any Humanized
Anti-CD64 Antibody or Murine Anti-CD64 Antibody, or granted to Medarex pursuant to Section 3.5.2, including any infringement or Third Party personal injury or damage to
tangible personal property resulting, in the case of each clause (a), (b) and (c) by or on behalf of Medarex or its Affiliates or licensees. The foregoing obligation to indemnify, defend and
save harmless shall not apply to the extent of any Losses for which Celldex has an obligation to indemnify Medarex pursuant to Section 8.1. For any such Losses as to which each Party has an
indemnification obligation pursuant to the first sentences of Sections 8.1 and 8.2, each Party shall indemnify the other to the extent of the indemnifying Party's respective fault (a Party's
fault being defined by those categories for which it must indemnify the other Party pursuant to the first sentence of Section 8.1 or 8.2) for the Losses. 

        8.3    Indemnification Procedure.    

        8.3.1    Notice of Claim.    The indemnified Party shall give the
indemnifying Party prompt written notice (an "Indemnification Claim Notice") of any Losses or discovery of fact upon which such indemnified Party
intends to base a request for indemnification under Section 8.1 or Section 8.2, but in no event shall the indemnifying Party be liable for any Losses that result from any delay in
providing such notice. Each Indemnification Claim Notice must contain a description of the claim and the nature and amount of such Loss (to the extent that the nature and amount of such Loss are known
at such time). The indemnified Party shall furnish promptly to the indemnifying Party copies of all papers and official documents received in respect of any Losses. All indemnification claims in
respect of a Party, its Affiliates or their respective directors, officers, employees and agents (collectively, the "Indemnitees" and each an
"Indemnitee") shall be made solely by such Party to this Agreement (the "Indemnified Party"). 

        8.3.2    Third Party Claims.    Subject to Section 6.4, the
obligations of an indemnifying Party under this Article 8 with respect to Losses arising from claims of any Third Party that are subject to indemnification as provided for in Section 8.1
or 8.2 (a "Third Party Claim") shall be governed by and be contingent upon the following additional terms and conditions: 

        8.3.2.1    Control of Defense.    At its option, the indemnifying
Party may assume the defense of any Third Party Claim by giving written notice to the Indemnified Party within thirty (30) days after the indemnifying Party's receipt of an Indemnification
Claim Notice. The assumption of the defense of a Third Party Claim by the indemnifying Party shall not be 

23

 

construed
as an acknowledgment that the indemnifying Party is liable to indemnify any Indemnitee in respect of the Third Party Claim, nor shall it constitute a waiver by the indemnifying Party of any
defenses it may assert against any Indemnitee's claim for indemnification. Upon assuming the defense of a Third Party Claim, the indemnifying Party may appoint as lead counsel in the defense of the
Third Party Claim any legal counsel selected by the indemnifying Party. In the event the indemnifying Party assumes the defense of a Third Party Claim, the Indemnified Party shall immediately deliver
to the indemnifying Party all original notices and documents (including court papers) received by any Indemnitee in connection with the Third Party Claim. Should the indemnifying Party assume the
defense of a Third Party Claim, the indemnifying Party shall not be liable to the Indemnified Party or any other Indemnitee for any legal expenses subsequently incurred by such Indemnified Party or
other Indemnitee in connection with the analysis, defense or settlement of the Third Party Claim. In the event that it is ultimately determined that the indemnifying Party is not obligated to
indemnify, defend or hold harmless an Indemnitee from and against the Third Party Claim, the Indemnified Party shall reimburse the indemnifying Party for any and all costs and expenses (including
attorneys' fees and costs of suit) and any Losses incurred by the indemnifying Party in its defense of the Third Party Claim with respect to such Indemnitee. 

        8.3.2.2    Right to Participate in Defense.    Without limiting
Section 8.3.2.1, any Indemnitee shall be entitled to participate in, but not control, the defense of such Third Party Claim and to employ counsel of its choice for such purpose;  provided, that such
employment shall be at the Indemnitee's own expense unless (a) the employment thereof has been specifically authorized by the
indemnifying Party in writing, or (b) the indemnifying Party has failed to assume the defense and employ counsel in accordance with Section 8.3.2.1 (in which case the Indemnified Party
shall control the defense). 

        8.3.2.3    Settlement.    With respect to any Losses relating solely
to the payment of money damages in connection with a Third Party Claim and that will not result in the Indemnitee's becoming subject to injunctive or other relief or otherwise adversely affect the
business of the Indemnitee in any manner, and as to which the indemnifying Party shall have acknowledged in writing the obligation to indemnify the Indemnitee hereunder, the indemnifying Party shall
have the sole right to consent to the entry of any judgment, enter into any settlement or otherwise dispose of such Loss, on such terms as the indemnifying Party, in its sole discretion, shall deem
appropriate. With respect to all other Losses in connection with Third Party Claims, where the indemnifying Party has assumed the defense of the Third Party Claim in accordance with
Section 8.3.2.1, the indemnifying Party shall have authority to consent to the entry of any judgment, enter into any settlement or otherwise dispose of such Loss provided it obtains the prior
written consent of the Indemnified Party (which consent shall not be unreasonably withheld or delayed). The indemnifying Party shall not be liable for any settlement or other disposition of a Loss by
an Indemnitee that is reached without the written consent of the indemnifying Party. Regardless of whether the indemnifying Party chooses to defend or prosecute any Third Party Claim, no Indemnitee
shall admit any liability with respect to, or settle, compromise or discharge, any Third Party Claim without the prior written consent of the indemnifying Party. 

        8.3.2.4    Cooperation.    Regardless of whether the indemnifying
Party chooses to defend or prosecute any Third Party Claim, the Indemnified Party shall, and shall cause each other Indemnitee to, cooperate in the defense or prosecution thereof and shall furnish
such records, information and testimony, provide such witnesses and attend such conferences, discovery proceedings, hearings, trials and appeals as may be reasonably requested in connection therewith.
Such cooperation shall include access during normal business hours afforded to indemnifying Party to, and reasonable retention by the Indemnified Party of, records and 

24

 

information
that are reasonably relevant to such Third Party Claim, and making Indemnitees and other employees and agents available on a mutually convenient basis to provide additional information and
explanation of any material provided hereunder, and the indemnifying Party shall reimburse the Indemnified Party for all its reasonable out-of-pocket expenses in connection
therewith. 

        8.3.2.5    Expenses.    Except as provided above, the costs and
expenses, including fees and disbursements of counsel, incurred by the Indemnified Party in connection with any claim shall be reimbursed on a calendar quarter basis by the indemnifying Party, without
prejudice to the indemnifying Party's right to contest the Indemnified Party's right to indemnification and subject to refund in the event the indemnifying Party is ultimately held not to be obligated
to indemnify the Indemnified Party. 

ARTICLE 9  

 REPRESENTATIONS, WARRANTIES AND COVENANTS  

        9.1    Mutual Representations, Warranties and Covenants.    Each Party
("Representing Party") hereby represents and warrants to the other Party: (a) the Representing Party is duly organized and validly existing under
the laws of its jurisdiction of incorporation; (b) that this Agreement has been duly authorized by all requisite corporate action of the Representing Party; (c) the Representing Party
has the full legal right and authority to enter into this Agreement and this Agreement is legally binding on the Representing Party; and (d) this Agreement does not conflict with any other
agreement to which the Representing Party is a party, or the Representing Party's obligations to any Third Party. 

        9.2    Biological Materials.    With respect to the transfer of
Biological Materials by Medarex to Celldex pursuant to Section 2.4, Celldex acknowledges and agrees as follows: 

        9.2.1    The Biological Materials are experimental in nature and may have hazardous properties. The Biological Materials are
bring provided by Medarex "as is" and Medarex makes no representations or warranties of any kind, either express or implied, including warranties of merchantability or fitness for a particular
purpose, or that the use of the Biological Materials will not infringe any Patent, copyright, trademark or other proprietary rights. 

        9.2.2    Celldex assumes all liability for claims for damages against it or Medarex by Third Parties which may arise from any
use, handling, storage or disposal of the Biological Materials by Celldex, its Affiliates and Sublicensees and further Celldex hereby forever generally and completely releases and discharges Medarex,
its Affiliates and their respective directors, officers, employees and agents of and from any and all claims, obligations, liabilities and demands of every kind and nature, in law, equity, statute or
otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed, anticipated and unanticipated, liquidated or unliquidated, for damages actual and consequential, past, present and
future, arising out of or in any way related to the Biological Materials or the use thereof. 

        9.3    Additional Medarex Representations, Warranties and
Covenants.    

        9.3.1    Representations, Warranties and Covenants.    Medarex
represents, warrants and covenants to Celldex that, as of the Effective Date: 

        9.3.1.1    each item constituting Assigned Assets is assigned, transferred and otherwise conveyed free and clear of all liens
and encumbrances. 

        9.3.1.2    except as provided in Schedule 9.3.1, the Antibody Targeting Patents are existing and, to the knowledge of the
officers of Medarex, the Antibody Targeting Patents have not been held by a court of competent jurisdiction to be invalid or unenforceable, in whole or in part; 

25

  

        9.3.1.3    to the knowledge of the officers of Medarex, there are no existing or threatened legal actions, legal suits or legal
claims pending with respect to the right of Medarex to enter into and perform its obligations under this Agreement; 

        9.3.1.4    except as provided in Schedule 9.3.1, to the knowledge of the officers of Medarex, there are no existing or
threatened legal actions, legal suits or legal claims pending that challenge the validity or enforceability of the Antibody Targeting Patents; 

        9.3.1.5    to the knowledge of the officers of Medarex, Medarex has not received any notice that has led Medarex to believe that
MDX-1307 IND is not currently in good standing with the FDA; 

        9.3.1.6    to the knowledge of the officers of Medarex, each Assigned Contract is in full force and effect, and Medarex has
provided, to the extent contractually permitted, a true and complete copy of each such Assigned Contract to Celldex; and 

        9.3.1.7    Medarex has made available to Celldex, to the extent material and in Medarex's possession: (a) preclinical
study results and protocols for the Licensed Antibodies and the Anti-Mannose Receptor HuMAb Antibodies, (b) written communications to and from the FDA with respect to the Antibody
Targeting Technology, (c) written communications to and from the FDA with respect to the MDX-1307 IND, and (d) written FDA requests for data and studies with respect to the
MDX-1307 IND. 

        9.3.2    Certain Definitions.    For purposes of this
Section 9.3, it is understood and agreed that: 

        9.3.2.1    all materials referred to in Section 9.3.1.7, a written copy of which was provided to and permitted to be kept
by Tibor Keler on or before the Effective Date, shall be deemed to have been "made available to Celldex"; 

        9.3.2.2    "knowledge of" a Person shall mean, with respect to a representation
or warranty, such Person's good faith understanding of the facts and information in his or her possession without any duty to
conduct any investigation with respect to such facts and information or such representation or warranty; and 

        9.3.2.3    "officers" shall mean Persons in the positions of chief patent
counsel, senior vice president, president and chief executive officer. 

        9.4    DISCLAIMER OF WARRANTY.    EXCEPT FOR THE EXPRESS WARRANTIES
SET FORTH ABOVE IN THIS ARTICLE 9, MEDAREX AND CELLDEX MAKE NO REPRESENTATIONS AND GRANT NO WARRANTIES, EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE. MEDAREX AND
CELLDEX EACH SPECIFICALLY DISCLAIM ANY OTHER WARRANTIES, WHETHER WRITTEN OR ORAL, OR EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF QUALITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR USE OR PURPOSE
OR ANY WARRANTY AS TO THE VALIDITY OR ENFORCEABILITY OF ANY PATENTS OR THE NON-INFRINGEMENT OF ANY INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES. 

ARTICLE 10  

 MISCELLANEOUS  

        10.1    Force Majeure.    Neither Party shall be held liable or
responsible to the other Party or be deemed to have defaulted under or breached this Agreement for failure or delay in fulfilling or performing any term of this Agreement when such failure or delay is
caused by or results from events beyond the reasonable control of the non-performing Party, including fires, floods, embargoes, shortages, epidemics, quarantines, war, acts of war (whether
war be declared or not), insurrections, riots, civil commotion, strikes, lockouts or other labor disturbances, acts of God or acts, omissions or 

26

 

delays
in acting by any governmental authority. The non-performing Party shall notify the other Party of such force majeure within ten (10) days after such occurrence by giving
written notice to the other Party stating the nature of the event, its anticipated duration, and any action being taken to avoid or minimize its effect. The suspension of performance shall be of no
greater scope and no longer duration than is necessary and the non-performing Party shall use commercially reasonable efforts to remedy its inability to perform;  provided, that in the event the
suspension of performance continues for one-hundred and eighty (180) days after the date of the
occurrence, the Parties shall meet to discuss in good faith how to proceed in such event. 

        10.2    Assignment.    The Parties' rights and obligations under this
Agreement will bind and inure to the benefit of their respective successors, heirs, executors and administrators and permitted assigns. Neither Party shall assign or delegate its obligations under
this Agreement either in whole or in part without the prior written consent of the other Party; provided, that either Party may assign this Agreement,
without the other Party's consent (a) to its Affiliate(s) (provided, that the assigning Party shall remain jointly and severally liable with such
Affiliate(s) under this Agreement), and (b) to an entity that acquires all or substantially all of the business or assets of the assigning Party, whether by merger, reorganization, acquisition,
sale or otherwise. 

        10.3    Severability.    If any provision of this Agreement is held to
be illegal, invalid or unenforceable under any present or future law, and if the rights or obligations of either Party under this Agreement will not be materially and adversely affected thereby,
(a) such provision shall be fully severable, (b) this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part hereof,
(c) the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom,
and (d) in lieu of such illegal, invalid or unenforceable provision, there shall be added automatically as a part of this Agreement a legal, valid and enforceable provision as similar in terms
to such illegal, invalid or unenforceable provision as may be possible and reasonably acceptable to the Parties herein. To the fullest extent permitted by applicable law, each Party hereby waives any
provision of law that would render any provision prohibited or unenforceable in any respect. 

        10.4    Disputes.    Any dispute that may arise relating to this
Agreement shall be referred to the Chief Executive Officers of each of the Parties (or their respective designees) who shall use their good faith efforts to mutually agree upon the proper course of
action to resolve the dispute. If any dispute is not resolved by the Chief Executive Officers of the Parties (or their designees) within ten (10) business days after such dispute is referred to
them, then either Party shall have the right to litigate such dispute in accordance with Section 10.5 or to pursue such other dispute resolution mechanism as the Parties may agree. 

        10.5    Governing Law, Jurisdiction, Venue and Service.    This
Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey, applicable to contracts made and wholly performed within such jurisdiction by residents of such
jurisdiction. The Parties hereby irrevocably and unconditionally consent to the exclusive jurisdiction of the courts of the State of New Jersey for any action, suit or proceeding (other than appeals
therefrom) arising out of or relating to this Agreement, and agree not to commence any action, suit or proceeding (other than appeals therefrom) related thereto except in such courts. The Parties
further hereby irrevocably and unconditionally waive any objection to the laying of venue of any action, suit or proceeding (other than appeals therefrom) arising out of or relating to this Agreement
in the courts of the State of New Jersey, and hereby further irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such action, suit or proceeding brought in
any such court has been brought in an inconvenient forum. 

27

 

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

If
to Celldex, to: 

Celldex
Therapeutics, Inc.

519 Route 173W

Bloomsbury, New Jersey 08804

Attention: Chief Executive Officer

Facsimile: (908) 713-6002 

with
a copy to: 

Morgan,
Lewis & Bockius LLP

502 Carnegie Center

Princeton, New Jersey 08540

Attention: Randall B. Sunberg, Esq.

Facsimile: (877) 432-9652 

If
to Medarex, to: 

Medarex, Inc.

707 State Road

Princeton, New Jersey 08540-1437

Attention: President

Facsimile: (609) 430-2850 

with
copies to: 

Medarex, Inc.

707 State Road

Princeton, New Jersey 08540-1437

Attention: General Counsel

Facsimile: (609) 430-4215 

Medarex, Inc.

707 State Road

Princeton, New Jersey 08540-1437

Attention: Contracts Administrator

Facsimile: (609) 430-4215 

or
to such other address as the Party to whom notice is to be given may have furnished to the other Party in writing in accordance herewith. Any such communication shall be deemed to have been given
(a) when delivered, if personally delivered or sent by facsimile on a business day, (b) on the business day after dispatch, if sent by nationally-recognized overnight courier, and
(c) on the third business day following the date of mailing, if sent by mail. It is understood and agreed that this Section 10.6 is not intended to govern the
day-to-day business communications necessary between the Parties in performing their duties, in due course, under the terms of this Agreement. 

        10.7    Entire Agreement; Modifications.    This Agreement, together
with all Appendices and Schedules attached hereto, sets forth and constitutes the entire agreement and understanding between the Parties with respect to the subject matter hereof and thereof and all
prior agreements, understanding, promises and representations, whether written or oral, with respect thereto are 

28

 

superseded
hereby and thereby. Each Party confirms that it is not relying on any representations or warranties of the other Party except as specifically set forth herein or therein. No amendment,
modification, release or discharge shall be binding upon the Parties unless in writing and duly executed by authorized representatives of both Parties. 

        10.8    Relationship of the Parties.    It is expressly agreed that
the Parties shall be independent contractors of one another 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, without the prior written consent of the other to do so. All
Persons employed by a Party shall be employees of such Party and not of the other Party and all costs and obligations incurred by reason of any such employment shall be for the account and expense of
such Party. 

        10.9    Waiver.    Any term or condition of this Agreement may be
waived at any time by the Party that is entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a written instrument duly executed by or on behalf of the Party
waiving such term or condition. The waiver by either Party hereto of any right hereunder or of the failure to perform or of a breach by the other 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. 

        10.10    Construction.    Except where the context otherwise requires,
wherever used, the singular shall include the plural, the plural the singular, the use of any gender shall be applicable to all genders, the term "or" has the inclusive meaning represented by the
phrase "and/or", and the terms "including" and "includes" mean "including without limitation" and "includes without limitation," respectively. The captions of this Agreement are for convenience of
reference only and in no way define, describe, extend or limit the scope or intent of this Agreement or the intent of any provision contained in this Agreement. The language of this Agreement shall be
deemed to be the language mutually chosen by the Parties and no rule of strict construction shall be applied against either Party hereto. 

        10.11    No Benefit to Third Parties.    The representations,
warranties, covenants and agreements set forth in this Agreement are for the sole benefit of the Parties and their successors and permitted assigns, and they shall not be construed as conferring any
rights on any other Person. 

        10.12    Further Assurance.    

        10.12.1    On and after the Effective date, Medarex shall from time to time, at the request of Celldex, execute and deliver, or
cause to be executed and delivered, such other instruments of conveyance and transfer and take such other actions as Celldex may reasonably request, in order to implement or give effect to the
transactions contemplated hereby and to vest in Celldex good and marketable title to the Biological Materials. 

        10.12.2    On and after the Effective Date, Celldex shall from time to time, at the request of Medarex, take such actions as
Medarex may reasonably request, in order to implement or give effect to the transactions contemplated hereby, including Celldex's assumption of the Assumed Liabilities. 

        10.13    English Language.    This Agreement has been written and
executed in the English language. Any translation into any other language shall not be an official version thereof, and in the event of any conflict in interpretation between the English version and
such translation, the English version shall control. 

        10.14    References.    Unless otherwise specified,
(a) references in this Agreement to any Article, Section, Schedule or Appendix shall mean references to such Article, Section, Schedule or Appendix of this Agreement, (b) references in
any section to any clause are references to such clause of such section, and (c) references to any agreement, instrument or other document in this Agreement refer to 

29

 

such
agreement, instrument or other document as originally executed or, if subsequently varied, replaced or supplemented from time to time, as so varied, replaced or supplemented and in effect at the
relevant time of reference thereto. 

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

[Signature page follows]

30

 

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

	MEDAREX, INC.	 	CELLDEX THERAPEUTICS, INC.
	

By:	
 	

/s/  W. BRADFORD MIDDLEKAUFF      
	
 	

By:	
 	

/s/  ANTHONY S. MARUCCI      

	Name:	 	W. Bradford Middlekauff
	 	Name:	 	Anthony S. Marucci

	Title:	 	Senior Vice President and General Counsel
	 	Title:	 	Vice President and Chief Financial Officer

	
GENPHARM INTERNATIONAL, INC.	
 	

 	
 	

 
	

By:	
 	

/s/  W. BRADFORD MIDDLEKAUFF      
	
 	

 	
 	

 
	Name:	 	W. Bradford Middlekauff
	 	 	 	 
	Title:	 	Senior Vice President and General Counsel
	 	 	 	 

31

   APPENDIX A
  MEDAREX PATENTS  

[*****] 

*****REPRESENTS
CONFIDENTIAL PORTION WHICH HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED
PORTIONS. 

A-1

 

[*****]

*****REPRESENTS
CONFIDENTIAL PORTION WHICH HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED
PORTIONS. 

A-2

   APPENDIX B
  ANTIBODY TARGETING PATENTS  

[*****]

*****REPRESENTS
CONFIDENTIAL PORTION WHICH HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED
PORTIONS. 

B-1

 

[*****]

*****REPRESENTS
CONFIDENTIAL PORTION WHICH HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED
PORTIONS. 

B-2

 

[*****]

*****REPRESENTS
CONFIDENTIAL PORTION WHICH HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED
PORTIONS. 

B-3

   APPENDIX C
  BIOLOGICAL MATERIALS

[*****]

*****REPRESENTS
CONFIDENTIAL PORTION WHICH HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED
PORTIONS. 

C-1

 

[*****]

*****REPRESENTS
CONFIDENTIAL PORTION WHICH HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED
PORTIONS. 

C-2

  

 
 

APPENDIX D    
    

[*****] 

[*****] 

*****REPRESENTS
CONFIDENTIAL PORTION WHICH HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED
PORTIONS. 

D-1

   APPENDIX E  

[*****]

[*****]

*****REPRESENTS
CONFIDENTIAL PORTION WHICH HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED
PORTIONS. 

E-1

CONFIDENTIAL  

SCHEDULE 2.1.7  

ASSIGNED CONTRACTS*  

	1.
	Option
Agreement between MI and Yale University, dated February 4, 2002 and effective as of March 25, 2002; together with the related and appended Research Agreement
between MI and Yale University, effective as of April 4, 2002.

	2.
	Material
Transfer Agreement between, on the one hand, MI, and, on the other hand, Inger Sandlie, Professor Dr. Scient, and University of Oslo, dated January 15, 2003.

	3.
	Material
Transfer Agreement between, on the one hand, MI, and, on the other hand, Stephen Dewhurst, Ph.D., and University of Rochester, dated May 14, 2001, as amended on
April 30, 2003.

	4.
	Material
Transfer and Research Agreement between John Connolly, Ph.D. and Dartmouth College, on the one hand, and MI, on the other hand, dated June 6, 2001, as amended on
May 30, 2003. 

        *The
parties acknowledge that an agreement between MI and Duke University relating to MI's retention of Duke University to assist in Phase I clinical trials of
MDX-1307 has been signed by MI and sent for Duke University signature; but, as of the date hereof, an executed copy thereof has not been returned to MI from Duke University. Promptly
following the date hereof, the parties shall cooperate to communicate with Duke University and to cause the contract sent for Duke University signature to be retracted and a contract between Celldex
and Duke University substituted therefor. However, in the event an copy of the original MI/Duke agreement is returned to MI after the
date hereof executed by Duke University, then such agreement shall be an Assigned Contract hereunder. 

SCHEDULE 2.5.1  

INFORMATION AND MATERIALS RELATING SOLELY  

[*****] 

*****REPRESENTS
CONFIDENTIAL PORTION WHICH HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED
PORTIONS. 

SCHEDULE 2.5.2  

INFORMATION AND MATERIALS RELATING IN PART  

[*****]

*****REPRESENTS
CONFIDENTIAL PORTION WHICH HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED
PORTIONS. 

SCHEDULE 9.3.1  

EXCEPTIONS TO MEDAREX REPRESENTATIONS AND WARRANTIES  

        Opposition in the European Patent Office against EP 553244 (European application number 91919595.8) filed by Pasteur Merieux on September 30, 1999. 

QuickLinks

ASSIGNMENT AND LICENSE AGREEMENT

APPENDIX D

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